Analyzing Intangible Resources and Managing Knowledge in a Supply Chain Context
When the stock market values a company’s shares at a valuation in excess of its shareholders’ funds, which is usually the case, it is taking a view of the wealth-creating potential of the company’s resources, particularly those resources which are not valued in the balance sheet. In earlier research (Hall 1992, 1993) it has been established that many chief executive officers (CEOs) believe that the three most important intangible (off-balance sheet) resources are (1) reputation, (2) employee knowhow and (3) organizational culture. Both reputation and organizational culture may be thought of as diffused tacit knowledge and it therefore follows that knowledge, in one form or another, often accounts for the bulk of the value of a firm; indeed some would argue (Grant, 1997) that the resource-based view of the firm can be reconceptualized as a knowledge-based view of the firm.
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