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January 2015

Intellectual Capital Disclosure: Analysis of Annual Reports of Infosys Ltd

 

Dr. G Bharathi Kamath
Associate Professor 
Department of Economics
University of Mumbai
Ranade Bhavan, Third Floor
Vidyanagari, Kalina Campus
Santacruz (east)
Mumbai-400098

Office: +91 22-26528198, 26526942
Mobile: 0 8976347118

 

Email: bharathi.g.shan@gmail.com

 

Abstract:

Intellectual capital measurement, reporting and disclosures in the emerging economy are still at a very nascent stage, especially in India. Though the awareness of the significance of IC disclosure is steadily improving over a period of time, the extent of disclosures is far behind the standards set by companies in developed economies. This study is an attempt to analyze the extent and nature of IC disclosure in the annual reports of one of the IT giants of the country i.e. Infosys Ltd. The period of study is from the year 1998 till the annual report of FY 2011-12. The methodology adopted for the study is content analysis, wherein a classified list of 128 terms of IC is electronically searched in all the annual reports, and manually searched in the latest annual report of the year 2011-12.

The study shows that of the 128 search terms that were electronically searched, only 64 (50 percent) had shown some count in various years across all sub-categories. The highest count was seen for the sub-category human capital (26 terms) followed by structural capital (23 terms) and least for relational capital (15 terms).

The manual search of the annual report of the year 2011-12 showed that the terms and sentences give an impression that Human capital and Relational capital play a dominant role in the IC disclosures.

It is found that manual search provides a better picture of the nature of disclosure and electronic search an understanding of the extent of IC disclosures.

Keywords: Intellectual capital, IC Disclosure, Content Analysis, Human Capital, Infosys Ltd.

Introduction:

 

Several researchers have proved through their studies that Intellectual capital (IC) is an intangible asset of the company which adds to its value, therefore it is beyond any doubt today that firms have started measuring and reporting the intangible assets so that the book of accounts represents the true value of the firm to the stakeholders; however, it is unfortunate that intangibles are not yet completely and fully represented in the annual reports and book of accounts by most companies across various countries and even if reported there is a vast variation in the standards, this is more so in companies of developing countries like India. One significant development over the past decade is that the share of these intangible assets in the total assets of the firm has seen a steep increasing trajectory, this is true especially for the knowledge driven firms such as Information technology and Pharmaceutical.

 

The awareness and significance of voluntary disclosure of the intellectual capital is growing rapidly among companies in developed world and also among few market leaders in emerging economies. Most firms in the emerging economies especially in India are still at a nascent stage about reporting the Intellectual capital; they are in most cases represented as additional information to shareholders or appended to the main report, in exceptional cases a separate report dedicated to IC is released by a select firms once in a few years, it must be noted that this is not a regular annual feature. The present paper adds to the existing literature on understanding the extent and dimensions of IC reporting in India over a period of time with specific case reference to market leader in information technology industry.

 

To present a quick review of the definition and meaning of IC, Intellectual capital is the intangible assets of the firm which adds to its value. There is no consensus among the researchers on the definition and components of IC. However, the most accepted definition given by Edvinsson as “Knowledge that can be converted to value"(Edvinsson, 1997). Karl-Erik Sveiby first proposed a classification for Intellectual Capital into three broad areas of intangibles namely Human capital, Structural capital and Customer capital (Sveiby, 1989); a classification that was later modified and extended by replacing customer capital by relational capital by Dr. Nick Bontis (Nick, 1998). However, researchers have connoted software, brand, R&D, employees, IPR’s, unique organizational process as intangibles of the firm.

 

The first step towards IC reporting is its measurement, over years there have been several techniques which have been proposed by researchers for IC measurement; some are more popular than others. IC reporting provides companies with the opportunity to take advantage of increased transparency to capital markets, establishing trustworthiness with stakeholders and to employ a valuable marketing tool. (Van der Meer-Kooistra and Zijlstra, 2001) IC reporting in annual reports also varies widely across countries, industries and firms; some companies give it in a narrative manner as a part of their intangible assets and others give it as a statement either as a part of the main report or in an appended manner. Many companies have not yet realized the need and significance of IC reporting and some of them do not have the resources and expertise to measure and report the IC of their firm to the stakeholders. Since IC reporting is not mandatory according to the present disclosure rules, many companies in India still publish their annual reports in the conventional style disclosing their financials related to their tangible assets only. IC measurement, reporting and disclosures are steadily gaining recognition among corporate world and evolving in Indian context.

The first few sections of this paper discuss some of the prominent works done by researchers in the area of IC disclosure, method adopted for study and the later the analysis of the collected data is presented in two sub-sections, one for electronic search and the other for manual search.

Objectives of the Study:

The objective of this paper is to analyze the extent and nature of Intellectual Capital disclosure in the annual reports of Infosys Ltd. one of the leading IT firms from India.

The other objective is to make an analysis of the relative importance of various IC terms disclosure in the annual reports of the company for various years. Also a comparison is done on the results derived through manual and electronic search in terms of whether both result in similar analysis or not.

Survey of Literature and Method adopted:

Content analysis is primarily used as the tool to analysis the nature and extent of Intellectual Capital disclosure in the annual reports of the company.

IC disclosures are being widely and most commonly analyzed using the tool of Content analysis as observed through a comprehensive survey of literature. There have been quite some researches on disclosures using the content analysis. (Abeysekera and Guthrie, 2005; Bontis, 2003; Guthrie et al., 2004; Guthrie and Petty, 2000; Brennan, 2001; April et al., 2003; Bozzolan et al, 2003); these studies had the primary objective of studying the extent of disclosures in the annual reports.

 

The method of content analysis used was also varying and diverse. Many of them used the manual analysis of the reports using the line and word count, whereas only a few used the software for searching the relevant terms. In case of manual searches , the coding was done after identifying the search terms and then analysis is done as to how many times these words have appeared (with/without repetitions) in the entire report.  Generally the methodology in content analysis involves selecting and classifying the IC terms into categories and sub-categories and then analyzing them in the annual reports of the firms.

Vivian Bettie and Thompson (Vivian Bettie and Thompson, 2007) identify some specific issues identified in using content analysis to measure disclosure of firms such as concept boundary problems and coding reliability; problems related to manual versus electronic searching; whether the annual report material and supplementary documents are analyzed; The volume of disclosure: presence/absence versus count of occurrences; location and type of IC disclosure; and unit of analysis and unit of measurement.

 

Inspite of the issues, the content analysis can actually serve two purposes; it measures the extent to which the different category of IC is disclosed and it also provides valuable examples of attempts to understand and capture the IC concept (Van der Meer-Kooistra and Zijlstra, 2001).

The content analysis is done using 2 methods; firstly, a list of search term is prepared and used to electronically search the term in all the annual reports. This is done for a period starting from 1998-99(year from which the annual report in electronic version is first available) till the last available annual report (2011-12). Secondly, the annual report of 2011-12 is used to manually locate the IC disclosures. The frequency of appearance of the terms and sections where it appears is noted for analysis. In all the cases the sub-classification of IC is used for detailed yet comprehensive analysis. The list of IC terms used for electronic search is given below in Table I

 

“Take in Table I here”

 

The data used for the study is from the published annual reports of the company which is available on the company website in electronic version. The period of study is taken from 1998-99 to 2011-12. The period is selected to give a comprehensive trend (if any) for a 10 year plus period. A thorough review of international and national literature on intellectual capital disclosure is carried out for arriving at the terms and to enable comparative analysis.

 

About Infosys Ltd:

Infosys Ltd. Formerly known as Infosys Technologies Ltd. (NASDAQ: INFY), incorporated in 1981, defines, designs and delivers technology-enabled business solutions that help Global 2000 companies. Infosys and its subsidiaries have 155,629 employees from 74 nationalities as on December 31st, 2012. Infosys pioneered the Global Delivery Model (GDM), which emerged as a disruptive force in the industry leading to the rise of offshore outsourcing. As one of the pioneers in strategic offshore outsourcing of software services, Infosys has leveraged the global trend of offshore outsourcing.

Infosys provides end-to-end business solutions that leverage technology. They provide solutions for a dynamic environment where business and technology strategies converge. Their approach focuses on new ways of doing business by combining IT innovation and adoption while also leveraging an organization’s current IT assets.

Incorporated by seven people with US$ 250; today, it’s a global leader in the "next generation" of IT and consulting with revenues of over US$ 6 billion. Its revenue projection for the FY 2012-13 is $7,450 million. Infosys takes pride in building strategic long-term client relationships. Over 97% of the revenues come from existing customers.

Infosys’s strategy revolved around five main elements (Singh, 1999):

1        A world-class operating model

2        Focus on human resources as core strength

3        Differentiating by providing managed software solutions

4        Exploiting a well-established offshore development model

5        Maintaining an equitable business and client mix.

Infosys is one of the first Indian private-sector companies that crossed a billion dollars in its revenue earnings in 2004. It has consistently been honored by customers, industry bodies, media and other influencers.

Infosys was ranked among the top 50 most respected companies in the world by Reputation Institute’s Global Reputation Pulse 2009. They have been voted the 'Most Admired Indian Company' in The Wall Street Journal Asia 200 for 10 years in a row since 2000. Infosys was also listed in the Most Admired Knowledge Enterprises (MAKE) 2008 study and Forbes' Asian Fabulous 50 for the fourth consecutive year. They were also ranked among 'India's Best Companies to Work For - 2009' in a survey by the Great Place to Work® Institute and conferred with the NASSCOM gender inclusivity award. Forbes ranked Infosys 19th among the top 100 most innovative companies.

Besides these Infosys has been consistently receiving awards for its financial reporting and disclosure. Since Infosys Ltd., is the pioneer in IC reporting by a knowledge firm in India and it has also adopted fresh and new practices of disclosures from time to time, it was found appropriate to study the annual reports for the present research for a preliminary understanding of the extent and nature of IC disclosures in Indian IT firms.

Analysis of IC Disclosures:

The analysis of the IC disclosures in Infosys Ltd. is presented in this section. Firstly, the result of the electronic search is presented which is followed by the analysis of the manual search results.

a. Analysis of Electronic search:

Of the 128 search terms only 64 (50 percent) has shown some count in various years across all sub-categories. The other terms showed a zero count for all the years of study. The highest count was seen for the sub-category human capital (26 terms) followed by structural capital (23 terms) and least for relational capital (15 terms).

As can be seen in Table II, the total count of all the 26 terms for all the years 7,323 for the human capital; the highest number of hits was for the term “development”, “employees” and “education”. These three terms account for more than 74 percent of all the search term in this sub-category. The terms “Personnel”, “Human resources”, “Innovation” and “Commitment” also appear quite frequently; this can be taken as an indication the significance the employees have in the organization; it can also be interpreted as the employees in the organization are considered a resource, commitment of the personnel through innovation and education, may lead to development of the organizational goal. It was also observed that the least occurring terms were “Team work capacity” and “taking responsibility”.  There is no specific observed pattern of increase or decrease in the occurrences of the terms over the period of the study. However, between the years 2001-04, the occurrence of number of terms in this category is observed to be the highest.

On an average, the number of terms found in case of human capital was 16 per year; the highest (19) number of terms was found in the year 2004-05 and lowest (14) was found for the year 2002-03. Maximum count for a particular term was found in the 2000-01 for the term “Development”, and Minimum count for the term “Employees”, was found for the year 2009-10. The average count per year was also highest (45.20) and lowest (18.24) for the same year’s i.e.2000-01 and 2009-10 respectively. The Coefficient of Variation ranged from 1.13 to 1.87 for various years.

 

“Take in Table II here”

 

Table III shows the results of the term search for relational capital. The total count of the 15 terms is only 1235. The terms that topped the list “customers”, “competitors” and “stakeholders”; the term Brand is also found to be quite prominent; these 4 terms accounted for around 72 percent of the total count in this category. This signifies the importance given by the company to the relational capital in terms of customers, competitors and stakeholders to increase the brand image of the company. It is known by general awareness that these are the three pillars of relationship management.  Highest number of year-wise count in this category is observed in the last two years i.e. 2010-12.

On an average around 12 terms were found for this sub-set of the IC; the number of terms found were a maximum of 14 (2003-04) and minimum of 9 (1998-99) for any given year. The average occurrences of count per year is seen to have a steadily increasing trend for the period of study in this case with a few exceptions, it was 4.67 in the year 1998-99, is seen to increase to 10.33 for the year 2011-12; this is a clear indication of the growing importance bestowed on relational capital by the company over the period of study. The CV is seen to range between 0.95 and 1.45 over the period; another observation is that CV is seen to increase over the years, which are not a healthy sign, however it is lower as compared to the other 2 categories of IC. The maximum count (20) was for the term “Competitors” in the first year of study which has shifted to maximum count (55) for the term “Customers” in the terminal year.

 

“Take in Table III here”

 

As shown in Table IV, there are only 23 terms that gets a hit in the electronic search for structural capital. The terms that get the highest count is “Infrastructure”, “Innovation”, and “intellectual property”. There are around 2023 counts for all the terms across the period of study and the top 5 terms account for 73 percent of the total appearances in this category.

 

An average of 15 terms was found for all the years with a maximum of 19 (2007-08) terms and minimum of 12 (2009-10) terms were found during the period of study.  The average for count occurrences does not show any specific trend, though it ranged from 7.47 (2007-08) to 12.29 (2011-12) for the years of study. The CV ranged from 0.87 to 1.26 for the period of study, the CV is seen to have decreased over years though not steadily. The count (30) for the term “Intellectual Property” was maximum for the year 2003-04 and it was maximum (54) for the term “Innovation” for the year 2011-12.

 

“Take in Table IV here”

 

It should be noted that the terms are sorted ascending in each of these tables. It is observed in the analysis that the terms that account for maximum frequency counts are also those which are generally perceived to be the major contributors of IC in a company.

These disclosures are analyzed for a 12 year period. The percentage of hits for the search terms is around 50 percent which can be considered a good percentage of disclosure through electronic search. However, for a 12 year period, the disclosures are still on a lower side as the hits for many terms in all the sub-categories for the initial years of study are nil in many cases.

The analysis whether the IC disclosure patterns, profits and market value of the firm are related or not goes beyond the scope and focus of the present paper.

b. Analysis of Manual search:

In this section, the results of the manual search for the intellectual capital terms in the annual report of the firm for the year 2011-12 is analyzed. The search is not only for the terms listed above but also to find out if any word or sentence or a piece of information brings about directly or indirectly any IC connotation. The IC connotations are calculated for their occurrence and also the location of occurrence.

The complete annual report of the latest available year was manually analyzed word to word, sentence to sentence and page by page excluding the financial statements, the search focused on finding pieces of information that has IC meaning directly or indirectly. The aim here was not to cross-check the electronic search, but to find additional information that was not reflected in the electronic search.

After completing the manual search, it was observed that the importance given to the human capital and relational capital is quite high as compared to the structural capital. Overall presence of the terms “clients” and “employees” were highly present almost in all sections and important areas of the report. Quite an importance was given to considering clients as partner in growth and the focus is on providing quality and timely solutions to the needs of the clients in all functional areas. Delivering the best performance to the stakeholders-employees, customers, investors and others appears to be the crucial aim of the company to generate sustained value creation, goodwill and brand value as specified in the report.

The importance given to mentoring and leadership is also visible and palpable in the report at most places. Identifying and nurturing professional talent is seen as the key to success and an important aspect of human resource management of the firm.

There is also significant presence of transparency in disclosures, internal systems, performance parameters and productivity measurement in all processes and functions. Innovation whether in processes, new services, internal systems etc. is also highly stressed at several places especially seen as a engine for faster and sustainable growth of the company by top management. Relationships, mutuality, partnering, collaborative efforts and networking for retaining and enhancing business are also seen to be on the priority list of the management.

The mention of intangible assets, IPR and other aspects related to organizational capital of the company does not find mention as expected. The sections related to human capital valuation and reporting is not appearing in this particular years report; the company had a practice of disclosure of its intellectual capital in the form of IC statements for quite a number of years which seems to have been discontinued in the recent past. There used to be mention of how it estimated its brand value and value of its IPR. The company seems to be investing quite a sum annually towards infrastructure and development.

Though the terms such as administrative processes, knowledge center, organizational learning, and management philosophy don’t appear distinctively in the electronic search, it was observed that many sentences in the top management’s addresses, Directors report and discussion by members of the board reflect the philosophy, existence of strong processes and systems, significance attached to learning as a part of organizational culture, which is inculcated and practiced by the employees and management of the company.

Similarly there are several places where the compliance to the environmental guidelines is mentioned in the report. The company uses different methods, systems and processes to gain competitive intelligence without making an overt mention of it too many times in the report.

Finally, it can be concluded that the terms “clients”, employees”, “leadership”, “partnering”, “collaboration”, innovation”, “leadership”, “talent”, quality” and “development” are the most appearing terms in the annual report 2011-12 of Infosys Ltd., the implication of these terms appearing is self-explanatory and indicative of the priorities of the company in terms of IC. Human capital and Relational capital play a dominant role in the IC disclosure, and Structural capital, does not seem to find as dominant role as compared to the other two sub-categories. 

 

Finally, it is concluded that though the electronic search provided for dominant presence of Human capital and structural capital and lesser importance to relational capital, in the manual search and analysis, it was seen that there is a predominant implicit  presence of importance given to Human capital and Relational capital followed by structural capital. Therefore, it is again reinforced that all future researches using content analysis for evaluating the nature and extent of disclosure, may use electronic search for finding the extent of disclosure, but it is strongly recommended that manual search must be used for evaluating the nature of disclosures. The essence, spirit and ethos of disclosures can be revealed only through deciphering the implicit meaning of the terms and sentences rather than just providing the count per se.

References:

 

1.      Abeysekera, I. (2005). The project of intellectual capital disclosure: Researching the research. Journal of Intellectual Capital, December, Vol. 6, No. 4

2.      Abeysekera, I., & Guthrie, J. (2005), “An empirical investigation of annual reporting trends of intellectual capital in Sri Lanka”, Critical Perspectives in Accounting, Vol. 16, no. 3, pp 151–163.

3.      Accounting standards in India as given by the institute of chartered accountants of India (ICAI),  www.icai.org/icairoot/resources/as_index.jsp, accessed in June 2007

4.      Annual reports of Infosys  Ltd., various years

5.      April, K. A., Bosma, P., & Deglon, D. A. (2003),”IC measurement and reporting: establishing practice in SA mining” Journal of Intellectual Capital, Vol. 4, No. 2, pp 165–180.

6.      Ballow J, Roland Burgman, Göran Roos and Michael Molnar (2004), “A New Paradigm for Managing Shareholder Value”  report published by  Accenture Institute for High Performance Business, USA.

7.      Beattie, V and Thomson Sarah, (2007) “Lifting the lid on the use of content analysis to investigate intellectual capital disclosures”, Accounting Forum Vol. 31, pp 129–163

8.      Bontis Nick, (2003), “Intellectual capital disclosure in Canadian corporations”, Journal of Human Resource Costing and Accounting, Vol. 7, No. 1/2, pp 9-20

9.      Bontis, Nick, (1998), “Intellectual Capital: An exploratory study that develops measures and models”, Management Decision, Vol. 36, No. 2, pp 63-76.

10.  Bozzolan, S., Favotto, F.,&Ricceri, F. (2003), “Italian annual intellectual capital disclosure”,  Journal of Intellectual Capital, Vol. 4, No. 4, pp 543–558.

11.  Brennan, N. (2001), “Reporting intellectual capital in annual reports: evidence from Ireland”, Accounting, Auditing & Accountability Journal, Vol. 14, No. 4, pp 423–436.

12.  Economic Intelligence Unit, “Intangible assets and Future Value”, an accenture survey, 2003. Available on www.accenture.com, accessed in May 2005.

13.  Edvinsson, L. & Malone, M., (1997), Intellectual Capital, Harper Business, New York.

14.  Guthrie, J., & Petty, R. (2000), “Intellectual capital: Australian annual reporting practices”, Journal of Intellectual Capital, No.3, pp 241–251.

15.  Guthrie, J., Petty, R., Yongvanich, K., & Ricceri, F. (2004), “Using content analysis as a research method to inquire into intellectual capital reporting”, Journal of Intellectual Capital, Vol. 5, No. 2, pp 282–293.

16.  IFAC, (1998), “Measurement and management of Intellectual capital.

17.  Kamath Bharathi, (2006), “Strategic Management of Intellectual Capital” Journal of IPM, Merut, in the Vol. 6, Number 1.

18.  Kamath Bharathi, (2008), “Intellectual Capital Disclosure in India: A content analysis of TecK Firms”, International Journal of Human Resource Costing and Accounting, Vol.12, No. 3. 

19.  Leadbeater C., (1998), “What’s in a brand name? Accountancy doesn’t know”. The Australian Financial Review; Vol. 15, No. 8–9.

  1. Nonaka, Ikujiro (1991), “The Knowledge-creating Company”, Harvard Business Review, 69 (6), Nov/Dec.

21.  Rylander, A., Jacobsen, K & Roos, G., (2000), “Towards improved information disclosure of intellectual capital”, International Journal of Technology Management, Vol. 20, No. 5/6/7/8, pp 715-741

22.  Sveiby Karl-Erik (1989), The Invisible Balance Sheet, New York.

23.  Toms, J. S. (2002), “Firm resources, quality signals and the determinants of corporate environmental reputation: some UK evidence”, British Accounting Review, Vol. 34, No. 3, pp 257–282.

24.  Van der Meer-Kooistra, J., & Zijlstra, S. M. (2001), “Reporting on Intellectual Capital”, Accounting Auditing and Accountability Journal, Vol. 14, No. 4, pp 456–476.

25.  Williams, S.M., (2000), “Is a company’s intellectual capital performance and intellectual capital disclosure practices related? Evidence from publicly listed companies from the FTSE 100” University of Calgary, Calgary, November.

 

Table I

Classified list of 128 IC terms used as search terms

Human Capital

 

Structural Capital

 

Relational Capital

 

 

Absence

 

Achieving mechanism culture

 

Basic marketing capability

Adaptability

 

Administrative processes

 

Brands

Attitudes

 

Brands

 

Business collaborations

Capabilities/Abilities

 

Communication systems

 

Client profile

Commitment

 

Competitive and market channels

 

Collaboration

Communicative abilities

 

Copyrights

 

Commercial power

Competence

 

Corporate/organizational culture

 

Competitive intelligence

Computer Literacy

 

Cultural diversity

 

Competitors

Creativity

 

Culture

 

Connectivity

Development

 

Customer support

 

Customer knowledge

Education

 

Customer-centered

 

Customer loyalty

Employee expertise

 

Databases

 

Customer names

Employee flexibility

 

Distribution channels

 

Customer reputation

Employee Knowledge

 

Documentation services

 

Customer satisfaction

Employee Productivity

 

Financial relations

 

Customers

Employee Satisfaction

 

Infrastructure

 

Diffusion

Employee Value

 

Innovation

 

Distribution channels

Employees

 

Intellectual property

 

Environmental activities

Entrepreneurial spirit

 

Intellectual resources

 

Favourable contracts

Equality

 

Knowledge centre

 

Financial contracts

Expert Networks

 

Knowledge-based infrastructure

 

Franchising agreements

Expert Teams

 

Laboratories

 

Image

Friendliness

 

Management philosophy

 

Intensity

Further Professional/

Personal Training

 

Management processes

 

Knowledge/acquaintance with

 community

Human Assets

 

Operation process

 

Knowledge/acquaintance with

 government

Human resources

 

Organizational flexibility

 

Knowledge/acquaintance with

suppliers

Human value

 

Organizational learning

 

Licensing agreements

Identification

 

Organizational routines

 

Links with suppliers

Innovation

 

Organizational structure

 

Market intensity

Innovative Capacity

 

Patents

 

Negotiating capacity with financial

 entities

Juristic Competence

 

Procedures

 

Networking

Know-how

 

Process capability

 

New strategic customers

Learning capacity

 

Quality improvements

 

Reputation

Loyalty to organization

 

Quality management

 

Research collaborations

Motivation

 

Research projects

 

Stakeholders

Perceptions

 

Specialized software/IT

 

Supplier knowledge

Personal/professional

 experience

 

Systems(information/network)

 

 

Personal ability

 

Trademarks

 

 

Personnel

 

 

 

 

Recruitment

 

 

 

 

Reflect experiences

 

 

 

 

Sensitivity

 

 

 

 

Skill

 

 

 

 

Social competence

 

 

 

 

Staff /employee profile

 

 

 

 

Staff/ employee turnover

 

 

 

 

Structural knowledge

 

 

 

 

Taking responsibility

 

 

 

 

Team work capacity

 

 

 

 

Tolerance for ambiguity

 

 

 

 

Up-to-date competence

 

 

 

 

Vocational qualifications

 

 

 

 

Work-related competencies

 

 

 

 

Work-related knowledge

 

 

 

 

Source: Beattie and Thomson (2004)


Table II

Search Terms Analysis - Human Capital

Human Capital

 

Terms

1998-99

1999-00

2000-01

2001-02

2002-03

2003-04

2004-05

2005-06

2006-07

2007-08

2008-09

2009-10

2010-11

2011-12

Total

1

Development

210

238

317

315

285

139

164

163

135

151

148

65

94

94

2518

2

Employees

151

194

214

212

190

158

175

193

188

208

201

87

170

148

2489

3

Education

27

34

27

27

28

27

43

48

37

47

36

28

52

20

481

4

Personnel

25

30

38

38

29

25

25

33

29

28

26

18

18

11

373

5

Human resources

29

31

30

30

33

26

27

39

31

30

28

12

16

8

370

6

Innovation

11

10

10

14

10

16

14

19

23

26

24

30

35

54

296

7

Commitment

12

12

9

9

9

12

13

15

10

12

16

11

22

14

176

8

Capabilities/Abilities

10

6

6

6

6

14

15

27

20

17

18

11

11

8

175

9

Recruitment

1

3

8

7

12

9

7

8

12

10

9

6

6

4

102

10

Identification

2

2

2

2

0

2

4

3

9

4

12

14

14

12

82

11

Skill

2

4

4

2

2

1

3

4

3

4

4

14

11

13

71

12

Absence

0

2

4

4

1

1

5

4

3

3

3

7

7

8

52

13

Competence

3

3

5

3

5

3

3

4

2

3

2

0

2

0

38

14

Perceptions

0

0

3

3

2

2

3

3

3

3

4

3

3

4

36

15

Know-how

3

0

1

2

2

2

2

2

2

2

2

0

0

0

20

16

Sensitivity

0

0

0

0

0

0

1

0

1

1

2

1

3

2

11

17

Motivation

0

1

0

2

0

0

2

3

0

0

0

0

1

0

9

18

Employee Satisfaction

0

0

0

2

0

0

0

0

0

0

1

1

1

1

6

19

Adaptability

1

2

0

0

0

0

0

0

0

0

0

1

0

0

4

20

Creativity

1

0

0

1

0

0

2

0

0

0

0

0

0

0

4

21

Personal/professional

 experience

0

0

0

0

0

0

1

1

1

0

0

0

0

0

3

22

Employee Value

0

0

0

0

0

0

0

0

0

2

0

0

0

0

2

23

Friendliness

1

0

0

0

0

0

0

0

0

0

0

0

1

0

2

24

Computer Literacy

0

1

0

0

0

0

0

0

0

0

0

0

0

0

1

25

Taking responsibility

0

0

0

0

0

0

0

0

0

1

0

0

0

0

1

26

Team work capacity

0

0

0

0

0

0

0

0

0

0

0

1

0

0

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

489

573

678

679

614

437

509

569

509

552

536

310

467

401

7323

 

Number of terms found

16

16

15

18

14

15

19

17

17

18

17

17

18

15

16.57

 

Average

30.56

35.81

45.20

37.72

43.86

29.13

26.79

33.47

29.94

30.67

31.53

18.24

25.94

26.73

 

 

CV

1.58

1.60

1.58

1.87

1.46

1.34

1.66

1.41

1.44

1.56

1.47

1.13

1.41

1.25

 

 

Maximum

210

238

317

315

285

158

175

193

188

208

201

87

170

148

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Table III

Search Terms Analysis - Relational Capital

Relational Capital


Terms

1998-99

1999-00

2000-01

2001-02

2002-03

2003-04

2004-05

2005-06

2006-07

2007-08

2008-09

2009-10

2010-11

2011-12

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

Customers

3

9

21

33

24

14

34

27

40

30

30

48

54

55

422

2

Competitors

20

27

24

20

10

20

15

15

8

2

1

1

3

1

167

3

Stakeholders

0

1

1

10

12

19

16

15

12

15

16

13

20

17

167

4

Brands

5

5

11

11

10

12

10

11

1

2

2

11

18

27

136

5

Reputation

6

6

6

7

2

3

3

6

5

7

7

4

2

7

71

6

Collaboration

1

0

0

2

2

2

2

6

10

7

6

14

6

5

63

7

Image

4

4

4

8

4

4

4

6

4

4

4

2

4

4

60

8

Networking

0

1

9

4

1

2

1

1

3

4

4

17

8

2

57

9

Customer satisfaction

1

1

9

2

1

1

3

2

3

2

3

1

0

1

30

10

Connectivity

1

2

2

1

2

1

2

1

1

2

2

2

2

1

22

11

Customer loyalty

1

1

1

1

1

1

1

1

4

2

2

0

0

0

16

12

Diffusion

0

0

1

1

1

1

1

1

1

1

1

1

1

1

12

13

Intensity

0

0

0

1

0

1

0

0

0

1

0

0

2

3

8

14

Environmental activities

0

0

0

0

0

1

1

1

0

0

0

0

0

0

3

15

Competitive intelligence

0

0

0

0

0

0

0

0

0

0

0

0

1

0

1

 

Total

42

57

89

101

70

82

93

93

92

79

78

114

121

124

1235

 

Number of terms found

9

10

11

13

12

14

13

13

12

13

12

11

12

12

11.92

 

Average

4.67

5.70

8.09

7.77

5.83

5.86

7.15

7.15

7.67

6.08

6.50

10.36

10.08

10.33

 

 

CV

1.11

1.22

0.95

1.18

1.15

1.20

1.30

1.08

1.31

1.29

1.23

1.22

1.40

1.45

 

 

Maximum

20

27

24

33

24

20

34

27

40

30

30

48

54

55

 

 

 

Table IV

Search Terms Analysis- Structural Capital

 

Structural Capital

 

Terms

1998-99

1999-00

2000-01

2001-02

2002-03

2003-04

2004-05

2005-06

2006-07

2007-08

2008-09

2009-10

2010-11

2011-12

Total

1

Infrastructure

53

46

52

30

27

23

45

45

33

41

53

23

36

33

540

2

Innovation

11

10

10

14

10

16

14

19

23

26

24

32

35

54

298

3

Intellectual property

14

15

33

49

32

30

20

19

20

15

12

5

6

14

284

4

Procedures

10

9

11

14

17

15

17

22

18

13

14

8

10

19

197

5

Culture

8

8

12

13

10

11

15

19

9

13

10

4

10

8

150

6

Brands

5

5

11

11

10

12

10

11

1

2

2

11

18

27

136

7

Systems(information/

network)

3

5

4

7

7

11

12

12

9

4

12

8

11

2

107

8

Customer support

0

3

1

1

4

5

6

6

8

10

8

3

3

3

61

9

Patents

5

6

7

5

2

3

3

4

2

6

3

5

5

5

61

10

Trademarks

5

5

4

5

3

3

3

3

2

2

2

2

2

2

43

11

Copyrights

5

5

6

4

3

4

4

4

1

1

1

0

0

0

38

12

Management

processes

2

3

6

3

3

1

2

3

0

1

2

4

3

2

35

13

Quality management

1

2

5

1

0

0

2

1

1

1

1

0

2

1

18

14

Laboratories

0

0

2

3

2

0

0

0

0

1

4

0

2

0

14

15

Communication systems

1

1

3

1

1

1

1

1

1

1

1

0

0

0

13

16

Corporate/organizational

culture

0

0

0

1

0

1

1

2

1

0

0

0

3

0

9

17

Organizational structure

0

1

1

1

0

0

0

1

1

2

1

0

0

0

8

18

Management philosophy

0

0

0

0

0

0

0

0

0

1

1

1

1

0

4

19

Databases

1

0

0

0

0

0

0

0

0

0

0

0

1

1

3

20

Administrative processes

0

0

0

0

0

0

0

0

0

0

0

0

0

1

1

21

Knowledge centre

0

0

0

0

0

0

0

0

0

1

0

0

0

0

1

22

Organizational learning

0

0

0

0

0

0

0

0

0

1

0

0

0

0

1

23

Research projects

0

0

0

0

0

0

0

0

1

0

0

0

0

0

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

124

124

168

163

131

136

155

172

131

142

151

106

148

172

2023

 

Number of terms found

14

15

16

17

14

14

15

16

16

19

17

12

16

14

15.35

 

Average

8.86

8.27

10.50

9.59

9.36

9.71

10.33

10.75

8.19

7.47

8.88

8.83

9.25

12.29

 

 

CV

1.26

1.18

1.16

1.21

0.94

0.87

1.01

1.02

1.12

1.34

1.33

0.91

1.11

1.11

 

 

Maximum

53

46

52

49

32

30

45

45

33

41

53

32

36

54

 

 

 
 

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