Value creation and business models: Refocusing the intellectual capital debate

British Accounting Review

Volumn 45, Issue 4, 2013, Pages 243-254

  Beattie, Vivien ^a   Smith, Sarah Jane ^b  

^a LANCASTER UNIVERSITY MANAGEMENT SCHOOL   (United Kingdom)

^b UNIVERSITY OF STIRLING   (United Kingdom)

Author keywords

Business model; Business reporting; Dynamic capabilities; Integrated reporting; Intellectual capital; Narrative reporting; Story; Value creation

Indexed keywords

EID: 84887200180     PISSN: 08908389     EISSN: 10958347     Source Type: Journal    
DOI: 10.1016/j.bar.2013.06.001     Document Type: Article

References (88)

1. Accounting Standards Board (ASB) Reporting statement 1: Operating and financial review 2006, Available at, Visited 15.01.12. http://www.frc.org.uk/images/uploaded/documents/Reporting%20Statements%20OFR%20web.pdf.
2. Accounting Standards Board (ASB) Rising to the challenge 2009.
3. AICPA Improving business reporting - A customer focus: Meeting the information needs of investors and creditors 1994, American Institute of Certified Public Accountants, New York, NY.
4. Ashton R.H. Intellectual capital and value creation: a review. Journal of Accounting Literature 2005, 24:53-134.
5. Baden-Fuller C., Morgan M.S. Business models as models. Long Range Planning 2010, 43(2-3):156-171.
6. Barney J. Firm resources and sustained competitive advantage. Journal of Management 1991, 17(1):99-120.
7. Barney J., Clark D.N. Resource-based theory: Creating and sustaining competitive advantage 2007, Oxford University Press, Oxford.
8. Barreto I. Dynamic capabilities: a review of past research and an agenda for the future. Journal of Management 2010, 36(1):256-280.
9. Beattie V. The future of corporate reporting: a review article. Irish Accounting Review 2000, 7(1):1-36.
10. Beattie V.A., Ryan R.J. The impact of nonserial publications on research in accounting and finance. Abacus 1991, 27(1):32-50.
11. Beattie V., Thomson S. A comprehensive analysis of intellectual capital components as a precursor to empirical investigation of disclosures in annual reports 2004, Paper presented at the 8th annual financial reporting and business communication conference, Cardiff, 1st-2nd July.
12. BIS The future of narrative reporting - Consulting on a new reporting framework - A further consultation 2011, Department for Business Innovation and Skills, London, Available at, Visited 06.01.12. http://bis.gov.uk/Consultations/future-of-narrative-reporting-further-consultation.
13. BIS The future of narrative reporting - The government response 2012, Department for Business Innovation and Skills, London, Available at, Visited 29.06.12. http://bis.gov.uk/assets/biscore/business-law/docs/f/12-588-future-of-narrative-reporting-government-response.pdf.
14. Boulding K.E. Studies in accounting theory 1962, Sweet and Maxwell, Ltd, London. W.T. Baxter, S. Davidson (Eds.).
15. Bjurström E., Roberts H. The principle of connectivity: networked assets, strategic capabilities and bundled outcomes. Intellectual capital revisited: Paradoxes in the knowledge intensive organization 2007, 45-60. Edward Elgar, Cheltenham. C. Chaminade, B. Catasús (Eds.).
16. Bukh P.N. Commentary: the relevance of intellectual capital disclosure: a paradox?. Accounting, Auditing & Accountability Journal 2003, 16(1):49-56.
17. Coase R.H. The nature of the firm. Economica 1937, 4(16):386-405.
18. Companies Act. (2006). Available at Visited 15.01.12. http://www.legislation.gov.uk/ukpga/2006/46/contents.
19. Danish Agency for Trade and Industry (DATI) A guideline for intellectual capital statements: A key to knowledge management 2000, Author, Copenhagen.
20. Danish Agency for Trade and Industry (DATI) Intellectual capital statements in practice: Inspiration and good advice 2002, Author, Copenhagen.
21. Danish Ministry of Science, Technology and Innovation (DMSTI) Intellectual capital statements - The new guideline 2003, Danish Ministry of Science, Technology and Innovation, Copenhagen.
22. Demil B., Lecocq X. Business model evolution: in search of dynamic consistency. Long Range Planning 2010, 43(2-3):227-246.
23. Department for Trade and Industry (DTI) Guidance of the changes to the directors' report requirements in the companies act 1985 2005, Available at, Visited 01.07.10. http://www.dti.gov.uk/bbf/financial-reporting/business-reporting/page21339.html.
24. Eccles R.G., Krzus M.P. One report: Integrated reporting for a sustainable strategy 2010, John Wiley, Hoboken, NJ.
25. Edvinsson L., Malone M. Intellectual capital: The proven way to establish your company's real value by measuring it hidden brain power 1997, Piatkus, London.
26. EFRAG The role of the business model in financial reporting 2010, Project plan, European Financial Reporting Advisory Group, Brussels.
27. Eisenhardt K., Martin J.A. Dynamic capabilities: what are they?. Strategic Management Journal 2000, 21(10-11):1105-1121.
28. Elliott R.K., Jacobson P.D. Costs and benefits of business information disclosure. Accounting Horizons 1994, 8(4):80-96.
29. FASB Business and financial reporting: Challenges from the new economy 2001, Special report, business reporting research project, Financial Accounting Standards Board.
30. FASB Disclosure framework 2009, Project announcement, Financial Accounting Standards Board, Norwalk, CT.
31. FRC The UK corporate governance code 2010, Available at, Visited 15.01.12. http://www.frc.org.uk/corporate/ukcgcode.cfm.
32. FRC Cutting clutter 2011, Discussion paper. Available at, Visited 06.01.12. http://www.frc.org.uk/about/cuttingclutter.cfm.
33. Gibbins M., Richardson A., Waterhouse J. The management of corporate financial disclosure: opportunism, ritualism, policies, and processes. Journal of Accounting Research 1990, 28(1):121-143.
34. Grant Thornton A changing climate: fresh challenges ahead. Corporate Governance Review 2011, 2011.
35. Gulati R., Nohria N., Zaheer A. Strategic networks. Strategic Management Journal 2000, 21(3):203-215.
36. Guthrie J., Ricceri F., Dumay J. Reflections and projections: a decade of intellectual capital accounting research. British Accounting Review 2012, 44(2):68-82.
37. Holland J. Private disclosure and financial reporting. Accounting and Business Research 1998, 28(4):255-269.
38. Holland J. Corporate intangibles, value relevance and disclosure content 2004, Institute of Chartered Accountants of Scotland, Edinburgh.
39. Hunter L., Webster E., Wyatt A. Accounting for expenditure on intangibles. Abacus 2012, 48(1):104-145.
40. IASB Framework for the preparation and presentation of financial statements 2001, International Accounting Standards Board, London.
41. IASB Intangible assets 2004, International Accounting Standard no. 38, International Accounting Standards Board, London.
42. IASB Management commentary, practice statement 2010, International Accounting Standards Board, London, Available at, Visited 06.01.12. http://www.ifrs.org/Current+Projects/IASB+Projects/Management+Commentary/IFRS+Practice+Statement/IFRS+Practice+Sta%20.
43. ICAEW Developments in new reporting models 2009, Institute of Chartered Accountants in England and Wales, London.
44. ICAEW Business models in accounting: The theory of the firm and financial reporting 2010, Institute of Chartered Accountants in England and Wales, London.
45. ICAS Business reporting: The inevitable change? 1999, Discussion Document of the Research Committee, Institute of Chartered Accountants in Scotland, Edinburgh. V. Beattie (Ed.).
46. IIRC Towards integrated reporting: Communicating value in the 21st century 2011, Discussion paper, International Integrated Reporting Council, Available at, Visited 06.01.12. http://www. Theiirc.org/the-integrated-reporting-discussion-paper/.
47. IIRC What is integrated reporting 2012, International Integrated Reporting Council, Available at, Visited 04.07.12. http://www. Theiirc.org/.
48. IIRC Draft outline framework 2012, International Integrated Reporting Council, Available at, Visited 18.07.12. http://www. Theiirc.org/.
49. Jensen M., Meckling W. Theory of the firm, management behaviour, agency costs and ownership structure. Journal of Financial Economics 1976, 3(4):305-360.
50. Kale P., Singh H., Perlmutter H. Learning and protection of proprietary assets in strategic alliances: building relational capital. Strategic Management Journal 2000, 21(3):217-237.
51. Kaplan R.S., Norton D.P. The balanced scorecard - measures that drive performance. Harvard Business Review 1992, 70(1):71-79.
52. Kraaijenbrink J., Spender J.-C., Groen A.J. The resource-based view: a review and assessment of its critiques. Journal of Management 2010, 36(1):349-372.
53. Kristandl G., Bontis N. Constructing a definition for intangibles using the resource based view of the firm. Management Decision 2007, 45(9):1510-1525.
54. Lev B. Intangibles management, measurement, and reporting 2001, Brookings Institution Press, Washington DC.
55. Lev B., Zarowin P. The boundaries of financial reporting and how to extend them. Journal of Accounting Research 1999, 37(2):353-385.
56. Li L., Qian G., Qian Z. Do partners in international strategic alliances share resources, costs, and risks?. Journal of Business Research 2013, 66(4):489-498.
57. Linsmeier T. Business models, measurement and financial instruments. Information for better markets conference 2011 2011, Webcast of presentation available at, Visited 28.06.12. http://www.icaew.com/en/technical/financial-reporting/information-for-better-markets/informatio%20.
58. Lippman S.A., Rumelt R.P. Demand uncertainty, capital specificity, and industry evolution. Industrial and Corporate Change 1992, 1(1):235-262.
59. Marr B., Schiuma G., Neely A. The dynamics of value creation: mapping your intellectual performance drivers. Journal of Intellectual Capital 2004, 5(2):312-325.
60. Meritum Guidelines for managing and reporting on intangibles 2002, Fundacion Airtel Movil, Madrid.
61. METI Guidelines for disclosure of intellectual assets based management 2005, Ministry of Economy, Trade and Industry, Japan.
62. Mouritsen J. Overview. Intellectual capital and the capital market: the circulability of intellectual capital. Accounting, Auditing & Accountability Journal 2003, 16(1):18-30.
63. Mouritsen J., Larsen H.T., Bukh P.N.D. 'Intellectual capital and the 'capable firm': narrating, visualising and numbering for managing knowledge'. Accounting, Organizations & Society 2001, 26:735-762.
64. Nielsen C., Bukh P.N. What constitutes a business model? The perceptions of financial analysts. International Journal of Learning and Intellectual Capital 2011, 8(3):256-271.
65. Nielsen C., Fox A., Roslender R. From business reporting to business model reporting 2012, Working paper, University of Aalborg, May.
66. OECD Intellectual assets and value creation: Implications for corporate reporting 2006, Organisation for Economic Cooperation and Development, Paris, Available at, Visited 13.01.12. http://www.oecd.org/document/5/0,3746,en_2649_34813_37819973_1_1_1_1,00.html.
67. Penrose E.T. The theory of the growth of the firm 1959, John Wiley, New York.
68. Porter M.E. How competitive forces shape strategy. Harvard Business Review 1979, 57(2):137-145.
69. Porter M.E. Competitive strategy 1980, Free Press, New York.
70. Porter M.E. Competitive advantage 1985, Free Press, New York.
71. Pöyhönen A., Smedlund A. Assessing intellectual capital creation in regional clusters. Journal of Intellectual Capital 2004, 5(3):351-365.
72. PwC Business models: Back to basics 2013, PricewaterhouseCoopers.
73. Ricceri F. Intellectual capital and knowledge management 2008, Routledge, London & New York.
74. Roos G., Roos J., Edvinsson L., Dragonetti D.C. Intellectual capital navigating in the new business landscape 1998, New York University Press, New York, NY.
75. Siggelkow N. Persuasion with case studies. Academy of Management Journal 2007, 50(1):20-24.
76. Stewart T. Intellectual capital: The new wealth of organizations 1997, Doubleday Business, New York, NY.
77. Sveiby K.E. The new organizational wealth 1997, Berrett-Koehler, San Francisco, CA.
78. Teece D.J. Business models, business strategy and innovation. Long Range Planning 2010, 43(2-3):172-194.
79. Teece D.J., Pisano G., Shuen A. Dynamic capabilities and strategic management. Strategic Management Journal 1997, 18(7):509-533.
80. Treasury Committee Banking crisis: Reforming corporate governance and pay in the city 2009, Ninth report of the session 2008/9. HC 519. http://www.parliament.uk/parliamentary_committees/treasury_committee.cfm.
81. UBS What is integrated reporting 2012, UBS Investment Research. Available at, Visited 04.07.12. http://www. Theiirc.org/wp-content/uploads/2012/06/UBS-What-Is-Integrated-Reporting.pdf.
82. Wernerfelt B. A resource-based view of the firm. Strategic Management Journal 1984, 5(2):171-180.
83. Williamson O.E. The economic institutions of capitalism: Firms, markets, relational contracting 1985, Free Press, New York.
84. World Bank Where is the wealth of nations?: Measuring capital for the 21st century 2006, The World Bank, Washington, DC.
85. Yaprak A. Dynamic learning and strategic alliances: a commentary essay. Journal of Business Research 2011, 64(10):1128-1130.
86. Zéghal D., Maaloul A. The accounting treatments on intangibles - a critical review of the literature. Accounting Forum 2011, 35(4):262-274.
87. Zott C., Amit R. The fit between product market strategy and business model: implications for firm performance. Strategic Management Journal 2008, 29(1):1-26.
88. Zott C., Amit R., Massa L. The business model: recent developments and future research. Journal of Management 2011, 37(4):1019-1042.