Proceedings of the 12th European Conference on Knowledge ...

Nebojsa Graca and Ana Lucija Gojakovic
Concept <strong>of</strong> <strong>the</strong> intellectual capital appeared two decades upon bringing <strong>the</strong> Convention and
establishing <strong>the</strong> World Organzation for Intellectual Property (WIPO). Intellectual capital is in
connection with <strong>the</strong> market value <strong>of</strong> <strong>the</strong> company which many times surpasses <strong>the</strong> book value <strong>of</strong> <strong>the</strong>
overall material and financial property. Although certan researches had been done earlier as well,
revolution in <strong>the</strong> field <strong>of</strong> studying <strong>the</strong> phenomenon <strong>of</strong> <strong>the</strong> intellectual capital was provoked by Thomas
Stewart.
Expression „intellectual capital “ is interpreted and defined in different ways. Stewart (1997) defines it
as „packaged useful knowledge, which includes organizational processes, technologies, patents,
abilities <strong>of</strong> <strong>the</strong> emloyees, and information on customers, suppliers and stakeholders“. According to
Sullivan (1998) intellectual capital is„ knowledge which can be transformed into pr<strong>of</strong>it“. According to
W. Bukowitz it is a „capital <strong>of</strong> knowledge” or „intellectual capital means everything „intangible“ by
means <strong>of</strong> which an organization creates value“. Roos (1997) defines intellectual capital as: „sum <strong>of</strong>
knowledge <strong>of</strong> members <strong>of</strong> an organization and tansformation <strong>of</strong> this knowledge into brands, trade
marks and processes“. Edvinsson and Malone (1997) give a broader definition <strong>of</strong> <strong>the</strong> intellectual
capital as „property <strong>of</strong> knowledge, applied experience, organizational technologies, relations with
consumers and pr<strong>of</strong>essional skills which give a company a competitive advantage in <strong>the</strong> market“.
Andriessen (2001) fur<strong>the</strong>r widens <strong>the</strong> existing definitions including also those abilities which are not
based only on brain. „Intellectual capital is a combination <strong>of</strong> <strong>the</strong> intangible means , which enable
companies to funcion.“
Knowledge becomes capital in <strong>the</strong> moment when it brings new essential quality or new value. It
means that as intellectual capital can be named only <strong>the</strong> knowledge as follows:
which is applicable,
has a practical benefit,
brings value.
In literature, we encounter two appearing forms <strong>of</strong> knowledge:
Explicit Knowledge - intellectual capital in <strong>the</strong> form <strong>of</strong> plans, drafts, patents, licences, data bases,
manuals, standards <strong>of</strong> business operations, computer programs...
Tacit Knowledge - intellectual capital „in heads“ <strong>of</strong> <strong>the</strong> owner and his associates, know-how, data
exclusivity, methods <strong>of</strong> solving problems, business culture, entrepreneurship system, leadership
and management... (Polanyi, 1966).
Except for knowledge <strong>of</strong> <strong>the</strong> owner and his associates which represent human capital, <strong>the</strong> <strong>the</strong>ory <strong>of</strong>
intellectual capital is founded on structural capital and capital <strong>of</strong> clients (Bontis; Edvinsson and
Malone; Roos; Stewart).
The first category <strong>of</strong> <strong>the</strong> intellectual capital - human capital. It is defined as knowledge,
experience, ability, skill, creativity <strong>of</strong> an individual. Knowledge workers, as <strong>the</strong>mselves only, are
not a condition for business success <strong>of</strong> <strong>the</strong> organization in which <strong>the</strong>y are employed. In order to
use intellectual potential <strong>of</strong> <strong>the</strong> employees, an equally intelligent organization is necessary as well
as a team <strong>of</strong> pr<strong>of</strong>essional managers capable <strong>of</strong> managing static and dynamic knowledge fund;
Structural capital represents all that „remains“ in an organization when <strong>the</strong> employees go home.
Structural capital is created by work <strong>of</strong> <strong>the</strong> human capital in past, and it is made <strong>of</strong> Explicit
Knowledge;
Clients’ capital comprises relations with external stakeholders, brands’ names, trade marks,
goodwill.
„Packaged useful knowledge“ (Stewart, 1997) has a main importance in forming competitive positions
<strong>of</strong> <strong>the</strong> owner. It requires a need for a constant managing with <strong>the</strong> aim <strong>of</strong> permanent increasing <strong>of</strong> its
performances. Intellectual capital represents a base <strong>of</strong> present and future market growth.
Holders <strong>of</strong> development research activites in knowledge-intensive companies are expected to
permanently increase <strong>the</strong> value <strong>of</strong> knowledge in <strong>the</strong> market. Knowledge Managers and Intellectual
Capital Managers (IC Managers) are expected to manage knowledge responsibly as an essential
component <strong>of</strong> pr<strong>of</strong>itability <strong>of</strong> <strong>the</strong> knowledge-intensive companies (Graca,2010).
Scientific-research work - basic activity <strong>of</strong> <strong>the</strong> T-KIBS knowledge-intensive companies
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