La valoración de inversiones corporativas desde la perspectiva del capital intelectual : una aproximación multicriterio

El aumento de la complejidad en la definición y posterior adopción de estrategias corporativas, especialmente las relativas a las decisiones de inversión, es uno de los elementos más significativos derivados del escenario económico internacional en el que operan en la actualidad las empresas. Una serie de factores concretos explican esta circunstancia, tales como la intensificación de los problemas de agencia, el carácter multidimensional del factor riesgo, o la naturaleza intangible de buena parte de los beneficios que generan las inversiones de carácter estratégico adoptadas en el marco de la denominada economía del conocimiento. Todos estos factores de complejidad están condicionando la correcta y eficiente asignación de recursos en la empresa y los procesos de decisión que la modelan. Las técnicas financieras clásicas, que abordan la resolución de dichos procesos desde la perspectiva de la optimización de los atributos rentabilidad y riesgo, son en la actualidad criticadas por no considerar determinados beneficios intangibles que se derivan de los proyectos de inversión. El objetivo general de esta tesis doctoral es desarrollar un nuevo enfoque teórico de valoración de inversiones no financieras fundamentado en el constructo ampliamente aceptado de creación de valor de mercado entendido desde una perspectiva integral y completa. Este enfoque implica una redefinición del término creación de valor, incorporando a la generación de valor financiero la creación de valor no financiero o de capital intelectual, a la vista del decisivo protagonismo de los intangibles como fuente de valor y de ventaja competitiva sostenible. El enfoque teórico de valoración propuesto se articula a través de dos métodos de análisis multicriterio: el proceso analítico jerárquico y el proceso analítico en red. Ambos permiten integrar en el estudio tanto los criterios que inciden en la creación de valor financiero, como aquellos que contribuyen a la creación de valor no financiero o de capital intelectual. Esta integración permite que los dos modelos de valoración que aquí se proponen cuantifiquen el valor total que genera cada alternativa de inversión, con el fin de ayudar a los directivos en sus procesos de decisión corporativos. La metodología propuesta se implementa en dos casos de estudio de la industria agroalimentaria andaluza. El primero consiste en la valoración de tres alternativas de sistemas de gestión de la calidad en el sector cárnico y, en el segundo caso, se evalúan las posibles alternativas de sistemas de gestión ambiental en la industria almazarera. Los resultados de la implementación empírica, además de validar los modelos, han evidenciado la conveniencia de considerar los impactos de las inversiones sobre los activos intangibles de la empresa, pues estos determinan en el mundo real la selección de la alternativa de inversión óptima. Los dos métodos de valoración propuestos implican la formalización del proceso de valoración de inversiones no financieras que actualmente siguen los directivos en las empresas...Increasing complexity in terms of defining and subsequently adopting corporate strategies, especially those relating to investment decisions, is one of the most significant issues emerging from the international economic environment in which businesses operate today. A number of specific factors play a part in this situation, such as the intensification of agency problems , the multidimensional nature of the risk factor, or the intangible nature of many of the benefits generated by strategic investments within the so-called ‘knowledge economy’. All these factors of complexity affect the appropriate and efficient allocation of company resources and the decisionmaking processes that determine them. Classical financial techniques that seek to address these processes from the perspective of optimizing risk and return attributes are now criticized because this kind of analysis ignore several key intangible issues also involved in investment projects. The overall objective of this thesis is to develop a new theoretical approach to evaluating nonfinancial investments, based on the widely-accepted concept of ‘creating market value’, understood from a holistic, comprehensive perspective. This approach requires a redefinition of the term ‘value creation’ to incorporate the creation of nonfinancial value or intellectual capital alongside the concept of financial value creation. This reflects the decisive role of intangible benefits as a source of value and sustainable competitive advantage. The proposed theoretical valuation approach is applied via two multicriteria methods: the analytic hierarchy process and the analytic network process. These allow the inclusion in the analysis of both the criteria that influence the creation of financial value as well as those that contribute to the creation of nonfinancial value or intellectual capital. This integration allows the two proposed valuation models to quantify the total value generated by each investment alternative in order to assist decision-makers in corporate decision processes. The proposed methodology is implemented in two case studies of the Andalusian food industry. The first concerns the evaluation of three alternative systems of quality management in the meat sector, and the second case evaluates possible alternatives for environmental management systems in the olive oil industry. The results of the empirical implementation, as well as validating the models, demonstrate the merits of considering the impact of investments on an organization’s intangible assets, as these influence the selection of the optimal investment alternative in the real world. The two proposed methods of assessment involve formalizing the current process of evaluating nonfinancial investments carried out by a company’s decision makers..

Products and Services

Today’s global economy offers more opportunities, but is also more complex and competitive than ever before. This fact leads to a wide range of research activity in different fields of interest, especially in the so-called high-tech sectors. This book is a result of widespread research and development activity from many researchers worldwide, covering the aspects of development activities in general, as well as various aspects of the practical application of knowledge

Proceedings of 2012 Annual Meeting of the Academy of International Business-US North East Chapter: Business Without Borders

Proceedings of the 2012 Academy of International Business-US North East Chapter Fairfield, Connecticut, October 11-13, 2012. Business Without Borders. Host, John F. Welch College of Business, Sacred Heart University. Editor, Jang\u27an Tang. AIB-NE 2012 Conference Co-Chairs, Khawaja Mamun, Ph.D. and Jang\u27an Tang

Sustainable Smart Cities and Smart Villages Research

ca. 200 words; this text will present the book in all promotional forms (e.g. flyers). Please describe the book in straightforward and consumer-friendly terms. [There is ever more research on smart cities and new interdisciplinary approaches proposed on the study of smart cities. At the same time, problems pertinent to communities inhabiting rural areas are being addressed, as part of discussions in contigious fields of research, be it environmental studies, sociology, or agriculture. Even if rural areas and countryside communities have previously been a subject of concern for robust policy frameworks, such as the European Union’s Cohesion Policy and Common Agricultural Policy Arguably, the concept of ‘the village’ has been largely absent in the debate. As a result, when advances in sophisticated information and communication technology (ICT) led to the emergence of a rich body of research on smart cities, the application and usability of ICT in the context of a village has remained underdiscussed in the literature. Against this backdrop, this volume delivers on four objectives. It delineates the conceptual boundaries of the concept of ‘smart village’. It highlights in which ways ‘smart village’ is distinct from ‘smart city’. It examines in which ways smart cities research can enrich smart villages research. It sheds light on the smart village research agenda as it unfolds in European and global contexts.

Circular Economy and Sustainable Development: A Systematic Literature Review

Circular Economy put forth as an alternative to traditional linear model of extract-use-dispose along with the concept of Sustainable Development encompassing economic, environmental, and social aspects have garnered tremendous impetus among academics, practitioners and policymakers alike. The UN Sustainable Development Goals embraced by the member nations in 2015 based on the preceding Millenium Development Goals have been placed as the targets to be achieved as a part of holistic human development. In this backdrop, this paper examines the intersection of sustainability and circular economy with a focus on the three aspects of sustainable development, first the economic aspect by examining the relationship between GDP and circular economy, second the social economic aspect within the interaction of Circular Economy with Sustainable development and third the environmental-economical aspect by examining circularity and sustainability in waste management and waste valorisation. This paper achieves its objective through a systematic literature review of 1748 journal articles collected from Web of Science and SCOPUS database following PRISMA standards, network analysis of keywords, and manual review of texts. Four Research Questions are formulated: RQ1: What are the major emergent topics in Circular Economy and Sustainable Development and how are they related? RQ2: What is the relationship among CE and GDP in the CE and Sustainability? RQ3: What are the relationships between CE and Sustainability? RQ4: What are different use cases of valorisation of waste as CE tool, and can valorisation be sustainable? RQ1 is answered by presenting hotspot of research on Circular Economy and Sustainable Development through keywords occurrence network analysis using VosViewer. This study identifies three clusters and seven thematic areas of research, along with 25 most used keywords. RQ2 is attended through review of the relationship between economic growth (Gross Domestic Product) and Circular Economy and proposes based on the review that CE is still at its infancy. The paper also discusses the appropriateness of using GDP as a measure of sustainable development. This paper addresses RQ3 by examining the relationship between Circular Economy and Sustainable Development through review of literatures. The indicators used to measure CE and SD are also discussed and summarised. This review finds that achieving SDGs require greater effort, and that the present status of achievement is a bleak picture. Further, the role of waste management and potentiality of waste valorisation to aid in circular economy and sustainable development is analysed to answer RQ4. Though there are ample potential, however the recycle rate is very minimal to quench the required level of circularity. While CE and SD are related, CE cannot be a universal panacea to global challenges like emissions reduction, energy consumption, climate change, gender equality, poverty, well-being, environmental protection etc. even though the impact of CE to achieve SD can be substantial. The paper recommends avenues for future research and presents the conclusion of the study