Intangibles and Value Creation in Network Agreements: analysis of Italian firms

Author/s Fabio Caputo, Barbara Livieri, Andrea Venturelli
Publishing Year 2014 Issue 2014/2
Language English Pages 26 P. 45-70 File size 165 KB
DOI 10.3280/MACO2014-002003
DOI is like a bar code for intellectual property: to have more infomation click here

Below, you can see the article first page

If you want to buy this article in PDF format, you can do it, following the instructions to buy download credits

Article preview

FrancoAngeli is member of Publishers International Linking Association, Inc (PILA), a not-for-profit association which run the CrossRef service enabling links to and from online scholarly content.

In the last few years, there has been an increase in interest of European policymakers in promoting SMEs, assigning a key strategic role to networks as a means of improving levels of innovation and internationalization in SMEs. This led the Italian parliament to introduce legislation - with Law 33/2009 - for network agreements, which are a form of strategic alliances, largely used for intangible purposes. The aim of this work is to do an explorative study in order to ascertain to what extent the use of network agreements has contributed to increasing intangible resources in Italian firms and whether there is a correlation between the creation of intangibles and value creation in terms of improved financial performance of firms. From the analysis emerged that network agreements have a positive effect on the ability of Italian firms to create intangible resources, and there is a positive correlation between the increase in intangibles and value creation.

Keywords: Intangibles, Value creation, Network agreements, strategic alliances.

  1. Adamo S. (2000), La capitalizzazione degli oneri ad utilità pluriennale, in Le immobilizzazioni immateriali, Bari, Cacucci.
  2. Albers S. (2010), Configurations of alliance governance systems, Schmalenbach Business Review: ZFBF, 62(July), pp. 204-233.
  3. Barney J. (1991), Firm resources and sustained competitive advantage, Journal of Management, 17(1), pp. 99-120. DOI: 10.1177/014920639101700108
  4. Belderbos R., Carree M., & Lokshin B. (2004), Cooperative R&D and firm performance, Research Policy, 33(10), pp. 1477-1492. DOI: 10.1016/j.respol.2004.07.003
  5. Bontis N. (2001), Assessing knowledge assets: a review of the models used to measure intellectual capital, International Journal of Management Reviews, 3(1), pp. 41-60. DOI: 10.1111/1468-2370.00053
  6. Bontis N. (2004), National intellectual capital index: a United Nations initiative for the Arab region, Journal of Intellectual Capital, 5(1), pp. 13-39. DOI: 10.1108/14691930410512905
  7. Caputo F. (2008), Le aggregazioni aziendali, il controllo ed il principio contabile internazionale IFRS 3, Bari, Cacucci, p. 131.
  8. Caputo F. (2012), Il governo aziendale ed il ruolo della comunicazione economico-finanziaria: modelli di bilancio e diverse soluzioni, Economia, Azienda e Sviluppo, (13), pp. 31-64.
  9. Caputo F., & Venturelli A. (2013), Le nuove frontiere della comunicazione economico-finanziaria d’azienda tra informativa di sostenibilità e integrazione informativa, in Guido G. & Massari S. (Eds.) (In press), Lo sviluppo sostenibile. Ambiente, risorse, innovazione, qualità, Milano, FrancoAngeli.
  10. Carmeli A. (2001), High- and low-performance firms: do they have different profiles of perceived core intangible resources and business environment?, Technovation, 21(10), pp. 661-671. DOI: 10.1016/S0166-4972(01)00050-5
  11. Cassandro P.E. (1962), I gruppi aziendali, Bari, Cacucci.
  12. Chen H., & Chen T.-J. (2003), Governance structures in strategic alliances: transaction cost versus resource-based perspective, Journal of World Business, 38(1), pp. 1-14. DOI: 10.1016/S1090-9516(02)00105-0
  13. Chen J., Zhu Z., & Xie H. Y. (2004), Measuring intellectual capital: a new model and empirical study, Journal of Intellectual Capital, 5(1), pp. 195-212. DOI: 10.1108/14691930410513003
  14. Chen M.-C., Cheng S.-J., & Hwang Y. (2005), An empirical investigation of the relationship between intellectual capital and firms’ market value and financial performance, Journal of Intellectual Capital, 6(2), pp. 159-176. DOI: 10.1108/14691930510592771
  15. D’Alise C., & Giustiniano L. (2013), Clusters and innovation in the life sciences, in WOA - Organizing in turbulent times: the challenges ahead.
  16. Dacin M.T., Hitt M.A., & Levitas E. (1997), Selecting partners for successful international alliances: examination of US and Korean firms, Journal of World Business, 32(1), pp. 3-16. DOI: 10.1016/S1090-9516(97)90022-5
  17. Das T. K., & Teng B.-S. (2000), A Resource-Based Theory of Strategic Alliances, Journal of Management, 26(1), pp. 31-61. DOI: 10.1177/014920630002600105
  18. Day G.S. (1995), Advantageous alliances, Journal of the Academy of Marketing Science, 23(4), pp. 297-300. DOI: 10.1177/009207039502300409
  19. Dekker H.C. (2004), Control of inter-organizational relationships: evidence on appropriation concerns and coordination requirements, Accounting, Organizations and Society, 29(1), pp. 27-49. DOI: 10.1016/S0361-3682(02)00056-9
  20. Di Cagno N. (2011), Il bilancio di esercizio. Bari, Cacucci.
  21. Dossi A. (2001), I processi aziendali. Profili di misurazione e controllo, Milano, Egea, p. 236.
  22. Doz Y.L.A., & Hamel G. (1998), Alliance Advantage: The Art of Creating Value Through Partnering. Harvard Business School Publishing India Pvt, p. 316. Limited. Retrieved from
  23. Eccles R.G., Krzus M.P., & Tapscott D. (2010), One Report: Integrated Reporting for a Sustainable Strategy. Wiley, p. 256. Retrieved from
  24. Edvinsson L., & Malone M.S. (1997), Intellectual Capital: Realizing Your Company’s True Value by Finding Its Hidden Brainpower.
  25. Fayard D., Lee L.S., Leitch, R.A., & Kettinger W.J. (2012), Effect of internal cost management, information systems integration, and absorptive capacity on inter-organizational cost management in supply chains, Accounting, Organizations and Society, 37(3), pp. 168-187. DOI: 10.1016/j.aos.2012.02.00
  26. Fernandez E., Montes J.M., & Vazsquez C.J. (2000), Typology and strategic analysis of intangible resources A resource-based approach, Technovation, 20, pp. 81-92. DOI: 10.1016/S0166-4972(99)00115-7
  27. Giaccari F. (2003), Le aggregazioni aziendali, Bari, Cacucci, p. 211.
  28. Goh P.C., & Lim K.P. (2004), Disclosing intellectual capital in company annual reports: evidence from Malaysia, Journal of Intellectual Capital, 5(3), pp. 500-510. DOI: 10.1108/14691930410550426
  29. Grant R.M. (1996), Toward a knowledge-based theory of the firm, Strategic Management Journal, 17, Winter Special Issue, pp. 109-122.
  30. Guatri L. (1989), Il differenziale fantasma: i beni immateriali nella determinazione del reddito e nella valutazione delle imprese, Finanza, Marketing e Produzione, 7(1).
  31. Guatri L. (1997), Valore e «Intangibles» nella misura della performance aziendale. Un percorso storico. EGEA, p. 218. Retrieved from xkVUQwAACAAJ.
  32. Gulati R. (1995), Does familiarity breed trust? The implications of repeated ties for contractual choice in alliances, Academy of Management Journal, 38, pp. 85-112. DOI: 10.2307/256729
  33. Gulati R., & Singh H. (1998), The Architecture of Cooperation : Managing Costs and Coordination Concerns Appropriation in Strategic Alliances, Administrative Science Quarterly, 43(4), pp. 781-814. DOI: 10.2307/2393616
  34. Hamel G. (1991), Competition for Competence and Inter-Partner Learning Within International Strategic Alliances, Strategic Management Journal, 12(S1), pp. 83-103. DOI: 10.1002/smj.4250120908
  35. Kaplan R.S., & Norton D.P. (1992), The balanced scorecard-measures that drive performance, Harvard Business Review, 70(1), pp. 71-79.
  36. Kaplan R.S., & Norton D.P. (1996), Using the balanced scorecard as a strategic management system, Harvard Business Review, 74(1), pp. 75-85.
  37. Sveiby K.E. (2010), Methods for Measuring Intangible Assets. Retrieved from
  38. Kulmala H.I., Kajüter P., & Valkokari K. (2006), Inter-organizational Cost Management in SME Networks Inter-organizational Cost Management in SME Networks 1 Introduction, in 29th Annual Congress of the European Accounting Association. Dublin, March 22-24, pp. 1-24.
  39. Lambe C.J., Spekman R.E., & Hunt S.D. (2002), Alliance Competence, Resources, and Alliance Success: Conceptualization, Measurement, and Initial Test, Journal of the Academy of Marketing Science, 30(2), pp. 141-158. DOI: 10.1177/03079459994399
  40. Lavie D. (2006), The Competitive Advantage of Interconnected Firms: An Extension of the Resource-Based View, The Academy of Management Review, 31(3), pp. 638-658. DOI: 10.5465/AMR.2006.21318922
  41. Lee C.-W. (2007), Strategic alliances influence on small and medium firm performance, Journal of Business Research, 60(7), pp. 731-741. DOI: 10.1016/j.jbusres.2007.02.018
  42. Leopizzi R., & Venturelli A. (2011), La responsabilità sociale nelle banche popolari: un’indagine sul bilancio sociale, Rivista Italiana di Ragioneria ed Economia Aziendale, 1/2.
  43. Lieberman M.B., & Montgomery D.B. (1988), First-mover advantages, Strategic Management Journal, 9(S1), pp. 41-58. DOI: 10.1002/smj.4250090706
  44. Lin Z.J., Yang H., & Arya B. (2009), Alliance partners and firm performance: resource complementarity and status association, Strategic Management Journal, 30 (September 2003), pp. 921-940. DOI: 10.1002/smj
  45. Mancini D. (2010), Il sistema informativo e di controllo relazionale per il governo della rete di relazioni collaborative d’azienda, Milano, Giuffrè.
  46. Mio C. (2005), Corporate social responsibility e sistema di controllo: verso l’integrazione, FrancoAngeli, p. 242. Retrieved from: MC.
  47. Nobeoka K., Dyer, J.H., & Madhok, A. (2002), The influence of customer scope on supplier learning and performance in the Japanese automobile industry, Journal of International Business Studies, 33(4), pp. 717-736. DOI: 10.1057/palgrave.jibs.8491041
  48. Normann R., & Ramirez, R. (1993), Designing interactive strategy, Harvard Business Review, 71(4), pp. 65-77.
  49. Osservatorio MiSE (2012), Indagine qualitativa sui Contratti di rete: primi risultati, p. 7.
  50. Osservatorio Unicredit Piccole Imprese (2012), Le aggregazioni di rete: modello vincente per la sostenibilità e lo sviluppo, p. 244.
  51. Padula G. (2002), Reti di imprese e apprendimento, Milano, Egea, p. 160.
  52. Parise S., & Henderson J.C. (2001), Knowledge resource exchange in strategic alliances, IBM Systems Journal, 40(4), pp. 908-924. DOI: 10.1147/sj.404.0908
  53. Petty R., & Guthrie J. (2000), Intellectual capital literature review: measurement, reporting and management, Journal of Intellectual Capital, 1(2), pp. 155-176. DOI: 10.1108/14691930010348731
  54. Rosenbusch N., Brinckmann J., & Bausch A. (2011), Is innovation always beneficial? A meta-analysis of the relationship between innovation and performance in SMEs, Journal of Business Venturing, 26(4), pp. 441-457. DOI: 10.1016/j.jbusvent.2009.12.002
  55. Russ M., Bay G., & Jones J.K. (2006), Toward a taxonomy of knowledge-based strategies : early findings, 2.
  56. Saxenian A. (1991), The origins and dynamics of production networks in Silicon Valley, Research Policy, 20(5), pp. 423-437. DOI: 10.1016/0048-7333(91)90067-Z
  57. Stolowy H., & Jeny-Cazavan A. (2001), International accounting disharmony: the case of intangibles, Accounting, Auditing & Accountability Journal, 14(4), pp. 477-497. DOI: 10.1108/09513570110403470
  58. Sveiby K.E. (1997), The new organizational wealth: managing & measuring knowledge-based assets, Berrett-Koehler Pub.
  59. Tafuro A. (2011), Il contratto di rete: una lettura in chiave economico-aziendale, Rivista Dei Dottori Commercialisti, 3, pp. 643-662.
  60. Tayles M., Pike R.H., & Sofian S. (2007), Intellectual capital, management accounting practices and corporate performance: Perceptions of managers, Accounting, Auditing & Accountability Journal, 20(4), pp. 522-548. DOI: 10.1108/09513570710762575
  61. Thorelli H.B. (1986), Networks: between markets and hierarchies, Strategic Management Journal, 7(1), pp. 37-51. DOI: 10.1002/smj.4250070105
  62. Varoutsa E., & Scapens R. (2010), Accounting in inter-organisational relationships: The institutional theory perspective.
  63. Veltri S., & Nardo M.T. (2008), Bilancio sociale e bilancio del capitale intellettuale: quali relazioni?, Economia Aziendale Online 2000, 4.
  64. White S., & Siu-Yun Lui S. (2005), Distinguishing costs of cooperation and control in alliances, Strategic Management Journal, 26(10), pp. 913-932. DOI: 10.1002/smj.490
  65. Williamson O.E. (1991), Comparative economic organization: The analysis of discrete structural alternatives,. Administrative Science Quarterly, pp. 269-296. DOI: 10.2307/2393356

  • Gender diversity and online intellectual capital disclosure: Evidence from Italian‐listed firms Giuseppe Nicolò, Giuseppe Sannino, Serena De Iorio, in Journal of Public Affairs e2706/2022
    DOI: 10.1002/pa.2706
  • La Network Governance a supporto dell'Open Innovation: un'analisi della letteratura Palmira Piedepalumbo, Concetta Metallo, Daniela Mancini, in MANAGEMENT CONTROL 3/2017 pp.79
    DOI: 10.3280/MACO2017-003006
  • Agglomeration, Structural Embeddedness, and Enterprises’ Innovation Performance: An Empirical Study of Wuhan Biopharmaceutical Industrial Cluster Network Jingjing Zeng, Dingjie Liu, Hongtao Yi, in Sustainability /2019 pp.3922
    DOI: 10.3390/su11143922
  • Measuring intellectual capital in a firm belonging to a strategic alliance Stefania Veltri, Andrea Venturelli, Giovanni Mastroleo, in Journal of Intellectual Capital /2015 pp.174
    DOI: 10.1108/JIC-06-2014-0069
  • Accounting Information Systems in an Open Society. Emerging Trends and Issues Daniela Mancini, in MANAGEMENT CONTROL 1/2016 pp.5
    DOI: 10.3280/MACO2016-001001
  • L'impatto del contratto di rete nei processi di internazionalizzazione: alcune evidenze empiriche sulle PMI italiane Andrea Venturelli, Fabio Caputo, Simone Pizzi, in MANAGEMENT CONTROL 2/2018 pp.61
    DOI: 10.3280/MACO2018-002004
  • The Relationship among Family Business, Corporate Governance, and Firm Performance: An Empirical Assessment in the Tourism Sector Rossella Leopizzi, Simone Pizzi, Fabrizio D'Addario, in Administrative Sciences /2021 pp.8
    DOI: 10.3390/admsci11010008

Fabio Caputo, Barbara Livieri, Andrea Venturelli, Intangibles and Value Creation in Network Agreements: analysis of Italian firms in "MANAGEMENT CONTROL" 2/2014, pp 45-70, DOI: 10.3280/MACO2014-002003