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Intellectual Capital as the Source of Competitive Advantage: The Resource-

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FACTA UNIVERSITATIS
Series: Economics and Organization Vol. 14, No 2, 2017, pp. 127 - 137
DOI: 10.22190/FUEO1702127R

Review Paper

INTELLECTUAL CAPITAL AS THE SOURCE OF

COMPETITIVE ADVANTAGE: THE RESOURCE-BASED VIEW1
UDC 005.336.4:339.137.2

Tamara Rađenović, Bojan Krstić

University of Niš, Faculty of Economics, Niš, Serbia

Abstract. The concepts of intellectual capital and competitiveness are widely studied
issues among researchers during the last few decades. Intangible assets have been proved
to be the fundamental source of value and competitiveness in modern enterprises.
Intellectual capital is a valuable invisible resource which drives firm’s growth and
provides superior value for stakeholders. Therefore, the aim of the paper is to examine the
role the intellectual capital has in creating and sustaining competitive advantage of
enterprises from the resource-based perspective.
Key words: intellectual capital, competitive advantage, knowledge economy, value
creation, resource-based view

JEL Classification: D83, L25, O34

INTRODUCTION
The first mention of the notion of intellectual capital in the 20th century could be found
in Frederick Taylor’s book (1911), in which he writes about knowledge, experience and
skills of employees. Intellectual capital, as a term, was originally associated with Machlup
(1962) who coined it in order to emphasize the importance of knowledge for the
development of enterprises and growth of national economies. In the last few decades,
intangible assets such as knowledge, patents and innovations have been identified as key
sources of value creation and technological progress. These intangibles represent a main
concern for the managers of modern knowledge enterprises and their stakeholders (García-
Ayuso, 2003). In the knowledge economy, in order to be successful in the market, an
enterprise has to be flexible and capable to adapt its resources and products according to
the requirements of national and regional markets (Krstić, 2007).

Received February 10, 2017 / Accepted March 21, 2017

Corresponding author: Tamara Rađenović
University of Niš, Faculty of Economics, Niš, Serbia
E-mail: [email protected]
128 T. RAĐENOVIĆ, B. KRSTIĆ

Intellectual capital represents the area of interest and research for academics from
different scientific fields. The economic literature that deals with the role of non-material
resources in sustaining competitive advantages indicates significant variations in the use
of terminology (intellectual resources, invisible assets, knowledge resources, knowledge-
based capital, intangible resources, non-material assets, etc.).
In contemporary conditions, the accounting theory and practice are faced with a
declining importance of the information provided by the system of financial reporting.
Namely, there is a need for accounting information to be supplemented by non-financial
information, which does not come from financial statements. There is a requirement that
the accounting system should adequately disclose the so-called invisible assets or
intellectual resources on the assets side on the balance sheet. Therefore, the accountants
underline the meaning of the term intangible assets, which actually represents the value
of intellectual resources disclosed on the balance sheet.
“Skandia Navigator”, as a framework for measuring and reporting on intellectual capital,
was the first implementation of the concept of intellectual capital in business practice
(Edvinsson & Malone, 1997). The motivation for measuring, monitoring and reporting of
intellectual capital, at the end of 20th and beginning of 21st century, has arisen due to the fact
that balance sheets have not taken into account in a proper manner the hidden value,
embodied in the intangible (non-material) assets. Namely, these balance sheets have not
provided information about internally created intellectual assets that are fundamental for the
future growth and development prospective of an enterprise. Intellectual capital, at the
microeconomic level, is composed of three essential components – human capital, relational
capital and structural capital (Steward, 1997). Intellectual capital represents an all-
encompassing concept, which incorporates diverse non-material resources in the knowledge
enterprises. These enterprises are intensive with knowledge-based resources. Intellectual
capital is the key factor of the sustainable competitive advantage of these enterprises.
Therefore, the aim of the paper is to examine the concept of intellectual capital, its diverse
meanings and to highlight its role in creating and sustaining competitive advantage. The paper
is organized as follows: First, the paper highlights the role of intellectual capital as
knowledge-based resource and provides the systematic overview of noteworthy definitions of
intellectual capital in the literature. Further, the study focuses on the basic concepts of
competitiveness theory, with the emphasis on the resource-based theory of the firm. After that,
the research underlines the importance of intellectual capital as a fundamental resource for
value creation for consumers, shareholders and other external stakeholders. Finally, the
conclusion is drawn from these evaluations.

1. INTELLECTUAL CAPITAL AS KNOWLEDGE-BASED RESOURCE

Nowadays, in dynamic and knowledge driven economy in the information era, intellectual
resources are, comparing to other firm’s resources, principal for achieving superior
performance and competitive advantage (Wiklund & Shepherd, 2003). In order to achieve
competitive advantage, a firm must create superior value for its customers comparing to its
competitors, and the capacity to do this depends on its resources, capabilities and
competences, which are the result of the long-lasting experience in the utilization of a certain
resource portfolio (Krstić & Sekulić, 2016, p. 355). Valuable resources of a firm are protected
from imitation by knowledge barriers to a greater extent than intellectual property rights, since
such resources incorporate values which are hardly reachable and whose connection with
results is difficult to determine (Miller & Shamsie, 1996). Knowledge-based resources are
 Intellectual Capital as the Source of Competitive Advantage: The Resource-Based View 129

predominantly in the form of specific skills, such as technical, creative, coordinative and
collaborative skills. Those skills are primarily developed in individuals and afterwards
transferred, shared and codified at the level of organizational groups, organizational units
and organization as a system. Utilization of knowledge-based resources creates value that
can be manifested as human capital, innovations, patents etc.

Table 1 Overview of noteworthy definitions of intellectual capital

Authors Terms Conceptual explanation
Itami (1987) Invisible Intangible assets comprise of invisible resources which incorporate a wide
Assets range of activities in the sphere of technology, consumer confidence, brand
image, corporate culture, and managerial skills.
Hall (1992) Intangible Intangible assets represent the value drivers which transform productive
Resources resources into value-added assets.
Brooking (1996) Intellectual Intellectual capital is the aggregate of market assets, human-centered assets,
Capital intellectual property and infrastructure assets.
Edvinsson and Intangible Intangible assets do not have physical expression, but are significant for the
Malone (1997) Assets firm’s value augmentation.
Sveiby (1997) Intangible Intangible assets consist of three dimensions: employee competence,
Assets internal and external structure.
Nahapiet and Intellectual Intellectual capital is viewed as knowledge and learning capacity of an
Ghoshal (1998) Capital organization.
Brennan and Intellectual Intellectual capital is the difference between the market and the book value
Connell (2000) Capital of the company, i.e. the knowledge-based equity of the company.
Sullivan (2000) Intellectual Intellectual capital is knowledge that can be converted into profit.
Capital
Viedma Marti Intellectual Intellectual capital represents fundamental firm’s competences.
(2001) Capital
Lev (2001) Intangible Intangible assets are the entitlements to future benefits that do not have
Assets physical or financial manifestation.
FASB (2001) Intangible Intangible assets represent the claims of future benefits. These claims are
Assets non-current and non-financial in nature. Also, intangible assets do not have
physical or financial expression.
de Pablos (2003) Intellectual According to the broad definition of intellectual capital it represents a
Capital positive difference between market and book value of the firm.
Rastogi (2003) Intellectual Intellectual capital can be viewed as holistic capability of a firm to
Capital coordinate, organize and use all available knowledge with the aim to create
value in the future.
Mouritsen et al. Intellectual Intellectual capital mobilizes employees, clients, information system,
(2003) Capital managerial processes and knowledge.
IASB (2004) Intangible Intangible assets are identifiable non-monetary assets without physical
Assets manifestation, which firms use for production or supply of goods and
services, rental to third persons or administrative purposes.
Andriessen (2004) Intangible Intangible resources are non-monetary resources without physical substance
Resources that produce future benefits for a firm.
Roos et al. (2005) Intellectual Intellectual capital can be defined as non-monetary and non-physical
Capital resources that are fully or partly controlled by the firm and that contribute to
the firm’s value creation.
Marr and Intellectual Intellectual capital embraces any valuable intangible resource gained
Moustaghfir (2005) Capital through experience and learning that can be used in the production of further
wealth.
Choong (2008) Intellectual Intellectual capital is a non-monetary asset without physical substance, but it
Capital possesses value or it can generate future benefits.
Lerro et al. (2014) Intellectual Intellectual capital can be viewed as the set of knowledge assets held by an
Capital organization which significantly drives organizational innovation and value
creation processes.
Lentjušenkova and Intellectual Intellectual capital is a firm’s assets which include the firm’s human capital,
Inga (2016) Capital information and communication technologies, business procedures, and
intangible assets that can be converted into material and immaterial value.
130 T. RAĐENOVIĆ, B. KRSTIĆ

Researchers in the area of intellectual capital have offered various definitions of

intellectual capital (Table 1). Although extremely extensive, the term intellectual capital
is interpreted rather precisely in the referring economic and management literature.
Accordingly, in the business practice of a firm, there is even intellectual or knowledge
capital manager in the organizational system. His/her task is to initiate, monitor and
coordinate knowledge management programs, as well as to enable organizations to
maximize the shareholders’ value through investments in different knowledge resources. In
fact, he/she manages intellectual capital and it is necessary to develop a methodological
framework for the specific system of intellectual capital management (Krstić, 2014). This
framework consists of three subsystems: knowledge management, innovation management
and intellectual property management. Apart from this, the intellectual capital manager has
a task to actuate employees to constant individual learning and thinking. Furthermore, this
person has to design and consistently implement an effective reward and motivation system
for those employees contributing to the increase of knowledge resource. Besides, an
intellectual capital manager has a task to quantify the impact the intellectual capital
management has on the efficiency performance of a firm.

2. RESOURCE-BASED THEORY AND COMPETITIVE ADVANTAGE

The resource-based theory of the firm (Douma & Schreuder, 1998, p. 159) has taken a
significant place in the economic theory at the end of the 20th century. It represents one
segment of the competitiveness theory. Within the competitiveness theory, besides the
resource-based theory, important are the theory of dynamic capabilities and knowledge-based
theory. Common characteristic of these theories is that they put emphasis on the so-called
internal determinants of a firm’s economic performance. Namely, the resource-based theory
of the firm starts with the premise that the success of a firm is predetermined by the adequate
choice of resources and their combinations.
However, the theory of dynamic capabilities acknowledges that the efficient usage of
resources is not enough for the firm’s success, but certain capabilities (in production,
procurement, sales, research and development, etc.) that are functionally specific are also
needed (Krstić, 2007, p. 349). This is in line with Amit and Schoemaker (1993) who argue
that resources cannot contribute to the sustainable competitive advantage of a firm, but such
role is attributed to the firm’s capabilities. These authors define firm’s capabilities as the
capacity to use its resources in combination with information-based and firm-specific
organizational process. Capabilities are developed through complex interactions between the
firm’s resources.
Teece et al. (1997) define dynamic capabilities as “the firm’s ability to integrate, build,
and reconfigure internal and external competences to address rapidly changing environments”
(p. 516). Therefore, dynamic capabilities reflect a firm’s capacity to attain unique and
innovative forms of competitive advantage considering market positions and path
dependencies.
Namely, Leonard-Barton (1992, p. 113) points out that the core capabilities represent a
“knowledge set that distinguishes and provides a competitive advantage”. This knowledge-
based view of a firm classifies four dimensions of the knowledge set: knowledge and skills
of employees, technical systems, managerial systems and values and norms associated with
the various types of embodied and embedded knowledge (Leonard-Barton, 1992).
 Intellectual Capital as the Source of Competitive Advantage: The Resource-Based View 131

Knowledge is an imperfectly imitable resource. Hence, if a firm wants to increase its value
it has to create new organizational knowledge embodied in the skills and competences of
the employees. As, in the changing and fast growing environment, successful firms are
those which constantly create new knowledge, disseminate it through organization and
rapidly materialize in the form of innovative products.
Performances of resources and the dynamic capabilities of a firm determine the
imitating or experimenting activities with resources, along with the cost assessment of these
activities and lead to the new configuration of resources. The new configuration of resources
resulting from the learning process of imitation and/or experimentation determines the future
production quantity, as well as product and process innovations (Zott, 2003).
The resource-based theory of the firm views strategy as the instrument for the alignment
of resources and capabilities of a firm with the external environment requirements. Resource-
based view observes a firm as a unique set of its heterogeneous resources and capabilities.
Heterogeneity of the resources determines the heterogeneity of firms. Namely, firms possess
mutually different resources and do not use them equally successful, thus resulting in different
performances of efficiency among different firms. Firms aiming at enhancing their economic
success, initiate enhancement of performances of the resources (for example, technological
sophistication, training of employees, etc.). Continuous actions of firms toward enhancing the
performances of their resources, contribute to the relatively stable difference in resources
among firms.
Contributions to the final shape of this theory have been put by numerous researchers.
Wernerfelt (1984, p. 172) in his work has viewed a firm as the “bundle of resources…
which could be thought of as strength or weakness of a given firm”, such as: brands,
internal technological knowledge, skilled employees, effective processes, etc. The resource-
based theory of a firm stresses that in the process of formulating the firm’s strategy, the
basis is analysis of resources and capabilities comparing to competitors. According to this
theory, external environment is not the key factor for the strategic action of a firm, but
internal firm’s characteristics. Complex competitive environment requires the full
commitment of the firm’s management to conceptualization and realization of a resource-
based strategy.
Therefore, the focus will be on the role of intellectual capital, as invisible resource of
a firm, in creating competitive advantage, from the resource-based perspective. The
intention is to understand the characteristics of the intellectual resources that drive
competitive advantage of a firm.

3. INTELLECTUAL CAPITAL AND COMPETITIVE ADVANTAGE: A RESOURCE-BASED VIEW

Barney (1991) as founder and proponent of resource-based theory in the economy of the
firm, i.e. resource-based view of competitive advantage, considers that a firm achieves
competitive advantage due to the resources that have to be valuable, rare, imperfectly
imitable and non-substitutable. The characteristics of intellectual capital, as a valuable
knowledge-based resource, are (Lin, 2013, pp. 54-55):
a) “Intellectual capital is valuable, rare, imperfectly imitable and non-substitutable;
b) Intellectual capital is communicable to others; and
c) Components of intellectual capital are both distinctive and comprehensive”.
With the above mentioned characteristics, intellectual capital can be transformed in
the competitive advantage of the firm.
132 T. RAĐENOVIĆ, B. KRSTIĆ

a) Barney (1991) points out that when companies possess the same type of resources,
such resources cannot create competitive advantage. Only when companies’ resources are
valuable, rare, imperfectly imitable and non-substitutable, they become the source of
competitiveness creation, improvement and sustainability. Barney’s formulation from the
resource-based perspective denotes a very broad definition of resources as all types of
tangible and intangible assets, organizational processes, knowledge, capabilities and other
potential sources of competitive advantage (Lavie, 2006). Intellectual capital, as a unique
combination of a firm’s knowledge-outputs, is an extremely valuable resource, especially
in contemporary knowledge economy. Further, the intellectual capital of a firm, as
specific combination of diverse intangibles, can and should be a rare resource. Although
every organization has elements of intellectual capital, the content, i.e. the mixture of
intellectual capital elements are firm-specific in relation to its competitors.
The intellectual capital of a firm cannot be easily imitable, due to the fact that every
organization has its individual fundamental material (tangible) and non-material success
factors such as: culture, strategy, system, skills, leaders and key employees. The established
intellectual capital is a result of interdependence among these factors during a number of
years of successful competition in a particular market. Although competitors can compare
and adopt best practices, intellectual capital is hard to imitate due to the complex process of
its forming at key players in the market. Therefore, the intellectual capital is non-substitutable,
i.e. it cannot be easily substituted. Although a company can allocate its business model to
other locations (markets) with the same company’s setting and identical number of qualified
employees, formed intellectual capital will not be the same in all locations, which makes it
irreplaceable. Hence, according to the views of resource-based theory, intellectual capital
is a valuable resource that can create shareholder value and competitive advantage.
b) Intangible assets cannot be easily seen, felt or described. For managerial decision
makers, who are to comprehend the value and importance of intellectual capital in realizing
strategy and specific business model of a firm, intangible nature of intellectual capital makes it
even more significant since it can be communicated to others – key stakeholders. On the
organizational level, already determined components of human, structural and relational
capital (Krstić, 2014) make the concept of intellectual capital communicable to stakeholders.
Moreover, the best way for communicating the values of intellectual capital is through the
realization of appropriate financial performances. From the resource-based view, firms are
obtaining and sustaining competitive advantage through the development of valuable
resources and capabilities. This means that resources and capabilities have to be efficiently
used in order to achieve superior competitive potential (Barney & Wright, 1998; Ray et al.,
2004; Sheehan & Foss, 2007; Andersén, 2011). Intellectual capital is the observable result of
management practices, techniques and tools. For example, implementing the intellectual
capital concept in practice and emphasizing the value of structural capital (as the component
of intellectual capital) by establishing a knowledge management system can improve the
firm’s efficiency and effectiveness. Besides, intellectual capital is a resource that can be
used in everyday operations and help in converting and synergizing other firm’s material
and non-material resources into its competitive advantage in the market.
c) Understanding of resources in the literature has always been multidimensional, since
firms have different combinations and configurations of resources (Zajac et al., 2000). As
previously defined, the intellectual capital of a firm consists of human capital, structural
capital and relational capital. In other words, intellectual capital is a multidimensional
portfolio of resources. Intellectual capital is recognizable because three capital components
 Intellectual Capital as the Source of Competitive Advantage: The Resource-Based View 133

(human, structural and relational) represent different constructions of resources. Also,

intellectual capital is a comprehensive combination of resources as its capital components
encompass people and leaders, structure and systems, as well as social relations.
Human capital is the fundamental resource of a firm, which includes knowledge, skills,
experience, competence, attitude, commitment and individual characteristics of employees
(Bontis & Fitz-enz, 2002; Hitt & Ireland, 2002). Structural capital is codified knowledge
owned by a firm and can be codified, reproduced and distributed among individuals and
organizational units within a firm. Structural capital (as a component of intellectual capital)
involves efficient business processes, managerial philosophy, information technologies and
systems, intellectual property, patents, design, brands, data bases, organizational structure,
organizational culture, organizational routines and procedures, etc. Relational capital
represents knowledge embedded in the short or long-term relations a firm has with suppliers,
consumers, strategic partners and other external entities, while building the reputation of
a firm.
The relevant literature points toward the following standards for the performance
assessment of tangible and intellectual resources: durability, imitability, transferability.
Apart from these criteria, key resource performances are rareness and flexibility (Krstić,
2009, p. 70).
Of extreme influence on the durability of intellectual resources are dynamic technological
changes. In some circumstances, patents experience technologically aging before the
termination of law protection (as a form of intellectual property). Firm’s reputation, is also an
example of the intangible resource which may express significant volatility over time.
Bearing in mind imitability, the firm should have incentive to produce distinctive (unique)
intellectual resources. Intellectual resources that are imperfectly imitable are patent
technologies. A firm’s capability to sustain competitive advantage during certain period
depends, among other things, on the speed by which competitors succeed to obtain certain
intellectual resources that are necessary for imitation.
Transferability, i.e. availability of intellectual resources refers to consideration of time and
effort necessary to obtain or create resources. Intellectual resources which can be easily and
rapidly obtained (bought), cannot secure sustainable competitive advantage over the relatively
long period. Generally, such resources can be quickly copied, since firm acquires them
relatively easy (obtain, buy, create).
Some intellectual resources are not so easily obtainable, i.e. transferable among subjects.
For example, such situation exists with specific intellectual resource – brand. Usually, the
brand is associated with the firm, and change of firm’s ownership can erode the value of the
brand. In case when particular intellectual resource cannot be purchased, it is necessary to be
produced, i.e. built in internal process of research and development. Usually, superior strategic
importance is given to the internally created intellectual resources compared to those
intangible resources that can be obtained in the market via buying and selling transactions.
Rareness (uniqueness) of some intellectual resources should be protected. The best legal
protection frameworks are through patenting. Also, the competition for sustaining the
uniqueness of resources is led by continuous investments in research and development
projects. Some rare resources are imperfectly imitable. That is especially the case with tacit
knowledge, i.e. implicit knowledge of one number of employees or working groups, which
manifests in individual competences that are not formally owned by the firm as an entity. In
the knowledge-intensive organizations (based on the share of the value of other resources in
the total value of assets in the balance sheet), especially with dynamic technology and short
134 T. RAĐENOVIĆ, B. KRSTIĆ

life-cycle of products, tacit knowledge of some employees (experts, professionals) is a

considerably unique resource. Containing such a valuable resource in the firm is of extreme
importance for its economic efficiency in the future.
Besides, the firm’s competitive advantage is determined by the flexibility of its intellectual
resources. Innovative capability of human resources in the firm is of great importance for its
efficacy. Some firms are better and more capable than others in innovating. Innovation is
important because of achieving and delivering superior value to consumers that will enable
competitive advantage. Also, with the strategy of continuing product innovation, competitors
will have problems to adjust over a relatively long period of time.
Many companies are now being sold at a much higher price than their actual book
value. The market valuation of companies increasingly relies on the so called intangible
factors or invisible items. This approach reflects a huge gap between the market valuation
and accounting valuation, causing further interest in a more effective and efficient
economic use of intellectual resources/capital in knowledge enterprises.

CONCLUSION
The value of a firm, products/services and shareholders’ value is achieved through
combination of tangible and intangible resources. By investments in intellectual capital the
knowledge resources are increasing, technology is improving, firms are more ready to
undertake initiatives regarding the development of new products/services and are oriented
toward the improvement of the relationships with the key stakeholders. In the contemporary
economy, the success of the enterprise depends on its capabilities to recognize potential in
the market and to find a way to use it. Increasing competition in the 21st century and the
knowledge economy era puts forward as a necessity a more productive utilization of
intangible resources in order to achieve success and survival in the market. Developed
economies base their competitiveness on knowledge, information, commercial innovations,
intellectual capital strategies, and much less on physical resources and low-cost labor.
The most important activity in the knowledge economy is not production of products
and services anymore, but production of new knowledge (from the broader prospective
intellectual resources), which is base for improved quality of products and services. High-
quality intellectual resources increase the products’ value for customers, the products can
be sold at higher prices, thus leading to the higher income.
Intellectual resources enable innovations that are transformed into sales revenues.
Besides, intellectual resources enable creating intellectual assets in the form of intellectual
property, and hence the utilization of such assets enables higher commercial effects arising for
intellectual property (protected patents, designs, trademarks). For many enterprises are
especially important incomes which they obtain by selling intellectual property through
licenses for products, technologies, brands, etc.
Furthermore, intellectual capital (knowledge, competences etc.) enables efficient
structure, better working environment and supporting organization culture, efficient
business processes. Namely, more efficient working processes lead to the realization of
business and other activities at lower costs. Intellectual resources, especially intellectual
property in the form of patents, contribute to the income protection from erosion owing to
eventual misuse from other enterprises. Portfolio of intellectual property can be a tool for
managing business negotiations during sales, joint ventures, mergers, etc., thus affecting
 Intellectual Capital as the Source of Competitive Advantage: The Resource-Based View 135

indirectly future revenues. Intellectual resources contribute to the revenues increase and
cost reductions, thus leading to the increase of income and indirectly to the efficiency and
profitability of an enterprise.

Acknowledgement: The paper is a part of the research done within the project 179066 funded by
the Ministry of Education, Science and Technological Development of the Republic of Serbia.

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 Intellectual Capital as the Source of Competitive Advantage: The Resource-Based View 137

INTELEKTUALNI KAPITAL KAO IZVOR KONKURENTSKE

PREDNOSTI: NA RESURSIMA ZASNOVANO GLEDIŠTE
Koncepti intelektualnog kapitala i konkurentnosti su dosta proučavani od strane istraživača
tokom nekoliko poslednjih decenija. Nematerijalna imovina se pokazala kao ključni izvor vrednosti
i konkurentnosti u savremenim preduzećima. Intelektualni kapital je vredan nevidljiv resurs koji
doprinosi rastu preduzeća i većoj vrednosti za stejkholdere. U tom smislu, cilj rada je da ispita
ulogu koju intelektualni kapital ima u kreiranju i održavanju konkurentske prednosti preduzeća iz
resursne perspektive.
Ključne reči: intelektualni kapital, konkurentska prednost, ekonomija znanja, stvaranje vrednosti,
na resursima zasnovano gledište

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