Showing papers on "Organizational capital published in 2016"

The impact of intellectual capital on innovation generation and adoption

Abstract: Purpose The purpose of this paper is to measure the separate and interrelated effects of three aspects of intellectual capital (human, social and organizational capital) on innovation generation and adoption. Design/methodology/approach Data were collected from 318 respondents’ of chemical firms. This study used multiple regression analysis to analyze the influence of human, organizational and social capital on innovation generation and adoption. Findings Results suggest that organizational capital exerts significantly positive impact on innovation adoption. In the same vein, social capital exerts significantly positive impact on both innovation generation and adoption. Moreover, interaction of social capital further strengthens the influence of organizational capital on innovation adoption. Contrary to hypotheses, human capital does not exert significant influence on innovation generation. However, interaction of social capital further strengthens the impact of human capital on innovation generation. Practical implications Findings offer implications for modern managers to utilize the knowledge that resides in firm’s different locations. It also enhances managerial ability to identify and apply these knowledge resources to expedite innovation generation and adoption. Originality/value Innovation generation and adoption plays a critical role in firm’s acquiring success and competitive advantage, yet the influence of intellectual capital on innovation generation and adoption mostly remains as unexplained puzzle. This study contributes to knowledge-innovation literature by examining the missing link between different types of knowledge and innovation generation and adoption. It also helps to comprehend the enabling factors through which firms capitalize upon, and obtain, a sustainable competitive advantage.

Effect of intellectual capital on dynamic capabilities

Abstract: Purpose – The purpose of this paper is to examine the effects of intellectual capital (human, social and organizational capital) on dynamic capabilities (learning, integration, reconfiguration and alliance management). Design/methodology/approach – A methodical review of relevant literature and the theory of resource-based view, knowledge-based view and dynamic capability view serves as a starting-point to develop a framework for linking intellectual capital with dynamic capabilities. A total of 241 managers from the public sector banks in India was selected as sample of study and structural equation modelling was applied to provide strong evidence for the hypothesis. Findings – The study established a strong effect of intellectual capital dimensions on dynamic capabilities in the surveyed banking firms. Human and social capital had the most profound effect on learning, integration, reconfiguration and alliance management capabilities. As regards to organizational capital, an unexpected negative effect on...

Accounting for Rising Corporate Profits: Intangibles or Regulatory Rents?

Abstract: Since 1980, US corporate valuations have risen relative to assets and operating margins have grown. The possibility of sustained economic rents has raised concerns about economic dynamism and inequality. But rising profits could come from political rents or, instead, from returns to investments in intangibles. Using new data on Federal regulation and data on lobbying, campaign spending, R&D, and organizational capital, this paper finds that both intangibles and political factors account for a substantial part of the increase in profits, but since 2000 political factors are more important. A difference-in-differences analysis finds that major expansions of regulation increase profits significantly.

Organizational ambidexterity and professional firm performance: the moderating role of organizational capital

Abstract: In this article, we examine the extent to which organizational capital influences ambidexterity (the simultaneous exploration and exploitation of knowledge) and firm performance in accounting firms. Organizational capital is the knowledge embedded in the organization using organizational databases, processes, and culture that enables knowledge transfer between individuals and groups within the organization. We theorize that organizational capital strengthens the impact of organizational ambidexterity on firm performance. Using a time-lagged research design, our results from 93 accounting firms show that organizational capital (Time 1) moderates organizational ambidexterity (Time 2) and change in firm revenue growth between Time 1 and Time 2. We also find that the link between ambidexterity and performance is stronger where firms have higher levels of organizational capital. This study highlights the importance of organizational resources in enhancing the performance impact of organizational ambidexterity.

Ready for Take-Off”. How Open Innovation Influences Startup Success.

Abstract: The formation of new ventures is among the most significant sources of technological innovation and fast economic development. Nonetheless, most attempts at starting new businesses will be unsuccessful. This study seeks to predict new venture success (‘Take‐off’) based on different factors observed in the pre‐startup phase. We apply the resource‐based view of the firm (RBV) to develop a framework synthesizing the entrepreneurship and Open Innovation (OI) literatures on new venture creation. We then assess the influence of three categories of internal resources (finance, technology, human capital) and introduce the concept of teams' ‘openness’ in the founding process as a crucial organizational capital resource shaping startup success. Drawing on a sample of 134 business plans submitted to the final round of the INTEL Global Challenge at UC Berkeley, we significantly associate ‘Take‐off’ to each category of resources. To the best of our knowledge, this is the first study to emphasize the relevance of teams' ability to combine and transform their initial resources through the pursuit of OI (i.e., the elaboration of organizational capital resources) in explaining startup success. Our analysis extends RBV‐based research on nascent entrepreneurship and suggests new fields of research into OI.

Intellectual capital and organizational ambidexterity in Chinese and Irish professional service firms

Abstract: Purpose – Organizational ambidexterity enables firm to simultaneously exploit existing resources and explore new resources. It is associated with high levels of organizational performance. The purpose of this paper is to identify key internal management resources which contribute to building organizational ambidexterity. In particular, this study examines the impact of intellectual capital, i.e. human, social, and organizational capital, on organizational ambidexterity which in turn influences firm performance. Design/methodology/approach – The research was conducted within the context of professional service firms due to the importance of intellectual capital and organizational ambidexterity. Data were collected from 112 Chinese (cross-sectional design) and 93 Irish accounting firms (time-lagged design). Findings – Results provide support for the linkage of intellectual capital to organizational ambidexterity and firm performance. Interestingly, findings are mixed regarding the impact of the three types ...

Examining the Effects of Intellectual Capital on Dynamic Capabilities in Emerging Economy Context: Knowledge Management Processes as a Mediator

Abstract: This study aims to examine the effects of intellectual capital on dynamic capabilities and the mediating role of knowledge management processes. Based on the review of literature, a research model was proposed to examine this quantitative relationship. The model was empirically tested using 679 responses from the banking industry in India and applying Structural equation modeling analysis. It was found that intellectual capital with its three dimensions has significant effect on dynamic capabilities. Concerning to mediating role of knowledge management process, two patterns of association was found: Knowledge management process partially mediates the effect of organizational capital on dynamic capabilities and fully mediates the effect of human capital and social capital on dynamic capabilities. Based on these empirical insights, inferences and future avenues are further discussed in detail.

Effective Management of Intellectual Capital and Organizational Performance on Selected Manufacturing Firms in Nigeria

Abstract: Intellectual capital is the deployment and management of intellectual capital resources and their transformations to maximize at present the organizations value creation in the eyes of its shareholders. Organizational performance is the extent to which the organizational objectives and goals are achieved in a competitive global business world. Most manufacturing firms fail in Nigeria because of inability to identify right caliber of workforce, know-how, relational management and lack of power sharing knowledge within and outside the operating environment. The objectives of this paper are: to ascertain the extent to which human capital development can be planned and harnessed to have differentiation advantage; explore the extent of relational capital can control low-cost provider advantage and determine the extent to which organizational capital can be designed most effectively in a competitive business world. Findings in line with the objectives revealed that human capital development promotes organizational synergy, motivation and understanding. Also that effectiveness of planning, control, performance measurement, profitability and future viability can be determined. A combination of the use of secondary data, oral interview and content analysis was adopted. Crombach Alpha reliability coefficient of 0.85 was obtained. Conclusion and recommendations was drawn along that direction.

Exploring the antecedents and consequences of technology and knowledge integration mechanisms in the context of NPD

Abstract: In order to provide new products that are more innovative and are suited to customer needs, enterprises have started to look for assistance from external partners. Consequently, as firms launch new product development (NPD), it has become more critical to determine a method by which to integrate technology and knowledge together and to enhance absorptive capability (AC) of firms in the process of information, technology and knowledge sharing. This study thus combines the concepts of corporate social capital (CSC), intellectual capital, and AC, and discusses the influence of internal/external resource integration on technology integration mechanisms (TIM) and knowledge integration mechanisms (KIM), as well as AC's effect on NPD. Three hundred and ninety-four valid responses were collected and partial least squares structural equation modeling was adopted for data analysis. The results show that interaction ties and the shared language of CSC positively affect TIM, while human capital and organizational capital have positive influences on KIM. In addition, TIM and KIM both have significant and positive influences on AC and AC further influences NPD performance. Therefore, this study suggests that firms have to establish interaction bases for utilizing external knowledge to assist in NPD, and this can be achieved by offering a friendly environment to encourage employees to be more willing to contribute their knowledge.

The Learning Organization: A Foundation to Enhance the Sustainable Competitive Advantage of the Service Sector in Egypt

Abstract: An organization’s capability to learn and convey that learning into action quickly, is the supreme competitive advantage. The learning organization is the structure that eases the realization of such competitive advantage, it empowers employees, it deepens and enhances the customer experience and cooperation with main business partners and eventually improves business performance .Organizational learning is considered as the suitable process to develop knowledge resources and capabilities/core competencies (human capital, social capital and organizational capital) that engender ongoing values; which in turn yield persistence superior performance; which lead to sustainable competitive advantage within the context of the strategic management. Then, the learning organization provide the necessary organic structure involving the necessary disciplines, principles and policies; according to which the organizational learning process had to take place - in the light of the environmental surroundings- to equip the human resources with the updating knowledge, innovative capabilities, behaviors and culture representing the convenient intellectual capital to produce ongoing value stream. Such value stream deems as a sustainable competitive advantage for such organization. This paper, therefore, explores, discusses and analyzes the integrated role of Learning organization (as a structural entity) and the organizational learning (as an intrinsic know-how process) that takes place within such context; in helping firms working in the service sector in Egypt- whether they are public or private enterprises- to achieve sustainable competitive advantage, as the service sector in Egypt is almost the biggest and fastest-growing economic sector and represents almost 51 % of GDP. Whereby it embodies the locomotive of development for a developing country as Egypt.

Efectos de las políticas de recursos humanos socialmente responsables en el capital intelectual

Abstract: Purpose: This research focuses on the benefits that social responsibility can report on the area of human resources, examined the impact of a socially responsible configuration of human resource policies and practices in the generation value process for the company, and more specifically in its intellectual capital. Design/methodology/approach: The study performed a regression analysis, testing the individual effects of socially responsible human resource policies on intellectual capital, broken down into three main variables such as human, social and organizational capital. Findings: The results shed light on how the introduction of socially responsible aspects in the management of human resources can facilitate the exchange of knowledge, skills and attitudes human--capital; lead to improvements in communication, trust, cooperation among employees social-capital and, in turn, generates an institutionalized knowledge encoded in the own organizational culture –organizational capital–. Research limitations/implications: The study only provides information from large companies with over 250 employees. Practical implications: There are important implications in the measure of corporate social responsibility concerns in the area of human resources. Social implications: Also important intangible effects on non-economic variables are confirmed, such as intellectual capital. Originality/value: The value of the study lies in its novelty, testing socially responsible configurations of human resources as well as the direct effects of different policies on intellectual capital.

Влияние внешней среды на организационный дизайн образовательного учреждения: инструменты анализа/How environment influences on organizational design of educational institution: New analytical instruments

Abstract: The paper discusses the development of the organizational practices in a Russian university under the influence of the environment. In the latter, the key factors are legislation and regulations BLOCKINof BLOCKINthe BLOCKINMinistry BLOCKINof BLOCKINeducation BLOCKINand BLOCKINscience.

Intellectual Capital as a Strategic Model to Create Innovation in New Technology Based Firms

Abstract: This chapter highlights the importance of SMEs and New Technology Based Firms (hereafter NTBFs) for sustainable economic development and discusses the need to incorporate dynamic resources and capabilities to facilitate their performance under the current economic scenario of crisis and change. Focus is placed on the strategic role of intellectual capital, through the leverage of creative and innovation capabilities, to strengthen and develop firms; thus emphasizing the micro-strategic perspective of dynamic capabilities in innovation processes of NTBFs. In addition, an evaluation of the role that Intellectual Capital Reports (ICR) play in this process and in the development of core competences, through implementation in almost 100 NTBFs located in science and technology parks of Madrid, is presented.

The Interaction between Human and Organizational Capital in Strategic Human Resource Management

Abstract: Studies in strategic human resource management emphasize the contribution of human and human resource management to organizational performance achievement. Human and organizational capitals are strategic capability and mechanism to create value in an organization.This paper seeks to identify an interactive relationship between human and organizational capital in strategic human resource management theoretically, which so far, have not got adequate attention, particularly in a systemic relationship. Library research has been conducted either through books, articles and previous studies related to the issues have been analyzed. It is found that there is an interactive relationship between human resource system as an element of organizational capital and role behavior as an element of human capital, in strategic human resource management, systemically. Organizational capital refers to a human resource system can enhance the strategic value of human capital through their role behavior. Role behavior, then, not only is positioned as an output, but also an input for the desired human resource system, as organizational capital. The result of the theoretical study needs to be followed up by empirical research, to validate the proposed interactive relationship between human and organizational capital. DOI : https://doi.org/10.21632/irjbs.9.1.49-62 Keywords: Human Capital, Organizational Capital, Strategic Human Resource Management

Enhancing SMEs' Growth by Investing in Organizational Capital

Abstract: Objective : The objective of this paper is to verify the relationship between the share of investments in organizational capital (OC) within the total amount of investments and key performance indicators of SMEs. Research, Design & Methods : Quantitative research based on the author’s theoretical model and was conducted on a group of 180 Polish SMEs with the use of a structured questionnaire. To verify the hypothesis measures of dispersion as well as correlation were used. Findings: The share of investments in OC vary at particular growth stages and the highest is in decline stage. Investigated firms invest mostly in 'brand' and 'IT systems'. Investing in OC seems to be important mostly for SMEs that are in the prime stage. In this stage the share of investments in OC is correlated with almost all performance indicators. It suggests that OC can be treated as a source of competitive advantage and firms’ performance. Implications & Recommendations: The appropriate share of investments in particular resources positively impact the effectiveness of decisions aimed at enhancing SMEs growth. Guidelines in what to invest help managers to plan their activities, especially while operating in a rapidly changing environment. Contribution & Value Added: The study contributes to the stream of research devoted to SME growth factors. Despite the fact that there already are publications on the impact of particular resources on organisations’ success or failure, complex studies, including those concerning Polish SMEs, are much needed.

Using Modeling in Intellectual Capital

Abstract: Intellectual capital includes many aspects such as economical, emotional, psychological, social and human characteristics. It also comprises different specializations such as informatics, accounting and financing. It may be dealt with at individual level, organizational level or environmental level. Since knowledge has become on the top of the social as well as the economic interests, scientists confirms the need to develop the researches to deal with knowledge issues to make it one of the financial assets of all organizations. Knowledge now is looked at as real measurable capital that can be initiated, stored, transferred and shared. This paper discusses the general framework of the intellectual capital, and proposes a model to deal with its complexities. The present model is comprehensive as it includes some aspects that are ignored in the study of the intellectual capital. It includes the psychological and the social items that lead to the integration of issue of the intellectual capital.

Prediction of Market Capitalization of Investment in Intellectual Capital in Companies

Abstract: (ProQuest: ... denotes formulae omitted.)INTRODUCTIONUnder present-day conditions the attention to understanding the essence of the intellectual capital tends to increase. The role of the human factor is constantly growing.Great attention to the definition and study of the essence of the category of "intellectual capital" is paid by the scientists at the present stage of development of the market economy. Among them, we note the works by the following authors as T. Stewart, L. Edvinsson, A. Brooking, G. Becker, R. Roslender.The present study was conducted to determine the influence of the extent of investment in the intellectual capital of the company on its market capitalization growth. This issue has a special significance in ensuring the conditions to increase enterprise value. At present, the mechanism of predicting the market capitalization of the business per se with consideration for the intellectual capital of the organization is not represented explicitly.In the course of the study we used the method of factor analysis, econometric modeling, correlation and regression analysis. The development of model of influence is supported by the actual data of large industrial establishments.The results obtained allow to solve a number of practical issues: to determine the optimal level of investing in the intellectual capital in order to ensure the growth of the market capitalization of the business entity; to predict the growth of the enterprise value more accurately; to create the system framework for managing the rising value of enterprises. The latter provision is a "growth point" in this range of problems and opens the ways of development of economic mechanisms of innovation - economy of business and the country in general.METHODSThe first attempts to differentiate and define the essence of intellectual capital (IC) were taken more than half a century ago, but a unified approach of interpretation of the notion of "Intellectual capital" has not been formed so far. The vast majority of treatments is based on the fact that the intellectual business capital is primarily knowledge, abilities, intelligence of the personnel, allowing to generate profit (Leotiyev B. B., 2006; Stuart T. A., 2007. p. 368; Bontis N., 1999; Bontis N., 1998; Edvinsson, L., 2000, p. 12; Caddy, I., 2000, p. 129; Sveiby K.E., 2004; Brooking A., 2001., p. 288 ). The value of IC is determined not so much by its presence as the efficiency of its management. The intellectual business capital is a capital contained in the company's capacity to extract economic benefits from the creation, use and management of enterprise intangible resources, being in human, organizational and market potential. IC is contained in a dissymmetric interrelated elements representing a unified system of intellectual nature (Ustinova L. N., 2013, p.60; Ustinova L. N., 2012, p. 41).The three-component structure of IC proposed by the authors consists of traditional elements: human capital, organizational capital and market capital which are itemized by differentiating into the substructures. The human capital of the enterprise (HC) which consists mainly of the capital contained in knowledge, abilities, intelligence of the employees are differentiated with respect to production and innovation knowledge based on the characteristics of human capital development, in particular, its cyclical nature, as well as practicability of the separation of the part of the capital that is used in current production, and the one that can bring the company to an innovative level thanks to the abilities of individuals to generate new revolutionary ideas.Organizational capital (OC) is also differentiated into two components: intellectual property and structural capital. The need and practicability of this separation is determined by specificity and heterogeneity of organizational capital. The processes as the activities and the intellectual property right are of different nature of constituents and content. …

The influence of employees as active consumers of Human Resource Management

Abstract: This study explores human resource management (HRM) consumption behavior that employees engage in while making use of provided HRM services. It is also explored whether the potential value of HRM for employees can be generated via this HRM consumption behavior. The study found seven types of HRM consumption behavior. These can be categorized by need pursuing behaviors that consist of competence, relatedness and autonomy driven HRM consumption behavior. Also a tendency is found for HRM consumption that is compliance oriented. The resulting value of HRM for employees, consisting of human capital, social capital and organizational capital, is found to have a tendency to be influenced by the specific types of the observed HRM consumption behavior.

Do Individuals or Firms Matter More? The Case of Patent Generation

Abstract: This paper studies the relative importance of individual inventors’ human capital and firms’ organizational capital in promoting a firm’s innovation output. We decompose the variation in innovation output into inventor- and firm-specific components. Inventors’ human capital is about 6 times as important as firms’ organizational capital in explaining a firm’s innovation performance in terms of patent counts and citations, while inventors’ human capital is about the same as important when explaining the firm’s innovation styles in terms of patent exploratory and exploitive scores. In the cross section, inventors contribute more to innovation output when they are better networked, in firms with higher inventor mobility, and in industries in which innovation is more difficult to achieve. Additional tests suggest that our main findings continue to hold after accounting for inventors’ endogenous moving. This paper highlights the importance of individual inventors in enhancing firm innovation and sheds new light on the theory of the firm.

How do Organizational Processes Recover Following a Disaster? A Capital Resiliency Model for Disaster Preparedness

Abstract: This paper explores how organizational processes are recreated following their destruction in unexpected disasters. It applies the notion of an organization as a capital conversion and capital creation system. It also focuses on systems resilience, the measure of a system's persistence and ability to absorb disturbances while reconstructing relationships between system entities. Based on the analysis of empirical evidence collected from the Great East Japan Earthquake disaster in 2011, we propose a resiliency model incorporating a broader interpretation of the notion of capital. The model consists of five dimensions of capital: economic, social, symbolic, human, and organizational. Once a given capital is destroyed together with its creative organizational processes, communities will attempt to regain resilience by compensating with other dimensions of capital. Analyses demonstrate the importance of recreating organizational capital that coordinates capital conversion and recreation processes to meet the vital need of the residents. Examining this process of capital conversion and creation enables us to extend the notion of resilience.

Pengaruh Intellectual Capital Terhadap Kinerja Pegawai

Abstract: Intellectual capital merupakan pengetahuan dan informasi yang menciptakan efesiensi value added untuk menghasilkan kekayaan Perusahaan. Data kinerja pegawai tingkat kabupaten di Provinsi Banten pada tahun 2015 menunjukan bahwa Kabupaten Lebak berada pada posisi terbawah dengan rangking 244 secara nasional. Salah satu pendekatan yang digunakan dalam penelitian ini adalah menganalisa pengaruh intellectual capital terhadap kinerja pegawai yang dijabarkan dalam human capital, social capital dan organizational capital. Tujuan dari penelitian ini adalah untuk mengetahui apakah ketiga aspek intellectual capital yaitu human capital, social capital dan organizational capital memiliki pengaruh positif kepada kinerja pegawai. Metode yang digunakan untuk mengukur ketiga aspek tersebut adalah SEM (Structural Equation Modelling), suatu teknik analisis data untuk menjelaskan secara menyeluruh hubungan antar variabel yang ada pada penelitian. Dari hasil penelitian didapatkan bahwa ketiga variabel intellectual capital berpengaruh positif terhadap kinerja pegawai dengan nilai sebesar 0.33 untuk variabel human capital, 0.46 untuk variabel social capital, dan 0.44 untuk variabel organizational capital.

Investigating the Relationship between Intellectual Capital and Knowledge Productivity in Iran Insurance Branches in Guilan Province - Iran

Abstract: Development of information technology and communication networks has increased the share of knowledge and information use at the global level greatly. In this regard, one of the most important resources of company is intellectual capital. Today, intellectual capital is changing to an important source of economic growth. Therefore, managers are required to measure intellectual capital as an important criterion to increase business performance of organizations. The purpose of conducting of the present study is to assess the quality of having meaning of the relationship between intellectual capital and the productivity of knowledge in Iran insurance branches of Guilan Province. In order to achieve the objective, the measurement of the indexes of the intellectual capital dimensions (including human capital, structural capital, social capital) and their relationship with productivity based on the conceptual model of present research was used. Accordingly, in addition to comprehensive review of the literature related to intellectual capital and productivity of 360 people out of a total statistical population of 200 people were randomly sampled. Then by collecting required data and information by the questionnaire in the form of research and field method as well as using SPSS software to carry out statistical tests the measurement of dimensions of intellectual capital, knowledge productivity of Iran insurance branch of Guilan province was conducted. The result of research shows that there is a positive and meaningful relationship between the dimension of human capital and knowledge productivity, and by human capital increasing, knowledge productivity will increase as well. There is a positive relationship between organizational capital and knowledge productivity, and by increasing organizational capital, knowledge productivity will increase. There is a significant relationship between social capital and knowledge productivity, and by increasing social capital, knowledge productivity will increase. Therefore, there is a significant relationship between dimension of intellectual capital and knowledge productivity, and by increasing intellectual capital, knowledge productivity will increase.

Investment Financing of Organizational Capital

Abstract: We identify that the cost of external capital and the frontier technology (FT) shock level are two important factors affecting external capital supply. We explore how they interact to affect the investment financing of organizational capital (OC). We show that the FT shock level has experienced a dramatic change from being counter-cyclical before 1991 to pro-cyclical after 1991. This structural break alters the OC investment sensitivities during the two sub-periods. We find that the OC investment-cash flow sensitivity is low and the OC investment-q sensitivity is high only when the cost of external capital is low and the FT shock level is simultaneously high. These patterns are mainly driven by financially constrained firms. In addition, our empirical findings suggest that OC investments made during recessions when the FT shock level is also low generate higher productivity than in other conditions.

Research of Contents and Conversion of Social Capital as a Part of Corporate Capital

Abstract: The main theoretical approaches to the definition of the concept of «social capital» are analyzed and its structure is developed.Strengthening of social orientation is due to the business globalization and increase importance of intangible factors of economic growth. Corporate capital is the new direction of capital development, which embodies the joint activities in order to obtain benefits for all stakeholders. To solve the problem of optimal structure of corporate capital, it is necessary to prove the structure of its components (physical, financial, human, social capital and intellectual property as capital), which together form an integrated, sustainable system and the possibility of estimation of their contribution to the creation of added value.It is proved that social capital is a logical development of human capital, because human capital is personal, that's what people are able and willing to establish itself, and social capital created by groups of people or between them and aims to increase production efficiency through the implementation of corporate social initiatives. Also it is proved that social capital has all general characteristics of capital, and therefore it is a capital.It is analyzed how the implementation of social capital converts into other forms of capital. An analysis of the conversion of the components of social capital allows to distinct it according to importance in the creation of surplus product. A structure of social capital is developed as a part of corporate capital, according to which social capital includes consumer and organizational capital.Such structuring of capital allows to assess the contribution of each of its elements in the creation of added value in the development of relevant theoretical approaches to assessment of the effectiveness of social capital in order to further manage this component of the system of corporate capital.