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Whose Human Capital? The Challenge of Value Capture When Capital is Embedded

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  • Cliff Bowman
  • Juani Swart

Abstract

abstract Current approaches that position human capital as central to value generation in knowledge‐based industries obscure the importance of the relational nature of knowledge production. That is, separable and embodied forms of capital are interdependent in value creation and capture processes. We identify a relational form of capital, embedded capital, which we argue is the critical resource in knowledge‐based industries such as professional services firms, because it allows us to include agency and interdependency in the value capture process. These dimensions have previously been overlooked by the resource‐based view of the firm. Examples of embedded capital include brand value, processes and procedures. The deployment of embedded capital is also not clearly controlled by either the firm or individual employees. A model is developed to illustrate the links between each form of capital, and the processes of value capture. This conceptual identification of the embedded form of capital is therefore of importance to future value creation and capture debates.

Suggested Citation

  • Cliff Bowman & Juani Swart, 2007. "Whose Human Capital? The Challenge of Value Capture When Capital is Embedded," Journal of Management Studies, Wiley Blackwell, vol. 44(4), pages 488-505, June.
    • Handle: RePEc:bla:jomstd:v:44:y:2007:i:4:p:488-505
    DOI: 10.1111/j.1467-6486.2006.00635.x
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    Cited by:

    1. Farzaneh, Mandana & Wilden, Ralf & Afshari, Leila & Mehralian, Gholamhossein, 2022. "Dynamic capabilities and innovation ambidexterity: The roles of intellectual capital and innovation orientation," Journal of Business Research, Elsevier, vol. 148(C), pages 47-59.
    2. Harkonen, Janne & Haapasalo, Harri & Hanninen, Kai, 2015. "Productisation: A review and research agenda," International Journal of Production Economics, Elsevier, vol. 164(C), pages 65-82.
    3. Maddy Janssens & Chris Steyaert, 2009. "HRM and Performance: A Plea for Reflexivity in HRM Studies," Journal of Management Studies, Wiley Blackwell, vol. 46(1), pages 143-155, January.
    4. Robert Lee & Eleanor Shaw, 2016. "Bourdieu’s non-material forms of capital: Implications for start-up policy," Environment and Planning C, , vol. 34(8), pages 1734-1758, December.
    5. Bowman, C. & Toms, S., 2010. "Accounting for competitive advantage: The resource-based view of the firm and the labour theory of value," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 21(3), pages 183-194.
    6. Kraaijenbrink, Jeroen & Spender, JC & Groen, Aard, 2009. "The resource-based view: A review and assessment of its critiques," MPRA Paper 21442, University Library of Munich, Germany.
    7. Meyer, Chris R. & Skaggs, Bruce C. & Nair, Sudhir & Cohen, David G., 2015. "Customer Interaction Uncertainty, Knowledge, and Service Firm Internationalization," Journal of International Management, Elsevier, vol. 21(3), pages 249-259.
    8. Janne Harkonen & Harri Haapasalo & Kai Hanninen, 2013. "Productisation: A Literature Review," Diversity, Technology, and Innovation for Operational Competitiveness: Proceedings of the 2013 International Conference on Technology Innovation and Industrial Management,, ToKnowPress.
    9. Mol, Michael J. & Brandl, Kristin, 2018. "Bridging what we know: The effect of cognitive distance on knowledge-intensive business services produced offshore," International Business Review, Elsevier, vol. 27(3), pages 669-677.
    10. Rory Donnelly, 2009. "The knowledge economy and the restructuring of employment: the case of consultants," Work, Employment & Society, British Sociological Association, vol. 23(2), pages 323-341, June.
    11. Steven Toms, 2010. "Value, profit and risk: accounting and the resource‐based view of the firm," Accounting, Auditing & Accountability Journal, Emerald Group Publishing Limited, vol. 23(5), pages 647-670, June.
    12. Chao Liu & Qichen Liao & Wenyan Gao & Shuxian Li & Peng Jiang & Ding Li, 2024. "Intellectual Capital Evaluation Index Based on a Hybrid Multi-Criteria Decision-Making Technique," Mathematics, MDPI, vol. 12(9), pages 1-29, April.
    13. Michelle Greenwood & Ken Kamoche, 2013. "Social accounting as stakeholder knowledge appropriation," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 17(3), pages 723-743, August.
    14. Andreeva, Tatiana & Garanina, Tatiana & Sáenz, Josune & Aramburu, Nekane & Kianto, Aino, 2021. "Does country environment matter in the relationship between intellectual capital and innovation performance?," Journal of Business Research, Elsevier, vol. 136(C), pages 263-273.
    15. Khalid Jamil & Muhammad Zeeshan & Hamad Raza, 2017. "Effective Management and Its Impact on Growth of Small and Medium Sized Pakistani Firms," Information Management and Business Review, AMH International, vol. 9(3), pages 6-12.
    16. Junni, Paulina, 2011. "Knowledge transfer in acquisitions: Fear of exploitation and contamination," Scandinavian Journal of Management, Elsevier, vol. 27(3), pages 307-321, September.
    17. Corsaro, Daniela, 2019. "Capturing the broader picture of value co-creation management," European Management Journal, Elsevier, vol. 37(1), pages 99-116.

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