In December of 2004 the Directorate General for Research and Technological Development (DG RTD) of the European Commission (EC) set up a High-Level Expert Group to propose a series of measures to stimulate the reporting of Intellectual Capital in research intensive Small and Medium-Sized Enterprises (SMEs). The Expert Group has focused on enterprises that either perform Research and Development (R&D), or use the results of R&D to innovate and has also considered the implications for the specialist R&D units of larger enterprises, dedicated Research & Technology Organizations and Universities. In this report the Expert Group presents its findings, leading to six recommendations to stimulate the reporting of Intellectual Capital in SMEs by raising awareness, improving reporting competencies, promoting the use of IC Reporting and facilitating standardization.
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This research investigates the factors influencing the capital structure of 271 non-financial firms listed on the Korean Stock Exchange (KSE) over a broad period from 1995 to 2021, encompassing both stable and crisis conditions. Employing a dynamic panel data model and the generalized method of moments (GMM) estimation, we address the endogeneity issue introduced by the inclusion of lagged dependent variables. Our research integrates firm-specific internal factors with macroeconomic external variables to provide a comprehensive understanding of the influence of varying economic environments on capital structure. Our study suggests that in times of economic stability, the capital structure decisions of a firm are more influenced by internal factors such as profitability. However, in periods of economic downturns, it is the external macroeconomic market conditions that tend to have a greater impact on these decisions. It is also noteworthy that both book leverage (BL) and market leverage (ML) exhibit quicker adjustments during stable periods as opposed to periods of crisis. This indicates a higher agility of firms in adapting their capital structures in stable, normal conditions. Our findings contribute to the existing literature by offering a holistic view of capital structure determinants in Korean firms. They underscore the necessity of adaptable financial strategies that account for both internal dynamics and external economic conditions. This study fills a gap in current research, presenting new insights into the dynamics of capital structure in Korean firms and suggesting a multifaceted approach to understanding capital structure in diverse economic contexts.
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Financially vulnerable consumers are often associated with suboptimal financial behaviors. Evaluated financial education programs so far show difficulties to effectively reach this target population. In our attempt to solve this problem, we built a behaviorally informed financial education program incorporating insights from both motivational and behavioral change theories. In a quasi-experimental field study among Dutch financially vulnerable people, we compared this program with both a control group and a traditional program group. In comparison with the control group, we found robust positive effects of the behaviorally informed program on financial skills and knowledge and self-reported financial behavior, but not on other outcomes. Additionally, we did not find evidence that the behaviorally informed program performed better than the traditional program. Finally, we discuss the findings and limitations of this study in light of the financial education literature and provide implications for policymaking and directions for future research.
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Digital innovations in the field of immersive Augmented Reality (AR) can be a solution to offer adults who are mentally, physically or financially unable to attend sporting events such as premier league football a stadium and match experience. This allows them to continue to connect with their social networks. In the intended project, AR content will be further developed with the aim of evoking the stadium experience of home matches as much as possible. The extent to which AR enriches the experience is then tested in an experiment, in which the experience of a football match with and without AR enrichment is measured in a stadium setting and in a home setting. The experience is measured with physiological signals. In addition, a subjective experience measure is also being developed and benchmarked (the experience impact score). Societal issueInclusion and health: The joint experience of (top) sports competitions forms a platform for vulnerable adults, with a limited social capital, to build up and maintain the social networks that are so necessary for them. AR to fight against social isolation and loneliness.
The project is a field study for several diverse hotel chains, including individual properties operated under the Marriott brand, Postillion Hotels. Each brand has unique values, missions, and visions. Therefore, this integration will lead to the development of company-specific sustainability strategies and processes. The study will use the model of levers of control to provide such tailor-made solutions and determine if a generic approach can be developed to match a corporate sustainability strategy with a corporate strategy and develop a supporting management control system for operationalizing the sustainability strategy. Research question: How can a hotel brand formulate and implement a sustainability strategy with a supporting management control system that not only complies with the new CSRD (Corporate Sustainability Reporting Directive) legislation but also emphasizes the creation of substantial value in financial and ESG (Environmental, Social, and Governance) aspects, based on double materiality, in line with the organization's corporate values and beliefs? Objective The aim is to develop a validated method, including tools, that hotels can use to create a sustainability strategy in line with the CSRD guidelines. This strategy should create value for the organization, the environment, and society, while aligning with the hotel's values and beliefs. Merely being compliant with the CSRD is not enough for hotels. Instead, they should view the implementation of the CSRD as an opportunity to stand out in terms of sustainability. By creating value in areas such as environment, safety, and governance, or through the six capitals (financial, manufactured, intellectual, human, social and relationship, and natural) that align with the UN-SDGs, and explicitly taking both an inside-out and an outside in perspective (double materiality), hotels can significantly enhance their sustainability reputation.
In order to achieve much-needed transitions in energy and health, systemic changes are required that are firmly based on the principles of regard for others and community values, while at the same time operating in market conditions. Social entrepreneurship and community entrepreneurship (SCE) hold the promise to catalyze such transitions, as they combine bottom-up social initiatives with a focus on financially viable business models. SCE requires a facilitating ecosystem in order to be able to fully realize its potential. As yet it is unclear in which way the entrepreneurial ecosystem for social and community entrepreneurship facilitates or hinders the flourishing and scaling of such entrepreneurship. It is also unclear how exactly entrepreneurs and stakeholders influence their ecosystem to become more facilitative. This research programme addresses these questions. Conceptually it integrates entrepreneurial ecosystem frameworks with upcoming theories on civic wealth creation, collaborative governance, participative learning and collective action frameworks.This multidisciplinary research project capitalizes on a unique consortium: the Dutch City Deal ‘Impact Ondernemen’. In this collaborative research, we enhance and expand current data collection efforts and adopt a living-lab setting centered on nine local and regional cases for collaborative learning through experimenting with innovative financial and business models. We develop meaningful, participatory design and evaluation methods and state-of-the-art digital tools to increase the effectiveness of impact measurement and management. Educational modules for professionals are developed to boost the abovementioned transition. The project’s learnings on mechanisms and processes can easily be adapted and translated to a broad range of impact areas.
