Intangible Information Research Articles

Global logistics and supply chain integration in the digital era: a focus on China's Belt and Road Initiative

PurposeTo delve into the integration of global logistics and supply chain networks amidst the digital transformation era. This study aims to investigate the potential role of China’s Belt and Road Initiative (BRI) in facilitating the integration of global flows encompassing both tangible goods and intangibles. Additionally, the study seeks to incorporate third-party logistics activities into a comprehensive global logistics and supply chain integration framework.Design/methodology/approachPrior research is synthesised into a global logistics and supply chain integration framework. A case study was undertaken on Yuan Tong (YTO) express group to investigate the framework, employing qualitative data analysis techniques. The study specifically examined the context of the BRI to enhance comprehension of its impact on global supply chains. Information was collected in particular to two types of supply chain flows, the physical flow of goods, and intangible information and cash flows.FindingsThe proposed framework aligns well with the case study, leading to the identification of global logistics and supply chain integration enablers. The results demonstrate a range of ways BRI promotes global logistics and supply chain integration.Research limitations/implicationsThe case study, with multiple examples, focuses on how third-party logistics firms can embrace global logistics and supply chain integration in line with BRI. The case study approach limits generalisation, further applications in different contexts are required to validate the findings.Originality/valueThe framework holds promise for aiding practitioners and researchers in gaining deeper insights into the role of the BRI in global logistics and supply chain integration within the digital era. The identified enablers underscore the importance of emphasising key factors necessary for success in navigating digital transformation within global supply chains.

Institutions and the book-to-market effect: The role of investment horizon

In this study, we investigate the differential contribution of institutions with different investment horizons in the book-to-market effect. We find that long-horizon institutions tend to buy (sell) stocks with positive (negative) past intangible information. This behavior exacerbates market overreaction and magnifies intangible return reversals, thus contributing to the book-to-market effect. On the other hand, short-horizon institutions trade independent of intangible information, and their trading in the direction of intangible information does not contribute to the book-to-market effect. Moreover, our findings also support that short-horizon institutions are better informed than long-horizon institutions.

Preservation of intangible and tangible cultural heritage using digital technology

There is presently a shortage of preservation of intangible cultural heritage and places for distributing tangible cultural heritage artifacts, regardless of their high value and usability for a nation. Despite efforts to protect cultural heritage, such as mapping and designing information systems to ensure the authenticity of information circulating in the community about intangible traditions and tangible sites obtained from different sources, many historical information places have been converted into new beliefs and buildings. Therefore, this research aims to provide information to promote public awareness about the distribution of tangible sites and intangible information about cultural heritage. A system development method with a prototype model comprising the stages of design and evaluation, system coding, and program testing, alongside system evaluation and usage, was employed. Subsequently, the results showed that the mapping information system increases the effectiveness and efficiency of delivering intangible and tangible cultural heritage information to the public and tourists.

Heritage building information modelling: a case study of Kasthamandap, Nepal

A heritage building information model (HBIM) has been used to record permanently the tangible and intangible aspects of a heritage structure, Kasthamandap, situated in Kathmandu, Nepal. Kasthamandap dates back to 600 CE and is a building integral to Nepal’s heritage. It collapsed as a result of the Gorkha earthquake in 2015, and the reconstruction began in May 2018. The HBIM created was capable of achieving traditional building information modelling functionality to display the structural components (timber and masonry). In addition, a method of presenting intangible information was achieved, by modelling generic objects in the Revit software program to represent artefacts and ‘spaces’ and using web pages linked to the objects to display photographs and other archaeological data. The HBIM of Kasthamandap was created using the Autodesk Viewer software program to display a three-dimensional Revit model online, allowing access to the model at no expense to users. This paper demonstrates the variety of ways that an HBIM can be used to represent both engineering data and intangible heritage data, with the possibility of involving the public in the heritage documentation process.

The effect of realized future growth opportunities on insider trading

This paper analyzes the effect of realized future growth opportunities on insider trading. Using intangible information decomposed by the book-to-market ratio, we find that insiders’ stock sales are significantly negatively associated with intangible information. The results suggest that intangible information provides insiders an opportunity to gain profit by means of selling stocks with high-level realized future growth opportunities in advance. Meanwhile, high information transparency of the firm will strengthen the insider’s trading based on realized future growth opportunities.

Does size and book-to-market contain intangible information about managerial incentives? Learning from corporate D&O insurance purchase

Using 2008–2018 data for all publicly-listed firms in Taiwan, this paper tests for asymmetric information in the Directors' and Officers' (D&O) liability insurance market. We argue that size and book-to-market ratio contain information such as managerial risk preferences and their intention to reduce litigation risk. Our results show that a negative relationship exists between litigation risk and insurance purchase among small and low book-to-market firms. Our findings pinpoint out the importance of using size and the book-to-market ratio when detecting asymmetric information in the corporate level.

Investigating the Effects of Disclosure of Non-Financial Intangible Information on Investors’ Judgment about Future Financial Performance of the Company

The present study aims to investigate the needs of users in connection with the information of intangible assets in current financial statements with an emphasis on the way of disclosing non-financial information. For this purpose, the effect of the two independent variables of causal links’ discussion and level of non-financial performance on the financial performance of the firm, as the dependent variable, has been studied. The research is applied in terms of its objective and it is a survey in terms of the research design. The research population includes PhD students of accounting in top-ranking universities of Iran. Statistical methods, including test ratio, single-sample t-test, independent t-test, and one-way and two-way variance analysis have been used to test hypotheses. The findings show that the disclosure of non-financial intangible information along with causal links does not affect the judgment of investors with a low or high level of knowledge. However, it should be noted that the recall of the performance in terms of non-financial criteria by investors, who have a causal link discussion, is higher than others.

A study of value-relevance and reliability of intangible assets: What do we know from the restaurant industry?

Despite the importance of intangible assets in firm valuation, the value-relevance and reliability of intangibles remain unclear. Specifically, intangible assets are critically important to restaurant firms because of the intangible nature of their core services. Thus, this study examined the value-relevance and reliability of intangible assets in the restaurant industry. The results of this study confirmed that goodwill and identifiable intangible assets had significant value-relevance and reliability in association with firm value creation. The results also suggested that intangible assets are significantly related to restaurant firm value, implying that restaurant investors can rely on the intangible information on balance sheets when considering future investments. However, this study found that franchising has a positive moderating effect on the relationship between goodwill and market-based/accounting-based firm value measures, but it does not moderate the relationship between identifiable intangibles and restaurant firm value. This means that the value created by franchising is not fully reflected in the valuation of goodwill, while identifiable intangibles are fairly well valued or at least are not closely related to the value created by franchising. Consequently, the value relevance and reliability of non-franchise restaurants were confirmed. In contrast, although the value reliability of franchise restaurants was confirmed, the value relevance of franchise restaurants was not fully supported.

Research on the disclosure of intangible information to help the improvement of the evaluation criteria of businesses loans by financial institutions

Corporate growth can be achieved through innovation, which involves maximising a company's 'intangible' elements, such as the skills and knowledge of employees. The 'business appraisal' lending model, which is a new financial business model based on mid- to long-term growth, is based around these intangible elements and, as such, helps companies to promote and nurture innovation. Professor Chitoshi Koga, School of Business Management, Tokaigakuen University, Japan, is working with Dr Xin Fu, Kyoto University of Advanced Science, Japan, and Dr Jun Yao, Meiji University, Japan, to investigate how intangible information can be useful in making economic decisions, with a particular focus on loans decisions for small-and-medium-sized enterprises (SMEs) and ventures. The team is developing a business appraisal model called the 'Koga/Sakakibara/Takahashi (KST)' model that is based on the 2009 Earnings Capability Index of Wulf, Pfiefer and Kivikas from Germany but has been transformed to make it relevant to SMEs in Japan. Using the model, a company's growth potential can be assessed, and it will prove particularly useful for Japanese SMEs as their evaluation relies on looking at intangible assets. Ultimately, Koga and the team hope the model will assist with financing and borrowing and, on a larger scale, reap regional economic benefits.

Mythology in folklore and its features

In the article, folk art - artistic, creative-practical and amateur activity of the masses; folklore, folk music (folklore), folk theater (performing arts), folk dances (dances), puppetry, wood and wooden foot games (folk circus), folk fine and applied arts of traditional material and intangible culture information and examples of art and technical and artistic hobbies

묵시적 정보와 비이성적 투자

묵시적 정보와 비이성적 투자

Decomposing the value premium: The role of intangible information in the Chinese stock market

Compared with other developed stock markets, the Chinese stock market has a unique informational and trading environment. Given this unique environment, we find that intangible information (which is orthogonal to past accounting information) and arbitrage risk are potential sources of the value premium. In particular, our single and multivariate decomposition analyses suggest that intangible information directly contributes at least 40% to the value premium over a one-year investment horizon. Further, idiosyncratic volatility, a proxy for arbitrage risk, also influences the value premium. However, its contribution becomes insignificant once we account for the impact of intangible information on idiosyncratic volatility. Overall, our findings indicate that intangible information, which is unrelated to the firm's “fundamental” accounting-based performance measures, is the key driver of the value effects in the Chinese stock market.

An Appraisal of the Production Cycle Accounting Information System: Feat and Failure. The Case of Manufacturing Firms in Ethiopia

Accounting Information System (AIS) continues to flourish, and organisations continue to become increasingly dependent upon their AIS to support business process and decision making. Should organizations do not give due attention to their AIS, the number of errors in stored data and the organisational impact of these errors is likely to increase. Inaccurate and incomplete data may adversely affect the competitive success of an organisation. Indeed, poor AIS can have significant social and business impacts.To make the study area more appealing, today’s organisations are operating and competing in an information age. Information has become a key resource of most organisations, economies, and societies. Indeed, an organisation’s basis for competition has changed from tangible products to intangible information; thereby highlighting the need for having well-developed Accounting Information System (AIS). Managers and other decision makers rely on the information provided to them when making decisions. Hence, the quality of the decision they make is a function of the quality of the information they get. This noticeable value of information marks the importance of having excellent accounting information system that enables decision makers to make informed decision. Simply put, in this information oriented era, managers and other decision makers rely heavily on information generated from the AIS employed by companies. Therefore, nowadays companies are paying good attention to their accounting information system which enables them to analyze their firm’s performance. This growing importance of AIS has led the researcher to investigate the application and use of accounting information systems of selected manufacturing firms in Ethiopia.The design of the study is exploratory method of research design. This research design is found to be suitable because it addresses major objectives and research questions stated in the study satisfactorily. In the meanwhile, qualitative research approach was adopted to carry out this study. Moreover, because it was possible to obtain the information needed from all stakeholders of the nominated firms simultaneously, the time dimension of the study was cross-sectional. The study also gathered both primary and secondary data. Furthermore, the target population of this study is the entire permanent and temporary employees of the selected firms, out of which 25% of the employees were taken as a representative sample via a non-probability judgment sampling technique. Since the greatest expense or cost of manufacturing firms is their raw material cost, decision makers at all levels of the firms need to get well-timed reliable cost information for their sound decision making. Briefly, accounting information systems are pillars to the operation and management of every organization (predominantly manufacturing firms). Thus, owners, managers, regulatory bodies, and so on need the accounting information provided by their AIS to evaluate their firm’s past performance and to map their future plans. To sum up, this study revealed that the role of accounting information systems to enhance the performance of manufacturing firms is undeniable; however; management perception, financial constraints, and unqualified human capital have hindered the establishment of sound accounting information systems in manufacturing firms in Ethiopia. Therefore, it can be concluded that the nominated manufacturing firms are not functioning at their full capacity as stakeholders are not getting the information they require for their decision making on account of the fragile and overlooked accounting information systems of the firms. Keywords: Accounting Information System, Manufacturing Firms, Informed Decision Making, Company Performance DOI: 10.7176/IKM/10-2-01 Publication date: February 29 th 2020

What is the resource footprint of a computer science department? Place, people, and Pedagogy

AbstractInternet and Communication Technology/electrical and electronic equipment (ICT/EEE) form the bedrock of today’s knowledge economy. This increasingly interconnected web of products, processes, services, and infrastructure is often invisible to the user, as are the resource costs behind them. This ecosystem of machine-to-machine and cyber-physical-system technologies has a myriad of (in)direct impacts on the lithosphere, biosphere, atmosphere, and hydrosphere. As key determinants of tomorrow’s digital world, academic institutions are critical sites for exploring ways to mitigate and/or eliminate negative impacts. This Report is a self-deliberation provoked by the questionHow do we create more resilient and healthier computer science departments: living laboratories for teaching and learning about resource-constrained computing, computation, and communication?Our response for University College London (UCL) Computer Science is to reflect on how, when, and where resources—energy, (raw) materials including water, space, and time—are consumed by the building (place), its occupants (people), and their activities (pedagogy). This perspective and attendant first-of-its-kind assessment outlines a roadmap and proposes high-level principles to aid our efforts, describing challenges and difficulties hindering quantification of the Department’s resource footprint. Qualitatively, we find a need to rematerialise the ICT/EEE ecosystem: to reveal the full costs of the seemingly intangible information society by interrogating the entire life history of paraphernalia from smartphones through servers to underground/undersea cables; another approach is demonstrating the corporeality of commonplace phrases and Nature-inspired terms such as artificial intelligence, social media, Big Data, smart cities/farming, the Internet, the Cloud, and the Web. We sketch routes to realising three interlinked aims: cap annual power consumption and greenhouse gas emissions, become a zero waste institution, and rejuvenate and (re)integrate the natural and built environments.

An Appraisal of the Production Cycle Accounting Information System: Feat and Failure. The Case of Manufacturing Firms in Ethiopia

Accounting Information System (AIS) continues to flourish, and organisations continue to become increasingly dependent upon their AIS to support business process and decision making. Should organizations do not give due attention to their AIS, the number of errors in stored data and the organisational impact of these errors is likely to increase. Inaccurate and incomplete data may adversely affect the competitive success of an organisation. Indeed, poor AIS can have significant social and business impacts.To make the study area more appealing, today’s organisations are operating and competing in an information age. Information has become a key resource of most organisations, economies, and societies. Indeed, an organisation’s basis for competition has changed from tangible products to intangible information; thereby highlighting the need for having well-developed Accounting Information System (AIS). Managers and other decision makers rely on the information provided to them when making decisions. Hence, the quality of the decision they make is a function of the quality of the information they get. This noticeable value of information marks the importance of having excellent accounting information system that enables decision makers to make informed decision. Simply put, in this information oriented era, managers and other decision makers rely heavily on information generated from the AIS employed by companies. Therefore, nowadays companies are paying good attention to their accounting information system which enables them to analyze their firm’s performance. This growing importance of AIS has led the researcher to investigate the application and use of accounting information systems of selected manufacturing firms in Ethiopia. The design of the study is exploratory method of research design. This research design is found to be suitable because it addresses major objectives and research questions stated in the study satisfactorily. In the meanwhile, qualitative research approach was adopted to carry out this study. Moreover, because it was possible to obtain the information needed from all stakeholders of the nominated firms simultaneously, the time dimension of the study was cross-sectional. The study also gathered both primary and secondary data. Furthermore, the target population of this study is the entire permanent and temporary employees of the selected firms, out of which 25% of the employees were taken as a representative sample via a non-probability judgment sampling technique.Since the greatest expense or cost of manufacturing firms is their raw material cost, decision makers at all levels of the firms need to get well-timed reliable cost information for their sound decision making. Briefly, accounting information systems are pillars to the operation and management of every organization (predominantly manufacturing firms). Thus, owners, managers, regulatory bodies, and so on need the accounting information provided by their AIS to evaluate their firm’s past performance and to map their future plans. To sum up, this study revealed that the role of accounting information systems to enhance the performance of manufacturing firms is undeniable; however; management perception, financial constraints, and unqualified human capital have hindered the establishment of sound accounting information systems in manufacturing firms in Ethiopia. Therefore, it can be concluded that the nominated manufacturing firms are not functioning at their full capacity as stakeholders are not getting the information they require for their decision making on account of the fragile and overlooked accounting information systems of the firms. Keywords: Accounting Information System, Manufacturing Firms, Informed Decision Making, Company Performance DOI : 10.7176/JIEA/10-1-01 Publication date: January 31 st 2020

Developing A Virtual Reality Application of Pathok Negoro Mosque for Digital Conservation

In the last decades, new technologies have been developed and used for digital conservation. Nowadays, virtual reality is becoming an instrument applicable to many areas of science and visual communication. Pathok Negoro Mosque is one of the Javanese Islamic mosque buildings that was built in the 1700s. The building of this mosque still exists. Pathok Negoro Mosque several times has changed the shape and architecture of the building. The mosque was established during the reign of Sultan Hamengku Buwana I, has an extraordinary concept and philosophy. This project was an archiving physical space so they can be digitally preserved. In this paper, we will present the process of the VR app making also describe the benefits and challenges associated with this approach. The method was by research and development by prototyping the building in 3D model, then providing virtual tours in different place and times. This paper will discuss the VR issue focusing on several hardware devices and software platforms for digital content management. This case study allowing a better understanding of masjid pathok negoro history and atmosphere. The analyzed of virtual experience proved to be advantageous in delivering tangible and intangible information.

Decompose Composite Equity Issuance

Composite equity issuance (CEI) anomaly was one of well-known stock anomalies. Kent Daniel and Sheridan Titman in their 2006 paper, “Market Reaction to Tangible and Intangible Information”, broke down stock return into tangible and intangible return and argued that intangible return can explain both return reversal effect and book to price effect. In their paper, composite equity issuance was used as a measure of intangible return. Despite wide citations of CEI anomaly by various publications, we found little understanding on fundamental drivers behind this anomaly. In this paper, we decompose this anomaly through a simple transformation and show that efficacy of CEI anomaly rests on two most powerful stock factors: share change and dividend yield.

GRAPHICAL DATA FLOW BASED IN TLS AND PHOTOGRAMMETRY FOR CONSOLIDATION STUDIES OF HISTORICAL SITES. THE CASE STUDY OF JUROMENHA FORTRESS IN PORTUGAL

Abstract. This paper discusses the graphical data flow, based on terrestrial laser scanning (TLS) and photogrammetry, for the conservation and rehabilitation project of the Fortress of Juromenha, located nearby the Portuguese-Spanish border in the Alentejo Province. First, we describe the strategy of data acquisition including GPS positioning, drone imagery, ground based imagery, and TLS survey. For the data input, this study considers two types of natures: quantitative and qualitative. Quantitative means anything that can be quantified such as a measurement, an orthoimage, a point cloud or a 3D model. Qualitative means more intangible information such as a perspective on the state of conservation of a surface, a texture, or an ambience. Second, we illustrate the processing step highlighting the challenges and defining the outcomes. Next, it is detailed what kind of data was extracted to prepare the basis for the documents to be used on the conservation project. This section is complemented with the analysis on how data was shared among the project team and how it was used. Finally, it is discussed how the nature of the data and information generated influenced the consolidation design.

Tangible and intangible information in emerging markets

High book-to-market stocks earn higher average returns than low book-to-market stocks. This result has been verified using stock returns from the US, developed, and emerging markets. Why B/M explains expected returns is still an open question. In this paper, we use stock returns representing twenty-five emerging markets to test three different theories. Our results differ from papers studying the US stock market. For emerging markets, the component of book-to-market that is related to tangible information (past accounting performance) is significantly related to expected returns while the component related to intangible information (changes in price unrelated to accounting performance) is not. Our evidence is consistent across emerging market regions. We attempt to differentiate between overreaction and risk explanations for the B/M effect. We find some evidence to support overreaction but find no support for the risk explanation.

The role of intangibles disclosure in Italian IPOs

PurposeThis paper aims to study how primary and secondary market investors react to intangibles information disclosed in Italian IPOs. Previous literature on intangibles information disclosure as a determinant of IPO underpricing has reported inconsistent results; moreover, an area that has remained unexplored is to what extent different categories of market investors react to such information disclosure.Design/methodology/approachBased on a sample of firms listed on the Italian Stock Exchange, the authors use factor analysis to uncover the most relevant intangible assets disclosed in IPO prospectuses; this information is then included in a series of regressions which read into the reaction of primary and secondary market investors by means of price variations.FindingsPrimary market investors are found to be more sensitive to information regarding the company’s attitude towards its human capital and to that describing its innovation capacity in terms of IT and R&D investment. Secondary market investors are more sensitive to strategic alliances, research and development and future plans.Research limitations/implicationsThe findings can be generalized, but the empirical evidence would be more relevant if tested in different geographical contexts (i.e. Europe and/or the USA).Practical implicationsThe empirical results could help firms be more selective in their disclosure, thus possibly soothing management’s concerns regarding an overly extensive, and therefore risky, dissemination of non-financial information and avoiding them to incur unnecessary costs.Social implicationsBeing aware of how the stock market reacts to the information disclosed is crucial in determining new regulations and accounting standards.Originality/valueThe authors introduce an unbiased categorization of intangibles variables that supplants the multiple classifications proposed in the literature, and the authors set apart the reaction of primary and secondary market IPO investors to the intangible information disclosure.