Intangible Value Research Articles

‘Archeology’ of Hidden Values of Underutilized Historic Industrial Sites in Context of Urban Regeneration and Nature-Based Solutions

Today, cities and their heritage function under so-called BANI (Brittle, Anxious, Nonlinear, and Incomprehensible) conditions. Climate change, military conflicts, and the urge to comply with sustainability requirements and to implement green transformation and urban regeneration cause a threat to rapid decision making, which may result in the loss of more subtle, intangible values in the urban environment. Such loss may particularly affect industrial heritage with its contested values and identities. This encourages searching for approaches to capture, analyze, and employ these invisible values for future developments. The methods of research used in this study include qualitative analysis of the literature, the theoretical conceptualization and development of a methodology to capture and record these invisible and intangible values, and the application of the developed methodology to the case study of a historical industrial site in Kaunas (Lithuania). The main findings of this research include a theoretical framework for the analysis of hidden values of historic industrial sites revolving around the concepts of place identity, spirit of place, symbolic potential of place, embedded values, and time depth and its application to the case study of the historic industrial site in Kaunas. This research has demonstrated that historic industrial sites existing in urban settings contain a multiplicity of aspects and meanings, which are not visible at first glance and require thorough qualitative analysis. These invisible aspects constitute important resources for the future development of the site and can contribute to the identity and local character of regeneration efforts and nature-based solutions.

Capital structure specificity in knowledge-intensive industries: A comparative study of EU countries

PURPOSE: This paper aims to examine and compare the capital structure patterns and financial decision-making determinants of knowledge-based firms and traditional industries in selected EU countries over the period 2000–2023. The study seeks to uncover sector-specific features, focusing on the unique financial behaviors of knowledge-intensive enterprises compared to their traditional counterparts. It also explores how factors such as asset structure, profitability, and growth opportunities influence capital structure decisions within these industries, thus providing implications for financial management in innovation-driven sectors. METHODOLOGY: The methodology involves analyzing data from 12 EU countries, categorized by industry (sectors M and J for knowledge-based firms and other sectors for traditional firms) and firm size. The research applies panel data modeling to evaluate the differences and influences on capital structure within these groups. FINDINGS: The study reveals that knowledge-based firms exhibit distinct capital structure characteristics, including a higher reliance on intangible assets and lower ratios of long-term debt compared to traditional firms. Specifically, the findings indicate that intangible assets are positively correlated with total and long-term debt in knowledge-based firms, meaning that an increase in intangible asset value is associated with a corresponding increase in total and long-term debt levels. This relationship aligns with the modified pecking order theory, which posits that firms prioritize funding sources based on their perceived cost and risk. The determinants of capital structure – such as profitability and growth opportunities – also demonstrate differing impacts, revealing the unique financial strategies employed by knowledge-based firms. IMPLICATIONS: This research highlights the importance of adapting financial strategies to the specific needs of knowledge-based firms, which often face unique challenges due to their reliance on intangible assets. Policymakers can use these findings to design targeted financial policies that support the growth and sustainability of innovation-driven enterprises, such as by offering incentives for intangible asset financing or by reducing barriers to accessing long-term debt. For practitioners, the insights highlight the need to align financial decision-making with sector-specific characteristics to optimize capital structure and drive competitive advantage. ORIGINALITY AND VALUE: This research makes a unique contribution by providing one of the first comparative analyses of capital structure determinants across knowledge-based and traditional firms in multiple EU countries over an extended timeframe (2000–2023). Unlike prior studies, which often focus on individual sectors or countries, this study offers a comprehensive and cross-sectoral perspective, enriching the understanding of how financial theories operate in diverse economic and institutional contexts. By addressing the financial behaviors of knowledge-intensive firms, the research bridges a critical gap in the literature and informs both academia and practice.

The intangible cultural heritage value of the Seopyunje Damyang Sori and future tasks

The intangible cultural heritage value of the Seopyunje Damyang Sori and future tasks

Dimensions of cultural ecosystem service contributions to human well-being in marine environments

ABSTRACT Human well-being is critically linked to the condition of marine ecosystems. Intangible services, benefits, and values derived from ecosystems play a vital role in human well-being and promote conservation efforts that ultimately support ecosystem sustainability. Similar to many regions, communities along the west coast of Hawai‘i Island are intertwined with their diverse and productive ecosystem. Though multiple resource management programs focus on operationalizing ecosystem-based management in this region, they lack adequate inclusion of connections between people and their environment. To address this, we used the Cultural Ecosystem Services (CES) framework to investigate intangible connections and opportunities to include them in resource management. Through unstructured interviews with community members on Hawai‘i Island, we explored relationships between CES and human well-being. We found that certain CES seem to be strongly related and/or connected to a large number of other CES. We also describe emergent interview themes, which include the ecosystem’s influence on well-being, types of access to CES, and the values that people ascribe to their ecosystem-derived connections. Importantly, these themes represent necessary modifications to ecosystem assessment frameworks. Additionally, we suggest stepping away from discussing CES as if they exist in segregated categories that contribute to individual facets of human well-being. Taken collectively, our findings support deepening the scope of ecosystem assessments and improving sociocultural indicators for the benefit of marine ecosystems and human well-being alike.

ECONOMIA CRIATIVA: ENTRELAÇANDO SABERES, ARTE E MODA

The text explores the relationship between Creative Economy, art and fashion as potential catalysts for economic, social and cultural development. The Creative Economy, which emerged in Australia and spread in Brazil, values "know-how", uniting creativity, culture and sustainability. In Brazil, this economy represents 2.84% of GDP, with annual growth of 6.13%, and has great potential to expand creative exports. Handicrafts and fashion design, core subsectors of the Creative Economy, stand out for adding cultural and social values to products, promoting inclusion and sustainability. Authorial fashion and handicrafts rescue traditional techniques, integrating cultural identity and technological innovation. The Creative Economy faces the challenges imposed by globalization, offering market alternatives that prioritize intangible values, such as creativity and cultural heritage. It is concluded that the strengthening of the interaction between art and fashion, with the support of the government, can generate employment and income, consolidating the Creative Economy as a model of resistance and inclusion in a market dominated by consumerism

Analysis of contemporary value and influence of intangible cultural heritage based on online review mining.

The development of new media has enabled intangible cultural heritage to be disseminated through online platforms and attracted the attention of many contemporary young people. Classification and discussion on the value of intangible cultural heritage is an important way to help the inheritance and dissemination. Real online reviews were collected based on the Bilibili website as the research data source. A text-based BiGRU-Attention model was conducted to achieve value recognition and classification, and keyword statistics and topic analysis were performed for topic discussion among comments. Using the BiGRU-Attention model to classify intangible cultural heritage's contemporary values has a performance with precision, recall, and F1 score of more than 77%, the category of CVP (Cultural Value Perception) has the best classification performance. Through the topic analysis of comments and keywords, the cultural value of intangible cultural heritage is its core connotation, social value is the main purpose, and economic value is the power source. A BiGRU-Attention model based on BERT word embedding is proposed to achieve a text contemporary value perception recognition method based on user-generated content.

Revisiting consumer loyalty: luxury brand extension into restaurants and cafés

PurposeWith luxury brands extending into restaurants and cafés, the definition of luxury consumption no longer refers to tangible products alone but to intangible and authentic experiences as well. Drawing on the Stimulus–Organism–Response framework (SOR) and the costly signalling theory, this study explores the sequential mechanisms of experiences in luxury brands’ restaurants and cafés among Korean and US consumers.Design/methodology/approachThis study distributed online surveys in South Korea and the US and recruited 419 participants (South Korea = 210; US = 209). PLS-SEM and multigroup analysis were used to test the hypotheses.FindingsPerceived quality influenced perceived luxury values positively and led to consumers’ loyalty to both the parent brand (i.e. luxury fashion brand) and extended brand (i.e. luxury restaurants and cafés).Originality/valueLuxury brands seek to offer their consumers authentic and extraordinary experiences. By merging luxury fashion with gastronomy, these brands can foster synergistic long-term relationships with consumers and enhance their brand equity in the global luxury market. Our results also demonstrated that such expansion contributes to competitive advantages in luxury fashion retailing by increasing their intangible values in addition to their parent luxury fashion brands. Further, in the context of globalisation, this research provides insights into how luxury retailers’ novel approach to the F&B sector can enhance consumers’ loyalty across different cultures and strengthen their global luxury retail strategy.

Framing Concepts of Agriculture 5.0 via Bipartite Analysis

Cultural diversity often complicates the understanding of sustainability, sometimes making its concepts seem vague. This issue is particularly evident in food systems, which rely on both renewable and nonrenewable resources and drive significant environmental changes. The widespread impacts of climate change, aggravated by the overuse of natural resources, have highlighted the urgency of balancing food production with environmental preservation. Society faces a pivotal challenge: ensuring that food systems produce ample, accessible, and nutritious food while also reducing their carbon footprint and protecting ecosystems. Agriculture 5.0, an innovative approach, combines digital advancements with sustainability principles. This study reviews current knowledge on digital agriculture, analyzing scientific data through an undirected bipartite network that links journals and author keywords from articles retrieved from Clarivate Web of Science. The main goal is to outline a framework that integrates various sustainability concepts, emphasizing both well-studied (economic) and underexplored (socioenvironmental) aspects of Agriculture 5.0. This framework categorizes sustainability concepts into material (tangible) and immaterial (intangible) values based on their supporting or influencing roles within the agriculture domain, as documented in the scientific literature.

THE EVOLUTION OF ARCHITECTURAL HERITAGE CONSERVATION PRINCIPLES BASED ON INTERNATIONAL DOCTRINAL DOCUMENTS

The article examines the evolution of approaches to architectural heritage conservation through a detailed analysis of the principles and methods outlined in key international doctrinal documents, including the Athens Charter, the Venice Charter, UNESCO Conventions, and others. Over time, these doctrines have progressed from a focus on preserving individual monuments to addressing broader cultural landscapes, offering responses to critical contemporary issues like urbanisation, climate change, and armed conflicts that impact heritage conservation efforts. The article highlights the increasing complexity of managing heritage sites, which requires a comprehensive approach that respects their embedded social, ecological, and cultural networks. By tracing the adaptation of international heritage conservation standards, the study sheds light on evolving perceptions of both material and intangible heritage values, community roles, and the importance of protecting cultural diversity within a framework of sustainable development. This shift emphasises the need for an integrated, holistic approach to conservation, one that values both global and local heritage significance while ensuring that conservation practices align with the needs and identities of local communities. The study demonstrates how current international doctrines strive to accommodate a diverse range of values—ranging from tangible, historical assets to intangible cultural significance, from universal heritage principles to regional distinctions. This expanded approach not only preserves the historical and aesthetic dimensions of heritage but also fosters social cohesion, resilience, and cultural identity. Ultimately, the article argues for a dynamic and flexible field of heritage conservation, responsive to social and environmental changes while balancing global standards with local priorities. By embracing heritage as a living, adaptable component of society, conservation efforts can bridge the past and the future, ensuring the cultural continuity, identity, and well-being of communities in a sustainable manner. Keywords: architectural heritage, cultural landscape, sustainable development, heritage sites, cultural identity.

Tangible and intangible ex post assessment of flood-induced damage to cultural heritage

Abstract. Floods pose significant risks to cultural heritage (CH), yet post-disaster damage data on CH remain lacking. In this paper, we address this gap by focusing on the ex post assessment of flood-induced damage to CH. The method involves the identification of damaged assets and a field survey to assess loss in tangible value (LTV) and loss in intangible value (LIV). The potential contributing factors, e.g. water depth and river slope, are analysed through geospatial analysis. Ex post damage data on CH are compared with the outcome of an ex ante analysis based on available methods to verify the quality of exposure data and possible limitations. The method is applied to the 15–16 September 2022 flood event that occurred in the Marche region (Italy). The survey involved 14 CH in 4 municipalities and 3 catchments. Results highlight the inadequacy of existing exposure data for ex ante damage assessment and the importance of building characteristics. However, ex post data confirm that religious architectures are likely to suffer the highest LTV and LIV. The ex post damage analysis provided a semi-quantitative evaluation of both LTV and LIV in relation to flood characteristics. Notably, significant correlations between LTV and flood depth, as well as with the slope of the riverbed (a proxy for river flow velocity), were found. LIV correlates well to flood depth and river slope albeit with lower R2 and larger RMSE, highlighting that intangible impact analysis requires more effort than hazard characterization. Further research should increase the availability of ex post damage data on CH to form the basis for damage model validation and development of empirical vulnerability functions.

Theoretical Background on Valuation Methods of Intangible Assets in Listed and Unlisted Companies: A bibliometric analysis from 2010-2024

The study is oriented to observe the theoretical issues regarding the perception of intangible assets in listed and unlisted firms. The market, cost or income approaches are the main techniques for the valuation of intangibles in listed and unlisted firms, and the influencing factors of this process include: corprorate governance policies, the profitability of the firm or ownership structure. The bibliometric analysis showed that the number of papers dealing with the valuation of intangibles in listed firms is much higher than in unlisted firms, due to the fact that listed firms provide more complex data due to the mandatory disclosure of financial statements. It is possible that unlisted firms, although an important link in the global economy, consider the financial effort to be too great to meet the listing requirements. It should be noted that a correct evaluation of intangible resources can lead to more efficient management and investment targeting that can generate major future benefits. The study is also a signal of the growing importance of the contribution of intangibles to the total value of firms, and the need for a regulatory framework for the valuation of intangible assets should ensure a minimum degree of comparability, transparency and reasoned delineation.

La Verna Convent's accounting and non-accounting systems: Identifying the convent's stakeholders, their mutual relations, and their engagement in value creation

Introduction: This paper deals with the Franciscan convent of La Verna and addresses an under-researched aspect: identification of its stakeholders, the relationships between them and the convent, and their engagement in creating moral, spiritual, and religious values. Aim of the work: This paper contributes to the historical literature on accounting and non-accounting systems as support in identifying a religious institution's stakeholders and revealing the reciprocal relationships between it and its stakeholders. Methodological approach: This study employs a qualitative research method to explore, from both primary and secondary sources, the accounting and nonaccounting systems of the La Verna convent over the fifteenth century. Main findings: Thorough research into the sources revealed a varied system of accounting and non-accounting records for the chosen case study, enabling the exploration of the evolution during the fifteenth century of the typology of stakeholders, nature of the relationships between convent and its stakeholders, and their engagement in creating intangible values. Originality: By elaborating and interpreting the information gleaned from pri- mary and secondary sources. first, the study investigates the causes that contributed to the discontinuous evolution of La Verna's convent during the fifteenth century, which was always marked by the search for consonance with its stakeholders of moral, spiritual and religious interests and expectations. Second, it addresses a less-explored aspect: identifying the convent's ‘active' stakeholders, compilation of two lists of stakeholder groups related with the convent, and construction of two stakeholder maps, both lists and maps referring to the beginning and the end of the fifteenth century. Third, the study identifies the predominantly intangible values created and achieved by the convent and its stakeholders as a result of reciprocal relationships. As a novel contribution, a matrix was drawn, which, in qualitative terms and with reference to the end of the 1400s, provides multiple values generated by the relations between the convent and its stakeholders.

Managerial Recommendations for Enhancing Green Consumption Behavior and Sustainable Consumption

The green consumerism movement is gaining steam in emerging nations with middle-income or higher populations, such as Vietnam, and is particularly well-liked in affluent countries. In addition, the importance of green consumerism is gaining significant traction, alongside efforts to promote ecologically friendly production and consumption. As the economy progressed, people's living standards improved, leading to a growing need for high-quality, safe products and services. This is particularly true for items that directly serve people and contribute to their everyday lives. Therefore, the article aims to evaluate the factors affecting green consumer behavior and sustainable consumption based on the structural equation model with the least squares method to test their hypotheses. The data were applied in the study through a survey of 360 consumers in 04 big cities in Vietnam. Research results showed that seven factors impact green consumption behavior, including (1) environmental awareness, (2) green product characteristics, (3) green marketing, (4) perceptions about green product prices, (5) social influence, (6) environmental policy, and (7) green consumption policy with significance 0.01. The finding explores green consumption behavior influencing sustainable consumption with a significance of 0.01. The practical implication helps managers, policymakers, and manufacturers consider applications to improve humanity and behavior green consumption in the global context of moving towards sustainable green development. The theory implication is to change behavior to improve greening production, reduce pollution and greenhouse emissions, and move towards sustainable development, bringing many practical economic and social benefits and intangible value for businesses. Simultaneously, the novelty of the study aids enterprises in staying abreast of this trend, enabling them to seize possibilities for fast growth, extend their market presence, and capitalize on governmental backing for businesses. Doi: 10.28991/ESJ-2024-08-06-07 Full Text: PDF

Praktik Transfer Pricing Perusahaan Sektor Manufaktur di Indonesia

Transfer pricing is a policy used when setting the transfer price of a transaction, whether it involves goods, services, intangible assets, or financial transactions, and is often practiced in the industrial world. The practice of transfer pricing can be reflected in aspects of tax planning, bonus mechanisms, the valuation of intangible assets, and tunneling incentives. This study aims to examine whether tax planning, bonus mechanisms, the determination of intangible asset values, and tunneling incentives are variables that influence transfer pricing practices. The population in this study consists of 136 industries, and 80 samples were obtained from manufacturing companies listed on the Indonesia Stock Exchange for the period of 2018-2021. The sample selection was conducted using purposive sampling with the following criteria: 1) manufacturing companies listed on the Indonesia Stock Exchange during the period of 2018-2021, 2) companies that did not incur losses during the observation years, 3) companies that have special relationships in the form of sales transactions with related parties, and 4) companies that record intangible assets. This research uses panel data analysis techniques with the assistance of EViews 9 tools. The research results indicate that tax planning, intangible assets, and tunneling incentives have a significant positive effect on transfer pricing. Meanwhile, the mechanism of bonuses has a negative but insignificant effect on transfer pricing

Dignity in Human Development Motivation

Trust is the foundation of life and is proven through practice. Trust in oneself and in each other is a valuable intangible asset of humanity, clearly demonstrated through material values such as money. True dignity must come from the comprehensive development of human beings. Otherwise, distorted standards such as dependence, possession and falsehood will appear, leading to human suffering. Economic relations come from basic human needs. Needs are the driving force for action. Therefore, true dignity must serve human existence and development. In addition, trust can be measured tangibly through material values, needs come from human nature and interests are the driving force for action. True dignity is closely linked to the needs of the community. Trust is demonstrated through practice, needs are necessary, the basis of interests, the driving force for development. Particularly painful is the belief in norms that are not based on human nature and no longer require dignity.

The Intangible Values of Placemaking in Engaging Youth for Activating and Shaping Places

Placemaking represents a multifunctional approach to urban design that brings together communities around places to foster their sense of belonging and enhance the identity of urban spaces. These places represent the backbone of the city, not only for their physical dimension, but also for social and cultural interactions, where youth have an active role in envisioning a new future for cities by actively participating in placemaking processes, acquiring a strong sense of ownership, and creating youth-friendly places. In that vision, schools can boost this approach by starting to rethink public spaces around them together with students. This study addresses, firstly, the necessity to recognise the intangible values of urban projects by assessing the values of a placemaking process when no physical changes have yet been realised. Secondly, it delves into the benefits of engaging youth in the creation of inclusive and sustainable cities. It examines how youth engagement in these processes can be advantageous and how schools can play a crucial role in the development of public spaces by participating in placemaking activities.To address these research questions and evaluate the intangible values, an “Impacts Assessment Framework” was developed. This tool helps reconsider challenges by expanding their scope and seeking solutions. The framework was also used to evaluate the “Carpi Campus” experience, assessing the impacts of intangible values from the initial phase, even before physical changes were implemented. The intangible values of placemaking in engaging youth include understanding and addressing complex issues pedagogically, training in active citizenship (including typically excluded individuals in urban planning), and fostering new design abilities for envisioning future scenarios.

Linking past insights with contemporary understanding: an ontological and knowledge graph approach to the transmission of ancient Chinese classics

Ancient Chinese classics embody and transmit the intellectual heritage of China across generations. These texts, rich in enduring ideas, narratives, and insights, have been passed down through a lengthy historical process. While digital modeling of cultural heritage has advanced, research that integrates both the unique characteristics of these classics and their transmission processes remains limited. This study introduces ClaOnto, an ontology specifically designed for ancient Chinese classics. It captures the various versions of these texts and their interrelations, contents, related individuals, locations, periods, and languages. It also emphasizes the processes and evaluations involved in their transmission. This contributes to a more nuanced understanding and increased awareness of preserving ancient classics. ClaOnto comprises three modules: Basic Information, Transmission Information, and Evaluation Information. Its development involved adapting and enhancing existing mature ontologies, as well as designing new concepts and relationships to articulate the knowledge and intangible values transmitted through these classics across generations. Additionally, by employing methods such as data mining, text analysis, and data visualization, this study outlines a workflow for implementing this ontology-based knowledge graph, demonstrated using the Tao Te Ching as a case study. The methodological enhancement enriches the analysis of how the intangible value in classics manifests through transmission.

Sustainable-Smart-Healthy Development Framework for Urban Social Spaces Imaginary: A Review

The value of sustainable urbanisation has been redefined by UN-Habitat, which includes intangible and cultural values. The pace of smart and healthy urbanism is accelerating in humankind, yet there is little evidence for integrating such new perspectives of sustainable urbanisation. Therefore, this paper aims to propose a holistic sustainable-smart-healthy (SSH) framework – public social spaces where people can live a smart and healthy urban lifestyle that benefits current and future generations. Through the systematic literature review methodology, important themes were constructed. This study has contributed to the existing sustainable development body of knowledge in conceptualising SSH future urban environments.

Analisa Wisata Edukasi Sejarah di Smart Museum Gedung Sate

The Gedung Sate Museum, a historical educational tourism destination in Bandung, is the focus of this research. This study aims to analyze the tourist attraction and the implementation of historical education tourism in the museum. The methods used include observation, interviews with visitors, and documentary studies. The research results show that the attraction of the Gedung Sate Museum lies in a unique combination of core resources in the form of an iconic historical building, modern and interactive additional services such as augmented reality technology, interactive floors, and interactive picture frames, intangible values that evoke nationalism through the stories of heroes' struggles, and strong context markers related to the history of Gedung Sate. Furthermore, the implementation of historical education tourism in this museum successfully integrates clear instructions, diverse teaching methods through visual and interactive media, and active learning experiences that directly involve visitors. These findings provide valuable insights for the development of historical education tourism in other museums, especially those adopting the smart museum concept.

Advancing system of systems engineering using intangible value logic measurements from intellectual capital thinking approach

This study explores the integration of intangible value logic measurements derived from the Intellectual Capital Thinking (ICT) approach to advance System of Systems Engineering (SoSE). Focusing on demand-side electricity management, the research illuminates the challenges and opportunities in capturing intangible value creation within engineering systems. By delving into human behaviour-driven demand intricacies and recognising intangible resources among stakeholders, the study unveils the potential for innovation in demand management strategies. Through the analysis of three interacting value logics—shop, chain, and network—the research elucidates their impact on system performance. Addressing the practical application gap, the study introduces ICT as a strategic lens to enhance performance through non-monetary values. Qualitative and quantitative exploration showcases ICT's ability to propel system dynamics, offering crucial insights for sustainable smart grid systems. By emphasising the significance of understanding intangible measures in engineering systems, this research contributes to innovation and performance improvement in SoSE.