DECOMPOSING VALUE CREATION WHEN ASSESSING INVESTMENTS: A MULTICRITERIA APPROACH BASED ON THE ANALYTIC HIERARCHY PROCESS
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Published
Nov 24, 2014
Dolores Guerrero
José A. Gómez-Limón
Abstract
This paper aims to develop a novel capital budgeting method to improve the quality of the appraisal process for productive investments by decomposing the total value that is created by the new assets into two components: financial value and nonfinancial capital value, the latter stemming from the intellectual capital of the firm. We propose a methodology based on analytic hierarchy process (AHP). Within the model, four main criteria (financial capital, human capital, structural capital, and relational capital), several subcriteria and the investment alternatives are defined. In order to determine the total value of each alternative, chief executive officer (CEO) preferences are required. A case study on the agrifood sector illustrates the model empirically. This illustrative application evidences the need to consider the impact of productive investments on firms’ intangible assets, as this impact actually affects the choice of optimal investment alternative in the real world.
http://dx.doi.org/10.13033/ijahp.v6i2.236
How to Cite
Guerrero, D., & Gómez-Limón, J. A. (2014). DECOMPOSING VALUE CREATION WHEN ASSESSING INVESTMENTS: A MULTICRITERIA APPROACH BASED ON THE ANALYTIC HIERARCHY PROCESS. International Journal of the Analytic Hierarchy Process, 6(2). https://doi.org/10.13033/ijahp.v6i2.236
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Keywords
captial budgeting, multicriteria decision making, nonfinancial capital value, intellectual capital, AHP
References
Anderson, E. W., Fornell, C., & Mazvancheryl, S. K. (2004). Customer satisfaction
and shareholder value. Journal of Marketing, 68(4), 172–185.
doi:10.1509/jmkg.68.4.172.42723
Aznar, J., Cervelló, R., & Romero, A. (2011). New Spanish banking conglomerates.
Application of the analytic hierarchy process (AHP) to their market value.
International Research Journal of Finance and Economics, 78, 70–82.
Baker, H. K., & English, P. (2011). Capital budgeting: an overview. In H. K. Baker &
P. English (Eds.), Capital budgeting valuation: Financial analysis for today´s
investment projects (pp. 1–16). New Jersey: Wiley.
Becker, B. E., Huselid, M. A., & Ulrich, D. (2001). The HR scorecard: Linking
people, strategy, and performance. Massachusetts: Harvard Business Press.
Bontis, N. (1998). Intellectual capital: an exploratory study that develops measures
and models. Management Decision, 36(2), 63–76.
Bontis, N. (1999). Managing organizational knowledge by diagnosing intellectual
capital: framing and advancing the state of the field. International Journal of
Technology Management, 18(5-8), 433–462.
Bozbura, F. T., Beskese, A., & Kahraman, C. (2007). Prioritization of human capital
measurement indicators using fuzzy AHP. Expert Systems with Applications, 32(4),
1100–1112. doi:10.1016/j.eswa.2006.02.006
Brounen, D., de Jong, A., & Koedijk, K. (2004). Corporate finance in Europe:
confronting theory with practice. Financial Management, 33(4), 71–101.
Brigham, E. F., & Ehrhardt, M. C. (2008). Financial management: Theory and
practice. Mason, OH: Thomson South-Western.
Byrd, J., Parrino, R., & Pritsch, G. (1998). Stockholder-manager conflicts and firm
value. Financial Analysts Journal, 54(3), 14–30.
Cañibano, L., Garcia-Ayuso, M., & Sánchez, P. (2000). Accounting for intangibles: a
literature review. Journal of Accounting Literature, 19, 102–130.
Carlucci, D., & Schiuma, G. (2007). Knowledge assets value creation map: assessing
knowledge assets value drivers using AHP. Expert Systems with Applications, 32(3),
814–821. doi:10.1016/j.eswa.2006.01.046
Chang, S. C., Chen, S. S., & Lai, J. H. (2008). The effect of alliance experience and
intellectual capital on the value creation of international strategic alliances. Omega,
36(2), 298–316. doi:10.1016/j.omega.2006.06.010
Chen, J., Zhu, Z., & Xie, H. Y. (2004). Measuring intellectual capital: a new model
and empirical study. Journal of Intellectual Capital, 5(1), 195–212.
Claver, E., López, M. D., Molina, J. F., & Tarí, J. J. (2007). Environmental
management and firm performance: a case study. Journal of Environmental
Management, 84(4), 606–619. doi:10.1016/j.jenvman.2006.09.012
Coleman, S. (2007). The role of human and financial capital in the profitability and
growth of women-owned small firms. Journal of Small Business Management, 45(3),
303–319. doi:10.1111/j.1540-627X.2007.00214.x
Curado, C., Henriques, L., & Bontis, N. (2011). Intellectual capital disclosure
payback. Management Decision, 49(7), 1080–1098.
D´Allura, G. M., & Minichilli, A. (2012). Family business and competitive strategy
research. In G. B. Dagnino (Ed.), Handbook of research on competitive strategy (pp.
346–358). Cheltenham: Edward Elgar.
Dayananda, D., Irons, R., Harrison, S., Herbohn, J., & Rowland, P. (2002). Capital
budgeting: Financial appraisal of investment projects. Cambridge: Cambridge
University Press.
Díez, J. M., Ochoa, M. L., Prieto, M. B., & Santidrián, A. (2010). Intellectual capital
and value creation in Spanish firms. Journal of Intellectual Capital, 11(3), 348–367.
Edvinsson, L. (2013). IC 21: reflections from 21 years of IC practice and theory.
Journal of Intellectual Capital, 14(1), 163–172.
Edvinsson, L., & Malone, M. S. (1997). Intellectual capital: Realizing your
company´s true value by finding its hidden brainpower. New York: HarperBusiness.
Edvinsson, L., & Sullivan, P. (1996). Developing a model for managing intellectual
capital. European Management Journal, 14(4), 356–364. doi:10.1016/0263-
2373(96)00022-9
Fichtner, J. (1986). On deriving priority vectors from matrices of pairwise
comparisons. Socio-Economic Planning Sciences, 20(6), 341–345. doi:10.1016/0038-
0121(86)90045-5
Firouzabadi, S. M., Henson, B., & Barnes, C. (2008). A multiple stakeholders’
approach to strategic selection decisions. Computers & Industrial Engineering, 54(4),
851–865. doi:10.1016/j.cie.2007.10.015
Freeman, R. E. (1984). Strategic management: a stakeholder approach. Boston:
Pitman.
Götze, U., Northcott, D., & Schuster, P. (2008). Investment appraisal: Methods and
models. Berlin: Springer.
Graham, J. R., & Harvey, C. R. (2001). The theory and practice of corporate finance:
evidence from the field. Journal of Financial Economics, 60(2), 187–243.
doi:10.1016/S0304-405X(01)00044-7
Grigoroudis, E., Tsitsiridi, E., & Zopounidis, C. (2013). Linking customer
satisfaction, employee appraisal, and business performance: an evaluation
methodology in the banking sector. Annals of Operations Research, 205(1), 5–27.
doi:10.1007/s10479-012-1206-2
Habbershon, T. G., Williams, M., & MacMillan, I. C. (2003). A unified systems
perspective of family firm performance. Journal of Business Venturing, 18(4), 451–
465. doi:10.1016/S0883-9026(03)00053-3
Hall, R. (1992). The strategic analysis of intangible resources. Strategic Management
Journal, 13(2), 135–144. doi:10.1002/smj.4250130205
Han, D., & Han, I. (2004). Prioritization and selec
Likert, R. (1967). The human organization: Its management and values. New York:
McGraw Hill.
López-Gamero, M. D., Zaragoza-Sáez, P., Claver-Cortés, E., & Molina-Azorín, J. F.
(2011). Sustainable development and intangibles: building sustainable intellectual
capital. Business Strategy and the Environment, 20(1), 18–37. doi:10.1002/bse.666
Marr, B., Schiuma, G., & Neely, A. (2004). The dynamics of value creation: mapping
your intellectual performance drivers. Journal of Intellectual Capital, 5(2), 312–325.
Martín-de-Castro, G., Delgado-Verde, M., López-Sáez, P., & Navas-López, J. E.
(2011). Towards “an intellectual capital-based view of the firm”: origins and nature.
Journal of Business Ethics, 98(4), 649–662. doi:10.1007/s10551-010-0644-5
Montabon, F., Sroufe, R., & Narasimhan, R. (2007). An examination of corporate
reporting, environmental management practices and firm performance. Journal of
Operations Management, 25(5), 998–1014. doi:10.1016/j.jom.2006.10.003
Naffziger, D. W., Ahmed, N. U., & Montagno, R. V. (2003). Perceptions of
environmental consciousness in US small businesses: an empirical study. SAM
Advanced Management Journal, 68(2), 23–32.
Pérez-Marín, D., De Pedro Sanz, E., Guerrero-Ginel, J. E., & Garrido-Varo, A.
(2009). A feasibility study on the use of near-infrared spectroscopy for prediction of
the fatty acid profile in live Iberian pigs and carcasses. Meat Science, 83(4), 627–633.
doi:10.1016/j.meatsci.2009.07.012
Phusavat, K., Comepa, N., Sitko-Lutek, A., & Ooi, K. B. (2011). Interrelationships
between intellectual capital and performance: empirical examination. Industrial
Management & Data Systems, 111(6), 810–829.
Porter, M. E., & van der Linde, C. (1995). Green and competitive: ending the
stalemate. Harvard Business Review, 73(5), 120–134.
Roos, G., Pike, S., & Fernström, L. (2006). Managing intellectual capital in practice.
Oxford: Butterworth-Heinemann.
Roos, G., & Roos, J. (1997). Measuring your company’s intellectual performance.
Long Range Planning, 30(3), 413–426.
Roos, J., Roos, G., Dragonetti, N., & Edvinsson, L. (1998). Intellectual capital:
Navigating in the new business landscape. New York: New York University Press.
Ross, S. A., Westerfield, R. W., & Jordan, B. D. (2007). Essentials of corporate
finance. Boston: McGraw-Hill.
Saaty, T. L. (1980). The Analytic Hierarchy Process. New York: McGraw-Hill.
Saaty, T. L. (2003). Decision-making with the AHP: why is the principal eigenvector
necessary. European Journal of Operational Research, 145(1), 85–91.
doi:10.1016/S0377-2217(02)00227-8
Saaty, T. L., & Vargas, L. G. (2000). Models, methods, concepts & applications of
the Analytic Hierarchy Process. Boston: Kluwer Academic Publishers.
Saaty, T. L., Vargas, L. G., & Dellmann, K. (2003). The allocation of intangible
resources: the analytic hierarchy process and linear programming. Socio-Economic
Planning Sciences, 37(3), 169–184. doi:10.1016/S0038-0121(02)00039-3
Sánchez, P., Chaminade, C., & Olea, M. (2000). Management of intangibles: an
attempt to build a theory. Journal of Intellectual Capital, 1(4), 312–327.
Srdjevic, B. (2005). Combining different prioritization methods in the analytic
hierarchy process synthesis. Computers & Operations Research, 32(7), 1897–1919.
doi:10.1016/j.cor.2003.12.005
Steuer, R. E., & Na, P. (2003). Multiple criteria decision making combined with
finance: a categorized bibliographic study. European Journal of Operational
Research, 150(3), 496–515. doi: 10.1016/S0377-2217(02)00774-9
Stewart, T. A. (1997). Intellectual capital: The new wealth of organizations. New
York: Doubleday/Currency.
Sullivan, P. H. (2000). Value driven intellectual capital: How to convert intangible
corporate assets into market value. Toronto: Wiley.
Sveiby, K. E. (1997). The new organizational wealth: Managing and measuring
knowledge-based assets. San Francisco: Berrett-Koehler.
Vaidya, O. S., & Kumar, S. (2006). Analytic Hierarchy Process: an overview of
applications. European Journal of Operational Research, 169(1), 1–29.
doi:10.1016/j.ejor.2004.04.028
Villalonga, B. (2004). Intangible resources, Tobin’s q, and sustainability of
performance differences. Journal of Economic Behavior & Organization, 54(2), 205–
230. doi:10.1016/j.jebo.2003.07.001
Wu, W. Y., Chang, M. L., & Chen, C. W. (2008). Promoting innovation through the
accumulation of intellectual capital, social capital, and entrepreneurial orientation.
R&D Management, 38(3), 265–277. doi:10.1111/1467-9914.00120-i1
Youndt, M. A., Subramaniam, M., & Snell, S. A. (2004). Intellectual capital profiles:
an examination of investments and returns. Journal of Management Studies, 41(2),
335–361. doi:10.1111/j.1467-6486.2004.00435.x
and shareholder value. Journal of Marketing, 68(4), 172–185.
doi:10.1509/jmkg.68.4.172.42723
Aznar, J., Cervelló, R., & Romero, A. (2011). New Spanish banking conglomerates.
Application of the analytic hierarchy process (AHP) to their market value.
International Research Journal of Finance and Economics, 78, 70–82.
Baker, H. K., & English, P. (2011). Capital budgeting: an overview. In H. K. Baker &
P. English (Eds.), Capital budgeting valuation: Financial analysis for today´s
investment projects (pp. 1–16). New Jersey: Wiley.
Becker, B. E., Huselid, M. A., & Ulrich, D. (2001). The HR scorecard: Linking
people, strategy, and performance. Massachusetts: Harvard Business Press.
Bontis, N. (1998). Intellectual capital: an exploratory study that develops measures
and models. Management Decision, 36(2), 63–76.
Bontis, N. (1999). Managing organizational knowledge by diagnosing intellectual
capital: framing and advancing the state of the field. International Journal of
Technology Management, 18(5-8), 433–462.
Bozbura, F. T., Beskese, A., & Kahraman, C. (2007). Prioritization of human capital
measurement indicators using fuzzy AHP. Expert Systems with Applications, 32(4),
1100–1112. doi:10.1016/j.eswa.2006.02.006
Brounen, D., de Jong, A., & Koedijk, K. (2004). Corporate finance in Europe:
confronting theory with practice. Financial Management, 33(4), 71–101.
Brigham, E. F., & Ehrhardt, M. C. (2008). Financial management: Theory and
practice. Mason, OH: Thomson South-Western.
Byrd, J., Parrino, R., & Pritsch, G. (1998). Stockholder-manager conflicts and firm
value. Financial Analysts Journal, 54(3), 14–30.
Cañibano, L., Garcia-Ayuso, M., & Sánchez, P. (2000). Accounting for intangibles: a
literature review. Journal of Accounting Literature, 19, 102–130.
Carlucci, D., & Schiuma, G. (2007). Knowledge assets value creation map: assessing
knowledge assets value drivers using AHP. Expert Systems with Applications, 32(3),
814–821. doi:10.1016/j.eswa.2006.01.046
Chang, S. C., Chen, S. S., & Lai, J. H. (2008). The effect of alliance experience and
intellectual capital on the value creation of international strategic alliances. Omega,
36(2), 298–316. doi:10.1016/j.omega.2006.06.010
Chen, J., Zhu, Z., & Xie, H. Y. (2004). Measuring intellectual capital: a new model
and empirical study. Journal of Intellectual Capital, 5(1), 195–212.
Claver, E., López, M. D., Molina, J. F., & Tarí, J. J. (2007). Environmental
management and firm performance: a case study. Journal of Environmental
Management, 84(4), 606–619. doi:10.1016/j.jenvman.2006.09.012
Coleman, S. (2007). The role of human and financial capital in the profitability and
growth of women-owned small firms. Journal of Small Business Management, 45(3),
303–319. doi:10.1111/j.1540-627X.2007.00214.x
Curado, C., Henriques, L., & Bontis, N. (2011). Intellectual capital disclosure
payback. Management Decision, 49(7), 1080–1098.
D´Allura, G. M., & Minichilli, A. (2012). Family business and competitive strategy
research. In G. B. Dagnino (Ed.), Handbook of research on competitive strategy (pp.
346–358). Cheltenham: Edward Elgar.
Dayananda, D., Irons, R., Harrison, S., Herbohn, J., & Rowland, P. (2002). Capital
budgeting: Financial appraisal of investment projects. Cambridge: Cambridge
University Press.
Díez, J. M., Ochoa, M. L., Prieto, M. B., & Santidrián, A. (2010). Intellectual capital
and value creation in Spanish firms. Journal of Intellectual Capital, 11(3), 348–367.
Edvinsson, L. (2013). IC 21: reflections from 21 years of IC practice and theory.
Journal of Intellectual Capital, 14(1), 163–172.
Edvinsson, L., & Malone, M. S. (1997). Intellectual capital: Realizing your
company´s true value by finding its hidden brainpower. New York: HarperBusiness.
Edvinsson, L., & Sullivan, P. (1996). Developing a model for managing intellectual
capital. European Management Journal, 14(4), 356–364. doi:10.1016/0263-
2373(96)00022-9
Fichtner, J. (1986). On deriving priority vectors from matrices of pairwise
comparisons. Socio-Economic Planning Sciences, 20(6), 341–345. doi:10.1016/0038-
0121(86)90045-5
Firouzabadi, S. M., Henson, B., & Barnes, C. (2008). A multiple stakeholders’
approach to strategic selection decisions. Computers & Industrial Engineering, 54(4),
851–865. doi:10.1016/j.cie.2007.10.015
Freeman, R. E. (1984). Strategic management: a stakeholder approach. Boston:
Pitman.
Götze, U., Northcott, D., & Schuster, P. (2008). Investment appraisal: Methods and
models. Berlin: Springer.
Graham, J. R., & Harvey, C. R. (2001). The theory and practice of corporate finance:
evidence from the field. Journal of Financial Economics, 60(2), 187–243.
doi:10.1016/S0304-405X(01)00044-7
Grigoroudis, E., Tsitsiridi, E., & Zopounidis, C. (2013). Linking customer
satisfaction, employee appraisal, and business performance: an evaluation
methodology in the banking sector. Annals of Operations Research, 205(1), 5–27.
doi:10.1007/s10479-012-1206-2
Habbershon, T. G., Williams, M., & MacMillan, I. C. (2003). A unified systems
perspective of family firm performance. Journal of Business Venturing, 18(4), 451–
465. doi:10.1016/S0883-9026(03)00053-3
Hall, R. (1992). The strategic analysis of intangible resources. Strategic Management
Journal, 13(2), 135–144. doi:10.1002/smj.4250130205
Han, D., & Han, I. (2004). Prioritization and selec
Likert, R. (1967). The human organization: Its management and values. New York:
McGraw Hill.
López-Gamero, M. D., Zaragoza-Sáez, P., Claver-Cortés, E., & Molina-Azorín, J. F.
(2011). Sustainable development and intangibles: building sustainable intellectual
capital. Business Strategy and the Environment, 20(1), 18–37. doi:10.1002/bse.666
Marr, B., Schiuma, G., & Neely, A. (2004). The dynamics of value creation: mapping
your intellectual performance drivers. Journal of Intellectual Capital, 5(2), 312–325.
Martín-de-Castro, G., Delgado-Verde, M., López-Sáez, P., & Navas-López, J. E.
(2011). Towards “an intellectual capital-based view of the firm”: origins and nature.
Journal of Business Ethics, 98(4), 649–662. doi:10.1007/s10551-010-0644-5
Montabon, F., Sroufe, R., & Narasimhan, R. (2007). An examination of corporate
reporting, environmental management practices and firm performance. Journal of
Operations Management, 25(5), 998–1014. doi:10.1016/j.jom.2006.10.003
Naffziger, D. W., Ahmed, N. U., & Montagno, R. V. (2003). Perceptions of
environmental consciousness in US small businesses: an empirical study. SAM
Advanced Management Journal, 68(2), 23–32.
Pérez-Marín, D., De Pedro Sanz, E., Guerrero-Ginel, J. E., & Garrido-Varo, A.
(2009). A feasibility study on the use of near-infrared spectroscopy for prediction of
the fatty acid profile in live Iberian pigs and carcasses. Meat Science, 83(4), 627–633.
doi:10.1016/j.meatsci.2009.07.012
Phusavat, K., Comepa, N., Sitko-Lutek, A., & Ooi, K. B. (2011). Interrelationships
between intellectual capital and performance: empirical examination. Industrial
Management & Data Systems, 111(6), 810–829.
Porter, M. E., & van der Linde, C. (1995). Green and competitive: ending the
stalemate. Harvard Business Review, 73(5), 120–134.
Roos, G., Pike, S., & Fernström, L. (2006). Managing intellectual capital in practice.
Oxford: Butterworth-Heinemann.
Roos, G., & Roos, J. (1997). Measuring your company’s intellectual performance.
Long Range Planning, 30(3), 413–426.
Roos, J., Roos, G., Dragonetti, N., & Edvinsson, L. (1998). Intellectual capital:
Navigating in the new business landscape. New York: New York University Press.
Ross, S. A., Westerfield, R. W., & Jordan, B. D. (2007). Essentials of corporate
finance. Boston: McGraw-Hill.
Saaty, T. L. (1980). The Analytic Hierarchy Process. New York: McGraw-Hill.
Saaty, T. L. (2003). Decision-making with the AHP: why is the principal eigenvector
necessary. European Journal of Operational Research, 145(1), 85–91.
doi:10.1016/S0377-2217(02)00227-8
Saaty, T. L., & Vargas, L. G. (2000). Models, methods, concepts & applications of
the Analytic Hierarchy Process. Boston: Kluwer Academic Publishers.
Saaty, T. L., Vargas, L. G., & Dellmann, K. (2003). The allocation of intangible
resources: the analytic hierarchy process and linear programming. Socio-Economic
Planning Sciences, 37(3), 169–184. doi:10.1016/S0038-0121(02)00039-3
Sánchez, P., Chaminade, C., & Olea, M. (2000). Management of intangibles: an
attempt to build a theory. Journal of Intellectual Capital, 1(4), 312–327.
Srdjevic, B. (2005). Combining different prioritization methods in the analytic
hierarchy process synthesis. Computers & Operations Research, 32(7), 1897–1919.
doi:10.1016/j.cor.2003.12.005
Steuer, R. E., & Na, P. (2003). Multiple criteria decision making combined with
finance: a categorized bibliographic study. European Journal of Operational
Research, 150(3), 496–515. doi: 10.1016/S0377-2217(02)00774-9
Stewart, T. A. (1997). Intellectual capital: The new wealth of organizations. New
York: Doubleday/Currency.
Sullivan, P. H. (2000). Value driven intellectual capital: How to convert intangible
corporate assets into market value. Toronto: Wiley.
Sveiby, K. E. (1997). The new organizational wealth: Managing and measuring
knowledge-based assets. San Francisco: Berrett-Koehler.
Vaidya, O. S., & Kumar, S. (2006). Analytic Hierarchy Process: an overview of
applications. European Journal of Operational Research, 169(1), 1–29.
doi:10.1016/j.ejor.2004.04.028
Villalonga, B. (2004). Intangible resources, Tobin’s q, and sustainability of
performance differences. Journal of Economic Behavior & Organization, 54(2), 205–
230. doi:10.1016/j.jebo.2003.07.001
Wu, W. Y., Chang, M. L., & Chen, C. W. (2008). Promoting innovation through the
accumulation of intellectual capital, social capital, and entrepreneurial orientation.
R&D Management, 38(3), 265–277. doi:10.1111/1467-9914.00120-i1
Youndt, M. A., Subramaniam, M., & Snell, S. A. (2004). Intellectual capital profiles:
an examination of investments and returns. Journal of Management Studies, 41(2),
335–361. doi:10.1111/j.1467-6486.2004.00435.x
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