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Report on the 11th Interdisciplinary EIASM Workshop on

“INTANGIBLES, INTELLECTUAL CAPITAL & EXTRA-FINANCIAL INFORMATION”

Athens University of Economics and Business (AUEB)

Athens, Greece

17-18 September 2015

From 17th to 18th September 2014, the 11th Interdisciplinary EIASM Workshop on “Intangibles, Intellectual Capital and Extra-Financial Information” took place at the Athens University of Economics and Business, Greece. The venue was chosen considering its strategic orientation to serve as a center of education and scientific excellence as well as a source of intellectual wealth for the country, especially in these difficult times that Greece is going through.

The Workshop was jointly coordinated and chaired by Prof. Sandra Cohen (Athens University of Economics and Business – AUEB) and Prof. Stefano Zambon (University of Ferrara), who welcomed almost 70 delegates from 17 different countries.

Inaugural Plenary Session (Prof. Stefano Zambon, Assoc. Prof. Sandra Cohen, Prof. Constantinos Gatsios, Prof.

George Siomkos)

On the whole, three key-note speakers delivered their reflections in Plenary sessions on the most challenging emerging topics, 42 papers were presented in the thirteen parallel sessions, and three Special Panels (respectively devoted to “Reflections on Integrated Reporting: the views of Preparers and Auditors", “Knowledge intensive companies and Business models: Deviations on a theme”, and “Public Sector, Intangibles, Intellectual Capital and Reporting: Experiences and Challenges”) were organised, thus allowing the delegates to have a wide range of perspectives, and to discuss significant case studies as well as promising research developments in this scholarly area. Interesting investigation perspectives in the field of public

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Report on the 11th Interdisciplinary EIASM Workshop on “INTANGIBLES, INTELLECTUAL CAPITAL & EXTRA-FINANCIAL INFORMATION”, Athens University of Economics and Business (AUEB), Athens, Greece, 17-18 September 2015

sector also emerged during the Workshop, which appeared to deserve special attention in the near future.

Prof. Jan Mouritsen in his inaugural key note speech

Αfter the welcome addresses from the two co-coordinators, the Rector (Prof. Konstantine Gatsios) and the Dean (Prof. George Siomkos), the Inaugural Plenary Session took place in the beautiful Aula. It was chaired by Stefano Zambon and hosted Prof. Jan Mouritsen from the Copenhagen Business School. He gave an excellent speech, discussing critically the relevance of Intellectual Capital and Integrated Reporting in the ecosystem, in comparison with other kinds of capital theorized by scholars. He highlighted the key elements in the current research and the challenges related to the effects of IC both inside and outside organizations, especially those which are knowledge-based. Prof. Mouritsen concluded discussing the current mechanisms of regulation: first, disclosure usually insists on outcomes, while integrated reporting - and above all IC - starts from the firm and its relational concerns; second, markets for externalities (CO2) see prices as links between society and firm, and it seems to recognize a limited role to extended disclosure; third, other mechanisms, like ISO certification, insist on processes. Thus, “making IC count” (title of his speech) stresses the need to keep in mind that reporting is a re-presentation more than a representation of an organizational context/reality, which of course will encapsulate the point of view of preparers.

Following the Inaugural Plenary Session, five parallel sessions gave the opportunity to eighteen scholars for an in-depth discussion on different aspects related to integrated reporting, the management and disclosure of IC, and the role of business models.

Also a Special Panel was held on the challenging topic of “Knowledge intensive companies and Business models: Deviations on a theme”, which was headed by Prof. Robert Obermaier (University of Passau), and which hosted the views of Prof. Manfred Schwaiger (LMU Munich) on “The Permeation of Corporate Reputation among Stakeholder Groups”, the reflections of Ioannis Anagnostis Choukalas (Head of Sustainability, Apivita SA), and the significant statements by Prof. Antonis Gortzis (President, European Business Ethics Network-EBEN Europe and Greece) in his speech on “World in Turmoil Due to Lack of Business Ethics and the Greek Business Ethics Model”.

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Snap shot of a presentation during a parallel session

The afternoon Plenary Session, which was chaired by Sandra Cohen, hosted as key note speaker Dr. Stefanos Komninos, Former Secretary General at the Greek Ministry of Development, who discussed the topic “New Legal Environment for Non-Financial Information: Next Steps Forward”. In the presentation, the growing emphasis on socio-environmental sustainability - testified by the new European Commission’s strategies and the recent EU Directive (no. 95/2014) - was debated. However, according to Dr Komninos, Corporate Social Responsibility should be company-led, while public authorities should play a supporting role.

Following this key-note speech, a second Special Panel devoted to “Reflections on Integrated Reporting (IR): The views of Preparers and Auditors” was run in the Plenary Session form. The discussion was animated by representatives of companies and organizations dealing with IC, IR and CSR. Laura Girella, in her capacity as IIRC (International Integrated Reporting Council) Region Lead for Italy, presented the challenges that IR is facing in relation to comparability, the measurement of intangibles, and its positioning vis-à-vis traditional financial statements. Maria Alexiou, CSR Manager at TITAN, presented the experience of the company which, over many year since the 90’s, has reached a progressive “integrated thinking”. Nikolaos Arvanitis, commercial controller at Coca Cola, brought to the audience the experience gained in the development of a sustainability model that features a strong corporate ethos and a business-consumer orientation. The issue related to the importance of, and the difficulties connected with, the auditing of non-financial information was discussed by Vassilis Monogios, partner at Grant Thornton, while Kiara Konti - Sustainability Services Manager at Ernst & Young - presented some critical thoughts about the risks associated to IR. The overlaps between different guidelines, the need for assurance to evolve in parallel with the IR spreading, and the expectations by stakeholders towards IR, are all challenges to be faced in the near future.

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Second Plenary Session: “Reflections on Integrated Reporting: the views of Preparers and Auditors"

At the end of the first day, the Workshop dinner took place at Lycabettus Hill, in a marvelous terrace, where guests had the opportunity to enjoy the view of Athens and the Parthenon, while tasting some of the typical Greek food.

Snap shot of the Workshop dinner at Lycabettus Hill

On the following day, delegates continued to discuss issues related to the conference theme, with a Special Panel and a parallel session devoted to public sector entities. In particular, the Special Panel entitled “Public Sector, Intangibles, Intellectual Capital and Reporting:

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Experiences and Challenges”, which was chaired by Dr Karl-Heinz Leitner (Austrian Institute of Technology - AIT), featured Mr. Grant Patterson (Programme Lead, Public Sector Pioneer Network, IIRC), dealing with the topic “Integrated Reporting in the Public Sector – Experiences and Challenges”, Prof. George Venieris (President of Hellenic Accounting and Auditing Oversight Board), who discussed the topic “Intellectual Capital and Public Sector in financial crisis: Lessons from Greece”, Prof. Emidia Vagnoni (University of Ferrara), who expressed her reflections on “Managing a teaching hospital: the role of intellectual capital disclosure”, and Prof. Francesca Manes Rossi (University of Salerno) who addressed the subject of ”Intellectual Capital in Local Governments: Evidence from Italy”. Stimulating discussions and feedbacks characterized the presentation of all the twenty seven papers included in the second day’s sessions. Parallel sessions and individual papers were devoted to Accounting and Intangibles, Social cooperation and intangibles, IC and Public Sector - with a special focus on experience and challenges, management aspects and performance, innovation and performance, empirical research on intangibles and IC reporting.

Conclusive Plenary Session – Key note speech by Dr Karl-Heinz Leitner

The concluding plenary session, which was chaired by Sandra Cohen, has hosted Dr Karl-Heinz Leitner from the Austrian Institute of Technology - AIT, who delivered a speech on "Management, governance and accountability: The role of intellectual capital reporting in public sector organisations and universities". Dr Leitner presented the history of IC reporting for universities in Austria and various IC-related initiatives from the beginning of 2000’s across Europe, underlying the functions and use of this reporting, not only as a communication tool but also as a fundamental management instrument. The pro and cons of the adoption of IC indicators - whit a special reference to the situation in Austria - were discussed, with a warning about possible misleading uses of IC indicators, which could risk to limit their use for management purposes. The connections between post-NPM (new public management) and IC management have also been highlighted: while NPM doctrine strongly emphasises the need to shift the attention from inputs and processes to outputs and outcomes, IC management focuses on intangible resources and activities which are interpreted as inputs. Another differentiating element is that IC framework addresses different stakeholders simultaneously,

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providing a better view on how collaboration and networking are key-drivers in the value-creating process of public organizations.

In the now time-honored fashion, the coordinators Stefano Zambon and Sandra Cohen closed the Workshop first by thanking all participants, and in particular Mrs. Graziella Michelante from the EIASM for her support and cooperation for the organization of the event, and after by presenting the “Best Junior Contribution to the Intangibles and IC Theory and Practice Award”. The co-winners of this prize were Subhash Abhayawansa, Mark Aleksanyan, Suresh Cuganesan (respectively, Swinburne University of Technology, University of Glasgow and University of Sydney) for the work “Sell-Side Analysts’ View of Corporate Intellectual Capital”, and Vassilios – Christos Naoum and Orestes Vlismas (Athens University of Economics and Business), for the paper “Strategy, Managerial Ability and Sticky Behaviour of Selling, General and Administrative Expenses”. Co-Runner Ups have been Mary S. Hill (University of Oklahoma) for the work “The Relevance of Non-GAAP Net Assets to Creditors: An Examination of the Credit Default Swap Market”; Christian Briem (European Business School, Reichartshausen) for the paper “Integrated Reporting – Why Do Companies Apply This Innovative Approach and Which Implication Does It Have for the Organizational Structure?”; and Francesca Sgrò, Massimo Ciambotti and Federica Palazzi (University of Urbino) for the paper “The Role of Intellectual Capital in Social Cooperatives within a Network to Support Strategy Implementation and Corporate Performance”. Lastly, a Special Mention has been assigned to Federica Doni, Silvio Bianchi Martini and Antonello Corvino (respectively, University of Milano Bicocca, University of Pisa and University of Foggia) for the work “Exploring the link between ESG indicators and financial performance: Empirical evidence from the oil & gas industry”; to Fanis Tsoligkas, Christina Dargenidou and Ian Tonks (University of Bath) for the paper “The adverse consequences of IAS 38”; and to Dominika Fijalkowska, Karol Marek Klimczak and Marek Pauka (respectively, Wroclaw University of Economics, Kozminski University and Wroclaw University of Economics) for the paper “Impression management: signalling and agency approaches”.

Special mentions, Co-Runner Ups and Co-Winners of the “Best Junior Contribution to the Intangibles and IC Theory and Practice Award”

The country of the next year’s edition of the event is Russia: Prof. Irina Ivashkovskaya introduced the 12th EIASM Workshop on “Intangibles, Intellectual Capital and Extra Financial Information”, which will take place in St. Petersburg at the Higher School of Economics (HSE) on the 22nd and 23th September 2016. Looking even further ahead, Prof. Stefano Marasca announced that in 2017 the 13th edition of the Workshop will be held in Italy at the

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University of Ancona, while the 2018 edition will likely be held in Munich at the LMU in collaboration with the University of Passau.

Visit to the Acropolis Museum

After the closing of the Workshop, all participants had the opportunity to go on a guided tour of the wonderful Acropolis Museum and enjoy the magnificence of ancient Greece.

Prof. Francesca Manes RossiDepartment of Management and Information Systems, University of Salerno

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