Does Intellectual Capital Affect Business Performance？

The aim of this paper is to assess the impact of intellectual capital （IC） on firms＇ financial performance with reference to a sample of companies operating in the European Union （EU） area during the period from 2006 to 2013. The analyses are further differentiated by country of domicile, industry sector, and historical period （pre-crisis and crisis）. We investigate whether the value of the components of IC is a relevant factor that influences firms＇ performance, proposing and testing a modified version of the value added intellectual capital （VAICTM） model which also considers country-specific differences in terms of default risk. The empirical results evidence the relevance of the information on IC disclosed by companies. Differences arise depending on the reference country, industry, and historical period examined. The main limitations of the research are the unbalanced structure of the sample among countries and industries and the specificity of the examined sample （listed firms applying IAS/IFRS system）. The main implication of the study is that, since we demonstrate the value relevance of IC, our findings could be of interest for standard setters for defining a standard （qualitative and quantitative） level of information on human resources to be disclosed by companies in their financial statements. Our contribution to the literature is the proposal of some relevant modifications to the original VAICTM model and providing new evidence on the influence that IC had in recent years on business performance in the EU.

Labor Market Segmentation, Job Mobility and the Two-track Model of Chinese Urban Workers＇ Acquisition of Economic Status

Using data from the ＂Survey of Social Networks and Occupational Experience in Chinese Cities in 2009＂ on five cities （Guangzhou, Shanghai, Xiamen, Jinan and Xi＇an）, this paper examines factors influencing Chinese urban workers＇ patterns of job mobility and acquisition of economic status in the post-reform era. The results show that workers with high educational levels and those with low educational levels occupy different segments of the labor market and have completely different paths to economic status acquisition. In the case of workers with a low educational level, job mobility is the most Jmpo^ant factor boosting income levels, while human capital variables （years of schooling and work experience） have no effect on income. By contrast, job mobility has no effect on the income of workers with a high educational level, whose income stratification Js most affected by their human capital. This research reveals the two-track model of urban workers＇ acquisition of economic status in different urban labor markets in transitional China.

Managing Subjectivity： Neoliberalism, Human Capital and Empowerment

In this paper, I suggest that, even more than the state, capitalist enterprise is the most influential institution of neoliberalism, both for the effect it conveys in terms of management in public institutions （New Public Management） and its influence on the subjectivity of neoliberal individuals. However, one could stress, from the perspective of economic theory of the firm, the neoliberal transformations of the capitalist enterprises itself. Two transformations that are taking place from the 1980s seem particularly important. The first is the firm＇s transformation in a ＂nexus of contracts＂ as claimed by the agency theory of Jensen and Meckling that describe and enable the current financialization of the economy. The second is the trans- formation of organisations in a ＂nexus of skills＂ as claimed by the cognitive paradigm of the firm that apply to the company economic reasoning in terms of ＂human capital＂. I then examine the effects on neoliberal subjectivation of these two major changes, from the labour point of view. First, the neoliberal subject imagines, describes and manages itself as the subject of investment in ＂human capital＂. Second, the disappearance of traditional employment contract corresponds to the emergence and intensification of another form of contract, the ＂psychological contract＂, which tends to become a major form of relationship-employed but also a model for relationships between individuals. Finally, lifelong learning is becoming the major form of empowerment of employees, but also a ＂lifestyle＂ based on the apprecia6on of one＇s own human capital and the infinite task of perfecting oneself to match up our ＂skills portfolio＂ with the labour market. These transformations of neoliberal subjectivity have costs that can be summarised by the widespread phe- nomena of burn out, but also the birth of a new form of racism, based on ＂quality＂ of human capital （skills, abilities, capabilities）.