Knowledge and innovation as value drivers in professional services firms: an empirical research in Central and Eastern Europe

The purpose of this study was to investigate empirically the role of knowledge and innovation within Central and Eastern Europe’s changing economy. We applied qualitative research methods, and focused only on professional services firms within the region. The connection between knowledge and innovation as well as knowledge and competitiveness was analyzed by top managers and senior industry experts. Our findings revealed that knowledge might be a real value driver for professional services firms. These companies can significantly contribute to the development of modern economies through the dissemination of their internal best practices in knowledge management. We found three factors that might influence the effectiveness of knowledge management. These three factors are the involvement of international knowledge networks, the investments in human capital, and focus on critical resources. These issues proved to be essential to maximize the potential of knowledge and to leverage this into increased business performance.

The role of law and ethics in developing business management as a profession

Currently, business management is far from being recognised as a profession. This paper suggests that a professional spirit should be developed which could function as a filter of commercial reasoning. Broadly, management will not be organised within the framework of a well-established profession unless formal knowledge, licensing, professional autonomy and professional codes of conduct are developed sufficiently. In developing business management as a profession, law may play a key role. Where the idea is that business management should be more professsionalised, managers must show that they are willing to adopt ethical values, while arriving at business decisions. The paper argues that ethics cannot survive without legal regulation, which, in turn, will not be supported by law unless lawyers can find alternative solutions to the large mechanisms of the official society, secured by the monopolised coercion of the nation state. From a micro perspective of law and business ethics, communities can be developed with their own conventions, rules and standards that are generated and sanctioned within the boundaries of the communities themselves.

Dematerializálódás az értékteremtésben (Demate value creation)

Napjainkra az értékteremtés tényezőiben hangsúlyeltolódás ment végbe a korábban túlnyomó részben tárgyalt tárgyiasult elemekről a tudásalapú, kézzel megfoghatatlan, immateriális elemek felé. Az értékteremtés forrását alkotó erőforrások dematerializálódása, azaz az immateriális erőforrások szerepének növekedése már az 1990-es évek második felétől ismertté vált a nemzetközi szakirodalomban, azonban az érték és az értékteremtési folyamat immateriális elemeiről csak a XXI. században kezdődött vita. A szerző vizsgálatának középpontjában az értékteremtés koncepciója és az ebben fellelhető immateriális elemek állnak, kihangsúlyozva a dematerializálódást. _____ Nowadays we can realize a shift in the focus of value creation from the formerly well discussed tangible factors to the knowledge-intensive, immaterial, intangible factors. The dematerialization of resources, which is the phenomena of growing importance of intangible resources, is known from the second half of 1990’s in the literature, but the discussion from the intangible elements of value creation began only in the beginning of the 21st century. The concept of value creation and its intangible elements are in the focus of the paper as the emphasis of dematerialization.