Purpose: This study proposes a comparison between Value Added Intellectual Coefficient (VAIC) and one of the most important performance evaluation methods, the Economic Value Added (EVA), starting from a re-interpretation of the VAIC. Design/methodology/approach: The empirical data were gathered from AMADEUS Bureau van Dijk and consist of 2,596 companies operating in Northern Italy, from six different economic sectors, observed for the year 2011. A correlation analysis was carried out in order to highlight whether there is a relationship between the two concepts of VAIC and EVA. Findings: Results show that EVA and VAIC have no significant relationships; as a matter of fact, EVA is based on financial theory, whereas VAIC is focalised on the assessment of Intellectual Capital Efficiency (ICE). Practical implications: Managers could be misled due to the fact that they often make decisions by taking into account only financial indicators such as EBIT, EVA, etc. Although methods like EVA have improved modern accounting systems, they do not take into account information linked to ICE. Therefore, these two perspectives can be useful in a context in which firms' performances are measured through multi-criteria methodologies (i.e. Balanced scorecard). Originality/value: The proposal describes the differences between VAIC and EVA considering these two concepts as not contrasting. In fact, in order to better measure firms' performances, it could be useful to consider VAIC and EVA as an integrated vision in order to develop multi-criteria evaluation systems, rather than consider them separately. © Emerald Group Publishing Limited

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Purpose Due to the emergent use of social media for marketing purposes, and the limited number of studies focusing on the use of social media by firms, the purpose of this paper is to explore the inclusion of social networks in the traditional marketing mix models. Design/methodology/approach A sample of 20 small and large Italian liquor producers was used, and their Facebook profiles were content analyzed. Findings The results provide evidence about the emerging shift from the use of social media for communication purposes through static advertising (characterized by pictures and slogans), to its use as an interactive channel that can influence consumers’ purchasing behaviour through multimedia tools (i.e. games and interactive applications able to solicit users’ interest), by emphasizing the extent to which a higher level of participation by a firm involves a higher level of consumer interaction. The findings also suggest that the firm’s participation should be considered as a new element of the traditional marketing mix model and as an additional tool for efficient market sizing and sensing. Originality/value The study offers findings on actual usage of Facebook as part of marketing mix strategies based on large and small enterprises operating in the food and beverage sector, where a dearth of studies is observed. The study enhances and advances the social media and marketing literatures.

This paper aims to explore the role of stakeholder engagement in the link between innovativeness and the final innovation outcome (i.e. innovative products) in the case of SMEs in the beverage sector. Four case studies based on small, family owned Italian producers of alcoholic beverages explore to what extent the concept of radical or incremental innovation might be applied to the context of new drinks and the role of internal stakeholders. In particular, our study reveals the resources and innovativeness patterns that should be fostered in order to generate the desired innovation outcomes in the alcoholic beverage sector, in terms of new drinks. Particularly in the context of SMEs that use local ingredients, local branding and local manufacture, innovation management would benefit from a stronger engagement with stakeholders, which is still underestimated by the current innovation culture.

Purpose - This research was designed to shed light on what is the role played by intellectual capital within firms for the achievement of leadership positions, according to two main perspectives: (i) intellectual capital commitment and (ii) financial/market performances. Design/methodology/approach - An exploratory study design, involving 10-year data about 45 firms listed on Euronext 100, was devised. Firstly, firms were rated according to their intellectual capital commitment and their financial performances, by gathering indicators from a literature analysis; then, it was developed a new tool, was developed the Positioning Matrix, which is a new business space, where firms can be placed according to the rates received in the first phase. Finally, the authors analyzed all the changes that the sample firms experienced all over the ten years considered. Findings - Findings showed how companies can get the market leadership by using strategies based on their intellectual capital commitment. It was empirically found that intellectual capital should be considered as a necessary, but not sufficient condition to be recognized amongst the market leaders. Research limitations/implications - The main limitation of this study is that it is based on an empirical standpoint; therefore, it could be interesting to verify the findings by using quantitative approaches. Since there are no standard ways to disclose intellectual capital information, some companies had to be excluded from analysis. Originality/value - This work was especially designed for practitioners who could use the Positioning Matrix to (i) figure out how intellectual capital could contribute to get a better position within the market and (ii) have a better understanding of the investments into intellectual capital made by other firms (i.e., competitors, partners, etc.) to get the market leadership. Keywords: intellectual capital; business performances; financial performance evaluation, Euronext. JEL Classification: 034, L1