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Electronic copy available at: http://ssrn.com/abstract=2185653
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A TAXONOMY OF INTELLECTUAL CAPITAL:
2006-2009 POLISH BANKS PERSPECTIVE
Karol Śledzik*
University of Gdansk
Faculty of Management
Department of Banking ul. Armii Krajowej 101
81-824 Sopot, POLAND
ABSTRACT
The main goal of this paper is to present practical application of taxonomy (Multidimensional
Comparative Analysis - MCA) to measure the level of intellectual capital of banks using VAIC™
(Value Added of Intellectual Coefficient) and MV/BV (Market Value to Book Value) ratio. The study includes an estimate of the value of synthetic indicator which is Euclidean distance from Positive
Development Pattern (PDP) of the group of 20 banks (10 domestic and 10 European) in 2006-2009 period. As a result, author made a ranking of banks on intellectual capital.
KEYWORDS Intangible resources, Intellectual Capital, banks, multidimensional analysis, taxonomy
JEL CLASSIFICATION CODES
G32, O3, O16
1. INTRODUCTION
Functioning of banks on the financial market under conditions of high volatility environment necessitates the use of modern methods and instruments of financial management. In the capital market intellectual capital (also called - intangible resources) should not be considered the as a value added.
Intellectual capital (IC) is the absolute requirement of allowing banks to compete. The high level of IC and its effective management determines the bank 's strong competitive position and, consequently, the construction of its value. To manage the IC there is necessary to use special valuation tools. Author took S. Bailey 's [1] assumptions about the relativity measurement process as the most important factor.
The purpose of this paper is to present practical applications of taxonomy which is a multidimensional comparative analysis (MCA) to assess the level of intellectual capital of banks, using VAIC ™ (Value
Added of Intellectual Coefficient) and MV/BV ratio (Market Value to Book

References: [1] Bailey S., A critical dissertation on the nature, measure and causes of value, 1825, source: http://www.taieb.net/auteurs/Bailey/index.html [2] Sveiby K.E. 2010, Methods for Measuring Intangible Assets, http://www.sveiby.com/articles/IntangibleMethods.htm, (online version); [3] Daum J.H. 2002, Intangible Assets and Value creation, John Wiley & Sons, United Kingdom; [4] Andriessen D., 2004, Making sense of Intellectual capital, Designing a method for the [6] D. Ghosh, A. Wu, 2007, Intellectual capital and capital markets: additional evidence, “Journal of Intellectual Capital”, Vol [7] Pulić A, 2004, An Accounting Tool for IC Management, source: http://www.vaic-on.net/start.htm [8] P [9] Lev B., 2001, Intangibles, Management measuring and reporting, the brooking institution, Washington,