Joint forces: Towards an integration of intellectual capital theory and the open innovation paradigm

Intellectual capital (IC) is among the most long-lived topics in managerial literature. More recently, the emergence of the open innovation (OI) paradigm has encouraged the understanding that firms should collaborate with other organizations to leverage their own R&D capabilities. We propose that these two streams of managerial literature should join forces since the GI paradigm could be considered an approach to innovation with foundations in relational capital, facilitated by an appropriate level of human and structural capital. Surprisingly, only a few researchers have put IC and GI into relation. Therefore, this paper has two main goals: providing a theoretical model that synoptically presents how IC and GI overlap and testing the theoretical model by analyzing how firms' IC affects OI-related performance. We analyze a sample of 3744 Spanish firms. We find that the three IC constructs positively affect GI performance, with relational and human capital subject to diminishing returns.