Intellectual Capital as a Factor Forming Economic Security of
Enterprises in Society 5. 0
MISHCHUK IEVGENIIA
Department of Accounting, Taxation, Public Management and Administration
Kryvyi Rih National University
11 Vitaliy Matusevych Str., Kryvyi Rih, 50027
https://orcid.org/0000-0003-4145-3711
UKRAINE
RIABYKINA YEKATERYNA
Department of Enterprise Economics, Organization and Management of enterprises
Kryvyi Rih National University
11 Vitaliy Matusevych Str., Kryvyi Rih, 50027
https://orcid.org/0000-0001-7747-558Х
UKRAINE
USHENKO NATALYA
Department of Finance and Economics
Borys Grinchenko Kyiv University
18/2 Bulvarno-Kudriavska Str., Kyiv, 04053
https://orcid.org/0000-0002-3158-4497
UKRAINE
HAMOVA OKSANA
Department International Economics, Natural Resources and Economics of International Tourism
Zaporizhzhia National University
66 Zhukovsky Str., Zaporizhzhia, 69600
https://orcid.org/0000-0002-9752-6900
UKRAINE
TKACHENKO SERGII
Department of Mechanics
Zaporizhzhia Polytechnic National University
64 Zhukovsky Str., Zaporizhzhia, 69063
https://orcid.org/ 0000-0002-3798-5902
UKRAINE
YASTREMSKA NATALIA
Department of State and Legal Disciplines
Donetsk State University of Internal Affairs
21 S. Tilgyi Str., Kryvyi Rih, 50065
https://orcid.org/0000-0002-4867-9652
UKRAINE
Abstract: - The article shows that in Society 5. 0 intellectual capital is a key factor forming economic security
of enterprises. The priority of structural components of intellectual capital as a factor of enterprise economic
security formation is determined. Features of mining and beneficiation enterprises operation are considered
while structuring intellectual capital. The resulting criteria for assessing efficiency of the intellectual capital use
during economic security formation are established. Three key groups of competences of personnel necessary
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DOI: 10.37394/23207.2022.19.25
Mishchuk Ievgeniia, Riabykina Yekateryna,
Ushenko Natalya, Hamova Oksana,
Tkachenko Sergii, Yastremska Natalia
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for economic security formation are identified. It is substantiated that organic connection of intellectual capital
structural elements will enable forming economic security of the enterprise during the current period and
providing economic security parameters in the long term. Based on the data obtained from mining and
beneficiation enterprises, it is demonstrated that this will be possible due to growth of an innovative level of
technological processes which will contribute to product quality enhancement that, in turn, will expand the
client base.
Key-Words: - Competences of personnel, Digital competence, Economic security, Intellectual capital, Society
5.0.
Received: July 29, 2021. Revised: December 20, 2021. Accepted: January 13, 2022. Published: January 14, 2022.
1 Introduction
With the onset of economic instability caused by the
Covid-19 pandemic, the threats associated with
human capital have risen from the eleventh to the
first position in the list of threats to long-term
growth. Therefore, employees of the new digital
generation are the basis for long-term growth of
individual enterprises and countries as a whole. In
Ukraine, 59% of enterprise managers prefer
investing in human capital development but not in
acquisition of new technologies, while worldwide
the ratio is radically different: 67% prefer investing
in acquisition of new technologies, 33% - in
development of their personnel’s skills and abilities
[1]. However, in Society 5.0, intellectual capital as
well as information and communications enabling
formation of economic security of enterprises in
both the short and long term is increasingly
becoming the most important and sought-after
factors. The growing importance of intellectual
capital as a factor forming economic security of
enterprises makes it one of priority objects of
research.
The theoretical and practical aspects of
intellectual capital management are dealt with in
works by many scientists, in particular T.V. Baulina
[2], K.V. Kovtunenko [3], A.O. Tkachenko [4],
Ya.O. Topilnytska [5]. The issues under research are
gaining significance considering a specific character
of enterprise operation in various sectors of the
economy. Certain elements of the intellectual capital
management system of mining and beneficiation
enterprises are covered in works by
O.M. Vakulchyk, H.L. Stupniker (relationship of
innovation potential and intellectual capital) [6],
R.V. Korolenko (determination of planned and
actual indicators of human capital) [7].
Society 5.0 is a new socio-economic paradigm
within which a consensus of integrating social and
environmental priorities into technological
innovations is distinguished [8]. The degree of such
integration determines the external environment and
the environment of the enterprise’s operation and
impacts the processes of its economic security
formation. In this regard, every enterprise that
strives for sustainable development in the long term
should first consider development of modern
analytics, big data technologies, artificial
intelligence, implementation of robotics in every
type of activities, automation of business processes
and use of the Internet of Things [9]. In Society 5.0,
application of the above technologies has wider
purposes than just profit gaining. Priority tasks
include dealing with environmental and social
problems as well. However, to solve the tasks,
enterprises of the future should already employ
personnel with digital competences [10].
The impact of innovations and shared value
creation on the process of transition from Industry
4.0 to Society 5.0 is discussed in [11]. In [12],
expected performance of open data is defined as a
critical factor for models of introducing user
technologies for future implementation of open data
in Industry 4.0 and impacts the sphere of Society
5.0. [13] considers directions of the search for the
best solutions to implement Society 5.0 for the
Sustainable Development Goals through
development of the policy based on factual data
using artificial intelligence.
Thus, modern literature contains developments
in both the field of intellectual capital and various
aspects of Society 5.0. At the same time, we have
not found any works dealing with the issue of their
combination and, moreover, consideration of
intellectual capital as a factor forming economic
security of enterprises in Society 5.0. Therefore, due
to its significance in terms of practical value for
managers, owners of enterprises and society as a
whole, this problem requires solution and is dealt
with in this article.
2 Problem Formulation
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The profit-oriented approach to formation and
provision of economic security in the long term is
becoming unsound. In Society 5.0, a narrow profit
orientation no longer prevails as it does not allow
considering environmental and social costs, the
level of which impacts security of stakeholders [14].
In such a society, the purpose of forming economic
security of industrial enterprises should
simultaneously include economic, social and
environmental aspects. Such integration of the three
basic aspects involves availability of innovations
aimed at not only maximizing profits, but also
solving social and environmental problems, as well
as improving security of all groups of stakeholders
of the enterprise: investors, customers, the local
community, employees, etc. To do this, industrial
enterprises should be sustainable and economically
secure. The state of economic security in the long
term is characterized by resource efficiency,
decreased energy consumption, reduction of
greenhouse gas emissions, and waste minimization.
Intellectual capital of the enterprise plays a crucial
role in forming security both in the current and
strategic dimensions. Without it, innovations and
technologies will not work [15].
Thus, a shift of the focus from economic drivers
of formation of economic security of the enterprise
to human capital is an important characteristic that
distinguishes Society 5.0 as an external environment
and that of enterprise operation. An employee in
Society 5.0 is treated not as a “value”, but as a
carrier of intellectual potential and as an investment
position of the enterprise. Due to that, both the
enterprise and the employee can develop.
Employees should have more opportunities, and the
work environment should become more inclusive.
For this, employees should have competences that
will provide the opportunity to actively participate
in development and implementation of new
technologies.
Intellectual capital does not have specific units
of measurement due to its intangibility. This
generates the problem of analyzing efficiency of its
impact on the process of enterprise economic
security formation. Specifics of mining and
beneficiation enterprises makes it impossible to use
the most common approaches to such intellectual
capital estimation (Table 1).
Table 1. Disadvantages of using traditional
approaches to assessing efficiency of use of
intellectual capital of mining and beneficiation
enterprises
Approach
Essence
Disadvantages
Direct
Based on
The priority
direct
monetary
valuation of
various
components
of
intellectual
capital
components of
intellectual capital of
mining and
beneficiation
enterprises are digital
competences which
cannot be evaluated. IT
capital share in the
asset structure is
critically low.
Based on the
difference
between
enterprise
profitability
and average
industry
profitability
High dependence of
financial results of
mining and
beneficiation
enterprises on market
fluctuations; inability
to isolate a lack of
profit resulted from
inefficient use of
intellectual capital in
accounting practice
Include use
of various
indices and
indicators
that may
impact the
intellectual
capital value
Impossibility to
adequately assess
digital competence of
personnel through
expert opinion which is
the base for forming
relevant indices and
indicators.
Source: customized by the authors on the basis of
[16]
The authors of the article adhere to the
traditional division of intellectual capital into
human, structural and client types. However, we
emphasize the need to prioritize these components,
considering specific features of enterprise operation
in various industries.
Thus, there are theoretical and methodological
problems that consist in the following:
- little attention is paid to intellectual capital as a
factor that forms economic security of the
enterprise. It is not practically considered from this
point of view;
- intellectual capital is intangible, so it cannot be
quantified. Due to this, development of indicators
for concluding on efficiency of intellectual capital
application to form economic security of the
enterprise is challenging.
In view of the above, the article aims to study
intellectual capital as a factor forming economic
security of the enterprise in Society 5.0.
3 Problem Solution
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3.1. Prioritization of Intellectual Capital
Components for Economic Security
Formation
The role of intellectual capital as a factor forming
economic security of the enterprise in Society 5.0
should be presented as shown in Fig. 1.
Cyberspace
Society 5.0
Fig. 1: The role of intellectual capital as a factor
forming economic security of the enterprise in
Society 5.0 (Source: developed by Ie. Mishchuk)
To determine priority of components of
intellectual capital of mining and beneficiation
enterprises (human, structural and client capital), the
authors adapt a methodological approach proposed
in [17] to rate significance of company’s strategic
resources. For each structural component of
intellectual capital, a square and inverse matrix of
paired comparisons with a single main diagonal is
formed according to [16; 17]:
║
ɑ
ij║, (1)
where
ɑ
ij=1 with ɑ as one of the structural
components of intellectual capital;
i, j = 1, ..., n are the number of structural
components. As the authors support the traditional
approach implying division into human, structural
and client capital (as mentioned above), then n=3.
Next, the authors calculate the components of
the matrix vector with further normalization by the
formulas:
For quantitative measurement of the priority, the
authors apply the method of paired comparisons
based on the following comparison scale described
in [16]:
1, 2 – almost similar priority of structural
components;
3, 4 – moderate predominance of one
component;
5, 6 – significant predominance;
7, 8 – very significant predominance;
9, 10 – incommensurable predominance.
The obtained results presented in Fig. 2
demonstrate priority of human capital formed by
personnel’s key competences.
Human
capital
Structu-
ral
capital
Client
capital
0.0 0.3 0.6 0.8 1.0
Fig. 2: Priority of structural components of
intellectual capital of Ukraine’s mining and
beneficiation enterprises (Source: [16])
These very components contribute to formation
of economic security of the enterprise. In addition,
they provide operational excellence and market
stability of the enterprise, this results in increased
resistance of the enterprise to external threats.
3.2. Determination of Personnel’s
Competences Required for Economic
Security Formation
The next step involves determining the competences
personnel should possess to effectively participate in
economic security formation. While analyzing, we
apply the European Council Recommendation on
Key Competences for Lifelong Learning [18].
ENTERPRISE
Artificial
intelligence
Formation of economic security of
enterprise
Economic indicators
Environmental
aspects
Social
aspects
Innovations
INTELLECTUAL
CAPITAL
Digital
technologies
Talents
Big
data
ENTERPRISE
0.6
0.23
0.17
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The authors’ critical comprehension of
personnel’s competences necessary for forming
economic security of enterprises makes it possible
to distinguish three key groups of competences:
1) Personal, social and learning competence
becomes especially important under distance work
as it involves the ability to effectively manage time
and information as well as realizing internal states,
cooperating constructively with other people,
remaining steadfast and managing learning and
career;
2) Digital competence includes digital and
information literacy, communication and
cooperation, data analytics, digital content creation,
cybersecurity, as well as work with new
technologies and attention to data;
3) Entrepreneurship competence involves the
ability to plan and manage projects and is based on
skills of creativity, critical thinking, problem
solving, initiative, insistence and the ability to
cooperate. Qualities that characterize
entrepreneurship include initiative, activity, search,
courage and commitment to success. It includes the
willingness to motivate others and appreciate one’s
own and other people’s ideas, empathize with and
take care of people and the world, and take
responsibility for ethics throughout the process [18].
Based on the above approach, digital competence
of personnel is determined as priority in forming
economic security of enterprises (Fig. 3).
Digital
competence
Entrepreneu
rship
competence
Personal, social
and learning
competence
Other
0.0 0.5 0.75 0.85 1.0
Fig. 3: Priority of personnel’s key competences
necessary for forming economic security of mining
and beneficiation enterprises (Source: developed by
the authors)
It should be noted that personnel’s digital
competences not only impact enterprise economic
security formation but also contribute to security of
the personnel themselves (higher professionalism
implies higher wages, reduced risks of dismissal,
etc.). Distinction between these two types of
security is detailed in [19].
3.3. Methodical Approach to Determining
Resulting Indicators of Enterprise Economic
Security and Its Practical Testing at Mining
and Beneficiation Enterprises of Ukraine
To understand how well intellectual capital is used
to form economic security at the enterprise, the
resulting criteria should be specially developed.
Here, it is imperative to consider specifics of the
enterprise’s activities, i.e. the features that impact its
economic activity. In order to demonstrate how this
can be done, we have compiled a table that takes
into account main features of mining and
beneficiation enterprise operation. The table shows
features that are inherent in all enterprises of the
mining industry. Further on, targets in economic
security formation are determined. These targets are
contrasted with those components of intellectual
capital that are most used to achieve them, as well
as the results that the enterprise should receive in
the end. These achievements are the resulting
criteria for economic security formation (Table 2).
Table 2. Resulting criteria for forming economic security of mining and beneficiation enterprises in accordance
with the priority components of intellectual capital
Specific features of
mining and benefi-
ciation enterprises
operation
Targets in economic security
formation
Priority
components
of intellect-
tual capital
Resulting criteria
Dependence on natural
capital
The most comprehensive use of
mineral resources. Decreased
environmental stress.
Human
capital
Concentrate yield. Iron recovery
Ore losses and dilution.
The level of technological processes
innovation
Limited price maneuver-
ring
Growth of qualitative parameters of
products
Structural
capital
Iron content in final products
Commonality of
products
Reduction of production costs.
Growth rate of highly processed
products
High dependence on the
world market of iron ore
Optimization of business relations
with consumers
Client
capital
Client base stability
0.57
0.28
0.13
0.02
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products
Source: [16]
The resulting indicators for the analysis of
efficiency of intellectual capital use when forming
economic security of mining and beneficiation
enterprises may be presented by a wider group than
that shown in Table 2. In particular, [20] presents
other criteria that can also be used for our research.
For instance, resulting indicators that reflect
environmental stresses, the degree of air and soil
emission reduction, etc. can make another direction
of research [14].
However, in this article we only focus on those
indicators in Table 2, as our intention is to
demonstrate methods of forming such criteria and
the way they can be used. That is why, in this case
the quantity of indicators does not matter.
Based on the annual financial statements and
data of financial departments of mining and
beneficiation enterprises, the authors perform
calculations and present the results in Table 3.
Table 3. Resulting criteria of efficiency of using
intellectual capital of mining and beneficiation
enterprises when forming their economic security,
2016-2020.
Enterprise
2016
2017
2018
2019
2020
Concentrate yield
PJSC
“Inguletsky
mining and
beneficiation
plant”
38.3
38.5
39.1
39.4
41.6
JSC
“Southern
mining and
beneficiation
plant”
37.8
37.5
37.9
39.1
39.8
PJSC
“Northern
mining and
beneficiation
plant”
37.9
38.1
38.6
39.2
39.3
PJSC
“Central
mining and
beneficiation
plant”
38.4
38.8
39.6
39.9
42.4
Level of technological processes innovation
PJSC
“Inguletsky
mining and
beneficiation
plant”
0.202
0.20
0.198
0.199
0.203
JSC
“Southern
mining and
0.164
0.171
0.169
0.172
0.175
beneficiation
plant”
PJSC
“Northern
mining and
beneficiation
plant”
0.186
0.187
0.182
0.184
0.187
PJSC
“Central
mining and
beneficiation
plant”
0.208
0.21
0.203
0.206
0.208
Iron ore raw materials marketability
PJSC
“Inguletsky
mining and
beneficiation
plant”
0.86
0.87
0.86
0.87
0.87
JSC
“Southern
mining and
beneficiation
plant”
0.88
0.88
0.88
0.88
0.88
PJSC
“Northern
mining and
beneficiation
plant”
0.90
0.90
0.90
0.90
0.90
PJSC
“Central
mining and
beneficiation
plant”
0.90
0.90
0.91
0.91
0.91
Level of information provision
PJSC
“Inguletsky
mining and
beneficiation
plant”
0.728
0.718
0.74
0.605
0.768
JSC
“Southern
mining and
beneficiation
plant”
0.783
0.788
0.697
0.702
0.707
PJSC
“Northern
mining and
beneficiation
plant”
0.683
0.781
0.783
0.695
0.762
PJSC
“Central
mining and
beneficiation
plant”
0.635
0.649
0.644
0.663
0.707
Client base stability
PJSC
“Inguletsky
mining and
0.705
0.705
0.704
0.703
0.705
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beneficiation
plant”
JSC
“Southern
mining and
beneficiation
plant”
0.831
0.829
0.798
0.713
0.701
PJSC
“Northern
mining and
beneficiation
plant”
0.911
0.910
0.891
0.892
0.889
PJSC
“Central
mining and
beneficiation
plant”
0.910
0.912
0.912
0.911
0.911
Source: calculated by the authors based on the data
from [21-24] and financial departments of the
enterprises
The total action of the three key groups of personnel
competences increases concentrate output at mining
and beneficiation enterprises. Thus, zero decrease of
this indicator over the past three years allows
concluding that the level of human capital use does
not provoke decrease of efficient use of mineral and
raw materials base. Concentrate output rise at all the
enterprises under study is a positive trend resulted
from implementation of innovative solutions in the
production process. Iron losses during concentration
lead to decreased efficiency of enterprise activities
caused by reduced volumes of iron ore products
from 1 t of run-of-mine ore [16].
It is a well-known fact that mining and
beneficiation enterprises apply traditional
technologies of iron ore extraction and
concentration. These technologies remain almost
unchanged from the moment of their development,
excluding the ones at the PJSC “Inguletsky mining
and beneficiation plant” where a comparatively new
technology of flotation has been implemented. As a
result, the level of innovation of technological
processes is recognized as low in comparison with
world standards. Implementation of digital
competence does not fundamentally change the
technology itself, but only increases its efficiency.
The degree of iron ore products marketability
does not reach reference values. Today, products
with iron content of 67 – 68% and with silica
content up to 4 – 5% [25] are competitive on the
world market. According to two determinant criteria
of iron ore products (iron content and silica
content), Ukrainian enterprises are outsiders. This
conclusion is based on the data from [16] and the
results of comparing corresponding indicators from
[21-24; 26].
Structural capital as a set of data processing
systems presents a basis for achieving targets of
forming economic security of enterprises in the long
term. The authors’ understanding of information
provision as a prerequisite for creating a single
information field that combines enterprise
management subsystems provides for assessment of
the coefficient of compliance with the present-day
level. In current conditions, the enterprises under
study have a sufficiently developed information and
management system, within which the software
package “SAP for Mining” developed by German
specialists is widely applied. Reserves for raising
the information provision level include introduction
of a software module for optimizing managerial
decision-making [16; 27], as well as digitalization
measures which are widely covered in many works,
in particular in [11].
Almost similar experience of management at the
enterprises under study, product commonality, their
favorable geographical location near mineral
deposits make it possible to note that they have
approximately the same level of business reputation.
Therefore, in terms of stakeholder security
formation, it is worth focusing on stability of client
connections. Quality indicators of iron ore products
of all Ukrainian manufacturers are slightly different,
i.e. consumers can freely change suppliers. The
decreased level of the client base stability at all the
enterprises under study is caused by decreased
exports due to negative consequences of
protectionist measures in the context of the Covid-
19 pandemic. Extraordinary from an economic point
of view growth of China’s metallurgical industry
enables switching supplies of Ukrainian iron ore
products to Southeast Asian and others markets.
This switch will also have a positive impact on the
country’s economy as according to [28], foreign
trade is a driver of economic growth.
4 Conclusion
It is not expedient to determine strategic economic
security of enterprises based on calculation of
capitalization, profit and other traditional financial
indicators. Profitability can be achieved by various
means including use of non-renewable resources,
business reputation impacts, minimization of losses
and reduction of costs, increase of production
volumes, etc. Formation of Society 5.0 contributes
to achievement of economic indicators considering
provision of security of employees’ and other
groups of stakeholders’ interests. This, in turn,
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impacts economic security formation and provision.
Here, intellectual capital of the enterprise becomes a
key factor.
Formation of economic security of enterprises is
impossible without involvement and efficient use of
intellectual capital. This draws exceptional attention
to accumulation of personnel’s competences, which
are referred to as “three key competence groups” in
the present article, on the one hand, and to the
organizational and investment aspects of
introducing innovations into the production process
on the other hand. Organic connection of intellectual
capital structural elements will enable:
– forming economic security of the enterprise in
the current period;
– providing economic security parameters
(operational excellence and market sustainability) in
the long term. The example of mining and
beneficiation enterprises demonstrates that this will
be possible due to growth of an innovative level of
technological processes, which will contribute to
product quality enhancement that, in turn, will
expand the client base in markets of Western
Europe, Southeast Asia and other promising
markets.
Enterprises should pay more attention to
education, professional development and, if
necessary, re-training of their employees and top
managers to strengthen, first of all, their digital
competences, as well as personal, social and
learning and entrepreneurship competences.
Thus, the approach outlined in the article can be
used by enterprises of various fields of activity and
sectors of the economy. To do this, it is sufficient to
consider other features of these enterprises’
operation and other targets in economic security
formation and on this basis to build a new
comparison matrix necessary to achieve the
determined targets of intellectual capital
components. New resulting criteria can be obtained
in this way.
Development of methods for evaluating the
efficiency of investing in intellectual capital of the
enterprise according to the criterion of the economic
security level makes the direction of further
research. We plan to develop methods which can be
used for estimating the amount money to be
invested in intellectual capital development to
increase the level of economic security of the
enterprise.
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WSEAS TRANSACTIONS on BUSINESS and ECONOMICS
DOI: 10.37394/23207.2022.19.25
Mishchuk Ievgeniia, Riabykina Yekateryna,
Ushenko Natalya, Hamova Oksana,
Tkachenko Sergii, Yastremska Natalia
E-ISSN: 2224-2899
276
Volume 19, 2022
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Contribution of Individual Authors to the Creation
of a Scientific Article (Ghostwriting Policy)
Mishchuk Ievgeniia developed ideas, including
substantiated the role of intellectual capital as a
factor forming economic security of the enterprise,
exhibited connections with Society 5.0,
distinguished three key competence groups;
Riabykina Yekateryna prioritized structural
components of intellectual capital;
Ushenko Natalya studied specifics of Society 5.0;
Hamova Oksana specified disadvantages of
applying traditional methods to assessing
intellectual capital of mining and beneficiation
enterprises;
Tkachenko Sergii collected financial and managerial
data on the mining and beneficiation enterprises
under study and did the calculations;
Yastremska Natalia studied specific features of
mining and beneficiation enterprise operation.
Creative Commons Attribution License 4.0
(Attribution 4.0 International, CC BY 4.0)
This article is published under the terms of the
Creative Commons Attribution License 4.0
https://creativecommons.org/licenses/by/4.0/deed.en
_US
WSEAS TRANSACTIONS on BUSINESS and ECONOMICS
DOI: 10.37394/23207.2022.19.25
Mishchuk Ievgeniia, Riabykina Yekateryna,
Ushenko Natalya, Hamova Oksana,
Tkachenko Sergii, Yastremska Natalia
E-ISSN: 2224-2899
277
Volume 19, 2022