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This conceptual paper aims to contribute to the knowledge management (KM) literature by seeking to determine whether wisdom management (WM) will replace KM in future.

This exploratory paper follows the interpretivist research philosophy and the deductive approach. The data collection is based on selected literatures from three disciplines (KM, philosophy and psychology). The findings were qualitatively analysed.

The findings are threefold: (1) the discussion of wisdom has been either neglected or superficially discussed in the KM literature; (2) despite the fact that wisdom is widely discussed and researched in philosophy and psychology disciplines, there is no commonly agreed upon definition of wisdom, and a dichotomy exists between the implicit and explicit theories of wisdom; (3) wisdom research in philosophy and psychology disciplines provides valuable input to KM by identifying the dimensions, components and characteristics of wisdom and wise individuals.

Important sources may have been unintentionally overlooked in this paper. This paper identifies the need for empirical research and discussion about WM as the next potential phase of KM. It offers several implications for researchers, managers and management educators as this paper shows that WM is emerging as a new discipline.

This paper makes a theoretical contribution to the fifth phase of KM by drawing attention to wisdom and WM as the next potential phase of KM.

The purpose of this paper is to present a case about the emergence of human capital (HC) during the master thesis as a work-based learning project.

The case study uses data from 107 master’s students 2007–2011 and feedback from 91 managers as business advisors 2007–2016.

The findings show direct contributions of higher education (HE) to intellectual capital (IC) in organisations through the enhanced HC of managers.

The case contributes to the emerging new, fifth stage of IC research by demonstrating how HC develops beyond the boundaries of an educational institution; how it influences an organisation’s IC and how 91 business advisors, as external stakeholders, assessed the achievements and value creation of HE.

Practical wisdom (PW; phronesis), as one of the human virtues, is experiencing a renewal in the contemporary management literature. The aim of this conceptual paper is first, to explore the core practices of managers and leaders in the literature and second, to demonstrate how PW can manifest itself in these practices.

The research follows the interpretivist research philosophy, inductive approach, qualitative method and the theory-building research strategy. The data collection method is a literature review. The practice ecosystem framework is applied to demonstrate the presence of PW in the core practices of managers and leaders.

The paper proposes a practice-based paradigm of management and leadership. From the literature study, envisioning, enabling, energizing, engaging and executing as five fundamental practices are identified.

The most significant literature was selected based on decisions of the author. Therefore, it might be that important sources were overlooked. The paper proposes future research questions, and it calls for an empirical validation of the proposed conceptual model in management and leadership practices context.

The practical implications for managers and leaders are in applying the framework developed in this paper as a tool or guidelines to cultivate PW in their practices. The paper offers implications for management education, traditional educational institutions and educational practitioners because they are the key influencers of wise thinking and actions of future managers and leaders.

The novelty of this paper is in making explicit how the eight features of PW can manifest themselves in the everyday actions of managers and leaders. Applying the practice ecosystem framework for this purpose is an original contribution.

The paper seeks to provide a theoretical contribution to the current phase of the knowledge creation theory of knowledge management (KM) by addressing the need for a paradigm shift and having more ontological and epistemological discussions.

The proposed “becoming to know” framework builds on the KM literature review and on the study of learning, knowing and becoming concepts from several perspectives. Both conceptual and empirical research papers contribute to the framework.

The paper presents the challenges of KM; it identifies five phases of the knowledge creation theory development through 1995‐2008; it summarizes the main criticism against the theory; and it proposes the “becoming epistemology” concept and the “becoming to know” framework. The main elements of this framework are: engaging, exploring, experiencing, emerging, enabling and evolving.

Study of the KM literature reveals several other challenges that are not addressed here and could provide opportunities for researchers. The paper calls for more discussions regarding the paradigm shift and for more attention to the participative research paradigm, as well as action and case study research in KM.

Drawing on the participative paradigm, epistemology of practice, extended epistemology, transformative teleology, becoming ontology and on concepts of learning, knowing, and becoming, the proposed framework illustrates the dynamic, iterative, interactive interplay and evolution of ontological and epistemological knowledge creation spirals that is the essence of the knowledge creation theory.

The concept of “knowledge” is presented in diverse and sometimes even controversial ways in the knowledge management (KM) literature. The aim of this paper is to identify the emerging views of knowledge and to develop a framework to illustrate the interrelationships of the different knowledge types.

This paper is a literature review to explore how “knowledge” as a central concept is presented and understood in a selected range of KM publications (1990‐2004).

The exploration of the knowledge landscape showed that “knowledge” is viewed in four emerging and complementary ways. The ontological, epistemological, commodity, and community views of knowledge are discussed in this paper. The findings show that KM is still a young discipline and therefore it is natural to have different, sometimes even contradicting views of “knowledge” side by side in the literature.

These emerging views of knowledge could be seen as opportunities for researchers to provide new contributions. However, this diversity and complexity call for careful and specific clarification of the researchers' standpoint, for a clear statement of their views of knowledge.

This paper offers a framework as a compass for researchers to help their orientation in the confusing and ever changing landscape of knowledge.

How people learn and create knowledge together through interactions in communities of practice (CoPs) is not fully understood. The purpose of this paper is to create and apply a model that could increase participants' consciousness about knowledge creation processes.

This four‐month qualitative research was conducted as action research (AR). Data were collected through participative inquiry.

Drawing on current developments in the knowledge creation theory of knowledge management (KM) and taking the collaborative learning approach (CLA), the model of collaborative knowledge creation process (CKCP) is constructed and applied. It brings structure into highly unstructured human processes of knowledge creation and helps participants to understand what they are doing and why.

It is difficult to assess the quality, validity and objectivity of the data as the researcher was a member of the community. Further research could address the role of diversity and social context, and the formation of the community identity.

Members of this specific community (i.e. managers, teachers, students, and experts) reflected that the implemented way of learning helped them to realize the importance of interactions, exchanges, and collective experiences in community knowledge creation.

Applying AR is rather exceptional in KM. However, it proved to be a good way of experiencing knowledge creation processes in communities. The novelty of the study is in contributing to the KM theory by opening the black box of community knowledge creation by demonstrating in practice how people interacted and created knowledge in a specific community.

Drawing on human capital theory and sustainable career theory, this paper aims to explore the impact of undertaking an industrial placement on the “Great Eight” competencies as perceived by university students and line managers.

618 students and their line managers across three cohorts (pre-COVID-19) took part in a longitudinal quantitative study. Students completed a three-wave questionnaire at the placement's start, middle, and end. Line managers completed the questionnaire during waves two and three to offer 360-degree feedback. Descriptive statistics and repeated measures ANOVA were applied to the dataset.

The impacts of undertaking a placement were highly variable for different competencies at the sub-scale level, although at the eight-scale level, the nuance was less pronounced. However, students self-perceived that all eight competencies increased between the start and end of the placement. Surprisingly, line managers perceived students' competencies to be higher than perceived by the students.

The value of undertaking a placement is often poorly measured (e.g. satisfaction) rather than competency-based outcomes, which can lead to conclusions that are overly simplistic and difficult to use in practice. Theoretically, this study advances understanding of human capital theory and sustainable career theory by understanding the role placements can play in developing human capital and preparing university students for sustainable careers. Practically, the findings of this study can help to close the university–industry skills gap by informing curriculum and placement scheme design and supporting students to acquire personal resources and signal these to prospective employers as an antecedent to career sustainability.

The purpose of the paper is to develop intellectual capital theory to include competitive aspects that influence value creation of the network.

The empirical part of the paper is based on a qualitative case study of a network of collaborating competitors within the natural products industry in Finland. A total of 29 interviews are conducted involving 11 informants. The empirical material is examined through Verna Allee's value network analysis.

Business relationships include both collaborative and competitive dimensions. By adding a competitive dimension to Allee's value network, a more exhaustive picture of the network emerges. Hence, the relationships not only consist of collaborative tangible and intangible flows between the actors of the network, but also of competitive flows that per definition may only be intangible.

The paper is based on a single case study. The paper includes collaborating competitors, but opens up interesting avenues for further research as competitive elements surely are present also in other types of business relationships.

Knowledge received from partners is not always trustworthy. Still, managers gain more from getting access to knowledge they do not know if it can be trusted, than to be excluded from the collaboration.

This paper brings forward the notion of competitive elements in collaborative relationships. IC research has tended to mostly focus on the positive aspects of the knowledge economy, but has much to gain by realising that there are also negative aspects that affect the creation and distribution of value in a network.

This study aims to propose a non-linear model to describe the effect of macroeconomic shocks on delinquency rates of three kinds of bank loans. Indeed, a wealth of literature has recognized significant evidence of the linkage between macro conditions and credit vulnerability, perceiving the importance of the high amount of bad loans for economic stagnation and financial vulnerability.

Generally, this linkage was represented by linear relationships, but the strong dependence of bank loan default on the economic cycle, subject to changes in regime, could suggest non-linear models as more appropriate. Indeed, macroeconomic variables affect the performance of bank’s portfolio loan, but such a relationship is subject to changes disturbing the stability of parameters along the time. This study is an attempt to model three different kinds of bank loan defaults and to forecast them in the case of the USA, detecting non-linear and asymmetric behaviors by the adoption of a Markov-switching (MS) approach.

Comparing it with the classical linear model, the authors identify evidence for the presence of regimes and asymmetries, changing in correspondence of the recession periods during the span of 1987–2017.

The data are at a quarterly frequency, and more observations and more extended research periods could ameliorate the MS technique.

The good forecasting performance of this model could be applied by authorities to fine-tune their policies and deal with different types of loans and to diversify strategies during the different economic trends. In addition, bank management can refer to the performance of macroeconomic conditions to predict the performance of their bad loans.

The authors show a clear outperformance of the MS model concerning the linear one.