Can return on investment in knowledge management initiatives in organizations be measured? Maayan Nakash Information Science, Bar-Ilan University, Ramat Gan, Israel, and Dan Bouhnik Information Science, Bar-Ilan University, Ramat Gan, Israel and Computer Science, Jerusalem College of Technology, Jerusalem, Israel Abstract Purpose – This paper focuses on the meanings attributed to the measurement of return on investment (ROI) in knowledge management (KM) initiatives in knowledge-intensive organizations. At the heart of this exploratory research is the introduction of a unique coherent perspective of discipline experts regarding the ROI metric, as part of their perception of assessing effectiveness in this field. Design/methodology/approach – The research begins with in-depth semi-structured personal interviews and continues with focus groups, as part of a qualitative research paradigm. The data were analyzed using a thematic analysis method, based on the grounded theory approach. Findings – The findings provide empirical evidence regarding the significant challenges associated with the objective assessment of KM performance, which is deeply rooted in numerical-financial values. Despite the high status of ROI in the business environment, the authors find that decision-makers surprisingly avoid evaluating ROI for the most important resource of the organization, notwithstanding the immeasurable hopes that depend on this performance measure and the expectation of establishing the profitability of investment in organizational KM. Originality/value – The uniqueness of this research is the adoption of the skeptical-critical research approach. For the first time, the authors interrogate the suitability and relevance of the general model of the ROI metric as a means of proving the value and contribution of well-managed knowledge to organizations. The authors call for adoption of a new integrative perspective for evaluating effectiveness, which will reflect the holistic set of KM in organizations. Keywords Knowledge management, Return on investment, ROI, Investment appraisal, Knowledge management measurement, Business performance Paper type Research paper 1. Introduction In recent decades, the role of knowledge in organizations has become a topic of interest in both academia and organizational practice (Heisig, 2015). In the age of the knowledge economy (Chang and Chuang, 2011), knowledge is perceived as a major strategic asset of knowledge- intensive organizations (Bouhnik and Giat, 2015) and a source of their strength (Tadesse, 2020). Moreover, in a reality where the means of production have been replaced by knowledge resources (Brahma and Mishra, 2015), knowledge is considered as the most important of all the organizational resources (Tadesse, 2020). As a result of intense competition in the current business environment, companies are interested in harnessing knowledge-based resources to improve their operational performance (Al-Sa’di et al., 2017). KM is identified as a distinct multidisciplinary scientific field (Qiu and Lv, 2014). Authentic testimonies provide a clear picture not only of the vitality of the KM discipline but also of its evolvement since establishment (Nakash and Bouhnik, 2020a). Many people mistakenly consider KM as a goal in itself; however, this is not so. KM is a means for solving business problems, which moderates organizational inefficiency, thus leading to better performance (Chen and Chen, 2006). In other words, organizational KM is geared toward Return on investment in knowledge management The current issue and full text archive of this journal is available on Emerald Insight at: https://www.emerald.com/insight/2050-3806.htm Received 13 September 2021 Revised 26 October 2021 Accepted 8 November 2021 Aslib Journal of Information Management © Emerald Publishing Limited 2050-3806 DOI 10.1108/AJIM-09-2021-0268