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This paper aims to look at the three areas of corporate governance, intellectual capital and strategic business valuation from the perspective of a long‐term value investor.

The paper begins by briefly laying out the investment tenets of a long‐term value investor and then proceeds to align long‐term value investing with long‐term stewardship of economic resources. The paper is a transcript of a keynote presentation delivered at the 1st McMaster World Congress on Strategic Business Valuation.

In the area of intellectual capital the paper points out that the concept of intellectual capital falls far short of the fuller and more necessary view on intellectual knowledge which should be replaced or at least augmented with the notion of wisdom.

Any notion of strategic valuation or pricing of assets based on their economic value will be significantly impacted by one's investment principles and time horizon. The paper mentions two examples of inefficiencies in the market due to divergent time horizons. The two examples discussed are income trusts and principal protected notes.

One's investment philosophy or principles which largely determine time horizon will have a significant impact on how one approaches the important areas of corporate governance, intellectual capital and strategic business valuation. The concern of the paper is to the extent that we have become more short‐term in our investment principles; this will have serious long‐term negative impacts on the capital markets.

The purpose of this paper is to illustrate the ways in which contemporary organisations are imposing their own private sanctions on fraudsters.

The research draws on primary data from interviews with counter fraud practitioners in the UK, secondary sources and case examples.

Such developments have been stimulated, at least in part, by the broader limitations of the criminal justice system and in particular a “fraud bottleneck”. Alongside criminal sanctions, many examples are provided of organisations employing private prosecutions innovative forms of civil sanction and “pseudo state” sanctions, most commonly civil penalties comparable to fines.

Such changes could mark the beginning of the “rebirth of private prosecution” and the further expansion of private punishment. Growing private involvement in state sanctions and the development of private sanctions represents a risk to traditional guarantees of justice. There are differences in which comparable frauds are dealt with by corporate bodies and thus considerable inconsistency in sanctions imposed. In contrast with criminal justice measures, there is no rehabilitative element to private sanctions. More research is needed to assess the extent of such measures, and establish what is happening, the wider social implications, and whether greater state regulation is needed.

Private sanctions for fraud are likely to continue to grow, as organisations pursue their own measures rather than relying on increasingly over-stretched criminal justice systems. Their emergence, extent and implications are not fully understood by researchers and therefore need much more research, consideration and debate. These private measures need to be more actively recognised by criminal justice policy-makers and analysts alongside the already substantial formal involvement of the private sector in punishment through prisons, electronic tagging and probation, for example. Such measures lack the checks and balances, and greater degree of consistency as laid out in sentencing guidelines, of the criminal justice system. In light of this, consideration needs to be given to greater state regulation of private sanctions for fraud. More also needs to be done to help fraudsters suffering problems such as debt or addiction to rebuild their lives. There is a strong case for measures beyond the criminal justice system to support such fraudsters to be created and publicly promoted.

The findings are of relevance to criminal justice policy-makers, academics and counter fraud practitioners in the public and private sectors.

This paper seeks better to conceptualise, operationalise and subsequently to test a multi‐dimensional and more social view of servicescape and the direct and moderated linkages with loyalty intentions.

A survey research method was used to study servicescapes in the context of UK restaurants.

In furtherance of conceptualisation efforts, a model is developed to evaluate the linear influences of nine servicescape variables on customers' loyalty intentions. Additionally, the model appraises the impact of personal and environmental factors which moderate the servicescape‐loyalty intentions relationship. Analysis of survey responses finds a number of significant associations with loyalty intentions.

The results of the study indicate that practitioners should reflect carefully on a range of servicescape variables and judiciously manage such factors to improve the extent to which consumers are likely to foster positive intentions to be loyal.

The paper contributes a multi‐dimensional and more social framework of servicescape that is subsequently operationalised and tested. It also supplies a measure of servicescape that future researchers may find useful.

This paper attempts to examine the relationship between service quality and customer satisfaction in spectator sports. The relationship between these two constructs is examined, first, by a review of the literature to date and, second, by the results of almost 200 questionnaires completed by spectators at two professional basketball games in Athens, Greece. The results of the questionnaire study are examined and, in conclusion, the implications and limitations of the study are discussed. Areas for further research are also suggested.

The purpose of this paper is to provide an assessment framework for evaluating the success of knowledge management (KM) initiatives in a government setting.

The approach used was to first conduct a brief review of the leading thinking on KM and intellectual capital (IC) measurement approaches. The selection process used to recommend the results‐based management assessment framework (RMAF) as the most appropriate measurement framework is then discussed together with the development of logic models for all KM objectives. Finally, the validation methodology used, a survey design and data collection methodology, is described.

The study finds that the RMAF framework proved to be a good fit for KM assessment in a government setting.

The evaluation of KM and IC are necessarily organization‐specific. Further research is needed to report on the generalizability of this evaluation approach.

The KM evaluation approach proposed here helped the government organization translate its KM strategy into action and enhanced management of the KM program. The proposed evaluation approach will help ensure that each type of stakeholder receives assessment results in a form that is of greatest use to them.

While there are many KM and IC metrics described in the literature, there have been limited attempts to address the evaluation question from a more holistic perspective. This paper shows how quantitative and qualitative measures can be combined to better assess the success of KM initiatives in a systematic and concrete manner.

The purpose of this paper is to show how Sarbanes‐Oxley is motivating corporate boards to bring heightened scrutiny for all aspects of the acquisition process, including valuation. This paper examines how in addition to the high‐tech M&A strategic objective, the decision on the post closing integration strategy should be considered as part of a target's firm valuation.

The paper argues that, within the high‐tech sector, the target firm characteristics in relation to the market are not sufficient for the basis of valuation. Planned management interventions, including the acquirer's management integration strategy decision, should also be considered. It further argues that intellectual capital retention, an important element of the target firm's valuation, is directly related to how closely the pace and degree of integration matches the acquirer's strategic objectives and the outcome of the due diligence.

Based on the findings from a set of interviews with M&A practitioners in the high‐tech field, due diligence, post closing integration planning and identity are viewed as important factors to the acquisition outcome. They appear not to be considered for the target firm valuation, which may result in an acquirer paying an excessive premium.

Finally the paper proposes a framework to guide high‐tech firms to select an integration strategy and its valuation impact in relation to the acquisition strategic objective, the due diligence outcome and the integration strategy.

The outcome of this project is raising the importance of due diligence and post integration strategy in relation to other factors that impact transaction outcome such as intellectual capital retention and valuation.

The purpose of this paper is to describe how the goal of quantum leap breakthrough performance in acquisitions is to enable readers to achieve an unprecedented leap in performance as a result of major acquisitions.

This requires first, establishing acquisition readiness by developing a core set of capabilities and second, using a breakthrough approach that fuses both growth and expense cutting synergies to accomplish the quantum leap performance gains, especially during the integration stages. These capabilities enable the successful integration of the acquired organization and the emergence of the new entity.

The paper finds that those organizations that are going to win at this game are the ones that have the best capabilities for effecting the right acquisition and who can implement the best integration. Those capabilities are the name of the game.

The focus on capabilities is the prime distinguishing feature of quantum leap breakthrough performance in acquisitions. This is based on an organization developing the capabilities for core integration. Whether you are an integrator or a target, it is essential to have these capabilities.

If an organization wants to excel at developing, acquiring and integration, it needs have the following core set of capabilities: strategic agility, market agility, organization building, people management, project and process management and knowledge management, learning and innovation. When these capabilities interact with a set of six catalyzing springboards (i.e. customer strategy, organization strategy, integrating culture and leadership principles, a people strategy, integrating knowledge systems, and information technology architecture) the organization can achieve an extraordinary quantum leap in value.

The purpose of this paper is to propose a new measure for organization health. It is proposed that the Donohue tripartite paradigm model can be used to pierce the veneer of the satisficing account to identify the moral appraisal stakeholders have made of corporate strategies based on external (i.e. economic, etc.) standards.

A cognitive mapping process through narratives is used to operationalize a tripartite paradigm framework to measure human capital. An existential‐phenomenological approach is adopted to ensure the figural integrity of data.

This paper can be viewed as the prototypical development phase for a methodology to support future real‐time ethical inquiry concerning social responsibility within the corporate world.

The tripartite paradigm model expressed by Donohue was intended for “real‐time” application. This study, however, proposed a retrospective analysis of stakeholder decision‐making within a firm as a means of unearthing any deficiencies that might block the operationalization of Donohue's generalist theory.

This appraisal can identify the conflict of conscience that characterizes a stakeholder's “lived‐worlds” based on their participation and exposure to company decision making. This diagnostic tool can assist stakeholders in identifying evidence of decline early enough in the history of an organization for proactive remedial action to be taken.

It is the hope of this study that the proposed cognitive mapping process can derive a measure of organizational health through an existential‐phenomenological approach to ensure the integrity of the data. Ultimately, the aim is that this will be a tool that can explore the phenomenon of misrepresentation and its effect on social cooperation within a market culture.

The purpose of this paper is to link two key disciplines in finance and science in a way which is representative of the many challenges in the development of the knowledge economy. However, the valuation of intangibles remains a contentious issue in finance.

In this paper, the financial and economic issues pertaining to the valuation of intellectual capital are evaluated and addressed.

An important aspect of raising capital is the ability to impute a fair value on the asset.

The investigative process involves evaluating and assessing the appropriateness and efficiency of current models and finds them to be inadequate in yielding the true value of intellectual capital employed in knowledge‐intensive firms.

A new methodology for valuation is indeed required, and this value driver valuation processes may produce significantly better understandings of the worth of intellectual capital in the knowledge economy.

This paper evaluates various methods that are currently used and recommends the development of a valuation process for new and evolving technologies.

The purpose of this paper is to determine the extent to which Canadian companies have embraced value‐based management (VBM) methods, identify the characteristics of these companies and of the executives responsible for the introduction of VBM in their organisations and assess the stock price performance of the companies that use VMB vs. those that do not.

The study is based on a survey of CEOs of a large sample of Canadian companies and examines the relation of a number of explanatory variables, including stock price performance, to the probability of using VBM versus not using VBM via a regression analysis of qualitative choice, namely logit analysis.

The study finds that value‐based management methods are widely used in Canada, with the likelihood of usage being higher for larger companies with younger and more educated executives with an accounting/finance background. The statistical analysis that follows the tabulation of survey results indicates companies that used EVA had a better stock price performance than those not using EVA. Moreover, our logit regression analysis shows that companies with better stock market performance exhibited higher likelihood of using EVA.

The study implies that the lower usage of EVA in Canada, especially at the corporate level, provides some explanation for the stock market under‐ performance of the Canada market vis‐à‐vis the USA in the 1990s.

To our knowledge, this study serves as the first widespread evaluation of VBM methods in Canada and their effect on company and stock price performance.