Sanjoy Bose

Applying the balanced scorecard for better performance of intellectual capital

Purpose – One of the responses to criticisms of traditional forms of accounting reports for knowledge‐based firms has been the development of the balanced scorecard (BSC), a strategic performance measurement framework and methodology based on a family of performance measures. This paper aims to examine the issue of measuring performance in relation to a major Australian company, The Fosters Brewing Group, where a newly appointed CEO reversed a decline in performance by adopting, among other initiatives, the balanced scorecard approach to management.Design/methodology/approach – The paper takes the form of a case study, applying the theoretical framework of the BSC to a declining business in order to achieve a turnaround.Findings – The paper discusses how a newly appointed CEO of The Fosters Brewing Group reversed a decline in performance by adopting, among other initiatives, the balanced scorecard approach to management.Research limitations/implications – The BSC is a practical framework to deal with the ...

Corporate Governance in Transition Economies: A Comparative Study of Armenia, Azerbaijan and Georgia

Corporate governance has become an increasingly important issue in recent years, both as a result of corporate scandals and because more than 20 transition economies in the former Soviet Union, Eastern and Central Europe are in the process of converting their economies from a central planning model to a market model. The present study uses the data from the World Bank ROSC studies on Armenia, Azerbaijan and Georgia and assigns points based on the extent of compliance with the OECDs Principles and compares the relative scores using a five-point Likert Scale.

Valuation of intellectual capital in knowledge‐based firms: The need for new methods in a changing economic paradigm

Purpose – 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.Design/methodology/approach – In this paper, the financial and economic issues pertaining to the valuation of intellectual capital are evaluated and addressed.Findings – An important aspect of raising capital is the ability to impute a fair value on the asset.Research limitations/implications – 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.Practical implications – 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 e...

Islamic Investment Funds: An Analysis of Risks and Returns

Islamic finance has become an increasingly popular subject in recent years. Some Islamic investment vehicles have even become popular in the non-Islamic world, although the growth in their popularity has been dampened by lack of knowledge of their existence, their nature and their relative profitability. This paper presents an overview of the various kinds of Islamic investment funds and analyzes their relative profitability in an attempt to shed light on this potentially highgrowth investment avenue. The paper begins by identifying the various classifications of Islamic funds and goes on to discuss the more popular fund structures, the role of regulatory boards and the performance history of various Islamic funds. The paper concludes with a discussion of the challenges facing Islamic funds and the opportunities that exist for those who understand what Islamic funds are all about.

Attitudes toward Tax Evasion in the Middle East: A Comparative Study of Egypt, Iran and Jordan

Using data that was gathered as part of a much larger study on human beliefs and values, the present study examines the opinions on the ethics of tax evasion that were gathered from a wide demographic of respondents in Egypt, Iran and Jordan. Comparisons are made between the responses from each country. Comparisons are also made by gender, age and level of education in an attempt to determine whether these factors have any effect on ethical attitudes. Because comparisons are made by gender, age and level of education, the results of this study have implications that go far beyond the borders of Egypt, Iran and Jordan, since similar relationships probably exist between tax evasion opinions and these three demographics. The present study also tests the findings of some prior studies that have examined the relationship between gender, age and education level and attitudes toward tax evasion to determine whether the views held by the people in these three Middle Eastern countries are similar to or different from the views held by people in other countries. The present study has a sample size of 6642.

Measuring Value in New Biotech Firms: An Empirical Modelling Approach

This study links two key disciplines in finance and science in a way which is representative of the many challenges in the development of the knowledge economy. The biotechnology sector is regarded as one of the major growth engine in the development of the knowledge economy and in order to sustain this, it is imperative that biotech firms continue to attract capital needed to finance business activity. An important aspect of raising capital is the ability to impute a fair value on the asset. Biotech firms are typically intellectual property intensive and derive its value from this source. However, the valuation of intangibles remains a contentious issue in finance as to the most suitable approach. In this study, the financial and economic issues pertaining to the valuation of new biotech firms are evaluated and addressed vis-à-vis the value drivers of these firms. The value drivers are tested for significance and hypotheses are formed on their financial, economic and management implications. The investigative process involves using quantitative methods, such as descriptive statistics, logit modelling and multivariate regression, to evaluate the valuation issues in the context of the challenges faced in valuing these potentially high-growth and intellectual-capital intensive firms.