PurposeThe purpose of this paper is to examine the validity of the Ohlson model and to explore the influence of intellectual capital (IC) on corporate value (V) and value creation (VC) in order to develop a business valuation model served as the managerial criterion of IC.Design/methodology/approachHypotheses are based on current research on the Ohlson model and IC. Descriptive statistics are used to find the data patterns. Information content and incremental information provided by various capital sources are validated through multiple and stepwise regression.FindingsCorporate value is measured by both IC and financial capital (FC). The Ohlson model with FC reveals information that is significant in corporate value. Besides, FC and IC – mainly, innovation and human capital – contains a great deal of incremental information in terms of V and VC.Research limitations/implicationsIn addition to financial statement, IC must be taken into account when intending to do business valuation.Practical implicationsTo create higher corporate value, corporations must actively place a high premium on their IC and manage it well, particularly for innovation and human capital.Originality/valueThis paper focuses on the information technology industry in Taiwan. It, respectively, uses the share price and price and book value models to represent V and VC. It cites the more complete four aspects of IC, which are referred to as “other information”, to combine IC and the Ohlson model.

Purpose – The purpose of this paper is to investigate the relationship among intellectual capital (IC), financial capital (FC), firm value (V), and value creation (VC) in different business cycles (BC) for the conduct of strategic management that will maintain stable values and further increase V. Design/methodology/approach – This research cites ICs as “other information” to combine ICs and the Ohlson model. Information provided by various capitals is validated by multiple regression analysis. Multi-group analysis is performed to test whether the coefficient is moderated by BC. Findings – Results indicate the significant information of ICs and FC, and the contingency perspective of BC. The value relevance of ICs is moderated by BC. Prosperity has more explanatory capacities, and recession ICs yield more incremental information. Research limitations/implications – VC is influenced by both ICs and FC. Besides, the macroeconomic situation should also be considered in strategic management and VC management. Practical implications – In addition to ICs and FC, the macroeconomic situation must be taken into account when conducting strategic management, valuation management, investment decision, or industrial policy. Social implications – Results indicate a contingency of BC, which can be a reference for enterprises to create higher V, for investors to make appropriate investment, as well as for governments to formulate sound industrial policies. Originality/value – This paper applies BC to explore the value relevance of ICs and FC, leverages two models to represent V and VC, and cites complete four aspects of IC as “other information” to combine ICs and Ohlson model.

This study attempts to investigate the relationships among the ethical beliefs of Chinese consumers and orientations based on attitudinal attributes: materialism and moral philosophies (idealism and relativism). In addition, this study examines Chinese consumers' ethical beliefs in relation to five selected demographic characteristics (gender, age, religion, family income and education). Based on this exploratory study of 284 Chinese consumers, the following statistically significant findings were discovered. First, Chinese consumers regard that a passively benefiting activity is more ethical, but actively benefiting from an illegal or a questionable activity is unacceptable. Second, the two dimensions of passively benefiting and no harm/no foul can be used to distinguish the consumers who endorse higher levels of idealism or relativism. Third, Chinese consumers with a high level of materialism are more likely to actively benefit from illegal and questionable activities, and the passively benefiting actions. Finally, the more ethical Chinese consumers seem to be younger, be religious, and have a lower family income.

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