This study examines the effect intellectual capital (IC) has on firm performance using a sample of Australian companies listed between 2004 and 2008. IC is measured using Pulic's Value Added Intellectual Coefficient (VAIC) and its components and both a direct and a moderating relationship between VAIC and performance are analysed. The results suggest that there is a direct relationship between IC and performance of Australian publicly listed firms, particularly with capital employed efficiency and to a lesser extent with human capital efficiency. A positive relationship between IC (human and structural capital) in the prior year and performance in the current year is also found. Evidence also suggests the possibility of a moderating relationship between IC and physical and financial capital which impacts on firm performance.

This study aims to investigate the extent and variety of voluntary intellectual capital disclosure (ICD) by listed private firms in India. It also compares the level of ICD of firms in the high‐IC‐intensive and low‐IC‐intensive industry sector. In addition, it evaluates the effect of firm size on ICD levels. Consistent with previous ICD research, the results show that relational capital (in particular about “brands and customers”) is the most frequently reported, followed by human capital, and lastly structural capital. In addition, the extent and variety of voluntary ICD by large firms is higher than that of small firms. Again, consistent with prior research, high‐IC‐intensive firms disclose significantly higher IC than low‐IC‐intensive firms. The findings of this study can have implications for regulators, who may want to be aware of how voluntary ICD influences and informs users. This study is one of the few that examines the extent of firms' voluntary ICD in India. It is the first to investigate the extent and variety of voluntary ICD by incorporating two different measures—count and presence—of each component of ICD.

The purpose of this study is to investigate the value relevance of voluntary intellectual capital disclosure (ICD) in New Zealand by examining the relationship between voluntary ICD and market value. The results suggest that the relationship between voluntary ICD and market value is not a simple, positive relationship across the board. That is, the benefits of different types of intellectual capital (IC) - namely human, relational and structural capital - may vary significantly, and there may even be some costs to disclosure. Positive relationships were found between human and relational capital as well as ICD overall. The results for structural capital disclosure, however, showed a significant and negative relationship. These results suggest that there may be a trade-off between the costs and benefits of disclosure. We also found that the relationship between voluntary ICD and market value is moderated by technologically intensive industries. This relationship is stronger for low-tech industries. This may be due to the fact that low-tech industries disclosed more IC information voluntarily, indicating that more disclosure strengthens the relationship between voluntary IC and market value.

This paper takes fundamental analysis research beyond the spatial and temporal bounds of previous studies. We
investigate how detailed financial statement data enter the decisions of market makers by examining how current
changes in the fundamental signals chosen can provide information on subsequent earnings changes. Using
global data from 1990 to 2000, we extend the body of research using fundamental signals for prediction of future
earnings changes. Contextual factors that may influence this predictive ability are also investigated. Results
indicate that the fundamental signals are significant predictors of both short- and long-term future earnings
changes. Contextual factors that include prior earnings news, industry membership, macroeconomic conditions
and country of incorporation are all demonstrated to influence this relationship. Research results provide
evidence to support the use of fundamental analysis.

This paper examines the relation between corporate governance mechanisms and earnings management. Using data collected from New Zealand listed companies for the financial year ending in 2005, the results show that the size of the board of directors is significantly positively associated with earnings management. This suggests that larger boards seem to be ineffective in their oversight duties relative to smaller boards. On the other hand, the independence of the board of directors, the independent role of the board chair and chief executive officer, and the independence of audit committees are not significantly associated with earnings management. Thus, these three corporate governance mechanisms are ineffective at monitoring the discretionary choices of management. The lack of effective corporate governance in New Zealand, particularly with regard to boards of directors, is mainly due to the lack of “experience and skills required to oversee the scale, complexity, and characteristics of finance operations” (Ministry of Economic Development, 2009, p.8)