Many commentators have identified the pivotal role of intellectual capital in the valuation of firms and the determination of their future earnings. Innovation in voluntary disclosure of intellectual capital lead by European firms, such as Celemi and Skandia, has generated a plethora of new...

We present evidence on the way personal and institutional factors could together guide public company directors in decision-making concerning shareholders and stakeholders. In a sample comprising more than nine hundred directors originating from over fifty countries and serving in firms from...