In this book, Handy suggests that businesses will need to become more like universities with respect to the emphasis which is placed on being information/knowledge positive as well as being cash positive.
the valuation of the shareholders'
funds of a private, as opposed to a state
owned, university is only trivially related to the
value of the land and buildings which it owns;
the resources which are of strategic significance
are reputation, research momentum, etc., as it
is these factors which govern the future earning
potential. An indication of the significance of
intangibles can be obtained from a comparison
of the balance sheet valuation of a publicly
quoted company and its stock market valuation.
From
The Strategic Analysis of Intangible Resources
Author(s): Richard Hall
Source: Strategic Management Journal, Vol. 13, No. 2 (Feb., 1992), pp. 135-144
Published by: John Wiley & Sons
Stable URL: http://www.jstor.org/stable/2486410
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