Bickel, J. E. 2006. Some Determinants of Corporate Risk Aversion. Decision Analysis, 3, 233-251.

Dear Weerakoon, in the case of information technology, the value is not calculated commonly, due to the financial people don't know information technology and the informatics people don't know about finance. 

http://www.isaca.org/Knowledge-Center/Research/Documents/Global-Status-Report-GEIT-2011_res_Eng_0111.pdf

Dear Weerakoon,

Actually I am not sure what you mean by "conservation of value." However, we recently defined a conserved value. (please refer to http://www.h-n-u.de/Veroeffentlichungen/PJQM_2_I_2011.pdf) Our conserved value is different from e.g. market value. Our key finding is that it is necessary to consider this newly defined conserved value in any (financial) decision making. Any value differing from it will most likely lead to wrong financial decisions. From our perspective it is the cause of the recent financial crises. One of our conclusions is, e.g. that a Tobin tax is always good an can be introduced within a single country without anyx negative consequences. (cf. http://h-n-u.de/Tobin.pdf)

Dear Michael,

Thanks a lot for your answer. I will read your paper which is related and give my feed back to you.

Rgds

Weerakoon

Its very likely to make sense particularly for existing outgoing shareholders(short-term). However, conserving value could prove to be a ridiculous habit by managers for old and ongoing shareholders,speculators and arbitragers especially in expectations of investments with positive NPV.

Thanks Magagula for your answer.

Weerakoon

Pleasure!

HI,

Perhaps, you may have a look to these recent papers:

X Chang, H F Zhang, "Managerial entrenchment and firm value", Journal of Financial and Quantitative Analysis, 2015, vol 50, p 1083-1103.

A Antoniou, Y Güney, K Paudyal, "The déterminants of capital structure: Capital market oriented versus bank oriented institrutiobns",Journal of Financial and Quantitative Analysis, 2008, vol 43, p 59-92.

Bst regards