Comparing intellectual capital disclosure among the Greek listed companies: does sector and capitalisation matter?

2015 ◽  
Vol 12 (2) ◽  
pp. 146 ◽  
Author(s):  
Michail Nerantzidis
Keyword(s):  
Intellectual Capital ◽  
Listed Companies

The effect of intangible assets on sustainable growth and firm value – Evidence on intellectual capital investment in companies listed on Bucharest Stock Exchange

Kybernetes ◽  
2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Catalin Ionita ◽  
Elena Dinu
Keyword(s):  
Growth Rate ◽  
Intellectual Capital ◽  
Firm Value ◽  
Intangible Assets ◽  
Stock Exchange ◽  
Listed Companies ◽  
Sustainable Growth ◽  
Content Type ◽  
Sustainable Growth Rate ◽  
The Impact

PurposeThe present study investigates the connection between company investments in intellectual capital (IC) and how they translate into financial value. The aim is to test the impact of intangible assets on the firm value and its sustainable growth.Design/methodology/approachThe research employs computation models to determine the sustainable growth rate (SGR) and the firm value (FV), and by using the ordinary least squares (OLS) model through a linear regression assesses the relationship between the dependent variables and expenditures on intangibles like R&D, IT programs and patents. A sample of 42 companies has been selected out of the 78 listed at Bucharest Stock Exchange (BSE), based on the appropriateness of the information disclosed in the financial reports for the period 2016–2019.FindingsThe results show that intangibles classified as innovative competences (R&D and Patents) do not have a positive impact on SGR and FV in listed companies from Romania. Moreover, R&D has a negative and significant effect on FV, while IT Programs have a positive and significant impact on FV, but not on the SGR. Variables categorised as economic competencies (Brands, Shares held in associates and jointly controlled entities) and firm structure-specific variables (Leverage, Firm Performance) seem to have a significant effect on SGR and FV. Shares held in associates and jointly controlled entities is the variable that can have the biggest impact when it comes to FV for companies listed at BSE.Research limitations/implicationsDue to non-disclosure of specific information by some companies, or lack of investments in intangibles the sample had to be reduced and does not cover all listed companies.Practical implicationsCompanies listed on the Regulated Market from the Bucharest Stock Exchange should maintain their scale of liabilities at a reasonable level when financing intangible assets in order to ensure corporate long-term and sustainable development. Also, these companies should maintain awareness about the importance of intangible assets and invest more in specific sub-components, in order to sustain competitive advantage. Recognizing the roles of intangibles, managers need to develop strategies to invest in profitable intangibles by reasonably allocating their limited resources, in order to achieve sustainable growth and increase company success.Originality/valueStudies concerning the relation between investments in intangibles and sustainable growth rate and firm value of listed Romanian companies are very scarce. This paper reveals new research, never before undertaken, concerning expenditures on intangibles by Romanian companies and the valuation of such investments on Bucharest Stock Exchange.

scholarly journals Leadership Style, Intellectual Capital and Corporate Social Responsibility on Performance, a Comparison Model of Listed Companies in Indonesia

2020 ◽  
Vol 5 (3) ◽  
pp. 110-120
Author(s):  
Rilla Gantino ◽  
Endang Ruswanti ◽  
Taufiqur Rachman
Keyword(s):  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Leadership Style ◽  
Intellectual Capital ◽  
Stock Exchange ◽  
Negative Relationship ◽  
Listed Companies ◽  
Primary Data ◽  
Comparison Model ◽  
Corporate Social

Objective – This paper aims to examine the influence of Leadership Style, Intellectual Capital, and Corporate Social Responsibility on Performance in companies in the sub-sectors of Mining, Pharmacy and Consumption and Household, Basic Industry, Chemical and Infrastructure, Utility and Telecommunication listed on Indonesia Stock Exchange (IDX) 2012-2018. Methodology/Technique – In this research, leadership style is measured transformationally and transactionally. Meanwhile, Intellectual Capital is measured using VAICTM. Furthermore, Corporate Social Responsibility is measured using GRI G4, and Financial Performance is proxied by ROA, ROE, and sales growth. The method used is a saturated sample. The sample in this research was 50 companies in the Basic and Chemical Industry sub-sector, 28 companies in the infrastructure, utilities, and telecommunications sub-sectors, 38 mining sub-sector companies, and 17 companies in the consumer goods sub-sector listed on the Indonesia Stock Exchange (IDX). This research used secondary data taken from financial and annual reports and primary data obtained through questionnaires for leadership style. The analysis method used is simple regression analysis. Findings & Novelty –The results show that the influence of leadership style, intellectual capital, and corporate social responsibility in the four sectors varies with a positive or negative relationship direction. Intellectual capital has a positive significant influence on ROA, ROE and SG in four sectors. Previous research has focused on only one sector. This study compares the influence of leadership style, intellectual capital, and corporate social responsibility in four sectors Type of Paper: Empirical. JEL Classification: M41, M49. Keywords: Comparison; Leadership Style; Intellectual Capital; CSR; Performance Reference to this paper should be made as follows: Gantino, R; Ruswanti, E; Rachman, T. 2020. Leadership Style, Intellectual Capital and Corporate Social Responsibility on Performance, a Comparison Model of Listed Companies in Indonesia., Acc. Fin. Review, 5 (3): 110 – 120. https://doi.org/10.35609/afr.2020.5.3(3)

Intellectual Capital Disclosure in Sustainability Reports

2013 ◽  
pp. 195-214 ◽  
Author(s):  
Giovanni Bronzetti ◽  
Romilda Mazzotta ◽  
Graziella Sicoli ◽  
Maria Assunta Baldini
Keyword(s):  
Content Analysis ◽  
Intellectual Capital ◽  
Voluntary Disclosure ◽  
Information Disclosure ◽  
Listed Companies ◽  
Global Reporting Initiative ◽  
Voluntary Disclosures ◽  
Sustainability Reports ◽  
Sustainability Report

The purpose of this chapter is to analyze the level and the quality of voluntary disclosures of Intellectual Capital (IC) in the sustainability reports on a sample of Italian listed companies. The authors conducted an analysis of twelve sustainability reports for two years (2009-2010). These are related to six firms selected among the most capitalized 37 Italian listed companies. To investigate the “level of disclosure,” the authors identified the presence of IC information, while to evaluate the “IC quality,” they constructed a voluntary disclosure index based on content analysis. IC information disclosure is more likely present in sustainability reports of firms with a higher levels of application of the Global Reporting Initiative framework. The results confirm that the sustainability report can adequately represent the intellectual capital, especially in order to understand its role in the firm and the interaction with other variables present in the firm.

scholarly journals ICD corporate communication and its determinants: evidence from Italian listed companies’ websites

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Giuseppe Nicolò ◽  
Natalia Aversano ◽  
Giuseppe Sannino ◽  
Paolo Tartaglia Polcini
Keyword(s):  
Intellectual Capital ◽  
Information Needs ◽  
Listed Companies ◽  
Ordinary Least Squares ◽  
Positive Influence ◽  
Annual Reports ◽  
Narrative Form ◽  
Least Squares Regression ◽  
Content Type ◽  
Corporate Resources

Purpose This study aims to analyse the extent and type of online intellectual capital (IC) disclosure provided by a sample of 117 Italian listed companies. The study also seeks to identify possible determinants of the extent and type of intellectual capital disclosure (ICD) practiced by Italian listed companies via the Web. Design/methodology/approach A content analysis is conducted to investigate the extent and type of online ICD provided through websites by a sample of 117 Italian listed companies. Two multivariate ordinary least squares regression models are applied to estimate the associations proposed in the research hypotheses. Findings The results show that Italian listed companies are exploiting the potential of websites to satisfy the information needs of investors and other stakeholders in relation to strategic IC-based corporate resources, with a particular focus on external capital. For the most part, ICD is conveyed in narrative form. Moreover, while the size and board independence positively affect both the extent and type of ICD, profitability exerts a positive influence only on the extent of online ICD. Originality/value Unlike previous ICD studies, which focussed on annual reports, this study explores an emerging and innovative tool to convey ICD, namely, the website. In today’s world, websites are considered to be the most expedient and effective tools for sharing and transmitting information, including IC; they are a vehicle that can shift the IC focus from the organisation to the wider ecosystem.

The value relevance of intellectual capital disclosure: empirical evidence from Kuwait

2017 ◽  
Vol 25 (1) ◽  
pp. 22-38 ◽  
Author(s):  
Mishari M. Alfraih
Keyword(s):  
Empirical Evidence ◽  
Financial Reporting ◽  
Intellectual Capital ◽  
Value Relevance ◽  
Practical Implication ◽  
Listed Companies ◽  
Annual Reports ◽  
Equity Valuation ◽  
Content Type ◽  
Market Participants

Purpose Drawing on market efficiency theory and studies on intellectual capital (IC) disclosure, this study aims to examine if IC information provided in the corporate annual reports of Kuwait Stock Exchange (KSE) listed companies in 2013 is value-relevant. Design/methodology/approach The analysis is divided into two parts. First, the level of intellectual capital disclosure (ICD) of KSE-listed companies is examined using the content analysis method. Second, the value relevance of financial reporting is examined empirically using Ohlson’s (1995) valuation model. Findings The results reveal that ICD is positively and significantly associated with market value, suggesting that greater ICD is valued by KSE market participants, who incorporate it into their valuation models. Practical implications Given the importance of ICD in enhancing equity valuation, a practical implication of this study is to make managers aware of its positive and significant effect on equity valuation, which may encourage companies to increase their level of disclosure. Originality/value This is the first study of the association between the level of ICD and the value relevance of financial reporting for market participants in Kuwait. It therefore extends and confirms the prior literature by broadening its scope to include frontier markets. Furthermore, it provides empirical evidence in support of recent calls from regulators and professional bodies for information that supplements and complements traditional financial reporting.

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