Abstract
This article analyzes the reasons for the disclosure of information on intangible capital (DIIC) and its consequences on financial performance. To this end, we take a structural approach based on the PLS - PM method for a sample of industrial companies listed in the EuroStoxx 600 index. Our results first of all highlight the significant influences of governance and financial structure on the disclosure of information about the intangible capital. Notably we show that the main determinant of the DIIC is corporate governance. Then, we reveal that DIIC practices increase the financial performance of firms, with a greater impact on the market performance than on accounting performance. Finally, we identify a double impact, direct and indirect (through the DIIC), of corporate governance on financial performance, while the literature merely highlights only the direct link between these two factors.
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