Impact Of Intellectual Capital Disclosure Research Articles

Unlocking Firm Value Indonesia's Intellectual Capital Triumphs, Risk Management Falters

This study examines the impact of Intellectual Capital Disclosure (ICD) and Enterprise Risk Management Disclosure (ERMD) on the value of mining companies listed on the Indonesia Stock Exchange (IDX) from 2017 to 2021, with financial performance as an intervening variable. Using purposive sampling, data from 12 companies were analyzed with SPSS 26. The results show that ICD positively affects both firm value and financial performance, while ERMD negatively impacts both. Financial performance enhances firm value but does not mediate the ICD-firm value relationship; it does mediate the ERMD-firm value relationship. These findings highlight the importance of ICD for improving firm performance and value, suggesting areas for future research to extend the study period and include more variables. Highlight: ICD Impact: ICD significantly boosts firm value and financial performance. ERMD Effect: ERMD negatively influences firm value and financial performance. Financial Mediation: Financial performance mediates ERMD-firm value but not ICD-firm value. Keywoard: Intellectual Capital Disclosure, Enterprise Risk Management, Financial Performance, Firm Value, Mining Companies

Corporate Social Responsibility Disclosure, Intellectual Capital Disclosure, Risk Disclosure, Cost of Capital: Moderating Role of Earnings Management

Purpose : This study investigates the effect of corporate social responsibility, intellectual capital disclosure, and risk disclosure on the cost of capital and the roles of earnings management in moderating these effects.
 Method : This study employs secondary data from annual reports and financial statements of 79 manufacturing companies listed on Indonesia Stock Exchange from 2016 to 2020. Using purposive sampling, the sample obtained in this study is 395 observations. The data were analyzed using multiple linear regression for panel data.
 Findings : This study finds that corporate social responsibility is negatively associated with cost of capital. Other than that, intellectual capital disclosure and risk disclosure are not associated with cost of capital. Moreover, earnings management failed to moderate the association between corporate social responsibility and the cost of capital. This study also found that earnings management strengthens the negative impact of intellectual capital disclosure on the cost of capital. In contrast, earnings management weakens the negative effect of risk disclosure on the cost of capital
 Novelty : This study places the moderating role of earnings management on testing the three non-financial disclosures on the cost of capital so that this study can complement the development of financial accounting research related to non-financial information.
 Keywords : Sustainability Disclosure; Intellectual Capital Disclosure; Risk Disclosure; Earnings Quality; Cost of Capital

The Impact of Intellectual Capital Disclosure in Firm Value A Case Study at Asia Cell

The aim of the research is to determine the relationship and impact of disclosing intellectual capital on the Firm value in the Iraqi stock market, and to address the annual financial reports of Asiacell Telecom for the period from (2013) to (2018), and relied on examining the reports using the content analysis method in order to measure the level of disclosure about Intellectual capital through an indicator consisting of (18) elements using the model (1) and zero, also used correlation analysis and simple linear regression to determine the relationship and influence between the research variables through the use of the SPSS statistical program, and reached the existence of a relationship and a statistically significant effect between the disclosure intellectual capital money and the Firm value is the sample, and the research. recommended the need to increase the awareness of Iraqi companies about the importance of disclosure intellectual capital in the modern business environment for achieving competitive advantages as well as its role in adding value to them. and to Improve the level of disclosure intellectual capital and encourage regulators to issue an accounting standard that regulates accounting and measurement.

Intellectual Capital Disclosure: Determining Factors and Their Impact on Company Value

Disclosure of intellectual capital in Indonesia is still voluntary, it has been implicitly regulated in PSAK No. 19. This study will examine the determinants of intellectual capital disclosure and its consequences on firm value. The determining factors that are thought to influence the disclosure of intellectual capital in Indonesia are listing age, firm size and industry of type. The impact of intellectual capital disclosure is the value of the company. The research population is all companies that are included in LQ45 on the Indonesia Stock Exchange in the period 2015 to 2020. The number of research samples is 132 observations. The analysis used is multiple linear regression. The results of this study indicate that Listing age affects intellectual capital disclosure, Firm size affects intellectual capital disclosure, Industry of type does not affect intellectual capital disclosure and Intellectual capital disclosure affects firm value. The implication of these findings is that companies are starting to realize the importance of the role of intellectual capital in creating a company's sustainable competitive advantage. Intellectual capital is an important resource in the information and knowledge era for company growth that companies need to disclose to investors and potential investors.

The Impact of Intellectual Capital Disclosure and Type of Ownership on Evaluation of a Company's Financial Performance after IPO

This study aims to determine the effect of Intellectual capital Disclosure (ICD) and the type of ownership on financial performance after the IPO in short and medium period. This study uses a quantitative approach and multiple regression analysis. Data was obtained from prospectuses and financial statements of companies that conducted IPOs on Indonesia Stock Exchange for the period 2000-2015. The population in this study was all companies that conducted initial public offerings from 2000 to 2015, as many as 316 companies and 234 companies were selected as samples using purposive sampling methods. The results showed that Intellectual Capital Disclosure had a significant positive effect on short-term (1-year) and medium-term (3-year) financial performance post-IPO, however, type of ownership has no effect on short or medium-term financial performance post-IPO. These results show that the degree of intelectual capital disclosure can control the company's performance for the better. This provides broad insights for decision makers.

The effect of ownership structure on social and environmental reporting in Nigeria: the moderating role of intellectual capital disclosure

Purpose This paper aims to examine the effect of ownership structure variables on social and environmental disclosure practice in Nigeria. The paper also investigates the moderating impact of intellectual capital disclosure on the relationship between ownership structure elements, social and environmental disclosure. Design/methodology/approach The paper adopted the Global Reporting Initiative (GRI) disclosure framework to extract social and environmental disclosure information from corporate social and environmental reports of 80 companies listed on the Nigerian Stock Exchange. The study spanned from 2012–2017. Management ownership, foreign ownership, block ownership and dispersed ownership are considered as determinants of social and environmental disclosure. A multiple regression analysis was used to test the relationships specified in the study. Findings The result of the descriptive analysis has shown evidence of a low-level disclosure of social and environmental information in corporate reports (annual reports and corporate social and environmental reports) of companies. From the regression analysis, block ownership, foreign ownership and dispersed ownership are found to enhance the disclosure of social and environmental information in the corporate report of companies. However, management ownership was found to be insignificantly related to social and environmental disclosure. The result also revealed that intellectual capital disclosure has a significant positive effect on the relationship between management ownership, foreign ownership and dispersed ownership, social and environmental disclosure. However, intellectual capital disclosure does not moderate the relationship between block ownership, social and environmental disclosure. Originality/value This paper is the first to empirically examine the moderating effect of intellectual capital disclosure on ownership structure variables, social and environmental disclosure. The result of the study offer researchers a better understanding of the impact of ownership structure variables on social and environmental disclosure. The findings are useful to researchers, corporate managers, policymakers and regulatory bodies.

Does intellectual capital disclosure affect the cost of equity capital? An empirical analysis in the integrated reporting context

PurposeThe purpose of this study is to examine the impact of intellectual capital disclosure on the cost of equity capital in the context of integrated reporting, which represents the ultimate frontier in the field of corporate disclosure.Design/methodology/approachThe authors employ content analysis to measure intellectual capital disclosure levels along with a panel analysis on a sample of 164 integrated reports.FindingsEmpirical outcomes indicate that intellectual capital disclosure levels have a significantly negative association with the cost of equity capital.Originality/valueThis study's major contribution lies in its originality in terms of empirical examination of the relationship between intellectual capital disclosure in integrated reports and the cost of equity capital.

The Impact of Intellectual Capital Disclosure on Firm Performance: Empirical Evidence from Pharmaceutical and Chemical Industry of Bangladesh

The main purpose of this study is to examine the impact of intellectual capital disclosure (ICD) on firm performance in the pharmaceutical and chemical industry of Bangladesh. In this study, 21 listed pharmaceutical and chemical companies have been selected as sample for 2016 and 2017. This study used the intellectual capital disclosure index developed by Rahman, Sobhan, and Islam. Return on assets and return on equity have been used as the proxy variable of firm performance. In this study, content analysis is performed to assess the level of disclosure regarding intellectual capital and pooled cross-sectional analysis is used to assess the relationship between ICD and firm performance. The study has found a positive and significant relationship between ICD and firm performance. Besides, an in-depth analysis of this study shows that all the components of ICD namely internal capital disclosure, external capital disclosure, and human capital disclosure are also positively and significantly associated with firm performance. The study suggests the development of an intellectual capital disclosure framework by the regulatory authority for mandatory compliance. This will improve the quality and quantity of ICD in the annual reports. Besides, firms should more emphasize on ICD which will help to improve their performance.

The impact of intellectual capital disclosure in supporting theorganizational performance

Intellectual Capital has become one of important tools to achieve organizations success in thebusiness world. Therefore, it is important to consider the intellectual capital in order to determine theeconomic value of any organizations. The disclosure of intellectual property and its basic components isessential to show the Organization independency as it has direct impact on its performance. This objective ifthe study is to measure the impact of the disclosure of intellectual capital and subsequently on theorganizational performance in selected Iraqi organizations. The study has hypothesized that there is a directimpact the disclosure of intellectual capital on the organizations performance in selected organizations ofIraq. The study has employed the descriptive approach and secondary source of data from previous studiesand primary source of date through the questionnaire based survey, which formed the conceptual frameworkof the study. The results of the study showed that there is negative impact of the on the intellectual capital ifthe organization has not adapted the disclosure.

Intellectual capital disclosure and prospective student interest: an Indonesian perspectives

This study aims to describe the intellectual capital disclosure practices in the biggest Indonesian universities and to empirically examine the impact of intellectual capital disclosure on prospect...

The impact of intellectual capital disclosure and corporate governance practices on the cost of finance: Tunisian evidence

The impact of intellectual capital disclosure and corporate governance practices on the cost of finance: Tunisian evidence

The impact of intellectual capital disclosure and corporate governance practices on the cost of finance: Tunisian evidence

The purpose of this paper is to examine the effect of intellectual capital disclosure (ICD) and corporate governance practices on the cost of finance. The sample consists of 27 Tunisian listed companies over a five-year period (2010-2014). Results show that intellectual capital disclosure is negatively and significantly associated with the cost of debt (COD) and the cost of equity capital (COEC). In contrast, only some corporate governance mechanisms namely managerial ownership (MO) and ownership concentration (OC) may influence the interest rate required by investors. These findings has policy implications for managers in the Tunisian setting and other developing economies similar to Tunisia, given the crucial role played by intellectual capital as a primary source of competitive advantage.

Intellectual Capital as the Determinant of Voluntary Disclosure: A Study on Financial Sector of Bangladesh

The purpose of this paper is to examine empirically the impact of intellectual capital disclosure (IC) voluntarily. The empirical research is based on companies listed on the Dhaka Stock Exchange. This paper aims to investigate certain factors, which have not previously been presented in the literature, pertaining to intellectual capital performance in the Bangladeshi Banking and Insurance Sectors. An exploration of literature was performed to pick out the associated IC terminology and this examination adopts the scaffold for IC items developed by Bontis (2003). The aims of this study were to identify the determinants and the extent of intellectual capital disclosure among Bangladeshi-listed financial companies. Then disclosure of these terms is examined within the annual reports of the financial year 2011-12 of the selected listed companies. It is exposed that, only 13 terms, out of 39 terms, are disclosed and the average IC disclosure by companies in both sectors leftovers low. The banking sector has performed better than the insurance sector in terms of the number of companies reporting IC terms and an average number of IC terms disclosed by a bank is found higher than that of an insurance company. But statistical outcome shows that there is no significant difference in the mean number of companies disclosing an item of IC and the average number of IC terms disclosed by banking and insurance companies at a 5 percent level of significance.

UNDERWRITER REPUTATION, INTELLECTUAL CAPITAL DISCLOSURE, AND UNDERPRICING

This study examines the effect of underwriter reputation on the intellectual capital disclosure extent and the impact of intellectual capital disclosure on underpricing. We developed a measurement method of underwriter reputation by using three indicators, i.e. trading volume, trading value, and trading frequency. Moreover, we also developed an intellectual capital disclosure index which is apropriate with Indonesian regulation. The testing result of 221 firms which conducted initial public offering in 2000-2014 showed that the underwriter reputation is the determinant of intellectual capital disclosure. We also found that intellectual capital disclosure affected underpricing negatively. Those findings indicate that intellectual capital disclosure extent may reduce information asymmetry, so as to assist potential investors in assessing the quality and prospect of a firm in the future.Keywords: Underwriter Reputation; Intellectual Capital Disclosure; Underpricing.

The Impact of Intellectual Capital Disclosure and Information Asymmetry on the Cost of Equity Capital

This research aims to analyze the impact of Intellectual Capital Disclosure and Information Asymmetry on Cost of Equity Capital and stock prices. It used purporsive sampling and studied LQ 45 companies enlisted in 2014-2015 Indonesia Stock Exchange. The research data gathered through non-partisan observation method and then analyzed with PLS analysis equation. The result shown: (1) Information Asymmetry has positive significance towards stock price; (2) Intellectual Capital has insignificant positive influence towards stock price; (3) Intellectual Capital has insignificant positive influence towards Cost of Equity Capita; (4) Information Asymmetry has insignificant positive towards Cost of Equity Capital; (5) Cost of Equity Capital has insignificant negative influence towards stock price. This research result validate previous researches’ findings especially in agency theory and asymmetry theory.

Determinants of Intellectual Capital Disclosure in the IPOs and Its Impact on Underpricing: Evidence from Indonesia

We investigate the determinants of intellectual capital (IC) disclosure in the prospectus of initial public offering (IPO). Going deeper, we also examine the impact of IC disclosure on underpricing. By studying 86 IPOs of Indonesian firms over the period of 2000-2014, we do find that ownership retention and underwriting portion have a positive effect on the extent to which IC is disclosed. Moreover, our results reveal that IC disclosure is negatively correlated with the level of underpricing. In addition, evidence is also found that IC disclosure mediates the link between underwriting portion and underpricing.

The Impact of Intellectual Capital Disclosure on Market Value: An Empirical Study on Jordanian Pharmaceutical Manufacturing Companies Listed in Amman Stock Exchange

The aim of this study was to explore the extent to which Jordanian pharmaceutical manufacturing companies disclose information on their intellectual capital components (human capital, structural capital, and relational capital), and its impact on companies’ market value, as measured by return on assets and rate of annual trading value. Content examination of annual reports was used to assess the extent of intellectual capital disclosure. The impact of disclosure was analyzed using regression analysis. All public shareholding pharmaceutical manufacturing companies listed in Amman Stock Exchange from 2007 to 2012, which comprised 6 companied, were included in the study. The results revealed that the disclosure of intellectual capital components have a significant impact on companies’ market value. Hence, pharmaceutical companies are required to pay more attention to extend their disclosure of intellectual capital elements, and to adopt new strategies that intensify investments in intangible assets.

The impact of intellectual capital disclosure on cost of equity capital: A case of French firms

The purpose of this paper is to examine empirically the impact of intellectual capital disclosure (IC) on cost of Equity capital. The empirical research is based on companies listed in the French SBF 120 stock market index. The findings confirm our hypotheses that stipulate the existence of a significant and negative association between intellectual capital disclosure with its two components (human capital, structural) and the cost of equity. However, the negative impact of the relational capital disclosure is not validated. The results in this paper are of considerable importance to both policy makers and firms. In fact, the understanding of the impact of Intellectual capital disclosure on cost of equity capital helps policy makers in the evaluation of the costs and benefits of disclosure. Moreover, with regard to managers of firms, the results show the benefit of enhanced IC disclosure regarding the reduction in their cost of capital. This study is one of the very first to provide empirical evidence of the association between Cost of equity capital and the level of disclosure in the three individual intellectual capital categories (human; structural and relational capital).

Раскрытие информации об интеллектуальном капитале и его влияние на стоимость компаний на развивающихся рынках капитала

Авторы: Эльвина Рифхатовна Байбурина НИУ ВШЭ
 Елена Геннадьевна Гребцова НИУ ВШЭ
 Развитие информационных технологий, рост значимости знаний, принципиальная важность инноваций для получения конкурентного преимущества ставят новые непростые задачи перед современными компаниями во многих аспектах их деятельности. Одна из таких задач – адекватное донесение информации о себе внешним и внутренним заинтересованным лицам, или стейкхолдерам, к которым относится менеджмент компании, ее работники, инвесторы, государство, кредитные организации и прочие. Отметим, что раскрытие информации об интеллектуальном капитале особенно актуально на развивающихся рынках из-за их неэффективности, которая часто приводит к неадекватной оценке компании стейкхолдерами. В рамках данной работы будет представлена нефинансовая оценка интеллектуального капитала кумулятивным методом, представляющая собой составление индекса раскрытия информации об интеллектуальном капитале. Непосредственный интерес представляет переход на принципиально иной уровень анализ раскрытия информации об интеллектуальном капитале и включение этого показателя в регрессионные модели, с тем чтобы оценить систематический вклад интеллектуального капитала в создание стоимости компании. Работа организована следующим образом: в первой части приведен краткий обзор работ, посвященных определению и классификации интеллектуального капитала, его оценке и влиянию на стоимость компаний. Во второй части приводится модель оценки влияния раскрытия информации об интеллектуальном капитале на стоимость компании с помощью индекса. Наконец, в заключение работы приводятся основные результаты и выводы из проведенного исследования и даются рекомендации по дальнейшему развитию тематики. Проведенное исследование позволяет получить обобщенную картину раскрытия информации об интеллектуальном капитале в компаниях развивающихся стран (Бразилии, России, Китая, Южной Африки), а также показывает, что раскрытие подобной информации способствует росту стоимости компании, позволяя стейкхолдерам оценивать ее более адекватно. В статье показаны результаты проекта «Исследования корпоративных финансовых решений компаний России и других стран с развивающимися рынками капитала в условиях глобальной трансформации рынков капитала и становления экономики инновационного типа» выполненного в рамках программы фундаментальных исследований Национального исследовательского университета «Высшей школы экономики» в 2012 году.

Narrative disclosure of intellectual capital

PurposeThe purpose of this paper is to investigate the manner and impact of intellectual capital (IC) disclosure. To frame the discussion, elements of Giddens' “structuration” theory and narrative theory are used to analyse change from within an organisation.Design/methodology/approachUsing a case study approach, this paper explores the impact of the narrative disclosure of IC by an Australian public sector organisation, the New South Wales (NSW) Department of Lands (Lands), which is the first Australian government organisation to externally disclose IC.FindingsBy taking a structuralist approach to analysing the narrative disclosure of IC this paper moved beyond attempting to quantify or identify the wealth created by IC, and thus account for IC. By investigating the narrative disclosure of IC, initially in the form of the IC statement as a supplement to the annual report, it was shown how at Lands the use of narrative became routinized in the activities of management. Thus narrative was no longer used to only provide understanding of the IC measures and the reasoning behind the use of IC, but to provide a mechanism that engendered further management action and subsequent organisational change.Research limitations/implicationsThe limitation of this paper is that it provides a lone example of a particular organisation from which generalisations are not possible. But it is possible to extend this research, using the structuration framework, to other organisations that have engendered the use of narrative to disclose IC to both internal and external stakeholders. Doing so will further question the domination of “accounting” within the IC paradigm and provide additional insights that allows practitioners and academics to develop additional tools for understanding and utilising IC.Originality/valueThis paper investigates the manner and impact of IC disclosure from within an organisation by use of “structuration” and narrative theory to analyse change as a result of the implementation of IC practices.