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Intangibles and Italian IPO prospectuses: a disclosure analysis

Michela Cordazzo (Free University of Bozen‐Bolzano, Bolzano, Italy)

Journal of Intellectual Capital

ISSN: 1469-1930

Article publication date: 24 April 2007




The purpose of the paper is to investigate intangibles disclosure in Italian initial public offerings (IPO) prospectuses. It seeks to examine whether intangibles disclosure in IPO prospectuses is correlated to some firm‐specific variables, which influence the information selected by a company for its admission on the stock exchange.


The paper is an empirical analysis of intangibles disclosure in Italian IPO prospectuses, and in particular an analysis of its association with some firm‐specific variables through a regression model.


The paper finds that intangibles information is increasing in Italian IPOs. Firm size and pre‐IPO managerial ownership are associated with intangibles disclosure, while firm age and level of technology are not related.

Research limitations/implications

The paper shows that the IPO disclosure could not be exhaustive of the intangibles disclosure provided by Italian companies, because it is produced on a voluntary basis. Originality/value – The empirical results indicate that intangibles disclosure is important in the capital markets assessment of firm value.



Cordazzo, M. (2007), "Intangibles and Italian IPO prospectuses: a disclosure analysis", Journal of Intellectual Capital, Vol. 8 No. 2, pp. 288-305.



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Copyright © 2007, Emerald Group Publishing Limited

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