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Article
Publication date: 23 July 2020

Mahmoud Lari Dashtbayaz, Mahdi Salehi, Alieyh Mirzaei and Hamideh Nazaridavaji

The purpose of this study is to evaluate the impact of corporate governance on intellectual capital (IC) in companies listed on the Tehran stock exchange.

Abstract

Purpose

The purpose of this study is to evaluate the impact of corporate governance on intellectual capital (IC) in companies listed on the Tehran stock exchange.

Design/methodology/approach

In this paper, the board features (size, independence and CEO duality) and the characteristics of the audit committee (financial expertise, independence and size) are considered to measure the factors of corporate governance. The IC is also divided into communicative, human, structural and value-added IC. Research data are gathered using a sample of 132 companies during 2013-2016. Research hypotheses are analyzed using panel data and logistic regression models.

Findings

The findings indicate that while the board’s independence, financial expertise and the size of the audit committee are negatively related to the communicative capital, the relationship between audit committee independence and communicative capital is positive and significant. Further, the authors observe that there is a positive relationship between board independence and human capital, a negative and significant link between audit committee size and human capital. By the way, the results reveal that audit committee independence and audit committee size have, respectively positive and negative impact on structural capital.

Originality/value

The results of the current study may give more insight into the relationship between corporate governance and managerial capital in developing nations.

Details

International Journal of Islamic and Middle Eastern Finance and Management, vol. 13 no. 4
Type: Research Article
ISSN: 1753-8394

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Article
Publication date: 9 July 2019

Gianluca Ginesti

This study aims to explore the relationship between top management characteristics and intellectual capital (IC) performance of small companies.

Abstract

Purpose

This study aims to explore the relationship between top management characteristics and intellectual capital (IC) performance of small companies.

Design/methodology/approach

This research offers an empirical investigation into a unique sample of 135 small Italian companies, which have been recognised as meeting legal values. This study uses a regression analysis to test whether CEO age, CEO connections and management team size affect IC performance.

Findings

Companies managed by CEOs with higher levels of connections and with a greater number of managers exhibit improved IC performance. In addition, this study provides evidence that companies with older CEOs demonstrate better IC efficiency.

Research limitations/implications

This study does not consider all top management-specific factors and incentives that may affect IC performance and uses a limited sample of companies.

Practical implications

This study suggests that increased network activity and larger management teams are beneficial for small companies to improve the efficiency of IC used.

Originality/value

The work offers novel empirical evidence to understand what governance and management-specific factors affect the efficiency in managing IC assets in small companies.

Details

Corporate Governance: The International Journal of Business in Society, vol. 19 no. 6
Type: Research Article
ISSN: 1472-0701

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Article
Publication date: 5 May 2015

Ranjith Appuhami and Mohammed Bhuyan

– The purpose of this paper is to examine the influence of corporate governance on intellectual capital (IC) in top service firms in Australia.

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2566

Abstract

Purpose

The purpose of this paper is to examine the influence of corporate governance on intellectual capital (IC) in top service firms in Australia.

Design/methodology/approach

Drawing on the agency theory, the paper develops hypotheses about relationships between corporate governance mechanisms (chief executive officer [CEO] duality, board size, board composition and subcommittee composition) and IC. The study uses a multiple regression analysis on data collected from corporate annual reports of 300 firm-year observations.

Findings

The findings of the regression analysis indicate that CEO duality, board composition and remuneration committee composition are significantly associated with IC. In contrast, there is no evidence that board size and audit committee composition have an effect on IC. The study contributes to agency theory in general and the literature on IC and corporate governance more specifically.

Practical implications

The findings of the study might be of interest to regulators, investment analysts, shareholders, company directors and managers in Australia, as well as academics, in designing corporate governance mechanisms to develop IC.

Originality/value

Corporate governance is country-specific and, hence, its impact on managerial decisions leading to IC is different from country to country. This study provides empirical evidence on the relationship between corporate governance and IC in top service firms in Australia.

Details

Managerial Auditing Journal, vol. 30 no. 4/5
Type: Research Article
ISSN: 0268-6902

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Article
Publication date: 22 March 2019

Yolanda Ramirez, Elena Merino and Montserrat Manzaneque

The purpose of this paper is threefold: first, to know the views of university stakeholders concerning intellectual capital (IC) reporting; second, to examine the quality…

Abstract

Purpose

The purpose of this paper is threefold: first, to know the views of university stakeholders concerning intellectual capital (IC) reporting; second, to examine the quality of voluntary IC disclosure by public Spanish universities on their websites; and third, to analyze some of the potential factors affecting this kind of disclosure.

Design/methodology/approach

The paper applies a content analysis and a survey. The content analysis was used to analyze the websites of 50 public Spanish universities in the year 2016, while the survey was submitted to all members of the Social Councils of Spanish public universities. Also, a regression analysis (ordinary least square model) is conducted to relate the disclosure index to its determinants.

Findings

The results of this study show that human capital was the most disclosed category with relational capital being the least frequently disclosed. However, the quality of structural capital disclosures was higher than relational and human capital. Moreover, the results show that size and university’s internationality affect IC disclosure in Spanish public universities.

Practical implications

This paper stimulates the debate between universities and policy-makers concerning the benefits related to IC reporting as a tool for addressing different stakeholders’ needs. In order to satisfy the information needs of university stakeholders, Spanish universities can be recommended to focus on reporting higher quality information on financial relations, students’ satisfaction, quality standard, work-related knowledge/know-how and collaboration between universities and other organizations such as firms, local government and society as a whole.

Originality/value

This research brings new expertise regarding IC disclosure in higher education and to reveal some of the possible determinants to improve this disclosure.

Details

Online Information Review, vol. 43 no. 5
Type: Research Article
ISSN: 1468-4527

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Article
Publication date: 12 October 2015

Viktoria Goebel

The purpose of this paper is to investigate the relationships of company characteristics to intellectual capital (IC) reporting in a mandatory management report. Based on…

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1498

Abstract

Purpose

The purpose of this paper is to investigate the relationships of company characteristics to intellectual capital (IC) reporting in a mandatory management report. Based on the relevant regulation in Germany, IC components of the mandatory management report can be characterised as being partially required, partially recommended and partially voluntary.

Design/methodology/approach

A content analysis of 428 group management reports of listed German companies was conducted for required, recommended and voluntary IC reporting. To investigate the relationship of certain company characteristics to IC reporting, this study conducted a regression analysis considering company returns, size and industry.

Findings

The findings show that structural capital dominates total IC reporting in Germany. This observation is in contrast to prior literature, in which relational capital has been found to be most frequently reported. However within the sub-group of voluntary IC reporting in German companies, relational capital has the highest proportion. The regression results show that company returns show no effect on IC reporting, but size and industry group are significantly related to IC reporting.

Research limitations/implications

The findings indicate that IC reporting requirements and the relatively stringent German regulatory recommendations influence corporate IC reporting behaviour. The findings provide a basis for further discussion by standard setters regarding the extent to which requirements and recommendations on individual IC components seem to encourage IC reporting.

Originality/value

This study utilises the unique research setting in Germany with a mandated management report to distinguish between required, recommended and voluntary IC reporting.

Details

Journal of Intellectual Capital, vol. 16 no. 4
Type: Research Article
ISSN: 1469-1930

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Article
Publication date: 12 January 2015

Viktoria Goebel

The purpose of this paper is to identify a measure of intellectual capital (IC) value which offers new research opportunities for empirical investigations and to examine…

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1516

Abstract

Purpose

The purpose of this paper is to identify a measure of intellectual capital (IC) value which offers new research opportunities for empirical investigations and to examine the determinants of IC value.

Design/methodology/approach

In total, 4,488 firm years of German companies are investigated to compare three measures of IC value: market-to-book, Tobin’s q, and long-run value-to-book (LRVTB).

Findings

LRVTB is observed to be the IC value measure with the highest explanatory value. This measure provides an approach to empirically test previously untested hypotheses on IC value. The results on testing determinants of IC value indicate that IC value is positively related to leverage and motivational payments to employees and negatively associated with company size. In contrast, recognised intangible assets, research and development (R & D), company age and concentrated ownership show no significant effects.

Research limitations/implications

The findings on IC value measures contribute to IC research as they offer a way to estimate IC value for testing IC-related hypotheses. The findings on IC determinants have implications for IC management as the relevant determinants can be considered for IC value creation.

Originality/value

This paper responds to the challenge posed by previous IC research to develop more creative quantitative approaches to estimate IC value (Marr et al., 2003; Mouritsen, 2006) in order to test IC-related hypotheses by innovatively applying a measure from mergers and acquisitions research to IC.

Details

Journal of Intellectual Capital, vol. 16 no. 1
Type: Research Article
ISSN: 1469-1930

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Article
Publication date: 29 April 2021

Neha Smriti and Niladri Das

The purpose of this paper is to investigate the significance of board gender diversity (BGD) on the firm's intellectual capital (IC) performance of 272 Indian firms listed…

Abstract

Purpose

The purpose of this paper is to investigate the significance of board gender diversity (BGD) on the firm's intellectual capital (IC) performance of 272 Indian firms listed on the National Stock Exchange during 2007–2019. Considering the recent regulatory amendment by the Indian regulatory system (Security Exchange Board of India, 2018) which mandates at least one female independent directors on boards of all listed companies.

Design/methodology/approach

Based on theories and literature reviews, hypotheses were developed. This paper uses the proportion of female director on board and proportion of female independent directors to measure BGD and modified value-added intellectual coefficient (MVAIC) methodology to measure firms' IC performance. Two-step system-generalised method of moment panel data regression analysis has been employed to identify the variables that significantly affect IC performance.

Findings

This paper finds female representation on boards has a significant impact on MVAIC; capital employed efficiency shows the strongest association with female directors on board, followed by structural capital efficiency and human capital efficiency, while relational capital efficiency shows no significant effect. The results further demonstrate that female independent director has a significant but negative impact on IC.

Research limitations/implications

As the study is limited to the listed firms of an emerging economy with a mandatory female quota for boards. Thus to increase the generalizability of findings, future research can be extended to include all listed and non-listed firms from another emerging economy with a mandatory female quota.

Practical implications

From the practical perspective, this study bridges the gap between theory and practice in terms of providing a deeper understanding to the policymakers and Indian regulatory bodies like the Ministry of Corporate Affairs and Securities Exchange Board on the importance of including female members on board as a vital contributing factor for leveraging firm's intangible performance.

Originality/value

Using resource dependency theory and agency, this study extends the literature on IC efficiency and female representation on boards by presenting the research outcome for Indian listed firms. This paper, addressing the recent changes introduced by Indian regulators and using the female independent directors on board, is amongst the first attempts to assess the relevance of BGD and IC performance. This issue has still not been discussed and analysed by researchers in India.

Details

Journal of Intellectual Capital, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1469-1930

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Article
Publication date: 16 October 2018

Viktoria Goebel

The purpose of this paper is to investigate the drivers for voluntary intellectual capital (IC) reporting based on agency theory. This study responds to calls for critical…

Abstract

Purpose

The purpose of this paper is to investigate the drivers for voluntary intellectual capital (IC) reporting based on agency theory. This study responds to calls for critical investigations of IC reporting utilising Goebel’s (2015a) IC measuring approach to investigate the role of IC value and mispricing for IC reporting.

Design/methodology/approach

A mandatory management report offers a unique research setting in Germany. The content analysis results of 428 German management reports are used in a regression analysis with leverage, ownership diffusion, IC value and mispricing. Additionally, a propensity score matching approach examines the relationship between IC reporting and IC value.

Findings

The regression results show that companies use voluntary IC reporting to encounter mispricing. IC reporting is negatively associated with leverage, whereas ownership diffusion and IC value show no significant results. The propensity score matching approach is also not significant.

Research limitations/implications

This study contributes to strengthening and testing agency theory for IC reporting. As mispricing is identified to play an important role for IC reporting, IC research should account for mispricing.

Practical implications

The findings suggest to reopen a discussion on the declared aims of the German management report and the international integrated reporting model to provide information on value creation, as IC value shows no link to IC reporting.

Originality/value

This study innovatively links IC reporting to IC value and mispricing to investigate drivers for voluntary IC reporting.

Details

Journal of Intellectual Capital, vol. 20 no. 2
Type: Research Article
ISSN: 1469-1930

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Article
Publication date: 13 July 2021

Saarce Elsye Hatane, Josua Tarigan, Elenne Stefanie Kuanda and Elizabeth Cornelius

This study aims to examine the factors affecting intellectual capital disclosure (ICD), especially in the agriculture and mining sectors in Indonesia and Thailand…

Abstract

Purpose

This study aims to examine the factors affecting intellectual capital disclosure (ICD), especially in the agriculture and mining sectors in Indonesia and Thailand. Additionally, this study discusses the difference in ICD levels between Indonesia and Thailand.

Design/methodology/approach

The sample used is companies listed on the Indonesia Stock Exchange and Stock Exchange of Thailand from 2013 to 2017. The method used is a content analysis of 380 annual reports (150 from Thailand and 230 from Indonesia). This study uses a panel regression model. Variables tested are firm size, market shares, minority shareholders, profitability, leverage and the focus on ICD components such as human capital disclosure, structural capital disclosure and relational capital disclosure.

Findings

IC disclosures in financial statements are generally oriented to past events and focus more on the human capital component. Overall, ICDs in Thailand are more qualified than in Indonesia. The findings support the stakeholder and legitimacy theories. It was found that the greater the company’s resources, the higher the quality of disclosure of all intellectual capital (IC) components. Conversely, when associated with the position in the market, companies reduce the disclosures. As the company has gained the government’s legitimacy, management’s passion for revealing more about its ICD is diminishing.

Research limitations/implications

This study focuses on the agriculture and mining sectors in Indonesia and Thailand. The annual report is the primary medium to observe IC in qualitative and quantitative ways, yet firms would use other means to disclose their IC. This study deploys the content analysis method, in which the determination of scores is based on the researchers’ judgment.

Originality/value

This study contributes to the ICD-related literature by focusing on the agriculture and mining industries and multinational scopes. The ICD valuation is extended to the quality of disclosures, in which numerical and monetary figures also support the disclosures. This study also examined minority shareholders’ role in ICD quality, which is infrequent in ICD literature.

Details

Accounting Research Journal, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1030-9616

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Article
Publication date: 27 August 2019

Isabel Brusca, Sandra Cohen, Francesca Manes-Rossi and Giuseppe Nicolò

The purpose of this study is to compare of the way intellectual capital (IC) is disclosed in the websites of the universities in three European countries to assess the way…

Abstract

Purpose

The purpose of this study is to compare of the way intellectual capital (IC) is disclosed in the websites of the universities in three European countries to assess the way universities decide to communicate IC to their stakeholders and identify potential patterns and trends. In addition, the relation between the level and the type of IC Web disclosure in universities and academic rankings as a proxy of performance is explored to reveal interrelations.

Design/methodology/approach

The study is based on a sample of 128 universities coming from Greece (22), Italy (58) and Spain (48). The websites of the universities are content-analysed to measure the level of IC disclosure. The IC disclosure metrics are then correlated with the academic rankings of the World Ranking.

Findings

While the level of IC disclosure among universities and among countries is not homogeneous, human capital and internal capital items are more heavily disclosed compared to external capital items in all three countries. In addition, larger universities in terms of number of students tend to disclose more on IC. Moreover, there is a positive correlation between the level of IC Web disclosure and the academic ranking that challenges the IC disclosure strategies followed by the universities.

Originality/value

The paper represents an innovative contribution to the existing literature as it investigates websites to assess the level of IC disclosure provided by universities in a comparative perspective. Furthermore, it analyses the relationship between the online IC disclosure and European universities’ academic rankings and provides evidence on the interaction between the IC disclosure and the ecosystem in which the universities operate contributing to the fourth stage of IC research.

Details

Meditari Accountancy Research, vol. 28 no. 1
Type: Research Article
ISSN: 2049-372X

Keywords

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