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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.

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.

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.

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.

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.

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.

Considering that the Johannesburg Stock Exchange (JSE) has enacted in its Listings Requirements, compliance of listed firms to International Financial Reporting Standards (IFRS) and King Code of Good Corporate Governance, this study aims to investigate the impact of internal corporate governance attributes on the value relevance of accounting information in South Africa.

The fixed effect generalised least squares regression is used for the period from 2002 to 2014. Proxies for internal corporate governance are the size of the board, leadership structure, board activity, staggered board, boardroom independence, presence of key committees and board gender diversity. Value relevance is measured using the adjusted R² derived from a regression of stock price on earnings and equity book values by following Ohlson’s accounting-based valuation framework.

The findings suggest that the net asset value per share is value-relevant in South African listed firms and also when the boardroom is largely independent. The value of earnings per share (EPS) is more robust when corporate governance structures, such as separating the roles of chief executive officer and chairperson, proportion of board-independent board members and presence of board committees, are in place. This suggests that EPS favours agency and resource dependence theories.

The value relevance of accounting information in the South African financial market underscores the importance of requisite rules and supervision regarding financial reporting to allow asset owners and managers in the allocation of capital decisions. This study supports the view that corporate governance plays a key role in ensuring, amongst others, credible financial reporting. The outcome of this study could inform the JSE to enforce, even stricter, compliance with IFRS and corporate governance to improve the value relevance of financial information.

Significant corporate governance reforms around the world suggest that regulators and policy makers consider corporate governance as a pertinent tonic in ensuring, amongst others, credible financial reporting. The implications of the study might assure users of financial information of how compliance to corporate governance practices may influence the value of the firm. This paper provides empirical evidence in the South African context that EPS, unlike net asset value per share, is driven by corporate governance structures.

The period of this study is unique, because it covers a relatively stable economic period before the financial crisis, a challenging and unstable period of time when the financial crisis materialised, and the aftermath of the financial crisis. In addition, the examination period of the study also covers the two corporate governance reforms in South Africa, King II in 2002 and King III in 2009, as well as the new Companies Act No. 71 of 2008. These exogenous factors may influence the results.

This study contributes to intellectual capital (IC) disclosure research. Focussing on reducing the information asymmetry associated with agency theory, the purpose of this paper is to investigate the extent to which managers and owners disclose IC in initial public offering (IPO) prospectuses. In particular, it examines the influence on post-issue stock performance based on the IPOs of technology companies listing on the NASDAQ from 2002 to 2013. Parallels are drawn to integrated reporting (<IR>), which was developed after the global financial crisis (GFC) because of the perceived shortcomings of regulated forms of financial reporting.

The authors apply a two-stage methodology, using content analysis of prospectuses to determine the extent of IC disclosure, then combining this data with market data using regression analysis to determine the influence of IC disclosure in IPO prospectuses on post-issue stock performance.

According to the content analysis results, these IPO prospectuses contain significant amounts of IC disclosure for the subsequent analysis. The authors find that after the GFC technology companies disclose more IC information. The econometric analysis also reveals that IC disclosure has a higher influence on post-issue stock performance after the GFC than before.

The research shows how IPO prospectuses are a valid form of disclosure to investigate the impact of reducing IC information asymmetry because they contain significant amounts of forward-looking non-financial information about the company’s development. Additionally, the results are relevant to discussions about the impact of <IR>. If IC and non-financial disclosures contained in an integrated report are forward-looking and reduce information asymmetry then <IR> may have value relevance to a firm.

The research confirms that more IC disclosure information in prospectuses may positively influence companies’ post-issue stock performance, especially in the long run. However, the authors caution that disclosing IC information to investors is not the panacea for increased post-IPO share performance.

This paper is novel because it shows the value relevance of IC disclosures to reduce information asymmetry through its focus on prospectuses, which helps to understand of the potential impact of <IR>.

The purpose of this paper is to use a theoretical and empirical model to investigate the adoption of the integrated reporting (IR) framework as a strategic choice to signal intellectual capital (IC) to equity investors, with specific reference to the pharmaceutical industry.

The choice of drafting an integrated report is modelled as a means for managers to strategically disclose price-relevant information related to IC. The voluntary disclosure model developed by Verrecchia (1983) is used, also introducing the role of financial analysts to derive a directly reproducible empirical equation.

Theoretically, as IR requires managers to exert an effort in reporting activity, this work shows that in equilibrium, only firms with sufficient IC have decided to adopt IR, resulting in rational investors’ willingness to pay more only for the forecasted earnings of integrated reporters. This theory is tested in the pharmaceutical sector, where the modelling choice is probably more valid, with mixed results.

When compliant with the International Integrated Reporting Council’s (IIRC) standards, IR provides the means to disclose IC in a perfectly verifiable way. Furthermore, since the IIRC has only recently been established, the conclusions have only been tested on a limited data set.

This work connects the value relevance of IR to IC by adopting an equilibrium approach, which, in turn, provides specific indications of how to build a consistent empirical test of the theory.

The purpose of this paper is to examine whether preparing an integrated report and/or whether cross-listing is associated with more intellectual capital (IC) disclosure.

The paper compares the content of IC disclosures of matched samples of companies.

The findings show that companies preparing an integrated report disclose more IC information, and that companies exposed to international capital market pressures through cross-listing do not disclose more IC information.

The findings imply that integrated reporting (IR) is likely to increase IC disclosures and also that future IC disclosure research may have to take into account whether companies prepare an integrated report.

The results will be of interest to the proponents of IC and of IR, including the developers of the IR framework, regulators and companies considering IR.

This is one of the first studies to assess the influence of preparing an integrated report on the level of IC disclosure.

Islamic Insurance (Takaful) played a dynamic role in Islamic Social Finance (ISF). The popularity of the Takaful concept is being increased with each passing day. To describe the process, it is important to understand past areas of research, research differences, areas of unknown Takaful research, as well as the existing data. However, the purpose of the paper is to provide a comprehensive analysis of the development of qualitative research by carefully examining the nature of science and aspects of social relations in ISF.

Field, concerns with analysing and measuring the scholarly literature, quantitative characteristics of sciences and scientific technologies are known as scient metrics. This research includes queries such as “Islamic Insurance”, “Takaful” and “Shariah Insurance” as a reference in “Article title, Abstract and Keywords” based on Scopus from 2002 to 2022. This analysis was conducted in February 2022. The Bibliometrics, R-Studio, VOSviewer and Excel software are used to analyse the collected data and apply the bibliometric analysis.

The gist of the results and findings is that there are clear research gaps in the existing literature on Takaful. The available research on this subject does cover historical background, concept and models of Takaful and customer satisfaction towards Takaful model. Very important areas such as use of technology for bringing innovation in Takaful products and Shariah issues in existing practice and their solutions were not found in the present literature on Takaful.

This is the comprehensive research article to examine current literature on Takaful with bibliometric analysis. Results and potential areas of this research could be much helpful for scholars and researchers to create more dynamic improvements in the scientific development of Takaful in ISF.

As custodians of takaful contributors’ tabarru’ (donation) funds, takaful operators are expected to fulfil a stewardship role propagated under the precepts of Islam. The purpose of this paper is to analyse takaful operators’ stewardship, focusing on investment practices.

Structured interviews were conducted with senior investment staff from all of Malaysia’s takaful operators. Questions, developed using Delphi-style techniques, allowed a five-point Likert scale response addressing specific issues revolving around seven dimensions of governance quality – using the Malaysian Rating Corporation’s (MARC’s) governance rating guidelines for Islamic financial institutions (IFIs). Interviewees’ responses were assigned composite scores.

Malaysia’s takaful operators score well on most prescribed governance quality dimensions, although performance varies between operators and across dimensions. Areas for improvement are identified, especially regarding disclosure of information and contributor involvement in takaful operators’ management.

Predetermined questions restrict flexibility in obtaining takaful operators’ information; however, end-of-interview, open-ended questions were asked to tap interviewee opinions on pertinent issues. A focus on takaful operators’ governance quality and stewardship of investments means findings may not be representative of all operational aspects of their businesses.

This study identifies governance quality guidelines which takaful operators may benchmark against and identifies where best to focus attempts to improve performance. These guidelines will also assist regulators assessing takaful operators’ stewardship performance.

This study uses governance quality as an indicator of stewardship, a concept aligned with the precepts of Shariah. It covers the opinion of the takaful industry in a country with a comprehensive Islamic financial system, Malaysia, extending understanding of takaful operators’ governance quality.

The purpose of this paper is to explore the plausibility of six elements of IC and justify the measurement ability of a set of indicators based on publicly available data for each of the proposed element in order to provide tools to managers for their decision-making process in knowledge management (KM).

Core company's intangibles are combined into six intellectual capital (IC) elements that appear after the division of each of the traditional components (human, structural and relational capital (RC)). The human capital includes management and human resources capabilities (HRC). Structural capital is divided into innovation and internal process capabilities (IPC). RC contains networking capabilities and customer loyalty. In drawing on the relevant literature each element is described through a set of indicators collected from publicly available data. The validity of proposed IC model is justified through structural equation modeling. Each element is tested on a sample of more than 1,650 listed European companies over the period of 2004-2011.

The study gives empirical support of three component IC structure and its decomposition into second level. The findings reveal that implementation of KM plays a significant role for HRC as well as for IPC.

The analysis was conducted for a particular sample that may restrict the conclusions.

The proposed measurements for intangibles can be applied by any company for benchmarking and comparative analysis in KM.

The study provides empirical justification of metrics for intangibles allowing a better route in an economy driven by knowledge.

This paper aims to address the influence of mass media (MM) and word of mouth (WOM) on subjective norm (SN) and the intentions to purchase a family takaful scheme among Muslim Malaysians.

Data were collected from 384 Muslim consumers in Kuala Lumpur, Malaysia, using a convenience sampling approach. The hypotheses were tested by applying structural equation modelling.

The results revealed that MM and WM were able to influence SN. In addition, the results also found that SN significantly influences intentions to purchase a family takaful scheme.

By examining MM and WM on SN, the study validated the importance of both constructs in affecting consumers’ SN and purchase intention. This study would be useful for takaful operators, as the findings would help them to formulate strategies for promotional activities.

This paper empirically justifies the relationship between MM and WM on SN and purchase intention of family takaful schemes in an integrated model.

Insurance is a modern risk-management tool. Although the idea is novel, its practice is not free of interest, uncertainty and elements of gambling. Takaful has been introduced as an alternative to modern insurance. India has an established insurance industry, and although the country has the second largest Muslim population in the world, takaful has not been introduced there. Moreover, no research has examined how internal forces affect policy-holders to buy new insurance products such as takaful in India. This study aims to examine whether internal factors influence individual insurance policy-holders to open up to takaful. As internal factors reflect the innovative nature of policy-holders, this paper seeks to determine whether there is significant difference in the innovative nature of two independent sample groups (e.g. between Muslims and non-Muslims) in participating in takaful.

New product adoption theory is used in developing the hypotheses and a questionnaire. Snowball sampling method is used in this survey, with a sample size of 909 respondents, including Muslim and non-Muslim policy-holders. The internal forces that encourage potential policy-holders to participate in takaful is the independent variable here, while the respondents’ actual willingness to participate in takaful is the dependent variable. Religion and level of education are used as control variables, and regression and T-tests are performed to analyze the data.

Results show that the internal factors have significant impact at 1 per cent on the acceptance of takaful by policy-holders. There is also a significant difference in the innovative nature between Muslims and non-Muslims. Mean values from the T-test show that Muslims are more innovative than non-Muslims in India, offering a good sign for India to start offering takaful, as Muslims could be the core customer base.

This study focuses on internal factors influencing individual policy-holders’ willingness to participate in takaful. The findings can be the starting point for future research exploring the influence of external factors on such willingness to participate with potential benefits to local authorities, investors, insurance companies and the public in India.

This study provides crucial information about the demand side of takaful in India. The innovative nature of Indian policy-holders signals positive potential for operators to offer takaful in India and to concerned regulatory bodies to expedite its introduction to the market.