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1 – 10 of 500Michela Cordazzo and Philip G.M.C. Vergauwen
The purpose of this paper is to investigate the extent of intellectual capital (IC) disclosure on the UK biotechnology initial public offering (IPO) prospectuses. The study is…
Abstract
Purpose
The purpose of this paper is to investigate the extent of intellectual capital (IC) disclosure on the UK biotechnology initial public offering (IPO) prospectuses. The study is based on companies going public on the London Stock Exchange (LSE) and the London Alternative Investment Market (AIM) over the period 2005‐2007.
Design/methodology/approach
The extent of IC disclosure is collected and measured by using the IC disclosure index and the framework proposed by Bukh et al. The differences in the level of IC disclosure are analysed by modelling some firm‐specific determinants such as size, maturity, age and independence of the board.
Findings
It is shown that primary listing companies on the LSE disclose more IC information than those on the London AIM. Maturity and independence of the board are associated with IC disclosure, while size and age are not related, showing the importance of corporate communication as a signal of credibility to possible investors at IPO stage.
Originality/value
The main contribution of the paper is to analyse IC disclosure in the UK biotechnology IPO prospectuses. Previous literature does not focus on this reporting genre as an important corporate communication tool, as most research investigates IC disclosure only in annual reports and country regulation settings.
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Azwan Abdul Rashid, Muhd Kamil Ibrahim, Radiah Othman and Kok Fong See
This study aims to investigate the factors influencing the disclosure of intellectual capital (IC) information in the Malaysian initial public offering (IPO) prospectus using…
Abstract
Purpose
This study aims to investigate the factors influencing the disclosure of intellectual capital (IC) information in the Malaysian initial public offering (IPO) prospectus using multiple regression analysis.
Design/methodology/approach
The sample consists of 130 companies in the technology and industrial products sectors of Bursa Malaysia that went through an IPO between 2004 and 2008. Initially, the extent of the IC disclosure index is quantified using content analysis methodology. The multiple regression analysis is then used to examine the associations of nine potential explanatory variables with IC disclosure level.
Findings
In general, the results provide evidence that board size, board independence, age, leverage, underwriter and listing board significantly influence the extent of IC disclosure in an IPO prospectus. Nonetheless, the effect of each explanatory variable may vary in each estimated parameter of the multiple regression models. Three variables, board diversity, size and auditor, were not significant.
Originality/value
Although many studies have examined the content of and reasons for IC disclosures, this study provides empirical evidence in this specific area, i.e. to explore the determinants of IC disclosure, particularly from the perspective of IPO prospectuses, in emerging countries such as Malaysia.
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David Mathuva, Samuel Kiragu and Dulacha Barako
This study aims to examine the extent and drivers of anti-money laundering (AML) disclosures in the audited annual reports of regional listed banks in Kenya.
Abstract
Purpose
This study aims to examine the extent and drivers of anti-money laundering (AML) disclosures in the audited annual reports of regional listed banks in Kenya.
Design/methodology/approach
Using the Financial Action Task Force recommendations and other guidelines, the authors develop an AML disclosure index that is used to score the extent of AML disclosures by banks. A sample of 15 listed regional banks in Kenya over the period of 2007-2017 is used. Using this sample, the authors performed fixed-effects regressions to identify the significant determinants of AML disclosures.
Findings
The study establishes a low level of AML disclosures in the audited annual reports of sampled banks. The extent to which the AML disclosures improved across three distinct regulatory regimes over the period of 2007-2017 is reported. The authors find that the AML disclosures are largely driven by corporate governance (board size and audit committee size) and the ratio of diaspora remittances to GDP.
Practical implications
Owing to the global nature of money laundering activities, the study suggests that the Central Bank of Kenya needs to internationalize AML regulations and follow internationally accepted best practices in AML to respond to emerging trends in money laundering and related crimes.
Originality/value
To the best knowledge of the researchers, this is perhaps the first study to examine the drivers of AML disclosures by banks in a developing economy in the East and Southern African region. Given the global nature of money laundering, the study makes an important and original contribution to the body of knowledge with potential for replication in other jurisdictions. The findings will also form a basis for developing an AML reporting or disclosure framework.
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The study presented is a starting point in Spain about the invisible phenomenon of female delinquency behavior and juvenile justice. Studying girls who break laws certainly…
Abstract
Purpose
The study presented is a starting point in Spain about the invisible phenomenon of female delinquency behavior and juvenile justice. Studying girls who break laws certainly provides insight into the standards, practices, and social customs affecting young women in a particular time and space, as well as providing clues about the expectations of their gender.
Methodology/approach
This research is being based on socio-biographic interviews and the analysis of individual life histories (totaling 16). However, in order to increase the validity and credibility of the information collected using this method, further complimentary methods of collecting data were also employed, leading to a triangulation of methods. This consisted of the analysis of social and judicial case files/dossiers (44) and first-hand observation undertaken during one-month stay in a female juvenile reform institution for young women convicted of committing crimes between the age of 14 and 18. The girls could, however, remain at the institution to the age of 21.
Findings
Girls are often the victims of what might be called multiple situation of marginality in that their gender race and class have placed them at the economic periphery of society. Understanding their lives and choices of girls who find themselves in the juvenile criminal justice systems also requires a broader understanding of the contexts and process within which their criminal behavior is lodged.
Originality/value
This research has looked closely at the existing theory on women and crime, as well as the forms of participation, the processes, factors and contexts of social exclusion, and the role of women offenders in the Spanish Juvenile Justice.
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To investigate, compare and document the magnitude and extent of intellectual capital disclosure to sustainability disclosure during a transition from a voluntary to mandated…
Abstract
Purpose
To investigate, compare and document the magnitude and extent of intellectual capital disclosure to sustainability disclosure during a transition from a voluntary to mandated “comply or explain” sustainability reporting regime. And to empirically test if, during the regime transition period, changes in the magnitude (extent) of sustainability disclosure is a significant determinant of changes in the magnitude (extent) of intellectual capital disclosure.
Design/methodology/approach
Content analysis of 1,744 annual reports drawn from 436 Singapore listed firms spanning a four-year observation window (i.e. April 1, 2014 to March 31, 2018). The magnitude (number of sentences) and extent (number of items) of (1) intellectual capital disclosure measured using a 38-item index; (2) sustainability disclosure of a 105-item index; and (3) 15-item index to measure the magnitude and extent of joint sustainability/intellectual capital disclosure.
Findings
The average magnitude and extent of sustainability and the joint sustainability/intellectual capital disclosure increased whilst the average magnitude and extent of intellectual capital disclosure increased when regulatory discussion of a change to mandated sustainability reporting emerged. However, in the annual period the mandated sustainability reporting became effective while the average magnitude and extent of intellectual capital disclosure declined. Regression tests indicate a significant (insignificant) association between the change in the magnitude (extent) of sustainability disclosure and intellectual capital disclosure.
Research limitations/implications
From a research perspective, the analysis implies researchers investigating the consequences of mandated sustainability disclosure should consider impact on alternative non-financial disclosure themes and develop theoretical frameworks to derive why and how management may shift non-financial reporting strategies and practices.
Practical implications
For regulators, findings suggest there may be a need to weigh spillover costs of reductions in transparency related to intellectual capital. For investors, declines in the magnitude and extent of intellectual capital disclosure following a transition to mandated sustainability reporting may limit future firm valuation particularly of heavy intangible asset-oriented firms.
Originality/value
Initial study empirically investigating the impact of the transition from a voluntary to mandated sustainability reporting regime on the magnitude and extent of intellectual capital disclosure.
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Sophie Soklaridis, Ayelet Kuper, Cynthia R. Whitehead, Genevieve Ferguson, Valerie H. Taylor and Catherine Zahn
The purpose of this paper is to examine the experiences of gender bias among women hospital CEOs and explore to what these female leaders attribute their success within a…
Abstract
Purpose
The purpose of this paper is to examine the experiences of gender bias among women hospital CEOs and explore to what these female leaders attribute their success within a male-dominated hospital executive leadership milieu.
Design/methodology/approach
This qualitative study involved 12 women hospital CEOs from across Ontario, Canada. Purposeful sampling techniques and in-depth qualitative interview methods were used to facilitate discussion around experiences of gender and leadership.
Findings
Responses fell into two groups: the first group represented the statement “Gender inequality is alive and well”. The second group reflected the statement “Gender inequity is not significant, did not happen to me, and things are better now”. This group contained a sub-group with no consciousness of systemic discrimination and that claimed having no gendered experiences in their leadership journey. The first group described gender issues in various contexts, from the individual to the systemic. The second group was ambivalent about gender as a factor impacting leadership trajectories.
Originality/value
Representations of women’s leadership have become detached from feminism, with major consequences for women. This study reveals how difficult it is for some women CEOs to identify gender bias. The subtle everyday norms and practices within the workplace make it difficult to name and explain gender bias explicitly and may explain the challenges in understanding how it might affect a woman’s career path.
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Avo Schönbohm and Anastasia Zahn
The purpose of this paper is to develop a framework for an enlightened management and governance praxis against a backdrop of cognitive and motivational biases promoting a…
Abstract
Purpose
The purpose of this paper is to develop a framework for an enlightened management and governance praxis against a backdrop of cognitive and motivational biases promoting a reflected international capital budgeting decision process. Furthermore, societally relevant questions are raised whether these biases might have an effect on various stakeholders in public–private partnerships. Recurring failures of international business investments motivate reflective, cognitive and socio-constructivist perspectives on the international capital budgeting process.
Design/methodology/approach
Based on an interdisciplinary literature review and substantiated by empirical studies, the cognitive biases and flaws of the international capital budgeting process are discussed making use of a five-stage process scheme. The article applies the interpretative paradigm and regards the international capital budgeting process stages as a socio-political process of reality construction and critically assesses the motives of its actors. Consequently, the authors develop and discuss three principle-based behavioural rationalisation factors.
Findings
International capital budgeting is not a process of rational choice but of social construction of reality. Reflective prudence, critical communication and independence are three rationalisation factors which could, if applied along the five stages of the international capital budgeting process, systematically lead to de-biasing and thus enhance the performative praxis of international investment decisions.
Research limitations/implications
The international capital budgeting process deals with the construction of future scenarios under uncertainty and assessment of potential success and failure of future projects. The defined (or any other) rationalisation factors are subject to cultural biases and can naturally not guarantee successful investment projects. Although the success of the application of various de-biasing tactics was empirically confirmed, the aggregated rationalisation factors of the paper have not been tested.
Practical implications
The paper is aimed at enhancing the reflective understanding and the performative praxis of the international capital budgeting process. The practical recommendations aggregated in the rationalisation factors are explicitly elaborated for international business practitioners.
Social implications
Societally relevant questions are raised whether systematic biases have an effect on various stakeholders in international public–private partnerships. Especially in large investment projects, where capturing private value might be boosted by actively exploiting biases of the public decision makers, active stakeholder engagement could enhance the social and ecological value of investments.
Originality/value
The article provides a rare interdisciplinary literature review on cognitive biases in the international capital budgeting process. It critically reflects the social construction of it various stages and its social repercussions and develops practical rationalisation factors for an enhancement of the international capital budgeting process as a performative praxis.
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Sheen Instruments range of test instruments for coatings and inks manufacture literally extends from A to Z — from Abrasion testers to Zahn flow cups. During the last four months…
Abstract
Sheen Instruments range of test instruments for coatings and inks manufacture literally extends from A to Z — from Abrasion testers to Zahn flow cups. During the last four months alone there have been three further additions to what is now the most comprehensive range of test instruments for the coatings industry from any one manufacturer, probably world‐wide.