Purpose - A number of studies have examined firms’ intellectual capital (IC) disclosure practices. However, the presentation format of IC disclosure (text, numerical and graphs/pictures) is yet to be examined. In addition, there is little evidence on the impact of capital market pressures on IC disclosure. This study aims to examine the relation between presentation format of IC disclosures and three market factors (market-to-book ratio, share price volatility and multiple listing.\ud\udDesign/methodology/approach - Using content analysis, we examine the level of IC disclosure provided in the annual reports of 100 IC-intensive listed UK firms. A 61-IC-item research instrument is used to measure IC disclosure and regression analysis is employed to examine the relation between disclosure and the market factors, controlling for corporate governance and firm specific variables.\ud\udFindings - Text is the most commonly used format for IC disclosure, whilst the use of graphs/pictures is very low. The findings of the relation between market factors and IC disclosure are mixed. Market-to-book ratio is significantly related to disclosure in text and numerical, but not to graphs/pictures. Share price volatility is only associated with graphs/pictures, whilst multiple listing is only related to text.\ud \udOriginality/value - Our findings suggest that the impact of capital market pressures on IC disclosure might differ with presentation format. In this context, the study makes a significant contribution to the IC disclosure literature.
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机译:目的-许多研究检查了公司的智力资本(IC)披露惯例。然而,IC公开的呈现格式(文本,数字和图形/图片)尚待研究。此外,几乎没有证据表明资本市场压力对IC披露的影响。这项研究旨在研究IC披露的陈述格式与三个市场因素(市账率,股价波动性和多重上市)之间的关系。\ ud \ ud设计/方法/方法-使用内容分析,我们研究了IC披露的水平英国100家IC密集上市公司的年报中提供了IC披露,使用61-IC项目研究工具衡量IC披露,并进行回归分析以检查披露与市场因素之间的关系,从而控制公司治理\ ud \ udFindings-文本是IC披露最常用的格式,而图表/图片的使用率非常低。市场因素与IC披露之间关系的发现是混合的。帐面比率与文本和数字的披露显着相关,但与图形/图片无关,股价波动仅与图形/图片相关,而多次上市仅与图形/图片相关xt。\ ud \ ud原始性/价值-我们的发现表明,资本市场压力对IC披露的影响可能与展示格式不同。在这种情况下,该研究为IC公开文献做出了重大贡献。
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