Legal origin, financial development, and innovation: evidence from large public and private firms in the U.S. and Europe

Caprio, L. De; Rigamonti, Silvia; Signori, Andrea

doi:10.1007/s10997-019-09500-1

Cited by 6 publications

(3 citation statements)

References 17 publications

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“…Finally, the relationship between IC and corporate financing policies has been relatively less investigated. In this specific field, Caprio et al. (2020) have found evidence that firms from common law countries (such as the US, the UK and Ireland) are more innovative, since market-based systems are better able to finance intangible assets than bank-based systems such as those found in continental European countries.…”

Section: Literature Reviewmentioning

confidence: 99%

The evolution of intellectual capital disclosure driven by European regulatory change: evidence from the Italian stock market

Amendola

Gennaro

Labella

et al. 2023

JIC

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PurposeThe matter of interest is the reporting and disclosure of intellectual capital (IC) in the global “knowledge economy” era. The aim of the paper is twofold: to verify the level of disclosure of IC through the non-financial statements (NFSs) published by public companies and to identify the main firm-specific factors that explain the propensity to disclose.Design/methodology/approachBased on the 27 components of IC, a scoring system is designed to measure the level of disclosure of IC by 47 listed Italian companies. Content analysis (CA) is performed on the NFSs these companies published in 2020, to measure each company's so-called intellectual capital disclosure index (ICDI). A regression analysis is then applied to relate the ICDI scores to some firm-specific variables to determine their relevance and influence on the level of disclosure.FindingsAlthough the NFS was not designed specifically for IC, the results of the analyses show an overall barely satisfactory ability of the NFS to give certain information on IC. Furthermore, the propensity to disclose IC appears significantly related to some firm characteristics considered here, such as capitalization, profitability, productivity, intangibility and financial structure.Research limitations/implicationsThe analysis relates to a representative but limited sample that does not allow for sectoral or time-series analyses. Extending the companies and years under observation would allow the results to be validated with broader and more in-depth analysis.Originality/valueThis paper provides exploratory but interesting evidence about the relationships between IC disclosure (ICD), firm characteristics and market capitalization. Despite several previous studies on the disclosure of IC, no analyses were found that focused on the information capacity of the NFS. Also, to the authors' knowledge, relatively few researchers have considered a set of financial ratios that include capital structure indices.

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Section: Literature Reviewmentioning

confidence: 99%

The evolution of intellectual capital disclosure driven by European regulatory change: evidence from the Italian stock market

Amendola

Gennaro

Labella

et al. 2023

JIC

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“…, 2013). As a result of stronger investor, creditor and property rights protection, legal origin theory protagonists contend that common law systems are superior to other regulatory systems in facilitating innovation (Caprio et al. , 2020; Wen et al.…”

Section: Introductionmentioning

confidence: 99%

“…Anglo-American common law systems feature marketoriented libertarian laws, regulations, and policies, whereas European civil law systems favour collectivist laws, regulations, and policies with higher levels of state intervention (La Porta et al, 2013). As a result of stronger investor, creditor and property rights protection, legal origin theory protagonists contend that common law systems are superior to other regulatory systems in facilitating innovation (Caprio et al, 2020;Wen et al, 2022) and in enhancing economic outcomes (La Porta et al, 2013;Vandenbulke, 2017).…”

Section: Introductionmentioning

confidence: 99%

Policy, regulation, and institutional approaches to digital innovation in the wine sector: a cross-country comparison

Waye

Rocca²,

Veneziani³

et al. 2022

BFJ

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PurposeThis study explores the impact of institutions, policies, and regulations at the global, national, and sectoral levels on digitalisation within the Italian and Australian wine industries.Design/methodology/approachDrawing on qualitative research data collected from interviews with key personnel in the wine industry, this study shows that both jurisdictions are at a similar stage of emergent digital development despite very different settings.FindingsAccordingly, the authors find that digitalisation is constrained by common policy and regulatory issues emanating at the global and national levels, such as a lack of data infrastructure and data governance, and the need for institutions at the local and regional levels to spur innovation, especially with SMEs.Originality/valueThis is the first study to analyse the role of policy, regulation, and institutional arrangements in digital diffusion using a cross-country comparison of the wine sector.

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What predicts the legal status of cryptocurrencies?

Stolbov

Shchepeleva

2020

Economic Analysis and Policy

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Legal origin, financial development, and innovation: evidence from large public and private firms in the U.S. and Europe

Cited by 6 publications

References 17 publications

The evolution of intellectual capital disclosure driven by European regulatory change: evidence from the Italian stock market

The evolution of intellectual capital disclosure driven by European regulatory change: evidence from the Italian stock market

Policy, regulation, and institutional approaches to digital innovation in the wine sector: a cross-country comparison

What predicts the legal status of cryptocurrencies?

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