People have the power: post IPO effects of intellectual capital disclosure

Cardi, Cristiana; Mazzoli, Camilla; Severini, Sabrina

doi:10.1007/s12197-018-9439-9

Cited by 2 publications

(4 citation statements)

References 69 publications

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“…Companies in industries that rely heavily on intellectual capital for a competitive advantage typically disclose more about intellectual capital (Br€ uggen et al, 2009). Furthermore, disclosing intellectual capital details about human resources, IT, strategy and so forth was found to impact long-run IPO performance for a set of Italian IPOs (Cardi et al, 2019). On the other hand, investors do not want too much "sensitive" information presented in prospectuses.…”

Section: Prospectus Information and Ipo Performancementioning

confidence: 99%

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A configurational approach to the intended use of IPO proceeds and performance

Tupper

Mallon

2022

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PurposeThe authors seek an answer to the research question: how do the disclosure of the intended use of initial public offering (IPO) proceeds and firm characteristics jointly influence IPO performance?Design/methodology/approachData on the use of proceeds, firm age, size, high- or low-tech industry, and the length of the use of proceeds section were collected from 341 IPOs in the USA, UK, and Hong Kong. Fuzzy-set Qualitative Comparative Analysis was used to predict which configurations of IPO use of proceeds and firm characteristics consistently led to above-average IPO performance.FindingsTen configurations of causal factors were found to lead to above-average IPO performance. Disclosure of IPO proceeds use matters for IPO performance but is contingent on firm characteristics. Whether a firm is in a high- or low-technology industry along with its size and age have distinct effects on which intended uses of proceeds are beneficial and how long their intended proceeds section must be to lead to above-average IPO performance.Originality/valueThese findings contribute to a multidimensional view of IPO performance. The authors use information processing and a management perspective to see how the use of proceeds sections help frame an IPO’s equity story. The use of a configurational methodology and a management perspective shows how IPOs can be viewed as a bundle of attributes.

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Section: Prospectus Information and Ipo Performancementioning

confidence: 99%

“…, 2009). Furthermore, disclosing intellectual capital details about human resources, IT, strategy and so forth was found to impact long-run IPO performance for a set of Italian IPOs (Cardi et al. , 2019).…”

Section: Prospectus Information and Ipo Performancementioning

confidence: 99%

A configurational approach to the intended use of IPO proceeds and performance

Tupper

Mallon

2022

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“…A measurement scale determines the extent of ICD by scoring the presence of items in the annual report with either 1 for disclosed or 0 for not disclosed (Cardi, Mazzoli, & Severini, 2019;Nielsen, Rimmel, & Yosano, 2015). Another two-point scale means 1 for information disclosed qualitatively and 2 for information disclosed quantitatively (García-Meca et al, 2005;Whiting & Miller, 2008).…”

Section: Constructing the Intellectual Capital Disclosure Measurement Scalementioning

confidence: 99%

“…Dammak, Triki and Boujelbene (2010) disclosure of ICD on a 0 to 1 response scale. Similarly, an ICD disclosure index with 78 items also with 0 to 1 response scale was found useful in examining ICD towards corporate performance (Cardi et al, 2019;Nielsen et al, 2015). In this study, the ICD dimensions (SCD, HCD and RCD) were utilised as follows in the construction of a 7-point disclosure index taking into consideration the reflective measures than formative measures (Park, Lee, & Chae, 2017):…”

Section: Measurement Instrumentmentioning

confidence: 99%

A measurement scale for assessing intellectual capital disclosure

Magau

Roodt

Zyl

2021

SA Journal of Human Resource Management

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Orientation: Intellectual capital disclosure (ICD) including structural capital (SC), human capital (HC), and relational capital (RC) of non-financial information creates a shareholder value. Conflicting evidence on this voluntary disclosure suggests the need to develop an ICD measurement scale for reducing information asymmetry in the annual financial reporting.Research purpose: The main aim of this study was to develop a multi-dimensional measurement scale consisting of groups of items for critically examining the extent of ICD in the corporate annual reports or integrated reports to build investor confidence.Motivation for the study: The lack of voluntary disclosure on intellectual capital (IC) increases information asymmetry and negatively affects investor decision-making. An ICD measurement scale is expected to facilitate the reliable extraction of non-financial information from the annual reports or integrated reports.Research approach/design and method: A quantitative cross-sectional study was used with an ICD measurement scale for extracting information from 150 annual reports of the Johannesburg Stock Exchange (JSE) listed companies. The measurement scale was subjected to exploratory factor analysis (EFA).Main findings: The ICD measurement scale yielded one factor structures across all three dimensions with internal reliability statistics (Cronbach alphas) of SC (0.849), HC (0.806) and RC (0.749), after the second level factor analysis.Practical/managerial implications: The ICD measurement scale will enable the market participants to understand how non-financial information can be extracted reliably from the annual reports and use to assess the value of intangible assets.Contribution/value-add: The novel contribution of the study is the construction of a measurement scale for assessing ICD.

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People have the power: post IPO effects of intellectual capital disclosure

Cited by 2 publications

References 69 publications

A configurational approach to the intended use of IPO proceeds and performance

A configurational approach to the intended use of IPO proceeds and performance

A measurement scale for assessing intellectual capital disclosure

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