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Available. Open Access. Open Access
Article
Publication date: 16 December 2019

A.A. Ousama, Mashael Thaar Al-Mutairi and A.H. Fatima

The purpose of this paper is to investigate the relationship between the intellectual capital (IC) information reported in the annual reports and market value of the companies…

4026

Abstract

Purpose

The purpose of this paper is to investigate the relationship between the intellectual capital (IC) information reported in the annual reports and market value of the companies listed on the Qatar Stock Exchange.

Design/methodology/approach

The study is based on a panel data collected from the annual reports and Bloomberg database for six years, specifically the periods 2010-2012 and 2016-2018. The total sample consists of 252 observations. The theoretical framework was developed in reference to the resource-based theory. The regression model is based on Ohlson’s model, which has been modified by including IC information.

Findings

The study found that there is a significant relationship between IC information and firm market value. This finding indicates that companies report their IC to help the stakeholders (e.g. shareholders, investors) to understand the real value of the company (which includes IC values).

Practical implications

The shift to a knowledge-based economy (KBE) has made knowledge a driver for economic growth, and it has become more important than capital, land and labour. This shift makes IC and resources vital for companies to create wealth, value and gain competitive advantage. The State of Qatar plans to transform its economy to a KBE in its “Qatar Vision 2030”. The findings of the study show that the companies have started to depend more on IC to contribute to transforming Qatar’s economy to a KBE.

Originality/value

This study could be considered a pioneer study to examine the association of IC disclosure and firm value in Qatar. Furthermore, prior literature has mixed findings, which justifies further investigation of IC’s effect on market value, particularly in the emerging economy of Qatar.

Details

Measuring Business Excellence, vol. 24 no. 1
Type: Research Article
ISSN: 1368-3047

Keywords

Available. Open Access. Open Access
Article
Publication date: 6 December 2019

A.A. Ousama, Helmi Hammami and Mustafa Abdulkarim

The purpose of this study is to empirically investigate the impact of intellectual capital (IC) on the financial performance of Islamic banks operating in the Gulf Cooperation…

11215

Abstract

Purpose

The purpose of this study is to empirically investigate the impact of intellectual capital (IC) on the financial performance of Islamic banks operating in the Gulf Cooperation Council (GCC) countries.

Design/methodology/approach

The study measures IC by the value added intellectual coefficient model. A regression analysis was used to assess the impact of IC on financial performance. The research sample consisted of Islamic banks operating in the GCC countries during the years 2011, 2012 and 2013. Data originated from the annual reports of Islamic banks.

Findings

The results support the thesis that IC has a positive impact on the financial performance of Islamic banks. Even though the average IC is lower than that reported in other studies, the positive effect on financial performance is obvious. The findings also show that human capital (HC) is higher than capital employed (CE) and structural capital (SC). The study reveals that SC has an insignificant impact on the financial performance of the Islamic banks compared to CE and HC.

Practical implications

The findings provide empirical evidence that IC affects the Islamic banks’ financial performance. It helps Islamic banks in the GCC countries to understand how to use their IC efficiently, especially SC as it is yet to be used efficiently. Also, the findings benefit the relevant authorities (e.g. legislators and central banks) who could use them to emphasise strategic policy reforms whenever required.

Originality/value

The current research adds to the empirical studies in the GCC countries as it views the region as a collective as opposed to individual countries. It also extends the IC and performance measurement literature of Islamic banks in the GCC countries. Moreover, the current study enriches the limited literature on IC in the context of Islamic banking.

Details

International Journal of Islamic and Middle Eastern Finance and Management, vol. 13 no. 1
Type: Research Article
ISSN: 1753-8394

Keywords

Available. Open Access. Open Access
Article
Publication date: 14 December 2020

Syed Abdulla Al Mamun and Alima Aktar

The purpose of this study is to investigate the intellectual capital disclosure (ICD) practices of financial institutions in an emerging economy of Bangladesh.

2975

Abstract

Purpose

The purpose of this study is to investigate the intellectual capital disclosure (ICD) practices of financial institutions in an emerging economy of Bangladesh.

Design/methodology/approach

Based on 93 items of intellectual capital categorized into internal capital, external capital and human capital, ICD index is developed for 53 financial institutions listed in Dhaka Stock Exchange. This study uses descriptive statistics to analyze ICD practices, and parametric and non-parametric tests to analyze the variation of ICD practices in terms of different categories as well as in terms of different sectors.

Findings

Results indicate that more than 70% of ICD items are generally not disclosed by financial institutions in Bangladesh. The highest of 36% of external capital disclosure items are disclosed, whereas the lowest of 18% of human resource capital elements are disclosed. Furthermore, results find the significant variability of ICD practices in terms of different intellectual capital categories and in between banking companies and non-banking financial institutions.

Practical implications

Findings have critical implications for managers, policymakers and regulators for setting appropriate strategies and regulations for improving the level of ICD, which, in turn, may reduce the information asymmetry problems of financial institutions as well.

Originality/value

In-depth analysis about variability of ICD practices creates value in the ICD literature by highlighting strategic priority of financial institutions to disclose information about the strategic resources in unique emerging economic settings such as Bangladesh.

Available. Open Access. Open Access
Article
Publication date: 13 May 2021

Łukasz Matuszak and Ewa Różańska

This study aims to investigate the differences in the extent of non-financial disclosure (NFD) across companies listed on the Warsaw Stock Exchange over the period surrounding the…

2699

Abstract

Purpose

This study aims to investigate the differences in the extent of non-financial disclosure (NFD) across companies listed on the Warsaw Stock Exchange over the period surrounding the implementation of the Directive 2014/95/EU.

Design/methodology/approach

The sample comprising 134 selected companies. Content analysis and a disclosure index were used to measure the level of NFD. Non-financial reporting practices in the two years before (2015) and one year after (2017) the implementation of the Directive were compared.

Findings

The results highlight that there is already a high level of compliance with the European Union’s regulation. The extent of the NFD across different thematic aspects in reporting media increased significantly between 2015 and 2017 in particular in human rights and anti-corruption. The Directive had the largest impact on those firms with previously low levels of NFD and led to more homogeneity of NFD across different industries.

Originality/value

The study contributes to the understanding of the impact of the Directive on the NFD practices by European Union companies. The research has important implications for policymakers because it revealed that mandatory regulations form a crucial instrument in improving the harmonization of NFD. The research suggests that, due to the Directive, stakeholders should be provided with more comprehensive information that they need in their decision-making process.

Details

Sustainability Accounting, Management and Policy Journal, vol. 12 no. 5
Type: Research Article
ISSN: 2040-8021

Keywords

Available. Open Access. Open Access
Article
Publication date: 6 November 2024

Chiranjit Ghosh

This empirical study is developed with an aim of exploring how and to what extent the current year’s as well as lagged years’ disclosure level of intellectual capital (IC…

87

Abstract

Purpose

This empirical study is developed with an aim of exploring how and to what extent the current year’s as well as lagged years’ disclosure level of intellectual capital (IC) influences the firm's value which is measured through the Cost of Equity Capital.

Design/methodology/approach

The content analysis technique is applied on the annual reports of 50 sample companies to construct an IC disclosure index for measuring the volume of IC disclosure and to collect other relevant information for the study periods from 2015–16 to 2019–20. However, due to unavailability of information for all the study periods, 7 companies were eliminated and finally 43 companies are used for analytical purpose. Keeping in mind about the aim of this research, regression equations are run to analyze the cause–effect relationship between the IC disclosure level and the Cost of Equity Capital after excluding the influence of other factors like firm size, unlevered beta and market-to-book ratio.

Findings

The present study finds that the amount of IC disclosure has an inverse association with the cost of equity capital. Our study also confirms that lagged years’ IC disclosure has a greater inverse effect than the current year’s IC disclosure on the Cost of Equity Capital.

Originality/value

For the first time in the literature of IC disclosure in the perspective of Indian context, this empirical study takes an initiative to investigate the impact of current year’s as well as backlog years’ IC disclosure level on the Cost of Equity Capital.

Details

IIMBG Journal of Sustainable Business and Innovation, vol. 2 no. 2
Type: Research Article
ISSN: 2976-8500

Keywords

Available. Open Access. Open Access
Article
Publication date: 16 October 2023

Albert Anton Traxler, Dorothea Greiling, Margit Freinbichler and Petra Mayerhofer

While in the past companies have voluntarily disclosed information beyond the financial bottom line, there is now a trend toward mandatory reporting in many countries. With the…

1176

Abstract

Purpose

While in the past companies have voluntarily disclosed information beyond the financial bottom line, there is now a trend toward mandatory reporting in many countries. With the adoption of Directive 2014/95/EU, the European Union has taken a decisive step in this direction. However, research on the effects of these obligations is still at an early stage, particularly regarding Directive 2014/95/EU. Therefore, this paper aims to pursue the question of whether the directive has led to an improvement in reporting.

Design/methodology/approach

The authors analyzed the reporting of the EURO STOXX 50 companies before and after the directive entered into force. To evaluate the improvement, the authors assigned the individual Global Reporting Initiative indicators to the different information requirements of the directive.

Findings

Overall, the authors’ study revealed an improvement in reporting. However, this does not apply to all information categories. A significant improvement can be seen regarding the information on policies and due diligence, principal risk and non-financial key performance indicators. Institutional theory suggests that the observed improvements among these reporting-experienced companies can be understood as the result of coercive pressure triggered by the directive’s requirements.

Originality/value

The authors’ study contributes to the debate on the impact of non-financial reporting obligations by providing empirical insights into the effects of Directive 2014/95/EU. These insights can inform political and managerial decision-making, particularly in view of increasing reporting obligations.

Details

Journal of Accounting & Organizational Change, vol. 19 no. 6
Type: Research Article
ISSN: 1832-5912

Keywords

Available. Open Access. Open Access
Article
Publication date: 25 September 2023

Md Sajjad Hosain and Abdullah Mohammad Ahshanul Mamun

This empirical paper is an endeavor to explore the relationship between social media advertising (SMA) and customers' purchase intention (CPI) in three South Asian countries. SMA…

2197

Abstract

Purpose

This empirical paper is an endeavor to explore the relationship between social media advertising (SMA) and customers' purchase intention (CPI) in three South Asian countries. SMA was further divided into three relevant dimensions: perceived relevance (PR), perceived informativeness (PI) and perceived credibility (PC). Furthermore, the authors incorporated a single mediator: customers' brand consciousness (CBC) to test the mediating effects on the direct relationships.

Design/methodology/approach

The authors purposively selected 1937 fashion-conscious individuals based on a cross-sectional survey design. The authors applied SPSS 25 for explanatory statistics and structural equation modeling (SEM) (through AMOS 25) for testing the hypothesized relationships.

Findings

Based on the responses and the application of statistical measures, the authors revealed that all of the three dimensions of SMA have significant positive relationships with CPI. CBC is also significantly and positively related to CPI. Regarding the mediating effects, CBC was identified to have full mediation effects on the relationships between PR and CPI and PI and CPI. On the contrary, the same variable was found to have partial mediation on the relationship between PC and CPI.

Originality/value

South Asia is a growing business hub and the largest consumer market in terms of population. This empirical study was undertaken to reveal the role of SMA on CPI in the three highly populated South Asian countries, which is rare in academia. The outcomes of this empirical study are expected to be useful for further research attempts regarding SMA and consumer behavior. Businesses and policymakers are also expected to benefit from formulating SMA-related strategies to retain present buyers as well as attract the prospective ones.

Available. Open Access. Open Access
Article
Publication date: 27 February 2024

Aklima Akter, Wan Fadzilah Wan Yusoff and Mohamad Ali Abdul-Hamid

This study aims to see the moderating effect of board diversity on the relationship between ownership structure and real earnings management.

2352

Abstract

Purpose

This study aims to see the moderating effect of board diversity on the relationship between ownership structure and real earnings management.

Design/methodology/approach

This study uses unbalanced panel data of 75 listed energy firms (346 firm-year observations) from three South Asian emerging economies (Bangladesh, India, and Pakistan) from 2015 to 2019. The two-step system GMM estimation is used for data analysis. This study also uses fixed effect regression to obtain robust findings.

Findings

The findings show that firms with a greater ownership concentration and managerial ownership significantly reduce real earnings management. In contrast, the data refute the idea that institutional and foreign ownership affect real earnings management. We also find that board diversity interacts significantly with ownership concentration and managerial ownership, meaning that board diversity moderates the negative link of the primary relationship that reduces real earnings management. On the other hand, board diversity has no interaction with institutional and foreign ownership, implying no moderating effect exists on the primary relationship.

Originality/value

To the best of the authors’ knowledge, this is unique research investigating how different ownership structures affect real earnings management in the emerging nations’ energy sector, which the earlier studies overlook. More specifically, this research focuses on how board diversity moderates the relationships between ownership structure and real earnings management, which could be helpful for future investors.

Details

Asian Journal of Accounting Research, vol. 9 no. 2
Type: Research Article
ISSN: 2459-9700

Keywords

Available. Open Access. Open Access
Article
Publication date: 3 November 2022

Maria Aluchna, Maria Roszkowska-Menkes and Bogumił Kamiński

Non-financial reporting (NFR) is viewed as a major step towards organisational transparency and accountability. While the number of non-financial reports published every year has…

11718

Abstract

Purpose

Non-financial reporting (NFR) is viewed as a major step towards organisational transparency and accountability. While the number of non-financial reports published every year has been growing exponentially over the last two decades, their quality and effectiveness in managing environmental, social and governance (ESG) performance have been questioned. Addressing these concerns, several jurisdictions, including EU Member States, introduced mandatory NFR regimes. However, the evidence on whether such regulation truly translates into enhanced ESG performance remains scarce. This paper aims to fill this gap in the literature by investigating the impact of the EU’s Directive 2014/95/EU (Non-financial Reporting Directive, NFRD) on the ESG scores of Polish companies.

Design/methodology/approach

Drawing upon institutional and strategic perspectives on legitimacy theory, the authors test the relationship between the introduction of the NFRD and the ESG scores derived from the Refinitiv database, using a sample of all those companies listed on the Warsaw Stock Exchange whose disclosure allows for measuring ESG performance (yielding 171 firm-year observations from 43 companies).

Findings

This study’s findings show an improvement of ESG performance following the introduction of the NFRD. The difference-in-differences approach indicates that the improvement is larger for companies that are subject to the legislation when it comes to overall ESG performance, particularly for environmental and social performance. Nonetheless, to the best of the authors’ knowledge, no significant effect is found for performance in the governance dimension.

Originality/value

This study investigates the role of transnational mandatory reporting regulation in the first years of its enactment. The evidence offers insights into the effects of disclosure legislation in the context of an underdeveloped institutional environment.

Details

Meditari Accountancy Research, vol. 31 no. 7
Type: Research Article
ISSN: 2049-372X

Keywords

Available. Open Access. Open Access
Article
Publication date: 9 March 2021

Matteo Rossi, Giuseppe Festa, Salim Chouaibi, Monica Fait and Armando Papa

This study aims to examine the potential effect that business ethics (BE) in general and corporate social responsibility (CSR) more specifically can exert on the voluntary…

16334

Abstract

Purpose

This study aims to examine the potential effect that business ethics (BE) in general and corporate social responsibility (CSR) more specifically can exert on the voluntary disclosure (VD) of intellectual capital (IC) for the ethically most engaged firms in the world.

Design/methodology/approach

The research design is based on an inductive approach. As part of the global quantitative investigation, the authors have analyzed the impact of BE and CSR on the transparent communication of the IC. The data under analysis have been investigated using multiple linear regression.

Findings

Based on a sample of 83 enterprises emerging as the most ethical companies in the world, the results have revealed that the adoption of ethical and socially responsible approach is positively associated with the extent of VD about IC. This finding may help attenuating the asymmetry of information and the conflict of interest potentially arising with corporate partners. Hence, IC-VD may stand as an evidence of ethical and socially responsible behaviors.

Practical implications

Global and national regulators and policymakers can be involved by these results when setting social reporting standards because they suggest that institutional and/or cultural factors affect top management's social reporting behavior in the publication of the IC information.

Social implications

Direct and indirect stakeholders, if supported by ethical and socially responsible behaviors of the company, could assess more in detail the quality of the disclosed information concerning the IC.

Originality/value

Most of the studies that have been conducted in this field have examined the effect of BE and CSR on the firm's overall transparency, neglecting their potential effect on IC disclosure. This study is designed to fill in this gap through testing the impact of ethical and socially responsible approaches specifically on IC-VD.

Details

Journal of Intellectual Capital, vol. 22 no. 7
Type: Research Article
ISSN: 1469-1930

Keywords

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