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Article
Publication date: 2 November 2015

Leire Alcaniz, Fernando Gomez-Bezares and Jose Vicente Ugarte

Initial Public Offerings (IPOs) have been studied from different perspectives. The purpose of this paper is to analyse the type of intellectual capital (IC) information provided…

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Abstract

Purpose

Initial Public Offerings (IPOs) have been studied from different perspectives. The purpose of this paper is to analyse the type of intellectual capital (IC) information provided in the Spanish IPO prospectuses and the characteristics of the firms that go public and supply more information. The paper also compares the results with similar previous studies carried out in different countries.

Design/methodology/approach

The database gathers Spanish IPOs from 1996 to 2007 (after which the number of IPOs in Spain plummeted due to the crisis). Content analysis is used to obtain information about IC from the IPO prospectuses and, afterwards, the authors apply different statistical methods to analyse any relation between IC disclosure and firms’ characteristics.

Findings

The paper concludes that the companies that provide more information about IC in IPO prospectuses are high-tech companies, larger firms and those whose previous shareholders do not retain the majority after the IPO.

Originality/value

The authors have created an original database with the Spanish data. Moreover, this is the first study with these characteristics carried out in Spain, and some original conclusions are obtained, such as the importance of retained share percentage by previous shareholders. The authors have developed a statistical methodology suitable for the data. Both, the conclusions and the methodology will be especially useful for markets such as the Latin American ones, which are not as developed as Anglo-Saxon markets.

Propósito

Las Ofertas Públicas Iniciales (OPIs) se han estudiado desde distintas perspectivas. Este artículo trata de analizar qué tipo de información sobre capital intelectual se suministra en los folletos de emisión de las OPIs españolas y las características de las empresas que salen a bolsa que proveen de más información. El trabajo también compara los resultados con estudios previos similares llevados a cabo en distintos países.

Diseño/metodología/enfoque

La base de datos recoge las OPIs españolas desde 1996 a 2007 (tras este año, debido a la crisis, las OPIs españolas casi desaparecieron durante varios años). Se emplea el análisis de contenidos para recopilar la información sobre capital intelectual (CI) de los folletos de emisión y, tras ello, los autores aplican distintos métodos estadísticos para analizar la relación entre el suministro de información sobre CI y las características de las empresas.

Resultados

El estudio concluye que las compañías que proveen más información sobre CI en los folletos de emisión son las altamente tecnológicas, las más grandes y aquéllas en las que sus antiguos accionistas no mantienen la mayoría tras la OPI.

Originalidad/valor

Los autores han creado una base de datos original con información española. Además, éste es el primer estudio de estas características realizado en España y obtiene algunas conclusiones originales como la importancia del porcentaje de acciones mantenido por los antiguos accionistas. Los autores han desarrollado una metodología estadística adecuada a los datos disponibles. Tanto las conclusiones como la metodología serán especialmente útiles para aquellos mercados que no se encuentran tan desarrollados como los anglosajones, como por ejemplo los mercados latinoamericanos.

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Article
Publication date: 9 May 2016

Elena-Mădălina Vătămănescu, Andreia Gabriela Andrei, Diana-Luiza Dumitriu and Cristina Leovaridis

The paper aims to investigate the standpoints and practices of university members from European developing countries regarding the harnessing of the intellectual capital (IC…

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Abstract

Purpose

The paper aims to investigate the standpoints and practices of university members from European developing countries regarding the harnessing of the intellectual capital (IC) within online academic social networks.

Design/methodology/approach

A questionnaire-based survey with 210 university members was conducted, with the indicators adopting prior measurement scales which were further adapted to a network framework.

Findings

The organizational policies and practices relate positively and highly significantly with the valuation of the network-based IC components. Moreover, 63 per cent of the professional and organizational competitiveness of higher education institutions is determined by the exploitation of the IC embedded in online academic networks.

Research limitations/implications

All survey respondents were from the European developing countries, which may limit the general applicability of the findings. Also, the emphasis is laid solely on online academic networks.

Practical implications

This paper brings to the fore both the potential and the state-of-the-art in leveraging the IC of online specialized networks which are indicative of the academic field. When acknowledged as such, the network-based IC is liable to generate substantial competitive advantages at the professional and organizational levels at the same time.

Originality/value

This research adds to the extant literature in two main ways. First, it advances a new construct – network-based IC – in the context of the online academic social networks. Second, it proposes a research model for addressing the network-based IC from a competitive advantage perspective.

Details

Journal of Knowledge Management, vol. 20 no. 3
Type: Research Article
ISSN: 1367-3270

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