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Article
Publication date: 1 December 2005

Per Nikolaj Bukh, Christian Nielsen, Peter Gormsen and Jan Mouritsen

The purpose of this paper is to examine whether information on intellectual capital (non‐financial information on knowledge based resources) is disclosed in Danish IPO…

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Abstract

Purpose

The purpose of this paper is to examine whether information on intellectual capital (non‐financial information on knowledge based resources) is disclosed in Danish IPO prospectuses. Further, to analyse whether this voluntary disclosure has changed in the period from 1999 to 2001 and to analyse what factors can explain the amount of disclosure in the prospectuses.

Design/methodology/approach

The paper uses content analysis to compile a measure of disclosure on each prospectus and statistical analysis to test whether there is an association between disclosure and company type, the existence of managerial ownership before the IPO, the size of the company or the age of the firm.

Findings

Based on statistical analysis, it is concluded that the extent of managerial ownership prior to the IPO and industry type affects the amount of voluntary intellectual capital disclosure, while company size and age do not affect disclosure. The results are interpreted in the light of the increasing importance of disclosing information on value drivers, strategy and intellectual capital to the capital market and constitute a contribution to the ongoing debate on corporate reporting practices.

Practical implications

Since information on intellectual capital is already disclosed in IPO prospectuses this reporting form can be used as inspiration when an intellectual capital report is developed. The results also indicate that companies and their advisers believe that this type of information is important in the capital market's assessment of the company's value. Further, it is suggested that intellectual capital reports should be read in the context of the firm's strategy in the same manner as an prospectus is read.

Originality/value

Very few papers have analysed disclosure in prospectuses and it has been from a different perspective from this paper. Further, this paper analyses a time series of data and demonstrates how the amount of disclosure has developed over the years. Finally, the paper contributes to the body of literature on what factors explain disclosure in general.

Details

Accounting, Auditing & Accountability Journal, vol. 18 no. 6
Type: Research Article
ISSN: 0951-3574

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Article
Publication date: 1 April 2006

Christian Nielsen, Per Nikolaj Bukh, Jan Mouritsen, Mette Rosenkrands Johansen and Peter Gormsen

Purpose – The purpose of this paper is to propose and illustrate the use of a set of rules to make an analytical reading of the indicators of an intellectual capital statement…

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Abstract

Purpose – The purpose of this paper is to propose and illustrate the use of a set of rules to make an analytical reading of the indicators of an intellectual capital statement possible. Design/methodology/approach – The paper proposes a model to analyze intellectual capital statements and applies this model to an intellectual capital statement and an IPO prospectus, as these two reporting forms are suggested to be similar. Thus, they are analyzed using the same methodology. Findings – The paper demonstrates that it is possible to analyze prospectuses and intellectual capital statements systematically and even to compare companies on that basis. Since IPOs are often already part of the capital market's information, the similarities between reading IPOs and intellectual capital statement suggest that intellectual capital statements convey company‐specific information relevant for financial analysts. Practical implications – The paper presents an analytical model which can be used generally in the analysis of the intellectual capital statement and IPO prospectuses. Originality/value – The paper demonstrates the similarities between an intellectual capital report and an IPO prospectus. Further, the paper demonstrates the use of a theoretically anchored and practical, useful model for analysing disclosure in the narrative part of a financial report.

Details

Journal of Intellectual Capital, vol. 7 no. 2
Type: Research Article
ISSN: 1469-1930

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Article
Publication date: 20 September 2022

Nang Biak Sing and Rajkumar Giridhari Singh

This paper aims to investigate the influence of attention and sentiment in the Indian stock market during the unusual COVID-19 crisis in the first and second waves of the pandemic.

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Abstract

Purpose

This paper aims to investigate the influence of attention and sentiment in the Indian stock market during the unusual COVID-19 crisis in the first and second waves of the pandemic.

Design/methodology/approach

In this study, the capital asset pricing model (CAPM) is used to estimate the expected return. The autoregressive distributed lag (ARDL) model with optimal lag value selection and Granger causality using the vector autoregressive (VAR) estimation model were applied to find out whether there is a causal relationship between investors' attention and sentiment that influence stock returns across 14 sectors.

Findings

The results show that increased attention to COVID-19 substantially varied in the first wave and second wave market reactions. The upsurge attention of COVID-19 shows a negative influence with lower expected returns in the second wave. The sentiment of investors contrasts from the lower expected return in the first wave to the higher expected return in the second wave of the pandemic. Moreover, investors’ sentiment in a state of fear is associated with lower returns.

Originality/value

The authors capture sentiment based on attention and investors mood using novel data set during the COVID-19 pandemic shock. The study is among a few which take a comprehensive stock market response during initial and subsequent waves across sector returns.

Details

Managerial Finance, vol. 49 no. 3
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 1 November 2022

Zhe Liu, Chong Huang and Benshuo Yang

This paper investigates the impact of investor attention on the COVID-19 concept stocks in China's stock market from the perspectives of the macroeconomy, the stock market and the…

265

Abstract

Purpose

This paper investigates the impact of investor attention on the COVID-19 concept stocks in China's stock market from the perspectives of the macroeconomy, the stock market and the COVID-19 pandemic.

Design/methodology/approach

On the basis of controlling the time effects and individual fixed effects, this paper studies the impact of investor attention on the COVID-19 concept stocks in China's stock market through a set of fixed effect panel data models. Among them, investor attention focuses on macroeconomy, stock market and the COVID-19 pandemic, respectively, while stock indicators cover return, volatility and turnover. In addition, this paper also examines the heterogeneity influence of investor attention on the COVID-19 concept stocks from the perspective of time and stock classification.

Findings

Findings indicate that the attention to macroeconomy does not have a statistically significant effect on the return, unlike the attention to stock market and COVID-19 incident. Three types of investor attention have significant positive effects on the volatility and turnover rate. During the outbreak of the domestic epidemic, the impact of investor attention was significantly higher than that during the outbreak of the epidemic overseas. A finer-grained analysis shows that the attention to stock market has significantly increased the return of preventive type and treatment type stocks, while diagnostic-related stocks have been most affected by the attention to COVID-19 incident.

Research limitations/implications

The major limitation of this work is the construction of investor attention. Although Baidu index is widely used, investor attention can be assessed more accurately based on more unstructured data. In addition, the effect of the COVID-19 can also be investigated in a longer time domain. Further research can be combined with the dynamics of the COVID-19 pandemic to more comprehensively evaluate its impact on the stock market.

Originality/value

The research proves that investor attention plays an important role in stock pricing and provides empirical evidence on the behavioral foundations of the conceptual sector of the stock market under uncertainty. It also has practical implications for regulators and investors interested in conducting accurate asset allocation and risk assessment.

Details

International Journal of Emerging Markets, vol. 19 no. 8
Type: Research Article
ISSN: 1746-8809

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Article
Publication date: 9 January 2017

Christian Nielsen, Morten Lund and Peter Thomsen

Two drawbacks to current management information practices are identified. First, the level of abstraction from which internal management disclosures are constructed using current…

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Abstract

Purpose

Two drawbacks to current management information practices are identified. First, the level of abstraction from which internal management disclosures are constructed using current frameworks is too generic; and second, the current process of identifying relevant management disclosures is outdated. The purpose of this paper is, therefore, to discuss whether contemporary conceptions of value creation from the field of business models can improve the currently applied frameworks used for generating internal management disclosures on intellectual capital. Hence, this paper offers a timely critique of the balanced scorecard, and other performance measurement concepts developed over the last 25 years.

Design/methodology/approach

The paper reviews contemporary literature on the balanced scorecard, and related concepts, for generating internal management disclosures relating to intellectual capital. Furthermore, the problems that balanced scorecard type frameworks have as vehicles for constructing relevant internal management disclosures are explored.

Findings

This essay argues that internal management disclosures need more precise underpinnings of value creation than offered by current frameworks. An empirically validated structure that establishes alignment between value creation and internal management disclosures, through the mechanism of business model configurations, is applied to overcome the two identified drawbacks of current practices.

Research limitations/implications

This is a conceptual/normative offering.

Practical implications

Following the critique, this essay prompts a new way forward for identifying internal management disclosures and performance measures, their validation, and subsequent benchmarking by expanding upon the concept of business model configurations. This concept offers a value driver platform with related clusters of KPIs connected to each of the 71 identified business model configurations as a starting point for management’s identification of relevant KPIs, and their analysis, benchmarking, and application for performance management.

Originality/value

The arguments offered in this essay illustrate how it is possible to enhance the relevance of internal management disclosures by challenging and changing the normative level of abstraction applied.

Details

Journal of Intellectual Capital, vol. 18 no. 1
Type: Research Article
ISSN: 1469-1930

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Article
Publication date: 25 October 2021

Melissa Husbands and Jerome Carson

The purpose of this paper is to suggest that student-led case studies are an important way to learn about mental health problems and to highlight this by presenting a case study…

189

Abstract

Purpose

The purpose of this paper is to suggest that student-led case studies are an important way to learn about mental health problems and to highlight this by presenting a case study of the comedic genius Spike Milligan.

Design/methodology/approach

Celebrities live their lives in the public eye. In recent years, many have talked about their struggles with mental health. This paper is based on a student-led case study of the celebrity Spike Milligan.

Findings

This case study suggests one previously under-emphasised issue and argues that Spike Milligan’s wartime experiences may have led to post-traumatic stress disorder. Second, that he may have developed neuro-inflammation, through contracting sandfly fever during the war. This could have been an additional trigger for bipolar disorder.

Research limitations/implications

While this is a single case study, it draws on a wide variety of research sources to back up the arguments advanced.

Practical implications

Student-led case studies provide a way of engaging students more actively with mental health problems.

Social implications

Mental illness is complex, if not more complex, than physical health problems. Case studies of celebrities like Spike Milligan can help develop a public understanding of mental illness, as they already have a working knowledge about the person.

Originality/value

The case study illustrates how Bipolar 1 disorder is a complex and unique condition and that every individual’s illness has different predisposing characteristics. It suggests that student-led case studies are a helpful learning tool.

Details

The Journal of Mental Health Training, Education and Practice, vol. 17 no. 3
Type: Research Article
ISSN: 1755-6228

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Article
Publication date: 14 May 2018

Salma Loulou-Baklouti and Mohamed Triki

The purpose of this paper is to explore preparers’ and users’ perception of intellectual capital (IC) usefulness and to examine the significant differences in the usefulness…

464

Abstract

Purpose

The purpose of this paper is to explore preparers’ and users’ perception of intellectual capital (IC) usefulness and to examine the significant differences in the usefulness perceptions of IC information and its categories according to sex, age, function, educational level, specialty and professional experience of respondents.

Design/methodology/approach

This exploratory study drew on a questionnaire survey sent to five groups of preparers and users who were asked to provide their usefulness perception about information on IC and its categories.

Findings

This paper found that the five preparers and users groups perceive information on IC as well as its three categories as useful for their decision-making purposes. In addition, it concluded that the usefulness perception of IC information does not differ by sex, age, function, educational level and specialty of the respondents, but it differs according to the professional experience.

Practical implications

To the extent that users perceive IC information as useful, managers are encouraged to disclose more information about this hidden capital in order to improve their transparency. As there are no generally accepted IC reporting guidelines and in order to fill informational gaps between companies and their stakeholders, accounting standards bodies could regulate the IC information disclosure by developing relevant communication standards in accordance with stakeholders’ expectations. They may identify information items that should be considered as a priority by making them mandatory for disclosure purposes, and other items voluntary.

Originality/value

The paper can be regarded as the first exploratory study to investigate the IC information usefulness from the perspectives of five preparers and users groups in Tunisia, as an example of a developing economy in Africa.

Details

Journal of Intellectual Capital, vol. 19 no. 3
Type: Research Article
ISSN: 1469-1930

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Article
Publication date: 8 August 2018

Matteo La Torre, Vida L. Botes, John Dumay, Michele Antonio Rea and Elza Odendaal

As Big Data is creating new underpinnings for organisations’ intellectual capital (IC) and knowledge management, this paper aims to analyse the implications of Big Data for IC…

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Abstract

Purpose

As Big Data is creating new underpinnings for organisations’ intellectual capital (IC) and knowledge management, this paper aims to analyse the implications of Big Data for IC accounting to provide new conceptual and practical insights about the future of IC accounting.

Design/methodology/approach

Based on a conceptual framework informed by decision science theory, the authors explain the factors supporting Big Data’s value and review the academic literature and practical evidence to analyse the implications of Big Data for IC accounting.

Findings

In reflecting on Big Data’s ability to supply a new value for IC and its implications for IC accounting, the authors conclude that Big Data represents a new IC asset, and this represents a rationale for a renewed wave of interest in IC accounting. IC accounting can contribute to understand the determinants of Big Data’s value, such as data quality, security and privacy issues, data visualisation and users’ interaction. In doing so, IC measurement, reporting and auditing need to keep focusing on how human capital and organisational and technical processes (structural capital) can unlock or even obstruct Big Data’s value for IC.

Research limitations/implications

The topic of Big Data in IC and accounting research is in its infancy; therefore, this paper acts at a normative level. While this represents a research limitation of the study, it is also a call for future empirical studies.

Practical implications

Once again, practitioners and researchers need to face the challenge of avoiding the trap of IC accountingisation to make IC accounting relevant for the Big Data revolution. Within the euphoric and utopian views of the Big Data revolution, this paper contributes to enriching awareness about the practical factors underpinning Big Data’s value for IC and foster the cognitive and behavioural dynamic between data, IC information and user interaction.

Social implications

The paper is relevant to prepares, users and auditors of financial statements.

Originality/value

This paper aims to instill a novel debate on Big Data into IC accounting research by providing new avenues for future research.

Details

Meditari Accountancy Research, vol. 26 no. 3
Type: Research Article
ISSN: 2049-372X

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Article
Publication date: 9 January 2017

Benedetta Cuozzo, John Dumay, Matteo Palmaccio and Rosa Lombardi

The purpose of this paper is to provide an up-to-the-minute literature review of intellectual capital disclosure (ICD) to: identify the major themes developed within this research…

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Abstract

Purpose

The purpose of this paper is to provide an up-to-the-minute literature review of intellectual capital disclosure (ICD) to: identify the major themes developed within this research stream; investigate the evolution of the theory; and derive insights to guide future research agendas for the benefit of researchers and ICD users.

Design/methodology/approach

Research articles from ten relevant journals for the 17-year period between 2000 and 2017 are categorised and analysed in a structured literature review (Massaro et al., 2016) to answer these three research questions. This study adds to a data set established by Guthrie et al. (2012) and presents the results in a consistent and comparable manner across the studies.

Findings

A lack of significant innovation in the evolution of ICD indicates that this research stream may have been a victim of its own success (Dumay and Guthrie, 2017). Stuck in overview mode, studies continue to fixate on general issues, largely drawing their analysis from the corporate reports of publicly listed companies in Europe. Very few studies examine ICD in the USA and beyond, nor do they drill down to organisational level to examine ICD in practice.

Practical implications

We academics need to leave our ivory towers and base future research on how organisations, in different contexts, using different languages, harness intangible assets to create value. Without discouraging content analysis from corporate reports, we need to be more innovative in searching for IC from the rich variety of media resources modern corporate communication channels offer, and recognise that, while we are all working towards the same thing, we may not be using the same language to get there.

Originality/value

Despite extending previous work, this study highlights some of the new insights revealed from ICD research, especially over the last two years. The findings regarding differing use of terminology across continents, a general decline in published research due to lack of interest or new ground to cover, and zero evidence for a “groundswell” of IC disclosures by listed companies should motivate further reading in many researchers.

Details

Journal of Intellectual Capital, vol. 18 no. 1
Type: Research Article
ISSN: 1469-1930

Keywords

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