Importance of Intellectual Capital Information: A Study of Australian Analyst Reports

Abstract

This study explores the types of intellectual capital (IC) information considered important by analysts. It uses content analysis to examine IC information in 64 initiating coverage reports written on Australian listed companies. Results reveal that analysts consider several types of IC information to be important from a firm valuation perspective, many of which had not previously been examined in capital markets research. It was also found that the relative importance placed on types of IC varies by sector. Information on relational capital and company management was most commonly used within analyst reports, whilst information on employees, working environment and structural capital was used least frequently.

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