Article2011

Voluntary disclosures of intellectual capital

90 citations0/0 files storedJournal of Intellectual Capital

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Intellectual Capital and Performance Analysis Accounting Theory and Financial Reporting Corporate Social Responsibility Reporting

Abstract

Purpose This paper aims to investigate inter firm intellectual capital (IC) disclosures and its variations in top 20 listed pharmaceutical companies in India, study the category wise and element wise IC disclosures (ICD), find out the impact of ICD on the creation of IC in monetary terms, find out correlation between IC valuation and its disclosure, and test significance of correlation. Design/methodology/approach This is an exploratory and empirical study of ICD by sample companies in 2009 using content analysis. IC is valued as market value minus book value. Five‐point scale (0‐4), mean disclosure score, range, Chi‐ squares, Karl Pearson's correlation and Student's t‐test are used for analysis and interpretation. Findings Although top 20 companies of knowledge‐led industry, ICD are low, narrative and varying significantly among companies. ICD score varies in range of 4 to 36 against expected score of 96. External capital with mean score of 18.78 is the most disclosed category. Brands and business collaborations is most disclosed element of IC, followed by employee competence and internal organizational capital respectively. ICD leads to creation of IC in some companies. Markets reflected true valuations of ICD in seven companies, and high degree of inconsistency in 13 companies. Overall correlation between IC valuation and disclosure is negative, weak and insignificant. Practical implications Sector‐specific intangible asset monitors should be formulated to capture ICD. Originality/value The paper measures ICD using five‐point scaling technique, it uses Chi‐ square test (non‐parametric test) to calculate inter‐firm variations. The paper also correlates ICD and valuation of respective companies with Spearman's correlation for the first time in pharmaceutical companies in India. It proposes inclusion of fourth category i.e. sector‐specific items in existing models of ICD.

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References

1997The New Organizational Wealth: Managing and Measuring Knowledge-Based Assets 1991How much does industry matter?2001DIRECT AND MODERATING EFFECTS OF HUMAN CAPITAL ON STRATEGY AND PERFORMANCE IN PROFESSIONAL SERVICE FIRMS: A RESOURCE-BASED PERSPECTIVE.2000Intellectual capital and business performance in Malaysian industries 2000Intellectual capital literature review 1997Intellectual Capital: Navigating the New Business Landscape 2004Measuring the strategic readiness of intangible assets.1982Financial Reporting: An Accounting Revolution.

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