The study presented in the paper contributes to covering the gap in the area of sufficient information disclosure that also increases the interests of relevant stakeholders in contributing to depository market discipline and in being relevant to their interest within Pillar 3 framework. This paper is focused on an analysis of website data dedicated to Pillar 3 disclosures of commercial banks and on studying the behaviour of stakeholders in relation to the timing of serious market turbulence. The examined data consists of log files that were pre-processed using web mining techniques and from which were extracted frequent itemsets by quarters and evaluated in terms of quantity. The authors have proposed a methodology to evaluate frequent itemsets of web parts over a dedicated time period. The results show that stakeholders’ interest in disclosures is lower after turbulent times in 2009, higher in the first quarter, also higher together with annual reports (lower for Pillar 3 solo information). The paper’s results suggest that further changes in commercial banks´ information disclosure are inevitable in order to achieve an effective market discipline mechanism and meaningful disclosures according to the regulator´s expectations.
The intellectual capital has been stressed to play a crucial role in determining firm performance in current knowledge economies. Theoretical works as well as several empirical studies have declared its importance as a value creation driver. The aim of our study is to challenge these paradigms in the context of SMEs in Slovakia. Therefore, we examine the relationship between intellectual capital (measured using financial data through VAIC TM ) and firm value creation (using the ROCE measure as the most appropriate value creation proxy in this context). Also, we control for the effect of firm size and leverage in this relation. We based our analysis on 2011 financial statements of 3311 Slovak SMEs operating in ten different industrial sections. The data have been obtained from a business information portal (CRIBIS Universal Register). To examine the relation between intellectual capital and value creation while accounting for industry effects we constructed a set of regression models and analysed the explanatory power of intellectual capital performance in firm value creation. Our results suggest, that intellectual capital performance represents a significant value creation driver in each of the examined industries, and its explanatory power exceeds in all cases but one the explanatory power of control variables. Therefore, our results confirm the paradigm of intellectual capital importance for value creation also in the context of small and medium size companies (SMEs) in Slovakia.
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