This paper uses an analytical frame comprised of agency theory and a resource based perspective to explore the influence of boards of directors on listed companies' voluntary disclosure of information concerning intellectual capital [IC]. The IC disclosures in 75 published company reports of 15 listed Portuguese companies in a five year period of financial crisis, 2007 to 2011, are investigated using content analysis and regression techniques. IC disclosures are found to increase with company size, dual corporate governance models, industry, listing on sustainability indexes, and increases in board size up to a maximum point (beyond which disclosures decrease). IC disclosures are reduced by CEO duality and by a higher proportion of independent directors on boards. The year of reporting is not significant, suggesting that the period of financial crisis did not influence the level of IC disclosures. The evidence adduced is consistent with a view that highly visible companies acknowledge the importance of IC disclosures in maintaining their reputation and competitive advantage, even during a period of financial crisis. This paper highlights the need for caution in believing that adding extra directors to an existing board will lead to improved disclosure outcomes. Additionally, given the token number of females appointed to boards currently, the Portuguese capital market regulator should consider enforcing measures to ensure compliance with EU objectives.

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Purpose – Cases of corruption, embezzlement, theft and fraud, abuse of discretion, favoritism, nepotism, clientelism, and abuse of power in governments have led to a growing demand from society to access public information. In response to this demand, governments have been forced to be more transparent in the conduct of their activities. The information transparency index (TI) may be conditioned by economic and political characteristics of local governments affecting the information provided. What factors influenced the index of municipal transparency? Literature about transparency is largely based on the explanations of the agency theory and the legitimacy theory. Based on the postulates of both theories, the purpose of this paper is twofold. First, study the index transparency in Spanish municipalities, and, second, determine the main features that are affecting the index of transparency. Design/methodology/approach – Data were collected from Transparency International Spain ranking and from official sources. Univariate and multivariate analysis are performed for the treatment of data. Findings – The results shows that political factors like electoral turnout, political ideology, and political competition have a significant effect on the index of transparency. Gender has no significant effect on the index of transparency. Originality/value – This study is a contribution to the growing body literature of transparency in order to understand what explains the variations of the TI among municipalities.

The global financial crisis has had an impact on Local Government forcing it to be more transparent in management of public resources. This article examines theoretically and empirically the determinants of the levels of transparency in Local Governments based on the agency and legitimacy theories. For the purpose of this study, the analysis is based on the Spanish municipalities over a period of 4 years, between 2008 and 2012. Running a random effect panel data model, our results showed that transparency is associated with economic and political factors. Unemployment rate, gender, electoral turnout, and political strength have a significant effect on the level of transparency. For other variables like investment and fiscal pressure, we did not find significant evidence of their effect on the level of transparency. We conclude that the factors that best explain the variation in the level of transparency in the period of crisis are associated with political factors.

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PurposeThe main objective of this paper is to analyse the content and extent of human capital disclosure by Spanish companies. It studies various factors related to the board of directors’ composition and functioning. These factors can be seen as mechanisms of corporate governance and the moderating role of managerial ownership, which help predict the behaviour of managers in relation to the human capital disclosure.Design/methodology/approachThis study develops and applies a more comprehensive framework for coding information on human capital, integrating the intellectual capital and social responsibility perspectives in order to explain the content and extent of human capital disclosure. The research was based on a content analysis of 210 corporate reports from 2007 to 2016. A system-GMM estimator was used to test the hypotheses in four dynamic linear regression models of balanced panel data in order to address concerns of endogeneity.FindingsThe results show that companies are adapting to new regulations and voluntarily disclosing information on human capital – a trend which signals their commitment to responsible attitudes towards employees and stakeholders. The results also show that board composition and functioning are mechanisms of supervision, control and legitimacy that promote human capital disclosure, with managerial ownership acting as moderator for aligning interests between managers and stakeholders.Originality/valueThis study contributes to the literature on human capital disclosure by introducing a broader conception of human capital to coding information. It accomplishes this through considering aspects of the intellectual capital and social responsibility approaches, which provide a better understanding of companies’ human capital disclosure. In addition, it seeks to enrich the debate about the effects of corporate governance mechanisms– such as boards of directors and managerial ownership – on human capital disclosure.

Despite the growing interest on the influence of gender in local government, the relationship between women's political representation on municipalities, as council member or as female mayors, and transparency is an underresearched topic. This article analyses the political representation of women in Spanish local councils and their influence on the level of transparency. Results show that women's political representation in municipalities has a positive influence on the level of transparency, increasing information transparency and reducing information asymmetry.

Purpose -The purpose of this paper is to identify the corporate governance characteristics of Spanish companies included in the Ibex35 stock price index that influence the voluntary information disclosure policy regarding their Intellectual Capital.Design/methodology/approach -The methodology used was content analysis of 115 annual reports from 23 Ibex35 companies over five years; this allowed for the development of an index to quantify Intellectual Capital information.Findings -Based on Agency-Stakeholders Theory postulates, the main results reveal that companies that disclose most information about their Intellectual Capital are those in which managers have greater managerial ownership, fewer independent directors, separation of functions between the chairman and the chief executive, and larger Boards of Directors.Originality/value -With this study, we contribute to agencystakeholder theory by analyzing a non-Anglo-Saxon market (characterized by strong executive power and low protection of minority shareholders and other stakeholders), stating that certain characteristics of Corporate Governance condition the disclosure of Intellectual Capital.