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Purpose Initial Public Offerings (IPOs) have been studied from different perspectives. The purpose of this paper is to analyse the type of intellectual capital (IC) information provided in the Spanish IPO prospectuses and the characteristics of the firms that go public and supply more information. The paper also compares the results with similar previous studies carried out in different countries. Design/methodology/approach The database gathers Spanish IPOs from 1996 to 2007 (after which the number of IPOs in Spain plummeted due to the crisis). Content analysis is used to obtain information about IC from the IPO prospectuses and, afterwards, the authors apply different statistical methods to analyse any relation between IC disclosure and firms’ characteristics. Findings The paper concludes that the companies that provide more information about IC in IPO prospectuses are high-tech companies, larger firms and those whose previous shareholders do not retain the majority after the IPO. Originality/value The authors have created an original database with the Spanish data. Moreover, this is the first study with these characteristics carried out in Spain, and some original conclusions are obtained, such as the importance of retained share percentage by previous shareholders. The authors have developed a statistical methodology suitable for the data. Both, the conclusions and the methodology will be especially useful for markets such as the Latin American ones, which are not as developed as Anglo-Saxon markets.

Abstract.At the macro level, different institutions (the OECD, the WEF, the UN) have developed sound methodologies to measure the economic, social and environmental impacts of economic activity. At the micro level (i.e., the firm level), it is crucial to develop a methodology to measure how firms contribute to human dignity and social welfare by generating value for stakeholders. Common accounting principles are primarily focused on determining annual profit/loss figures, contributing to shareholders' interests and paying taxes. This accounting model must be complemented with a new approach that can interact with stakeholders while informing them about the value that firms are generating. The accounting process should be able to quantify not only profits but also the impact of firms on suppliers, customers, the environment, local communities, workers' quality of life, employment and society overall. This paper's primary contribution is to present a model that has the ability to monetize all of those interactions and impacts in a manner that is comparable, auditable, understandable and possible to be used by firms of all sizes.

RESUMENExiste una creciente preocupación de la sociedad sobre el valor social que se genera o destruye a través de la actividad económica; en el caso de las licitaciones públicas no sólo deberían valorarse los aspectos económicos sino también los sociales. En este trabajo se identifica la problemática vinculada a dicha valoración, se identifican el conjunto de variables implicadas en el valor de los outputs generados, y se propone un modelo que integre valores complementarios al económico. Los cuales se identificarían mediante cuatro fuentes complementarias de información sobre el valor generado: distribución del valor económico, valor social específico, inclusión del riesgo potencial, y valor emocional. Asimismo, se propone que a largo plazo la opción más eficiente consistiría en desarrollar y homogeneizar una contabilidad social para el conjunto de organizaciones.