Biopharmaceutical and chemical firms’ R&amp;D disclosure, and cost of equity: The impact of the regulatory regime

Rosa, Fabio La; Liberatore, Giovanni

doi:10.1016/j.emj.2014.01.003

Cited by 20 publications

(13 citation statements)

References 64 publications

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“…We also considered the square of the board size variable in Models 3 and 4. Our logarithmic transformation of variables for board size, and board activity avoids potential problems of heteroscedasticity, facilitates data interpretation, and improves the quality of results (Haniffa and Hudaib 2006;La Rosa and Liberatore, 2014). In Model 3 we considered the independent and control variables.…”

Section: Research Modelsmentioning

confidence: 99%

Corporate governance and intellectual capital reporting in a period of financial crisis: Evidence from Portugal

2016

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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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Section: Research Modelsmentioning

confidence: 99%

Corporate governance and intellectual capital reporting in a period of financial crisis: Evidence from Portugal

2016

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“…In the financial literature, the cost of equity capital models can be classified into two groups, the family of ex-post models using historical data and the family of ex-ante models, like those of Claus and Thomas (2001), Gebhardt, Lee, and Swaminathan (2001), Easton (2004) and Ohlson and Juettner-Nauroth (2005), where an implicit risk premium contained in the current share prices is considered. The ex-ante models initially addressed by Fama and French (2002) and recently, by several other authors like Boubakri, Guedhami, Mishra, and Saffar (2012), Hwang, Lee, Lim, and Park (2013) and La Rosa and Liberatore (2014) would be difficult to apply in the context of emerging countries, as predictive databases are unavailable.…”

Section: Introductionmentioning

confidence: 99%

Estimating the Cost of Equity Capital: An Empirical Analysis in the Tunisian Context

Dakhlaoui

Gana

2015

AFR

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The purpose of this article is to look for the suitable model for estimating the cost of equity capital in the Tunisian stock market, using a sample of 26 Tunisian listed firms over the period 2003 to 2010. By conducting a comparative analysis between the CAPM, the three-factor model of Fama and French (1993) and the four-factor pricing model proposed by Carhart (1997), the latter model emerges as one who explains better the returns variations on the Tunisian Stock Exchange. We also conclude to the existence of a growth, small size and contrarian anomalies.

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“…As there is no commonly accepted IC index, we based the approach for constructing the FL_ICI Disclosure Index on previous research papers (Guthrie & Petty, 2000a;Bozzolan et al, 2003;Abeysekera, 2006;Beattie & Thomson, 2007;Singh & Van der Zahn, 2009;La Rosa & Liberatore, 2014;Melloni, 2015). To categorize the information, we applied the framework verified by Guthrie and Petty (2000b), which we marginally revised in view of the IR Framework issued by IIRC (IIRC, 2013) and IC attributes come up from the literature review.…”

Section: Methodsmentioning

confidence: 99%

Forward-Looking Intellectual Capital Information in Integrated Reporting: An Empirical Analysis

Menicucci¹,

Paolucci²

2019

IJBM

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The aim of the paper is to explore the amount of forward-looking intellectual capital information (FL_ICI) in Integrated Reporting (IR) and the effect of firm characteristics on FL_ICI within this context. This study empirically bridges the research gap on the issues of forward-looking information (FLI) and adds to intellectual capital (IC) disclosure research. In particular, the paper responses to two research questions specifically: what are the extent and the content of FL_ICI and what are the factors that impact on different IC voluntary reporting behaviors in IR. A content analysis is apply to inspect the subjects and the amount of FL_ICI in reports accessible in the web site of the International Integrated Reporting Council. Five Models are verified using a multivariate regression analysis to investigate the influence of three independent variables (firm size, profitability and leverage) on FL_ICI. The research proves that companies are reluctant to disclose FL_ICI in integrated reports. The findings of the research show that the majority of FL_ICI regards relational capital. The regression model also reveals that firm size and profitability have a statistically significant influence on specific topics of FL_ICI. On the contrary, leverage appears insignificant in determining the amount of FL_ICI. The research contributes to prior disclosure literature regarding forward-looking information since prior research results are unclear. There is a limited number of studies that investigated FL_ICI in relation to firm characteristics and no studies have investigated this issue within the setting of IR.Standard Setters have promoted amended financial reporting in this respect. For example, the Jenkins report (Jenkins, 1994) proposed a wide variety of information types (including FLI) of voluntary disclosures based on the information needs to make investment decisions.

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Biopharmaceutical and chemical firms’ R&D disclosure, and cost of equity: The impact of the regulatory regime

Cited by 20 publications

References 64 publications

Corporate governance and intellectual capital reporting in a period of financial crisis: Evidence from Portugal

Corporate governance and intellectual capital reporting in a period of financial crisis: Evidence from Portugal

Estimating the Cost of Equity Capital: An Empirical Analysis in the Tunisian Context

Forward-Looking Intellectual Capital Information in Integrated Reporting: An Empirical Analysis

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