Intellectual capital disclosure in integrated reports: The effect on firm value

Salvi, Antonio; Vitolla, Filippo; Giakoumelou, Anastasia; Raimo, Nicola; Rubino, Michele

doi:10.1016/j.techfore.2020.120228

Cited by 106 publications

(102 citation statements)

References 87 publications

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“…Resource-Based View (RBV) theory demonstrates that a firm's tangible and intangible resources and capabilities configure its survival and superior performance (Barney, 1991). The theory has given more importance in this context to intangible resources over tangible resources (Sallah & Caesar, 2020;Salvi et al, 2020). This claim (e.g., supposed by RBV theory) is supported by several recent studies (Haji & Mohd Ghazali, 2018; S. Z.…”

Section: Introductionmentioning

confidence: 86%

Does Intellectual Capital Spur Sustainable Competitive Advantage and Sustainable Growth?: A Study of Chinese and Pakistani Firms

Liu

et al. 2021

SAGE Open

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Steered by the resource-based view theory, this study scrutinizes the impact of the dimensions of Intellectual Capital (IC)—human capital, structural capital, and relational capital (RC)—on sustainable growth (SG) with the mediating role of Sustainable Competitive Advantage (SCA). We gathered data from 2010 to 2017 of 90 listed firms of China and Pakistan, respectively, and applied EVIEWS. The results indicate that IC plays a significant role in the SG of Chinese and Pakistani firms. IC has a significant influence on differentiation strategy (DS) in Chinese firms whereas only RC has an insignificant influence on DS in Pakistani firms. IC has a significant influence on cost leadership strategy (CLS) in Pakistani firms whereas structural and RC have an insignificant influence on the SG of Chinese firms. In terms of the mediating role, DS partially mediates the relationship between IC and SG in Pakistani firms while it only fully mediates the path between RC and SG in Chinese firms. CLS partially mediates the relationship between IC and SG in Chinese firms while it fully mediates the association between human capital and SG in Pakistani firms. This study recommends Chinese and Pakistani firms to encourage investment in IC to gain SCA and SG in the turbulent markets. To concise, this research advises Chinese firms to invest a satisfactory amount in human capital as compared with structural and RC. However, Pakistani firms should focus on IC to gain SCA and SG.

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Section: Introductionmentioning

confidence: 86%

Does Intellectual Capital Spur Sustainable Competitive Advantage and Sustainable Growth?: A Study of Chinese and Pakistani Firms

Liu

et al. 2021

SAGE Open

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“…These circumstances make nonfinancial disclosure a tool able to satisfy the information needs of stakeholders and investors and able to guarantee several financial benefits Vitolla, Raimo, & Rubino, 2019), also in terms of better access to finance (e.g., Fonseka et al, 2019;Kleimeier & Viehs, 2018;Orens et al, 2010). In this regard, several academic studies have analyzed the relationship between nonfinancial disclosure and the cost of equity (e.g., Albarrak et al, 2019;Boujelbene & Affes, 2013;Clarkson et al, 2013;Dhaliwal et al, 2011;Salvi, Vitolla, Giakoumelou, et al, 2020;Vitolla, Salvi, et al, 2020) while, little attention has been paid to the impact of nonfinancial disclosure on the cost of debt (Botosan, 2006). Furthermore, in the context of limited studies on the relationship between nonfinancial disclosure and cost of debt, despite its relevance, very little attention has been paid to ESG disclosure.…”

Section: Introductionmentioning

confidence: 99%

Extending the benefits of ESG disclosure: The effect on the cost of debt financing

Raimo

Caragnano

Zito

et al. 2021

Corp Soc Responsibility Env

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In recent years, greater attention has been paid to sustainability issues. Companies have received increasing pressure from stakeholders to adopt sustainable behavior and provide an adequate representation of sustainability practices. Nonfinancial disclosure has thus taken on a crucial role. In the academic field, several researchers have analyzed the effects of nonfinancial disclosure. However, limited attention has been paid to the impact of nonfinancial information on the cost of debt. This study aims at bridging this gap by analyzing the effect of ESG disclosure on the cost of debt. The fixed effects analysis conducted on a sample of 8264 observations (an unbalanced panel data of 919 firms for the period 2010-2019), shows a negative effect of the ESG disclosure on the cost of debt financing. The results demonstrate that companies with greater levels of transparency in the dissemination of ESG information benefit from accessing third party financial resources at better conditions.

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“…Furthermore, IR aims to ‘enhance accountability and stewardship for the broad base of capitals (financial, manufactured, intellectual, human, social and relationship, and natural) and promote understanding of their interdependencies’ (IIRC, 2013, p. 2). Given the focus on the role of intangibles (Vitolla, Raimo, & Rubino, 2019b, Vitolla, Raimo, Marrone, & Rubino, 2020; Salvi, Vitolla, Giakoumelou, Raimo, & Rubino, 2020; Salvi, Vitolla, Raimo, Rubino, & Petruzzella, 2020) and the orientation towards the past, present and future (Abeysekera, 2013), IR allows the limits of financial disclosure to be overcome (Adams & Simnett, 2011).…”

Section: Introductionmentioning

confidence: 99%

Do audit committee attributes influence integrated reporting quality? An agency theory viewpoint

et al. 2020

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The limits of financial disclosure in meeting the investors' needs have led to the request for reporting frameworks capable of incorporating information of different nature. Integrated reporting (IR), which is the latest novelty in organisational reporting practice, promises to bring together material financial and non‐financial information. IR has received considerable academic attention in recent years. However, little attention has been paid to the role of the audit committee in IR processes, despite the influence that this body has on disclosure, thanks to its supervisory and monitoring functions. This study bridges this gap by analysing the effect of the audit committee attributes on integrated reporting quality (IRQ) from an agency theory perspective. The regression analysis, conducted on a sample of 125 international firms, demonstrated a positive effect of size, independence and meeting frequency of the audit committee on IRQ and a non‐significant effect of financial expertise.

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Intellectual capital disclosure in integrated reports: The effect on firm value

Cited by 106 publications

References 87 publications

Does Intellectual Capital Spur Sustainable Competitive Advantage and Sustainable Growth?: A Study of Chinese and Pakistani Firms

Does Intellectual Capital Spur Sustainable Competitive Advantage and Sustainable Growth?: A Study of Chinese and Pakistani Firms

Extending the benefits of ESG disclosure: The effect on the cost of debt financing

Do audit committee attributes influence integrated reporting quality? An agency theory viewpoint

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