The Explanatory Factors of Intellectual Capital Disclosure to Financial Analysts
Posted: 13 Mar 2005
The objective of this paper is to assess the information dealing with intellectual capital that firms disclose in presentations to sell-side analysts and the influences on these disclosures. Analysis of a sample of 257 reports from listed Spanish companies for 2000-2001 shows differences in disclosure levels by categories of intellectual capital. Companies usually report information regarding strategy, customers, and processes; information about research, development, and innovation is less often reported to financial analysts. Larger companies disclose higher levels of intellectual capital information, frequently outside presentations conducted after quarterly, half-year, or annual results announcements.
Keywords: Intellectual capital, private channels, disclosure indexes, financial analysts, non-financial information, voluntary disclosure
JEL Classification: M41, M45, G29
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