The Explanatory Factors of Intellectual Capital Disclosure to Financial Analysts

Posted: 13 Mar 2005

See all articles by Emma García‐Meca

Emma García‐Meca

Universidad Politécnica de Cartagena

Isabel Parra

Universidad de Murcia

Manuel Larran

University of Cadiz

Isabel Martinez

Universidad de Murcia

Abstract

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

Suggested Citation

García-Meca, Emma and Parra, Isabel and Larran, Manuel and Martinez, Isabel, The Explanatory Factors of Intellectual Capital Disclosure to Financial Analysts. Available at SSRN: https://ssrn.com/abstract=676416

Emma García-Meca (Contact Author)

Universidad Politécnica de Cartagena ( email )

Departamento Economia Financiera y Contabilidad
Cartagena, Murcia 30201
Spain

Isabel Parra

Universidad de Murcia ( email )

Avda Teniente Flomesta, 5
Murcia, Murcia 30100
Spain

Manuel Larran

University of Cadiz ( email )

Cadiz
Spain

Isabel Martinez

Universidad de Murcia ( email )

Avda Teniente Flomesta, 5
Murcia, Murcia 30100
Spain

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