پیوندهای مفید
اخبار و اعلانات
آمار
| تعداد نشریات | 25 |
| تعداد شماره‌ها | 954 |
| تعداد مقالات | 7,830 |
| تعداد مشاهده مقاله | 13,140,095 |
| تعداد دریافت فایل اصل مقاله | 9,303,934 |
تاثیر افشای سرمایه فکری بر هزینه سرمایه | ||
| راهبرد مدیریت مالی | ||
| مقاله 1، دوره 2، شماره 3 - شماره پیاپی 6، آذر 1393، صفحه 69-94 اصل مقاله (262.02 K) | ||
| شناسه دیجیتال (DOI): 10.22051/jfm.2015.990 | ||
| نویسندگان | ||
| علی رحمانی* 1؛ زهره عارف منش2؛ زهرا فرشی3 | ||
| 1دانشگاه الزهرا | ||
| 2دانشگاه یزد | ||
| 3دانشگاه اصفهان | ||
| کلیدواژه‌ها | ||
| سرمایۀ فکری؛ افشا؛ هزینۀ حقوق صاحبان سهام | ||
| عنوان مقاله [English] | ||
| Intellectual Capital Disclosure and Its Impact on the Cost of Equity Capital | ||
| نویسندگان [English] | ||
| ali rahmani1؛ zohreh arefmanesh2؛ zahra farshi3 | ||
| 1alzahra university | ||
| 2yazd university | ||
| چکیده [English] | ||
| In a knowledge-intensive economy, a company’s intellectual capital contributes to its success and its ultimate value. Most of these intangible assets cannot be included into the company’s balance sheet and intellectual capital disclosures in the annual report and financial statements have been largely voluntary. one reason for disclosing such information is to reduce the information gap between companies and investors and thus to reduce the cost of capital. This paper investigates the relationship between intellectual capital disclosure and voluntary financial disclosure and the cost of equity capitalin the firms listed on Tehran Stock Exchange. Intellectual capital disclosure and its components and also voluntary financial disclosure is measured using a checklist developed by Li et al (2008) and Gray et al (1995) and using content analysis of annual report of 85 companies in 2010. Cost of equity capital is measured using PEG model of Easton (2004) and hypothesis are analyzed by T test, Pearson correlation and regression analysis. The results of this study indicate that larger firms disclose more information about their intellectual capital and its components. Also results show that there is a negative and insignificant relationship between intellectual capital disclosure and its components, which are human capital disclosure, structural capital disclosure and relational disclosure and voluntary financial disclosure and the cost of equity. Also there is no significantly different cost of equity capital between firms which make greater levels of intellectual capital disclosure and firms making lower intellectual capital disclosures. Interaction between intellectual capital disclosure and voluntary financial disclosure has no significant effect on cost of equity capital. | ||
| کلیدواژه‌ها [English] | ||
| Intellectual capital, , disclosure, cost of Equity capital | ||
| مراجع | ||
|
10. Boedker, C., Guthrie, J. and Cuganesan, S. (2005). The strategic significance of human capital information in annual reporting, Journal of Human Resource Costing and Accounting, 8 (2): 7-22.
11. Botosan, C.A. and Plumlee, M.A. (2005). Assessing alternative proxies for the expected risk premium, Accounting Review, 80 (1): 21-53.
12. Botosan, C.A. (2006). Disclosure and the cost of equity capital: what do we know?, Accounting and Business Research, (International Accounting Forum): 31-40.
13. Bozzolan Saverio, Philip O’Regan and Federica Ricceri. (2006). Intellectual capital disclosure (ICD) A comparison of Italy and the UK", Journal of Human Resource Costing &Accounting,Vol. 10 No. 2, pp. 92-113 .
14. Brooking, A. (1996). Intellectual capital: Core asset for the third millennium Enterprise. London: International Thomson Business Press.
15. Deegan, C. and Unerman, J. (2006). Financial Accounting Theory, Maidenhead: McGraw-Hill.
16. Diamond, D. and Verrecchia, R. (1991). Disclosure, liquidity and the cost of capital, Journal of Finance, 46 (4): 1325-1359.
17. Easley, D. and O’Hara, M. (2004). Information and the cost of capital, Journal of Finance, Vol. LlX (4): 1553-83.
18. Easton, P.D. (2004). "PE ratios, PEG ratios, and estimating the implied expected rate of return on equity capital", Accounting Review, 79 (1): 73-79.
20. Firer. S, Stainbank, L, (2003). Testing the relationship between intellectual capital and a company's performance: Evidence from south Africa, meditari Accountancy Research vol. 11: 25-44.
21. Garcia-Ayuso, M. (2003). Factors explaining the ineffcient valuation of intangibles, Accounting, Auditing and Accountability, 16 (1): 57-69.
22. Gebhardt, W., Lee, C. and Swaminathan, B. (2001). Toward an implied cost of capital, Journal of Accounting Research, 39 (1): 135-176.
23. Gary, S.J., Meek, G.K. and Roberts, C.B. (1995). International Capital Market Pressure and Voluntary Annual Reports Disclosure by US and U.K. Multinationals, Journal of international Financial Management and Accounting, Vol. 6 (1), pp. 43-67.
24. Guthrie, J., Petty, R., Ferrier, F. and Wells, R. (1999). here is no accounting for intellectual capital in Australia: a review of annual reporting practices and the internal measurement of intangibles, a paper presented at OECD Symposium on Measuring and Reporting of Intellectual Capital, Amsterdam.
25. Guthrie, J. and Petty, R. (2000). Intellectual Capital: Australian annual reporting practices, Journal of Intellectual Capital, 1 (3): 241-251.
26. Guthrie, J., Petty, R. and Ricceri, F. (2006). he voluntary reporting of intellectual capital: comparing evidence from Hong Kong and Australia, Journal of Intellectual Capital, 7(2); 254-271.
27. Handa, P. and Linn, S. (1993). Arbitrage pricing with estimation risk, Journal of Financial and Quantitative Analysis, 28 (1): 81-100.
28. Holland, J. (2003). Intellectual capital and the capital market- organization and competence, Accounting, Auditing and Accountability Journal, 16 (1): 39-48.
29. Holland, J. (2006). Fund management, intellectual capital, intangibles and private disclosure, Managerial Finance, 32 (4): 277-316.
30. Hope, O-K. (2003), Accounting policy disclosure and analysts’ forecasts, Contemporary Accounting Research, 20 (2): 295-321.
31. Hsu Ya-Hui and Fang Wenchang. (2009), Intellectual capital and new product development performance: The mediating role of organizational learning capability, Technological Forecasting & Social Change 76. 664–677.
32. Kristandl, G. and Bontis, N. (2007), The impact of voluntary disclosure on cost of equity capital estimates in a temporal setting, Journal of Intellectual Capital, 8 (4): 577-594.
33. Lambert, R.C., Leuz, C. and Verrecchia, R. (2007), Accounting information, disclosure, and the cost of capital, Journal of Accounting Research, 45 (2): 385-420.
34. Lee Yee Meei and Whiting H.Rosalind. (2011) ,Technology, Intellectual Capital Disclosure and Cost of Capital, Paper_accepted_for_presentation_at_AFAANZ_Conference,Darwin,_Australia.1-33
35. Lev, B. (2001), Intangibles: Management, Measurement and Reporting, Washington, D.C: The Brookings Institution.
36. Lev, B. and Zambon, S. (2003), Introduction to the special issue, European Accounting Review, 12 (4): 597-603.
37. Li, J., Pike, R. and Haniffa, R. (2008), Intellectual capital disclosure and corporate overnance structure in UK firms, Accounting and Business Research, 38 (2): 137-159.
38. Mangena, M, Pike R & Li J. (2010), Intellectual Capital Disclosure Practices and Effects on the Cost of Equity Capital: UK Evidence, the Institute of Chartered Accountants of Scotland CA House, 21 Haymarket Yards.
39. Orens, R., Aerts, W. and Lybaert, N. (2009), "Intellectual capital disclosure, cost of finance and firm value", Management Decision, Vol. 47 No. 10, pp. 1536-54.
40. Pike, S., Rylander, A. and Roos, G. (2000), Intellectual capital management and disclosure, www.intcap.com/ICS_Article_2000_ intellectual capital_Mgt_&_Discsloure.pdf (Accessed January 2007).
41. Roos, G. and Roos, J. (1997), Measuring your company’s intellectual capital performance, Long Range Planning, 30 (3): 413-426.
42. Singh, I. and Van der Zahn, J.L.W.M. (2007), Does intellectual capital disclosure reduce an IPO’s cost of capital: The case of underpricing, Journal of Intellectual Capital, 8 (3): 494-516.
44. Stewart, T.A. (1997). Intellectual capital - he New Wealth of Organizations, London: Nicholas Brealey.
45. Sveiby, K. E (2010). Methods for Measuring Intangible Assets, available on-line: http://www.sveiby.com/articles/MeasureIntangibleAssets.html
46. Van der Meer-Kooistra, J., and Zijlstra, S.M. (2001), Reporting on intellectual capital, Accounting, Auditing and Accountability Journal, 14 (4): 456-476.
| ||
|
آمار تعداد مشاهده مقاله: 5,188 تعداد دریافت فایل اصل مقاله: 1,933 |
||