{"id":1784,"date":"2019-09-27T09:51:34","date_gmt":"2019-09-27T07:51:34","guid":{"rendered":"https:\/\/frjournal.eu\/journal\/?p=1784"},"modified":"2019-09-27T09:51:34","modified_gmt":"2019-09-27T07:51:34","slug":"the-effectivenes-of-intellectual-capital-disclosure-in-market-assessments-of-corporate-value-creation","status":"publish","type":"post","link":"https:\/\/frjournal.eu\/journal\/2019\/09\/27\/the-effectivenes-of-intellectual-capital-disclosure-in-market-assessments-of-corporate-value-creation\/","title":{"rendered":"The effectivenes of intellectual capital disclosure in market assessments of corporate value creation"},"content":{"rendered":"

Biscotti Anna Maria, D’Amico Eugenio, Vinci Sabato \/ Financial Reporting \/ 1-2019<\/p>\n

\n

According to literature on the value relevance of intellectual capital (IC), a gap between the market and book value of a company larger than one indicates the contribution of IC resources (mostly off-balance sheet) to the value creation potential of a firm as perceived by investors. In Italy, with the introduction of Legislative Decree no. 32\/2007 (by which the EU Directive 2003\/51\/CE was partially implemented into Italian law), companies are encouraged (for the first time in Italy) to disclse in the management commentary for the fiscla year-end of 2008 and for subsequent years non-financial information about employee matters. The purpose of this study is to investigate whether a more virtuous corporate disclosure behaviour on non-financial IC information relating to the human capital significantly contributes to better explain (more than other IC components) the market-to-book value gap, playing a unique role in the market valuation process of high-tech companies. Moreover, a greater disclosure on IC appears to be determinant in improving the accuracy of market assessment of high-tech companies characterised by higher IC performance.<\/p>\n

\n