Determinants of Intellectual Capital Disclosure: An Investigation on DS30 Firms in Bangladesh
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Published:
Aug 30, 2019
Keywords:
Bangladesh DS30 Companies Determinants Human Capital Intellectual Capital
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Abstract
Research aim: The study aims to investigate intellectual capital disclosure (ICD) practices and its determinants in Bangladesh.
Design/Methodology/Approach: The top 30 firms known as DS30 companies that reflect around 51 percent of the total equity market capitalisation have been considered as a sample. Content analysis is used to extract the data from the annual report of the respective firm for the years 2013 to 2017. Multiple regression analysis is performed to identify the determinants of ICD.
Research findings: This paper finds that board independence and globally affiliated auditors have a substantial positive impact on ICD. In contrast, board gender diversity documents marginally significant negative association with ICD. However, our examination does not show any significant impact of board size, leverage, profitability and firm size on ICD quality.
Theoretical contribution/ Originality: This study differs in its approach of narrowing down the items of ICD index to maintain the perspective of a developing country like Bangladesh. It is a longitudinal study and does not consider any particular industry of Bangladesh to identify the drivers of ICD.
Practitioner/ Policy implication: Policymakers and regulators could consider the factors identified in this paper for setting corporate reporting regulations, particularly corporate governance mechanisms.
Research limitation: This study considered only the top 30 firms and 30 disclosure items. Our investigation is limited to only the annual reports of the respective companies.
Keywords: Bangladesh, DS30 Companies, Determinants, Human Capital, Intellectual Capital
Type of Manuscript: Research paper
JEL Classification: M41, M49
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References
Abed, S., Al-Najjar, B., & Roberts, C. (2016). Measuring annual report narratives disclosure: Empirical evidence from forward-looking information in the UK prior the financial crisis. Managerial Auditing Journal, 31(4/5), 338-361.
Abeysekera, I., & Guthrie, J. (2005). An empirical investigation of annual reporting trends of intellectual capital in Sri Lanka. Critical Perspectives on accounting, 16(3), 151-163.
Abhayawansa, S., & Azim, M. (2014). Corporate reporting of intellectual capital: evidence from the Bangladeshi pharmaceutical sector. Asian Review of Accounting, 22(2), 98-127.
Agyei-Mensah, B. K. (2017). The relationship between corporate governance, corruption and forward-looking information disclosure: A comparative study. Corporate Governance: The International Journal of Business in Society, 17(2), 284-304.
Ahmed Haji, A., & Mohd Ghazali, N. A. (2012). Intellectual capital disclosure trends: Some Malaysian evidence. Journal of Intellectual Capital, 13(3), 377–397.
Akhtaruddin, M., Hossain, M. A., Hossain, M., & Yao, L. (2009). Corporate governance and voluntary disclosure in corporate annual reports of Malaysian listed firms. Journal of Applied Management Accounting Research, 7(1), 1-19.
Al-Najjar, B., & Abed, S. (2014). The association between disclosure of forward-looking information and corporate governance mechanisms. Managerial Auditing Journal, 29(7), 578–595.
Alfraih, M. M. (2017). The value relevance of intellectual capital disclosure: empirical evidence from Kuwait. Journal of Financial Regulation and Compliance, 25(1), 22–38.
Alfraih, M. M. (2018). What drives intellectual capital reporting? Evidence from Kuwait. International Journal of Productivity and Performance Management, 67(3), 571–589.
Aljifri, K. (2008). Annual report disclosure in a developing country: The case of the UAE. Advances in Accounting, 24(1), 93–10.
Aljifri, K., & Hussainey, K. (2007). The determinants of forward‐looking information in annual reports of UAE companies. Managerial Auditing Journal, 22(9), 881–894.
Barako, D. G. (2007). Determinants of voluntary disclosures in Kenyan companies’ annual reports. African Journal of Business Management, 1(5), 113-128.
Bharathi Kamath, G. (2008). Intellectual capital and corporate performance in Indian pharmaceutical industry. Journal of Intellectual Capital, 9(4), 684-704.
Bontis, N. (1998). Intellectual capital: An exploratory study that develops measures models. Management Decision, 36, 63–76.
Bozzolan, S., Favotto, F., & Ricceri, F. (2003). Italian annual intellectual capital disclosure. Journal of Intellectual Capital, 4(4), 543–558.
Brennan, N. (2001). Reporting intellectual capital in annual reports: Evidence from Ireland. Accounting, Auditing and Accountability Journal, 14(4), 423–436.
Brüggen, A., Vergauwen, P., & Dao, M. (2009). Determinants of intellectual capital disclosure: evidence from Australia. Management decision, 47(2), 233-245.
Campbell, D., & Abdul Rahman, M. R. (2010). A longitudinal examination of intellectual capital reporting in Marks & Spencer annual reports, 1978-2008. British Accounting Review, 42(1), 56–7.
Carlucci, D., Marr, B., & Schiuma, G. (2004). The knowledge value chain: how intellectual capital impacts on business performance. International Journal of Technology Management, 27(6-7), 575-59.
Chan, K. H. (2009). Impact of intellectual capital on organisational performance: An empirical study of companies in the Hang Seng Index (Part 1). The Learning Organization, 16(1), 4-21.
Coffey, B. S., & Wang, J. (1998). Board Diversity and Managerial Control as Predictor of Corporate Social Performance. Journal of Business Ethics, 17(14), 1595–1603.
Cooke, T. E. (1989). Voluntary Corporate Disclosure by Swedish Companies. Journal of International Financial Management and Accounting, 1(2), 171–195.
Cooke, T. E. (1992). The Impact of Size, Stock Market Listing and Industry Type on Disclosure in the Annual Reports of Japanese Listed Corporations. Accounting and Business Research, 22(87), 229–237.
Crook, T. R., Todd, S. Y., Combs, J. G., Woehr, D. J., & Ketchen, D. J. (2011). Does human capital matter? a meta-analysis of the relationship between human capital and firm performance. Journal of Applied Psychology, 96(3), 443–456.
Dey, P. K., & Sarkar, A. (2015). Human Capital Disclosures in the Corporate Annual Reports: A Study on Financial Institutions of Bangladesh. The Jahangirnagar Journal of Business Studies, 5(1), 53-62.
Díaz-Fernández, M. C., González-Rodríguez, M. R., & Simonetti, B. (2015). Top management team’s intellectual capital and firm performance. European Management Journal, 33(5), 322–331.
Edvinsson, L., & Sullivan, P. (1996). Developing a model for managing intellectual capital. European Management Journal, 14(4), 356–364.
Firer, S., Williams, S. M., Bozzolan, S., Favotto, F., & Ricceri, F. (2000). Is intellectual capital performance and disclosure practices related? Journal of Intellectual Capital, 2(3), 192–203.
Firth, M. (1979). The Impact of Size, Stock Market Listing, and Auditors on Voluntary Disclosure in Corporate Annual Reports. Accounting and Business Research, 9(36), 273–28.
Forker, J. J. (1992). Corporate Governance and Disclosure Quality Corporate. Accounting and Business Research, 22(86), 111–124.
Guthrie, J., & Petty, R. (2000). Intellectual capital: Australian annual reports. Journal of Intellectual Capital, 1(3), 241–251.
Guthrie, J., Petty, R., Yongvanich, K., & Ricceri, F. (2004). Using content analysis as a research method to inquire into intellectual capital reporting. Journal of Intellectual Capital, 5(2), 282–293.
Hsu, I. C., & Sabherwal, R. (2011). From intellectual capital to firm performance: the mediating role of knowledge management capabilities. IEEE Transactions on Engineering Management, 58(4), 626-642.
Kılıç, M., & Kuzey, C. (2018). Determinants of forward-looking disclosures in integrated reporting. Managerial Auditing Journal, 33(1), 115–144.
Martins, M. M., Morais, A. I., Isidro, H., & Laureano, R. (2018). Intellectual capital disclosure: The Portuguese case. Journal of the Knowledge Economy, 9(4), 1224-1245.
McNally, G. M., Hock Eng, L., & Roy Hasseldine, C. (1982). Corporate Financial Reporting in New Zealand: An Analysis of User Preferences, Corporate Characteristics and Disclosure Practices for Discretionary Information. Accounting and Business Research, 13(49), 11–20.
Meek, G. K., Roberts, C. B., & Gray, S. J. (1995). Factors Influencing Valuntary Annual Report Disclosures by US, UK and Continential European Multinational Corporations. Journal of International Business Studies, 26(3), 555–572.
Morariu, C. M. (2014). The determinants of intellectual capital disclosure: Evidence from Romania. In Accounting in Central and Eastern Europe (pp. 163-186). Emerald Group Publishing Limited.
Morris, R. D. (1987). Signalling, Agency Theory and Accounting Policy Choice. Accounting and Business Research, 18(69), 47–56.
Muttakin, M. B., Khan, A., & Belal, A. R. (2015). Intellectual capital disclosures and corporate governance: An empirical examination. Advances in accounting, 31(2), 219-227.
Nurunnabi, M., Hossain, M., & Hossain. (2011). Intellectual capital reporting in a South Asian country: evidence from Bangladesh. Journal of Human Resource Costing and Accounting, 15(3), 196–233.
Owusu-Ansah, S. (1998). The impact of corporate attribites on the extent of mandatory disclosure and reporting by listed companies in Zimbabwe. The International Journal of Accounting, 33(5), 605–631.
Petty, R., & Guthrie, J. (2000). Intellectual capital literature review: measurement, reporting and management. Journal of Intellectual Capital, 1(2), 155–176.
Qu, W., Ee, M. S., Liu, L., Wise, V., & Carey, P. (2015). Corporate governance and quality of forward-looking information: Evidence from the Chinese stock market. Asian Review of Accounting, 23(1), 39-67.
Rahman, M. M., Sobhan, R., & Islam, M. S. (2019). Intellectual Capital Disclosure and Its Determinants: Empirical Evidence from Listed Pharmaceutical and Chemical Industry of Bangladesh. The East Asian Journal of Business Management, 9(2), 35-46.
Rashid, A. (2013). Corporate intellectual capital reporting in Bangladesh. International Journal of Learning and Intellectual Capital, 10(2), 107-121.
Robb, S. W. G., Single, L. E., & Zarzeski, M. T. (2001). Nonfinancial Disclosures acrossAnglo-American Countries. Journal of International Accounting, Auditing and Taxation, 10, 71–83.
Schleicher, T., & Walker, M. (2010). Bias in the tone of forward-looking narratives. Accounting and Business Research, 40(4), 371–390.
Shehata, N. F. (2014). Theories and Determinants of Voluntary Disclosure. Accounting and Finance Research, 3(1), 18–26.
Singh, I., & Mitchell Van der Zahn, J. W. (2008). Determinants of intellectual capital disclosure in prospectuses of initial public offerings. Accounting and Business Research, 38(5), 409–431.
Singh, I., & 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.
Sumedrea, S. (2013). Intellectual capital and firm performance: A dynamic relationship in crisis time. Procedia Economics and Finance, 6, 137-144.
Sveiby, K. E. (1997). The new organizational wealth: Managing & measuring knowledge-based assets. Berrett-Koehler Publishers.
Taliyang, S. M., Sultan, U., Abidin, Z., Latif, R. A., & Mustafa, N. H. (2011). The determinants of intellectual capital disclosure among malaysian listed companies. International Journal of Management and Marketing Research, 4(3), 25–33.
Tejedo-Romero, F., Rodrigues, L. L., & Craig, R. (2017). Women directors and disclosure of intellectual capital information. European Research on Management and Business Economics, 23(3), 123-131.
Uyar, A., & Kilic, M. (2012). Influence of corporate attributes on forward-looking information disclosure in publicly traded Turkish corporations. Procedia-Social and Behavioral Sciences, 62, 244–252.
Vandemaele, S. N., Vergauwen, P. G. M. C., & Smits, A. J. (2005). Intellectual capital disclosure in The Netherlands, Sweden and the UK: A longitudinal and comparative study. Journal of Intellectual Capital, 6(3), 417–426.
Wang, M., & Hussainey, K. (2013). Voluntary forward-looking statements driven by corporate governance and their value relevance. Journal of Accounting and Public Policy, 32(3), 26-49.
White, G., Lee, A., & Tower, G. (2007). Drivers of voluntary intellectual capital disclosure in listed biotechnology companies. Journal of Intellectual Capital, 8(3), 517–537.
Widiatmoko, J., & Indarti, M. G. (2017). The Influence of Corporate Governance and Company Characteristics on Intellectual Capital Disclosures. Advanced Science Letters, 23(8), 7059-7061.
Youndt, M. A., & Snell, S. A. (2004). Human resource configurations, intellectual capital, and organizational performance. Journal of Managerial Issues, 16(3), 337-36.
Zeghal, D., & Maaloul, A. (2010). Analysing value added as an indicator of intellectual capital and its consequences on company performance. Journal of Intellectual capital, 11(1), 39-60.
Abeysekera, I., & Guthrie, J. (2005). An empirical investigation of annual reporting trends of intellectual capital in Sri Lanka. Critical Perspectives on accounting, 16(3), 151-163.
Abhayawansa, S., & Azim, M. (2014). Corporate reporting of intellectual capital: evidence from the Bangladeshi pharmaceutical sector. Asian Review of Accounting, 22(2), 98-127.
Agyei-Mensah, B. K. (2017). The relationship between corporate governance, corruption and forward-looking information disclosure: A comparative study. Corporate Governance: The International Journal of Business in Society, 17(2), 284-304.
Ahmed Haji, A., & Mohd Ghazali, N. A. (2012). Intellectual capital disclosure trends: Some Malaysian evidence. Journal of Intellectual Capital, 13(3), 377–397.
Akhtaruddin, M., Hossain, M. A., Hossain, M., & Yao, L. (2009). Corporate governance and voluntary disclosure in corporate annual reports of Malaysian listed firms. Journal of Applied Management Accounting Research, 7(1), 1-19.
Al-Najjar, B., & Abed, S. (2014). The association between disclosure of forward-looking information and corporate governance mechanisms. Managerial Auditing Journal, 29(7), 578–595.
Alfraih, M. M. (2017). The value relevance of intellectual capital disclosure: empirical evidence from Kuwait. Journal of Financial Regulation and Compliance, 25(1), 22–38.
Alfraih, M. M. (2018). What drives intellectual capital reporting? Evidence from Kuwait. International Journal of Productivity and Performance Management, 67(3), 571–589.
Aljifri, K. (2008). Annual report disclosure in a developing country: The case of the UAE. Advances in Accounting, 24(1), 93–10.
Aljifri, K., & Hussainey, K. (2007). The determinants of forward‐looking information in annual reports of UAE companies. Managerial Auditing Journal, 22(9), 881–894.
Barako, D. G. (2007). Determinants of voluntary disclosures in Kenyan companies’ annual reports. African Journal of Business Management, 1(5), 113-128.
Bharathi Kamath, G. (2008). Intellectual capital and corporate performance in Indian pharmaceutical industry. Journal of Intellectual Capital, 9(4), 684-704.
Bontis, N. (1998). Intellectual capital: An exploratory study that develops measures models. Management Decision, 36, 63–76.
Bozzolan, S., Favotto, F., & Ricceri, F. (2003). Italian annual intellectual capital disclosure. Journal of Intellectual Capital, 4(4), 543–558.
Brennan, N. (2001). Reporting intellectual capital in annual reports: Evidence from Ireland. Accounting, Auditing and Accountability Journal, 14(4), 423–436.
Brüggen, A., Vergauwen, P., & Dao, M. (2009). Determinants of intellectual capital disclosure: evidence from Australia. Management decision, 47(2), 233-245.
Campbell, D., & Abdul Rahman, M. R. (2010). A longitudinal examination of intellectual capital reporting in Marks & Spencer annual reports, 1978-2008. British Accounting Review, 42(1), 56–7.
Carlucci, D., Marr, B., & Schiuma, G. (2004). The knowledge value chain: how intellectual capital impacts on business performance. International Journal of Technology Management, 27(6-7), 575-59.
Chan, K. H. (2009). Impact of intellectual capital on organisational performance: An empirical study of companies in the Hang Seng Index (Part 1). The Learning Organization, 16(1), 4-21.
Coffey, B. S., & Wang, J. (1998). Board Diversity and Managerial Control as Predictor of Corporate Social Performance. Journal of Business Ethics, 17(14), 1595–1603.
Cooke, T. E. (1989). Voluntary Corporate Disclosure by Swedish Companies. Journal of International Financial Management and Accounting, 1(2), 171–195.
Cooke, T. E. (1992). The Impact of Size, Stock Market Listing and Industry Type on Disclosure in the Annual Reports of Japanese Listed Corporations. Accounting and Business Research, 22(87), 229–237.
Crook, T. R., Todd, S. Y., Combs, J. G., Woehr, D. J., & Ketchen, D. J. (2011). Does human capital matter? a meta-analysis of the relationship between human capital and firm performance. Journal of Applied Psychology, 96(3), 443–456.
Dey, P. K., & Sarkar, A. (2015). Human Capital Disclosures in the Corporate Annual Reports: A Study on Financial Institutions of Bangladesh. The Jahangirnagar Journal of Business Studies, 5(1), 53-62.
Díaz-Fernández, M. C., González-Rodríguez, M. R., & Simonetti, B. (2015). Top management team’s intellectual capital and firm performance. European Management Journal, 33(5), 322–331.
Edvinsson, L., & Sullivan, P. (1996). Developing a model for managing intellectual capital. European Management Journal, 14(4), 356–364.
Firer, S., Williams, S. M., Bozzolan, S., Favotto, F., & Ricceri, F. (2000). Is intellectual capital performance and disclosure practices related? Journal of Intellectual Capital, 2(3), 192–203.
Firth, M. (1979). The Impact of Size, Stock Market Listing, and Auditors on Voluntary Disclosure in Corporate Annual Reports. Accounting and Business Research, 9(36), 273–28.
Forker, J. J. (1992). Corporate Governance and Disclosure Quality Corporate. Accounting and Business Research, 22(86), 111–124.
Guthrie, J., & Petty, R. (2000). Intellectual capital: Australian annual reports. Journal of Intellectual Capital, 1(3), 241–251.
Guthrie, J., Petty, R., Yongvanich, K., & Ricceri, F. (2004). Using content analysis as a research method to inquire into intellectual capital reporting. Journal of Intellectual Capital, 5(2), 282–293.
Hsu, I. C., & Sabherwal, R. (2011). From intellectual capital to firm performance: the mediating role of knowledge management capabilities. IEEE Transactions on Engineering Management, 58(4), 626-642.
Kılıç, M., & Kuzey, C. (2018). Determinants of forward-looking disclosures in integrated reporting. Managerial Auditing Journal, 33(1), 115–144.
Martins, M. M., Morais, A. I., Isidro, H., & Laureano, R. (2018). Intellectual capital disclosure: The Portuguese case. Journal of the Knowledge Economy, 9(4), 1224-1245.
McNally, G. M., Hock Eng, L., & Roy Hasseldine, C. (1982). Corporate Financial Reporting in New Zealand: An Analysis of User Preferences, Corporate Characteristics and Disclosure Practices for Discretionary Information. Accounting and Business Research, 13(49), 11–20.
Meek, G. K., Roberts, C. B., & Gray, S. J. (1995). Factors Influencing Valuntary Annual Report Disclosures by US, UK and Continential European Multinational Corporations. Journal of International Business Studies, 26(3), 555–572.
Morariu, C. M. (2014). The determinants of intellectual capital disclosure: Evidence from Romania. In Accounting in Central and Eastern Europe (pp. 163-186). Emerald Group Publishing Limited.
Morris, R. D. (1987). Signalling, Agency Theory and Accounting Policy Choice. Accounting and Business Research, 18(69), 47–56.
Muttakin, M. B., Khan, A., & Belal, A. R. (2015). Intellectual capital disclosures and corporate governance: An empirical examination. Advances in accounting, 31(2), 219-227.
Nurunnabi, M., Hossain, M., & Hossain. (2011). Intellectual capital reporting in a South Asian country: evidence from Bangladesh. Journal of Human Resource Costing and Accounting, 15(3), 196–233.
Owusu-Ansah, S. (1998). The impact of corporate attribites on the extent of mandatory disclosure and reporting by listed companies in Zimbabwe. The International Journal of Accounting, 33(5), 605–631.
Petty, R., & Guthrie, J. (2000). Intellectual capital literature review: measurement, reporting and management. Journal of Intellectual Capital, 1(2), 155–176.
Qu, W., Ee, M. S., Liu, L., Wise, V., & Carey, P. (2015). Corporate governance and quality of forward-looking information: Evidence from the Chinese stock market. Asian Review of Accounting, 23(1), 39-67.
Rahman, M. M., Sobhan, R., & Islam, M. S. (2019). Intellectual Capital Disclosure and Its Determinants: Empirical Evidence from Listed Pharmaceutical and Chemical Industry of Bangladesh. The East Asian Journal of Business Management, 9(2), 35-46.
Rashid, A. (2013). Corporate intellectual capital reporting in Bangladesh. International Journal of Learning and Intellectual Capital, 10(2), 107-121.
Robb, S. W. G., Single, L. E., & Zarzeski, M. T. (2001). Nonfinancial Disclosures acrossAnglo-American Countries. Journal of International Accounting, Auditing and Taxation, 10, 71–83.
Schleicher, T., & Walker, M. (2010). Bias in the tone of forward-looking narratives. Accounting and Business Research, 40(4), 371–390.
Shehata, N. F. (2014). Theories and Determinants of Voluntary Disclosure. Accounting and Finance Research, 3(1), 18–26.
Singh, I., & Mitchell Van der Zahn, J. W. (2008). Determinants of intellectual capital disclosure in prospectuses of initial public offerings. Accounting and Business Research, 38(5), 409–431.
Singh, I., & 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.
Sumedrea, S. (2013). Intellectual capital and firm performance: A dynamic relationship in crisis time. Procedia Economics and Finance, 6, 137-144.
Sveiby, K. E. (1997). The new organizational wealth: Managing & measuring knowledge-based assets. Berrett-Koehler Publishers.
Taliyang, S. M., Sultan, U., Abidin, Z., Latif, R. A., & Mustafa, N. H. (2011). The determinants of intellectual capital disclosure among malaysian listed companies. International Journal of Management and Marketing Research, 4(3), 25–33.
Tejedo-Romero, F., Rodrigues, L. L., & Craig, R. (2017). Women directors and disclosure of intellectual capital information. European Research on Management and Business Economics, 23(3), 123-131.
Uyar, A., & Kilic, M. (2012). Influence of corporate attributes on forward-looking information disclosure in publicly traded Turkish corporations. Procedia-Social and Behavioral Sciences, 62, 244–252.
Vandemaele, S. N., Vergauwen, P. G. M. C., & Smits, A. J. (2005). Intellectual capital disclosure in The Netherlands, Sweden and the UK: A longitudinal and comparative study. Journal of Intellectual Capital, 6(3), 417–426.
Wang, M., & Hussainey, K. (2013). Voluntary forward-looking statements driven by corporate governance and their value relevance. Journal of Accounting and Public Policy, 32(3), 26-49.
White, G., Lee, A., & Tower, G. (2007). Drivers of voluntary intellectual capital disclosure in listed biotechnology companies. Journal of Intellectual Capital, 8(3), 517–537.
Widiatmoko, J., & Indarti, M. G. (2017). The Influence of Corporate Governance and Company Characteristics on Intellectual Capital Disclosures. Advanced Science Letters, 23(8), 7059-7061.
Youndt, M. A., & Snell, S. A. (2004). Human resource configurations, intellectual capital, and organizational performance. Journal of Managerial Issues, 16(3), 337-36.
Zeghal, D., & Maaloul, A. (2010). Analysing value added as an indicator of intellectual capital and its consequences on company performance. Journal of Intellectual capital, 11(1), 39-60.