Rethinking the liaisons between Intellectual Capital Management and Knowledge Management

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INTELLECTUAL CAPITAL DISCLOSURE AND IPO RESULTS: IS IT A MATTER OF CLASSIFICATION?

We study the effects produced by Intellectual Capital (IC) disclosure on the IPO results. Previous findings provide inconsistent results, possibly due to the distinct ways in which IC is classified. We apply two different IC classifications to the information disclosed in the listing prospectuses of 74 Italian firms that went public between 2004 and 2014 and we build different IC disclosure indexes. The indexes are then put into a series of regressions regarding the IPO results, quantified in terms of price adjustment and underpricing. We demonstrate that the effects of IC disclosure on the IPO results are comprehensively consistent across the different IC classifications, although some differences emerge. Such evidences make clear to listing firms the great benefits deriving from the proper disclosure of their non-financial assets to investors

Business model in IPO prospectuses: insights from Italian Innovation Companies

How do companies to be listed deal with the voluntary disclosure of their business model? Is it true that firms with greater intellectual capital resources and technological innovation endowments are less prone to full disclosure? This paper aims to examine the choices of voluntary disclosure of the business model made by three Italian manufacturing companies in initial public offering prospectuses. The objective is to explore whether any differences exist and may be related to the type of innovation underlying the firms’ business model. A series of interviews with the top management allows to deeply understand the business model of each company. A content analysis allows to measure the level of disclosure and identify the strategic concepts of the business model and their relevance. The study provides evidence that companies with a business model based on technology-push and design-driven innovation have a lower propensity to the full disclosure of their intangible resources, particularly of those based on knowledge as some could be also invisible. The paper contributes to the ongoing debate on the role of business and financial reporting

The "Abnormal" State : Identity, Norm/Exception and Japan

The term ‘abnormal’ has frequently been used to describe post-war Japan. Together with the idea that the country will, or should have to, ‘normalise’ its foreign and security policy, it has been reproduced in both academia and Japanese society. Why is Japan branded as ‘abnormal’, and from where does the desire to ‘normalise’ it come? Drawing on a relational concept of identity, and the distinction between norm and exception, this article argues that the ‘abnormality–normalisation nexus’ can be understood in terms of three identity-producing processes: (1) the process whereby the Japanese Self is socialised in US/‘Western’ norms, ultimately constructing it as an Other in the international system; (2) the process whereby the Japanese Self imagines itself as ‘legitimately exceptional’ (what is called ‘exceptionalisation’), but also ‘illegitimately abnormal’ — both of which are epitomised by Japan’s ‘pacifism’; and (3) the process whereby both the Self’s ‘negative abnormality’ and China/Asia are securitised in attempts to realise a more ‘normal’ (or super-normal) Japanese Self. How Japan is inter subjectively constructed on a scale between ‘normal’ and ‘abnormal’ enables and constrains action. Although Japan has not remilitarised nearly as much in the 2000s as is often claimed, these processes might very well forebode an exceptional decision to become ‘normal’ and therefore more significant steps towards remilitarisation

Intellectual capital disclosure: the Portuguese case

The purpose of this research is to identify the factors that can explain practices of voluntary disclosure of information on intellectual capital (IC). This is an empirical quantitative study that seeks to examine the influence of certain firm characteristics (firm size, auditor type, ownership concentration, industry, proportion of non-executive directors (NEDs) on the board, chairman/CEO duality and audit committee) on intellectual capital disclosure (ICD) in Portuguese companies. ICD data for this longitudinal study were gathered from the annual reports of 32 Portuguese listed firms over 5 years using content analysis. The results of this study indicate that firm size and industry are explanatory factors of the level of disclosure of information on intellectual capital. One of the limitations of the empirical part of the study derives from choosing the content analysis method because it is subject to the subjectivity of interpretation. Another limitation is the small sample size and the application only to Portugal which reduces the ability to generalize the results to other settings. This study contributes to the IC literature, providing new empirical data covering the analysis of 5 years of disclosure related to corporate governance.info:eu-repo/semantics/acceptedVersio