Intellectual Capital Disclosure in Knowledge Rich Firms: The Impact of Market and Corporate Governance Factors

YesIntellectual capital disclosure (ICD) in corporate annual reports has received growing European attention. To date, few studies have undertaken systematic analysis of the factors influencing the decision to disclose Intellectual Capital (IC) related information in annual reports. The purpose of this paper is to examine whether the level of hidden value (market-to-book ratio), share price volatility, listing age, board composition, ownership structure, audit committee size and directors’ shareholding, in addition to other firm specific factors influence ICD in 100 UK listed knowledge-rich firms. The dependent variable is measured by a 183 item index score, supported by word count and percentage of IC word count metrics to assess the extent, volume and focus of ICD respectively. Results of the analysis based on the three measures indicate significant association with hidden value, using market-to-book ratio as a proxy, and listing age. We further find firm size, share price volatility, director shareholding, audit committee size, and ownership concentration to be associated with ICD in a manner consistent with theoretical expectations. The implications of these findings, hitherto largely untested, are explored from a number of theoretical perspectives

Intellectual Capital Disclosures in Corporate Annual Reports: A European Comparison

YesThe extent of intellectual capital (IC) disclosures in corporate annual reports has received increasing attention in recent years. This paper is an exploratory study that considers the efficacy of various IC disclosure measures. It draws on annual reports of leading firms within the financial services sector in nine Western European countries. Content analysis was employed to produce measures based on disclosure indexes and word count to assess the variety, volume and focus of IC in annual reports. Disclosure scores were computed using three forms of presentation - any form, numerical form (reflecting more ‘objective’ disclosure), and all forms. Generally, we found that the form of disclosure index did not significantly affect IC sample rankings and were broadly in line with the IC word count rankings. However, very different rankings emerged when using the focus measure (IC word count as a percentage of total word count in Annual Report). We argue that this measure of relative importance is an important measure, particularly because firm size is typically positively associated with disclosure. Variation in the form of IC (human, structural, relational) is also explored. The paper then reports the findings of a time series analysis of the IC disclosure practices within a UK bank over a 10-year period. Significant variation in IC disclosure was found, with a strong movement in IC content from human capital to relational capital. These findings are discussed

Activity-based costing user satisfaction and type of system: a research note

This paper examines user perceptions of Activity-based costing (ABC) performance for three different types of system in a major information and communication provider in South East Asia. Few prior ABC studies have considered the effect of system type on ABC performance. The study draws on a survey of 54 developers and 181 users of 16 different ABC systems within the organisation to produce five performance constructs (cost accuracy, cost-benefit trade-off, ABC impact, information use, and decision action). The results show that both the development inputs and user performance perceptions varied with the type of system (embedded, stand-alone, ad-hoc). While embedded systems enjoyed far stronger inputs (e.g. top management support, rewards and recognition, task significance) and greater development team cohesion than stand-alone systems, they were perceived by users to perform significantly less well. These findings suggest that system type is an important factor in assessing ABC performance

Evaluation of adaptation alternatives during the implentation of AMT in small-to medium-sized firms

Implementation is represented in the capital budgeting process as a solitary stage that begins after the decision to adopt and ends with the post-audit. For investments in advanced manufacturing technology, this belies the complexity of implementation and the financial risk. Many unexpected problems arise. The alternative solutions, with their costs and benefits, warrant rational evaluation. This study explores the process of implementation to identify what cost-benefit evaluation is done and the implications for project feasibility

Intellectual capital disclosure and corporate governance structure in UK firms

YesThis paper investigates the relationship between intellectual capital disclosure and corporate governance variables, controlling for other firm-specific characteristics, for a sample of 100 UK listed firms. Intellectual capital disclosure is measured by a disclosure index score, supported by word count and percentage of word count metrics to assess the variety, volume and focus of intellectual capital disclosure respectively. The independent variables comprise various forms of corporate governance structure: board composition, ownership structure, audit committee size and frequency of audit committee meetings, and CEO role duality. Results of the analysis based on the three measures of intellectual capital disclosure indicate significant association with all the governance factors except for role duality. The influence of corporate governance mechanisms on human, structural and relational capital disclosure, based on all three metrics, is also explored

Captive reptile mortality rates in the home and implications for the wildlife trade

The trade in wildlife and keeping of exotic pets is subject to varying levels of national and international regulation and is a topic often attracting controversy. Reptiles are popular exotic pets and comprise a substantial component of the live animal trade. High mortality of traded animals raises welfare concerns, and also has implications for conservation if collection from the wild is required to meet demand. Mortality of reptiles can occur at any stage of the trade chain from collector to consumer. However, there is limited information on mortality rates of reptiles across trade chains, particularly amongst final consumers in the home. We investigated mortality rates of reptiles amongst consumers using a specialised technique for asking sensitive questions, additive Randomised Response Technique (aRRT), as well as direct questioning (DQ). Overall, 3.6% of snakes, chelonians and lizards died within one year of acquisition. Boas and pythons had the lowest reported mortality rates of 1.9% and chameleons had the highest at 28.2%. More than 97% of snakes, 87% of lizards and 69% of chelonians acquired by respondents over five years were reported to be captive bred and results suggest that mortality rates may be lowest for captive bred individuals. Estimates of mortality from aRRT and DQ did not differ significantly which is in line with our findings that respondents did not find questions about reptile mortality to be sensitive. This research suggests that captive reptile mortality in the home is rather low, and identifies those taxa where further effort could be made to reduce mortality rate

LSST: from Science Drivers to Reference Design and Anticipated Data Products

(Abridged) We describe here the most ambitious survey currently planned in the optical, the Large Synoptic Survey Telescope (LSST). A vast array of science will be enabled by a single wide-deep-fast sky survey, and LSST will have unique survey capability in the faint time domain. The LSST design is driven by four main science themes: probing dark energy and dark matter, taking an inventory of the Solar System, exploring the transient optical sky, and mapping the Milky Way. LSST will be a wide-field ground-based system sited at Cerro Pach\'{o}n in northern Chile. The telescope will have an 8.4 m (6.5 m effective) primary mirror, a 9.6 deg$^2$ field of view, and a 3.2 Gigapixel camera. The standard observing sequence will consist of pairs of 15-second exposures in a given field, with two such visits in each pointing in a given night. With these repeats, the LSST system is capable of imaging about 10,000 square degrees of sky in a single filter in three nights. The typical 5$\sigma$ point-source depth in a single visit in $r$ will be $\sim 24.5$ (AB). The project is in the construction phase and will begin regular survey operations by 2022. The survey area will be contained within 30,000 deg$^2$ with $\delta<+34.5^\circ$, and will be imaged multiple times in six bands, $ugrizy$, covering the wavelength range 320--1050 nm. About 90\% of the observing time will be devoted to a deep-wide-fast survey mode which will uniformly observe a 18,000 deg$^2$ region about 800 times (summed over all six bands) during the anticipated 10 years of operations, and yield a coadded map to $r\sim27.5$. The remaining 10\% of the observing time will be allocated to projects such as a Very Deep and Fast time domain survey. The goal is to make LSST data products, including a relational database of about 32 trillion observations of 40 billion objects, available to the public and scientists around the world.Comment: 57 pages, 32 color figures, version with high-resolution figures available from https://www.lsst.org/overvie

Consumer Bankruptcy Update

Materials from the Consumer Bankruptcy Update presentations held by UK/CLE in December 2000

Place branding of seaports in the Middle East

This paper analyses seaports’ brand personalities as a means of understanding similarities and differences of these important locations and their relationship with their host place image. Drawing upon Aaker’s (J Mark Res 34:347–356, 1997) brand personality construct, the study presents lexical analysis from the websites of nine seaports in the Middle East. Each seaport’s website is content analysed, and the brand personality is measured using Aaker’s (1997) framework and Opoku’s (Licentiate Thesis, Lulea University of Technology, ISSN, 1402-1757, 2005) dictionary of synonyms. Findings show that seaports have developed a level of isomorphism upon particular dimensions of brand image; however, the findings also show the most distinctive seaports were linking their seaport to their place brand. In particular, the findings show only the Port of Jebel Ali has a clear and distinctive brand personality and to a lesser extent the Ports of Sohar, Shahid Rajee and Khor Fakkan. The research has important management implications of branding for public diplomacy and demonstrates seaport brand positioning in relation to place branding, used to inform public communication and marketing