Does board gender diversity influence voluntary disclosure of intellectual capital in initial public offering prospectuses? Evidence from China

2019 ◽  
Vol 28 (2) ◽  
pp. 100-118 ◽  
Author(s):  
Muhammad Nadeem
Keyword(s):  
Initial Public Offering ◽  
Intellectual Capital ◽  
Voluntary Disclosure ◽  
Gender Diversity ◽  
Board Gender Diversity ◽  
Public Offering

scholarly journals Determinants of intellectual capital disclosure in initial public offerings: case of Canadian firms

2016 ◽  
Vol 4 (1) ◽  
pp. 52 ◽  
Author(s):  
Hanen Ghorbel ◽  
Hela Elleuch
Keyword(s):  
Initial Public Offerings ◽  
Initial Public Offering ◽  
Intellectual Capital ◽  
Voluntary Disclosure ◽  
Audit Committee ◽  
Audit Quality ◽  
Stock Exchange ◽  
Multiple Regression Model ◽  
Reporting Practices ◽  
Public Offering

<p>The purpose of this paper is to investigate the determinants of intellectual capital information’s of firms that went through IPO.              Our sample includes 43 firms that IPOs listed in the Toronto Stock Exchange in 2012 of which the prospectuses for the initial public offering are available. Our study, unlike other studies focuses on the issuing prospectuses. The paper applied a disclosure index comprising of 78 items (Bukh and al (2005)) to quantify the amount of information regarding intellectual capital included in the IPO prospectuses of canadian firms. Multiple regression model and Correlation is used. The results revealed that the managerial ownership, the presence of an audit committee and industry are significantly associated with the voluntary disclosure of information about the intellectual capital in prospectuses. While firm size, age, the audit committee’ activity and audit quality do not affect disclosure. The results are interpreted in the light of the increasing importance of disclosing information on intellectual capital to the capital market a in case of IPO and constitute a contribution to the ongoing debate on corporate reporting practices.</p>

Accelerating time

2018 ◽  
Vol 43 (3) ◽  
pp. 95-105 ◽  
Author(s):  
Patrick Joseph McHugh ◽  
Elise Perrault
Keyword(s):  
Initial Public Offering ◽  
Gender Diversity ◽  
Time Frame ◽  
Future Research ◽  
Board Composition ◽  
Venture Capitalists ◽  
Technology Firms ◽  
Different Types ◽  
Board Gender Diversity ◽  
Public Offering

Using a legitimacy lens, we theorize that changes in the firm’s board of directors parallel the evolving stakeholder audience that accords legitimacy to the firm—a key resource to the firm’s survival. Powerful new stakeholders post- initial public offering (IPO) such as the listing exchange and the securities regulators are anticipated to impact board gender diversity through their regulatory pressure, while pre-IPO investors such as venture capitalists are reducing their equity positions and thus providing opportunities for director turnover. At the same time, the firm is increasing in size and visibility, building additional sociocultural legitimacy pressures for increased gender diversity. While prior research centers on the effect of different types and intensity of legitimacy pressures on board characteristics, we explore how changes in the question of firms’ legitimacy “to whom” affects board composition, that is, we examine the comparative effect of regulation and society on board composition. We test our hypotheses by analyzing panel data for all North American technology firms doing IPOs on the NASDAQ exchange during a 12-year time frame between 1997 and 2011. Our analysis shows that regulation, although not explicitly directive, can play a key role in accelerating board gender diversity. Implications for future research on corporate governance and managerial and policy takeaways complete this article.

Does board gender diversity affect the transparency of corporate political disclosure?

2018 ◽  
Vol 26 (4) ◽  
pp. 444-463 ◽  
Author(s):  
D.G. DeBoskey ◽  
Yan Luo ◽  
Jeff Wang
Keyword(s):  
Corporate Governance ◽  
Voluntary Disclosure ◽  
Gender Diversity ◽  
Political Activity ◽  
Political Contributions ◽  
Firm Level ◽  
Data Set ◽  
Content Type ◽  
Ethics Research ◽  
Board Gender Diversity

Purpose The purpose of this paper is to examine the influence of board gender diversity on the transparency of corporate political disclosure (CPD). Design/methodology/approach Two empirical proxies, CPD transparency and policy transparency, are constructed from a data set jointly produced by the Center of Political Activity and the Carol and Lawrence Zicklin Center for Business Ethics Research. The CPD transparency score measures the level of transparency in voluntary corporate disclosure of the amount of political contributions and the identity of the recipients as well as the titles and names of the executives who authorize the political spending. The policy transparency score measures the level of transparency in the voluntary disclosure of the policies governing corporate political spending. Board gender diversity is measured by the percentage of women on the board of directors. Findings Higher proportions of female directors are associated with more transparent disclosure of political contributions after controlling for a set of corporate governance and firm-level variables. Originality/value This study is the first to examine whether and how gender-diversified boards enhance the transparency of CPD. It contributes to the literature by providing evidence that gender-diversified boards enhance corporate governance.

New insights into the nexus between board characteristics and intellectual capital disclosure: the case of the emerging economy of Mauritius

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Oren Mooneeapen ◽  
Subhash Abhayawansa ◽  
Dinesh Ramdhony ◽  
Zainab Atchia
Keyword(s):  
Intellectual Capital ◽  
Stock Exchange ◽  
Gender Diversity ◽  
Annual Reports ◽  
Small Island ◽  
Board Members ◽  
Content Type ◽  
Board Characteristics ◽  
Multiple Directorships ◽  
Board Gender Diversity

PurposeWe investigate the association between intellectual capital disclosure (ICD) and board characteristics in the unique setting of Mauritius, a Small Island Developing State. The uniqueness of the setting stems from the country's corporate governance landscape, where most companies have female directors and a high proportion of directors with multiple directorships, director independence is symbolic and directors come from a close-knit group.Design/methodology/approachWe use 120 firm-year observations from companies listed on the Stock Exchange of Mauritius from 2014 to 2017. All data is hand collected from annual reports using content analysis method. Panel multivariate regression is used to test the hypotheses with relevant controls, including intellectual capital performance.FindingsICD is negatively associated with board independence and positively associated with gender diversity of the board. No association is found between ICD and the size of the board, multiple directorships or the average tenure of the board members.Originality/valueThis is the first study investigating the association of board gender diversity, multiple directorship and tenure of board members with ICD in annual reports. The relationships observed between board characteristics and ICD highlight the context-dependent nature of these relationships. This study also overcomes the correlated omitted variable bias likely to have affected the analyses in previous studies examining the nexus between board characteristics and ICD through its control for intellectual capital performance.

What drives the impact of women directors on firm performance? Evidence from intellectual capital efficiency of US listed firms

2019 ◽  
Vol 21 (4) ◽  
pp. 513-530 ◽  
Author(s):  
Faisal Shahzad ◽  
Mushahid Hussain Baig ◽  
Ijaz Ur Rehman ◽  
Fawad Latif ◽  
Bruno S. Sergi
Keyword(s):  
Intellectual Capital ◽  
Gender Diversity ◽  
Performance Measure ◽  
Women Directors ◽  
Firm Level ◽  
Content Type ◽  
Capital Efficiency ◽  
Board Gender Diversity ◽  
The Impact ◽  
The Relationship

Purpose The purpose of this paper is to study whether the presence of women directors on the corporate board influences financial performance (FP). To examine the underlying causal mechanism, the authors modeled firm-level intellectual capital efficiency (ICE) in the relationshipbetween board gender diversity (BGD) and FP. Design/methodology/approach Using a sample of 5,879 US firms, a structural model of BGD, IC and FP is conceptualized by accounting for the endogeneity issues and alternative measures of the key variables in the empirical framework. In the model, the percentage of women directors is taken as BGD measures and value-added intellectual coefficient as an IC performance measure, considering governance and corporate performance measures. Findings The authors find a significant impact of BGD on FP. In particular, the results suggest: BGD is linked to IC; the influence of board gender diversity on the FP is indirect; and ICE fully mediates the relationship between BGD and FP. Originality/value To the best of the author’s knowledge, no study has empirically investigated whether the firm-level IC performance explains the influence of BGD on FP. Drawing on the resource-based view and organizational learning theory of the firm, the authors empirically modeled the relationship between BGD and FP through a mediation mechanism of firm-level ICE to fill the void in the literature.

scholarly journals The Influence of Intellectual Capital Disclosure, Economic Value Added Analysis, and Inclusion of Warrants on the Level of Underpricing in Shares

2019 ◽  
Vol 28 (3) ◽  
pp. 1682
Author(s):  
Muhammad Faisal ◽  
Gerianta Wirawan Yasa
Keyword(s):  
Initial Public Offering ◽  
Intellectual Capital ◽  
Stock Exchange ◽  
Economic Value ◽  
Value Added ◽  
Sampling Technique ◽  
Economic Value Added ◽  
Ipo Underpricing ◽  
Company Value ◽  
Public Offering

The underpricing phenomenon often occurs when a company conducts an initial public offering or commonly known as IPO (Initial Public Offering). This condition causes stakeholders receive not enough information for assessing the company value. This study aims to analyze the effect of intellectual capital disclosure, economic value added, and inclusion of warrants on the level of underpricing of shares. This research was conducted in all companies that conducted IPOs on the Indonesia Stock Exchange (IDX) in the period 2012-2014. The number of samples taken was 60 companies, with a purposive sampling technique. The data analysis technique used is multiple linear regression. The results of testing the partial test hypotheses found that intellectual capital disclosure variables negatively affect the level of underpricing, while the variables of warrants participation have a positive effect on the level of underpricing. The economic value added variable does not affect the level of underpricing. Keywords : Initial Public Offering (IPO), Underpricing, Economic value added, Warrant.

scholarly journals Intellectual Capital Disclosures in IPO Prospectuses of Indian Companies

2015 ◽  
Vol 2 (1) ◽  
pp. 40-51 ◽  
Author(s):  
Meena Bhatia ◽  
Bhawna Agarwal
Keyword(s):  
Initial Public Offering ◽  
Intellectual Capital ◽  
Knowledge Economy ◽  
Stock Exchange ◽  
Multiple Regression Model ◽  
Board Independence ◽  
Managerial Ownership ◽  
Services Sector ◽  
Independent Variables ◽  
Public Offering

The study is based on companies that went through IPO on the Bombay Stock Exchange (BSE) and/or National Stock Exchange in the period 2011-2012. The paper applied a disclosure index comprising of 78 items to quantify the amount of information regarding intellectual capital included in the IPO prospectuses of Indian companies. The sum of disclosed score is divided by 78 to arrive at the index. For disclosure index content analysis is used. Multiple regression model and Correlation is used to examine the significance and association between disclosure index with independent variables. The main objective of this paper is to study the extent of intellectual capital disclosures in Initial Public offering (IPO) prospectus of Indian companies and also to examine the factors that influence the intellectual capital disclosure. The regression results reveal that of all the independent variables studied i.e. Board size Board independence Size Age Leverage Managerial ownership and Industry differences; Intellectual capital disclosure is influenced by industry differences. India is considered as knowledge economy and has highest contribution in gross domestic product from services sector wherein intellectual capital plays the most important role. As regards intellectual capital the studies have been insufficient. To our knowledge this is the first research on intellectual capital disclosures in IPO prospectuses of Indian companies.DOI: http://dx.doi.org/10.3126/ijssm.v2i1.11685     Int. J. Soc. Sci. Manage. Vol-2, issue-1: 40-51 

scholarly journals Pengaruh Pengungkapan Intellectual Capital, Reputasi Underwriter, Financial Leverage, Umur dan Size Perusahaan terhadap Underpricing Saham IPO di Bursa Efek Indonesia Periode 2014-2018

2020 ◽  
Vol 4 (1) ◽  
pp. 135
Author(s):  
Adinda Solida ◽  
Elvira Luthan ◽  
Nini Sofriyeni
Keyword(s):  
Initial Public Offering ◽  
Intellectual Capital ◽  
Quantitative Research ◽  
Stock Exchange ◽  
Sample Selection ◽  
Secondary Data ◽  
Financial Leverage ◽  
Quantitative Research Methods ◽  
Underwriter Reputation ◽  
Public Offering

This study aims to examine and analyze the influence of factors that can influence underpricing during an IPO (Initial Public Offering) on the Indonesia Stock Exchange in the 2014-2018 period. This research uses quantitative research methods. The type of data used is secondary data, where the data collected is obtained through the official website of IDX, Yahoo Finance and the company's sample website. The population in this study were all IPO companies on the Stock Exchange in 2014-2018 and for the sample selection in this study using a purposive sampling method, as many as 77 sample companies were obtained. The analytical method used in this study is multiple linear regression. The results showed that intellectual capital disclosure had a negative and significant effect on the level of underpricing. While underwriter reputation, financial leverage, company age, and company size do not affect the level of underpricing.

scholarly journals Corporate board structures and intellectual capital: evidence from banks in Africa

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Nicholas Asare ◽  
Francis Aboagye-Otchere ◽  
Joseph Mensah Onumah
Keyword(s):  
Intellectual Capital ◽  
Generalized Method Of Moments ◽  
Gender Diversity ◽  
Negative Relationship ◽  
Value Added ◽  
Board Independence ◽  
Annual Data ◽  
Board Size ◽  
Content Type ◽  
Board Gender Diversity

PurposeThis study examines the nature of the relationship between board structures (BSs) and intellectual capital (IC) of banks in Africa.Design/methodology/approachUsing annual data from financial statements of 366 banks from 26 African countries from 2007 to 2015, the study estimates IC using the value-added intellectual coefficient (VAIC) and BSs using board size, board independence and board gender diversity. The system generalized method of moments and panel-corrected standard error estimation strategies are used to estimate panel regressions.FindingsThere is a significant negative relationship between board independence and intellectual capital. The results also indicate that the IC of banks does not depend on board size and board gender diversity.Practical implicationsThe study's findings provide evidence of the extent to which BSs have been instituted to support investments in intellectual capital as a means of improving the performance of banks in Africa.Originality/valueThis study provides some empirical evidence from Africa's banking sector to justify that banks with better IC have boards that are less independent. This study is one of the few studies that employs many countries' data.

The Genesis of Voluntary Disclosure: An Analysis of Firms’ First Earnings Guidance

2020 ◽  
Author(s):  
Kristian D. Allee ◽  
Theodore E. Christensen ◽  
Bryan S. Graden ◽  
Kenneth J. Merkley
Keyword(s):  
Venture Capital ◽  
Initial Public Offering ◽  
Voluntary Disclosure ◽  
Private Equity ◽  
First Year ◽  
Earnings Guidance ◽  
Public Company ◽  
Guidance Policy ◽  
Public Offering

We investigate a firm’s decision to initiate earnings guidance during its first year as a public company following its initial public offering (IPO), which we label “early guidance.” Using a sample of firms with IPOs between 2001 and 2010, we find that almost 60% provide early guidance and that only one-third of the firms that do not provide guidance during the first year subsequently decide to guide. Consistent with the importance of liquidity incentives following the IPO, we find that firms are significantly more likely to provide early guidance when their IPOs are backed by venture capital or private equity investors. Our results indicate that firms with higher-quality IPO information are more likely to provide early earnings guidance. We also find that early guidance has significant implications for future disclosure choices. Firms that guide soon after the IPO are significantly more likely to guide again and to provide regular future guidance (i.e., they establish a regular guidance policy). Finally, we find evidence suggesting that the credibility of initial guidance is lower than that of subsequent guidance, and subsequent guidance credibility relates to both the length of firms’ guidance history and the accuracy of their initial guidance disclosures. This paper was accepted by Shiva Rajgopal, accounting.

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