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>

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 The Effect Of Enterprise Risk Management Disclosure, Intellectual Capital Disclosure, Independent Board Of Commissioners, Board Of Director And Audit Committee Towards Firm Value

2020 ◽  
Vol 9 (1) ◽  
pp. 60-72
Author(s):  
Bima Cinintya Pratama ◽  
Indriana Putri ◽  
Maulida Nurul Innayah
Keyword(s):  
Risk Management ◽  
Intellectual Capital ◽  
Firm Value ◽  
Audit Committee ◽  
Stock Exchange ◽  
Multiple Regression Model ◽  
Enterprise Risk Management ◽  
Book Value ◽  
Board Of Director ◽  
Enterprise Risk

This study aims to examine the effect of enterprise risk management disclosure, intellectual capital disclosure, board commissioner independent, the board of director and committee audit on firm value proxied using book value. The population in this study are property, real estate, and building construction sector companies listed on the Indonesia Stock Exchange in 2016-2018. The samples of this study are 60 companies with 180 observations listed in Indonesia Stock Exchange selected by using a purposive sampling method. The data analysis method used is multiple regression model. Based on the hypothesis that enterprise risk management disclosure, intellectual capital disclosure, independent board commissioner and audit committee have no significant effect on firm value meanwhile board of directors has a significant effect on firm value.

scholarly journals Pengaruh Efektivitas Komite Audit, Efektivitas Internal Audit dan Kualitas Audit terhadap Pengungkapan Sukarela

2020 ◽  
Vol 30 (4) ◽  
pp. 861
Author(s):  
Hanny Purnomo ◽  
Yustrida Bernawati
Keyword(s):  
Linear Regression ◽  
Multiple Linear Regression ◽  
Voluntary Disclosure ◽  
Audit Committee ◽  
Audit Quality ◽  
Stock Exchange ◽  
Internal Audit ◽  
Sampling Technique ◽  
Voluntary Disclosures ◽  
Purposive Sampling

The purpose of this study is to prove the truth, internal audit, internal audit, and audit quality on voluntary disclosures in companies listed on the Indonesia Stock Exchange for the period of 2016-2018. The sample was selected using a purposive sampling technique to obtain a sample of 100 companies, the hypothesis was taken using multiple linear regression. The results of this study prove the importance of audit audits, internal audits, and audit quality applied to company voluntary disclosures. Keywords: Effectiveness of Audit Committee; Internal Audit; Audit Quality; Voluntary Disclosure.

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 Study on the Relationship Between the Audit Committee of Ipo Firms and the First-Day Stock Earnings

2020 ◽  
Vol 4 (2) ◽  
pp. 21
Author(s):  
She Zhangying
Keyword(s):  
Regression Analysis ◽  
Stock Returns ◽  
Initial Public Offering ◽  
Audit Committee ◽  
Stock Exchange ◽  
Public Offering ◽  
The Relationship

This paper mainly discusses the relationship between the audit committee of IPO firms and the stock returns on the first day of trading on the stock exchange. Using the sample of 21 firms that made an initial public offering in ASX between 2008 and 2010, Regression analysis was used to conclude that the existence of the audit committee of IPO firms and listed on the first day of the stock returns have no significant direct relationships. The result shows that the audit committee has no effect on the earnings of the first day of listing, and the establishment of the audit committee may not be considered before listing.

effect of underwriter's reputation and auditor's reputation on underpricing in medium companies taking an initial public offering on the Indonesia stock exchange

2021 ◽  
Vol 9 (1) ◽  
pp. 67-78
Author(s):  
P. Lelyta Apti Dhina Apsari ◽  
Gerianta Wirawan Yasa ◽  
Ida Bagus Putra Astika
Keyword(s):  
Initial Public Offerings ◽  
Initial Public Offering ◽  
Stock Exchange ◽  
Linear Regression Analysis ◽  
Secondary Data ◽  
Negative Influence ◽  
Public Offerings ◽  
Analytical Technique ◽  
Underwriter Reputation ◽  
Public Offering

The purpose of this study is to obtain empirical evidence of the influence of auditor reputation and the effect of underwriter reputation on medium-sized companies that conduct initial public offerings. This research was conducted on 190 companies experiencing underpricing listed on the Indonesia Stock Exchange (IDX) for the 2016-2021 period, the research data used in this study is secondary data. The number of samples analyzed was 130 development board companies and experienced underpricing because companies that met the sample criteria. The analytical technique used in this study was Multiple Linear Regression Analysis. The results of the study prove that underwriter reputation has a negative influence on underpricing of medium-sized companies that conduct initial public offerings. The reputation of the auditor has no effect on the underpricing of medium-sized companies that make this initial public offering on the IDX.

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 Motives and effects of the initial public offerings on the Warsaw Stock Exchange

Equilibrium ◽  
2015 ◽  
Vol 10 (2) ◽  
pp. 207
Author(s):  
Tomasz Sosnowski
Keyword(s):  
Initial Public Offerings ◽  
Initial Public Offering ◽  
Stock Exchange ◽  
Market Value ◽  
Public Offerings ◽  
Warsaw Stock Exchange ◽  
Business Efficiency ◽  
Secondary Shares ◽  
Public Offering

This paper empirically investigates the links between the motives for going public and changes in the market value and efficiency of new stock companies. Using a sample of 200 firms from Warsaw Stock Exchange between 2005 and 2012 I find that the principal purpose of initial public offering is raising additional capital by the company but divestment grounds of initial shareholders are also important. I find evidence that the sale of secondary shares in the initial public offering may be seen as a negative signal at aftermarket performance of the firm. The data reveal that the most adverse long-term changes in the market value and business efficiency are observed for those companies, where in the initial public offering both primary and secondary shares were sold.

scholarly journals Clusters of investors around initial public offering

2019 ◽  
Vol 5 (1) ◽  
Author(s):  
Margarita Baltakienė ◽  
Kęstutis Baltakys ◽  
Juho Kanniainen ◽  
Dino Pedreschi ◽  
Fabrizio Lillo
Keyword(s):  
Complex Networks ◽  
Initial Public Offerings ◽  
Initial Public Offering ◽  
Stock Markets ◽  
Stock Exchange ◽  
Public Offerings ◽  
Network Method ◽  
Investor Behaviour ◽  
Public Offering ◽  
Helsinki Stock Exchange

Abstract The complex networks approach has been gaining popularity in analysing investor behaviour and stock markets, but within this approach, initial public offerings (IPOs) have barely been explored. We fill this gap in the literature by analysing investor clusters in the first two years after the IPO filing in the Helsinki Stock Exchange by using a statistically validated network method to infer investor links based on the co-occurrences of investors’ trade timing for 69 IPO stocks. Our findings show that a rather large part of statistically similar network structures form in different securities and persist in time for mature and IPO companies. We also find evidence of institutional herding.

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