Impact of Intellectual Capital Disclosure on Market Cap
Journal Title: International Journal of Computational Engineering and Management IJCEM - Year 2016, Vol 19, Issue 4
Abstract
The study aims to empirically investigate, the impact of Intellectual capital (IC) on financial aspects of the organizational performance and on market capitalization. The study also aims to develop a descriptive framework of the components of the IC. Using the components of the intellectual capital as parameters, the contents of the annual reports of a sample of 50 companies from BSE100 companies are analyzed over a three-year period from 2008-2009. Regression models are used to examine the relationship between components of IC and the selected financial parameters. The study analyses whether there is any conclusive evidence to support a definitive association between IC and financial performance of the sample companies. The data is further analyzed to establish association of reporting norms and its impact on financial performance over a cross section of industries for disparity in reporting. The study is for the period before new IFRS /accounting standards is implemented in India. However certain companies in the sample have voluntarily started adopting the new IFRS norms. The study is restricted to examining the impact of increased IC related disclosures on the firm’s performance. The study will provide a new dimension to evaluate the performance of the firms for the stakeholders. This study is relevant in the current times when the disclosure norms are on the verge of a major change. The overall disclosure norms in India have been relatively low. The study explores the areas of IC disclosure that can be useful and provide relevant information to the users of the annual reports.
Authors and Affiliations
Mahalakshmi Mudliar
Keywords
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