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The intellectual capital framework
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The aim and purpose of this paper is to present the authors‟ viewpoints regarding three misguided beliefs concerning Intellectual Capital (IC); (i) IC definition, (ii) IC categorization and (iii) IC reporting framework. More specifically, due to the fact that general agreement on these aspects of IC does not exist, a review of the literature is pro...
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Citations
... IC is complex and difficult to define (Nerantzidis et al., 2013). ...
This study examines whether facets of corporate governance (board size, proportion of independent directors on the board, board committees, and Big 4 auditor) promote the voluntary disclosure of intellectual capital in annual reports in Australia and New Zealand and whether this is country dependent. Data was collected from OSIRIS and annual reports with disclosure detected through a rigorous electronic word search approach. Statistical testing with OLS regression followed. The presence of nomination committees and a majority of independent directors on the board were found to be significant positive predictors of intellectual capital disclosure in both countries, and larger board sizes in Australian companies enhanced intellectual capital disclosure. These results concur with resource dependency and stakeholder theoretical arguments.
... indicating both the conservatism of accounting on intangibles (Brüggen et al., 2009, p. 235;Lambert, 1998), as well as the shortage of a consistent framework for reporting IC (Nerantzidis, 2013b;Nerantzidis et al., 2013a). ...
... Respectively, the second column shows the number of the items used in each study, revealing a variation from study to study, ranging between 17 and 45 items. This variation is supported by the fact that neither a consistent framework for reporting IC exists in literature (see Nerantzidis 2013b;Nerantzidis et al., 2013a), nor a common business environment between the different countries [1]. ...
... For the appropriate categorization scheme, the one that is mostly used by the academic literature was chosen: i) human capital, ii) internal (structural) capital and iii) external (relational) capital (see Nerantzidis, 2013b;Nerantzidis et al., 2013a). ...
The purpose of this study is to examine the intellectual capital disclosure (hereafter: ICD) among the Greek listed companies and compare this level of disclosure among companies of different sector and capitalisation. For this reason, a content analysis of 49 companies' annual reports was firstly conducted, in order to examine the ICDs frequency per element (by sector and capitalisation). Then, a hypothesis analysis was used to compare the level of ICD among companies of different sector and capitalisation. The findings showed that the most reported accounting category was external (or relational) capital and the second most reported was internal (or structural) capital. Furthermore, this study revealed that the most knowledge-based or the biggest companies have the most ICDs frequency. However, a great effort has been put in, in order to increase transparency, in the way that content analysis is conducted, so that a 'real' benefit on future studies can exist.
Accounting and corporate reporting can be seen as a language for specific purposes. Such a language requires the use of terms and concepts with a precise and commonly shared meaning to allow effective and efficient communication. We analyze the term ‘non-financial information’, which has become a part of mandatory corporate reporting within the European Union (EU) through recent regulatory actions. Our analysis is based on a survey of the theoretical and empirical literature, on the rational of semantic theory, as well as on a questionnaire survey. The clear finding is that, up to now, neither a common meaning nor a generally accepted definition of ‘non-financial information’ exists. We derive from the applied theoretical concepts that this situation negatively impacts the efficiency and effectiveness of corporate communication. Against this background we discuss several venues that might help to overcome this deficiency like issuing a mandatory guideline or changing the terminology.
