Báo cáo vốn trí tuệ, chi phí tài chính và giá trị doanh nghiệp

RafOrens1, WalterAerts2, NadineLybaert3
1Department of Business Studies, Lessius (Associatie K.U. Leuven), Antwerpen, Belgium
2Department of Accounting and Finance, Universiteit Antwerpen, Antwerpen, Belgium
3Department of Business Studies, Hasselt University, Diepenbeek, Belgium

Tóm tắt

Mục đíchMục đích của bài báo này là kiểm tra một cách thực nghiệm tác động của việc báo cáo vốn trí tuệ (IC) trên nền tảng web đến giá trị của công ty và chi phí tài chính của nó.Thiết kế/phương pháp/tiếp cậnMột phân tích nội dung các trang web doanh nghiệp được thực hiện trên bốn quốc gia châu Âu lục địa (Bỉ, Pháp, Đức và Hà Lan) để xem xét sự hiện diện của thông tin về IC. Mô hình hồi quy đồng thời được sử dụng để kiểm soát tính nội sinh trong chiến lược công bố của công ty.Kết quảDữ liệu cho thấy rằng sự khác biệt theo chiều ngang trong phạm vi công bố IC có mối liên hệ tích cực với giá trị của công ty. Việc công bố IC nhiều hơn ở châu Âu lục địa liên quan đến sự bất đối xứng thông tin thấp hơn, chi phí vốn chủ sở hữu ngụ ý thấp hơn và tỷ lệ lãi suất phải trả thấp hơn.Giới hạn/ngữ cảnh nghiên cứuNghiên cứu này bị hạn chế ở việc phân tích lợi ích của công ty từ việc công bố trên web mà không xem xét các chi phí liên quan.Ý nghĩa thực tiễnKết quả của nghiên cứu cho thấy rằng các công ty có xu hướng nhận được lợi ích kinh tế từ việc công bố IC tốt hơn.Tính nguyên bản/gía trịChứng cứ hiện có được mở rộng bằng cách xem xét các tác động của thị trường vốn đối với việc công bố liên quan đến IC và việc công bố dựa trên web.

Từ khóa


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