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Empirical Analysis of Intellectual Capital Disclosure and Financial Performance – Romanian Evidence

Author

Listed:
  • Victoria BOGDAN
  • Claudia Diana SABĂU POPA
  • Mărioara BELENEŞI

    (University of Oradea)

  • Vasile BURJA

    (1 st December 1918 University of Alba Iulia)

  • Dorina Nicoleta POPA

    (University of Oradea)

Abstract

This study aims to identify the most relevant financial indicators for the selected companies, in order to determine a composite performance index, further used in analyzing the correlations between the average degree of intellectual capital disclosure and the performance of companies. Data were collected from the annual reports of 37 Romanian listed companies, from 6 industries, with a strong emphasis on knowledge. The proxy variables used to assess the performance of companies were classified into three categories: value creation indicators, stock indices and profitability indicators. Performing 12 regression models based on panel type data for 2010-2013, we found that the degree of intellectual capital disclosure and its components (the relational and human capital) of the previous year show a significant positive impact on the performance of companies in the current year. Also, we showed that the degree of intellectual capital disclosure aim to help poor-performance companies improve their results.

Suggested Citation

  • Victoria BOGDAN & Claudia Diana SABĂU POPA & Mărioara BELENEŞI & Vasile BURJA & Dorina Nicoleta POPA, 2017. "Empirical Analysis of Intellectual Capital Disclosure and Financial Performance – Romanian Evidence," ECONOMIC COMPUTATION AND ECONOMIC CYBERNETICS STUDIES AND RESEARCH, Faculty of Economic Cybernetics, Statistics and Informatics, vol. 51(2), pages 125-143.
    • Handle: RePEc:cys:ecocyb:v:50:y:2017:i:2:p:125-143
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    References listed on IDEAS

    as
    1. Elena Shakina & Angel Barajas, 2014. "Value creation through intellectual capital in developed European markets," Journal of Economic Studies, Emerald Group Publishing Limited, vol. 41(2), pages 272-291, March.
    2. Samuel Kai Wah Chu & Kin Hang Chan & Ka Yin Yu & Hing Tai Ng & Wai Kwan Wong, 2011. "An Empirical Study of the Impact of Intellectual Capital on Business Performance," Journal of Information & Knowledge Management (JIKM), World Scientific Publishing Co. Pte. Ltd., vol. 10(01), pages 11-21.
    3. Liliana Feleagă & Niculae Feleagă & Voicu D. Dragomir & Luciana M. Râbu, 2013. "European evidence on intellectual capital: Linking methodologies with firm disclosures," Acta Oeconomica, Akadémiai Kiadó, Hungary, vol. 63(2), pages 139-156, June.
    4. Elena Shakina & Angel Barajas, 2014. "Value creation through intellectual capital in developed European markets," Journal of Economic Studies, Emerald Group Publishing, vol. 41(2), pages 272 - 291, March.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    intellectual capital disclosure; performance; listed companies; composite index; regression models;
    All these keywords.

    JEL classification:

    • O34 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Intellectual Property and Intellectual Capital
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance

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