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The Governance of Intangibles: rethinking financial reporting and the Board of Directors

Author

Listed:
  • Yuri Biondi

    (CERAG - Centre d'études et de recherches appliquées à la gestion - UPMF - Université Pierre Mendès France - Grenoble 2 - CNRS - Centre National de la Recherche Scientifique)

  • Antoine Reberioux

    (EconomiX - EconomiX - UPN - Université Paris Nanterre - CNRS - Centre National de la Recherche Scientifique)

Abstract

When capital markets are assumed to be (informationally) efficient and the firm a mere collection of marketable resources, corporate governance and accounting are expected to be primarily concerned with making corporate insiders sensitive to external pressure: financial reporting and the board should replicate the market in the context of the firm. In particular, no firm-specific information is required to perform an effective control: independence of board members is the best quality to assure the monitoring of corporate insiders. However, whenever intangibles become significant, firm-specific information becomes as important as market prices to gauge the past and future performance of the business firm. Specific knowledge of the firm is then required to both disclose high-quality information and monitor corporate executives. This argues for the role of improved historical-cost accounting systems coupled with non-independent, proficient board members.

Suggested Citation

  • Yuri Biondi & Antoine Reberioux, 2009. "The Governance of Intangibles: rethinking financial reporting and the Board of Directors," Post-Print hal-00401966, HAL.
    • Handle: RePEc:hal:journl:hal-00401966
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    2. Amos Adejare Aderibigbe & Shakirat Adepeju Babatunde & Fasilat Iyabode Adepeju Balogun & Ibukun Olalekan Fadairo, 2024. "Financial Performance in Nigerian Banks: The Role of Intangibles," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 8(9), pages 2727-2741, September.
    3. Tsunogaya Noriyuki & Okada Hiromasa & Patel Chris, 2011. "The Case for Economic and Accounting Dualism: Towards Reconciling the Japanese Accounting System with the Global Trend of Fair Value Accounting," Accounting, Economics, and Law: A Convivium, De Gruyter, vol. 1(2), pages 1-56, October.
    4. Sandro Montresor & Antonio Vezzani, 2022. "Financial constraints to investing in intangibles: Do innovative and non-innovative firms differ?," The Journal of Technology Transfer, Springer, vol. 47(1), pages 1-32, February.
    5. Richard Barker & Alan Teixeira, 2018. "Gaps in the IFRS Conceptual Framework," Accounting in Europe, Taylor & Francis Journals, vol. 15(2), pages 153-166, May.
    6. Biondi Yuri, 2015. "An Economic Analysis of ‘Comply or Explain Principle’ under a Review Panel Regime," Accounting, Economics, and Law: A Convivium, De Gruyter, vol. 5(3), pages 295-300, November.
    7. Sandro Montresor & Antonio Vezzani, 2016. "Intangible investments and innovation propensity: Evidence from the Innobarometer 2013," Industry and Innovation, Taylor & Francis Journals, vol. 23(4), pages 331-352, May.
    8. Y. Biondi & P. Giannoccolo & A. Reberioux, 2009. "Efficient monitoring and control in intangibles-driven economies: is full independence always required?," Working Papers 664, Dipartimento Scienze Economiche, Universita' di Bologna.
    9. Baker C. Richard & Yuri Biondi & Qiusheng Zhang, 2009. "Résistance Et Confusion Dans L'Harmonization Des Normes Comptables Internationales : L'Approche Chinoise Aux Fusions Et Acquistions," Post-Print halshs-00458944, HAL.
    10. Muhammad Farooq Shabbir & Ye Xin & Sadaf Hafeez, 2020. "Corporate Governance and Firm Efficiency: An Application of Internet Companies of China," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 56(12), pages 2874-2890, September.

    More about this item

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General

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