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Ghosh, Santanu Kumar
- Intellectual Capital Reporting Trends in India: An Empirical Study on Selected Companies
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1 Department of Commerce, Kalna College, The University of Burdwan, IN
2 Department of Commerce, The University of Burdwan, West Bengal, IN
1 Department of Commerce, Kalna College, The University of Burdwan, IN
2 Department of Commerce, The University of Burdwan, West Bengal, IN
Source
International Journal of Financial Management, Vol 3, No 1 (2013), Pagination: 9-18Abstract
In the knowledge economy there has been increasing demands from stakeholder's side to provide sufficient information about company's ability to create wealth. Today intellectual capital is considered as superior assets for wealth creation. In this study we empirically investigate the intellectual capital reporting trends of 30 Indian knowledge intensive companies. The sample companies are selected, for this study, from the Group-A category companies of the listed companies of Bombay Stock Exchange. We have employed 'content analysis' method to measure the frequency of intellectual capital reporting in the annual reports of sample companies over the three-year period starting from 2009 to 2011. The empirical results show that reporting of intellectual capital items is unevenly distributed and information about external capital items are reported mostly. However, an upward trend in IC reporting is found in this study.Keywords
Intellectual Capital, Disclosure, Annual Reports, Content Analysis, Developing Countries, Knowledge Intensive Companies
References
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- Williams, M. S. (2001). Are Intellectual Capital Performance and Disclosure Practices Related? Journal of Intellectual Capital, 31(2), pp. 192-203.
- Woodrock, J. & Whiting, R. H. (2009). Intellectual Capital Disclosures by Australian Companies. Paper Presented at the AFAANZ-2009 Conference. Retrieved from http://otago.ourarchive.ac.nz/bitstream/handle/10523/1562/03_2009_Ros_Whiting.pdf
- Unifying Views on Corporate Capital Structure Dynamics: A Research Letter
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Authors
Affiliations
1 Department of Commerce, Rabindra Mahavidyalaya, Champadanga, Hooghly, West Bengal, IN
2 Department of Commerce, The University of Burdwan, West Bengal, IN
1 Department of Commerce, Rabindra Mahavidyalaya, Champadanga, Hooghly, West Bengal, IN
2 Department of Commerce, The University of Burdwan, West Bengal, IN
Source
International Journal of Financial Management, Vol 3, No 1 (2013), Pagination: 44-59Abstract
The present paper considers the issue of corporate strategic financing choices from the dynamic views, and it puts forwards a unifying view, where the view logically argues that the issue of financing decision is a combined choice of the firms' decision set of "timestate-focus". The view theoretically argues that firms' capital structure decisions are particularly of some short of reconciliations on the part of the firms between the propositions of the static trade-off (STO) theory, the pecking order (PO) theory, the dynamic trade-off (DTO) theory, and the market timing (MT) theory. The empirical observations also support the said theoretical views and thereby confirm the firms' dynamic behaviors and provide robust supports in favor of the dynamic unifying view of firms' financing choices.Keywords
Corporate Financing, Dynamic Unifying View, Reconciliation of TheoriesReferences
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- The Relevance of Intellectual Capital Valuation: Indian Evidence
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Authors
Affiliations
1 Department of Commerce, Kalna College, The University of Burdwan, West Bengal, IN
2 Department of Commerce, The University of Burdwan, West Bengal, IN
1 Department of Commerce, Kalna College, The University of Burdwan, West Bengal, IN
2 Department of Commerce, The University of Burdwan, West Bengal, IN
Source
International Journal of Financial Management, Vol 3, No 2 (2013), Pagination: 1-9Abstract
Intellectual capital (IC) shows a significantly growing acceptance as a worthy topic of academic investigation and practical implication. The main objective of this study is to determine the monetary value of intellectual capital and to examine whether the joint explanatory power of intellectual capital (IC), book value (BV) and earnings (residual income based on GAAP) for stock price is superior to that of earnings and book value of Indian companies. Additionally, the study aims to investigate the impact of intellectual capital on corporate value creation. This study is conducted on 110 leading knowledge companies operating in India during the period 2007 to 2011. An appropriate method is to be applied for measuring the intellectual capital performance of the company. In our study we extend the Ohlson's (1995) discounted residual income method to rationally measure firm's value by considering intellectual capital (IC). Regression models are examined in order to test the hypotheses included in the proposed conceptual framework. The empirical findings suggest that the efficient management of company's intellectual capital, in addition to earnings and tangible assets, can explain corporate value. Results proved that, in the Indian business context, the development of Intellectual resources seems to be one of the most significant factors of success. This study extends the understanding of the role of intellectual capital in creating corporate value and building sustainable competitive advantages for companies in emerging economies like India and may bring implications for valuation and reporting of intellectual capital.Keywords
Intellectual Capital, Valuation, Efficiency, Market Value, Indian CompaniesReferences
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- The Role of Intellectual Capital in Creating Value in Indian Companies
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Authors
Affiliations
1 Assistant Professor, Kalna College, The University of Burdwan, West Bengal, IN
2 Professor, The University of Burdwan, West Bengal, IN
1 Assistant Professor, Kalna College, The University of Burdwan, West Bengal, IN
2 Professor, The University of Burdwan, West Bengal, IN
Source
International Journal of Financial Management, Vol 2, No 1 (2012), Pagination: 63-73Abstract
Intellectual capital is becoming the pre-eminent resource for creating value and competitive advantage. The aim of this study is to investigate whether the performance of a company's intellectual capital can explain productivity and corporate fi nancial performance or not. This study is conducted on 75 listed companies operating in India for the period 2004 to 2009. Annual reports, especially the Profi t&Loss account and balance sheet of the company have been used to obtain the data. Necessary data also collected from Capitaline Database. Value Added Intellectual Coeffi cient (VAICTM) method is applied for measuring the Intellectual Capital performance of the company. Corporate performance measures used in this analysis are (1) Profi tability and (2) productivity. The intellectual capital and physical capital of selected companies have been analyzed and their impact on corporate performance has been measured using multiple regression technique. Findings from the empirical analysis indicate that the relationships between the performance of a company's intellectual capital and corporate performance are informative. The empirical fi ndings suggest that the effi cient management of company's intellectual capital can explain corporate value creation. In this paper a new performance indicators is used which the Indian managers can use in order to evaluate the corporate performance and benchmark it with the global standards.Keywords
Intellectual Capital, Human Capital, Structural Capital, VAIC, Profitability and ProductivityReferences
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- Harmonization of Accounting Practices: A Study of Selected Pharmaceutical Companies in India
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International Journal of Financial Management, Vol 2, No 3 (2012), Pagination: 1-10Abstract
The study investigates whether corporate disclosure practices of Indian pharmaceuticals firms approach to harmonize with IFRS. It suggests that the firms follow material disclosures if the accounting policies are made mandatory for the companies while they show diversity if there is scope for alternative accounting treatments. Besides the empirical examination, the present study also puts forward a new methodological approach (viz., Partial Compatibility Index) in measuring the level of harmonization. The empirical results show that there is still space of diversification since the C- index figure is below its moderate figure (0.60) and the target figure (1.00) as well.Keywords
IFRS, Accounting Policies, Corporate PracticesReferences
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- Dynamics of Corporate Capital Structure Choices: Further Reconciliations and Tests
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Authors
Affiliations
1 Assistant Professor in Commerce, Rabindra Mahavidyalaya, Post-Champadanga, District- Hooghly, West Bengal, IN
2 in the Department of Commerce, The University of Burdwan, West Bengal, IN
1 Assistant Professor in Commerce, Rabindra Mahavidyalaya, Post-Champadanga, District- Hooghly, West Bengal, IN
2 in the Department of Commerce, The University of Burdwan, West Bengal, IN