A B C D E F G H I J K L M N O P Q R S T U V W X Y Z All
Ghosh, Santanu Kumar
- Intellectual Capital Reporting Trends in India: An Empirical Study on Selected Companies
Authors
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 CompaniesReferences
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- 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
Authors
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
Authors
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
Authors
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
Authors
Source
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
Authors
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
Source
International Journal of Financial Management, Vol 3, No 4 (2013), Pagination: 9-29Abstract
In the Literature of Corporate Finance, an inclusive theory unifying the modern capital structure theories is pending as yet. A comprehensive theory considers "time-state-focus" choices over time. Firms' comprehensive capital structure choices need some reconciliation of their different tracks of financing. On reconciliation of the choices in the static trade-off (STO) track, the pecking order (PO) track, and the dynamic trade-off (DTO) track at presence of upper and lower recapitalization boundaries, and the limits of adjustment costs, we theoretically extend the 2nd proposition of Sinha and Ghosh (2012) (read with Sinha and Ghosh, 2013a) with three innovative corollaries. The empirical observations with reference to a large sample of Indian non-banking firms' financing data over 10 years' study period of 1997-98 to 2006-07 show unique findings in support of the corollaries.Keywords
Corporate Capital Structure Theories, Dynamic Choice References, Recapitalization Boundaries, Adjustment Costs, Reconciliatory Views- Determinants of Intellectual Capital Disclosure Practices of Indian Companies
Authors
1 Kalna College, Burdwan,West Bengal, IN
2 Department of Commerce,The University of Burdwan, Burdwan, West Bengal, IN
Source
Journal of Commerce and Accounting Research, Vol 3, No 3 (2014), Pagination: 25-36Abstract
Numerous academicians, business professionals, and consultants identified 'intellectual assets/capital' as the main factor of value creation in the present knowledge economy. Companies especially in the service sectors require maximum amount of this type of capital to maintain their existence in the competitive market, whereas empirical results show that companies disclose lesser amount of intellectual capital related information in the annual reports. In this study, we examine the factors that determine the proportion of intellectual capital disclosure in the annual reports. For the purpose of the study 30 Indian knowledge-intensive companies (software, pharmaceuticals, and finance) are selected (on the basis of highest market capitalisation) for the period 2009-2012. Content analysis of annual reports is done to prepare intellectual capital disclosure (ICD) index and efficiency of intellectual capital is measured through VAIC. Multiple regression analysis is applied to examine the relationship between dependent and independent variables. Empirical results show that audit committee's size, age, and firm size have positive relation with intellectual capital disclosure but VAIC, profitability, and leverage have negative relationship with intellectual capital disclosure. This negative association between intellectual capital efficiency and disclosure suggests that intellectually efficient companies disclose less information in the financial statement for fear of losing competitive advantage.
The present study is the first study in the Indian context that examines the determinant(s) of intellectual capital disclosure. However, this study is confined to 30 Indian knowledge companies for the period 2009-2012.
Keywords
IC Disclosure, Content Analysis, Indian Knowledge Companies, IC Efficiency.References
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- A Study on Effectiveness of Investment in Intellectual Capital of Indian Knowledge Companies
Authors
1 Department of Commerce, Kalna College, West Bengal, IN
2 Department of Commerce, The University of Burdwan, West Bengal, IN
Source
International Journal of Business Analytics and Intelligence, Vol 3, No 2 (2015), Pagination: 65-76Abstract
Intellectual capital (IC) is non-monetary assets or resources without physical substances which are underlying factors of a firm's value creation process. Knowledge based companies mainly depend upon these type of assets for their value creation and competitive advantage. The present study makes an attempt to examine efficiency and effectiveness of investment in intellectual capital of 100 Indian knowledge companies during the period 2002 to 2011. In other words, this study examines the efficiency of intellectual capital management with regard to target level of Indian knowledge companies. For the purpose of the study, 100 Indian knowledgeintensive companies comprising 32 software companies, 32 pharmaceuticals companies, and 36 banking and finance companies are selected on the basis of highest market capitalisation. For measuring the efficiency of intellectual capital Pulic's VAICTM (value added intellectual coefficient) is applied. This study examines, by applying partial adjustment (PAM) model, how fast the sample companies are improving the respective level of intellectual capital efficiency with respect to a target efficiency level.
The study results also indicate that the speed of achieving that target level of efficiency of sample companies is moderate. From the beta values of regression results it is also observed that IT companies are more efficient in intellectual capital management with regard to target level as compared to banks and pharmaceutical companies.
This is the first study in the IC literature that applies partial adjustment model to examine the speed of achieving target efficiency level by an individual knowledge company. However, this study confined to knowledge companies only.
Keywords
Intellectual Capital, Knowledge Company, VAICTM, Partial Adjustment Model.- Role of Stakeholders in Socially Responsible Business Practices: A Review on Indian SME Clusters
Authors
1 Professor & Head Department of Commerce, The University of Burdwan, West Bengal, IN
2 Professor, Department of Commerce, The University of Burdwan, West Bengal
Source
Indian Journal of Industrial Relations: Economics & Social Dev., Vol 57, No 2 (2021), Pagination: 171-188Abstract
This paper seeks to shed some light on the elements of internal and external stakeholder effects in ensuring socially responsible business practices of the SME clusters. Hit Gap Map analysis is employed to systematically review available secondary sources of information on the business responsibility of Indian clusters in economic, social and environmental dimensions. Evidence suggests that most of the socially responsible initiatives are clustered within the economic dimensions. However, availability of evidence on the intervention of educational institutes and the core firms in the socially responsible practices is high, on the participation of voluntary organizations is moderate, and on the involvement of government in implementing a sound PPP-CSR in social and environmental sectors is scanty.References
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