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Intellectual Capital in Japanese IPO Prospectuses
2009 (English)In: Journal of Human Resource Costing and Accounting, ISSN 1401-338X, E-ISSN 1758-745X, Journal of Human Resource Costing & Accounting, Vol. 13, no 4, p. 316-337Article in journal (Refereed) Published
Abstract [en]

Purpose – The purpose of this paper is to give an indication of the quantity of intellectual capital information in Japanese initial public offering (IPO) prospectuses from all stock exchange listings on the Japan Stock Exchange from 2003.

Design/methodology/approach – The paper applied a disclosure index consisting of 78 items to quantify the amount of information regarding intellectual capital included in the IPO prospectuses of Japanese companies. An analysis of variance (ANOVA) was used to test, controlling for technological type of the company (high-tech/low-tech), and whether the extent of managerial ownership prior to the IPO, company age and company size influenced disclosure.

Findings – From the analyses conclusions are derived for four hypotheses. The hypotheses “industry differences” (H1), “managerial ownership” (H2) and “company size” (H3) were found not to be significant factors explaining voluntary disclosure of information. The fourth factor, “company age” (H4), did, however, have a significant influence on the extent of disclosure for Japanese companies. Further testing of the Japanese companies regarding age showed a continuing trend.

Originality/value – Although Japan has been strongly associated with the concept of the knowledge society, Japanese studies regarding intellectual capital have been very scarce. No studies, to the best of one's knowledge, have examined the specific disclosure of intellectual capital information included in Japanese IPO prospectuses.

Place, publisher, year, edition, pages
2009. Vol. 13, no 4, p. 316-337
Keywords [en]
Disclosure, Intellectual capital, Japan, Share issues
National Category
Business Administration
Identifiers
URN: urn:nbn:se:hj:diva-14926DOI: 10.1108/14013381011010150OAI: oai:DiVA.org:hj-14926DiVA, id: diva2:414049
Available from: 2011-05-02 Created: 2011-05-02 Last updated: 2017-12-11Bibliographically approved

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Rimmel, Gunnar

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CiteExportLink to record
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  • apa
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  • Other style
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  • de-DE
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  • en-US
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  • nn-NO
  • nn-NB
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Output format
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