Intangible capital, governance and financial performance

被引：14

作者：

Braune, Eric ^{[1
]}

Sahut, Jean-Michel ^{[2
]}

Teulon, Frederic ^{[3
]}

机构：

[1] INSEEC Sch Business & Econ, Lyon, France

[2] IDRAC Business Sch, Lyon, France

[3] IPAG Business Sch, Paris, France

来源：

TECHNOLOGICAL FORECASTING AND SOCIAL CHANGE | 2020年 / 154卷

关键词：

Intangible; Information disclosure; governance; accounting performance; market performance; RESEARCH-AND-DEVELOPMENT; CORPORATE SOCIAL PERFORMANCE; INFORMATION ASYMMETRY; VOLUNTARY DISCLOSURE; FIRM PERFORMANCE; BOARD; DETERMINANTS; ASSOCIATION; INVESTMENT; DIRECTORS;

D O I：

10.1016/j.techfore.2020.119934

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This article analyzes the reasons for the disclosure of information on intangible capital (DIIC) and its consequences on financial performance. To this end, we take a structural approach based on the PLS - PM method for a sample of industrial companies listed in the EuroStoxx 600 index. Our results first of all highlight the significant influences of governance and financial structure on the disclosure of information about the intangible capital. Notably we show that the main determinant of the DIIC is corporate governance. Then, we reveal that DIIC practices increase the financial performance of firms, with a greater impact on the market performance than on accounting performance. Finally, we identify a double impact, direct and indirect (through the DIIC), of corporate governance on financial performance, while the literature merely highlights only the direct link between these two factors.

引用

页数：10

共 71 条

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