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Intellectual capital disclosures in Japanese IPO prospectuses

Intellectual capital disclosures in Japanese IPO prospectuses 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. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Human Resource Costing & Accounting Emerald Publishing

Intellectual capital disclosures in Japanese IPO prospectuses

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Publisher
Emerald Publishing
Copyright
Copyright © 2009 Emerald Group Publishing Limited. All rights reserved.
ISSN
1401-338X
DOI
10.1108/14013381011010150
Publisher site
See Article on Publisher Site

Abstract

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.

Journal

Journal of Human Resource Costing & AccountingEmerald Publishing

Published: Oct 30, 2009

Keywords: Disclosure; Intellectual capital; Share issues; Japan

References