Title: The value relevance of intellectual capital voluntary disclosure: the case of Tunisia

Authors: Salma Loulou-Baklouti

Addresses: Laboratory of Governance, Finance and Accounting, Faculty of Economics and Management of Sfax, Tunisia

Abstract: The purpose of this paper is to examine the value relevance of intellectual capital (IC) voluntary disclosure. The statistical analysis is conducted on a sample of 54 Tunisian non-financial listed companies over the period 2008-2019. A weighted disclosure index is constructed to measure IC disclosure. Descriptive statistics and multiple regression models on panel data are developed to analyse data. Results show that IC voluntary disclosure is value relevant. It represents an important determinant of the firms' market valuation. These findings have several implications for investors, managers, regulatory bodies and any other interested group as they report on the value relevance of IC disclosure and its economic consequences. By adopting a methodology to control for the endogeneity of IC disclosure, and a weighted disclosure index based on stakeholders' perception, this paper can be regarded as the first empirical study to examine the association between such disclosure and market value in Tunisia.

Keywords: intellectual capital; intellectual capital voluntary disclosure; value relevance; Tunisia.

DOI: 10.1504/AJAAF.2022.123965

African Journal of Accounting, Auditing and Finance, 2022 Vol.8 No.1, pp.56 - 90

Accepted: 12 Jan 2022
Published online: 05 Jul 2022 *

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