Title: Intangibles disclosure, market performance and business reputation – the case of Spain

Authors: Josune Saenz, Juan V. Gomez

Addresses: ESTE School of Management, University of Deusto, Camino de Mundaiz 50, 20012 San Sebastian, Spain. ' Pontificia Universidad Javeriana, Calle 18 No. 118–250 Avenida Canasgordas, Santiago de Cali, Colombia

Abstract: The aim of this paper is to analyse from an evolutionary point of view the degree of disclosure of information regarding intangibles of Spanish companies listed on the Stock Exchange. In addition, the paper explores the reasons which lead companies towards greater transparency and the effects this has on share market value and business reputation. All kinds of annual reports issued by 43 listed Spanish companies have been examined for the period of 2001–2003. With respect to previous studies, an improved classification of intangibles has been used and several refinements have been made in the way of scoring the amount of information disclosed. The research shows that information transparency regarding intangibles is clearly on the rise. No type of significant link has been noted between transparency and share market value, but a positive and significant link has been detected between the degree of intangibles disclosure and corporate reputation.

Keywords: intellectual capital; information disclosure; market value; business reputation; listed companies; Spain; Spanish Stock Exchange; information transparency; intangibles.

DOI: 10.1504/IJLIC.2008.018884

International Journal of Learning and Intellectual Capital, 2008 Vol.5 No.1, pp.83 - 99

Published online: 21 Jun 2008 *

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