CAPIC REVIEW

Journal of Accounting, Auditing and Business Management

ISSN 0718-4662

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Vol. 18 (2020): CAPIC REVIEW
Investigation

Value relevance of financial and non-financial information on intellectual capital in argentine listed companies

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  • Cecilia Ficco,
  • Gustavo Sader
Cecilia Ficco
Universidad Nacional de Río Cuarto
Gustavo Sader
Universidad Nacional de Río Cuarto, Facultad de Ciencias Económicas, Río Cuarto,
Portada Volumen 18 Año 2020
DOI: https://doi.org/10.35928/cr.vol18.2020.87
Categories

Published 2020-12-04

Keywords

  • intellectual capita,
  • financial information,
  • no financial information,
  • argentine capital market,
  • value relevance

How to Cite

Ficco, C., & Sader, G. . (2020). Value relevance of financial and non-financial information on intellectual capital in argentine listed companies. CAPIC REVIEW, 18, 1–16. https://doi.org/10.35928/cr.vol18.2020.87
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Abstract

The objective of this work is to analyze the relevance that the argentine capital market assigns to financial and non-financial information referring to the intellectual capital of the companies listed on it. The analysis is carried out through a correlational study using price models based on Ohlson (1995), which are estimated using the linear regression technique with panel data. The data are collected from original sources and correspond to the period 2009-2015. The results obtained show that only the identifiable intangible assets and the data of the financial statements indicating the human and structural capital of the companies are relevant for their valuation. Non-financial information on intellectual capital, disclosed voluntarily, is not relevant for any of the three dimensions of the same. These findings are consistent with those provided by previous studies and, in particular, those referring to non-financial information on intellectual capital, are similar to those obtained for low-developed countries, where no solid evidence has been obtained to support its value relevance.

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