Transparency, Social Responsibility and Corporate Governance: Human Capital of companies
##plugins.themes.bootstrap3.article.main##
##plugins.themes.bootstrap3.article.sidebar##
Published
16-12-2019
Francisca Tejedo Romero
Joaquim Filipe Ferraz Esteves Araujo
Abstract
Companies develop their activity in an environment characterized by knowledge-based economies, with qualified and highly skilled workers. Human Capital is one of the most important intangible resources that companies have to generate sustainable wealth. The main objective of this paper is to analyse the Human Capital information provided by companies in the field of Corporate Social Responsibility and Corporate Governance. Using the methodology of content analysis, this paper analyses the Human Capital disclosure contained in social responsibility reports of Spanish companies belonging to the IBEX 35. In addition, it identifies factors related to Corporate Governance (characteristics of the Board of Directors, and ownership structure of companies) with greatest impact on information provision. Balanced panel data are used to test our hypotheses. Empirical evidence shows a quadratic U-shaped relationship among the size of the board, independence, and the ownership concentration with Human Capital disclosure; and an inverted U-shaped relationship between managers' ownership of shares and Human Capital disclosure. In addition, it has been found that companies with greater gender diversity on their Board, as well as with greater board activity, tend to disclose more information related to Human Capital.
How to Cite
Tejedo Romero, F., & Ferraz Esteves Araujo, J. F. (2019). Transparency, Social Responsibility and Corporate Governance: Human Capital of companies. Cuadernos De Gestión, 18(2), 133–162. https://doi.org/10.5295/cdg.160693ft
##plugins.themes.bootstrap3.article.details##
Keywords
Transparency, Human Capital, Social Responsibility, Corporate Governance
References
Abeysekera, I., 2006. The project of intellectual capital disclosure: Researching the research. Journal of Intellectual Capital, 7(1), 61-75.
Abeysekera, I., 2007. Intellectual capital reporting between a developing and developed nation. Journal of Intellectual Capital, 8(2), 329-345.
Abeysekera, I and Guthrie, J., 2005. An empirical investigation of annual reporting trends of intellectual capital in Sri Lanka. Critical Perspectives on Accounting, 16 (3), 151-163.
Ahmed Haji, A. 2013. Corporate social responsibility disclosures over time: evidence from Malaysia. Managerial Auditing Journal, 28(7), 647-676.
AECA, Asociación Española de Contabilidad y Administración de Empresas., 2004. Marco Conceptual de la Responsabilidad Social Corporativa. Documentos nº 1 de la Comisión de Responsabilidad Social Corporativa. AECA, Madrid.
AECA, Asociación Española de Contabilidad y Administración de Empresas., 2007. Gobierno y Responsabilidad Social de la Empresa. Documentos nº 4 de la Comisión de Responsabilidad Social Corporativa. AECA, Madrid.
AECA, Asociación Española de Contabilidad y Administración de Empresas., 2012. Memoria AECA. AECA, Madrid.
Aldama Report., 2003. Report by the Special Commission to foster transparency and security in the markets and in listed companies. Council of Ministers, Madrid.
Allegrini, M. and Greco, G., 2013. Corporate boards, audit committees and voluntary disclosure: evidence from Italian listed companies. Journal of Management & Governance 17, (1), 187-216.
Andres, P. and Vallelado, E., 2008. Corporate governance in banking: the role of the board of directors. Journal of Banking and Finance, 32(12), 2570-2580.
April, K.A., Bosma, P. and Deglon, D.A., 2003. IC measurement and reporting: Establishing a practice in SA mining. Journal of Intellectual Capital, 4(2), 165-180.
Arvidsson, S., 2010. Communication of corporate social responsibility: a study of the view of management teams in large companies. Journal of Business Ethics, 96(3), 339-354.
Babío, M. R. and Muíño, M. F., 2003. La influencia del sistema de gobierno de la empresa sobre la comunicación de información. Gestión científica empresarial: temas de investigación actuales. (pp. 349-363). La Coruña: Netbiblo, cop.
Babío, M.R. and Muíño, M. F., 2005. Corporate Characteristics, Governance Rules and the Extent of Voluntary Disclosure in Spain. Advances in Accounting, 21, 299-331.
Baltagi, B., 2014. Econometric Analysis of Panel Data. London, UK: Wiley.
Barako, D.G. and Brown, A.M., 2008. Corporate social reporting and board representation: evidence from the Kenyan banking sector. Journal of Management and Governance, 12 (4), 309-324.
Barako, D.G., Hancock, P. and Izan, H.Y., 2006. Relationship between corporate governance attributes and voluntary disclosures in annual reports: the Kenyan experience. Financial Reporting Regulation and Governance, 5 (1), 1-27.
Beattie, V. and Thomson, S.J., 2007. Lifting the lid on the use of content analysis to investigate intellectual capital disclosures. Accounting Forum, 31(2), 129-163.
Beretta, S. and Bozzolan, S., 2008. Quality versus quantity: the case of forward-looking disclosure. Journal of Accounting, Auditing & Finance, 23(3), 333-376.
Bontis, N., 2001. Assessing knowledge assets: a review of the models used to measure intellectual capital. International Journal of Management Reviews, 3 (1), 41-60.
Botosan, C.A., 1997. Disclosure level and the cost of equity capital. Accounting Review, 72(3), 323-349.
Bozzolan, S., Favotto, F. and Ricceri, F., 2003. Italian annual intellectual capital disclosure: An empirical analysis. Journal of Intellectual Capital, 4(4), 543-558.
Brennan, N., 2001. Reporting intellectual capital in annual reports: Evidence from Ireland. Accounting, Auditing & Accountability Journal, 14(4), 423-436.
Briano, G. and Rodríguez, L., 2013. Transparencia de la información corporativa en internet de las empresas del IBEX 35. Revista de Contabilidad y Dirección, 16, 187-208.
Brooking, A., 1997. El capital intelectual: el principal activo de las empresas del tercer milenio [Intellectual capital: companies main asset in the third millennium]. Barcelona: Paidós Empresa.
Bukh, P., Nielsen, C., Gormsen, P. and Mouritsen, J., 2005. Disclosure of information on intellectual capital in Danish IPO prospectuses. Accounting, Auditing & Accountability Journal, 18 (6), 713-32.
Cañibano, L., Sánchez, P., García-Ayuso, M. and Chaminade, C., 2002. Directrices para la Gestión y Difusión de Información sobre Intangibles (Informe sobre Capital Intelectual). MERITUM PROJECT. Madrid: Airtel Foundation.
Castilla, F. and Gallardo, D., 2008. La decisión de divulgar intangibles a través de una estrategia de triangulación teórica. Estudios de Economía Aplicada, 26(2), 79-104.
Castilla-Polo, F., 2012. Voluntary disclosures of intangible assets and legitimization: The production industry of olive oil. Intangible Capital, 8(3), 564-600.
EC, European Commission, 2001. Green Paper: Promoting a European Framework for Corporate Social Responsibility. Documents COM (2001) 366 final, Luxembourg, Publications Office of the European Union.
Cerbioni, F. and Parbonetti, A., 2007. Exploring the Effects of Corporate Governance on Intellectual Capital Disclosure: An Analysis of European Biotechnology Companies. European Accounting Review, 16(4), 791 - 826.
Chau, G. K. and Gray, S. J., 2002. Ownership structure and corporate voluntary disclosure in Hong Kong and Singapore. The International Journal of Accounting, 37, 247-265.
Chen C.J.P. and Jaggi, B., 2000. Association between independent non-executive directors, family control and financial disclosures in Hong Kong. Journal of Accounting and Public Policy, 19 (2), 285-310.
Cheung, Y.L., Jiang, P. and Tan, W., 2010. A transparency disclosure index measuring disclosures: Chinese listed companies. Journal of Accounting and Public Policy, 29 (3), 259-280.
Coles, J. L., Daniel, N. D. and Naveen, L., 2008. Boards: Does one size fit all?. Journal of Financial Economics, 87(2), 329-356.
Cuadrado, B., García, R. and Martínez, J., 2015. Efecto de la composición del consejo de administración en las prácticas de responsabilidad social corporativa. Revista de Contabilidad, 18(1), 20-31.
CUBGC, Código Unificado de Buen Gobierno., 2006. Informe del grupo especial de trabajo sobre buen gobierno de las sociedades cotizadas. Madrid: Ministerio de Economía y Hacienda.
CUBGC, Código Unificado de Buen Gobierno., 2013. Código Unificado de Buen Gobierno de las empresas cotizadas. Madrid: Ministerio de Economía y Hacienda.
CUBGC, Código Unificado de Buen Gobierno., 2015. Unified code of corporate governance. Informe del grupo especial de trabajo sobre buen gobierno de las sociedades cotizadas. Madrid: Ministerio de Economía y Hacienda.
De Andrés, P. and Vallelado, E., 2008. Corporate governance in banking: The role of the board of directors. Journal of Banking & Finance, 32(12), 2570–2580.
De los Ríos, A., Torres, M., Tirado, P. and Carbonell, A., 2009. Stakeholders, intangibles y generación de valor en las empresas del IBEX-35: una estimación mediante modelos de panel. Revista Española de Financiación y Contabilidad, 38(142), 239-263.
De Silva, T. A., Stratford, M. and Clark, M., 2014. Intellectual capital reporting: a longitudinal study of New Zealand companies. Journal of Intellectual Capital, 15(1), 157-172.
Eagly, A. H. and Johnson, B. T., 1990. Gender and leadership style: a meta-analysis. Psychological Bulletin, 108(2), 233–256.
Edvinsson, L. and Malone, M. S., 1999. El capital intelectual: Cómo identificar y calcular el valor de los recursos intangibles de su empresa. Barcelona, Gestión 2000.
Gan, K., Saleh, Z. and Abessi, M., 2008. Corporate Governance, Ownership Structures and Intellectual Capital Disclosures: Malaysian Evidence. 16th Conference on the Theories and Practices of Securities and Finance Markets. Department of Finance, National Sun Yat-Sen University. 5-6 December 2008, Kaohsiung, Taiwan.
García-Ramos, R. and García, M., 2011. Estructura del consejo de administración en la empresa familiar versus no familiar: evidencia empírica en España. Revista Española de Financiación y Contabilidad, 11(149), 35-64.
García-Sánchez I.M., Rodríguez-Dominguez L. and Gallego-Alvarez I., 2011. Corporate governance and strategic information on the internet. Accounting, Auditing and Accountability Journal, 24(4), 471–501.
Garrido-Miralles, P., Zorio-Grima, A. and García-Benau, M.A., 2016. Sustainable Development, Stakeholder Engagement and Analyst Forecasts’ Accuracy: Positive Evidence from the Spanish Setting. Sustainable Development, 24(2), 77–88.
Gelb, D. S. and Strawser, J. A., 2001. Corporate Social Responsibility and Financial Disclosures: An Alternative Explanation for Increased Disclosure. Journal of Business Ethics, 33 (1), 1-13.
Giner, B., 1997. The influence of company characteristics and accounting regulation on information disclosed by Spanish firms. European Accounting Review, 6 (1), 45-68.
Gisbert, A. and Navallas, B., 2009. Gobierno corporativo e información voluntaria en las compañías cotizadas españolas, Estudios financieros. Revista de contabilidad y tributación: Comentarios, casos prácticos. Centro de Estudios Financieros, pp. 135-166.
Goh, P.C. and Lim, K.P., 2004. Disclosing intellectual capital in company annual reports: Evidence from Malaysia. Journal of Intellectual Capital, 5(3), 500-510.
GRI, Global Reporting Initiative., 2000. Sustainability reporting guidelines G1.
GRI, Global Reporting Initiative., 2002. Sustainability reporting guidelines G2.
GRI, Global Reporting Initiative., 2006. Sustainability reporting guidelines G3.
GRI, Global Reporting Initiative., 2011. Sustainability reporting guidelines G3.1.
GRI, Global Reporting Initiative., 2013. G4 Sustainability Reporting Guidelines.
Guthrie, J. and Abeysekera, I., 2006. Content analysis of social, environmental reporting: what is new?, Journal of Human Resource Costing & Accounting, 10(2), 114-126.
Guthrie, J. and Petty, R., 2000. Intellectual capital: Australian annual reporting practices. Journal of Intellectual Capital, 1(3), 241-251.
Guthrie, J., Petty, R. and Ricceri, F., 2006. The voluntary reporting of intellectual capital: Comparing evidence from Hong Kong and Australia. Journal of Intellectual Capital, 7(2), 254-271.
Hall, R., 1992. The strategic analysis of intangible resources. Strategic Management Journal, 13(2), 135-144.
Ho, S.S.M. and Wong, K.S., 2001. A study of the relationship between corporate governance structures and the extent of voluntary disclosure. International Journal of Accounting, Auditing and Taxation, 10(2), 139–156.
Hsiao, C., 2003. Analysis of Panel Data. New York, NY: Cambridge University Press.
IASB, International Accounting Standards Board, 2004. Intangible Assets International Accounting Standards, IAS 38. London: IASB.
Jensen, M.C., 1993. The modern industrial revolution, exit, and the failure of internal control systems. Journal of Finance, 48(3), 831-880.
Jensen, M.C. and Meckling, W.H., 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4) 305-360.
Joshi, M., Ubha, D.S. and Sidhu, J., 2012. Intellectual capital disclosures by Indian and Australian information technology companies: A comparative analysis. Journal of Intellectual Capital, 13(4), 582-598.
Kanagaretnam, K., Lobo, G.J. and Whalen, D.J., 2007. Does good corporate governance reduce information asymmetry around quarterly earnings announcement. Journal of Accounting & Public Policy, 26(4). 497–522.
Kang, H., Cheng, M. and Gray, S. J., 2007. Corporate governance and board composition: Diversity and independence of Australian boards. Corporate Governance: An International Review, 15(2), 194–207.
Kaplan, R.S. and Norton, D.P., 1997. Cuadro de mando integral. Gestión 2000, Barcelona.
Kolk, A. and Perego, P., 2010. Determinants of the adoption of sustainability assurance statements: an international investigation. Business Strategy and the Environment, 19 (3), 182-198
Krippendorff, K., 2004. Content analysis: An introduction to its methodology. California, Sage Publications, Inc.
Krüger, P., 2009. Corporate social responsibility and the board of directors. Job Market Paper. Toulouse School of Economics, France.
Lev, B., 2003. Intangibles: Medición, gestión e información. Ediciones Deusto [Publisher].
Li, J., Pike, R. and Haniffa, R., 2008. Intellectual capital disclosure and corporate governance structure in UK firms. Accounting and Business Research, 38(2) 137-159.
Lim, S., Matolcsy, Z. and Chow, D., 2007. The association between board composition and different types of voluntary disclosure. European Accounting Review, 16(3), 555-583.
Lipton, M. and Lorsh, J.W., 1992. A modest proposal for improved corporate governance. Business Lawyer, 48(1), 59-77.
Lucas-Pérez, M., Mínguez-Vera, A., Baixauli-Soler J., Martín-Ugedo, J. and SánchezMarín, G., 2015. Women on the board and managers’ pay: Evidence from Spain. Journal of Business Ethics, 129, 265–280.
Marston, C. L. and Shrives, P. J., 1991. The use of disclosure indices in accounting research: a review article. The British Accounting Review, 23(3), 195-210.
Martínez-Ferrero, J., Vaquero-Cacho, L. A., Cuadrado-Ballesteros, B. and García-Sánchez, I. M., 2015. El gobierno corporativo y la responsabilidad social corporativa en el sector bancario: el papel del consejo de administración. European Research in Business Management and Economics, 21 (3), 129–138
Muttakin, M. B. and Khan, A., 2014. Determinants of corporate social disclosure: empirical evidence from Bangladesh. Advances in Accounting, 30(1), 168-175.
Nurunnabi, M., Hossain, M. and Hossain, M., 2011. Intellectual capital reporting in a South Asian country: evidence from Bangladesh. Journal of Human Resource Costing & Accounting, 15(3), 196-233.
OECD, 2004. OECD Principles of Corporate Governance. Paris: OECD Publications.
Oliveira, L., Rodrigues, L.L. and Craig, R., 2010. Intangible assets and value relevance: Evidence from the Portuguese stock exchange. British Accounting Review, 42(4), 241-252.
Olivencia Report, 1998. Report of the Olivencia Committee on Corporate Governance. Council of Ministers, Madrid.
Pedrini, M., 2007. Human capital convergences in intellectual capital and sustainability reports. Journal of Intellectual Capital, 8(2), 346-366.
Petty, R. and Cuganesan, S., 2005. Voluntary disclosure of intellectual capital by Hong Kong companies: examining size, industry and growth effects over time. Australian Accounting Review, 15(36), 40-50.
PGC, Plan General De Contabilidad., 2007. Real Decreto 1514/2007, de 16 de noviembre, por el que se aprueba el Plan General de Contabilidad. Suplemento del BOE nº 278, 20 de noviembre de 2007, Ministerio de Economía y Hacienda.
Prado, J. M., García, I. M. and Gallego, I., 2009. Características del consejo de administración e información en materia de Responsabilidad Social Corporativa. Revista Española de Financiación y Contabilidad, XXXVIII (141), 107-135.
Prado-Lorenzo, J. M. and Garcia-Sanchez, I. M., 2010. The role of the board of directors in disseminating relevant information on greenhouse gases. Journal of Business Ethics, 97(3), 391-424.
Prado-Lorenzo, J.M., Rodríguez-Domínguez, L., Gallego-Álvarez, I. and García-Sánchez, I.M., 2009. Factors influencing the disclosure of greenhouse gas emissions in companies world-wide. Management Decision, 47(7), 1133 – 1157.
Rashid, A. and Lodh, S. C., 2008. The influence of ownership structures and board practices on corporate social disclosures in Bangladesh. Research in Accounting in Emerging Economies, 8(1), 211-237.
Rivero Torre, P., 2005. Responsabilidad social y gobierno corporativo: información y transparencia. RAE: Revista Asturiana de Economía, (34), 9-29.
Rodríguez Gutiérrez, P., Fuentes García, F. J. and Sánchez Cañizares, S., 2013. Revelación de información sobre clientes, comunidad, empleados y medio ambiente en las entidades financieras españolas a través de las memorias de responsabilidad social corporativa (2007-2010). Investigaciones Europeas de Dirección y Economía de la Empresa, 19(3), 180-187.
Rodrigues, L., Tejedo-Romero, F. and Craig, R., 2017. Corporate governance and intellectual capital reporting in a period of financial crisis: Evidence from Portugal. International. Journal of Disclosure and Governance, 14(1), 1-29.
Roos, J., Dragonetti, N. C., Roos, G. and Edvinsson, L., 2001. Capital intelectual: el valor intangible de la empresa. Barcelona: Paídos Ibérica, SA.
Sierra-García, L., García-Benau, M.A. and Zorio A., 2014. Credibilidad en Latinoamérica del informe de responsabilidad social corporativa. Revista de Administração de Empresas, 54 (1), 28-38.
Sierra-Garcia, L.; Zorio-Grima, A. and García-Benau, M. A., 2013. Sustainable development and assurance of corporate social responsibility reports published by Ibex-35 companies. Corporate Social Responsibility and Environmental Management, 20(6), 359-370.
Simnett, R., Vanstraelen, A. and Chua, W. F., 2009. Assurance on sustainability reports: an international comparison. The Accounting Review, 84 (3), 937- 967.
Sonnier, B.M., 2008. Intellectual capital disclosure: high-tech versus traditional sector companies. Journal of Intellectual Capital, 9(4), 705-722.
Spangenberg, J. H., 2016. The Corporate Human Development Index CHDI: a tool for corporate social sustainability management and reporting. Journal of Cleaner Production, 134-Part A(15), 414–424.
Steenkamp, N., 2007. Including pictures in intellectual capital reporting research: Does it matter? Paper presented at the Workshop on Visualising, Measuring, and Managing Intangibles & Intellectual Capital, Ferrara, Italy, 29 - 31 October 2007.
Surroca, J., Tribó, J. A. and Waddock, S., 2010. Corporate responsibility and financial performance: The role of intangible resources. Strategic Management Journal, 31, 463–490.
Sveiby, K. E., 1997. The New Organizational Wealth: Managing & Measuring Knowledge-based Assets. San Francisco, Berrett-Koehler Publishers.
Tauringana, V. and Chithambo, L. 2015. The effect of DEFRA guidance on greenhouse gas disclosure. The British Accounting Review, 47(4), 425-444.
Tejedo Romero, F., 2014a. Información del conocimiento organizacional a través de los informes anuales publicados en las páginas web de las empresas. Revista española de Documentación Científica, 37(1).
Tejedo Romero, F., 2014b. Información divulgada del Capital Intelectual en el marco de la Responsabilidad Social Empresarial y del Gobierno Corporativo: evolución y factores determinantes. ICAC, Ministerio de Economía y Competitividad. Madrid
Tejedo Romero, F. and Araujo, J. F. F. E., 2016. Información del Capital Humano: la generación de intangibles y la responsabilidad social. Cuadernos de Gestión, 16(1), 125-144.
Vandemaele, S.N., Vergauwen, P.G.M.C. and Smits, A.J., 2005. Intellectual capital disclosure in The Netherlands, Sweden and the UK: A longitudinal and comparative study. Journal of Intellectual Capital, 6(3), 417-426.
Veltri, S. and Nardo, M.T., 2013. The Intangible Global Report: an integrated corporate communication framework. Corporate Communications: An International Journal, 18 (1), 26-51.
Vuontisjärvi, T., 2006. Corporate social reporting in the European context and human resource disclosures: An analysis of finnish companies. Journal of Business Ethics, 69 (4), 331-354.
White, G., Lee, A. and Tower, G., 2007. Drivers of voluntary intellectual capital disclosure in listed biotechnology companies. Journal of intellectual capital, 8(3), 517-537.
Wooldridge, J. M., 2010. Econometric analysis of cross section and panel data. Massachusetts Institute of Technology Press. Second Edition
Xie, B., Davidson, W. and Dadalt, P., 2003. Earning management and corporate governance: The role of the board and the audit committee. Journal of Corporate Finance, 9, 295–315.
Abeysekera, I., 2007. Intellectual capital reporting between a developing and developed nation. Journal of Intellectual Capital, 8(2), 329-345.
Abeysekera, I and Guthrie, J., 2005. An empirical investigation of annual reporting trends of intellectual capital in Sri Lanka. Critical Perspectives on Accounting, 16 (3), 151-163.
Ahmed Haji, A. 2013. Corporate social responsibility disclosures over time: evidence from Malaysia. Managerial Auditing Journal, 28(7), 647-676.
AECA, Asociación Española de Contabilidad y Administración de Empresas., 2004. Marco Conceptual de la Responsabilidad Social Corporativa. Documentos nº 1 de la Comisión de Responsabilidad Social Corporativa. AECA, Madrid.
AECA, Asociación Española de Contabilidad y Administración de Empresas., 2007. Gobierno y Responsabilidad Social de la Empresa. Documentos nº 4 de la Comisión de Responsabilidad Social Corporativa. AECA, Madrid.
AECA, Asociación Española de Contabilidad y Administración de Empresas., 2012. Memoria AECA. AECA, Madrid.
Aldama Report., 2003. Report by the Special Commission to foster transparency and security in the markets and in listed companies. Council of Ministers, Madrid.
Allegrini, M. and Greco, G., 2013. Corporate boards, audit committees and voluntary disclosure: evidence from Italian listed companies. Journal of Management & Governance 17, (1), 187-216.
Andres, P. and Vallelado, E., 2008. Corporate governance in banking: the role of the board of directors. Journal of Banking and Finance, 32(12), 2570-2580.
April, K.A., Bosma, P. and Deglon, D.A., 2003. IC measurement and reporting: Establishing a practice in SA mining. Journal of Intellectual Capital, 4(2), 165-180.
Arvidsson, S., 2010. Communication of corporate social responsibility: a study of the view of management teams in large companies. Journal of Business Ethics, 96(3), 339-354.
Babío, M. R. and Muíño, M. F., 2003. La influencia del sistema de gobierno de la empresa sobre la comunicación de información. Gestión científica empresarial: temas de investigación actuales. (pp. 349-363). La Coruña: Netbiblo, cop.
Babío, M.R. and Muíño, M. F., 2005. Corporate Characteristics, Governance Rules and the Extent of Voluntary Disclosure in Spain. Advances in Accounting, 21, 299-331.
Baltagi, B., 2014. Econometric Analysis of Panel Data. London, UK: Wiley.
Barako, D.G. and Brown, A.M., 2008. Corporate social reporting and board representation: evidence from the Kenyan banking sector. Journal of Management and Governance, 12 (4), 309-324.
Barako, D.G., Hancock, P. and Izan, H.Y., 2006. Relationship between corporate governance attributes and voluntary disclosures in annual reports: the Kenyan experience. Financial Reporting Regulation and Governance, 5 (1), 1-27.
Beattie, V. and Thomson, S.J., 2007. Lifting the lid on the use of content analysis to investigate intellectual capital disclosures. Accounting Forum, 31(2), 129-163.
Beretta, S. and Bozzolan, S., 2008. Quality versus quantity: the case of forward-looking disclosure. Journal of Accounting, Auditing & Finance, 23(3), 333-376.
Bontis, N., 2001. Assessing knowledge assets: a review of the models used to measure intellectual capital. International Journal of Management Reviews, 3 (1), 41-60.
Botosan, C.A., 1997. Disclosure level and the cost of equity capital. Accounting Review, 72(3), 323-349.
Bozzolan, S., Favotto, F. and Ricceri, F., 2003. Italian annual intellectual capital disclosure: An empirical analysis. Journal of Intellectual Capital, 4(4), 543-558.
Brennan, N., 2001. Reporting intellectual capital in annual reports: Evidence from Ireland. Accounting, Auditing & Accountability Journal, 14(4), 423-436.
Briano, G. and Rodríguez, L., 2013. Transparencia de la información corporativa en internet de las empresas del IBEX 35. Revista de Contabilidad y Dirección, 16, 187-208.
Brooking, A., 1997. El capital intelectual: el principal activo de las empresas del tercer milenio [Intellectual capital: companies main asset in the third millennium]. Barcelona: Paidós Empresa.
Bukh, P., Nielsen, C., Gormsen, P. and Mouritsen, J., 2005. Disclosure of information on intellectual capital in Danish IPO prospectuses. Accounting, Auditing & Accountability Journal, 18 (6), 713-32.
Cañibano, L., Sánchez, P., García-Ayuso, M. and Chaminade, C., 2002. Directrices para la Gestión y Difusión de Información sobre Intangibles (Informe sobre Capital Intelectual). MERITUM PROJECT. Madrid: Airtel Foundation.
Castilla, F. and Gallardo, D., 2008. La decisión de divulgar intangibles a través de una estrategia de triangulación teórica. Estudios de Economía Aplicada, 26(2), 79-104.
Castilla-Polo, F., 2012. Voluntary disclosures of intangible assets and legitimization: The production industry of olive oil. Intangible Capital, 8(3), 564-600.
EC, European Commission, 2001. Green Paper: Promoting a European Framework for Corporate Social Responsibility. Documents COM (2001) 366 final, Luxembourg, Publications Office of the European Union.
Cerbioni, F. and Parbonetti, A., 2007. Exploring the Effects of Corporate Governance on Intellectual Capital Disclosure: An Analysis of European Biotechnology Companies. European Accounting Review, 16(4), 791 - 826.
Chau, G. K. and Gray, S. J., 2002. Ownership structure and corporate voluntary disclosure in Hong Kong and Singapore. The International Journal of Accounting, 37, 247-265.
Chen C.J.P. and Jaggi, B., 2000. Association between independent non-executive directors, family control and financial disclosures in Hong Kong. Journal of Accounting and Public Policy, 19 (2), 285-310.
Cheung, Y.L., Jiang, P. and Tan, W., 2010. A transparency disclosure index measuring disclosures: Chinese listed companies. Journal of Accounting and Public Policy, 29 (3), 259-280.
Coles, J. L., Daniel, N. D. and Naveen, L., 2008. Boards: Does one size fit all?. Journal of Financial Economics, 87(2), 329-356.
Cuadrado, B., García, R. and Martínez, J., 2015. Efecto de la composición del consejo de administración en las prácticas de responsabilidad social corporativa. Revista de Contabilidad, 18(1), 20-31.
CUBGC, Código Unificado de Buen Gobierno., 2006. Informe del grupo especial de trabajo sobre buen gobierno de las sociedades cotizadas. Madrid: Ministerio de Economía y Hacienda.
CUBGC, Código Unificado de Buen Gobierno., 2013. Código Unificado de Buen Gobierno de las empresas cotizadas. Madrid: Ministerio de Economía y Hacienda.
CUBGC, Código Unificado de Buen Gobierno., 2015. Unified code of corporate governance. Informe del grupo especial de trabajo sobre buen gobierno de las sociedades cotizadas. Madrid: Ministerio de Economía y Hacienda.
De Andrés, P. and Vallelado, E., 2008. Corporate governance in banking: The role of the board of directors. Journal of Banking & Finance, 32(12), 2570–2580.
De los Ríos, A., Torres, M., Tirado, P. and Carbonell, A., 2009. Stakeholders, intangibles y generación de valor en las empresas del IBEX-35: una estimación mediante modelos de panel. Revista Española de Financiación y Contabilidad, 38(142), 239-263.
De Silva, T. A., Stratford, M. and Clark, M., 2014. Intellectual capital reporting: a longitudinal study of New Zealand companies. Journal of Intellectual Capital, 15(1), 157-172.
Eagly, A. H. and Johnson, B. T., 1990. Gender and leadership style: a meta-analysis. Psychological Bulletin, 108(2), 233–256.
Edvinsson, L. and Malone, M. S., 1999. El capital intelectual: Cómo identificar y calcular el valor de los recursos intangibles de su empresa. Barcelona, Gestión 2000.
Gan, K., Saleh, Z. and Abessi, M., 2008. Corporate Governance, Ownership Structures and Intellectual Capital Disclosures: Malaysian Evidence. 16th Conference on the Theories and Practices of Securities and Finance Markets. Department of Finance, National Sun Yat-Sen University. 5-6 December 2008, Kaohsiung, Taiwan.
García-Ramos, R. and García, M., 2011. Estructura del consejo de administración en la empresa familiar versus no familiar: evidencia empírica en España. Revista Española de Financiación y Contabilidad, 11(149), 35-64.
García-Sánchez I.M., Rodríguez-Dominguez L. and Gallego-Alvarez I., 2011. Corporate governance and strategic information on the internet. Accounting, Auditing and Accountability Journal, 24(4), 471–501.
Garrido-Miralles, P., Zorio-Grima, A. and García-Benau, M.A., 2016. Sustainable Development, Stakeholder Engagement and Analyst Forecasts’ Accuracy: Positive Evidence from the Spanish Setting. Sustainable Development, 24(2), 77–88.
Gelb, D. S. and Strawser, J. A., 2001. Corporate Social Responsibility and Financial Disclosures: An Alternative Explanation for Increased Disclosure. Journal of Business Ethics, 33 (1), 1-13.
Giner, B., 1997. The influence of company characteristics and accounting regulation on information disclosed by Spanish firms. European Accounting Review, 6 (1), 45-68.
Gisbert, A. and Navallas, B., 2009. Gobierno corporativo e información voluntaria en las compañías cotizadas españolas, Estudios financieros. Revista de contabilidad y tributación: Comentarios, casos prácticos. Centro de Estudios Financieros, pp. 135-166.
Goh, P.C. and Lim, K.P., 2004. Disclosing intellectual capital in company annual reports: Evidence from Malaysia. Journal of Intellectual Capital, 5(3), 500-510.
GRI, Global Reporting Initiative., 2000. Sustainability reporting guidelines G1.
GRI, Global Reporting Initiative., 2002. Sustainability reporting guidelines G2.
GRI, Global Reporting Initiative., 2006. Sustainability reporting guidelines G3.
GRI, Global Reporting Initiative., 2011. Sustainability reporting guidelines G3.1.
GRI, Global Reporting Initiative., 2013. G4 Sustainability Reporting Guidelines.
Guthrie, J. and Abeysekera, I., 2006. Content analysis of social, environmental reporting: what is new?, Journal of Human Resource Costing & Accounting, 10(2), 114-126.
Guthrie, J. and Petty, R., 2000. Intellectual capital: Australian annual reporting practices. Journal of Intellectual Capital, 1(3), 241-251.
Guthrie, J., Petty, R. and Ricceri, F., 2006. The voluntary reporting of intellectual capital: Comparing evidence from Hong Kong and Australia. Journal of Intellectual Capital, 7(2), 254-271.
Hall, R., 1992. The strategic analysis of intangible resources. Strategic Management Journal, 13(2), 135-144.
Ho, S.S.M. and Wong, K.S., 2001. A study of the relationship between corporate governance structures and the extent of voluntary disclosure. International Journal of Accounting, Auditing and Taxation, 10(2), 139–156.
Hsiao, C., 2003. Analysis of Panel Data. New York, NY: Cambridge University Press.
IASB, International Accounting Standards Board, 2004. Intangible Assets International Accounting Standards, IAS 38. London: IASB.
Jensen, M.C., 1993. The modern industrial revolution, exit, and the failure of internal control systems. Journal of Finance, 48(3), 831-880.
Jensen, M.C. and Meckling, W.H., 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4) 305-360.
Joshi, M., Ubha, D.S. and Sidhu, J., 2012. Intellectual capital disclosures by Indian and Australian information technology companies: A comparative analysis. Journal of Intellectual Capital, 13(4), 582-598.
Kanagaretnam, K., Lobo, G.J. and Whalen, D.J., 2007. Does good corporate governance reduce information asymmetry around quarterly earnings announcement. Journal of Accounting & Public Policy, 26(4). 497–522.
Kang, H., Cheng, M. and Gray, S. J., 2007. Corporate governance and board composition: Diversity and independence of Australian boards. Corporate Governance: An International Review, 15(2), 194–207.
Kaplan, R.S. and Norton, D.P., 1997. Cuadro de mando integral. Gestión 2000, Barcelona.
Kolk, A. and Perego, P., 2010. Determinants of the adoption of sustainability assurance statements: an international investigation. Business Strategy and the Environment, 19 (3), 182-198
Krippendorff, K., 2004. Content analysis: An introduction to its methodology. California, Sage Publications, Inc.
Krüger, P., 2009. Corporate social responsibility and the board of directors. Job Market Paper. Toulouse School of Economics, France.
Lev, B., 2003. Intangibles: Medición, gestión e información. Ediciones Deusto [Publisher].
Li, J., Pike, R. and Haniffa, R., 2008. Intellectual capital disclosure and corporate governance structure in UK firms. Accounting and Business Research, 38(2) 137-159.
Lim, S., Matolcsy, Z. and Chow, D., 2007. The association between board composition and different types of voluntary disclosure. European Accounting Review, 16(3), 555-583.
Lipton, M. and Lorsh, J.W., 1992. A modest proposal for improved corporate governance. Business Lawyer, 48(1), 59-77.
Lucas-Pérez, M., Mínguez-Vera, A., Baixauli-Soler J., Martín-Ugedo, J. and SánchezMarín, G., 2015. Women on the board and managers’ pay: Evidence from Spain. Journal of Business Ethics, 129, 265–280.
Marston, C. L. and Shrives, P. J., 1991. The use of disclosure indices in accounting research: a review article. The British Accounting Review, 23(3), 195-210.
Martínez-Ferrero, J., Vaquero-Cacho, L. A., Cuadrado-Ballesteros, B. and García-Sánchez, I. M., 2015. El gobierno corporativo y la responsabilidad social corporativa en el sector bancario: el papel del consejo de administración. European Research in Business Management and Economics, 21 (3), 129–138
Muttakin, M. B. and Khan, A., 2014. Determinants of corporate social disclosure: empirical evidence from Bangladesh. Advances in Accounting, 30(1), 168-175.
Nurunnabi, M., Hossain, M. and Hossain, M., 2011. Intellectual capital reporting in a South Asian country: evidence from Bangladesh. Journal of Human Resource Costing & Accounting, 15(3), 196-233.
OECD, 2004. OECD Principles of Corporate Governance. Paris: OECD Publications.
Oliveira, L., Rodrigues, L.L. and Craig, R., 2010. Intangible assets and value relevance: Evidence from the Portuguese stock exchange. British Accounting Review, 42(4), 241-252.
Olivencia Report, 1998. Report of the Olivencia Committee on Corporate Governance. Council of Ministers, Madrid.
Pedrini, M., 2007. Human capital convergences in intellectual capital and sustainability reports. Journal of Intellectual Capital, 8(2), 346-366.
Petty, R. and Cuganesan, S., 2005. Voluntary disclosure of intellectual capital by Hong Kong companies: examining size, industry and growth effects over time. Australian Accounting Review, 15(36), 40-50.
PGC, Plan General De Contabilidad., 2007. Real Decreto 1514/2007, de 16 de noviembre, por el que se aprueba el Plan General de Contabilidad. Suplemento del BOE nº 278, 20 de noviembre de 2007, Ministerio de Economía y Hacienda.
Prado, J. M., García, I. M. and Gallego, I., 2009. Características del consejo de administración e información en materia de Responsabilidad Social Corporativa. Revista Española de Financiación y Contabilidad, XXXVIII (141), 107-135.
Prado-Lorenzo, J. M. and Garcia-Sanchez, I. M., 2010. The role of the board of directors in disseminating relevant information on greenhouse gases. Journal of Business Ethics, 97(3), 391-424.
Prado-Lorenzo, J.M., Rodríguez-Domínguez, L., Gallego-Álvarez, I. and García-Sánchez, I.M., 2009. Factors influencing the disclosure of greenhouse gas emissions in companies world-wide. Management Decision, 47(7), 1133 – 1157.
Rashid, A. and Lodh, S. C., 2008. The influence of ownership structures and board practices on corporate social disclosures in Bangladesh. Research in Accounting in Emerging Economies, 8(1), 211-237.
Rivero Torre, P., 2005. Responsabilidad social y gobierno corporativo: información y transparencia. RAE: Revista Asturiana de Economía, (34), 9-29.
Rodríguez Gutiérrez, P., Fuentes García, F. J. and Sánchez Cañizares, S., 2013. Revelación de información sobre clientes, comunidad, empleados y medio ambiente en las entidades financieras españolas a través de las memorias de responsabilidad social corporativa (2007-2010). Investigaciones Europeas de Dirección y Economía de la Empresa, 19(3), 180-187.
Rodrigues, L., Tejedo-Romero, F. and Craig, R., 2017. Corporate governance and intellectual capital reporting in a period of financial crisis: Evidence from Portugal. International. Journal of Disclosure and Governance, 14(1), 1-29.
Roos, J., Dragonetti, N. C., Roos, G. and Edvinsson, L., 2001. Capital intelectual: el valor intangible de la empresa. Barcelona: Paídos Ibérica, SA.
Sierra-García, L., García-Benau, M.A. and Zorio A., 2014. Credibilidad en Latinoamérica del informe de responsabilidad social corporativa. Revista de Administração de Empresas, 54 (1), 28-38.
Sierra-Garcia, L.; Zorio-Grima, A. and García-Benau, M. A., 2013. Sustainable development and assurance of corporate social responsibility reports published by Ibex-35 companies. Corporate Social Responsibility and Environmental Management, 20(6), 359-370.
Simnett, R., Vanstraelen, A. and Chua, W. F., 2009. Assurance on sustainability reports: an international comparison. The Accounting Review, 84 (3), 937- 967.
Sonnier, B.M., 2008. Intellectual capital disclosure: high-tech versus traditional sector companies. Journal of Intellectual Capital, 9(4), 705-722.
Spangenberg, J. H., 2016. The Corporate Human Development Index CHDI: a tool for corporate social sustainability management and reporting. Journal of Cleaner Production, 134-Part A(15), 414–424.
Steenkamp, N., 2007. Including pictures in intellectual capital reporting research: Does it matter? Paper presented at the Workshop on Visualising, Measuring, and Managing Intangibles & Intellectual Capital, Ferrara, Italy, 29 - 31 October 2007.
Surroca, J., Tribó, J. A. and Waddock, S., 2010. Corporate responsibility and financial performance: The role of intangible resources. Strategic Management Journal, 31, 463–490.
Sveiby, K. E., 1997. The New Organizational Wealth: Managing & Measuring Knowledge-based Assets. San Francisco, Berrett-Koehler Publishers.
Tauringana, V. and Chithambo, L. 2015. The effect of DEFRA guidance on greenhouse gas disclosure. The British Accounting Review, 47(4), 425-444.
Tejedo Romero, F., 2014a. Información del conocimiento organizacional a través de los informes anuales publicados en las páginas web de las empresas. Revista española de Documentación Científica, 37(1).
Tejedo Romero, F., 2014b. Información divulgada del Capital Intelectual en el marco de la Responsabilidad Social Empresarial y del Gobierno Corporativo: evolución y factores determinantes. ICAC, Ministerio de Economía y Competitividad. Madrid
Tejedo Romero, F. and Araujo, J. F. F. E., 2016. Información del Capital Humano: la generación de intangibles y la responsabilidad social. Cuadernos de Gestión, 16(1), 125-144.
Vandemaele, S.N., Vergauwen, P.G.M.C. and Smits, A.J., 2005. Intellectual capital disclosure in The Netherlands, Sweden and the UK: A longitudinal and comparative study. Journal of Intellectual Capital, 6(3), 417-426.
Veltri, S. and Nardo, M.T., 2013. The Intangible Global Report: an integrated corporate communication framework. Corporate Communications: An International Journal, 18 (1), 26-51.
Vuontisjärvi, T., 2006. Corporate social reporting in the European context and human resource disclosures: An analysis of finnish companies. Journal of Business Ethics, 69 (4), 331-354.
White, G., Lee, A. and Tower, G., 2007. Drivers of voluntary intellectual capital disclosure in listed biotechnology companies. Journal of intellectual capital, 8(3), 517-537.
Wooldridge, J. M., 2010. Econometric analysis of cross section and panel data. Massachusetts Institute of Technology Press. Second Edition
Xie, B., Davidson, W. and Dadalt, P., 2003. Earning management and corporate governance: The role of the board and the audit committee. Journal of Corporate Finance, 9, 295–315.
Issue
Section
Articles
Authors retain copyright of its works. Management Letters/Cuadernos de Gestión publications are licensed under Creative Commons license CC-BY-NC-ND, granting open access rights to society.
Specifically, CC-BY-NC-ND license permits any kind of use, distribution, publicize and copy the article, as long as the original author and source are properly recognized and for Non Commercial purposes.
The author can use the article freely always indicating that it has been published in Management Letters/Cuadernos de Gestión. Any re-edition of the article must be approved by the journal editorial team.