Corporate governance and intellectual capital reporting in a period of financial crisis: Evidence from Portugal
Lúcia Lima Rodrigues (),
Francisca Tejedo-Romero and
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Lúcia Lima Rodrigues: Universidade do Minho, Escola de Economia e Gestão, Gualtar
Francisca Tejedo-Romero: University of Castilla-La Mancha
Russell Craig: Victoria University
International Journal of Disclosure and Governance, 2017, vol. 14, issue 1, 1-29
Abstract This article uses an analytical frame that comprised agency theory and a resource-based perspective to explore the influence of boards of directors on listed companies’ voluntary disclosure of information concerning intellectual capital (IC). The IC disclosures in 75 published company reports of 15 listed Portuguese companies in a 5 year period of financial crisis, 2007–2011, are investigated using content analysis and the regression techniques. IC disclosures are found to increase with company size, dual corporate governance models, industry, listing on sustainability indexes and increases in board size up to a maximum point (beyond which disclosures decrease). IC disclosures are reduced by CEO duality and by a higher proportion of independent directors on boards. The year of reporting is not significant, suggesting that the period of financial crisis did not influence the level of IC disclosures. The evidence adduced is consistent with a view that highly visible companies acknowledge the importance of IC disclosures in maintaining their reputation and competitive advantage, even during a period of financial crisis. This article highlights the need for caution in believing that adding extra directors to an existing board will lead to improved disclosure outcomes. In addition, given the token number of females appointed to boards currently, the Portuguese capital market regulator should consider enforcing measures to ensure compliance with EU objectives.
Keywords: board of directors; disclosure; intellectual capital; financial crisis; resource-based perspectives; agency theory (search for similar items in EconPapers)
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