Value relevance of voluntary intellectual capital disclosure: a meta-analysis

Robert Rieg and Ute Vanini ()
Additional contact information
Ute Vanini: Kiel University of Applied Sciences

Review of Managerial Science, 2023, vol. 17, issue 7, No 14, 2587-2631

Abstract: Abstract Because mandatory disclosure of intellectual capital (IC) is restricted by accounting regulations, companies invest in voluntary IC disclosure (ICD) to reduce information asymmetries and support an adequate firm valuation by investors and other stakeholders. So far numerous studies analysing the value relevance of voluntary ICD have been published revealing mixed results. Thus, it is the purpose of this paper to statistically integrate and to explain the heterogeneity of results by applying a meta-analysis with 122 effects of 40 primary studies. Our results mainly support the value relevance of voluntary ICD resulting in higher market value, lower cost of equity, and higher accounting performance. We identify weak moderating effects for legal origin, different IC categories and journal ranking. For further improving of disclosure quality, standard setters should develop disclosure standards for voluntary ICD. To reduce the heterogeneity of future studies a standardised scale for the measurement of voluntary ICD should be developed and applied.

Keywords: Intellectual capital; Voluntary disclosure; Meta-analysis; Financial effects; Moderating variables; Value relevance (search for similar items in EconPapers)
JEL-codes: M10 M41 (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
http://link.springer.com/10.1007/s11846-023-00630-3 Abstract (text/html)
Access to the full text of the articles in this series is restricted.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:rvmgts:v:17:y:2023:i:7:d:10.1007_s11846-023-00630-3

Ordering information: This journal article can be ordered from
http://www.springer.com/business/journal/11846

DOI: 10.1007/s11846-023-00630-3

Access Statistics for this article

Review of Managerial Science is currently edited by R. Ewert and W. Kürsten

More articles in Review of Managerial Science from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().