DETERMINAN OF INTELECTUAL CAPITAL DISCLOSURE IN INITIAL PUBLIC OFFERINGS
Elok Sri Utami
, Tatang Ary Gumanti, , Ira Puspita Sari
Intellectual capital disclosure, determinants, IPO
Intellectual Capital Disclosure (ICD) is one of the current issues in finance. This study is different from traditional Intellectual Capital that is used VAICTM to measure Intellectual Capital of the company (Pulic, 1998). This study uses ICD index developed by Bukh et al (2005). ICD index is consisting of 78 items. ICD is closely related to efforts to reduce the occurrence of information asymmetryy. If the company discloses more information, it will affect investors’ perception that the company has a good IPO quality. This study examined the effect of ownership retention, leverage, company size, company age, and underwriter reputation on ICD of companies making initial public offering (IPO) in Indonesia Stock Exchange for periode 2008-2017. There are 68 companies as the population and 65 companies the selection criteria. The data are secondary data generated from company’s website and IDX website. Multiple linear regression is used to analyze the data. Results show that there are three variable have positive effect on ICD namely ownership retention, company age, and underwriter reputation. However, other factor such as leverage and company size do not have significant effect on ICD. Ownership retention is a positive signal to investor to show the quality of the company. Companies that have been for years in the business will disclose more IC information. A reputable underwriter will encourage company to disclose more information. Companies with high level of leverage do not disclose more information because they want to mantain its reputation. A large companies do not disclose more IC’s information because they want to keep the company’s competitive advantages.
"DETERMINAN OF INTELECTUAL CAPITAL DISCLOSURE IN INITIAL PUBLIC OFFERINGS", IJSDR - International Journal of Scientific Development and Research (www.IJSDR.org), ISSN:2455-2631, Vol.5, Issue 10, page no.377 - 384, October-2020, Available :https://ijsdr.org/papers/IJSDR2010058.pdf
Volume 5
Issue 10,
October-2020
Pages : 377 - 384
Paper Reg. ID: IJSDR_192665
Published Paper Id: IJSDR2010058
Downloads: 000347214
Research Area: Management
Country: Jember, East Java, Indonesia
ISSN: 2455-2631 | IMPACT FACTOR: 9.15 Calculated By Google Scholar | ESTD YEAR: 2016
An International Scholarly Open Access Journal, Peer-Reviewed, Refereed Journal Impact Factor 9.15 Calculate by Google Scholar and Semantic Scholar | AI-Powered Research Tool, Multidisciplinary, Monthly, Multilanguage Journal Indexing in All Major Database & Metadata, Citation Generator
Publisher: IJSDR(IJ Publication) Janvi Wave
