Determinants of Non-Disclosure of Intellectual Capital Information in Malaysian IPO Prospectuses

Autor:	Kok Fong See, Azwan Abdul Rashid
Rok vydání:	2011
Předmět:	Leverage (finance) Information asymmetry business.industry Prospectus Accounting Tobit model Audit business Initial public offering Intellectual capital Underwriting
Zdroj:	International Journal of Economics and Finance. 3
ISSN:	1916-9728 1916-971X
DOI:	10.5539/ijef.v3n5p178
Popis:	Intellectual capital (IC) relevant information is an important aspect of the reporting process because it complements the conventional financial disclosure in the new economy. It describes the hidden assets of a company especially in the initial public offering (IPO) setting where high information asymmetry exists. This study investigates several variables that may contribute to the relatively low level of IC disclosures in the IPO prospectus using the maximum likelihood (ML) and Bayesian of the Tobit regression models. The sample of this study consists of 112 randomly selected companies seeking a listing in the Bursa Malaysia between 2004 and 2008.The results provide evidence that board size, board independence, leverage and listing board significantly affect the extent of non-disclosure of IC information in a company’s IPO prospectus. Conversely, the study finds no significant association with board diversity, age, size, underwriter and auditor type.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::eaf2f4a926187f0cfd04735701e74e93 https://doi.org/10.5539/ijef.v3n5p178 Zobrazit plný text záznamu