Title: The use of intellectual capital information in investment decisions
Abstract: Do financial analysts convey intellectual capital information in their recommendations? This study of a sample of analyst reports on large, listed Spanish companies provides some evidence on the question. Analysts usually report information regarding a company's strategy, customers, and processes; they less often provide information about research, development, and innovation. When controlling for endogeneity, we find that certain firm characteristics appear to influence the use of intellectual capital information. Analysts use this information in the case of highly profitable companies. The results also show a significant effect of growth opportunities on intellectual capital disclosure by financial analysts.
Publication Year: 2007
Publication Date: 2007-01-01
Language: en
Type: article
Indexed In: ['crossref']
Access and Citation
Cited By Count: 147
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