Fonte: Revista Encontros Científicos - Tourism & Management Studies; Vol 9, No 2 (2013); 78-85
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Resumo: This paper aims to identify the corporate characteristics of theSpanish companies included in the Ibex 35 stock market index, whichinfluence the policy of voluntary disclosure of Intellectual Capital. Theperiod analyzed comprised the years 2004 to 2008. The analysis wasconducted from the point of view of the Theories of Resources andCapabilities Agency, Sign, Legitimacy and Stakeholders.We selected 115 annual reports for the 23 companies included in theIBEX 35. These reports contain data for 5 years. Using themethodology of 'content analysis' we developed indices of disclosure.These indices quantify Intellectual Capital information, and theirrespective categories: Human, Relational and Structural Capital. Fortreatment of the data we carried out a descriptive analysis of thedifferent variables. We also performed a multivariate logisticregression analysis by constructing four models for the IntellectualCapital and Human, Relational and Structural Capital.Our results reveal that companies that provide more informationabout Intellectual, Relational and Structural Capital are larger(measured by the number of employees). Another variable thathas relevance in the case of providing information about theRelational Capital is the market to book ratio, and, in the case ofhuman capital, the level of indebtedness. Furthermore, dependingon the sector of activity we can say that more or less informationis reported. Moreover, although we are in the Knowledge Society,companies provide little information on the Intellectual Capitaland its categories.
