Abstracts
Résumé
L’objectif de cette recherche est d’analyser le contenu informatif de la divulgation des informations sur le capital immatériel (CI) de l’entreprise. La méthode d’analyse de contenu a été utilisée afin de collecter les données sur la divulgation du CI à partir des rapports annuels de 126 entreprises américaines. À l’aide d’une série d’analyses de corrélation et de régression multiple, nos résultats montrent que les informations divulguées sur le CI, notamment celles de qualité, sont considérées comme pertinentes pour les investisseurs puisqu’elles ont un contenu informatif additionnel dans l’évaluation boursière des entreprises. Ces résultats impliquent, par conséquent, que les investisseurs perçoivent le CI comme une source de valeur bien qu’il ne soit pas comptabilisé parmi les actifs de l’entreprise. Nos résultats permettent, entre autres, d’encourager les dirigeants d’entreprises à divulguer volontairement de l’information sur le CI afin de pallier à l’absence de ces informations dans les états-financiers traditionnels.
Mots-clés :
- Capital immatériel (CI),
- divulgation,
- contenu informatif,
- valeur boursière,
- analyse de contenu,
- États-Unis
Abstract
The purpose of this research is to analyze the information content of “intellectual capital (IC) disclosure” by companies. The content analysis method was used to collect data on the IC disclosure from annual reports of 126 U.S. companies. Using correlation and multiple regression analyses, our results show that the information disclosed on IC, especially quality ones, are considered as value-relevant for investors as they have additional information content in the market valuation of companies. These results imply, therefore, that investors perceive IC as a source of value, although it is not recognized as assets of the company. Our results may encourage managers to voluntarily disclose IC information in order to compensate for the lack of those information in traditional financial statements.
Keywords:
- Intellectual capital (IC),
- disclosure,
- information content,
- market value,
- content analysis,
- USA
Resumen
El objetivo de esta investigación es analizar el contenido informativo de la divulgación de informaciones sobre el capital inmaterial (CI) de la empresa. El método de análisis de contenido ha sido utilizado con el fin de recoger los datos referentes a la divulgación de CI a partir de los reportes anuales de 126 empresas americanas. Con la ayuda de una serie de análisis de correlación y de regresión múltiple, nuestros resultados muestran que las informaciones divulgadas acerca del CI, especialmente aquellas de calidad son consideradas como pertinentes por los inversionistas porque tienen un contenido informativo adicional de la evaluación del mercado de las empresas. Esos resultados implican por consecuencia que los inversionistas perciben el CI como una fuente de valor, a pesar de que no sea contabilizada como un efectivo de la empresa. Los resultados permiten, entre otros, de estimular los dirigentes de las empresas a divulgar voluntariamente la información sobre el CI con el objetivo de atenuar la ausencia de esas informaciones en los estados financieros tradicionales.
Palabras clave:
- capital inmaterial (CI),
- divulgación,
- contenido informativo,
- valor del mercado,
- análisis de contenido,
- Estados Unidos
Appendices
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