期刊名称：International Journal of Economics and Finance
印刷版ISSN：1916-971X
电子版ISSN：1916-9728
出版年度：2014
卷号：3
期号：5
页码：178
DOI：10.5539/ijef.v3n5p178
语种：English
出版社：Canadian Center of Science and Education
摘要：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.
