Search

Copyright of Management international / International Management / Gestiòn Internacional is the property of Management International and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

• Governance and financial structure influences the information disclosure of intangible capital (IDIC). • We show that the main determinant of the IDIC is corporate governance. • DIIC practices increase the market performance of firms but not their accounting performance. • We identify a double impact, direct and indirect (through the IDIC), of corporate governance on financial performance. This article analyzes the reasons for the disclosure of information on intangible capital (DIIC) and its consequences on financial performance. To this end, we take a structural approach based on the PLS - PM method for a sample of industrial companies listed in the EuroStoxx 600 index. Our results first of all highlight the significant influences of governance and financial structure on the disclosure of information about the intangible capital. Notably we show that the main determinant of the DIIC is corporate governance. Then, we reveal that DIIC practices increase the financial performance of firms, with a greater impact on the market performance than on accounting performance. Finally, we identify a double impact, direct and indirect (through the DIIC), of corporate governance on financial performance, while the literature merely highlights only the direct link between these two factors. [ABSTRACT FROM AUTHOR]