|Table of Contents|

Institutional investor and intellectual capital information disclosure——empirical evidence from China's high-tech A-share listed companies(PDF)

《长安大学学报（社科版）》[ISSN:1671-6248/CN:61-1391/C]

Issue:
2022年04期
Page:
66-78
Research Field:
经济与管理
Publishing date:
2022-07-20

Info

Title:
Institutional investor and intellectual capital information disclosure——empirical evidence from China's high-tech A-share listed companies
Author(s):
FU Chuanrui;  ZHANG Yu;  LI Qiuhong;  WANG Yanhui
(School of Economics and Management Fuzhou University, Fuzhou 350108, Fujian, China)
Keywords:
institutional investor;  Intellectual Capital Disclosure Index(ICDI);  environmental uncertainty;  nature of property rights;  corporate life cycle;  high-tech listed company;  shareholding ratio
PACS:
F275
DOI:
-
Abstract:
How institutional investors affect the intellectual capital disclosure behavior of invested companies is a new cross-research topic between corporate finance and intellectual capital. Using a large sample of China's high-tech A-share listed companies from 2010 to 2015, this paper firstly collects the intellectual capital disclosure data, then empirically investigates the relationship between institutional investors' shareholding and intellectual capital disclosure level, as well as the heterogeneous characteristics of such relationship in different internal and external situations. The results show that: There is a significant negative correlation between the institutional investors' shareholding ratio and the level of intellectual capital disclosure, that is, institutional investors' shareholding reduces the transparency of intellectual capital information of listed companies. Different types of institutional investors have heterogeneous effects on intellectual capital disclosure. Compared with transactional institutional investors, stable institutional investors have a more significant inhibiting effect on the intellectual capital disclosure of companies. Compared with enterprises in low uncertainty environment, institutional investors have a stronger inhibiting effect on intellectual capital disclosure of companies in highly uncertain environment. Further research also shows that for companies in the growth stage and maturity stage, institutional investors have a more significant inhibiting effect on their intellectual capital disclosure than on those in the recession stage. Compared with private enterprises, institutional investors have a stronger inhibiting effect on the intellectual capital disclosure of state-owned holding enterprises. The inhibiting effect of institutional investors on intellectual capital information disclosure exists in the environment of low product market competition, but it does not exist in the environment of fierce competition. Therefore, relevant departments should speed up the improvement of the information disclosure system, guide and urge institutional investors to play the role of responsible major shareholders with active governance, and listed companies should also pay attention to the information needs of the capital market and actively increase the supply of intellectual capital information.

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Last Update: 2022-07-20