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The Determinants of Intellectual Capital Disclosures: A Decade of IPOs in Singapore
Inderpal Singh,
Curtin University of Technology
J - L.W. Mitchell Van Der Zahn, Curtin University of Technology
ABSTRACT. Based on an analysis of 444 IPOs listing on the Singapore capital market we find the average annual level of intellectual capital disclosure rose yearly from 1997 to 2003 before annual declines in 2004 and 2005. Average intellectual capital disclosure in IPO prospectuses then rose again in 2006. Our statistical analysis supports our proposition of a positive association between intellectual capital disclosure and ownership retention. We also find – consistent with out expectations – a negative influence of proprietary costs on the positive intellectual capital disclosure – ownership retention linkage. However, contrary to predictions our analysis fails to indicate better corporate governance structures at the time of listing has a positive influence of the negative ownership retention – proprietary cost interaction. Our findings have implications for regulators who could impose unnecessary costs on issuers if they lack an understanding of factors influencing IC disclosure.
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