La información no financiera en los folletos de emisión: ¿revelan las empresas españolas su capital intelectual?

La información no financiera en los folletos de emisión: ¿revelan las empresas españolas su capital intelectual?

Abstract:

The stocks of firms going public are usually underpriced, partly because of asymmetric information among issuers and investors. That is why knowing the information disclosed by issuers is important. On the other hand, during the last decades, the importance of intellectual capital (IC) has increased because it gives competitive advantage to companies. This paper studies the information given by firms going public by an initial public offering (IPO) in their prospectus, in order to analyse in depth the IC information.
The study concludes that the economic sector of the firms has an effect in the IC information disclosed, whereas other variables do not seem to have any influence.

Keywords: Intellectual Capital, disclosure, IPO prospectus, initial public offering.