Accountability through intellectual capital disclosure in Italian Universities
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Accountability through intellectual capital disclosure in Italian Universities Giuseppe Nicolo’1 · Francesca Manes‑Rossi2 · Johan Christiaens3 · Natalia Aversano4
© Springer Science+Business Media, LLC, part of Springer Nature 2020
Abstract This paper aims to investigate intellectual capital disclosure (ICD) provided by Ital‑ ian public universities in their annual reports and to identify and examine its drivers. An empirical analysis of annual reports of Italian public universities for the year 2014 is conducted through content analysis. The information retrieved from this forms the basis for regression analysis (OLS model) to relate the disclosure index to its drivers which include governance features, financial performance and control variables. The empirical analysis shows that human and internal (organisational) capital are the most disclosed categories of intellectual capital. The results also show that board independence and university size positively affect ICD in Italian public universities. The methodology adopted in this study could be replicated for other countries to obtain a better understanding of how ICD can help meet stake‑ holder information needs. The results provide a useful basis for further investigation into ICD drivers and influences and may also enable regulators and standard setters to better understand and regulate IC practices in universities. Keywords Accountability · Intellectual capital · Italian university · Disclosure · Content analysis
1 Introduction In recent years, the world of higher education has experienced a profound transfor‑ mation largely due to globalisation and the emergence of new technologies, which have deeply modified operational processes. Moreover, the role of the university has changed dramatically, with an unceasing shift towards the commercialisation of mis‑ sions, objectives and operations (Parker 2011).
* Francesca Manes‑Rossi [email protected] Extended author information available on the last page of the article
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Public universities in many developed countries face seemingly unending reduc‑ tions in state funds and consequently need to reorganise their research and teaching activities in a manner consistent with the demands of industry and communities. A stronger focus on outcomes, the need to attract private resources as well as changes in the decision-making process based on increased autonomy have imposed on uni‑ versities the need for greater accountability and the introduction of mechanisms of “marketization” and the “performance measurement” of academic activities (Neu‑ mann and Guthrie 2002). In this new scenario, the sound management of intangi‑ ble resources, to wit, intellectual capital (IC), becomes pivotal to improve overall performance. IC covers a range of intangible resources including know-how, competences, brands, database, routine and human resources that constitute the main organisa‑ tional value creation sources as well as the main drivers of competitive advantage (Almqvist and Skoog 2007; P
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