EMPIRICAL ANALYSIS OF INTELLECTUAL CAPITAL DISCLOSURE AND FINANCIAL PERFORMANCE - ROMANIAN EVIDENCE

This study aims to identify the most relevant financial indicators for the selected companies, in order to determine a composite performance index, further used in analyzing the correlations between the average degree of intellectual capital disclosure and the performance of companies. Data were collected from the annual reports of 37 Romanian listed companies, from 6 industries, with a strong emphasis on knowledge. The proxy variables used to assess the performance of companies were classified into three categories: value creation indicators, stock indices and profitability indicators. Performing 12 regression models based on panel type data for 2010-2013, we found that the degree of intellectual capital disclosure and its components (the relational and human capital) of the previous year show a significant positive impact on the performance of companies in the current year. Also, we showed that the degree of intellectual capital disclosure aim to help poor-performance companies improve their results.