The Relationship Between the Intellectual Capital Disclosure and Cost of Debt Capital – A Case of Slovenian Private Audited Organisations

Abdolmohammadi, M. (2005). Intellectual capital disclosure and market capitalization. Journal of Intellectual Capital, 6(3), 397–416. https://doi.org/10.1108/1469193051061113910.1108/14691930510611139Open DOISearch in Google Scholar

Abeysekera, I. (2006). The project of intellectual capital disclosure: researching the research. Journal of Intellectual Capital, 7(1), 61-77. https://doi.org/10.1108/1469193061063977810.1108/14691930610639778Open DOISearch in Google Scholar

Ahmed, K., & Courtis, J. K. (1999). Associations between corporate characteristics and disclosure levels in annual reports: A meta-analysis. British Accounting Review, 31, 35-61. https://doi.org/10.1006/bare.1998.008210.1006/bare.1998.0082Open DOISearch in Google Scholar

Álvarez, I. G., Sanchez, I. M. G., & Dominguez, L. R. (2008). Voluntary and compulsory information disclosed online: The effect of industry concentration and other explanatory factors. Online Information Review, 32(5), 596-622. https://doi.org/10.1108/1468452081091399010.1108/14684520810913990Open DOISearch in Google Scholar

Alwert, K., Bornemann, M., & Will, M. (2009). Does intellectual capital reporting matter to financial analysts? Journal of Intellectual Capital, 10(3), 354-368. https://doi.org/10.1108/1469193091097778910.1108/14691930910977789Open DOISearch in Google Scholar

An, Y., Davey, H., & Eggleton, I. R. C. (2011). Towards a comprehensive theoretical framework for voluntary IC disclosure. Journal of Intellectual Capital, 12(4), 571–585. https://doi.org/10.1108/1469193111118173310.1108/14691931111181733Open DOISearch in Google Scholar

April, K., Bosma, P., & Deglon, D. (2003). IC measurement and reporting: Esteblishing a practice in SA mining. Journal of Intellectual Capital, 4(2), 165–180. https://doi.org/10.1108/1469193031047279410.1108/14691930310472794Open DOISearch in Google Scholar

Ball, R., & Shivakumar, L. (2005). Earnings quality in UK private firms: comparative loss recognition timeliness. Journal of Accounting and Economics, 39(1), 83-128. https://doi.org/10.1016/j.jacceco.2004.04.00110.1016/j.jacceco.2004.04.001Open DOISearch in Google Scholar

Banka Slovenije. (2014). Poročilo o finančni stabilnosti. Retrieved from https://bankaslovenije.blob.core.windows.net/publication-files/Financna_stabilnost_SI_WEB.pdfSearch in Google Scholar

Beatty, A., Ramesh, K., & Weber, J. (2002). The importance of accounting changes in debt contracts: The cost of flexibility in covenant calculations. Journal of Accounting and Economics, 33, 205-227. https://doi.org/10.1016/S0165-4101(02)00046-010.1016/S0165-4101(02)00046-0Open DOISearch in Google Scholar

Bharath, S. T., Sunder, J., & Sunder, S. V. (2008). Accounting quality and debt contracting. The Accounting Review, 83(1), 1-28. https://doi.org/10.2308/accr.2008.83.1.110.2308/accr.2008.83.1.1Open DOISearch in Google Scholar

Bianchi Martini, S., Corvino, A., Doni, F., & Rigolini, A. (2016). Relational capital disclosure, corporate reporting and company performance: Evidence from Europe. Journal of Intellectual Capital, 17(2), 186-217. https://doi.org/10.1108/JIC-07-2015-006510.1108/JIC-07-2015-0065Open DOISearch in Google Scholar

Boesso, G., & Kumar, K. (2007). Drivers of corporate voluntary disclosure: A framework and empirical evidence from Italy and the United States. Accounting, Auditing & Accountability Journal, 20(2), 269-296. https://doi.org/10.1108/0951357071074102810.1108/09513570710741028Open DOISearch in Google Scholar

Bontis, N. (1998). Intellectual capital: an exploratory study that develops measures and models. Management Decision, 36(2), 63–76. https://doi.org/10.1108/0025174981020414210.1108/00251749810204142Open DOISearch in Google Scholar

Bontis, N. (2003). Intellectual capital disclosure in Canadian corporations. Journal of Human Resource Costing & Accounting, 7(1), 9-20. https://doi.org/10.1108/eb02907610.1108/eb029076Open DOISearch in Google Scholar

Boujelbene, M. A., & Affes, H. (2013). The impact of intellectual capital disclosure on cost of equity capital: A case of French firms. Journal of Economics Finance and Administrative Science, 18(34), 45–53. https://doi.org/10.1016/S2077-1886(13)70022-210.1016/S2077-1886(13)70022-2Open DOISearch in Google Scholar

Bozzolan, S., Favotto, F., & Ricceri, F. (2003). Italian annual intellectual capital disclosure: An empirical analysis. Journal of Intellectual Capital, 4(4), 543-558. https://doi.org/10.1108/1469193031050455410.1108/14691930310504554Search in Google Scholar

Branswijck, D., & Everaert, P. (2012). Intellectual capital disclosure commitment: myth or reality? Journal of Intellectual Capital, 13(1), 39–56. https://doi.org/10.1108/1469193121119620410.1108/14691931211196204Open DOISearch in Google Scholar

Brüggen, A., Vergauwen, P., & Dao, M. (2009). Determinants of intellectual capital disclosure: evidence from Australia. Management Decision, 47(2), 233–245. https://doi.org/10.1108/0025174091093889410.1108/00251740910938894Open DOISearch in Google Scholar

Bukh, P. N., Nielsen, C., Gormsen, P., & Mouritsen, J. (2005). Disclosure of information on intellectual capital in Danish IPO prospectuses. Accounting, Auditing & Accountability Journal, 18(6), 713–732. https://doi.org/10.1108/0951357051062768510.1108/09513570510627685Open DOISearch in Google Scholar

Burgstahler, D. C., Hail, L., & Leuz, C. (2006). The importance of reporting incentives: Earnings management in European private and public firms. The Accounting Review, 81(5), 983-1016. https://doi.org/10.2308/accr.2006.81.5.98310.2308/accr.2006.81.5.983Search in Google Scholar

Byun, H. Y. (2007). The cost of debt capital and corporate governance practices. Asia-Pacific Journal of Financial Studies, 36(5), 765-806.Search in Google Scholar

Cairns, D., Massoudi, D., Taplin, R., & Tarca, A. (2011). IFRS fair value measurement and accounting policy choice in the United Kingdom and Australia. The British Accounting Review, 43(1), 1-21. https://doi.org/10.1016/j.bar.2010.10.00310.1016/j.bar.2010.10.003Open DOISearch in Google Scholar

Chen, F., Hope, O.-K., Li, Q., & Wang, X. (2011). Financial reporting quality and investment efficiency of private firms in emerging markets. The Accounting Review, 86(4), 1255-1288. https://doi.org/10.2308/accr-1004010.2308/accr-10040Open DOISearch in Google Scholar

Choong, K. K. (2008). Intellectual capital: definitions, categorization and reporting models. Journal of Intellectual capital, 9(4), 609–638. https://doi.org/10.1108/1469193081091318610.1108/14691930810913186Open DOISearch in Google Scholar

Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. (2011). Signaling theory: A review and assessment. Journal of Management, 37(1), 39-67. https://doi.org/10.1177/014920631038841910.1177/0149206310388419Open DOISearch in Google Scholar

Cronje, C. J., & Moolman, S. (2013). Intellectual capital: measurement, recognition and reporting. South African Journal of Economic and Management Sciences, 16(1), 1–12. https://doi.org/10.4102/sajems.v16i1.24410.4102/sajems.v16i1.244Open DOISearch in Google Scholar

Dobija, D., & Rosolińska, A. (2010). Intellectual entrepreneurship and credit risk assessment: the Polish experience. Learning and Intellectual Capital, 7(1), 23-39. https://doi.org/10.1504/IJLIC.2010.02953210.1504/IJLIC.2010.029532Open DOISearch in Google Scholar

Edvinsson, L. (1997). Developing intellectual capital at Skandia. Long Range Planning, 30(3), 366–373. https://doi.org/10.1016/S0024-6301(97)90248-X10.1016/S0024-6301(97)90248-XOpen DOISearch in Google Scholar

MERITUM, Meritum Project. (2002). Guidelines for managing and reporting on intangibles (intellectual capital report). Retrieved from http://www.pnbukh.com/files/pdf_filer/MERITUM_Guidelines.pdfSearch in Google Scholar

EU. (2014). Direktiva 2014/95/EU evropskega parlamenta in Sveta o spremembi Direktive 2013/34/EU glede razkritja nefinančnih informacij in informacij o raznolikosti nekaterih velikih podjetij in skupin. Retrived from http://eur-lex.europa.eu/legal-content/SL/TXT/?uri=CELEX%3A32014L0095Search in Google Scholar

Fields, L. P., Fraser, D. R., & Subrahmanyam, A. (2012). Board quality and the cost of debt capital: The case of bank loans. Journal of Banking & Finance, 36(5), 1536-1547. https://doi.org/10.1016/j.jbankfin.2011.12.01610.1016/j.jbankfin.2011.12.016Open DOISearch in Google Scholar

Fortin, S., & Pittman, J. A. (2007). The role of auditor choice in debt pricing in private firms. Contemporary Accounting Research, 24(3), 859-896. https://doi.org/10.1506/car.24.3.810.1506/car.24.3.8Open DOISearch in Google Scholar

Francis, J., LaFond, R., Olsson, P., & Schipper, K. (2002). The market pricing of earnings quality. Retrieved from https://ssrn.com/abstract=41414010.2139/ssrn.414140Search in Google Scholar

Francis, J. R., Khurana, I. K., & Pereira, R. (2005). Disclosure incentives and effects on cost of capital around the world. The Accounting Review, 80(4), 1125-1162. https://doi.org/10.2308/accr.2005.80.4.112510.2308/accr.2005.80.4.1125Open DOISearch in Google Scholar

Gandía, J. L. (2005). Corporate e-governance disclosure in the digital age: an empirical study of Spanish listed companies. Retrieved from https://ssrn.com/abstract=53118210.2139/ssrn.531182Search in Google Scholar

Gassen, J., & Fülbier, R. U. (2015). Do creditors prefer smooth earnings? Evidence from European private firms. Journal of International Accounting Research, 14(2), 151-180. https://doi.org/10.2308/jiar-5113010.2308/jiar-51130Open DOISearch in Google Scholar

Guimón, J. (2005). Intellectual capital reporting and credit risk analysis. Journal of Intellectual Capital, 6(1), 28-42. https://doi.org/10.1108/1469193051057464510.1108/14691930510574645Open DOISearch in Google Scholar

Guthrie, J. (2001). The management, measurement and the reporting of intellectual capital. Journal of Intellectual Capital, 2(1), 27–41. https://doi.org/10.1108/1469193011038047310.1108/14691930110380473Open DOISearch in Google Scholar

Haji, A. A., & Ghazali, N. A. M. (2012). Intellectual capital disclosure trends: some Malaysian evidence. Journal of Intellectual Capital, 13(3), 377–397. https://doi.org/10.1108/1469193121124892710.1108/14691931211248927Open DOISearch in Google Scholar

Haji, A. A., & Ghazali, N. A. M. (2013). A longitudinal examination of intellectual capital disclosures and corporate governance attributes in Malaysia. Asian Review of Accounting, 21(1), 27–52. https://doi.org/10.1108/1321734131131693110.1108/13217341311316931Open DOISearch in Google Scholar

Hidalgo, R. L., Garcia-Meca, E., & Martinez, I. (2011). Corporate governance and intellectual capital disclosure. Journal of Business Ethics, 100(3), 483–495. https://doi.org/10.1007/s10551-010-0692-x10.1007/s10551-010-0692-xOpen DOISearch in Google Scholar

Hope, O.-K. (2015). Discussion of: Do creditors prefer smooth earnings? Evidence from European private firms. Journal of International Accounting Research, 14(2), 181-184. https://doi.org/10.2308/jiar-1047110.2308/jiar-10471Open DOISearch in Google Scholar

Hossain, M., Perera, M. H. B., & Rahman, A. R. (1995). Voluntary disclosure in the annual reports of New Zealand companies. Journal of International Financial Management and Accounting, 6(1), 69-87. https://doi.org/10.1111/j.1467-646X.1995.tb00050.x10.1111/j.1467-646X.1995.tb00050.xOpen DOISearch in Google Scholar

Hossain, M., Ahmed, K., & Godfrey, J. M. (2005). Investment opportunity set and voluntary disclosure of prospective information: A simultaneous equations approach. Journal of Business Finance & Accounting, 32(5), 871-907. https://doi.org/10.1111/j.0306-686X.2005.00616.x10.1111/j.0306-686X.2005.00616.xOpen DOISearch in Google Scholar

Hsuehchang, T. (2013). The effects of intangible assets on the loan interest rates for small- and medium-sized enetrprises in Taiwan. Journal of Modern Accounting and Auditing, 9(7), 881-888.Search in Google Scholar

Hussainey, K., & Aal-Eisa, J. (2009). Disclosure and dividend signalling when sustained earnings growth declines. Managerial Auditing Journal, 24(5), 445-454. https://doi.org/10.1108/0268690091095680110.1108/02686900910956801Open DOISearch in Google Scholar

Hyytinen, A., & Pajarinen, M. (2007). Is the cost of debt capital higher for younger firms? Scottish Journal of Political Economy, 54(1), 55-71. https://doi.org/10.1111/j.1467-9485.2007.00404.x10.1111/j.1467-9485.2007.00404.xOpen DOISearch in Google Scholar

Javornik, S., Tekavčič, M., & Marc, M. (2012). The efficiency of intellectual capital investments as a potential leading indicator. International Business & Economics Research Journal, 11(5), 535-558. https://doi.org/10.19030/iber.v11i5.697210.19030/iber.v11i5.6972Open DOISearch in Google Scholar

Jelenovec, N. (2015). Dejavniki vpliva na poročanje odprtih slovenskih družb o intelektualnih zmožnostih. Magistrsko delo. Maribor: Ekonomsko-poslovna fakulteta.Search in Google Scholar

Jerman, M., Kavčič, S., & Kavčič, B. (2010). The significance of intangibles: A comparative analysis between Croatia, Slovenia, Czech Republic, Germany and the USA. Economic Research-Ekonomska Istraživanja, 23(3), 60-69. https://doi.org/10.1080/1331677X.2010.1151741210.1080/1331677X.2010.11517412Open DOISearch in Google Scholar

Jerman, M. (2013). Intangible assets and their reporting practices: Evidence from Slovenia. Emerald Group Publishing Limited: Accounting in Central and Eastern Europe, (Research in Accounting in Emerging Economies, 13, 187-204. https://doi.org/10.1108/S1479-3563(2013)000001301310.1108/S1479-3563(2013)0000013013Open DOISearch in Google Scholar

Joshi, M., Cahill, D., & Sidhu, J. (2013). Intellectual capital and financial performance: an evaluation of the Australian financial sector. Journal of Intellectual Capital, 14(2), 264-285. https://doi.org/10.1108/1469193131132388710.1108/14691931311323887Open DOISearch in Google Scholar

Jost, S. P., Pfaffermayr, M., Stoeckl, M., & Winner, H. (2011). Profit shifting within multinational firms: The role of entity characterization profiles. Working Paper, February.Search in Google Scholar

Karjalainen, J. (2011). Audit quality and cos tof debt capital for private firms: Evidence from Finland. International Journal of Auditing, 15(1), 88-108. https://doi.org/10.1111/j.1099-1123.2010.00424.x10.1111/j.1099-1123.2010.00424.xOpen DOISearch in Google Scholar

Khlifi, F., & Bouri, A. (2010). Corporate disclosure and firm characteristics: a puzzling relationship. Journal of Accounting-Business & Management, 17(1), 62-89.Search in Google Scholar

Kim, J. B., Simunic, D. A., Stein, M. T., & Yi, C. H. (2011). Voluntary audits and the cost of debt capital for privately held firms: Korean evidence. Contemporary Accounting Research, 28(2), 585-615. https://doi.org/10.1111/j.1911-3846.2010.01054.x10.1111/j.1911-3846.2010.01054.xOpen DOISearch in Google Scholar

Koren, J., Kosi, U., & Valentincic, A. (2014). Does financial statement audit reduce the cost of debt of private firms? Retrieved from https://ssrn.com/abstract=237398710.2139/ssrn.2373987Search in Google Scholar

Kosi, U., & Valentincic, A. (2013). Write-offs and profitability in private firms: disentangling the impact of tax-minimisation incentives. European Accounting Review, 22(1), 117-150. https://doi.org/10.1080/09638180.2012.66193810.1080/09638180.2012.661938Open DOISearch in Google Scholar

Li, J., Pike, R., & Haniffa, R. (2008). Intellectual capital disclosure and corporate governance structure in UK firms. Accounting and Business Research, 38(2), 137–159. https://doi.org/10.1080/00014788.2008.966332610.1080/00014788.2008.9663326Open DOISearch in Google Scholar

Ljubljanska borza. (2014). Statistike Ljubljanske borze, leto 2014. Retrived from http://www.ljse.si/media/Attachments/Statistika/Podatki/Letni/Razsirjena_letna_2014_1.pdfSearch in Google Scholar

Mangena, M., Pike, R., & Li, J. (2010). Intellectual capital disclosure practices and effects on the cost of equity capital: UK evidence. London: The Institute of Chartered Accountants of Scotland.Search in Google Scholar

Mangena, M., Li, J., & Tauringana, V. (2016). Disetangling the effects of corporate disclosure on the cost of equity capital: A study of the role of intellectual capital disclosure. Journal of Accounting, Auditing & Finance, 31(1), 3–27. https://doi.org/10.1177/0148558X1454144310.1177/0148558X14541443Open DOISearch in Google Scholar

Milne, M., & Adler, R. (1999). Exploring the reliability of social and environmental disclosures content analysis. Accounting, Auditing & Accountability Journal, 12(2), 237–256. https://doi.org/10.1108/0951357991027013810.1108/09513579910270138Open DOISearch in Google Scholar

Minnis, M. (2011). The value of financial statement verification in debt financing: Evidence from private U.S. firms. Journal of Accounting Research, 49(2), 457-506. https://doi.org/10.1111/j.1475-679X.2011.00411.x10.1111/j.1475-679X.2011.00411.xOpen DOISearch in Google Scholar

Nemec Rudež, H., & Mihalič, T. (2007). Intellectual capital in the hotel industry: A case study from Slovenia. Hospitality Management, 26, 188-199. https://doi.org/10.1016/j.ijhm.2005.11.00210.1016/j.ijhm.2005.11.002Open DOISearch in Google Scholar

OECD. (1996). The Knowledge-Based Economy. Retrieved from http://www.oecd.org/sti/sci-tech/1913021.pdfSearch in Google Scholar

OECD. (2007). Policy Brief: Creating value from intellectual assets. OECD Observer, February 2007, Paris.Search in Google Scholar

Orens, R., & Lybaert, N. (2007). Does the financial analysts' usage of non-financial information influence the analysts' forecast accuracy? Some evidence from the Belgian sell-side financial analyst. The International Journal of Accounting, 42(3), 237-271. https://doi.org/10.1016/j.intacc.2007.06.00210.1016/j.intacc.2007.06.002Open DOISearch in Google Scholar

Orens, R., Aerts, W., & Lybaert, N. (2009). Intellectual capital disclosure, cost of finance and firm value. Management Decision, 47(10), 1536–1554. https://doi.org/10.1108/0025174091100467310.1108/00251740911004673Search in Google Scholar

Orens, R., Aerts, W., & Cormier, D. (2010). Web-based non-financial disclosure and cost of finance. Journal of Business Finance & Accounting, 37(9-10), 1057-1093. https://doi.org/10.1111/j.1468-5957.2010.02212.x10.1111/j.1468-5957.2010.02212.xSearch in Google Scholar

Peek, E., Cuijpers, R., & Buijink, W. (2010). Creditors' and shareholders' reporting demands in public versus private firms: Evidence from Europe. Contemporary Accounting Research, 27(1), 49-91. https://doi.org/10.1111/j.1911-3846.2010.01001.x10.1111/j.1911-3846.2010.01001.xOpen DOISearch in Google Scholar

Pittman, J. A., & Fortin, S. (2004). Auditor choice and the cost of debt capital for newly public firms. Journal of Accounting and Economics, 37, 113-136. https://doi.org/10.1016/j.jacceco.2003.06.00510.1016/j.jacceco.2003.06.005Open DOISearch in Google Scholar

Rodman, R. (2005). Načini poročanja o intelektualnem kapitalu podjetja. Magistrsko delo. Ljubljana: Ekonomska fakulteta.Search in Google Scholar

SURS, Statistični urad Republike Slovenije. Standardna klasifikacija dejavnosti (SKD 2008). Retrieved from http://www.stat.si/statweb/methods/classificationsSearch in Google Scholar

ZGD-1, Zakon o gospodarskih družbah. (2006). Uradni list RS. Retrieved from http://www.uradni-list.si/1/objava.jsp?urlid=200642&stevilka=1799Search in Google Scholar

ZTFI, Zakon o trgu finančnih inštrumentov. (2007). Uradni list RS. Retrieved from http://www.uradni-list.si/1/objava.jsp?urlid=200767&stevilka=3699Search in Google Scholar

Sanchez, P., Salazar, J. C., & Basilio, O. (2013). Intellectual capital and productivity: revising policies to support financing innovation in SMEs. 2013 EU-SPRI forum conference, Management of innovation policies.Search in Google Scholar

Schjelderup, G. (2016). The tax sensitivity of debt in multinationals: A review. International Journal of the Economics of Business, 23(1), 109-121. https://doi.org/10.1080/13571516.2015.111566110.1080/13571516.2015.1115661Open DOISearch in Google Scholar

Sengupta, P. (1998). Corporate disclosure quality and the cost of debt. The Accounting Review, 73(4), 459-474.Search in Google Scholar

Singh, I., & Zahn, V. J. (2008). Determinants of intellectual capital disclosure in prospectus of initial public offerings. Accounting and Business Research, 38(5), 409–431. https://doi.org/10.1080/00014788.2008.966577410.1080/00014788.2008.9665774Open DOISearch in Google Scholar

Sonnier, B. M., Carson, K. D., & Carson, P. P. (2009). An examination of the impact of firm size and age on managerial disclosure of intellectual capital by high-tech companies. Journal of Business Strategies, 26(2), 167-190.10.54155/jbs.26.2.167-190Search in Google Scholar

Stropnik, N., & B. Korošec. (2016). Razkritja slovenskih organizacij o intelektualnem kapitalu. Sir*ius, 4(4), 87-105.Search in Google Scholar

Sveiby, K. E. (1997). The new organizational wealth: managing & measuring knowledge-based assets. San Francisco: Berrett-Koehler Publishers.Search in Google Scholar

Taliyang, S. M., Harun, R. J., Mustafa, N. H., & Mansor, M. (2014). Intellectual capital disclosure and market capitalization. International Journal of Business and Social Science, 5(10), 96-102.Search in Google Scholar

White, G., Lee, A., & Tower, G. (2007). Drivers of voluntary intellectual capital disclosure in listed biotechnology companies. Journal of Intellectual Capital, 8(3), 517-537. https://doi.org/10.1108/1469193071077489410.1108/14691930710774894Open DOISearch in Google Scholar

Whiting, R. H., & Woodcock, J. (2011). Firm characteristics and intellectual capital disclosure by Australian companies. Journal of Human Resource Costing & Accounting, 15(2), 102–126. https://doi.org/10.1108/1401338111115733710.1108/14013381111157337Open DOISearch in Google Scholar

Williams, S. M. (2001). Is intellectual capital performance and disclosure practices related? Journal of Intellectual Capital, 2(3), 192-203. https://doi.org/10.1108/1469193011039993210.1108/14691930110399932Open DOISearch in Google Scholar

Yosano, T., & Koga, C. (2008). Influence of intellectual capital information on credit risk rating process/criterion and credit conditions–survey analysis of Japanese financial institutions. Kobe University: Graduate School of Business Administration.Search in Google Scholar

Yosano, T. (2012). Reporting on intangibles, a recent servey from Japan. Discussion paper. Kobe University: Graduate School of Business Administration.Search in Google Scholar

Zéghal, D., & Maaloul, A. (2011). The accounting treatment of intangibles – A critical review of the literature. Accounting Forum, 35(4), 262-274. https://doi.org/10.1016/j.accfor.2011.04.00310.1016/j.accfor.2011.04.003Open DOISearch in Google Scholar