Revistes Catalanes amb Accés Obert (RACO)

Voluntary disclosure of intangible resources and stock profitability

Clea Beatriz Macagnan

Resum


The present study analyzes the extent of voluntarily disclosed information about intangible resources, in the annual report of companies from Spain’s capital market, as well as the possibility of there being a correlation between that disclosure and the effective profitability of the stock. In methodological terms, the present research has used semiotic analysis, in order to construe indicators and indexes, and the technique of logistic regression, to analyze the probability of the implication between disclosure and stock profitability. The considerations that were established go against the assumption that the extent of voluntarily disclosed information about intangible resources results in greater stock profitability, in the year following the publication of the company’s annual report, when results are found to be higher than average. On the other hand, the analysis presents statistically meaningful results, recognizing the probability of a decrease in stock profitability, in the year following the publication of information related to intangible resources.

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