Intellectual Capital Disclosure: Profiles of Spanish Public Universities
In the higher education setting, there is a current trend in society toward greater openness and transparency. The economic, social and political changes that have occurred in recent years in public sector universities (particularly the New Public Management, the Bologna Process and the emergence of the “third mission”) call for a wider disclosure of value created by universities to support fundraising activities, to ensure accountability in the use of public funds and the outcomes of research and teaching, as well as close relationships with industries and territories. The paper has two purposes: 1) to explore the intellectual capital (IC) disclosure in Spanish universities through their websites, and 2) to identify university profiles. This study applies a content analysis to analyze the institutional websites of Spanish public universities and a cluster analysis. The analysis reveals that Spanish universities’ website content usually relates to human capital, while structural and relational capitals are less widely disclosed. Our research identifies three behavioral profiles of Spanish universities with regard to the online disclosure of IC (universities more proactive, universities less proactive and universities adopt a middle position in this regard. The results can serve as encouragement to university managers to enhance online IC disclosure to meet the information needs of university stakeholders.
[1] B. Lev, Intangibles: Management, Measurement, and Reporting. Brookings Institution Press, Washington, DC, 2001.
[2] I. Bezhani, “Intellectual Capital Reporting at UK Universities”, Journal of Intellectual Capital, vol. 11, pp. 179-207, 2010.
[3] B. Siboni, M.T. Nardo, and D. Sangiorgi, “Italian state university contemporary performance plans: an intellectual capital focus?”, Journal of Intellectual Capital, vol. 14, pp. 414-430, 2013.
[4] M. Low, G. Samkin, and Y. Li, “Voluntary reporting of intellectual capital. Comparing the quality of disclosures from New Zealand, Australian and United Kingdom universities”, Journal of Intellectual Capital, vol. 16, pp. 779-808, 2015.
[5] F. Manes, G. Nicoló, and P. Targaglia, “New trends in intellectual capital reporting. Exploring online intellectual capital disclosure in Italian universities”, Journal of Intellectual Capital, Vol. 19, pp. 814-835, 2018.
[6] Y. Ramírez, A. Tejada, and M. Manzaneque, “The value of disclosing intellectual capital in Spanish universities”, Journal of Organizational Change Management, vol. 29, pp. 176-198, 2016.
[7] R.H. Gray, “Social, Environmental and Sustainability Reporting and Organizational Value Creation? Whose Value? Whose Creation?”, Accounting, Auditing and Accountability Journal, vol. 19, pp. 793-819, 2006.
[8] D. Coy, G. Tower, and K. Dixon, “Public accountability: A new paradigm for college and university annual reports”, Critical Perspective on Accounting, vol. 12, pp. 1-31, 2001.
[9] Y. Ramírez, A. Tejada, and J. Vanderdonckt, “How to respond to information needs of university stakeholders: proposal of indicators for reporting on intellectual capital”, Journal of Knowledge Management, Economics and Information Technology, vol. 3, pp. 1-29, 2013.
[10] J. Dumay, J. Guthrie, and P. Puntillo, “IC and public sector: a structured literature review”, Journal of Intellectual Capital, vol. 16, pp. 267-284, 2015.
[11] I. Abeysekera, “The project of intellectual capital disclosure: researching the research”, Journal of Intellectual Capital, Vol. 7, pp. 61-77, 2006.
[12] J.C. Dumay, and J.A. Tull, “Intellectual capital disclosure and price-sensitive Australian Stock Exchange announcements”, Journal of Intellectual Capital, vol. 8, pp. 236-255, 2007.
[13] J. Dumay, L. Cai, “Using content analysis as a research methodology for investigating intellectual capital disclosure: a critique”, Journal of Intellectual Capital, vol. 16, pp. 121-155, 2015.
[14] J. Dumay, J. Guthrie, “Involuntary disclosure of intellectual capital: is it relevant?”, Journal of Intellectual Capital, vol. 18, pp. 29-44, 2017.
[15] A.J. Meijer, “Publishing public performance results on the internet: do stakeholders use the internet to hold Dutch public service organizations to account?”, Government Information Quarterly, vol. 24, pp. 165-185, 2007.
[16] J.L. Gandía, and M.C. Archidona, M.C. “Determinants of web site information by Spanish city councils”, Online Information Review, Vol. 32, pp. 35-57, 2008.
[17] C. Serrano, M. Rueda, and P. Portillo, “Factors influencing e-disclosure in local public administrations”, Environment and Planning. Government & Policy, vol. 27, pp. 355-378, 2009.
[18] I. Gallego-Álvarez, L. Rodríguez-Domínguez, and I.M. García-Sánchez, “Information disclosed online by Spanish universities: content and explanatory factors”, Online Information Review, vol. 35, pp. 360-385, 2011.
[19] A. Rylander, K. Jacobsen, and G. Roos, “Towards improved information disclosure on intellectual capital”, International Journal of Technology Management, vol. 20, pp. 715-741, 2000.
[20] J. Guthrie, R. Petty, K. Yongvanich, and F. Ricceri, “Using content analysis as a research method to inquire into intellectual capital reporting”, Journal of Intellectual Capital, vol. 5, pp. 282-293, 2004.
[21] I. Gallego, I. García, I. and L. Rodríguez, “Universities’ websites: disclosure practices and the revelation of financial information”, The International Journal of Digital Accounting Research, vol. 9, pp. 153-192, 2009.
[22] I.J. Pettersen, and E. Solstad, “The role of accounting information in a reforming area: a study of higher education institutions”, Financial Accountability & Management, vol. 23, pp. 133-154, 2007.
[23] D. Angluin, and R.W. Scapens, “Transparency, accounting knowledge and perceived fairness in UK universities’ resource allocation: results form a survey of accounting and finance”, British Accounting Review, vol. 32, pp. 1-42, 2000.
[24] M. Nelson, W. Banks, and J. Fisher, “Improved accountability disclosures by Canadian universities”, Canadian Accounting Perspectives, vol. 2, pp. 77-107, 2003.
[25] D. Sangiorgi, and B. Siboni, “The disclosure of intellectual capital in Italian universities: what has been done and what should be done”, Journal of Intellectual Capital, vol. 18, pp. 354-372, 2017.
[26] C. Warden, “Managing and Reporting Intellectual Capital: New Strategic Challenges for HEROs”, IP Helpdesk Bulletin, Vol. 8, 2003.
[27] K. H. Leitner, “Intellectual Capital Reporting for Universities: Conceptual Background and Application for Austrian Universities”, Research Evaluation, Vol. 13, pp. 129-140, 2004.
[28] L. Cañibano, and P. Sánchez, “Intellectual Capital Management and Reporting in Universities and Research Institutions”, Estudios de Economía Aplicada, vol. 26, 7-26, 2008.
[29] Y. Ramírez, C. Lorduy, and J. A. Rojas, “Intellectual Capital Management in Spanish Universities”, Journal of Intellectual Capital, vol. 8, pp. 732-748, 2007.
[30] P. Sánchez, S. Elena, and R. Castrillo, “Intellectual capital dynamics in universities: a reporting model”, Journal of Intellectual Capital, vol. 10, pp. 307-324, 2009.
[31] C. Casanueva, and A. Gallego, “Social Capital and Individual Innovativeness in University Research Networks”, Innovation: Management, Policy & Practice, Vol. 12, pp. 105-117, 2010.
[32] G. Secundo, A. Margheritam, G. Elia, and G. Passiante, “Intangible Assets in Higher Education and Research: Mission, Performance or Both?”, Journal of Intellectual Capital, vol. 11, pp. 140-157, 2010.
[33] K. Kuralová, and K. Margarisová, “Intellectual capital disclosure at Czech public universities in relation to the stakeholder information need”, Acta Universitatis Agriculturae et Silviculturae Mendellianae Brunensis,Vol. 64, pp. 1989-1998, 2016.
[34] N. Aversano, J. Christiaens, F. Rossi, G. Nicoló, and P. Polcini, The intellectual capital disclosure in Italian universities and its determinants. Paper presented at 12th Interdisciplinary Workshop on intangibles, intellectual capital and extra-financial information. St Petersburg (Russia), 2016.
[35] S. Pisano, L. Lepore, and R. Lamboglia, “Corporate disclosure of human capital via LinkedIn and ownership structure: an empirical analysis of European companies”, Journal of Intellectual Capital, vol. 18, pp. 102-127, 2017.
[36] I. Brusca, S. Cohen, F. Manes, and G. Nicoló, Intellectual capital disclosure in European universities: does it matter to academic rankings?. Paper presented at 14th Interdisciplinary Conference on Intangibles and Intellectual Capital, Munich (Germany), 2018.
[37] European Commission, Europe 2020. A strategic for Smart, Sustainable and Inclusive Growth, COM (2010) 2020 final, CEC, Brussels, 2010.
[38] G. Secundo, S. Elena- Perez, Z. Martinaitis, and K. Leitner, “An intellectual capital maturity model (ICMM) to improve strategic management in European universities”, Journal of Intellectual Capital, vol. 16, pp. 419-442, 2015.
[39] Boletín Oficial del Estado, Ley Orgánica 4/2007, de 12 de Abril, por la que se modifica la Ley Orgánica 6/2001, de 21 de Diciembre, de Universidades. Boletín Oficial del Estado, 89, pp. 16241-60.
[40] OECD, Education at a glance. Available from: http://www.oecd.org/edu/Education-at-a-Glance-2014.pdf, 2014, (accessed 25/10/2017).
[41] F.X. Grau, La Universidad Pública Española. Retos y Prioridades en el Marco de la Crisis del Primer Decenio del Siglo XXI, URV publicacions, Tarragona (Spain), 2012.
[42] A. Schneider, and G. Samkin, “Intellectual capital reporting by the New Zealand local government sector”, Journal of Intellectual Capital, vol. 9, pp. 456-486, 2008.
[43] Council of University Coordination, Documento sobre Financiación de las Universidades. Madrid: Ministerio de Educación y Ciencia, 2010.
[44] Law 19/2013, 9th of December. Law of Transparency, Wing Public Information Access and Good Governance. Available from: https://www.boe.es/buscar/doc.php?id=BOE-A-2013-12887 (accessed 25/10/2017).
[45] Y. Ramírez, and S. Gordillo, “Recognition and measurement of intellectual capital in Spanish universities”, Journal of Intellectual Capital, vol. 15, pp. 173-188, 2014.
[46] J. Guthrie, and R. Petty, “Intellectual capital: Australian annual reporting practices”, Journal of Intellectual Capital, vol. 1, pp. 241-251, 2000.
[47] J. Guthrie, and L.D. Parker, “Corporate social disclosure practice: a comparative international analysis”, Advances in Public Interest Accounting, vol. 3, pp. 159-176, 1990.
[48] D.V. Coy, A Public Accountability Index for Annual Reporting by NZ Universities. PhD Thesis, Hamilton: University of Waikato, New Zealand, 1995.
[49] M. Ettredge, V. Richardson, and S. Scholz, “The presentation of financial information at corporate web sites”, International Journal of Accounting Information Systems, vol 2, pp. 149-168, 2001.
[50] M. Larrán, and B. Giner, “The use of the internet for corporate reporting by Spanish companies”, The International Journal of Digital Accounting Research, vol. 2, pp. 53-82, 2002.
[51] J.Z. Xiao, H. Yang, and C.W. Chow, “The determinants and characteristics of voluntary internet-based disclosures by listed Chinese companies”, Journal of Accounting and Public Policy, vol. 23, pp. 191-225, 2004.
[52] K. Dixon, and D. Coy, “University Governance: Governing Bodies as Providers and Users of Annual Reports”, Higher Education, vol. 54, pp. 267-291, 2007.
[53] G. Punj, and D.W. Stewart, “Cluster analysis in marketing research: a review and suggestions for applications”, Journal of Marketing Research, vol. 20, pp. 134-148, 1983.
[1] B. Lev, Intangibles: Management, Measurement, and Reporting. Brookings Institution Press, Washington, DC, 2001.
[2] I. Bezhani, “Intellectual Capital Reporting at UK Universities”, Journal of Intellectual Capital, vol. 11, pp. 179-207, 2010.
[3] B. Siboni, M.T. Nardo, and D. Sangiorgi, “Italian state university contemporary performance plans: an intellectual capital focus?”, Journal of Intellectual Capital, vol. 14, pp. 414-430, 2013.
[4] M. Low, G. Samkin, and Y. Li, “Voluntary reporting of intellectual capital. Comparing the quality of disclosures from New Zealand, Australian and United Kingdom universities”, Journal of Intellectual Capital, vol. 16, pp. 779-808, 2015.
[5] F. Manes, G. Nicoló, and P. Targaglia, “New trends in intellectual capital reporting. Exploring online intellectual capital disclosure in Italian universities”, Journal of Intellectual Capital, Vol. 19, pp. 814-835, 2018.
[6] Y. Ramírez, A. Tejada, and M. Manzaneque, “The value of disclosing intellectual capital in Spanish universities”, Journal of Organizational Change Management, vol. 29, pp. 176-198, 2016.
[7] R.H. Gray, “Social, Environmental and Sustainability Reporting and Organizational Value Creation? Whose Value? Whose Creation?”, Accounting, Auditing and Accountability Journal, vol. 19, pp. 793-819, 2006.
[8] D. Coy, G. Tower, and K. Dixon, “Public accountability: A new paradigm for college and university annual reports”, Critical Perspective on Accounting, vol. 12, pp. 1-31, 2001.
[9] Y. Ramírez, A. Tejada, and J. Vanderdonckt, “How to respond to information needs of university stakeholders: proposal of indicators for reporting on intellectual capital”, Journal of Knowledge Management, Economics and Information Technology, vol. 3, pp. 1-29, 2013.
[10] J. Dumay, J. Guthrie, and P. Puntillo, “IC and public sector: a structured literature review”, Journal of Intellectual Capital, vol. 16, pp. 267-284, 2015.
[11] I. Abeysekera, “The project of intellectual capital disclosure: researching the research”, Journal of Intellectual Capital, Vol. 7, pp. 61-77, 2006.
[12] J.C. Dumay, and J.A. Tull, “Intellectual capital disclosure and price-sensitive Australian Stock Exchange announcements”, Journal of Intellectual Capital, vol. 8, pp. 236-255, 2007.
[13] J. Dumay, L. Cai, “Using content analysis as a research methodology for investigating intellectual capital disclosure: a critique”, Journal of Intellectual Capital, vol. 16, pp. 121-155, 2015.
[14] J. Dumay, J. Guthrie, “Involuntary disclosure of intellectual capital: is it relevant?”, Journal of Intellectual Capital, vol. 18, pp. 29-44, 2017.
[15] A.J. Meijer, “Publishing public performance results on the internet: do stakeholders use the internet to hold Dutch public service organizations to account?”, Government Information Quarterly, vol. 24, pp. 165-185, 2007.
[16] J.L. Gandía, and M.C. Archidona, M.C. “Determinants of web site information by Spanish city councils”, Online Information Review, Vol. 32, pp. 35-57, 2008.
[17] C. Serrano, M. Rueda, and P. Portillo, “Factors influencing e-disclosure in local public administrations”, Environment and Planning. Government & Policy, vol. 27, pp. 355-378, 2009.
[18] I. Gallego-Álvarez, L. Rodríguez-Domínguez, and I.M. García-Sánchez, “Information disclosed online by Spanish universities: content and explanatory factors”, Online Information Review, vol. 35, pp. 360-385, 2011.
[19] A. Rylander, K. Jacobsen, and G. Roos, “Towards improved information disclosure on intellectual capital”, International Journal of Technology Management, vol. 20, pp. 715-741, 2000.
[20] J. Guthrie, R. Petty, K. Yongvanich, and F. Ricceri, “Using content analysis as a research method to inquire into intellectual capital reporting”, Journal of Intellectual Capital, vol. 5, pp. 282-293, 2004.
[21] I. Gallego, I. García, I. and L. Rodríguez, “Universities’ websites: disclosure practices and the revelation of financial information”, The International Journal of Digital Accounting Research, vol. 9, pp. 153-192, 2009.
[22] I.J. Pettersen, and E. Solstad, “The role of accounting information in a reforming area: a study of higher education institutions”, Financial Accountability & Management, vol. 23, pp. 133-154, 2007.
[23] D. Angluin, and R.W. Scapens, “Transparency, accounting knowledge and perceived fairness in UK universities’ resource allocation: results form a survey of accounting and finance”, British Accounting Review, vol. 32, pp. 1-42, 2000.
[24] M. Nelson, W. Banks, and J. Fisher, “Improved accountability disclosures by Canadian universities”, Canadian Accounting Perspectives, vol. 2, pp. 77-107, 2003.
[25] D. Sangiorgi, and B. Siboni, “The disclosure of intellectual capital in Italian universities: what has been done and what should be done”, Journal of Intellectual Capital, vol. 18, pp. 354-372, 2017.
[26] C. Warden, “Managing and Reporting Intellectual Capital: New Strategic Challenges for HEROs”, IP Helpdesk Bulletin, Vol. 8, 2003.
[27] K. H. Leitner, “Intellectual Capital Reporting for Universities: Conceptual Background and Application for Austrian Universities”, Research Evaluation, Vol. 13, pp. 129-140, 2004.
[28] L. Cañibano, and P. Sánchez, “Intellectual Capital Management and Reporting in Universities and Research Institutions”, Estudios de Economía Aplicada, vol. 26, 7-26, 2008.
[29] Y. Ramírez, C. Lorduy, and J. A. Rojas, “Intellectual Capital Management in Spanish Universities”, Journal of Intellectual Capital, vol. 8, pp. 732-748, 2007.
[30] P. Sánchez, S. Elena, and R. Castrillo, “Intellectual capital dynamics in universities: a reporting model”, Journal of Intellectual Capital, vol. 10, pp. 307-324, 2009.
[31] C. Casanueva, and A. Gallego, “Social Capital and Individual Innovativeness in University Research Networks”, Innovation: Management, Policy & Practice, Vol. 12, pp. 105-117, 2010.
[32] G. Secundo, A. Margheritam, G. Elia, and G. Passiante, “Intangible Assets in Higher Education and Research: Mission, Performance or Both?”, Journal of Intellectual Capital, vol. 11, pp. 140-157, 2010.
[33] K. Kuralová, and K. Margarisová, “Intellectual capital disclosure at Czech public universities in relation to the stakeholder information need”, Acta Universitatis Agriculturae et Silviculturae Mendellianae Brunensis,Vol. 64, pp. 1989-1998, 2016.
[34] N. Aversano, J. Christiaens, F. Rossi, G. Nicoló, and P. Polcini, The intellectual capital disclosure in Italian universities and its determinants. Paper presented at 12th Interdisciplinary Workshop on intangibles, intellectual capital and extra-financial information. St Petersburg (Russia), 2016.
[35] S. Pisano, L. Lepore, and R. Lamboglia, “Corporate disclosure of human capital via LinkedIn and ownership structure: an empirical analysis of European companies”, Journal of Intellectual Capital, vol. 18, pp. 102-127, 2017.
[36] I. Brusca, S. Cohen, F. Manes, and G. Nicoló, Intellectual capital disclosure in European universities: does it matter to academic rankings?. Paper presented at 14th Interdisciplinary Conference on Intangibles and Intellectual Capital, Munich (Germany), 2018.
[37] European Commission, Europe 2020. A strategic for Smart, Sustainable and Inclusive Growth, COM (2010) 2020 final, CEC, Brussels, 2010.
[38] G. Secundo, S. Elena- Perez, Z. Martinaitis, and K. Leitner, “An intellectual capital maturity model (ICMM) to improve strategic management in European universities”, Journal of Intellectual Capital, vol. 16, pp. 419-442, 2015.
[39] Boletín Oficial del Estado, Ley Orgánica 4/2007, de 12 de Abril, por la que se modifica la Ley Orgánica 6/2001, de 21 de Diciembre, de Universidades. Boletín Oficial del Estado, 89, pp. 16241-60.
[40] OECD, Education at a glance. Available from: http://www.oecd.org/edu/Education-at-a-Glance-2014.pdf, 2014, (accessed 25/10/2017).
[41] F.X. Grau, La Universidad Pública Española. Retos y Prioridades en el Marco de la Crisis del Primer Decenio del Siglo XXI, URV publicacions, Tarragona (Spain), 2012.
[42] A. Schneider, and G. Samkin, “Intellectual capital reporting by the New Zealand local government sector”, Journal of Intellectual Capital, vol. 9, pp. 456-486, 2008.
[43] Council of University Coordination, Documento sobre Financiación de las Universidades. Madrid: Ministerio de Educación y Ciencia, 2010.
[44] Law 19/2013, 9th of December. Law of Transparency, Wing Public Information Access and Good Governance. Available from: https://www.boe.es/buscar/doc.php?id=BOE-A-2013-12887 (accessed 25/10/2017).
[45] Y. Ramírez, and S. Gordillo, “Recognition and measurement of intellectual capital in Spanish universities”, Journal of Intellectual Capital, vol. 15, pp. 173-188, 2014.
[46] J. Guthrie, and R. Petty, “Intellectual capital: Australian annual reporting practices”, Journal of Intellectual Capital, vol. 1, pp. 241-251, 2000.
[47] J. Guthrie, and L.D. Parker, “Corporate social disclosure practice: a comparative international analysis”, Advances in Public Interest Accounting, vol. 3, pp. 159-176, 1990.
[48] D.V. Coy, A Public Accountability Index for Annual Reporting by NZ Universities. PhD Thesis, Hamilton: University of Waikato, New Zealand, 1995.
[49] M. Ettredge, V. Richardson, and S. Scholz, “The presentation of financial information at corporate web sites”, International Journal of Accounting Information Systems, vol 2, pp. 149-168, 2001.
[50] M. Larrán, and B. Giner, “The use of the internet for corporate reporting by Spanish companies”, The International Journal of Digital Accounting Research, vol. 2, pp. 53-82, 2002.
[51] J.Z. Xiao, H. Yang, and C.W. Chow, “The determinants and characteristics of voluntary internet-based disclosures by listed Chinese companies”, Journal of Accounting and Public Policy, vol. 23, pp. 191-225, 2004.
[52] K. Dixon, and D. Coy, “University Governance: Governing Bodies as Providers and Users of Annual Reports”, Higher Education, vol. 54, pp. 267-291, 2007.
[53] G. Punj, and D.W. Stewart, “Cluster analysis in marketing research: a review and suggestions for applications”, Journal of Marketing Research, vol. 20, pp. 134-148, 1983.
@article{"International Journal of Business, Human and Social Sciences:79069", author = "Yolanda Ramírez and Ángel Tejada and Agustín Baidez", title = "Intellectual Capital Disclosure: Profiles of Spanish Public Universities", abstract = "In the higher education setting, there is a current trend in society toward greater openness and transparency. The economic, social and political changes that have occurred in recent years in public sector universities (particularly the New Public Management, the Bologna Process and the emergence of the “third mission”) call for a wider disclosure of value created by universities to support fundraising activities, to ensure accountability in the use of public funds and the outcomes of research and teaching, as well as close relationships with industries and territories. The paper has two purposes: 1) to explore the intellectual capital (IC) disclosure in Spanish universities through their websites, and 2) to identify university profiles. This study applies a content analysis to analyze the institutional websites of Spanish public universities and a cluster analysis. The analysis reveals that Spanish universities’ website content usually relates to human capital, while structural and relational capitals are less widely disclosed. Our research identifies three behavioral profiles of Spanish universities with regard to the online disclosure of IC (universities more proactive, universities less proactive and universities adopt a middle position in this regard. The results can serve as encouragement to university managers to enhance online IC disclosure to meet the information needs of university stakeholders.
", keywords = "Universities, intellectual capital, disclosure, Internet.", volume = "13", number = "8", pages = "1135-9", }
