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Title:VPLIV RAZKRITIJ O INTELEKTUALNEM KAPITALU NA CENO DOLGOV, PRIMER SLOVENIJE
Authors:ID Stropnik, Neca (Author)
ID Korošec, Bojana (Mentor) More about this mentor... New window
ID Tominc, Polona (Comentor)
Files:.pdf MAG_Stropnik_Neca_2016.pdf (2,57 MB)
MD5: A4A2CECB6E5D4D0F4EE6EED472200C8D
 
Language:Slovenian
Work type:Master's thesis
Typology:2.09 - Master's Thesis
Organization:EPF - Faculty of Business and Economics
Abstract:Gospodarske razmere, tako v Sloveniji, kot drugod po Evropi in svetu, so zadnja leta zelo zahtevne. V slovenskem gospodarstvu smo priča propadu številnih organizacij, ogrožen je tako finančni (oziroma bančni) kot nepremičninski trg. Tradicionalnemu finančnemu kapitalu zmanjkuje moči, preživele pa so (oziroma bodo) predvsem inovativne ter na dobrih temeljih osnovane organizacije. Uveljavljajo se novi, demokratični sistemi upravljanja organizacij, ki vključujejo predvsem zaposlene ter njihove sposobnosti. Intelektualni kapital organizacij tako postaja pomemben dejavnik dolgotrajnega in uspešnega poslovanja organizacij. Koncept intelektualnega kapitala sicer ni nov, raziskovalno področje je zelo aktivno predvsem zadnjih 20 let. Intelektualni kapital kot pomemben vir bodočih koristi organizacije brez fizičnega obstoja sestavljajo tri sestavine: človeški kapital, strukturni kapital in kapital v povezavah. Veljavna tradicionalna računovodska teorija pripoznava intelektualni kapital v zelo omejenem obsegu in le pod določenimi pogoji. Ker pa (pomembne) razlike med računovodsko priznano oziroma knjigovodsko ter tržno vrednostjo organizacije ne gre zanemariti, so številni avtorji razvili številne »neračunovodske« pristope k merjenju ter predvsem smernice za obvladovanje ter (prostovoljno) poročanje o intelektualnem kapitalu. Zavedanje o intelektualnem kapitalu se pomembno krepi, kar je argumentirano s številnimi raziskavami, predvsem z raziskavami o ekonomskih posledicah intelektualnega kapitala ter poročanja o njem. Glede na trenutni bančni krč se postavlja vprašanje, ali lahko ima intelektualni kapital, kot pomemben dejavnik bodoče dodane vrednosti organizacije, vpliv na (bančno) presojo organizacije za pridobitev potrebnih (zunanjih) finančnih virov. S predmetno raziskavo smo oblikovali empiričen model, s katerim smo preverili, ali (prostovoljna) razkritja o intelektualnem kapitalu ter njegovih sestavinah vplivajo na doseženo ceno dolgov, na primeru slovenskih organizacij. Odvisna spremenljivka modela je cena dolgov, neodvisne spremenljivke pa stopnje razkritij intelektualnega kapitala ter njegovih posamičnih sestavin in izbrane kontrolne spremenljivke. Podatke smo pridobili na vzorcu 100 naključno izbranih organizacij iz populacije 1.345 organizacij, ki so za leto 2014 javno objavile svoja revidirana letna poročila. Preverjali smo štiri hipoteze, in sicer, ali (prostovoljna) razkritja o intelektualnem kapitalu kot celote negativno vplivajo na ceno dolgov (hipoteza H1), ter ali na ceno dolgov negativno vplivajo tudi njegove posamezne sestavine, ki so človeški kapital, strukturni kapital in kapital v povezavah (hipoteze H2a, H2b in H2c). Deskriptivna statistika je pokazala, da slovenske organizacije ne razkrivajo svojega intelektualnega kapitala v pomembnem obsegu. Povprečna stopnja razkritja intelektualnega kapitala organizacij iz vzorca za leto 2013 znaša 23,63%, izmed treh sestavin pa so organizacije največ poročale o strukturnem kapitalu. Za preverjanje postavljenih hipotez smo izvedli štiri regresijske analize. Rezultati niso pokazali statistično značilnega vpliva (prostovoljnih) razkritij o intelektualnem kapitalu ter njegovih sestavinah na ceno dolgov, niti ne statistično značilnega vpliva kontrolnih spremenljivk na ceno dolgov. Tako s predmetno raziskavo oziroma oblikovanim empiričnim modelom ne moremo potrditi postavljenih hipotez.
Keywords:intelektualni kapital, (prostovoljna) razkritja o intelektualnem kapitalu, stopnja razkritja intelektualnega kapitala, analiza vsebine, cena dolgov
Place of publishing:Maribor
Publisher:[N. Stropnik]
Year of publishing:2016
PID:20.500.12556/DKUM-58565 New window
UDC:658.3
COBISS.SI-ID:12399132 New window
NUK URN:URN:SI:UM:DK:FAXWY0BZ
Publication date in DKUM:01.08.2016
Views:1712
Downloads:131
Metadata:XML DC-XML DC-RDF
Categories:EPF
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Secondary language

Language:English
Title:The Impact of Intellectual Capital Disclosure on Cost of Debt Capital, a Case of Slovenia
Abstract:Economic situation in Slovenia, Europe and other parts of the world has been very challenging in recent years. We have witnessed the collapse of many organisations in Slovenian economy, where both, financial (bank) and real estate market have been compromised. The traditional financial capital is losing its power, organisations that have (or will) survive are mainly those that are innovative and based on solid foundations. New, democratic systems of corporate governance practices, that involve employees and their skills and abilities, are being evolved. Thus, the intellectual capital of the organisations is becoming an important factor of long-term and successful performance of those organisations. The concept of intellectual capital is not new; the research field has been very active for the past 20 years. As a significant source of future benefits of the organisation, the intellectual capital without physical substance is divided into three sub-categories: human capital, structural capital and relational capital. The traditional accounting theory recognizes intellectual capital in a very limited extent and only under certain conditions. However, due to (significant) differences between book value and market value of the entity many authors have developed several “non-accounting” models for measuring and in particular, the guidelines for managing and (voluntary) reporting of intellectual capital. Intellectual capital awareness is being strengthened significantly, which has been reasoned by several researches, especially researches of economic consequences of intellectual capital and its reporting. Due to current bank crunch, the question that arises is whether intellectual capital as an important factor of future added value of the organisation can influence the (bank) assessment of the organization for obtaining the necessary (external) financial sources. Based on this study an empirical model has been developed, which verified whether (voluntary) intellectual capital disclosures and their sub-categories influence the achieved cost of debt in the case of Slovenian organisations. Dependant variable of the model is the cost of debt, while independent variables are the intellectual capital disclosure index, disclosure index for their individual sub-categories and selected control variables. Data were obtained from a sample of 100 randomly selected organisations from the population of 1.345 organisations that have published and made publicly available their audited annual reports for 2014. Four hypotheses were tested: do (voluntary) intellectual capital disclosures have a negative impact on the cost of debt capital (hypothesis H1), and do the three individual sub-categories (human capital, structural capital and relational capital) also have a negative impact on the cost of debt capital (hypotheses H2a, H2b and H2c). Descriptive statistics have shown that Slovenian organisations do not disclose their intellectual capital to a significant degree. The average intellectual capital disclosure index of the organisations from the sample for 2013 is 23,63%. Among three sub-categories, the organisations have reported mainly on structural capital. For the purpose of hypotheses verification four regression analyses were conducted. No statistically significant effect of (voluntary) intellectual capital was shown on the cost of debt capital, neither was shown the effect of its sub-categories. Thus, by this research, and respectively by the empirical model formed, we cannot confirm the hypotheses.
Keywords:intellectual capital, (voluntary) intellectual capital disclosure, intellectual capital disclosure index, content analysis, cost of debt


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