Proceedings

Where:
ICDj/ECDj/HCDj = Internal Capital/External Capital/Human Capital dimensions
(components considered for our research)
m1 = Internal Capital dimension (2 analyzed components)
m2 = External Capital dimension (5 analyzed components)
m3 = Human Capital dimension (4 analyzed components)
n = the analyzed population (68 analyzed entities)
The scores obtained, using the prior formulas and according with Table 1 are
presented in Table 3.
Table 3. The obtained scores regarding the intellectual capital reporting
Intellectual capital components Scoring
Internal capital 0,21
External capital 0,38
Human capital 0,27
(Source: accomplished by authors)
We can observe from the scores obtained and presented above that the information
regarding internal capital, external capital and human capital provided by the Romanian
listed entities are qualitative information.
Hence the question we have asked: Is there a lack of interest for intellectual capital’s
components within Romanian listed entities, or more likely a lack for a reporting and
evaluation framework for the intellectual capital which makes this information be
considered irrelevant for the company? At the same time, the small percentage
represented by reporting information on intellectual capital can be also explained by
the fact that although management would like to provide more relevant and useful
information to the public, they cannot act in such a way, because the danger of
competitors’ „espionage” persists. As underlined by Williams (2001) as well, „such
reporting can catch attention from undesired parts as well”. Therefore, although there
are sufficient arguments to convince management that reporting information on
intellectual capital is a necessity, they would not act because such reporting could
affect the company in a negative way, in particular for the case where the intellectual
capital groundwork is a poor one. On the other hand, the annual statement can
indicate that one priority for the company consists in investing financial resources in
the internal „production” or the purchase of new assets. Or, to the contrary, a report
from a company disposing of little intellectual capital might have a negative impact
on the company’s reputation on the stock market, because this way it can be
considered unsuccessful.
If we were to perform an analysis of information reported for the three groups of
components related to intellectual capital, we should mention that:
• according to expectations, aspects reported with regards to the internal structure
were part of the field of research projects. Information related to intellectual
property have not been reported, except on rare occasions, as they are irrelevant;
• information regarding the external structure referred to four elements in
particular: customers, company’s reputation, distribution chains, cooperation
and licenses;
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