Proceedings

• as for the human capital, four of the Romanian participating entities offered no
information whatsoever for this topic. The most frequently reported element
and the closest to human resource was the one regarding the number of
employees, while the rest of annual reports were divided between the
knowledge of human capital, competences thereof and the employees training.
CONCLUSIONS
In this paper we aimed to achieve the proposed objective, to present an accurate image
of what intellectual capital represents for Romanian listed entities. In order to achieve
the purpose of our study, we have made a content analysis, of annual reports of
entities listed on the Bucharest Stock Exchanges, wherein we have monitored the
three dimensions of the intellectual capital conceptual framework (internal capital,
external capital and human capital) together with the related subcategories, using a
modified version of Sveiby’s model.
As a result of the study, we draw the conclusion that the treatment for intellectual
capital framework in Romania is in an initial stage. Most Romanian entities handle
this matter with indifference, reporting only certain information in connection to this
subject, yet without creating an individual framework of reporting.
Results obtained indicated that the national context is similar to the international
context because there is no reporting framework for intellectual capital. Romanian
listed entities do not have an agreed framework for preparing reports concerning the
intellectual capital; most information related to intellectual capital has been presented in a
discursive mode and not under monetary terms.
During future research, we will consider the analysis of annual reports for a longer
period of time, with a larger sample of listed entities on the national capital market or
international capital market. For the time being, the limitation of the study is given by
the relatively small population of entities participating to the analysis. Also, during
future research we will have in view more elements of intellectual capital for the
purpose of increasing the relevance of study.
ACKNOWLEDGEMENTS
This work was supported by CNMP, project number 92-085/2008. The project is entitled
“Developing a functional model for optimizing the national strategy regarding financial
reporting within Romanian private sector entities”.
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Bozzolan, S., Favotto, F. & Ricceri, F. (2003) “Italian annual intellectual capital disclosure: an
empirical analysis”, Journal of Intellectual Capital, vol. 4, no. 4: 543-558
Bontis, N. (2001) "Assessing knowledge assets: A review of the models used to measure intellectual
capital", International Journal of Management Reviews, vol. 3, no.1: 41-60
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