文档介绍：外文翻译
原文:
Determinants of intellectual capital disclosure in prospectuses of initial public offerings
Inderpal Singh and J-L. W. Mitchell Van der Zahn*
1. Introduction
Business dynamics of the 21st century are increasingly determined and driven by intellectual capital/knowledge-based elements. Numerous corporate executives, practitioners and business professionals, policymakers and scholars alike acknowledge factors of production, products and services, and market place dynamics will be radically different than previously. ing century will by necessity be an integrated and worked global economy, parative advantages and discriminating pricing for goods and services. In the future business and economic landscape, raw materials and their processing will decline in value whilst that of intellectual capital resources will increase. This clearly calls for a refreshed – if not alternative understanding of business principles, information reporting and decision-making processes.
Market participants, practitioners and regulators alike argue there is an important need for greater investigation and understanding of intellectual capital disclosure as the usefulness of financial information in explaining firm profitability continues to deteriorate (Lev and Zarowin, 1999). Bukh (2003), for example, asserts that traditional reporting mechanisms are not able to cope adequately with the reporting requirements of new economy firms. Bozzolan et al. (2003), meanwhile, observe an increasing dissatisfaction with traditional financial reporting and its ability to convey to investors the wealth creation potential of firms.
Despite growing interest and demand for intellectual capital information, prior research (. Williams, 2001; Beaulieu, et al., 2002; GarciaMeca et al., 2005) suggests a persistent and significant variation in the quantity and quality of information
reported by firms on this pivotal resource. As existing economic and business metrics track a declining proportion