Influence of intellectual capital disclosure in initial public offering prospectuses on post-issue performance: Evidence of technology companies listed on NASDAQ

Abstract

Goal of the research – to define the relationship between the disclosure of information on Intellectual Capital and the 500-day post-issue stock performance on example of NASDAQ companies; Main objectives – conduct a literature review on the topic of Intellectual Capital disclosure, create a regression model with Intellectual Capital elements that will in a best possible way reflect the connection between Intellectual Capital disclosure and post-issue stock performance; compare the results with other similar studies, interpret the differences. Main results – Intellectual Capital disclosure has a positive effect on post-issue stock performance; the influence of Intellectual Capital disclosure is higher for non-manufacturing firms, small companies and firms that issue American Depositary Shares.