Kang Gray (2011)

JOURNAL OF INTERNATIONAL ACCOUNTING RESEARCH American Accounting Association
Vol. 10, No. 1 DOI: 10.2308/jiar.2011.10.1.109

2011
pp. 109–125
The Content of Voluntary Intangible Asset

Disclosures: Evidence from Emerging Market
Companies
Helen Kang and Sidney J. Gray
ABSTRACT: This paper examines the content of voluntary disclosures of intangible

asset IA information communicated by the world’s leading 200 emerging-market com-
panies. We make a detailed assessment of the variety, nature, and extent of IA disclo-
sures in annual reports using an index based on the Value Chain Scoreboard™ devised
by Lev 2001 . Our findings show that the vast majority of companies engage in IA
voluntary disclosure practices. As expected, most companies disclose IA information
stemming from the Discovery and Learning phase of the value chain, while significantly
fewer companies disclose IA information from the Implementation phase. Contrary to
popular belief, we find that the majority of companies disclose quantitative IA informa-
tion, with both financial and nonfinancial components, rather than qualitative. Our re-
sults further indicate that the variety, nature, and extent of IA voluntary disclosures differ
according to type of accounting standard adopted and industry, but not size or foreign
listing.
Keywords: voluntary disclosures; emerging markets; intangible assets; content
analysis.
I. INTRODUCTION
The growth of the service sector and of information technology-related businesses, along with
the dramatic increase in the number and size of international mergers and acquisitions, has made
accounting for Intangible Assets IA a very significant issue Lev 2001; Saudagaran 2001 . While
the importance and the necessity of such assets in creating and maintaining corporate value have
been widely accepted, traditional financial reporting frameworks do not capture many of these
value drivers owing to the “non-physical” nature of IA and the subsequent uncertainties associated
with their “future benefits” Jenkins and Upton 2001; Upton 2001; Lev and Zarowin 1999 . These
difficulties have also been acknowledged in International Financial Reporting Standards IFRS
designed to deal with IA in that, while acknowledging the importance of the value added by IA
information—IAS 38, Intangible Assets—is very restrictive in recognizing IA on the face of
company balance sheets. Further, it has also been noted that IA can act as a cushion in a downturn:
during the global financial crisis of 2008–2009, on average, firms with higher IA before the crisis
Helen Kang is a Senior Lecturer at The University of New South Wales and Sidney J. Gray is a Professor at
the University of Sydney.
Published Online: February 2011
109
110 Content of Voluntary Intangible Asset Disclosures
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110
performed marginally better during the financial crisis Patel and Narain 2009 .
Given the difficulties associated with recognizing IA in financial statements, companies often
voluntarily disclose IA information in the narrative sections of corporate annual reports as a means
of improving their external communications. Companies from emerging economies, not developed
enough to be perceived as possessing and/or maintaining high-quality and transparent financial
reporting frameworks, are particularly likely to do so as the currently limited guidelines on IA
reporting, notwithstanding the recent harmonization of accounting standards and convergence to
IFRS, may mean that voluntary disclosures are the only way for emerging-market companies to
communicate IA information to global stakeholders. Accordingly, the purpose of this paper is to
examine the content of voluntary disclosures of IA information communicated by leading
emerging-market companies with specific reference to the variety, nature, and extent of IA disclo-
sures in annual reports
In this context, the term “voluntary disclosures” describes disclosures primarily outside the
financial statements that are not explicitly required by GAAP or financial reporting standards
Boesso 2002 . Companies that voluntarily disclose extensive business and financial information
aim to differentiate themselves by providing an enhanced level of information which may help
investors and creditors to understand the company better Levinsohn 2001 . Further, it has also
been argued that voluntary disclosures can lower agency costs, reduce the cost of capital, and
improve the market price of securities Leuz and Verrecchia 2000; Botosan 1997; Hossain et al.
1994 .
As Meek et al. 1995 have stated, companies originating from emerging markets must match
those from developed economies in terms of the type and amount of relevant corporate informa-
tion provided in order to compete for funds on equal terms in international markets. They also argue
that users of such information will form opinions about emerging-market companies based on the
information being voluntarily provided by corporations. Accordingly, understanding the status of
voluntary disclosure practices in emerging markets is potentially useful for preparers and users of
such information, and for policy-making bodies. The need to understand the extent of voluntary
disclosures by emerging-market companies has been examined by a recent influx of studies looking
at corporations originating from specific emerging markets. For example, Wang and Claiborne
2008 examine the disclosure practices of Chinese corporations see also Xiao and Yuan 2007; Xiao
et al. 2004 , while Haniffa and Cooke 2005; 2002 review disclosure practices in Malaysia, and
Alsaeed 2006 studies the behavior of Saudi Arabian corporations.
In this study, we examine the voluntary disclosure practices of the world’s leading 200
emerging-market companies in respect of IA. Specifically, we develop a Disclosure Index based
on the Value Chain Scoreboard™ Lev 2001 to investigate the variety type of IA , nature quan-
titative or qualitative , and extent percentage of total disclosure of IA voluntary disclosures in
corporate annual reports. Using Content Analysis as the main research tool, narrative sections of
the emerging-market companies’ annual reports are examined to determine whether they utilize
voluntary disclosures as an alternative reporting framework for disclosing IA information to global
stakeholders.
The rest of the paper is organized as follows: first, the literature on disclosure practices in
emerging markets is examined. This is followed by a discussion of the research methodology
employed. The results of the study are then detailed. Finally, conclusions are presented.
II. DISCLOSURE PRACTICES IN EMERGING MARKETS

Investing in Emerging Markets
Journal of International Accounting Research Volume 10, No. 1, 2011

American Accounting Association American Accounting Association
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Capital markets classified as “emerging” are diverse in terms of their size and history. For
example, stock markets in South Korea, Malaysia, Mexico, and South Africa are relatively large in

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terms of market capitalization which, in some cases, even exceeds the market capitalization of
shares traded on the stock exchanges of some developed countries Saudagaran and Diga 1997 .
In the early 1980s, the term “newly industrializing countries” was applied to a handful of
fast-growing and liberalizing Asian and Latin American countries. Due to the widespread liberal-
ization and adoption of market-based policies by most developing countries, however, “newly
industrializing countries” was replaced by the broader term emerging-market economies in the
1990s Hoskisson et al. 2000 . The 1990s can be regarded as the decade when emerging markets
captured the interest of investors worldwide with their promise of offering substantially higher
returns compared to the more developed financial markets Price 1994 . These opportunities,
however, came at a cost; despite their potential for significantly higher gains, investments in these
markets were also prone to greater volatility. The risks of investing in emerging markets were not
only associated with structural, political or economic problems, but also with informational prob-
lems stemming from the difficulty of obtaining adequate and reliable information useful for evalu-
ating investment opportunities in these markets Hooke 2001; Saudagaran and Diga 1997 .
The end of the 1990s saw many of the emerging-market economies being affected by the
1997 Asian Financial Crisis. Indonesia, South Korea, and Thailand were the countries most af-
fected by the crisis; the rippling effect from the crisis, however, was felt by most of the other
emerging economies as well. While the stock markets of the emerging economies began to recover
in the early 2000s, there was a shift in the focus on emerging-market economies. That is, while
investors and other stakeholders still believed that these high-risk markets could offer the best
returns, they began to narrow their focus on a select group of high-flying out-performers in
emerging markets. According to Matthew Merritt from Salomon Smith Barney, investors in the
2000s were homing in on what he calls emerging-market “champions.” Far from the broad-brush
approach of the early 1990s, investors have been “focusing on specific companies that offer good
performance against their global peers and trade at good discounts” Smith et al. 2003 , and this is
still the case despite the recent global financial crisis. Emerging-market companies often offer not
only the potential for high performance and high returns, but also have incentives to provide
timely and relevant information voluntarily to global stakeholders.
Voluntary Disclosures in Emerging Markets

In the absence of regulation, there exists substantial pressure on emerging-market companies
to voluntarily communicate more transparent and relevant corporate information. This comes from
investor groups, multinational companies, regulators, and the securities industry. For example, the
IASB, International Organization of Securities Commissions IOSCO , the International Monetary
Fund IMF , the World Bank, and the Asian Development Bank ADB are in the forefront in
recommending the need for the development of better accounting and financial reporting systems.
Further, it has also been suggested that the lack of transparency was a critical factor in the outflow
of foreign capital leading up to the Asian financial crisis of the late 1990s Surry 2002 , and that
the disclosure of more relevant corporate information may enhance transparency of corporate
reporting in emerging markets. Emerging-market companies have grown larger and increasingly
multinational and, as they increase their sourcing of finance from foreign stakeholders, disclosure
levels must also increase to adapt to the different demands of a variety of stakeholders Saudaga-
ran and Meek 1997 .
As argued by Choi and Levich 1991 , voluntary disclosure practices are a means by which
corporations can cope with international diversity—that is, it may represent an alternative path to
the ideal and possibly unrealistic goal of harmonization of accounting standards see also Robb et
al. 2001 . If voluntary disclosures already exist and the level and quality of such disclosures are

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sufficiently similar in different emerging markets, then the rationale for extensive regulation of
transnational financial reporting is less clear Saudagaran and Meek 1997 . That is, given the

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power of disclosure, regulation should not be necessary if disclosure is in the firm’s best interests
Admati and Pfleiderer 2000 . For example, a lack of disclosure can be taken to be “bad news” if
full disclosure is in the best interests of individual firms. Thus regulation may not necessarily be
an imperative.
Reporting IA in Emerging Markets

Currently, there is uncertainty regarding accounting regulations on IA in many countries for
example, existing standards on IA usually deal only with specific types of IA such as purchased
goodwill and R&D . Further, any existing accounting standards regarding IA in emerging-market
countries are different from each other, as well as from the international accounting standard, IAS
38. As previously discussed, emerging-market companies are increasingly dependent upon their
IA for value creating activities. With the absence of a viable and enforceable set of harmonized
accounting standards on how to report IA, combined with the fundamental nature of IA that
prevents them from being recognized, emerging-market companies wishing to venture into global
markets in order to raise capital may wish to consider turning to voluntary disclosures as an
alternative way of disseminating corporate information to various stakeholders.
In this study, we examine the IA voluntary disclosure practices of the leading emerging- market
companies. In particular, we make a detailed investigation of: 1 the variety type of IA ;
2 the nature quantitative or qualitative ; and 3 the extent as a percentage of total narrative
disclosure of IA voluntary disclosures in corporate annual reports.
We expect emerging-market companies to engage in voluntary disclosure practices of IA
information in order to reduce the perceived informational asymmetry in global markets. Further,
we anticipate that disclosure practices will be influenced by size, foreign listing, type of account-
ing standard adopted, and the industry type of each company. Emerging-market companies are
expected to consider raising capital in international markets and hence will have additional incen-
tives to legitimize their activities, not only to the stakeholders in their own countries, but also to
global investors. While concepts of measurement, as well as the management and reporting of IA,
are still in the initial stages in emerging markets, these companies rely heavily on intangible
resources to create value and therefore are expected to disclose a variety of IA information in their
annual reports.
We also expect, given the non-physical and nonfinancial nature of IA, that most of the
voluntary disclosures are likely to be qualitative and nonfinancial in their nature. For example, one
of the reasons for IA not being recognized in financial statements is to do with reliable measure-
ment, and hence, most of the disclosures regarding IA in narrative sections of annual reports are
expected to be nonfinancial and, as a result, “narrative.” Further, given this narrative and qualita-
tive nature of disclosures and the importance of IA to emerging-market companies, we expect IA
disclosures as a percentage of total disclosures to be substantially high.
III. RESEARCH METHODOLOGY
Sample Selection
For the purpose of our study, we examine the disclosure practices of the world’s leading 200
emerging-market companies based on their market capitalization.1 We initially examine their 2002
reporting practices and then provide an update and comparison with practices in 2007. Character-
istics shared by these companies tend to include good corporate governance, steady earnings
performance, increasing brand values, and awareness of related IA.

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1
The list of companies was obtained from BusinessWeek, July 14, 2003 issue.

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There are two main reasons for examining the leading 200 emerging-market companies. First,
as mentioned previously, these are the companies most likely to engage in voluntary disclosure
practices to enhance their chance of attracting global investment. Information on IA, one of the
most important value drivers in today’s corporations, would provide important guidelines to vari-
ous stakeholders, including potential foreign investors and creditors, in determining corporate
performance and future prospects. Subsequently, the leading emerging-market companies are
likely to provide English, as well as local language, annual reports to ensure that global stake-
holders have access to their reports in English, given that English is the universally accepted
language of most global capital markets, including two of the largest, the U.S. and the U.K. There
is, thus, an expectation that international investors and other stakeholders demand corporate in-
formation in English, and accordingly, the analysis in the current study was carried out in
English.2
Second, previous studies on corporate disclosures have found that the level of disclosure is
positively associated with size of the company, with the presumption that larger companies would
disclose more information due to their greater resources and, indeed in many cases, size was found
to be the most significant factor Holland and Foo 2003 . The selection of the leading 200
emerging-market companies also ensures that they would all have sufficient financial resources to
engage in voluntary disclosure practices.
Disclosure Index
In order to examine the variety, nature, and extent of IA disclosures, we develop a disclosure
index based on the Value Chain Scoreboard™ Lev 2001 . The Value Chain Scoreboard™ is an
alternative reporting framework for today’s intangible-intensive corporations and is based on the
concept of a corporate value chain which reflects the “fundamental economic process of innova-
tion, vital to the survival and success of business enterprises” Lev 2001, 110 . Lev 2001 argues
that in today’s corporations, information most relevant to decision-makers in the current economic
environment concerns the company’s value chain. This is also the information, by and large, not
being conveyed in a timely manner by the current accounting system due to its intangible nature
and difficulties associated with recognizing such assets. According to the value chain, there are
three phases to the value chain process within the corporation: Discovery and Learning, Imple-
mentation, and Commercialization. Figure 1 represents a summary of the final disclosure index
with its 28 items.
The Discovery and Learning phase involves the discovery of new ideas for products, services,
or processes. Such ideas can originate from the company’s internal R&D operation or from
workforce development and training internal renewal . In recent times, knowledge and ideas are
increasingly obtained from the outside—for example, acquisition of information technology ac-
quired capabilities and know-how gained through alliances/joint ventures with other business
partners networking . These are the core IA of the company which will then be implemented in
order to create value and, subsequently, it is expected that most voluntary disclosures will be
regarding IA stemming from this phase.
The Implementation phase involves achieving technological feasibility of the products, ser-
vices, or processes under development. During this phase, there is a transformation of ideas and
discoveries into working products through workforce, infrastructure assets, and networking with
2
For example, the London Stock Exchange LSE requires all documentation submitted to the Exchange to be written in
English, and the submission of annual reports in English is one of the U.S. Securities and Exchange Commission’s

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SEC requirements for foreign companies listed on U.S. Exchanges. While the contents of annual reports produced in
different languages may vary, and the examination of such differences would provide interesting comparisons, this is
beyond the scope of the current study.

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FIGURE 1
™
IA Disclosure Index adapted from the Value Chain Scoreboard (Lev 2001)
Phase 1:
Discovery and Learning
1. R&D
2. Workforce training
3. Management processes
4. Infrastructure assets
5. Spillover utilization
6. Business collaborations
7. Customer Integration
8. Supplier integration
9. Communities of practice
Phase 2:
Implementation
10. Patents, Trademarks
11. Licensing agreements
12. Government approvals
13. Beta tests, working pilots
14. First mover
15. Online management
16. Online trading
17. Major internet alliances
Phase 3:
Commercialization
18. Marketing innovation
19. Brand values
20. Customer churn and value
21. Environmental reporting
22. Market share
23. Innovation revenue
24. Patent and know-how royalties
25. Product pipeline
26. Expected efficiencies
27. Planned initiatives
28. Expected breakeven and cash burn rate
customers and suppliers. It is a particularly important phase of the value chain since it is con- cerned
with the process of how to implement discoveries and ideas identified in the previous phase and how
to reap the benefits of intangible resources. It is possible, however, that companies may consider
information regarding the implementation of discoveries and ideas to be too sensitive to be
disclosed to the general public for the sake of competitive advantage.
The final phase of the value chain is the Commercialization phase which signifies the suc-
cessful realization of the innovation process. Ideas, transformed to workable products and services,
are brought to the market to generate sales and earnings. Information from the Commer- cialization
phase is particularly valuable to stakeholders since it shows the end results of the IA-related
investments made by corporations. That is, corporations are expected to disclose as much
information about the benefits reaped from the IA investment to stakeholders as they can in the
narrative sections of corporate annual reports. Further, it is expected that most of the disclosures
will be financial and quantitative in nature, since results can be measured with some degree of
reliability.
Data Collection

119 Content
The Based ofonVoluntary
the list Intangible Asset Disclosures
of the leading Kang and
200 emerging-market companies, each company’s Gray
119
website
was searched through the Google™ search engine http://www.google.com and the Mergent

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Online™ database in order to obtain a copy of its annual report for the financial year ending 2002.3
Companies with appropriate contact details under the Investor Relations section on their websites
were requested via email to send a hard copy of the 2002 annual report. For each company, a PDF
version of the annual report was downloaded, and in the case of companies which did not have
contact details or send hard copies, their PDF annual reports were printed out for the purpose of
content analysis. Of the 200 initial sample companies, 19 were eliminated due to unavailability of
English annual reports and, as such, the final sample comprised 181 emerging-market companies.
We collect data regarding the type, as well as quantitative/qualitative nature and the extent of
IA disclosures from annual reports of the sample companies. For each company in the sample, the
following information regarding IA disclosure was coded from data collected using the disclosure
index:4
• Variety of disclosure—total score of frequency of issues mentioned 0 or 1 for individual
disclosure index item—i.e., 28 was the maximum total score ;
• Nature of disclosure—quantitative financial and nonfinancial /qualitative nature of each
disclosure index item; and,
• Extent of disclosure—percent of IA disclosure as the portion of total disclosure percent of
narrative reporting devoted to IA information .
IV. RESULTS
As expected, the sample companies report a variety of IA information, both quantitative and
qualitative with varying degrees of extensiveness, in the narrative sections of their annual reports.
Emerging-market companies engage in voluntary disclosure practices to explain their IA, often
using pictures and diagrams to support their disclosures and, contrary to the belief that most
voluntary disclosures are qualitative only in nature, most IA disclosures were supported by quan-
titative financial and nonfinancial information of the IA item being disclosed.
The number of emerging-market companies disclosing IA information in their annual reports
is significant. This is in accordance with the expectation that emerging-market companies gener-
ally would voluntarily disclose IA information, in the absence of any mandatory disclosure re-
quirements, in order to attract potential global stakeholders. As Table 1 shows, 178 out of 181
sample companies 98.34 percent have disclosed IA information in their annual reports.
Further, most companies have disclosed IA information stemming from the Discovery and
Learning 172 companies and Commercialization 170 companies phases of the Value Chain,
95.03 percent and 93.92 percent of the sample companies respectively, while only 122 out of 181
sample companies 67.40 percent voluntarily disclosed information on IA stemming from the
Implementation phase.
Variety of IA Disclosure
As discussed, the variety of IA disclosures is measured using a disclosure index comprising
28 IA items stemming from the three phases of the value chain. Each company’s narrative disclo-
sures in the annual report are examined using the index and given a score of 0 for non-disclosure
or 1 for disclosure per each IA item. Subsequently, each company has been given a score out of 28
3
The Financial year 2002 arguably is the year when transparency came to the forefront as one of the major corporate
responsibilities. There were three different financial year-ends: while December 31st was the most popular balance date,
other companies used June 30th and March 31st as their year-ends. These differences were not considered to influence
the level of IA disclosure, and, hence, balance dates were not considered as a variable in the content analysis.

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4
In total, there were 28 items in the disclosure index according to the three phases of the value chain—for further details
of the disclosure index, refer to Figure 1. Data were collected for individual IA items and later calculated to show the
level of disclosure according to the three phases and the overall disclosure level.

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TABLE 1
Number of Companies Disclosing IA Information
Sample Companies (n 181)
IA Voluntary Disclosure in Annual Reports Number of Companies (%)
Number of companies disclosing IA 178 98.34%
Phases of IA being disclosed:
Discovery and Learning 172 95.03%
Implementation 122 67.40%
Commercialization 170 93.92%
which is the maximum possible score . A summary of IA disclosure frequency is in Table 2,

which also shows the composition of IA voluntary disclosure by an average sample company.
It is interesting to note that, out of the total possible score of 28, the highest index score is 18
achieved by three companies; POSCO ranked #39 on the leading 200 emerging-market compa-
nies list, South Korea , Matav ranked #70, Hungary , and MTN Group ranked #123, South
Africa . The average disclosure score of the 181 sample companies is 9.2, with the Discovery and
Learning phase of the value chain contributing most to the index score, followed by the Commer-
cialization phase, with the items in the Implementation phase being the least disclosed IA items.
Nature of IA Disclosure
Some of the previous content analysis studies have measured the level of disclosure using a
weighted scale based on whether the disclosure is quantitative or qualitative, with the assumption
that providing numerical disclosures indicates that the disclosure is of higher quality and value to
the company Cormier and Gordon 2001; Hughes et al. 2001; Choi 1999; Botosan 1997; Wiseman
1982; Barrett 1977 . While we believe that the use of “numbers” in disclosures should not auto-
matically be considered superior to disclosures without numerical components, there is a long-
standing argument that when corporations are able to put a number, either financial or nonfinan-
cial, on the disclosed item, they are relatively sure of the value that such an item is adding to the
corporation, and, subsequently, the disclosure should be considered of more importance than
qualitative data.
TABLE 2
Variety of IA Disclosure (Expressed as an Index Score)
IA Disclosure Index
Discovery/Learning Implementation Commercialization Total Score
(9 items) (8 items) (11 items) (Out of 28)
Mean 4.62 1.27 3.31 9.20
St. Dev. 1.88 1.17 1.75 3.64
Min. 0 0 0 0
Max. 9 5 8 18

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For the purpose of the current study, the nature of IA disclosure according to the three phases
of the value chain has been examined and the results are reported in Table 3. For quantitative IA
disclosures, we also examine whether they comprised monetary value financial quantitative or
simply the numerical figure nonfinancial quantitative .
The previous research literature has argued that most of the voluntary disclosures regarding
the social and environmental activities of corporations are likely qualitative in nature and thus they
may not be as useful in decision making processes of stakeholders compared to quantitative
information recognized in financial statements. Surprisingly, however, the majority of IA volun-
tary disclosures in the current study are quantitative and, further, companies have provided mon-
etary values for most of their quantitative disclosures. In particular, out of the 172 companies
disclosing IA stemming from the Discovery and Learning phase, such as research and develop-
ment, workforce training, and business collaborations, 160 companies 93.02 percent have uti-
lized quantitative disclosures, with 124 of these companies providing monetary values. This may
be due to the Discovery and Learning phase of the value chain showing the core IA of the
company which can be measured: companies, after all, should know the financial costs of their
research and development and training their employees.
Further, 141 companies 82.94 percent of the 170 companies also have used quantitative
measures to describe IA stemming from the Commercialization phase, perhaps since this phase
shows the successful realization of the IA implemented which can be expressed in quantitative
disclosures of IA information. The results are consistent for IA disclosures under the Implemen-
tation phase as well; a majority 71 companies or 58.20 percent of the 122 sample companies
disclosing IA from the Implementation phase provided quantitative information. It is, however,
worth noting that only 24 of these companies provide quantitative IA information comprising
monetary values. This suggests that corporations are willing to disclose how much, in financial
terms, resources are spent on IA items such as research and development and workforce training
and development Discovery and Learning phase , and how much value, in quantitative terms, is
being created by IA, represented by market share and customer churn and value Commercializa-
tion phase . They are, however, less willing to disclose quantitative especially financial infor-
mation on the process involved in how they went about converting research and development and
workforce training and development into market share and customer churn and value Implemen-
tation phase .
TABLE 3
Nature of IA Disclosure (Quantitative versus Qualitative)
Number of Companies With Number of Companies With
Types of IA Disclosed in Quantitative IA Disclosure Qualitative IA Disclosure
Annual Reports (%) (%)
Discovery and Learning Phase 160 93.02% Financial 12 6.98%
n 172 124 77.50% Nonfinancial
36 22.50%
Implementation Phase 71 58.20% Financial 24 51 41.80%
n 122 33.80% Nonfinancial 47
66.20%
Commercialization Phase 141 82.94% Financial 78 29 17.06%
n 170 55.32% Nonfinancial 63
44.68%

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While both the index and weighted measure scores have successfully been used in previous
disclosure studies to examine voluntary disclosure levels, the current study considers another
measurement: the “extent” of IA disclosure measured as the proportion percentage of total
narrative disclosure in annual reports utilized to report IA information. Descriptive findings re-
garding the extent of IA disclosure are summarized in the next section.
Extent of IA Disclosure
Overall, on average, the emerging-market companies devote 31.7 percent of the narrative
sections of their annual reports to providing IA information to their stakeholders. The company
recording the highest IA disclosure according to the “extent” measurement is a Korean company,
Kia Motors ranked #129 which has devoted 76 percent of its narrative reporting to IA
information.5
The index score and the extent measures are, nevertheless, highly correlated Pearson Corre-
lation 0.496, p 0.000 . That is, the level of IA disclosure measured as the “extent” is quite
similar to the “variety” measurement. The Discovery and Learning phase is still the most dis-
closed category, which is followed by the Commercialization phase, while the Implementation
phase is the least disclosed IA category.
As seen in Table 4, the lack of IA disclosure regarding implementation, however, is more
apparent with the extent measures where, on average, only 5.7 percent of the IA disclosures by the
sample emerging-market companies are based on the Implementation phase, with the majority of
the IA disclosure being based on the Discovery and Learning phase 63.4 percent , followed by
the Commercialization phase 31.2 percent .
In particular, within the Discovery and Learning phase, items such as workforce training and
development, and business collaborations, are the most disclosed items in the company’s annual
report. The second most disclosed phase of the Value Chain is the Commercialization phase which
constitutes 31.2 percent of the total disclosure. Most of the disclosure in the Commercialization
phase is due to disclosures about how the corporation increased customers’ awareness of the
company via brand values and marketing market share and market innovation .
In addition, the reluctance of corporations in disclosing how they went about implementing
their IA is quite evident under the extent measure. The Implementation phase of the value chain
comprises patents, trademarks and copyrights, licensing agreements, and government approvals—
processes required by the corporation to commercialize their intangible resources and, subse-
quently, add to corporate value. It seems that, while companies are willing to disclose information
on what they have in terms of intangible resources and what they have received in return by
commercializing these IA, they are less forthcoming in disclosing information on how they imple-
mented, or what was involved in implementing, their IA. This is perhaps not surprising given the
sensitive nature of the items in question; for example, companies may be unwilling to disclose
information which may reveal their competitive advantage. In summary, 122 of the 181 sample
companies 67.40 percent , on average, disclose IA information on 1.27 items from the Implemen-
tation phase, devoting 5.7 percent of the narrative section of their annual reports to this aspect.
The next section considers the extent of disclosure based on individual IA items.
The Extent of Voluntary Disclosure and Individual IA Items

Table 5 provides relative percentage disclosures of the 28 individual IA items. Not surpris-
ingly, four out of the top five items disclosed are from the Discovery and Learning phase, with
5
A point to note is that Kia Motors did not record the highest index score i.e., variety of IA disclosures ; the company’s
index score was 11 out of 28. In comparison, the three companies scoring the highest index score devoted 48 percent,

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69 percent, and 44 percent respectively. This raises an interesting question regarding whether the variety and extent
measures, while highly correlated, are completely equivalent as indicators of IA voluntary disclosure practices.

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TABLE 4
Extent of IA Voluntary Disclosure
IA Item Mean Min. Max. SD
Total Disclosure 0.317 0.00 0.76 0.158
100%
Discovery and Learning 0.201 0.00 0.64 0.123
63.4%
Implementation 0.018 0.00 0.13 0.025
5.7%
Commercialization 0.099 0.00 0.44 0.078
31.2%
Discovery and Learning
Internal Renewal 0.246 0.00 1.00 0.166
Capabilities 0.077 0.00 0.51 0.090
Networking 0.285 0.00 0.86 0.186
Implementation
Intellectual Property 0.023 0.00 1.00 0.086
Technological Feasibility 0.021 0.00 0.38 0.045
Internet 0.022 0.00 0.46 0.053
Commercialization
Customers 0.184 0.00 1.00 0.164
Performance 0.048 0.00 0.70 0.084
Growth Prospects 0.079 0.00 0.90 0.147
“workforce training and development” being the most disclosed IA item 15.57 percent of the total
IA disclosure . This result is perhaps due to companies responding to recent management research
which has emphasized the importance of human resource management in creating and maintaining
successful corporations Fitz-enz, 2000 .
The second most extensively disclosed IA item is “communities of practice,” also under the
Discovery and Learning phase. The large amount of voluntary disclosure devoted to this particular
item may be due to the nature of the sample companies. As previously discussed, these companies
are the top performing companies in their respective countries which are still emerging economi-
cally, and, subsequently, they may be obliged to provide something in return to the community and
to show to potential investors how much they are contributing to society Purushothaman, et al.
2000 .
The least extensively disclosed individual IA items are innovation revenue item #23 , patent
and know-how royalties item #24 , and cash burn rate item #28 , which are all from the Com-
mercialization phase. The common characteristic of these items is that they are financial in nature
which may be recognized in financial statements as part of corporate revenues. That is, any
additional voluntary disclosure of such information would not require an extensive narrative
disclosure. The following sections consider the impact of size, foreign listing, type of accounting
standard adopted, and industry type on the extent of IA disclosures.
Firm Size and the Extent of IA Disclosure

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Prior research has found that the most consistent corporate-specific characteristic associated
with the level of voluntary disclosure is firm size. Surprisingly, however, there are no significant

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TABLE 5
Voluntary Disclosure and the Individual IA Items
% of Total IA
Rank DI # IA Items Phasea Disclosure
1 2 Workforce training and development DL 15.57
2 9 Communities of practice DL 14.89
3 6 Business collaborations DL 8.58
4 19 Brand values C 7.30
5 4 Infrastructure assets DL 7.05
6 21 Environmental reporting C 5.98
7 27 Planned initiatives C 5.47
8 1 Research and development DL 4.86
9 3 Management processes DL 4.78
10 22 Market share C 4.70
11 7 Customer integration DL 4.43
12 18 Marketing innovation C 3.68
13 11 Licensing agreements I 1.90
14 20 Customer churn and value C 1.71
15 25 Product pipelines and launch dates C 1.65
16 16 Online trading I 1.03
17 15 Online management and processes I 0.93
18 8 Supplier integration DL 0.87
19 12 Government approvals I 0.86
20 26 Expected efficiencies C 0.85
21 5 Spillover utilizations DL 0.82
22 13 Beta tests and projects I 0.78
23 14 First mover DL 0.50
24 10 Patents, trademarks and copyrights I 0.43
25 17 Major internet alliances I 0.23
26 23 Innovation revenue C 0.09
27 24 Patent and know-how royalties C 0.03
28 28 Expected breakeven and cash burn rate C 0.02
a
Phases: Discovery and Learning DL , Implementation I , Commercialization C
differences between the extent of IA disclosure and firm size.6 This may be, in part, due to the
selection of the top 200 emerging-market companies as the sample in the current study, since these
companies are more likely to possess IA and have the resources to engage in voluntary disclosure
practices.
Foreign Listing and the Extent of IA Disclosure

It can be argued that the emerging-market companies’ willingness to portray their financial
reporting as transparent and reliable is at its highest when they are listed on developed capital
markets. For example, it is more likely that stakeholders in developed countries have more diverse

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6
In order to examine whether size affects the extent of IA disclosure, sample companies were divided into quartiles
according to their market capitalization. One-way ANOVA was carried out and no significant variance was found
between groups for the overall extent of IA disclosure.

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interests and power, and may therefore exert pressure on companies to disclose more information
Haniffa and Cooke 2005 . In our sample, 72 out of the 181 sample companies were listed on
foreign stock exchanges U.S. and/or U.K. exchanges . Our analysis finds, however, that there is
no significant difference in the overall extent of IA disclosure for companies with foreign listings.
Adoption of U.S. GAAP/IFRS and the Extent of IA Disclosure

While some companies may perceive an advantage in adopting IFRS or U.S. GAAP, which
generally could be considered superior to the requirements put forward by most standard setters in
emerging economies, such companies could well see a reduced incentive to provide voluntary
disclosures as a consequence of their enhanced transparency status. Further, it is also possible that
emerging-market companies not adopting IFRS or U.S. GAAP, perhaps due to restrictions im-
posed by respective governments, may feel pressure to voluntarily disclose more IA information in
order to negate the perception that they are not providing transparent and reliable information in
their annual reports. While 112 out of 181 companies in our sample used local GAAP financial
statements, 41 companies adopted IFRS or U.S. GAAP, and 27 companies reported under both local
GAAP and IFRS.7 Our analysis shows that, consistent with our proposition, companies adopting
IFRS or U.S. GAAP disclosed significantly less IA information overall.
Industry Type and the Extent of IA Disclosure

Industry type has been found to influence both the type and the extent of voluntary disclosure
practices. For the purpose of the current study, the relationship between industry type and
the extent of IA disclosure is considered using the five industry specification groups:
1 energy/materials/industrials; 2 consumer discretionary/staples; 3 financials; 4 IT/
telecommunications; and 5 others. One-way ANOVA indicates that industry type is significantly
associated with the overall extent of IA disclosure with the highest in the consumer discretionary/
staples industry, followed by the IT and telecommunication industry.
There are two interesting findings when the three phases of the value chain are examined
separately. While the extent of IA disclosure stemming from the Discovery and Learning phase is
similar to the overall extent of disclosure that is, companies from the consumer discretionary/
staples and IT/telecommunication industry sectors disclosed the most IA information , the results
regarding the Implementation phase and the Commercialization phase are noteworthy. First, simi-
lar to the previous discussions regarding the variety and nature of IA disclosure, the Implementa-
tion phase is the least disclosed phase in terms of the extent measure as well. The extent of IA
disclosure is remarkably consistent for four out of the five industry sector groups. Companies from
the IT/telecommunication group, however, are disclosing significantly more IA information stem-
ming from the Implementation phase in their annual reports. This may be due to a higher number
of patents, trademarks, licenses obtained, and more extensive online-related activities carried out
by IT/telecommunication companies—as a result, they would likely disclose more related infor-
mation.
Second, companies from the consumer discretionary/staples industry sector are found to dis-
close higher levels of IA information stemming from the Commercialization phase, possibly due to
the more extensive level of commercialization required by the consumer-related companies. For
example, they would need to be involved more with marketing innovation, brand values, and
customer churn and value management processes.

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125
7
One sample company did not disclose information on which GAAP was used to prepare financial statements.

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V. CHANGES IN REPORTING PRACTICES FROM 2002–2007

In order to assess whether the disclosure practices of emerging-market companies are chang-
ing over time, the content of the 2007 annual reports of the sample companies were also analyzed.
Given the ongoing trend of globalization and ever-increasing demand for relevant information, we
expect a higher number of emerging-market companies to disclose IA information in 2007 com-
pared to 2002.
As previously discussed, 19 out of the top 200 emerging-market companies did not have
English annual reports in 2002. In 2007, of these 19 companies, eight companies published their
annual reports in English, one became bankrupt, and three merged with other companies. That is,
seven of the original sample companies still remained without English annual reports in 2007.
Further, out of the 181 sample companies in 2002, one additional company went bankrupt and four
companies also merged with others, resulting in the final sample of 184 companies.8 Table 6 shows
a comparison between the number of companies disclosing IA information in 2002 and 2007.
As seen in Table 6, the general trend of IA disclosures in 2007 is higher compared to 2002.
Overall, all sample companies, except one, engaged in IA voluntary disclosure practices in 2007,
and the number of companies disclosing IA information stemming from the three phases were also
higher in 2007. It should be noted, however that the Implementation phase is still the least
disclosed phase.
The proportion of the annual report devoted to narrative reporting was higher in 2007. There
was, however, very little difference in the variety and the extent of IA disclosures and, as such, we
focus our additional analysis on the nature of the IA disclosures. The results are summarized in
Table 7.
Generally speaking, the trend of qualitative versus quantitative IA disclosures was similar in
2007 compared to that in 2002. Most IA disclosures are quantitative in nature, with the disclosures
from the Implementation phase remaining the least quantitative and the least financial in nature. It
is, however, worth noting that, even though the percentage of disclosures which are quantitative in
nature has increased in 2007 for all phases of the value chain, the proportion of quantitative financial
disclosures has actually declined. For example, 78 out of the 141 companies 55.32 percent
with quantitative information disclosed financial monetary figures from the Commer- cialization
phase in 2002. By 2007, only 69 companies out of the 157 43.95 percent were doing so. This is
attributable mainly to those companies disclosing IA information for the first time in
2007, whose disclosures were overwhelmingly nonfinancial in nature.
TABLE 6
Comparison of Companies Disclosing IA Information—2002 versus 2007
# of Companies Disclosing IA Information
2002 2007
(n 181) (n 184)
# of Companies Disclosing IA 178 98.34% 183 99.46%
Phases of IA Being Disclosed:
Discovery and Learning 172 95.03% 181 98.37%
Implementation 122 67.40% 137 74.46%
Commercialization 170 93.92% 181 98.37%

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8
The sample of 184 companies in 2007 comprises eight new companies plus 176 companies from the 2002 sample.

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TABLE 7
Nature of IA Disclosures in 2007
Quantitative Disclosures Qualitative Disclosures
n 184 Companies (%) (%)
Discovery and Learning 170 93.92% Financial 11 6.08%
181 companies 124 65.29% Nonfinancial
36 34.71%
Implementation 84 61.31% Financial 20 53 38.69%
137 companies 23.81% Nonfinancial 64
76.19%
Commercialization 157 86.74% Financial 69 24 13.26%
181 companies 43.95% Nonfinancial 88
56.05%
In summary, while there was an overall increase in the amount of IA narrative reporting in
2007, the general trend of IA voluntary disclosures was remarkably similar to those in 2002. No
significant changes were observed for those companies which were already engaged in disclosure
practices in 2002.
VI. CONCLUSIONS
In this paper, we carried out a detailed examination of the variety, nature, and extent of IA
information voluntarily being disclosed by emerging-market companies in 2002, and again in
2007, using a disclosure index based on the Value Chain Scoreboard™ Lev 2001 . Findings from
the content analysis show that the majority of leading emerging-market companies engaged in IA
voluntary disclosure practices. As expected, most companies disclosed IA information stemming
from the Discovery and Learning phase of the value chain, while fewer companies were found to
disclose IA stemming from the Implementation phase.
The findings of our content analysis also suggest that while most companies engaged in IA
voluntary disclosure practices, they did not necessarily disclose information on a wide variety of
IA items. We also find that, contrary to popular belief, voluntary disclosures are not only qualita-
tive in nature. In fact, the majority of companies prefer to disclose IA information with quantita-
tive both financial and nonfinancial components. As far as the extent of IA disclosure is con-
cerned, around a third of the narrative sections of annual reports were used by emerging-market
companies for IA voluntary disclosures. As expected, the majority of IA disclosures are related to
the Discovery and Learning phase, and the least to the Implementation phase. Our results also
indicate that the variety, nature, and extent of IA voluntary disclosures differ according to type of
accounting standard adopted and industry type, but not by size or foreign listing.
Our study makes an important contribution to the literature on voluntary disclosure practices
about IA, with special reference to emerging markets. Research into the voluntary disclosure of
nonfinancial information has been relatively neglected Robb et al. 2001 . In addition, while there
has been an increase in studies examining IA management and reporting in the developed econo-
mies such as the U.S. e.g., Steering Committee Report 2001 and in Europe e.g., the Meritum
Project 2002 , not many empirical studies have considered IA voluntary disclosure practices in the

129
The Contenteconomies
emerging of Voluntaryand
Intangible Assetthose
especially Disclosures Kangemerging-
by a significant number of the world’s leading and Gray
129
market companies.

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JOURNAL OF INTERNATIONAL ACCOUNTING RESEARCH American Accounting Association

Vol. 10, No. 1 DOI: 10.2308/jiar.2011.10.1.109

The Content of Voluntary Intangible Asset

ABSTRACT: This paper examines the content of voluntary disclosures of intangible

Published Online: February 2011

II. DISCLOSURE PRACTICES IN EMERGING MARKETS

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Voluntary Disclosures in Emerging Markets

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Reporting IA in Emerging Markets

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which is the maximum possible score . A summary of IA disclosure frequency is in Table 2,

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The Extent of Voluntary Disclosure and Individual IA Items

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Firm Size and the Extent of IA Disclosure

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Foreign Listing and the Extent of IA Disclosure

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Adoption of U.S. GAAP/IFRS and the Extent of IA Disclosure

Industry Type and the Extent of IA Disclosure

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V. CHANGES IN REPORTING PRACTICES FROM 2002–2007

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