VAIC as a tool for measuring intangibles value in voluntary multi-stakeholder disclosure
The aim of this paper is to investigate the effects of value added intellectual coefficient (VAIC) on the voluntary disclosure of a sample of listed companies in the years 2006, 2009, and 2012, according to a multi-stakeholder approach. This research has been organized in two parts. Firstly, the paper discusses the literature on voluntary disclosure in a multi-stakeholder approach. From this point of view, the paper contributes to the previous literature, which mainly relates the voluntary disclosure to individual and distinct stakeholder classes.