Ricerc@Sapienza

The purpose of this paper is to show that intellectual capital (IC) efficiency as measured by the value added intellectual coefficient (VAIC) and its individual components may function as key performance indicators for use in management control and external reporting to capital market participants. We incorporate the VAIC within the Ohlson model (OM), a widely used model for equity valuation, which relates a firm’s market value to the book value of equity and net earnings, and allows to include any other information that may affect the market assessment of firm value.

The purpose of this paper is to assess whether a relation exists between stock market valuation and the extent to which Italian listed companies disclose information on their digitalization initiatives. The authors posit that the disclosure of digitalization-related information is a form of intellectual capital disclosure, which provides potentially value-relevant information to investors. Additionally, it is assumed that the reputation for corporate sustainability affects the relation between digitalization disclosure and stock market valuation.