Human capital disclosure from the intellectual capital and social responsibility perspectives: the role of corporate governance

Page 1 o 35 Human Capi al Disclosu e om he In ellec ual Capi al and Social Responsibili y pe spec i es: he ole o Co po a e Go e nance1 F ancisca Tejedo-Rome o (Uni e si y o Cas illa-La Mancha, Spain) Joaquim Filipe Fe az Es e es A aujo (Uni e si y o Minho, Po ugal) Abs ac In angible Resou ces a e conside ed one o he mos impo an elemen s o a company’s compe i i e ad an age and a c ucial ac o o he c ea ing o a company’s sus ainable alue o e ime, in pa icula he Human Resou ces. These esou ces ha e been ecognized in he li e a u e as In ellec ual Capi al, composed o Human, S uc u al and Rela ional Capi al. In addi ion, sus ainabili y add ess companies o adop a " iple bo om line" o include economic, en i onmen al and social aspec s. Ac i i ies unde aken by companies conce ning social esponsibili y c ea e alue. This alue is o an in angible na u e and o e s companies he abili y o c ea e, sha e and manage knowledge ha suppo s he c ea ion o sus ainable compe i i e ad an ages. This could be o ien ed o he a ac ion, e en ion and managemen o alen people who a e pa o he company, p omo ing he c ea ion o knowledge (Human Capi al). In his con ex , he main objec i e o ou wo k is o analyse Human Capi al disclosu e by companies. The main con ibu ion o his s udy is ha i ex ends p e ious wo ks conside ing he In ellec ual Capi al and Social Responsibili y pe spec i es. Rega ding he In ellec ual Capi al, he s udy analyses he educa ion, aining, expe ience, skills and compe encies a wo k, alues and a i udes o wo ke s and o he s. Wi h ega d o Social Responsibili y, i analyses in o ma ion abou social and e hical issues conce ning ela ions be ween wo ke s and companies, heal h and sa e y in he wo kplace, di e si y and equal oppo uni ies, among o he s. This s udy p o ides e idence on whe he hese ca ego ies a e epo ed in in eg a ed annual and sus ainabili y epo s, unde he amewo k o he esou ces and capabili ies, legi imacy and s akeholde s heo ies. On he o he hand, he in o ma ion disclosu e is conside ed an in eg al pa o Good Co po a e Go e nance and being anspa ency a key elemen o a good sys em o co po a e go e nance. In o ma ion disclosu e is an impo an and e icien means o p o ec ing sha eholde s, since highe in o ma ion disclosu e could con ibu e o educe in o ma ion asymme y, o cla i y he con lic o in e es s be ween sha eholde s and managemen . Based on agency heo y, ou second objec i e is o examine he impo ance o co po a e go e nance mechanisms on human capi al disclosu e. This esea ch conduc ed a con en analysis o in eg a ed annual epo s and sus ainabili y epo s on a sample o companies lis ed on he Spanish S ock Exchange (IBEX 35). Balanced panel da a analysis echniques we e used o es ou hypo hesis. Key wo ds: Human Capi al, In ellec ual Capi al, Social Responsibili y, Co po a e Go e nance, Sus ainabili y Repo 1.Pape p esen ed o he Financial Repo ing and Business Communica ion Resea ch-FRBC 20 h Con e ence, Uni e si y o B is ol, B is ol, UK, 30 June o 1 July 2016. This s udy was conduc ed a he Resea ch Cen e in Poli ical Science (UID/ CPO/00758/2013), Uni e si y o Minho, and was unded by he Po uguese Founda ion o Science and Technology, and by he Po uguese Minis y o Educa ion and Science h ough na ional unds Page 2 o 35 1. In oduc ion Companies a e de eloping hei ac i i ies in an en i onmen cha ac e ized by knowledge- based economies, wi h skilled and highly skilled labou . Knowledge has become a s a egic esou ce o companies compe ing in dynamic en i onmen s (O doñez de Pablos, 2002, 2003). Human capi al is he knowledge, skills, expe iences and abili ies o people (Bea ie & Smi h, 2012). In addi ion, in ecen yea s, Social Responsibili y and Co po a e Go e nance linked wi h sus ainable de elopmen in business pe o mance a e issues ha ha e a oused g ea in e es bo h in companies and in socie y in gene al (Mu akin & Khan, 2014). Ques ioning he business conduc o he ac i i ies ca ied ou by companies, he damage caused o he en i onmen and human igh s abuses, leads companies o implemen Social Responsibili y s a egies. The ques ioning o companies p ac ices conce ning hei ac i i ies, he damage caused o he en i onmen and he human igh s abuses, led companies o implemen s a egies Social Responsibili y. Mo eo e , he ecen inancial and accoun ing aud ca ied ou by some companies ha e ques ioned he c edibili y o he accoun ing and economic- inancial in o ma ion and he ole o audi o s, egula o s, analys s and ad iso s. Unde his scena io, companies' p oceedings wi hin he amewo k o social esponsibili y gene a es alue o in angible na u e. Speci ically, he Human Capi al is one o he mos impo an esou ces o in angible na u e ha companies ha e o c ea e weal h in a sus ainable manne (Tejedo-Rome o & A aujo, 2016). Ne e heless, adi ional inancial s a emen s do no o e a holis ic iew o he company’s alue (Le , 2003; O doñez de Pablos, 2003). This gene a ed a loss o use ul in o ma ion leading o in o ma ion asymme y p oblem (Bozzolan, Fa o o, & Ricce i, 2003; Ga cía-Meca, Pa a, La án, & Ma ínez, 2005). G ea e asymme ic in o ma ion leads o highe olun a y in o ma ion disclosu e p ac ices (Healy & Palepu, 2001; Ma ínez‐Fe e o, Ruiz‐Cano, & Ga cía‐ Sánchez, 2015). Thus, olun a y disclosu e o in o ma ion is a p ac ice o socially esponsible beha iou by companies gi en he need o a mo e comple e and anspa en in o ma ion om he companies; anspa ency is a key elemen o Good Co po a e Go e nance. Some in e na ional o ganiza ions ecognize ha employees play an impo an ole in con ibu ing o he success and pe o mance o companies in he long e m, as well as Page 3 o 35 emphasize he impo ance o in o ma ion disclosu e ela ing o hei employees (EU, 2014; GRI, 2013; OECD, 2015). This will p o ide in es o s and o he s akeholde s wi h a mo e comp ehensi e pic u e o a company’s alue (EU, 2014). This pape uses an analy ical ame ha comp ised legi imacy heo y and esou ce and capabili ies based pe spec i e o explo e and analyse disclosu e o in o ma ion conce ning human capi al in in eg a ed annual and sus ainabili y epo s by Spanish companies. I uses agency heo y o explo e he in luence o good co po a e go e nance on Spanish companies’ human capi al disclosu e. The s udy ocuses on he Spanish s ock exchange’s benchma k index, he Ibex-35, which acks he 35 mos aded sha es, and which we conside ep esen a i e o he ma ke as a whole. The Human Capi al disclosu e in in eg a ed annual and sus ainabili y epo s in an eigh -yea pe iod, 20072014, a e in es iga ed using con en analysis (c ea ing a disclosu e index), and panel da a analysis echniques. We ha e selec ed he Spanish con ex o se e al key easons: a) he exis ence o equi emen s o Spanish lis ed companies acco ding o Law 26/2003 o July 17 h called he ‘T anspa ency Ac ’, such as o ha e a websi e h ough which sha eholde s and s akeholde s can be kep in o med abou i s co po a e go e nance in o de o enhance he anspa ency o lis ed companies (Tejedo-Rome o & A aujo, 2016); b) he in e es in ex ending empi ical p e ious e idence, which is gene ally om Anglo-Saxon se ings (Gisbe & Na allas, 2013); c) he legal p o ec ion o sha eholde s is no as ex ensi e as ha o Anglo-Saxon ma ke s (Ga cía, Rod íguez, & Gallego, 2011); Spanish s ock ma ke s a e less de eloped and play a a lesse ole han B i ish o Ame ican ma ke s do (Fe nández-Méndez & A ondo-Ga cía, 2007); d) i is a leading coun y in sus ainabili y wi h one o he highes numbe s o CSR epo s disclosed by companies (Ga ido‐ Mi alles, Zo io‐G ima, & Ga cía‐Benau, 2016); and because Spanish go e nmen i is p omo ing he de elopmen o socially esponsible p ac ices (Luque-Vílchez & La inaga, 2016; Re e e, 2015); ) he highe in e es in analysing he ole o good co po a e go e nance on companies’ disclosu e p ac ices (Ga cía e al., 2011) because Boa ds o Di ec o s in Spain a e one- ie ed, which means ha Boa d membe s manage he company and also supe ise i s ac i i y (Melle, 1999), hus p omo ing an ac i e pa icipa ion in he aking o s a egic decisions. Fo all ha , i is necessa y o disclose mo e in o ma ion, especially human capi al disclosu e, in o de o imp o e he Page 4 o 35 sha eholde s’ knowledge and us in he company’s beha iou and pe o mance (Ga cía e al., 2011). This esea ch con ibu es o he exis ing li e a u e in se e al ways: i s , i de elops a amewo k o explain he Human Capi al disclosu e om he pe spec i e o sus ainabili y (social esponsibili y) and knowledge gene a ion (in ellec ual capi al); second, o implemen ou amewo k on sus ainabili y epo s o Spanish lis ed companies; hi d, o es he e ec s o good co po a e go e nance on Human Capi al disclosu e; inally, allows us o con as he a gumen s o he heo ies o esou ce and capabili ies, legi imacy and agency, a he same ime ha i ob ains some p ac ical implica ions ha can be use ul o accoun ing s anda d se e s and manage s esponsible o Human Capi al disclosu e. The pape p oceeds as ollows. In he nex sec ion, we discuss he heo e ical amewo k o ou esea ch and in Sec ion 3 we p esen he esea ch me hodology. The mos ele an esul s a e p esen ed in Sec ions 4 and Sec ions 5 conclude. 2. Theo e ical Backg ound and Hypo heses De elopmen 2.1. Spanish egula o y con ex Recen ly Eu opean Commission in oduced new equi emen s o non- inancial in o ma ion epo ing h ough Eu opean Di ec i e 2014/95/UE on 22 Oc obe 2014 and conce ned o in o ma ion disclosu e abou social and employee issues. These equi emen s applies o companies wi h mo e han 500 employees, including lis ed companies as well as o he public-in e es en i ies (EU, 2014). This di ec i e will no a ec companies un il i is ansposed in o he domes ic law in each Membe S a es (Luque-Vílchez & La inaga, 2016). Membe S a es laws mus comply wi h he di ec i e be o e 6 o Decembe o 2016, o be applicable o iscal yea s beginning on 1 o Janua y o 2017. This Di ec i e is pa o he “ enewed EU s a egy 2011-2014 o Co po a e Social Responsibili y” (EC, 2011a), which s essed he need o c ea e condi ions a ou able o sus ainable g ow h, esponsible business beha iou and du able employmen gene a ion in he medium and long e m. In his con ex Spain an icipa ed possible ou comes o he 2014/95/EU Di ec i e h ough app o al by he Spanish go e nmen o he Law 2/2011 o 4 o Ma ch, on “Sus ainable Economy” (Spanish Pa liamen , 2011) and ha has culmina ed in he “Spanish s a egy on companies’ co po a e social esponsibili y p ac ices 2014-2020” (Spanish Minis y o Page 5 o 35 Employmen and Social Secu i y, 2014). This was he esponse o he ecommenda ions e lec ed in he enewed “S a egy o he Eu opean Union on Co po a e Social Responsibili y” and aim o p omo e esponsible p ac ices in bo h in o de ha hey became a signi ican d i e o he coun y's compe i i eness and i s ans o ma ion o a mo e sus ainable socie y (Re e e, 2015). Spain Go e nmen plays a pi o al ole in d i ing sus ainabili y disclosu e a na ional le el. Ne e heless, disclosu e o social pe o mance is no manda o y o Spanish companies Sus ainable Economy Law (2011) encou ages (does no manda e) Spanish companies o publish a speci ic olun a y annual epo abou hei social esponsibili y policies and ou comes. Al hough i is a ecommenda ion, i speci ied ha in he case o companies wi h mo e han 1000 employees, he co po a e social esponsibili y epo s should be submi ed o he S a e Council o Co po a e Social Responsibili y (CERSE). The la e equi emen is no implemen ed due o bu eauc a ic hu dles, since he CERSE has no made public how o whe e hese epo s should be submi ed. The i s Spanish documen ha e e s he impo ance o social in o ma ion and in ellec ual capi al disclosu e was he Whi e Pape o he Re o m o Accoun ing in Spain, compiled by he Spanish Accoun ing S anda d Se ing Boa d in 2002 (ICAC, 2002). This documen p esen s a se ies o e lec ions and ecommenda ions ela ed o olun a y publica ion o a se o elemen s ha by hei na u e and ele ance a e use ul o s akeholde s. The in o ma ion ela es o he ollowing aspec s: (a) social in o ma ion: aining and ca ee de elopmen o employees; heal h and sa e y in he wo kplace; ac ions in a ou o he local communi y on he cul u al, e c., i is ecommended ha he memo y 1 con ains social in o ma ion, (b) in o ma ion on in angible esou ces: ision o he company on i s compe i i e posi ion; managemen o in ellec ual capi al and ep esen a i e indica o s o he alue o i s in angible esou ces and ac i i ies, e c. I is ecommended ha he In ellec ual Capi al Repo con ains in o ma ion abou he in angibles. The implemen a ion o he Di ec i e 2003/51/EC (CE, 2003) h ough he law 62/2003 o 30 o Decembe (Spanish Pa liamen , 2003), on “Fiscal, Adminis a i e and Social Measu es”, amended he con en s o he Managemen Repo accompanying he annual 1 In Spain he annual inancial s a emen s a e: balance shee , p o i and loss accoun , s a emen o changes in ne pa imony, ac ual low s a emen and he explana o y no es ha a e called “memo y”. Page 6 o 35 inancial s a emen s 2 . Hence, since 2005 he Managemen Repo mus con ain, among o he i ems, in o ma ion abou he company’s human esou ces, p o iding i is ele an o unde s anding he business e olu ion. On he o he hand, in he Spanish ma ke , company’s owne ship is highly concen a ed and he e is a legal sys em based on F ench ci il law whe e he e is a lesse p o ec ion o in es o s’ in e es s (La Po a, Lopez-De-Silanes, Shlei e , & Vishny, 1997). Consequen ly, he e a e possible con lic s o in e es be ween manage s and owne s o ele ance and be ween majo i y and mino i y sha eholde s (Fe nández-Méndez, A ondo- Ga cía, & Fe nández-Rod íguez, 2011). Mo eo e , a single go e ning body ha pe o ms simul aneously supe ision and di ec ion asks composes he Boa d s uc u e in companies. By he mid-1990s, he e was a consensus ega ding he need o e hink he ole and na u e o he p incipal o gans o Co po a e Go e nance, and especially ha o he Boa d o Di ec o s, in he con ex o a highe Eu opean legal ha moniza ion. Co po a e go e nance in Spain has been mainly d i en by se e al codes o co po a e go e nance: he Oli encia Repo was eleased in 1998, ollowed by he Aldama Repo in 2003, and he Con he Code o Uni ied Good Go e nance Code in 2006 ha has been modi ied in 2013 and 2015. I was cha ac e ized by he p inciple o comply o explain. Companies may comply o no comply o he code ecommenda ions, al hough hey ha e o explain why hey do no comply wi h he ecommenda ions. The Uni ied Code o Co po a e Go e nance (CNMV, 2006) dis inguishes wo ypes o di ec o s 3 : in e nal o execu i e di ec o s, who pe o m senio managemen unc ions o a e employees o he company o i s g oup, and ex e nal di ec o s which includes independen di ec o s, ep esen ing mino i y sha eholde s and p op ie a y di ec o s (also known as “g ey di ec o s”), ep esen ing majo i y sha eholde s. 2.2. Human Capi al: he main in angible asse o companies in he knowledge socie y Human Capi al cons i u e one o he main asse s a company possesses (Bon is, 2001; Ed insson & Malone, 1999; S eiby, 1997) which d i e alue c ea ion (S. Abhayawansa 2 The annual inancial s a emen s and he managemen epo a e manda o y in Spain. O he epo s a e olun a y, such as he Sus ainabili y Repo o Social Responsibili y Repo and In ellec ual Capi al Repo . 3 Also known as inside ( hose who a e di ec o s and manage s a he same ime) and ou side (nonmanage di ec o s) di ec o s. Page 7 o 35 & Abeyseke a, 2008) and lead o compe i i e ad an ages in he mode n knowledge economy. I is “ hinking asse ” ound in he employees o he companies (Roos e al., 2001) and is he combina ion o knowledge, skills, abili ies, c ea i e capabili y, leade ship and expe ience (B ooking, 1996; Ed insson & Malone, 1999) which a e inco po a ed o employees du ing his li e. I ep esen s he indi idual knowledge s ock o a company ep esen ed by i s employees (Bon is, 2001). Companies mus do all i can o e ain all "good" employees (Roos, D agone i, Roos, & Ed insson, 2001) and seek o acqui e, de elop, ewa d, and main ain hei key alen s (Roos e al., 2001; S eiby, 1997). The e is a g owing conce n wi h socially esponsible beha iou , e hics and he espec o labou igh s. I aims imp o e wo ke s’ quali y o li e and social condi ions in a eas impo an o hem as employmen , heal h and sa e y, non-disc imina ion, disciplina y p ac ices, eedom o associa ion, socie y, e c., (Gallego-Al a ez, 2008; Tejedo-Rome o & A aujo, 2016). This beha iou gene a es alue, in angible alue, which p o ides businesses wi h he abili y o c ea e, sha e and manage knowledge, enhancing he gene a ion o sus ainable compe i i e ad an ages (Cas illa & Galla do, 2008; TejedoRome o, 2016). We belie e ha he compe i i e ad an age o a company esides in he esou ces, pa icula ly, in i s human esou ces and he in o ma ion on Human Capi al o he many s akeholde s in e es ed in he company's esou ces. Howe e , he alue o human esou ces may no be adequa ely epo ed o s akeholde s pa ly due o limi a ions o adi ional accoun ing sys em (IASB, 2004; PGC, 2007). The s ic ecogni ion c i e ia o in angible asse s do no allow Human Capi al o be shown as an asse in he balance shee (Abeyseke a, 2007; Bea ie & Smi h, 2010; Tejedo-Rome o & A aujo, 2016). The e o e, i no e lec he company's ue alue, causing a dec ease in he use ulness o he accoun ing-based in o ma ion (Bozzolan e al., 2003; Le & Za owin, 1999; O doñez de Pablos, 2003). Acco dingly, in es o s and o he s akeholde s canno ully asce ain hei in es men objec s’ alue-adding po en ial (Le , 2003; Le & Za owin, 1999). The esul s a e in o ma ion asymme ies be ween capi al ma ke pa icipan s and co po a e manage s (Bea ie & Smi h, 2010), as well as possible ma ke ine iciencies (Game schlag, 2013; Healy & Palepu, 2001). In o ma ion asymme y dec eases wi h an inc ease in olun a y disclosu e. The oppo uni y o epo Human Capi al h ough Page 8 o 35 olun a y disclosu es exis s wi hin co po a e annual epo s and o he channels o co po a e communica ion (Bea ie & Smi h, 2012). 2.3. An in eg a ed amewo k o Human Capi al Disclosu e om he In ellec ual Capi al and Social Responsibili y pe spec i es Adequa e Human Capi al Disclosu e is impo an since: a) i a ec s a company’s abili y o ec ui and e ain he bes people (Choo Huang, Lu he , Tayles, & Hani a, 2013); b) educes in o ma ion asymme y be ween managemen and in es o s (Bea ie & Smi h, 2010; Le & Za owin, 1999); c) con eys a company’s po en ial o c ea e alue (Bea ie & Smi h, 2010; Choo Huang e al., 2013); d) imp o es ma ke e iciency (Game schlag, 2013); e) es ablishes us wo hiness wi h s akeholde s (Bea ie & Smi h, 2010); ) enhances co po a e image, epu a ion and p es ige (Tejedo-Rome o & A aujo, 2016). Howe e , he e a e some disad an ages on human capi al disclosu e. The cos s o p o iding he in o ma ion, he isk o losing he compe i i e posi ion (Cu ado, Hen iques, & Bon is, 2011), and he isk ha he in o ma ion is misin e p e ed by ex e nal s akeholde s, such as employees and labou unions (Samudh am, Si alingam, & Shanmugam, 2010), e c. To w ap up, he bene i s a e assumed o exceed he cos s when a company chooses o disclose olun a y in o ma ion (Ga cía-Meca e al., 2005). The easons why companies disclose olun a y in o ma ion on Human Capi al can be explained based on se e al heo ies: a) om he pe spec i e o he Theo y o Resou ces and Capabili ies (Hall, 1992) he success and su i al o he company depends hea ily on he esou ces and capaci y owned by he company. I is conside ed he mos impo an esou ce because o i s s a egic po en ial o gene a e compe i i e ad an ages in companies (Abeyseke a, 2007; Oli ei a, Rod igues, & C aig, 2010; Sonnie , 2008), he e o e, many companies olun a ily epo as a esponse o in o ma ion asymme y be ween managemen and in es o s in o de o ecei e he suppo om in es o s in he capi al ma ke (Sonnie , 2008); b) based on he p inciples o Legi imacy Theo y, companies a e in e es ed in disclosing in o ma ion o legi imize hei ac ions wi h employees and he socie y in gene al (Nu unnabi & Hossain, 2011; Tejedo-Rome o & A aujo, 2016); and c) acco ding o S akeholde Theo y, companies' success and su i al a e subjec o app o al by hei s akeholde s, hence companies will e eal in o ma ion abou Human Capi al in o de o inc ease he pe cei ed alue by s akeholde s (Abeyseke a & Gu h ie, 2005; Bozzolan e al., 2003; Tejedo-Rome o, 2016). Page 9 o 35 Human Capi al Disclosu e has been s udied unde wo app oaches: Knowledge Managemen /In ellec ual Capi al and Social Responsibili y/Sus ainabili y. F om he pe spec i e o Knowledge Managemen /In ellec ual Capi al, i has ad anced owa ds he elabo a ion o in ellec ual capi al epo s and he building o in e na ional s anda ds on in ellec ual capi al iden i ica ion, measu ing and epo ing (O doñez de Pablos, 2003). Human Capi al is ecognised o be one o he h ee main ca ego ies o In ellec ual Capi al (EC, 2006; Me i um, 2002). I conside s aspec s ela ed o educa ion, aining, expe ience, skills and compe encies in he wo kplace, alues and a i udes o wo ke s, among o he s (Joshi, Ubha, & Sidhu, 2012; Li, Pike, & Hani a, 2008; Nu unnabi & Hossain, 2011; Whi e, Lee, & Towe , 2007). Se e al concep ual amewo ks ha e been used o de ine, classi y and eco d in o ma ion Human Capi al (B ooking, 1996; Ed insson & Malone, 1999; Kaplan & No on, 1997; Me i um, 2002; S eiby, 1997). The as majo i y o empi ical esea ch has been based on he ini ial amewo k o S eiby (1997) which has subsequen ly been modi ied in a ious s udies (Abeyseke a & Gu h ie, 2005; Bozzolan e al., 2003; B ennan, 2001; Gu h ie & Pe y, 2000; Joshi e al., 2012; Nu unnabi & Hossain, 2011). In addi ion, se e al ini ia i es ha e p oduced guidelines o he disclosu e o in o ma ion on In ellec ual Capi al, such as DATI (2000), No dika (2001), Me i um (2002), and di ec ing hei a en ion o a new ype o epo called In ellec ual Capi al Repo s. Some companies elabo a e and publish his epo sepa a ely om he inancial epo o annual epo . In Spain, mos companies which p oduce he in ellec ual capi al epo include i as pa o hei annual epo (O doñez de Pablos, 2002, 2003). F om he pe spec i e o Social Responsibili y/Sus ainabili y, hey ha e been conside ed socio-labou aspec s, conside ing ha in o ma ion on social and e hical issues conce ning ela ions be ween wo ke s and companies, heal h and sa e y in he wo kplace, di e si y and equal oppo uni ies, e c. (Ma ínez‐Fe e o e al., 2015; Mu akin & Khan, 2014; Rashid & Lodh, 2008). Guidelines and o ien a ions we e de eloped o guide he disclosu e his in o ma ion (AECA, 2004, 2005; EC, 2001; GRI, 2013; UN, 1999), aimed o p o ide in o ma ion on companies' p ac ices on he iple aspec s: economic, en i onmen al and social (Tejedo-Rome o, 2016). In ecen yea s, he e has been a big boos om agencies and o ganiza ions in de eloping sus ainabili y epo s o social esponsibili y epo s, being a use ul ool o communica ing wi h s akeholde s (A idsson, 2010). These epo s ha e become an inc easingly impo an ins umen o company disclosu e (Oli ei a e Page 16 o 35 Fo classi ica ion and coding o in o ma ion we ollowed he o iginal amewo k o S eiby (1997) and he modi ica ions ha se e al au ho s ha e done in he same (Abeyseke a & Gu h ie, 2005; Bozzolan e al., 2003; B ennan, 2001; Gu h ie & Pe y, 2000; Joshi e al., 2012; Nu unnabi & Hossain, 2011). The subca ego ies and elemen s o human capi al will allow us o encode he in o ma ion o be analyzed (see Table 2). Finally, ou amewo k o coding he in o ma ion was se in 5 ca ego ies and 24 in angible elemen s (i ems). Table 2. Subca ego ies and elemen s EMPLOYEES (11 í ems): 1. Employee p o ile 2. Equali y and di e si y 3. Heal h and sa e y 4. Labou ela ions and union ac i i y 5. In ol emen o wo ke s in he communi y 6. Employee ecogni ion 7. Impo an employees 8. Employee commi men 9. Employee mo i a ion 10. Employee beha iou 11. Economic da a EDUCATION (2 í ems): 12. Regula ed educa ion 13. P o essional quali ica ion TRAINING AND DEVELOPMENT (6 í ems): 14. Educa ion and aining policy 15. Educa ion and aining expenses and hou s 16. Policy on compe ence de elopmen 17. Ca ee oppo uni ies 18. Job o a ion oppo uni ies 19. Rec ui men policies WORK RELATED KNOWLEDGE (3 í ems): 20. Know-how 21. Employee quali y and expe ience 22. Pe o mance and esul s o op managemen ENTREPRENEURIAL SPIRIT (2 í ems): 23. Employees' inno a i e ideas 24. Sys em o collec employees' sugges ions We ha e conside ed he ollowing uni s o analysis: a) sampling uni s we e he in eg a ed annual and social esponsibili y epo s, b) uni s o con ex ha allowed analyzing he in o ma ion a he sen ence le el, and c) egis a ion uni s ha ha e been he p esence o absence o in o ma ion. The quan i ica ion sys em o he index o Human Capi al disclosu e has been made by he ollowing ule coun : 1 i he company has epo ed a pa icula i em and 0 o he wise. In addi ion, we de eloped sub-indixes o disclosu e o he i e subca ego ies o Human Page 17 o 35 Capi al. We compu e a es o disclosu e unweigh ed by agg ega ing he sco e on each o he i ems (Be e a & Bozzolan, 2008), his app oach is consis en wi h ha used in o he s udies (Oli ei a e al., 2010; Tejedo-Rome o & A aujo, 2016). Weigh ed indexes we e no used because o he deg ee o subjec i i y a ached o hem, once he e a e no a able o weigh s uni e sally accep ed (Ma s on & Sh i es, 1991; TejedoRome o, 2016), he e o e each o he in o ma ional i ems a e assigned a di e en sco e depending on he impo ance es ablished by he esea che . Finally, we made an adjus men by di iding he index by he maximum numbe o in angibles ha could be epo ed in each subca ego ies o human capi al. This adjus men , acco ding o Bo osan (1997) and Ma s on and Sh i es (1991), is made o no penalize hose companies ha o some eason can no disclose any o he i ems conside ed (see Table 3). Table 3. Sub-indexes and Index o Human Capi al Disclosu e ij 11 i1 Subindex 1 2 Educa ionj X ij 2 i1 1 6 Subindex T aining and De elopmen j Xij 6 i1 Subindex Wo k ela ed 1 3 Knowledge j X ij 3 i1 Whe e he Human Capi al Index is he unweigh ed index o disclosu e o company j, i is he elemen , Xij is he sco e ob ained by he company j o elemen i. Consequen ly, Xij will ake he alue 1 i he company j has disclosed he elemen I, and o he wise will ake he alue o 0 i i has no been disclosed. The o al o i ems ha make up he amewo k o he in o ma ion on he Human Capi al is 24. Da a encoding was pe o med manually. Bo h au ho s pe o med an ini ial coding o a pilo sample o 5 epo s o social 11 1 j X Employees Subindex 2 1 2 1 i ij j X Spi i u ial En ep ene Subindex 24 1 24 1 i ij j X Capi al Human Index Page 18 o 35 esponsibili y and ob ained a alue o alpha K ippendo o 0.80, which sugges s an accep able le el o ag eemen be ween code s (Bea ie & Thomson, 2007; K ippendo , 2004). Bo h au ho s conduc ed con en analysis o all epo s o be analysed. 3.2.1. Independen Va iables Da a we e collec ed om he annual epo s o co po a e go e nance. CEO Duali y: is a dummy a iable ha akes he alue 1 when bo h unc ions a e ca ied ou by he same pe son and ze o when unc ions a e sepa a ed (Ba ako e al., 2006; Ce bioni & Pa bone i, 2007; Li e al., 2008). Boa d Independen : is he a io be ween he numbe o independen di ec o s and he o al numbe o di ec o s (Ba ako e al., 2006; Ce bioni & Pa bone i, 2007; Li e al., 2008). Gende Di e si y: is he a io be ween he o al o women Boa d membe s and he o al o Boa d membe s (Ba ako & B own, 2008; P ado-Lo enzo & Ga cia-Sanchez, 2010). Boa d Ac i i y: i is measu ed as he numbe o Boa d mee ings held du ing he inancial yea (P ado-Lo enzo & Ga cia-Sanchez, 2010). 3.2.2. Con ol a iables To a oid skewing esul s, we ha e conside ed a numbe o a iables ela ed o companies' ea u es. Indus y: is ep esen ed by a dummy a iable wi h a alue o 1 i a company is in a sensi i e indus y, and 0 o he wise. Consis en wi h Sie a-Ga cía e al. (2014), sensi i e indus ies we e ega ded o be ‘Financial Se ices and Real Es a e’; ‘Oil and Ene gy’; and ‘Technology and Telecommunica ions.’ All o he indus ies classi ied by he CNMV we e conside ed non-sensi i e (‘Basic Ma e ials’, ‘Indus y and Cons uc ion’; and Consume Goods’). Mo e olun a y in o ma ion abou Human Capi al was expec ed o be disclosed by companies in sensi i e indus ies (Kolk & Pe ego, 2010). Company's Age: some schola s ha e conside ed ha he age o he company can be a de e mining ac o o p o ide olun a y in o ma ion (Ce bioni & Pa bone i, 2007; Rashid & Lodh, 2008). A mo e ma u e company is conce ned abou i s epu a ion and will disclose mo e in o ma ion olun a y (Mu akin & Khan, 2014). This a iable ep esen s he senio i y o he company in he ma ke and is measu ed by he numbe o yea s om he da e o es ablishmen . Page 19 o 35 3.3. Resea ch model This s udy uses a balanced panel da a eg ession me hod o examine he ela ionship be ween co po a e go e nance a iables and he ex en o Human Capi al Disclosu e. The eg ession equa ion is p o ided below: Human Capi ali = +1Duali yi +2Independen i +3Gende i +4Ac i i yi +5Indus yi +6Agei +i (1) i = i + + i (2) Whe e: is a scala ; 1, ……, 2 a e he es imable pa ame e ec o s; i =1,…..,23; = 2007, ….., 2014; i ep esen s he unobse able company-speci ic e ec ; ep esen s he unobse able speci ic ime e ec (common o all companies); i is he emainde s ochas ic dis u bance e m. The dependen a iable akes alues anging om 0 o 1, and so he panel da a me hodology used mus be app op ia e o a iables p esen ing double censo ed cha ac e is ics. The e o e, he analysis echnique is based on a Tobi eg ession ha , in con as o linea models, allows us o ake pa icula conside a ion o he ex emes o he a ing scale (0 and 1), censo ing a 0 hose companies exp essing he lowes p e e ence o human capi al disclosu e, and a 1 o hose op ing o supply maximum in o ma ion. The Tobi models es ima e e iciency and consis ency coe icien s h ough he me hod o maximum likelihood (Bal agi, 2014; Woold idge, 2010). Two possible es ima ion app oaches will be applied: a pooled Tobi and a Tobi andom e ec s model. To s a is ically compa e he wo models, a Likelihood- a io es is conduc ed We use he Jackkni e me hod o es ima e s anda d e o s. The da a we e p ocessed using he STATA 13.1 p og am, which is jus i ied by i s obus ness. 4. Resul s and discussion 4.1. Desc ip i e Analysis Table 4 shows ha he Ibex 35 companies a e p o iding in o ma ion on i s Human Capi al, wi h highe alues han he median (≥ 0.5). These alues a y ela i ely li le o e he yea s unde s udy, al hough i seems ha du ing he c isis pe iod he companies ha e main ained hei le els o in o ma ion, showing a sligh inc ease in 2014, yea o Page 20 o 35 c isis eco e y. This may be because, om poin o iew cos -bene i analysis, in imes o c isis companies ha e a mo e aus e e policy o in o ma ion disclosu e ( he cos s due o he de elopmen and dissemina ion o in o ma ion may ou weigh he bene i s). Howe e , acco ding o he Theo ies o Resou ces and Capabili ies, Legi imacy and S akeholde s, we can say ha companies a e p o iding in o ma ion in social esponsibili y epo s abou Human Capi al. In o ma ion ela ed o aining and de elopmen o employees is he ca ego y mos disclosed. Thus companies p o ide his ype o in o ma ion as a way o legi imize a beha io esponsible o s akeholde s associa ed wi h he gene a ion o knowledge. On he o he hand, he ca ego y less disclosed is in o ma ion on wo k- ela ed knowledge as consequence o ha companies may conside ha hei human capi al is he mos aluable esou ce and a e a aid ha compe i o s could a ac i s mo e skill ul employees. Table 4: Desc ip i e s a is ics o he Human Capi al and sub-indexes 2007 2008 2009 2010 2011 2012 2013 2014 2007-2014 Human Capi al Mean 0.623 0.639 0.625 0.634 0.643 0.661 0.681 0.701 0.651 S anda d de ia ion 0.158 0.106 0.139 0.102 0.090 0.104 0.094 0.096 0.114 Max 0.875 0.833 0.833 0.833 0.833 0.833 0.833 0.875 0.875 Min 0.25 0.458 0.208 0.333 0.458 0.458 0.5 0.5 0.208 Employees Mean 0.668 0.692 0.676 0.7 0.711 0.723 0.743 0.763 0.71 s 0.187 0.128 0.155 0.104 0.105 0.115 0.101 0.109 0.13 Max 1 1 1 0.909 0.909 0.909 0.909 1 1 Min 0.182 0.454 0.273 0.545 0.454 0.454 0.454 0.454 0.182 Educa ion Mean 0.674 0.63 0.63 0.63 0.652 0.674 0.652 0.652 0.649 S anda d de ia ion 0.286 0.224 0.224 0.27 0.235 0.243 0.235 0.235 0.241 Max 1 1 1 1 1 1 1 1 1 Min 0 0.5 0.5 0 0.5 0.5 0.5 0.5 0 T aining and De elopmen Mean 0.783 0.804 0.775 0.804 0.797 0.826 0.841 0.855 0.811 S anda d de ia ion 0.17 0.13 0.185 0.205 0.188 0.191 0.184 0.183 0.179 Max 1 1 1 1 1 1 1 1 1 Min 0.5 0.667 0.167 0.167 0.333 0.333 0.333 0.333 0.167 Wo k ela ed Knowledge Mean 0.304 0.319 0.319 0.275 0.261 0.261 0.261 0.304 0.288 Page 21 o 35 Hence, we can accep ou hypo hesis H1 and we mus ejec he hypo hesis H2 assumed in he heo e ical amewo k. S anda d de ia ion 0.199 0.213 0.213 0.192 0.2 0.2 0.245 0.244 0.211 Max 0.667 0.667 0.667 0.667 0.667 0.667 0.667 0.667 0.667 Min 0 0 0 0 0 0 0 0 0 En ep eneu ial Spi i Page 22 o 35 Mean 0.326 0.348 0.348 0.304 0.37 0.413 0.522 0.543 0.397 S anda d de ia ion 0.416 0.411 0.411 0.419 0.458 0.443 0.439 0.45 0.431 Max 1 1 1 1 1 1 1 1 1 Min 0 0 0 0 0 0 0 0 0 N (Obse a ions) 23 23 23 23 23 23 23 23 184 Table 5 display desc ip i e s a is ics and he independen and con ol a iables. Da a shows a mode a e a e age inc ease in he pe cen age o independen Boa d membe s in he Boa d o Di ec o s. This inc ease can be mo i a ed by he ecommenda ion o he Uni ied Code o Good Co po a e Go e nance (CNMV, 2006, 2015) o inc ease he pe cen age o independen membe s o make he Boa ds o Di ec o s mo e independen and neu al. O no e is he inc ease in women di ec o s in he Boa ds. The Code o Co po a e Go e nance (CNMV, 2006, 2015) ecommended he inclusion o women in he Boa d o Di ec o s as a challenge, no only in e ms o e hics, poli ics and co po a e social esponsibili y, bu as an e iciency objec i e o his body. This inc ease may also be associa ed wi h he adop ion in 2007 o he Law on Gende Equali y in Spain. Howe e , we ind companies ha ha e no inco po a ed women in hei Boa ds (minimum equal o ze o) o e 8 yea s. Conce ning he ac i i y o he Boa d o Di ec o s, da a shows ha ha e main ained he same numbe o mee ings o e ime, wi h an a e age o 11 mee ings pe yea . In his ega d, he Boa ds o Di ec o s ha e mee ings a leas once a mon h. The Code o Co po a e Go e nance (CNMV, 2006, 2015) does no es ablish limi mee ings, bu ecommends egula mee ings o ca y ou unc ions e ec i ely in he Boa d. Along he pe iod, he e is CEO duali y in 83% o he companies o he sample. The e is only sepa a ion o he unc ions o chai man and chie execu i e o ice in 17% o companies. This si ua ion may jeopa dize he unc ions o con ol and supe ision o he Boa d (Li e al., 2008), a ec ing olun a y disclosu e policy o he company. Finally, he a e age age o companies is 63 yea s, al hough he e is a wide dispe sion om he a e age (42.7 yea s) wi h companies 158 yea s old and young companies wi h 6 yea s old. In addi ion, 61% o companies belonging o sensi i e sec o s. Table 5: Desc ip i e S a is ics o Independen and Con ol Va iables Independen Mean 0.417 0.424 0.441 0.44 0.44 0.447 0.469 0.449 0.441 S anda d de ia ion 0.169 0.174 0.171 0.178 0.179 0.17 0.154 0.146 0.165 Panel A: Con inuous a iables 2007 2008 2009 2010 2011 2012 2013 2014 2007 - 2014 Page 23 o 35 Max 0.786 0.786 0.8 0.786 0.786 0.786 0.714 0.786 0.8 Min 0.067 0.067 0.077 0.071 0.056 0.067 0.214 0.214 0.056 Gende Mean 0.071 0.086 0.102 0.113 0.132 0.147 0.156 0.181 0.123 S anda d de ia ion 0.068 0.086 0.083 0.080 0.084 0.092 0.095 0.12 0.095 Max 0.238 0.273 0.3 0.273 0.308 0.364 0.364 0.5 0.5 Min 0 0 0 0 0 0 0 0 0 Ac i i y Mean 11 10.5 10.8 10.8 11.3 11.1 11.2 11 11 S anda d de ia ion 3.21 2.78 3 2.66 3.28 3.3 2.91 3.24 3.01 Max 17 14 17 16 18 17 15 18 18 Min 5 5 6 5 5 5 5 5 5 Age Mean 59.7 60.7 61.7 62.7 63.7 64.7 65.7 66.7 63.2 S anda d de ia ion 43.5 43.5 43.5 43.5 43.5 43.5 43.5 43.5 42.7 Max 151 152 153 154 155 156 157 158 158 Min 5.83 6.83 7.83 8.83 9.83 10.8 11.8 12.8 5.83 N (Obse a ions) 23 23 23 23 23 23 23 23 184 Panel B: Dummy a iables 2007 2008 2009 2010 2011 2012 2013 2014 2007-2014 Yes No Yes No Yes No Yes No Yes No Yes No Yes No Yes No Yes No Duali y Pe cen age (%) 83 17 87 13 87 13 87 13 87 13 83 17 78 22 74 26 83 17 Indus y Pe cen age (%) 61 39 61 39 61 39 61 39 61 39 61 39 61 39 61 39 61 39 N (Obse a ions) To sol e he p oblems o absence o no mali y in he a iables age and ac i i y o he Boa d o Di ec o s he na u al loga i hm o hese a iables is used. Howe e , a Tobi eg ession does no ha e o mee as many equi emen s and assump ions as linea eg ession. 4.2. Mul i a ia e analysis Table 6 shows he esul s o Tobi eg ession model. Thus, he hi d and ou h columns show he Pool Tobi esul s and he andom Tobi model o panel da a, espec i ely. The alue o Likelihood a io es (p- alue = 0.000) shows ha o ou da a is p e e able a andom Tobi model. Table 6: Resul s o Panel-Reg ession Model Independen a iable: Human Capi al Disclosu e Page 24 o 35 Dependen and con ol a iables RE TOBIT Hypo hesis/ POOLED TOBIT (Jackni e s anda d p edic sign (Jackni e s anda d e o s) e o s) Duali y H3(-) -0.067 (0.046) -0.046*** (0.015) Independen H4 (?) -0.072 (0.139) -0.027 (0.050) Gende H5 (+) 0.171 (0.197) 0.159** (0.076) Ac i i y H6 (+) 0.108* (0.061) 0.043* (0.022) Indus y 0.046 (0.058) 0.042* (0.022) Age 0.022 (0.033) 0.070*** (0.008) (Cons an ) 0.348** (0.138) 0.292*** (0.042) sigma 0.101 (0.014) sigma_u 0.086*** (0.007) sigma_e 0.071*** (0.010) ho 0.594 (0.088) Obse a ions 184 184 Log-likelihood 161.22504 195.10585 F(6, 22) 2.29 (p- alue=0.0719) (p- 37.18 alue=0.000) Likelihood- a io es : 2 (p obabili y) chiba 2(01)= 67.76 *** (p- alue=0.000) Jackkni e– obus s anda d e o s a e in pa en heses. * p<0.1; ** p<0.05; ***p<0.01. The esul s o he Tobi panel da a e lec he exis ence o a signi ican and nega i e ela ionship a le el o signi icance o 1%, wi h he exis ence o duali y in he Boa ds o Di ec o s. The e o e, in hose companies whe e he oles o chie execu i e and chai man o he Boa d is in he same pe son, he Human Capi al disclosu e is mino . These esul s a e consis en wi h hose ob ained in p e ious s udies (Alleg ini & G eco, 2013; Ba ako & B own, 2008; Ce bioni & Pa bone i, 2007; Gul & Leung, 2004; Li e al., 2008), hus con i ming he hi d hypo hesis (H3). Page 25 o 35 Gende di e si y has a posi i e signi ican ela ionship a 5%. Tha is, Boa ds o di ec o s wi h mo e women p o ide mo e in o ma ion on he Human Capi al. We con i m ha woman p esen s a mo e esponsible beha iou conce ning olun a y disclosu e o in o ma ion (P ado-Lo enzo & Ga cia-Sanchez, 2010). In his sense, we accep he i h hypo hesis (H5). We can also con i m he six h hypo hesis (H6) on he ac i i y o he Boa d o Di ec o s o a signi icance le el o 90%. Thus, a g ea e numbe o mee ings educes po en ial p oblems o asymme ic in o ma ion, since egula mee ings makes mo e e icien he unc ions o supe ision and con ol a ibu ed o he Boa d (Kanaga e nam e al., 2007). This esul is simila o ha ob ained in he wo k o Alleg ini and G eco (2013). The con ol a iables ha e been signi ican . Thus, he e is a posi i e ela ionship o a le el o 5% wi h he sensi i e sec o . They a e sec o s wi h socially esponsible beha iou on i s disclosu e policy (Kolk & Pe ego, 2010). In addi ion, he age a iable has a posi i e signi ican ela ionship a 1%, e ealing ha hose companies who disclose mo e in o ma ion we e he mo e ma u e (Mu akin & Khan, 2014). Finally, we could no e i y he ou h hypo hesis (H4) because i was no signi ican . 5. Conclusions The aim o his s udy was o apply he Human Capi al disclosu e amewo k o analyze he policy o in o ma ion disclosu e on Human Capi al conduc ed by companies in hei in eg a ed annual and sus ainabili y epo s. As well as o de e mine he mechanisms o good go e nance ha can a ec he supply o in o ma ion. This s udy o e s a numbe o in e es ing ideas o li e a u e on Human Capi al disclosu e and p esen s se e al heo e ical and policy implica ions. We wan o con ibu e o he s udy o Human Capi al disclosu e om he pe spec i e o knowledge gene a ion and social esponsibili y h ough a longi udinal s udy o 8 yea s (2007-2014) using panel da a in o de o s udy he end ha companies show in espec o ha issue. Unde he ene s o he heo y o esou ces and capabili ies, legi imacy and s akeholde s, he esul s show ha companies a e disclosing olun a y in o ma ion on Human Capi al and has main ained he le el o disclosu e p o ided h oughou hose yea s. While we ha e obse ed ha in he yea s unde s udy he e a e e y simila le els o in o ma ion Page 32 o 35 Healy, P. M., & Palepu, K. G. (2001). In o ma ion asymme y, co po a e disclosu e, and he capi al ma ke s: A e iew o he empi ical disclosu e li e a u e. 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