Intellectual capital disclosure in digital communication

This chapter focuses on Internet Stock Message Boards (IMBs) that represent a digital communication channel where investors can discuss specifically listed companies. Traditional intellectual capital disclosure (ICD) research focuses on company owned information communicated to the market mainly through annual reports. Digital communication channels allow for the investigation of investor opinions, measuring topics discussed by investors, measuring their ability to attract attention regarding likes and dislikes, and comparing them with topics analysed and traditionally communicated in annual reports. Scholars use intellectual capital (IC) research frameworks with checklists of IC related items for analysing the ICD of companies, and some of these frameworks have been reused over time, with some adjustments to adapt them to specific contexts. Managers should consider that ICD is evolving and social media offers new ways to communicate. New research lines could focus on the impact that IMBs have on the market, such as the relationship between ICD and market volatility or stock market prices.