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The impact of intellectual capital disclosure and corporate governance practices on the cost of finance: Tunisian evidence

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  • Mariem Bouchareb
  • Mondher Kouki

Abstract

The purpose of this paper is to examine the effect of intellectual capital disclosure (ICD) and corporate governance practices on the cost of finance. The sample consists of 27 Tunisian listed companies over a five-year period (2010-2014). Results show that intellectual capital disclosure is negatively and significantly associated with the cost of debt (COD) and the cost of equity capital (COEC). In contrast, only some corporate governance mechanisms namely managerial ownership (MO) and ownership concentration (OC) may influence the interest rate required by investors. These findings has policy implications for managers in the Tunisian setting and other developing economies similar to Tunisia, given the crucial role played by intellectual capital as a primary source of competitive advantage.

Suggested Citation

  • Mariem Bouchareb & Mondher Kouki, 2019. "The impact of intellectual capital disclosure and corporate governance practices on the cost of finance: Tunisian evidence," International Journal of Management and Enterprise Development, Inderscience Enterprises Ltd, vol. 18(1/2), pages 151-169.
    • Handle: RePEc:ids:ijmede:v:18:y:2019:i:1/2:p:151-169
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    Cited by:

    1. Fater Atagher & Michael Iorlaha, 2024. "Effect of Corporate Governance Mechanisms on Cost of Debt of Listed Consumer Goods Companies in Nigeria," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 8(1), pages 1894-1913, January.
    2. Robert Rieg & Ute Vanini, 2023. "Value relevance of voluntary intellectual capital disclosure: a meta-analysis," Review of Managerial Science, Springer, vol. 17(7), pages 2587-2631, October.

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