Wpływ ujawnień obligatoryjnych na przydatność informacji o wartościach niematerialnych dla wyceny rynkowej w Polsce
The impact of mandatory disclosures on the value-relevance of intangible assets in Poland

Summary/Abstract: Purpose: The research examines whether mandatory disclosure provides investors with insight into the value-generating capabilities of intangible assets by investigating the impact of mandatory disclosure on the relationship between intangible assets and firm market value, i.e., the value-relevance of intangible assets. Methodology/research approach: The study utilizes unique hand-collected disclosure data to measure the compliance level with IAS 38 for 117 companies listed in Poland in 2018. Disclosure indexes are incorporated into the Ohlson (1995) model to conclude investorsʼ expectations regarding the economic potential of intangible assets. Findings: Intangible assets are positively and significantly correlated with a firmʼs market value, while the level of mandatory disclosure moderates this relationship. A high disclosure level reduces information asymmetry and leads to a more accurate, yet less favorable, assessment of the economic potential of intangible assets. More disclo-sure is associated with a negative adjustment in a firm's market value. Under infor-mation asymmetry, investors evaluate the economic potential of intangible assets over-optimistically, which may lead to suboptimal resource allocation. Research implications: In low enforcement environments, there are no incentives for managers to report enhanced mandatory information on intangible assets, as it negatively impacts a firmʼs market value. The role of regulatory bodies is to strengthen the enforcement level to protect investors and provide optimal resource allocation. Originality/value: The study contributes to the literature by examining the market consequences of mandatory disclosure and providing deeper insight into the evaluation of mandatory information by equity investors under information asymmetry.

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