This study aims to assess the quality of online intellectual capital disclosure (ICD) by Spanish universities and to investigate the influence of specific corporate governance mechanisms on these disclosure practices.
A two-phase research methodology was employed. First, a content analysis of the official websites of all Spanish universities was conducted using a detailed coding framework to measure the quality of ICD. Second, a fractional regression model was used to test the hypotheses regarding the impact of governing board mechanisms on the level of online ICD.
The results indicate a moderate level of online ICD among Spanish universities, with a stronger focus on human and structural capital over relational capital. The regression analysis reveals that gender diversity (in terms of percentage of women on the board and female Rectors' presence) and the existence of a corporate social responsibility (CSR) committee are positively associated with higher disclosure levels. Conversely, board size, board independence and the frequency of board meetings were not found to have a statistically significant effect.
These findings could be useful for policymakers and regulators to standardize intellectual capital reporting in higher education institutions and lead to policy reforms aimed at increasing the participation of women in university governance roles. They could also help in adopting new legislation encouraging universities to establish a separate CSR committee to increase their transparency and accountability.
Previous evidence is scarce and does not jointly consider all levels of corporate governance mechanisms. To the best of the authors' knowledge, this is the first study that empirically analyzes the impact of corporate governance characteristics (such as board size, board independence, board gender diversity, presence of a female Rector, presence of a CSR committee and number of board meetings), on the ICD in the Spanish higher education context.
