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of the presence of the three categories and their subcategories. The frequency, in fact, indicates the importance of a particular element (Krippendorff, 2004). Finally we constructed a Disclosure indexes (ICI) (Haniffa and Cooke (2005); Ghazali (2007)). ICI calculate “the number of information-related items that a given report contains based on a predefined list of the possible items” (Bukh et al., 2005). The total disclosure score was computed as the unweighted sum of the scores of each item (Cooke, 1989). All items were considered relevant to all firms. The formula to calculate ICDi is the following:
(1)
where Dij assumes the value of “1” if were found information on the item and zero otherwise and “n” is the maximum number of items reported in the document.
The use of disclosure indices in studies of accounting and reporting of business practices is widely used (Marston and Shrives, 1991, Guthrie et al., 2004), as these studies represent an aspect of the quality of disclosure that may be captured by a measure "sum" (Beattie, 2002; Bukh PN, 2005). To mitigate the main problem of content analysis (accuracy of information), the collecting data was conducted on sustainability documents separately by all the three authors and then compared where it showed discrepancies.
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TABLE 1 – INTELLECTUAL CAPITAL IN THE EXAMINED REPORTS
2006 % 2012 %
Human Capital 261 24% 488 33%
Structural Capital 161 14% 168 12%
Relational Capital 716 62% 837 56%
Intellectual Capital 1150 100% 1493 100%
Taken a closer look at the importance of each subcategory (table 2), it can be observed that the top five subcategories are “Training policies” for human capital, just to show the importance in this particular sector of the professional and learning training, the updating of the employee; “corporate culture and identity” for structural capital, to indicate the importance of some values, as trust, credibility, etc.; “Customers”, “Business partnership” and
“Corporate action” for relational capital, to highlight that the relationship with customers and stakeholders are crucial for an institution. Corporate action refers to all initiatives in which banks are involved in, especially in no-profit organisms, or to promote cultural and sport events. It can be observed also a low level of disclosure of intellectual property, innovation capabilities and management process. A possible explanation for this may reside in the fact that banks may be hesitant to pursue patenting over their financial institutions in Europe due to the legal uncertinty surronding the patentiability of business methods and computer programs.
TABLE 2 – DISCLOSURE PER SUBCATEGORY
Cat. Subcategories 2006 % 2012 %
HC
Employee's profile 36 3,14% 32 2,14%
Knowledge 21 1,83% 22 1,47%
Skills 35 3,05% 39 2,61%
Attitudes 19 1,66% 18 1,21%
Talent management 92 8,00% 196 13,13%
Training policies 70 6,10% 181 12,12%
SC
Intellectual property 6 0,52% 3 0,20%
information system and infrastructure
30 2,61% 26 1,74%
Management process 3 0,26% 0 0,00%
Corporate culture/identity
115 10,02% 123 8,24%
Innovation capabilities 7 0,61% 16 1,07%
RC
Brand 23 2,00% 37 2,48%
Customers 128 11,15% 191 12,79%
Distribution channel 83 7,23% 109 7,30%
Business partnerships 125 10,89% 181 12,12%
Corporate action 357 31,10% 319 21,37%
IC Total 1148 100,00% 1493 100,00%
As regards disclosure per items, it could be observed, consistently with prior literature, that for human capital few and sometimes none information are reported for overtime, employee’s experience, tea work, language, problem solving, creativity or pro-activity of the employee; whereas the most information reported are gender distribution, internal communication, recruitment policies and training programs. As concerns structural capital, very few information are reported for licensees, copyright; whereas the major information disclosed are corporate value and
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vision. Finally, as regards relational capital information relates to shareholder value are not present, whereas information relates on sponsorship, environmental protection measures, relation with suppliers, collaboration and multichannel bank.
TABLE 3 – DISCLOSURE PER INDICATORS/ITEMS, GIVEN IN ABSOLUTE TERMS
Subcategories Item 2006 % 2012 %
Employee's profile
staff 3 0,26% 4 0,27%
manager 5 0,44% 4 0,27%
gender distribution 8 0,70% 8 0,54%
country of origin of human resources 1 0,09% 2 0,14%
average age of employee 5 0,44% 5 0,34%
n. full-time employee 4 0,35% 4 0,27%
n. contracts 5 0,44% 3 0,20%
Protected categories 5 0,44% 2 0,14%
overtime 0 0,00% 0 0,00%
Knowledge
education 6 0,52% 6 0,41%
Placement subdivision 7 0,61% 5 0,34%
experience 1 0,09% 2 0,14%
expertise 2 0,17% 2 0,14%
seniority 5 0,44% 5 0,34%
awards 0 0,00% 2 0,14%
Skills
Teamwork 0 0,00% 0 0,00%
language 0 0,00% 0 0,00%
problem solving 1 0,09% 0 0,00%
Internal communications 33 2,88% 26 1,76%
Social communication 0 0,00% 13 0,88%
creativity 1 0,09% 0 0,00%
Attitudes
conscientiousness 3 0,26% 3 0,20%
proactivity 0 0,00% 0 0,00%
Personal initiative 0 0,00% 0 0,00%
Customer centric 3 0,26% 1 0,07%
commitment 5 0,44% 2 0,14%
motivation 3 0,26% 3 0,20%
managerial experience and abilities 3 0,26% 1 0,07%
enterpreneurial behaviour 0 0,00% 2 0,14%
Engagement index 0 0,00% 1 0,07%
% promoted staff/tot. staff 2 0,17% 5 0,34%
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Talent management
Integration process 2 0,17% 0 0,00%
n. injury 2 0,17% 4 0,27%
n. lost days for injury 1 0,09% 4 0,27%
n. disciplinary measure 3 0,26% 3 0,20%
Regular opportunity 11 0,96% 12 0,81%
promotional iniziative for gender balance 0 0,00% 8 0,54%
Support protected categories 0 0,00% 8 0,54%
Health and wealth of employee 8 0,70% 10 0,68%
quality life of employee 0 0,00% 0 0,00%
Employee’s satisfaction 0 0,00% 0 0,00%
turnover 3 0,26% 5 0,34%
diversity 8 0,70% 7 0,47%
recruitment policy 18 1,57% 18 1,22%
Remunerationa and incentive policies 13 1,14% 14 0,95%
Performance Management 0 0,00% 27 1,83%
appreciation of human resource 0 0,00% 11 0,75%
Career development 13 1,14% 7 0,47%
Absent rate 7 0,61% 5 0,34%
Leadership development initiative 0 0,00% 24 1,63%
involvement initiative 0 0,00% 15 1,02%
initiatives to support employees who return
after long absence 0 0,00% 6 0,41%
survey amoung employee 3 0,26% 8 0,54%
Training policies
training program 19 1,66% 61 4,14%
professional program 6 0,52% 19 1,29%
induction program 7 0,61% 2 0,14%
relationship manager program 0 0,00% 10 0,68%
Manager program 11 0,96% 16 1,09%
investment in training 1 0,09% 9 0,61%
h of training 4 0,35% 12 0,81%
methods of training 6 0,52% 12 0,81%
typology of topic 7 0,61% 20 1,36%
n. participants 6 0,52% 14 0,95%
master 2 0,17% 1 0,07%
head training 1 0,09% 5 0,34%
Human Capital 273 23,8% 488 33,1%
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Intellectual property
patents 0 0,00% 0 0,00%
trademark 6 0,52% 3 0,20%
licenses 0 0,00% 0 0,00%
copyright 0 0,00% 0 0,00%
information system and infrastructure
database 1 0,09% 0 0,00%
systems, network, software 11 0,96% 2 0,14%
remote/online banking system 1 0,09% 0 0,00%
security measurement 0 0,00% 3 0,20%
certifications 12 1,05% 3 0,20%
tecnology 5 0,44% 2 0,14%
Investment for regulatory compliance 0 0,00% 3 0,20%
intranet 0 0,00% 2 0,14%
communties of practies 0 0,00% 11 0,75%
virtual worplace 0 0,00% 0 0,00%
Management process
quality process improvement 3 0,26% 0 0,00%
operational risk management processes 0 0,00% 0 0,00%
computerized processes 0 0,00% 0 0,00%
Corporate culture/identity
identity 0 0,00% 9 0,61%
vision 11 0,96% 21 1,42%
mission 23 2,01% 7 0,47%
corporate value 49 4,28% 43 2,92%
information and communication in the
company 25 2,18% 20 1,36%
awareness of employees 2 0,17% 4 0,27%
Innovation capabilities
research 0 0,00% 2 0,14%
development and innovation 5 0,44% 4 0,27%
product or service innovation 2 0,17% 10 0,68%
Structural Capital 156 13,6% 149 10,1%
Brand
brand awareness 2 0,17% 0 0,00%
trust 2 0,17% 1 0,07%
transparency 1 0,09% 7 0,47%
credibility 1 0,09% 1 0,07%
awards received 3 0,26% 19 1,29%
image 12 1,05% 3 0,20%
caution 2 0,17% 6 0,41%
Customers
customer relationship management 7 0,61% 22 1,49%
loyalty 3 0,26% 1 0,07%
satisfaction 14 1,22% 15 1,02%
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retention tax 3 0,26% 0 0,00%
ability to acquire new customers 0 0,00% 1 0,07%
customized/personalized services 21 1,83% 47 3,19%
segmentation of customers 11 0,96% 2 0,14%
quality of service 11 0,96% 14 0,95%
response time to credit 0 0,00% 2 0,14%
client claim/complaint service 14 1,22% 7 0,47%
n. claim/complaint 9 0,79% 15 1,02%
customer assistance 16 1,40% 3 0,20%
cross-selling index 4 0,35% 6 0,41%
hearing tools for customers 5 0,44% 25 1,70%
customer satisfaction index 4 0,35% 4 0,27%
Greenwich quality index 0 0,00% 2 0,14%
consumer protection 6 0,52% 25 1,70%
Distribution channel
multichannel bank 40 3,49% 65 4,41%
promotional and marketing initiative 29 2,53% 7 0,47%
territorial expansion policy/plan for branches 14 1,22% 9 0,61%
accessibilità for person with disability 0 0,00% 28 1,90%
Business partnerships
collaboration 20 1,75% 58 3,93%
cooperation 0 0,00% 0 0,00%
outsorcing 3 0,26% 1 0,07%
relation with media 11 0,96% 12 0,81%
relation with universities or research institute 6 0,52% 25 1,70%
relation with suppliers 43 3,76% 30 2,04%
shareholder satisfaction 0 0,00% 0 0,00%
relation with other banks 13 1,14% 11 0,75%
Relation with regulatory body 12 1,05% 15 1,02%
relation with Public Administration 17 1,48% 6 0,41%
dialog with investors 0 0,00% 23 1,56%
Corporate action
community involvement 33 2,88% 55 3,73%
environmental protection measures 130 11,35% 147 9,97%
azioni filantropiche 44 3,84% 38 2,58%
corporate sustainability actions and initiatives 29 2,53% 22 1,49%
sponsorship 93 8,12% 52 3,53%
guidance and training activities 28 2,45% 5 0,34%
Relational capital 716 62,53% 837 56,7%
Intellectual Capital 1145 100,0% 1474 100,0%