Purpose

This study aims to examine the factors affecting intellectual capital disclosure (ICD), especially in the agriculture and mining sectors in Indonesia and Thailand. Additionally, this study discusses the difference in ICD levels between Indonesia and Thailand.

Design/methodology/approach

The sample used is companies listed on the Indonesia Stock Exchange and Stock Exchange of Thailand from 2013 to 2017. The method used is a content analysis of 380 annual reports (150 from Thailand and 230 from Indonesia). This study uses a panel regression model. Variables tested are firm size, market shares, minority shareholders, profitability, leverage and the focus on ICD components such as human capital disclosure, structural capital disclosure and relational capital disclosure.

Findings

IC disclosures in financial statements are generally oriented to past events and focus more on the human capital component. Overall, ICDs in Thailand are more qualified than in Indonesia. The findings support the stakeholder and legitimacy theories. It was found that the greater the company’s resources, the higher the quality of disclosure of all intellectual capital (IC) components. Conversely, when associated with the position in the market, companies reduce the disclosures. As the company has gained the government’s legitimacy, management’s passion for revealing more about its ICD is diminishing.

Research limitations/implications

This study focuses on the agriculture and mining sectors in Indonesia and Thailand. The annual report is the primary medium to observe IC in qualitative and quantitative ways, yet firms would use other means to disclose their IC. This study deploys the content analysis method, in which the determination of scores is based on the researchers’ judgment.

Originality/value

This study contributes to the ICD-related literature by focusing on the agriculture and mining industries and multinational scopes. The ICD valuation is extended to the quality of disclosures, in which numerical and monetary figures also support the disclosures. This study also examined minority shareholders’ role in ICD quality, which is infrequent in ICD literature.

中文翻译：

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印度尼西亚和泰国农业和采矿业智力资本披露的影响因素

目的

本研究旨在研究影响智力资本披露 (ICD) 的因素，尤其是在印度尼西亚和泰国的农业和采矿业。此外，本研究还讨论了印度尼西亚和泰国之间 ICD 水平的差异。

设计/方法/方法

使用的样本是 2013 年至 2017 年在印度尼西亚证券交易所和泰国证券交易所上市的公司。使用的方法是对 380 份年报（150 份来自泰国，230 份来自印度尼西亚）进行内容分析。本研究采用面板回归模型。测试的变量是公司规模、市场份额、少数股东、盈利能力、杠杆率以及对 ICD 组件的关注，例如人力资本披露、结构资本披露和关系资本披露。

发现

财务报表中的 IC 披露通常以过去事件为导向，更侧重于人力资本部分。总体而言，泰国的 ICD 比印度尼西亚更合格。研究结果支持利益相关者和合法性理论。研究发现，公司资源越多，所有智力资本 (IC) 组成部分的披露质量就越高。相反，当与市场地位相关时，公司会减少披露。随着公司获得政府的合法性，管理层对更多地披露其 ICD 的热情正在减弱。

研究限制/影响

本研究侧重于印度尼西亚和泰国的农业和采矿业。年度报告是从定性和定量方面观察 IC 的主要媒介，但公司会使用其他方式披露其 IC。本研究采用内容分析法，根据研究人员的判断确定分数。

原创性/价值

本研究通过关注农业和采矿业以及跨国范围，为 ICD 相关文献做出了贡献。ICD 估值扩展到披露的质量，其中数字和货币数据也支持披露。本研究还考察了少数股东在 ICD 质量中的作用，这在 ICD 文献中并不常见。