Corporate Governance and firm Characteristics on Intellectual Capital Disclosure

Abstract

Purpose – This study aims to examine the effect of leverage, independent commissioners, ownership concentration, and firm age on Intellectual Capital Disclosure (ICD).

Design/methodology/approach – This research employs a quantitative approach using secondary data obtained from annual reports of transportation & logistics and healthcare companies listed on the Indonesia Stock Exchange during 2021–2024. The sample consists of 45 firms with 180 firm-year observations selected using purposive sampling. Panel data regression analysis is applied, and model selection is conducted through Chow, Hausman, and Lagrange Multiplier tests. Data are processed using EViews.

Findings – The results indicate that leverage has a negative effect on ICD, suggesting that higher debt levels tend to reduce voluntary disclosure of intellectual capital. Independent commissioners have a positive effect on ICD, indicating that effective board monitoring enhances transparency of intangible assets. Ownership concentration shows no significant effect on ICD. Firm age has a positive effect on ICD, implying that more experienced firms possess more mature disclosure practices.

Research limitations/implications – This study is limited to two sectors and a four-year observation period. Future research may expand sector coverage, extend the period, or include additional governance variables.

JEL : G34, M41