Ownership composition and intellectual capital disclosure: Indonesia as a case study
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Author(s)Yana UlfahLink to ORCID Index: https://orcid.org/0000-0003-1277-652X
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Rizky YudaruddinLink to ORCID Index: https://orcid.org/0000-0002-0850-9747
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Yanzil Azizil YudaruddinLink to ORCID Index: https://orcid.org/0000-0002-9209-0677
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DOIhttp://dx.doi.org/10.21511/imfi.18(2).2021.04
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Article InfoVolume 18 2021, Issue #2, pp. 37-47
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Creative Commons Attribution 4.0 International License
This study explores whether ownership structure (comprising ownership concentration, foreign, managerial, and institutional ownership) affects intellectual capital disclosure (ICD) in Southeast Asia’s largest stock market and Indonesia’s emerging economy. The sample includes 323 public firms listed on the Indonesia Stock Exchange (IDX) from seven industries between 2008 and 2017, or 2,634 firm-year observations. Data were analyzed using the ordinary least squares (OLS) regression with robust standard errors. The results show that ICD is positively related to ownership concentration. A negative and substantial relationship was found for both foreign and managerial ownerships, while the institutional ownership variable had a negative and insignificant impact. Overall, the results show robust conclusions regarding the impact of the ownership structure on ICD. The findings of this investigation could be taken into account by capital market authorities such as the Indonesia Stock Exchange (IDX) to raise awareness of intellectual capital and improve ICD practices.
Acknowledgment
The researchers are grateful for the valuable responses from two unnamed reviewers and discussion respondents at Mulawarman University. We also thank the Indonesia Stock Exchanges (IDX) and The Indonesia Capital Market Institute for providing the annual report.
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JEL Classification (Paper profile tab)E44, M13, O34
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References34
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Tables7
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Figures0
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- Table 1. Sample firms by industry
- Table 2. Intellectual capital disclosure checklist
- Table 3. Descriptive statistics
- Table 4. Correlation matrix
- Table 5. Impact of ownership structure on intellectual capital disclosure
- Table 6. Impact of ownership structure on intellectual capital disclosure: high vs low
- Table 7. Impact of ownership structure on different categories of intellectual capital disclosure
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Yuniarti Fihartini ,
Arief Helmi ,
Meydia Hassan ,
Yevis Marty Oesman
doi: http://dx.doi.org/10.21511/im.17(3).2021.02
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Human resource management in promoting innovation and organizational performance
I Gede Riana ,
Gede Suparna ,
I Gusti Made Suwandana ,
Sebastian Kot 
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Ismi Rajiani
doi: http://dx.doi.org/10.21511/ppm.18(1).2020.10
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Positive contribution of the good corporate governance rating to stability and performance: evidence from Indonesia
RR. Iramani , Muazaroh Muazaroh , Abdul Mongid
doi: http://dx.doi.org/10.21511/ppm.16(2).2018.01
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