Ownership composition and intellectual capital disclosure: Indonesia as a case study
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Date
2021-04-15Author
Ulfah, Yana
Yudaruddin, Rizky
Yudaruddin, Yanzil Azizil
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This study explores whether ownership structure (comprising ownership concentra tion, foreign, managerial, and institutional ownership) affects intellectual capital dis closure (ICD) in Southeast Asia’s largest stock market and Indonesia’s emerging econo my. 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 own erships, while the institutional ownership variable had a negative and insignificant im pact. Overall, the results show robust conclusions regarding the impact of the owner ship 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 aware ness of intellectual capital and improve ICD practices.
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