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Human capital disclosure, accounting numbers, and share price

Author

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  • Katsuhiro Motokawa

Abstract

Purpose - – This paper aims to show the associations between the amount of voluntary human capital (HC) disclosures and company profiles, including required HC and accounting information to verify a disclosure theory that consolidates four traditional theories. It also verifies the previously found association between voluntary HC information and share price. Design/methodology/approach - – This research uses regression analysis and graphical modelling of a stratified random sample from the Tokyo Stock Exchange. Text mining software is used for content analysis of annual reports to quantify the amount of qualitative HC information. Findings - – This study finds associations between the amount of voluntary HC information and the number of employees and the average salary. In particular, information about competence/qualification and personnel are related. Research limitations/implications - – The results provide some support for the consolidated theory and are presumably consistent with the signalling theory and stakeholder theory in terms of the labour market rather than the financial market. Originality/value - – By using both regression analysis and, graphical modelling this study shows the difference between the outputs of Germany and Japan and how HC characteristics of a firm relate to its disclosure behaviour, revealing hidden aspects that traditional prior studies have ignored.

Suggested Citation

  • Katsuhiro Motokawa, 2015. "Human capital disclosure, accounting numbers, and share price," Journal of Financial Reporting and Accounting, Emerald Group Publishing Limited, vol. 13(2), pages 159-178, October.
    • Handle: RePEc:eme:jfrapp:v:13:y:2015:i:2:p:159-178
    DOI: 10.1108/JFRA-11-2014-0089
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    Citations

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    Cited by:

    1. Kirti Aggarwal & Anju Verma, 2020. "Effect of Company Characteristics on Human Resource Disclosure Index: Empirical Evidences from Indian Corporates," Management and Labour Studies, XLRI Jamshedpur, School of Business Management & Human Resources, vol. 45(1), pages 85-117, February.
    2. Albertina Paula Monteiro & Beatriz Aibar-Guzmán & María Garrido-Ruso & Cristina Aibar-Guzmán, 2021. "Employee-Related Disclosure: A Bibliometric Review," Sustainability, MDPI, vol. 13(10), pages 1-38, May.
    3. Mechelli, Alessandro & Cimini, Riccardo & Mazzocchetti, Francesca, 2017. "The usefulness of the business model disclosure for investors’ judgements in financial entities. A European study," Revista de Contabilidad - Spanish Accounting Review, Elsevier, vol. 20(1), pages 1-12.
    4. Yulia Vymyatnina & Evgeniya Goryacheva, 2014. "Monetary Policy Rules in the Countries of the Customs Union," EUSP Department of Economics Working Paper Series Ec-05/14, European University at St. Petersburg, Department of Economics.

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