文章基本信息

标题：Intellectual Capital Disclosures and Corporate Governance in Gaining the Firms’ Non-Discretionary Profits and Market Value in ASEAN-5
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作者：Saarce Elsye Hatane ; Felicia Nathania ; Jocelyn Lamuel 等
期刊名称：Organizations and Markets in Emerging Economies
印刷版ISSN：2029-4581
出版年度：2020
卷号：11
期号：22
页码：276-304
DOI：10.15388/omee.2020.11.34
出版社：Vilnius University
摘要：This study aims to find the effect of Intellectual Capital Disclosure (ICD) and Corporate Governance (CG) on firm performance in ASEAN countries. Firm performance is divided into accounting-based performance and market-based performance. The accounting-based performance consists of Non-Discretionary Net Income (NDNI) and Cash Flow Operations (CFO), while market-based performance consists of Tobin’s Q and Market-to-Book Ratio (MBR). The measurement of ICD components uses a scoring system. The sample of this research is 112 firms in the industrial technology listed in the stock exchange of ASEAN-5 between 2011 and 2018. This study finds that NDNI increases when firms increase RCD quality. No ICD components are capable of affecting CFO. On the other hand, SCD is a variable that decreases NDNI value. BGEN is found to reduce NDNI and CFO values. RCD is also the only ICD component that can increase market-based performance, especially MBR. HCD consistently lowers the values of MBR and Tobin’s Q. BSIZE holds a significant role in raising Tobin’s Q score, and BGEN lowers MBR instead. BIND has no part in the market-based performance, but it significantly lowers NDNI value. This study adds another view to ICD’s benefits from two firm performance perspectives, accounting-based performance and market-based performance, especially in ASEAN-5.
关键词：non-discretionary net income; accounting-based performance; market-based performance; intellectual capital disclosure; good corporate governance;