Human Capital Disclosure and Financial Value Creation in Indonesian Listed Companies
DOI:
https://doi.org/10.66931/jmb-565Keywords:
Human Capital, Human Capital Disclosure, Financial Value Creation, Human Resource Management, Corporate Reporting, Listed CompaniesAbstract
Human capital has increasingly become a strategic resource for organizations, particularly as companies face growing demands to demonstrate how investments in employees contribute to sustainable business value. However, corporate reporting often presents human capital information separately from financial information, making the connection between human resource practices and financial value creation less visible. This study examines how Indonesian listed companies disclose human capital and how such disclosures are associated narratively with financial value creation. The study employs a qualitative content analysis of annual reports and sustainability reports published by selected Indonesian listed companies during the 2023–2025 period. The analysis focuses on human capital investment, employee capabilities, employee well-being, strategic human resource management, productivity, operational efficiency, innovation, and financial value. The findings are expected to identify patterns in how companies construct human capital as a strategic organizational resource and communicate its contribution to business and financial value. The study further explores the extent to which corporate disclosures integrate human resource practices with financial outcomes rather than presenting them as separate organizational dimensions. The study contributes to the human resource management and financial management literature by providing an integrated perspective on human capital disclosure and value creation within the context of an emerging market. The findings may also provide practical insights for companies seeking to improve the strategic quality and transparency of human capital reporting.
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Copyright (c) 2026 Sigit Hermanto, Susi Sukawati, Shila Nabilah, M Fikri Annasrullah, Aldi Fermana (Author)
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