ارتباط ارزشی افشاگری بر اساس سرمایه انسانی: اثرات تعدیلی بهره وری نیروی کار، تمایلات سرمایه گذار، پوشش تحلیلگر و کیفیت حسابرسی

Voluntarily disclosed employee costs in annual reports of listed firms are value relevant, according to US based studies. However, investors appear to fail to take full advantage of the signaling opportunities presented by these disclosures. This study suggests that labor productivity, audit quality, analyst coverage and high technology categorization moderate the value relevance of voluntarily disclosed employee costs in Malaysia, contributing a novel set of moderating variables to the human capital accounting and value relevance literature, and extending the extant literature to an emerging economy. The results are consistent with the findings from US based settings, after incorporating these moderating factors. Pertinent policy recommendations, based on these findings, are suggested.