The influence of corporate governance characteristics on human capital disclosure: the moderating role of managerial ownership

Tejedo-Romero, F., & Araujo, J. F. F. E. (2022). The influence of corporate governance characteristics on human capital disclosure: the moderating role of managerial ownership. Journal of Intellectual Capital, 23(2), 342–374. https://doi.org/10.1108/JIC-03-2019-0055 This episode examines the disclosure of human capital information by Spanish companies from 2007 to 2016. It integrates intellectual capital and social responsibility frameworks to assess how companies report on human capital, highlighting their adaptation to new regulations and voluntary efforts to signal responsibility toward employees and stakeholders. The study analyzes the influence of board structure, composition, and functioning on disclosure practices, with managerial ownership acting as a moderating factor aligning interests. Key findings reveal that human capital disclosure supports stakeholder decision-making, while corporate governance impacts information policies. Spanish companies increased disclosure after 2014 in anticipation of the EU Directive 2014/95/EU. Training and development were prioritized, while work-related knowledge received less attention. Gender diversity positively influenced disclosure, whereas independent boards showed a negative effect, suggesting a substitution dynamic. The episode explores practical, social, and policy implications, emphasizing mandatory regulations and governance reforms to enhance human capital transparency.