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INTERDISCIPLINARY JOURNAL OF CONTEMPORARY RESEARCH IN BUSINESS
COPY RIGHT © 2012 Institute of Interdisciplinary Business Research
810
SEPTEMBER 2012
VOL 4, NO 5
HUMAN RESOURCE DISCLOSURE: A STUDY OF THE
PERCEPTIONS OF STAKEHOLDERS IN MALAYSIA
Lee Miin Huui, Swinburne University of Technology, Sarawak Campus, Malaysia
MSB Siddiq, Tun Abdul Razak University, Malaysia
Abstract
The purpose of this research paper is to identify the awareness of the concept of human resource
disclosure among the stakeholders of the companies. This research study also investigated the
impact factors, obstacles and motivators on the development of the concept of human resource
disclosure in the Malaysian context. The study also further analyzes the correlations of five
different variables to the level of awareness of human resource among the respondent and test
was carried out to test the hypotheses established based on different variables.
Keywords: HUMAN RESOURCE DISCLOSURE; STUDY ; PERCEPTIONS ;
STAKEHOLDERS ; MALAYSIA
1. Introduction
There is growing evidence that the quality of human resource is an important factor in a
business’s competitive advantage. With the movement of economy to a service based economy
for example the consulting firms, investment and banking, Information technology services, etc.
knowledge is the key differentiator. Knowledge is also increasingly important in manufacturing
companies for example pharmaceutical, electronic and machinery manufacturing, new
technology household equipments, etc. However, as the highly recognized important factor in
businesses, the value of human resource is still not recognized in the book of account and very
few companies are believed to offer significant human resource information to shareholders in
their annual reports.
In Malaysia, for the last three decade has transformed itself from a country that depended on
agricultural commodities and mining to an industry-based economy. Statistics from the
Department of Statistics showed that in 2005, the manufacturing and services industries
accounted for 32 percent and 57 percent of Malaysia’s GDP respectively. Malaysia also
embarked on a mission to develop a knowledge-based society as highlighted in its Third Outline
Perspective Plan , 2001- 2010 ( Economic Planning Unit, 2002) and a Knowledge-Based
Economy Master Plan which was launched in 2002. This plan consists of various strategies to
accelerate the transformation of Malaysia into a knowledge-based economy. Immediate to this
vibrant transformation, modern business companies in Malaysia will no longer solely rely on
investment in tangible asset but also in intangible asset such as human resource to create wealth
for shareholders.
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To date, research has been carried out by researchers and practitioners in Scandinavia, Australia,
Canada and Europe. However, in Asia, there is still a lack of research in this area. With the
emergence of knowledge-based innovation economy, whereby knowledge workers have become
an important resource for modern business firms; it is important to record such resource to reflect
the “true and fair view” of the companies’ financial position. Literature search points to the
limited research on Human resource disclosure in Malaysia. This research study was carried out
in Malaysia in an attempt to fill this gap.
The evolvement of the concept of recording human value in an annual report greatly depends on
the acceptance of the concept among all the stakeholders. That requires awareness among the
users and the providers on the benefits and significance of the concept of Human resource
disclosure.
Bearing these in mind and employing initial three stages of the framework developed by
Johanson and Nilson (2006), this research aimed firstly to find out the awareness and the
perceptions of this concept among the companies in Malaysia, and secondly, to identify the
current measurement practices of the disclosure of human resource value in an annual reports of
companies in order to gauge the awareness of human resource disclosure in Malaysia. The
research also attempted to explain the current practices of the reporting of human resource by
analyzing the perceptions of stakeholders on the importance of human resource disclosure in the
annual report.
2. Literature Review
Development of the Concept of Human Resource Disclosure (Financial Aspect)
Human Resource Accounting is a concept that has been on the research agenda for more than 40
years. The development of Human Resource Accounting as a field demonstrates high interest in
valuing the contribution of employees and improving human resource management. The other
reason could be due to the inadequacy of traditional balance sheets in providing sufficient
information on enterprise performance. The history of the development of human resource
accounting suggests that Human Resource Accounting is now experiencing some kind of revival.
(Grojer and Johanson 1998).
According to Flamholtz, Bullen, and Hua (2002), as illustrated in Table 2.1, Human Resource
Accounting has been emerged and developed through five stages.
Table 2.1: Development of Human Resource Accounting
Stages Years Development
1 1960 to 1966 The concept of Human Resource Accounting was derived.
2 1967 to 1970 Research was conducted to form measurement models.
3 1971 to 1977 Research interest in the field grew.
4 1978 to 1980 Research interest in the field declined.
5 1981 to present Show of a worldwide revival of the concept.
Adapted from: Flamholtz, Bullen and Hua (2002)
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Roslender (1997) claimed that the traditional accounting and financial reporting became less
useful when the major part of the global economy transited into knowledge-based economy. The
emphasis on Human Resource Accounting, according to Sloman (1999), was due to the
globalization of competition where completing through cost and product would not be enough.
For many companies, future profitability lies in the skills and capabilities of employees, and as a
result the development and investing in human resource become a new source of competitive
advantage.
Some research findings came up with reasons why Human Resource Accounting has become
more popular as compared to a decade ago. Cascio (1998), Boudreau (1998), Mayo (2000),
Johanson and Larsen (2000), Roslender (1997) proposed the changing structure of companies,
the importance of communication and the impact of technology, the need for continuous learning
and the emergence of the knowledge worker as the driving force while Flamholtz and Main
(1999) proposed that with the changing nature of management, where managers increasingly
become “facilitators” of knowledge intensive companies, the most valuable assets for companies
became the human resource and intellectual capital. In addition to growing significance of
human resource management in most companies, it was believed that the management of people
is now a key element in the strategic planning of a company. (Roslender, R. & Dyson, J.R.
1992).
Importance of Human Resource Disclosure
Various research carried out substantiated the importance of human resource disclosure. Human
Resource Accounting provides quantitative information about the value of human assets and
other non financial human resource information has been proved to be useful in making
decisions internally and externally.
Toulson and Dewe P. (2004) revealed that measuring human resource is perceived as important
firstly because the measurement reflects the strategic and competitive importance of human
resources, and secondly, because in order to earn credibility of a company, human resource must
be expressed in financial terms.
John, Edward & Gary (2001) stated that this disclosure was first developed to help management
to make decision. The two most prominent classes of decision makers who are most likely to use
the accounting information are the investor in securities (external) and managers making
resource allocation decision within the firm (internal). The investors can benefit from human
resource data as they reflect the current state of business organization and their growth
possibilities. On the other hand, this can inform managers on the cost of specific personnel
behaviors, such as training and turnover, thus encouraging better assessment and development of
people.
Failure to measure and report the value of human resource, however, may cause managers to
ignore the impact of their decision on employees (Lawler 2001). According to Lawler (2001),
managers may make decisions which in effect liquidate a company human resource by
suspending the human resource investment in order to increase the short term profit while the
organization will definitely suffer in the long run.
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James, Henry and Gertrude (1997) indicated a few benefits of recording human resource. As the
world is moving into the service economy, whereby humans have become the key element,
failure to measure their value and account for human cost will reduce the effectiveness of the
organization. Capitalizing human resource would assist in restoring individual relationships
between management and the employees in a complex organization. If a manager realizes there
are future benefits, he or she may spend more time developing employees. Human Resource
Accounting provides quantitative information about the value of human assets and this data
would also enable managers to identify the investment of human resource and the job
requirement of employees, to make appropriate decisions and to evaluate the management’s
utilization of human resources. Human Resource Accounting would also attempt to assess the
appreciation of an employee who perform well and would otherwise go unrecognized.
While human resource disclosure internally helps the top management make decisions regarding
the adequacy of human resources, it has an impact on the decisions of the investors, clients and
potential staff of the organization. Without proper valuation and accounting of human resources,
the management might not be able to recognize the negative effects of certain programmes,
aimed at improving profit in the short run. If not recognized on time, this might lead to the fall in
productivity levels, high turnover rate and low morale among existing employees
(http://www.galintranet, godrej.com/tmm/kzone/).
Ulrich, Geller, & Desouza, G (1984) called attention to the positive correlation between human
resource disclosure practices and business performance. It was supported by Yeung and Ulrich
(1990), confirming that the manner of alignment between human resource and business strategy
has an impact on organizational performance.
Research evidence by companies, and examined selected high performing companies, both
showed that financial outcomes of human resource investment has significant positive
correlation between an increase in the companies competence share and added value. Research
carried out in the United States and United Kingdom with selected listed companies showed
similar results which further confirmed that human resource measurement and reporting can lead
to improved profitability and competitiveness of a company
3. Research Objectives
Phase one of this study investigated the stakeholders’ perceptions of human resource reporting,
the impact factors and motives for providing human resource disclosure in annual reports. The
second phase of this study explored existing differences in perceptions and practices of the
companies in Malaysia in terms of types of industry. Data collected from questionnaire were also
analyzed to identify the awareness of the concept which may or may not be related to the
following variables: Size of the organization, Types of industry, Listing status, Mission
statement and Financial Performance. Further analysis was also carried out to test the following
five hypotheses:
H1: Large companies with various stakeholder groups are more likely to be aware of the concept
of human resource disclosure.
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H2: Companies with high level of employees’ concentration (service industry) are more likely to
be aware of the concept of human resource disclosure as compared to companies with low-level
employees’ concentration (manufacturing industry and others).
H3: Foreign listing companies are more likely to be aware of the concept of human resource
disclosure as compared to those which are not.
H4: Companies which indicate staff development and staff welfare in their vision and mission
statement are more likely to provide human resource value in their annual report as compared to
those which do not.
H5: Companies with better financial performance are more likely to be aware of the concept of
human resource disclosure.
4. Research Methodology
Based on the research objectives, this descriptive and explanatory research analyzed quantitative
and qualitative data by using SPSS and Multiple Regression Model to identify the acceptance
and importance perceived by the stakeholders, the possible obstacles, motivators and the impact
factors of the disclosure of human resource motivations behind human resource disclosure, the
differences in perceptions of the stakeholders in human resource disclosure in annual report for
companies from different types of industries and identify the correlation relationship and the
testing of hypotheses.
4.1 Development of the Hypotheses
Firm size
One of the theoretical frameworks that support a positive relationship between firm sizes and
disclosure is Legitimacy Theory. Legitimate Theory is defined as:
“A generalized perception or assumption that the actions of any entity are desirable, proper , or
appropriate within some socially constructed system of norms, values, beliefs and definitions”,
Suchman (1995).
The theory implies that given a growth in community awareness and concern, companies will
take measures to ensure their activities and performances are acceptable to the community. The
annual report may reinforce the community’s perception of management’s responsiveness to
issue such as environmental, social and other issues, which could include human resource.
Examples of the firm size proxies, including sales revenue, number of staff, market
capitalization, have all been tested. Based on these, this study hypothesized that:
H1: Large companies with various stakeholder groups are more likely to be aware of the concept
of human resource disclosure.
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Industry Type
It is observed in the previous studies that industry type is associated with the level of disclosure
in their companies’ annual report. According to Cowen et al. (1987), industry type is related to
certain types of social responsibility disclosure. The companies tend to provide information
which is in line with the unique nature of their industry sector. For example: labor intensive
industries are expected to be more aware of the human resource in the companies and to provide
more information about their employees; chemical industries are likely to provide more
information on environment; and service industry and to exhibit more brand information to
enhance their corporate image. Based on these, this study hypothesized that:
H2: Companies with high level of employees’ concentration (service industry) is more likely to
be aware of the concept of human resource disclosure as compared to companies with low-level
employees’ concentration (manufacturing industry and others).
Listing Status
According to Haniffa and Cooke (2005), stakeholders in foreign countries have more diverse
interest, awareness and power and therefore exert different pressures on organization to disclose
more information as in disclosure of information on social responsibilities. Companies which are
not listed in the foreign stock market, however, may not engage in voluntary disclosure practices
in the absence of regulations and rules. As for foreign market listed companies, they will respond
to the pressure of various interest groups and voluntarily disclose more information in order to
realize the potential benefits that the disclosure of extra information could bring (Hope, 2003).
Based on these, this study hypothesized that:
H3: Companies, which are foreign listing companies, are more likely to be aware of the concept
of human resource disclosure as compared to those companies which are not.
Disclosure of Human Resource in Mission Statement
Hypothesis 4 is concerned with the disclosure of human resource in the mission statement. It is
proposed that companies with an emphasis on human resource in their mission statement are
more likely to have higher level of human resource disclosure in the annual report. In order to
achieve the mission of the companies, the management is geared towards the recording of the
value of human resource and therefore more aware of the concept of human resource disclosure.
For the purpose of this study, it was hypothesized that:
H4: Companies with staff development and staff welfare in their vision and mission statement
are more likely to be aware of the concept of human resource disclosure as compared to those
that do not.
Financial Performance
Theoretically, the investors generally perceive the absence of any voluntary disclosure as an
indication of the reports not being transparent and reliable. This provides average or better
performing firms with an adverse selection incentive to disclosure (Verrecchia, 1983). Prior
empirical evidence shows that better performing companies have greater incentive to disclose
more information in their annual reports and more aware of various disclosure of information in
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annual report as to avoid signaling the information of hiding some unfavorable information to the
users (Skininner, 1994).
For the purpose of this study, it was hypothesized that:
H5: Companies with better financial performance are more likely to be aware of human resource
disclosure concept.
4.2 Data Collection Procedure
This study utilized mainly the primary data. Questionnaires were used as the data collection
procedures for this research study. Questionnaires are able to provide a quantitative or numeric
description of trend, attitudes or opinions of a population with the ability to accommodate large
sample sizes thereby reflecting a more realistic situation of the topic of research study. In this
study, a web-based self-administered questionnaire was ratified to be appropriate methods to use
to gather the primary data.
4.3 Target Respondents to the Questionnaire
The questionnaires were sent to the following stakeholders of companies using emails and
normal postal mails. Stakeholders are “any individual upon whom organizational actions impact,
either directly or indirectly” in an economic, environmental and/or social manner. (Unerman &
Bennett, 2004)
For this research study, data had been collected from the following stakeholder groups:
i. Employees: Top Executive / Accountant/ Human Resource managers of companies listed in
the main board and second board of BURSA Malaysia, as the objective was to learn from
experiences of companies of significant economic size.
ii. Regulatory Authorities: Members of Professional Bodies in Malaysia to seek professional
views on the subject:
a. Malaysian Institute of Accountants (MIA)
b. Association of Certified Chartered Accountants (ACCA)
c. Certified Public Accountants (CPA)
d. Chartered Institute of Management Accountants (CIMA)
e. Malaysia Institute of Corporate Governance (MICG)
iii. Other main stakeholders of companies from small, medium and large size companies:
a. Investors
b. Customers
c. Local Communities
iv. The Government
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4.4 Determinant of the Sample Size for Questionnaire
In this phase of study, a stratified sample was adopted. With the nature of the stratified sample,
the sample of this study was divided into three groups.
Sample Size Calculator was used to determine how many samples are needed in a questionnaire
to get results that reflect the target population as precisely as needed. (Creative Research
Systems- http://www.surveysystem.com/)
Different confidence interval and level were applied to the different group of the sample in this
research study. According to Creative Research Systems, confidence level is expressed as a
percentage and represents how often the true percentage of the population who would pick an
answer lies within the confidence interval. Most researchers use the 95% confidence level.
4.5 Random Sampling of Questionnaires
In this study, stratified random sample method was used to select the respondents to the
questionnaire. A stratified sample was obtained by independently selecting a separate simple
random sample from each population stratum. A population can be divided into different groups
based on some characteristic or variable. (Webster, 1985).
Method of random sampling was used in this phase of study. A simple random sample is
obtained by choosing elementary units in such a way that each unit in the population has an
equal chance of being selected. A simple random sample is free from sampling bias (Webster,
1985).
For each group of sample, a name list was used to randomly select the sample:
Group 1: List of companies’ listed on BURSA main board and second board downloaded from
BURSA website.
Group 2: Name list of accountants listed on MIA, ACCA, CPA, CIMA websites.
Group 3: Name list from:
i. Directory of manufacturing companies in Malaysia
ii. Directory of Government Agencies
iii. Directory of Churches Association
iv. Directory of Institute of Engineer Malaysia
v. Directory for member of Malaysian Chamber of Commerce
Each name in the list stated above was converted into Excel format numbered sequentially using
alphabetical order. Depending on the sample size required for each group, the numbers were
randomly picked using SPSS analysis package.
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4.6 Reliability and Validity of Questionnaire-Pilot Test
Cronbach’s coefficient alpha was used to test the reliability of the questionnaire.
According to Robson (1993), there is no agreement over the minimum acceptable standard for
scale reliability compute by Cronbach Alpha, but 0.80 has been suggest as the general rule that
the correlations are attenuated very little by random measurement error. In this study, alpha of
0.8 was used as the minimum acceptable standard to measure the reliability of the questionnaire.
34 samples collected as pilot test were analyzed. The results of the Cronbach Alpha for the
questionnaire in this study shows a 0.826 reliability scale, which is above the minimum
acceptable standard of 0.80. This indicates an acceptable degree of internal consistency among
the items on the scale.
4.7 Information on the Respondents and Response Rate
From a total of sample size of 1509 as determined for this research study, 470 responses were
received and 371 responses were usable constituting 82 % of estimated response of 453. Of the
371 replies that were received, 52.8% of the respondents were male and 47.2% were female. In
terms of qualification, 57.7% of the respondents had the qualification of degree level or higher
and 27.8% held a professional qualification. 79.78% of the respondents had more than 5 years
working experience. Senior managers or executive managers comprised 72.24% of the
respondents. High percentage of the respondent came from trading and service industry followed
by finance, 13.7% and 0.5% of the 371 companies listed on the main board and second board
respectively. 78% of the companies were local holding. Table 4.0 showing the breakdown of the
response rate of the respective respondents groups.
Table 4.0 Breakdown of the response rate of the respective groups:
Samples Questionnaire Sent Response
Received
Response Rate Useable Data
Group 1 309 60 19.42% 54
Group 2 600 215 35.83% 152
Group 3 600 195 32.50% 237
Total 1509 470 31.15% 371
According to Owen and Jones (1994), recorded response rate of approximately 30% is
reasonable. Considering the factors listed above, the confidence level and confidence interval of
sample size needed the estimated percentage of reasonable response rate of approximately 30%
(Owen and Jones, 1994), the estimated respondents for each phase of study would be:
Group one: 309 samples x 30% = 92.7 respondents
Group two: 600 samples x 30% = 180 respondents
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Group three: 600 samples x 30% = 180 respondents
Total estimated respondents for the questionnaire 453 respondents.
5. Findings of the Study
Phase One of the Study
This section reports the findings of the questionnaires on the stakeholders’ perceptions on
Human resource disclosure.
5.1 General Perceptions on Accounting and Human Resource Disclosure
Information illustrated in Table 5.1, Table 5.2 and Table 5.3 that could be found in Appendix
show the detailed analysis of the response on most important current, tangible and intangible
assets in the organisation. Findings shows that 61.2% (227 out of 371 respondents) felt that the
most important current asset in the organisations was cash and equivalent, followed by short and
long term investment (12.1% of respondents). Only a small number of respondents stated
account receivable, inventories and prepaid expenses. Another interesting finding is that 35 out
of the 43 respondents who selected “Others” mentioned that human resource was the most
important current asset in the organisations.
Concerning the question on most important tangible and intangible assets of the organisations,
34% of the respondents stated that land appeared to be the most important tangible asset in the
organisations followed by building with 27.2% respondents. Goodwill on the other hand was
stated (55%) as the most important intangible asset to the organisations.
76.3% out of 371 respondents indicated that the traditional balance sheet failed to provide
sufficient information. 74.1% of the respondents also stated that their organisation did not have
any mechanism in valuing human resource. See Table 5.4 and Table 5.5 for the details analysis.
Respondents were asked to indicate the needs of standard format to record human value and the
type of model that the companies should adopt. 55.5% of the respondents stated that human
resource should be recorded using a standard format. In response to the question of the model
that the companies should adapt to disclosure human resource in the annual report, the results
indicate that 92.5% (343 out of 371) of respondents indicated that they were not sure with the
model that the organisations should adopt. Only 10 respondents (2.7%) indicated that the
companies should adopt historical model in recording human resource disclosure. This finding
shows the limited knowledge of the model of recording human resource among the respondents.
Table 5.6 and Table 5.7 that could be found in Appendix show the detailed analysis of the
standard format and model of recording human resource.
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5.2 The Awareness of the Concept of Human Resource Disclosure
One of the reasons why the slow development of the concept of human resource disclosure was,
according to the respondents, the unawareness of the concept. Analysis was conducted using
SPSS to identify the awareness of the concept.
The findings show that 55.3% of the respondents heard about the concept. 80.9% of the
respondents indicated that human resource value should be accounted for as asset in the balance
sheet. This finding support the literature discussed that in the era of knowledge-based economy,
human resource disclosure, knowledge accounting, measurement of intellectual capital are
important tools for management. Human resource is considered not as overheads but as assets, as
it is the employees and not the outdated buildings and production equipment, which will carry
the enterprise into the future.
Table 5.8 that could be found in Appendix showing the detailed analysis of the respondents’
response to the above two questions.
5.3 The Importance of Measuring Human Resource
In this section, respondents were asked to show how important the valuation of human resources
was to their organization; why this valuation was considered important; to whom the valuation
was important and who should initiate human resource disclosures.
83% of respondents stated that the measuring of human resources was important, very important
or extremely important in their companies. The rest, 14.6% of the respondents, stated that the
measurement of human resource was somewhat important or not important. 2.4% of the
respondents skipped this question in the questionnaire. Table 5.10 that could be found in
Appendix shows the detailed analysis of the question of the importance of human resource
disclosure.
Further analysis was conducted where respondents were given a list of eight statements about the
importance of measuring human resource (for detailed analysis, refer to Table 5.11 that could be
found in Appendix). They were asked to consider each statement and to indicate on a five point
scale how strongly they agreed with the statements. The four most important reasons for
measuring human resource as indicated under the scale of extremely important are given below,
following the sequence of high count to low:
i. The knowledge and skills of people are the most important source of sustained competitive
advantage.
ii. Measurement of the knowledge and skills of employees is an important indicator of future
profitability.
iii. Understanding the value of the people in the organization would help in both setting and
achieve the long term strategies of future human resource needs.
iv. Measuring of human resource will help with strategic planning.
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The analysis indicates that the knowledge and skills of people are the most important source of
sustained competitive advantage. As human resource was identified as important source of
sustained competitive advantages to companies, it was expected that the recording of human
resource would help strategic planning and decision making.
Analysis was also carried out to identify the overall reasons for measuring human by looking
into the counts under the scale of important, very important and extremely important as shown in
Table 5.12 that could be found in Appendix. The results show that the following are the
important reasons (which follow the sequence of high count to low) that the respondents perceive
to measure human resource:
i. The knowledge and skills of people are the most important source of sustained competitive
advantage.
ii. Understanding the value of people in the organization would help in both setting and achieve
the long term strategies of future human resource needs.
iii. Measurement would allow people to be seen as an investment to be developed rather than an
expense to be trimmed.
iv. Measurement of the knowledge and skills of employees is an important indicator of future
profitability.
There are few interesting notes by the respondents with regards to the importance of human
recording to a company:
i. The maintenance of detailed record relating to human resource improves managerial decision-
making especially on decisions such as direct recruitment versus promotions; transfer versus
retention, retrenchment or relieving versus retention.
ii. A proper recording of human resource will help to interpret the Return of Human Capital
employed by an organisation. A more reliable valuation of Return on Human Capital employed
by an organisation would give a long-term perspective of a business performance.
iii. Human resource disclosure might increase the productivity as a monetary value is attached to
it. Human talents, devotion and skill are considered as valuable assets and are allotted a place
in the financial statements of the organization. These actions would boost the morale, loyalty
and initiative of the employees, creating in their mind, a sense of belonging towards the
organization and would act as a great incentive, giving rise to increased productivity.
From the analysis (illustrated in Table 5.13 that could be found in Appendix) of the importance
of human resource disclosure to the stakeholders, the finding shows that employee is the group
of stakeholder which has the highest count. The extra notes of the respondents also show their
feeling that human resource disclosure is important to employees as it will give opportunity to
the employees to reveal the gaps in skills and competence levels, clarify their roles in the
organisation as knowledge asset and to assist the employees in planning for their career
progression, succession, training or development and knowledge management.
In the response to the question to identify who in the organisation should initiate the practice of
measuring human resource, 49.6% of the respondents stated that the personnel from human
resource department should take the initiative, 35.6% of the respondents stated that personnel
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from account department should take the initiative and the remaining 14.3% of the respondents
stated that an independent party should be engaged to carry out the task. Those respondents who
identified the human resource personnel as the most appropriate to initiate the recording stated in
their notes; because they had the knowledge, expertise and data to do so. There were also
respondents who stated that this should be the initiative of personnel from both department–
Human Resource Department and Account Department. Table 5.14 that could be found in
Appendix shows the detailed analysis of the question on the personnel responsible to initiate
human resource disclosure.
5.4 Obstacles to Measuring Human Resource
One of the objectives for this study was to find out the main obstacles to the valuation of human
resource. Thus, the question raised to the respondents was to list possible barriers for companies
to value human resource. Respondents were asked to consider each reason and to indicate on a
five point scale of how strongly they agreed with the obstacles listed in the questionnaire. Each
of the obstacles should be addressed in order to make progress in practice.
An overall analysis on the results of the scale of relevant, very relevant and extremely relevant is
described in Table 5.15 that could be found in Appendix. The obstacles that were identified are
listed under the scales of “Extremely Relevant”. The obstacles are presented, following the
sequence of high count to low:
i. Not required by the accounting regulations
ii. No knowledge of human resource disclosure
iii. Not information that can be shared openly
iv. Lack of clear guidance and direction of the concept
v. Measurement of human resource is not the priority of the organization
5.5 Preferred Structure to Record Human Resource Value
The respondents were questioned on the preferred structure to record the human resource value
regardless of the model in recording, as model of recording is not in the scope of research for this
study.
79.5% of the respondents indicated that voluntary human resource disclosure was the preferred
method to record the human resource value as the application of mandatory structure may have
problem with the restriction of accounting regulation. Table 5.16 that could be found in
Appendix shows the details analysis on the preferred structure of recording human resource
value.
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The respondents were asked to identify the measure that they considered to be important for the
companies. These measures included those might predominantly be used by the human resource
department in the companies. The following are the measures that the respondents noted as
important measures for a company, which follow the sequence of high count to low:
i. Training and education cost
ii. Revenue per employee
iii. Competency
iv. Turnover rate
v. Leadership Skills
The finding clearly shows that there is awareness of the importance of measures mentioned
above. Unfortunately, 74.1% of the organisations surveyed did not have a mechanism of
measuring human resource value in place (see Table 5.5 that could be found in Appendix). The
failure to utilise the measure reflects how little emphasis is given to the evaluation of many
human resource activities. Table 5.17 that could be found in Appendix shows the detailed
analysis of the human resource measures used by organisations.
5.6 Industry and Practices on Human Resource Disclosure
In the questionnaire, a question was raised to identify whether there were statistically significant
differences between industries and the importance of measuring human resources and the
preferred method of recording human resource.
Section 5.6.1 explains in details the findings of the importance of human resource disclosure in
terms of types of industry and the relationship between the importance of recording human
resource value and the amount of disclosure based on the different industries.
Section 5.6.2 reports the findings of the preferred method of recording human resource in
different industries and the preferred method of recording human resource for the industry as a
whole.
5.6.1 Importance of human resource disclosure based on Industries
From the results depicted in Table 5.18 that could be found in Appendix, it can be seen that the
top four industries that indicated that human resource disclosure was important for the
companies are industry under “Others”, mainly the maintenance contract companies followed by
Finance Accounting, Trading and Service and Consumer Product.
Respondents from industries such as Construction, Hotel, Technology, Industrial Product and
Properties showed to place less importance on the concept of human resource disclosure. On the
other hand, the respondents from companies which were labor and service intensive seemed to
place more emphasis on the importance of recording human resource value in the companies.
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5.6.2 Preferred Structure to Record Human Resource Value based on Industry
This section reports the findings on the preferred structure to record human resource value based
on industry. Detailed analysis shows that more than 70% of the respondents from most of the
industries preferred voluntary disclosure of human resource in the annual report. Table 5.19 that
could be found in Appendix shows the breakdown of the percentage for each industry.
Phase Two of the Study
5.7 Correlation Analysis
The correlations presented and discussed below provide the insight into the relationship between
the variables. For this phase of the research, the dependent variable, the awareness of the human
resource disclosure concept (AWHRDs), was analyzed using the data collected from
questionnaire. It also summarizes descriptive statistic for independent variables:
Size of the companies (SO)
Type of Industry (TI)
Listing Status (LS)
Disclosure of HR information in mission statement (MSD)
Financial performance (FP)
Based on the discussion on the development of hypothesis in Section 4.1, the construct of the
dependent and independent variables is tabulated below:
Construct of the Dependent and Independent Variables
Dependent variable Measurement
Awareness of the annual report
human resource disclosure
(AWHRD)
Measured by the awareness of the human resource
disclosure concept
Independent variables
Size of the organization (SO) Measured by the number of staff
Type of Industry (TI) Coded by industry classification in BURSA
Listing Status (LS) Coded by local or foreign listing
HR disclosure in mission
statement (MSD)
Coded by YES/NO human resource disclosure in
mission statement
Financial position (FP) Measured by total market capitalization
Pearson’s correlation should only be used when all variables are normally distributed; a
descriptive statistic for all variables was carried out to test for the normal distribution.
Descriptive statistics of all the independent variables used in the test of the relationship between
AWHRDs and companies’ specific characteristics is presented in Table 5.20 below. A range
value of the skewness between 2 to -2 is normally used as an acceptable range for normality
assumption Norusis (2004).
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Table 5.20: Descriptive Statistic for All Variables
N Minimum
Maximu
m Mean
Std.
Deviation Skewness Kurtosis
Statistic Statistic Statistic Statistic Statistic Statistic Statistic
AWHRD
s 371 1 2 1.55 .498 -.212 -1.966
SO 371 1 8 2.88 2.559 1.190 -.146
TI 371 1 11 6.32 3.408 -.187 -1.586
LS 371 1 4 1.22 .415 1.350 -.178
MSD 371 1 2 1.43 .496 0.279 -1.933
FP 371 1 10 9.38 1.981 -2.313 3.517
All the variables presented show an acceptable range of skewness except for the financial
performance with a 0.3 above the acceptable level. In this study, a Pearson Correlation was
conducted to identify the relationship between the variables.
Pearson’s correlation matrix for all variables with the sample size of 371 data sets collected from
questionnaires as illustrated in Table 5.21 below provides insights into the association between
the variables.
Table 5.21: Pearson’s Correlation Matrix for All Variables with the Sample Size of 371
TI SO LS MSD FP
AWHRD
s
TI Pearson
Correlation 1
Sig. (2-tailed) -
SO Pearson
Correlation .062 1
Sig. (2-tailed) .232 -
LS Pearson
Correlation
.176(**
) .179(**) 1
Sig. (2-tailed) .001 .001 -
MSD Pearson
Correlation -.014 -.071 -.018 1
Sig. (2-tailed) .795 .172 .731 -
FP Pearson
Correlation -.073
-
.152(**) -.032
.120(*
) 1
Sig. (2-tailed) .161 .003 .540 .021 -
AWHRD
s
Pearson
Correlation
.352(**
) .345(**)
.227(**
) -.022
-
.143(**) 1
Sig. (2-tailed) .000 .000 .000 .669 .005 -
** Correlation is significant at the 0.01 level (2-tailed).
* Correlation is significant at the 0.05 level (2-tailed).
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This correlations table indicates that:
i. The correlation between the awareness of human resource disclosure and type of
industry is 0.352 with a corresponding p- value of significant of 0.000 which is less
than 0.05 based on 371 samples. So, there is a significant positive relationship between
the awareness of human resource disclosure and the type of industry.
ii. The correlation between the awareness of human resource disclosure and size of the
companies is 0.345 with a corresponding p- value of significant of 0.000 which is less
than 0.05 based on 371 samples. Therefore, there is a significant positive relationship
between the human resource disclosure in the annual report and the size of the
companies.
iii. The correlation between the awareness of human resource disclosure and the
companies’ listing status is 0.227 with a corresponding p- value of significant of 0.000
based on 371 samples. Consequently, there is a positive significant positive relationship
between the human resource disclosure in the annual report and the companies listing
status.
iv. The correlation between the awareness of human resource disclosure and financial
performance is -0.022 with a corresponding p- value of significant of 0.669 which is
more than 0.05 based on 371 samples. There is not a significant relationship between
the awareness of human resource disclosure and the financial performance.
v. The correlation between the awareness of human resource disclosure and mission
statement of human resource disclosure is -0.143 with a corresponding p- value of
significant of 0.005 based on 371 samples. There is weak negative significant
relationship between the awareness of human resource disclosure and the mission
statement disclosure.
5.8 Multiple Regression Analysis
For the purpose of this phase of study, a multiple regression analysis using SPSS was conducted
in order to test the hypotheses developed in Section 4.1 regarding the relationship between the
awareness of the human resource disclosure concept and the selected corporate specific
characteristics.
There were various potential problems associated with the generalizations of the multiple
regression analysis which must be considered before employing the regression model. This was
no cause of concern to this phase of study, as the correlation matrix (see Table 5.21) shows that
all the correlation coefficient of independent variables was below the threshold of 0.800.
For the purpose of this study, the analysis on the awareness of the human resource disclosure
practices of 371 samples was based on the following multiple regression model:
AWHRDs = a + MCx1 + TI x2 + LSx3 + MSDx4 + FPx5 + e
Where
AWHRD = Awareness of the annual report human resource disclosure- Measured by the
awareness of the human resource disclosure concept
SO = Size of the organization- Measured by number of staff
TI = Type of Industry- Coded by industry classification in BURSA
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LS = Listing Status- Coded by local or foreign listing
MSD = HR disclosure in mission statement- Coded by YES/NO human resource
disclosure in mission statement
FP = Financial position- Measured by total market capitalization of the companies
a = Intercept
e = Error term
In this section, results from the multiple regression analysis, including the R2
and significance of
the regression model as well as the coefficient and significance of the independent variable are
discussed.
Table 5.21 displays the correlations for all the variables included in this phase of study. The
result shows that the independent variables are either not correlated or low correlated to the
dependent variable. Having low correlations of individual variable with each other would allow
them to make relatively unique contribution in predicting the dependent variable. The table also
shows that the relationship between the independent variables and dependent variable are not
significant except for the size of the industry; with a p value <0.05.
Table 5.22 below highlights the hypothesized and the actual relationships among the key
variables based on the hypotheses. The correlations indicate whether or not a relationship
between the variable exist.
Table 5.22: Hypothesized and Actual Relationship of Variables
Relationship Hypothesized Actual
H1 Large companies with various stakeholder groups
are more likely to be aware of the concept of
human resource disclosure.
Positive Statistically
significantly
positive
H2 Companies with high level of employees’
concentration (service industry) are more likely to
be aware of the concept of human resource
disclosure as compared to companies with low-
level employees’ concentration (manufacturing
industry and others).
Positive Statistically
significantly
positive
H3 Companies, which are foreign listing companies,
are more likely to be aware of the concept of
human resource disclosure as compared to those
companies which are not.
Positive Statistically
significantly
positive
H4 Companies with staff development and staff
welfare in their vision and mission statement are
more likely to be aware of the concept of human
resource disclosure as compared to those that do
not.
Positive Statistically
not
significant
H5 Companies with better financial performance are
more likely to be aware of the concept of human
resource disclosure.
Positive Statistically
weak
negative
significant
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The model summary table (Table 5.23) displays R, R2, Adjusted R
2 and standard error of
estimate. The value of R, R2, and Adjusted R
2 measured the degree to which the awareness of
human resource disclosure was determined by the five independent variables. The value of the
standard error of the estimate measures the degree to which awareness of human resource
disclosure was not predicted from the five variables.
Table 5.23: Model Summary
Model R R Square Adjusted R Square Std. Error of the Estimate
1 0.497(a) 0.247 0.237 0.900
a Predictors: (Constant), Mission statement, Industry, Market Capitalization, Listing, Size of
companies
This model summary table shows that the multiple correlation coefficient of R=0.497. The R2 is
the coefficient of determination of 0.247 to measures the proportion of the total variation of
human resource disclosure. This explains that the variable of human resource disclosure in
mission statement, type of industry, capitalization of organization, listing status and size of the
companies accounted for approximately 24.7% of the dependent variable of disclosure of human
resource in annual report which is considered as weak ( Field,2005). Further, the standard error
of the estimate of 0.900 indicates the degree to which the independent variables were unable to
predict scores on the dependent variable of 0.90 points on average which is quite a low
estimation.
As illustrated in Table 5.24, analysis on ANOVA was used to test whether the regression model,
with all of the independent variables included, significantly predicted the awareness of the
disclosure of human resource in the annual report. In ANOVA, a p-value less than or equal to
0.05 indicates that the regression model, with all the independent variables included,
significantly predicts the dependent variable in a study.
Table 5.24 shows the p- value of 0.000 which is less than 0.05. This leads to the conclusion that
the regression equation with the five independent variables is able to significantly predict the
awareness of disclosure of human resource in annual report.
Table 5.24: Analysis on ANOVA
Mode
l Sum of Squares df Mean Square F Sig.
1 Regressio
n 97.218 5 19.444 23.992 .000(a)
Residual 295.801 365 .810
Total 393.019 370
a Predictors: (Constant), Mission statement, Industry, Market Capitalization, Listing, Size of
companies
b Dependent Variable: Awareness of the HR disclosure concept
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Analysis of coefficients was also carried out to obtain necessary values to construct a regression
equation and to test each of the independent variable for significance.
Table 5.25 shows the analysis of the independent variables for significance. The p-value for size
of companies, type of industry and listing status was less than 0.05. These three variables
accounted for a significant amount of unique variance in the awareness of human resource
disclosure concept. On the other hand, the financial position of the companies and disclosure of
mission statement were not significant since the p-value was more than 0.05.
Table 5.25: Analysis of Coefficients
Model
Un- standardized
Coefficients
Standardized
Coefficients t Sig.
B
Std.
Error Beta B
Std.
Error
1 (Constant) 1.123 0.248 4.530 0.000
Size of companies 0.103 0.016 0.295 6.307 0.000
Industry 0.093 0.014 0.308 6.658 0.000
Listing 0.293 0.116 0.118 2.523 0.012
Financial Position -0.027 0.017 -0.074 -1.591 0.112
Mission statement 0.029 0.095 0.014 0.302 0.363
a Dependent Variable: Awareness of HR disclosure concept
For the purpose of this study, the following regression equation was developed:
AWHRDs = a + MCx1 + TI x2 + LSx3 + MSDx4 + FPx5 + e
Where
AWHRD = Awareness of the annual report human resource disclosure- Measured by the
awareness of the human resource disclosure concept
SO = Size of the organization- Measured by number of staff
TI = Type of Industry- Coded by industry classification in BURSA
LS = Listing Status- Coded by local or foreign listing
MSD = HR disclosure in mission statement- Coded by YES/NO human resource
disclosure in mission statement
FP = Financial position- Measured by total market capitalization of the companies
a = Intercept
e = Error term
The values in the regression equation are indicated in Table 5.25. Entering these values in the
regression equation formula produced the following equation to predict the human resource
disclosure in annual report scores. This is the regression equation based on the score of 371 data
collected from questionnaire. The purpose of the regression was to be able to give an individual’s
score on the five independent variables and to further predict the awareness of the human
resource disclosure.
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AWHRDs = 1.123 + 0.103SO + 0.093TI + 0.293LS + (-0.027)FP + 0.029 MSD +e
6. Limitation of the Study
There are three significant limitations of this study. The first limitation is that this study does not
examine in details the models of measuring human resource value in the annual report and the
benefits of the methods of measuring human resource. While the investigation into the awareness
of human resource disclosure in annual report may enhance the understanding of the motivation
behind such disclosure, exploring what model would be used or had been used would enhance
the research literature on the disclosure of human resource in the annual report.
The second limitation is that the literature review might not be extensive enough. Despite the
considerable number of articles covered in the literature review, there is still articles on the title,
which could not be recovered due to the followings reasons such as the difference in the use of
key words by researchers from that used for the literature search, the availability of the relevant
articles in the database and the failure to include some the articles due to the fact that only the
abstract rather than full text was available and which, the researcher felt, might not give the full
understanding of the topics.
The third limitation is that due to the time constraint it prevented the researcher from extending
the data collection period for this study. Subsequently, the useable questionnaires collected from
the sample size accounted for 82 % of estimated response of 453. A larger sample size may have
allowed for a more thorough examination of the study.
7. Conclusions and Future Research
Given the increasing number of knowledge workers and new knowledge based opportunities in
Malaysia, it is expected that the increase in the understanding and implementation of this new
phenomenon will force companies to further develop and manage their human resource
effectively. Disclosure of human resource in financial statement and annual report would become
very significant.
This study has followed the first three of the five stages of the framework developed by Johanson
and Nilson (1996) on implementation of human resource disclosure in the companies’ annual
report. The first three stages of the framework, awareness of the concept, attitude of the users
and identification of the methods of measuring was utilized. This study focused on the
preliminary stage of Human resource disclosure concept in Malaysia by identifying the current
practices of human resource disclosure in Malaysia. This included the awareness of the concept
of human resource disclosure among Malaysian companies and the treatment of human resource
disclosure that stakeholders perceive to most appropriately introduce in the future.
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In summary, this research has contributed to new knowledge on the awareness and the human
resource disclosure in Malaysia, the perceptions of the stakeholders among the companies in
Malaysia on awareness, acceptance, importance and obstacles of the disclosure of human
resource in the financial report and the correlation between the corporate characteristic to the
awareness of the human resource disclosure concept.
The study findings also indicate that the awareness of human resource disclosure as a dependent
variable has a significant positive relationship with the independent variables of size of the
companies, type of industry, listing status of the companies a weak negative significant with
financial performance, and non significant relationship with the mission statement disclosure.
Therefore the following hypotheses were supported:
Hypothesis 1 (H1): Firm size was found to be significantly associated the degree of awareness of
the concept of human resource disclosure. This finding is in line with most of the previous
empirical studies examining voluntary disclosure practices as discussed. Further investigation on
multiples regression analysis, firm size was statistically positively related to the disclosure and
awareness of the concept of human resource disclosure, and hence H1 was supported.
Hypothesis 2 (H2): The type of industry was found to be significantly associated with the degree
of awareness of the concept of human resource disclosure. The results reveal that there was a
statistically positive relationship between industry type and awareness of the human resource
disclosure. Analysis shows that companies with high level of employees’ concentration (service
industry) are providing more human resource disclosure. Based on multiples regression analysis,
H2 was supported.
Hypothesis 3 (H3): The findings in this study show that there is a statistical positive relationship
between the listing status of the companies and the awareness of the human resource disclosure,
whereby companies which are foreign listing companies provide more human resource
information in the annual report. Based on the multiple regression analysis, there was a
significantly positive association between listing status and the two hypotheses. Therefore H3
was supported.
There are other avenue of further research relate to the quantitative measures of human resource
value in the annual report. It is essential that human resource be measured and valued in financial
term if it is to be accommodated within the accounting profession’s existing financially driven
framework. It is very clear that human resource value will be denied as equal to other assets in
financial statement unless emphasis is placed on some form of financial quantification.
Other direction of future research could involve examining the impact of recording human
resource in annual report for companies with such a procedure in place. While most of the users
aware that human resource disclosure is important to a company, it is equally important to know
how the procedure would impact the operation, decision making of a company.
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