Intellectual capital disclosures and corporate governance in gaining the firms' non-discretionary profits and market value in ASEAN-5

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.