Purpose: Mandatory disclosure of a firm’s intellectual capital (IC) is restricted by accounting regulations, leading companies to use voluntary disclosure to inform their stakeholders about their IC. However, voluntary IC disclosure (ICD) is costly and may lead to a leak of knowledge....

Because mandatory disclosure of intellectual capital (IC) is restricted by accounting regulations, companies invest in voluntary IC disclosure (ICD) to reduce information asymmetries and support an adequate firm valuation by investors and other stakeholders. So far numerous studies analysing the...