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The purpose of this study is to investigate the value relevance of voluntary intellectual capital disclosure (ICD) in New Zealand by examining the relationship between voluntary ICD and market value. The results suggest that the relationship between voluntary ICD and market value is not a simple, positive relationship across the board. That is, the benefits of different types of intellectual capital (IC)—namely human, relational and structural capital—may vary significantly, and there may even be some costs to disclosure. Positive relationships were found between human and relational capital as well as ICD overall. The results for structural capital disclosure, however, showed a significant and negative relationship. These results suggest that there may be a trade-off between the costs and benefits of disclosure. We also found that the relationship between voluntary ICD and market value is moderated by technologically intensive industries. This relationship is stronger for low-tech industries. This may be due to the fact that low-tech industries disclosed more IC information voluntarily, indicating that more disclosure strengthens the relationship between voluntary IC and market value.

The value relevance of voluntary intellectual capital disclosure: New Zealand evidence