Intellectual capital receives an increased attention as it is very essential especially in the knowledge-based business in this technological era. There has been several research of intellectual capital disclosures, and some of the research investigates the difference of intellectual capital disclosures between two countries. However, there has been no research examine the difference of intellectual capital disclosures of two different countries in same region. Examining listed companies in financial industry in two Southeast Asian countries, Indonesia and Singapore, we examine to what extent these companies disclose intellectual capital information in their annual reports. Furthermore, we also examine whether there are differences of intellectual capital disclosure practices in these two countries. We apply content analysis in this research by codifying intellectual capital information to a coding sheet based on 18 attributes of intellectual capital and pre-defined operational definitions. We also apply stakeholder and legitimacy theory in order to analyze our findings. We find that despite of different level of economic development in two countries, financial listed companies in both countries disclose intellectual capital information in their annual report. While Indonesian financial companies focus on internal capital disclosures, Singaporean financial companies focus on their human capital disclosures. However, Indonesian companies interestingly provide more intellectual capital disclosures as opposed to Singaporean companies due to different economic development and landscape that can be explain with stakeholder and legitimacy theory. Our research contributes to intellectual capital literature in Southeast Asia, as there is a scant literature in this research area in Southeast Asia despite of the known importance of intellectual capital.

intellectual capital, intellectual capital disclosures, content analysis, Southeast Asia, Indonesia, Singapore

• Rosinta Ria Panggabean, S.E., S.S., M.Ak, CertDA

• Martin Surya Mulyadi, S.E., M.M., BKP., CPMA