MAXIMISING STOCK LIQUIDITY THROUGH THE EFFECTIVE DISCLOSURE OF INTELLECTUAL CAPITAL: A CASE STUDY IN INDONESIAN
(1) Universitas Muhammadiyah Tangerang/Universitas Muhammadiyah Jakarta
(2) Universitas Muhammadiyah Jakarta
(3) Universitas Muhammadiyah Tangerang
(*) Corresponding Author
Abstract
This study investigates the determinants of stock liquidity in the Indonesian capital market and examines the mediating role of market capitalisation in the relationship between intellectual capital disclosure and stock liquidity. Employing a quantitative approach with purposive sampling, the study analyses 132 firm, year observations using Structural Equation Modelling (SEM) via AMOS 22. The results indicate that good corporate governance significantly influences the Intellectual Capital Disclosure Index (ICDI), while firm characteristics exert a negative effect and VAICtm shows no significant impact. ICDI positively affects market capitalisation but does not directly influence stock liquidity. Market capitalisation, however, significantly enhances stock liquidity and mediates the relationship between ICDI and stock liquidity. This research contributes to the literature by integrating intellectual capital disclosure and market capitalisation within the stock liquidity framework, offering empirical evidence from an emerging market context. The findings underscore the indirect mechanism through which intellectual capital disclosure improves stock liquidity via market capitalisation. Practically, the study provides insights for regulators and policymakers in formulating disclosure regulations that emphasize intellectual capital as a strategic component for investor decision making and market efficiency. The study is limited to publicly listed companies in Indonesia and relies on secondary data; future research may incorporate cross-country comparisons or qualitative assessments to enrich the analysis.
Keywords
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DOI: http://dx.doi.org/10.33019/ijbe.v10i4.1391
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