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The study on corporate disclosure of human capital has received growing research attention where researchers tend to address the reporting of human capital in different countries and markets and explore the antecedent and implications of reporting human capital. Despite there were number of studies on human capital disclosure, there were lack of studies on how far those disclosure practice by the listed corporations actually meet the stakeholders’ expectations. Hence, this study attempt to apply the stakeholder theory to frame the human capital reporting practices by the corporations in Malaysia. Therefore, the methodology of this study would be two folds where firstly, to develop the stakeholders’ expectation on the human capital reporting measurement items and the perceive importance through a Delphi technique, and secondly, to determine the human capital disclosure practices through the content analysis technique from the measurement item develop from stakeholders’ expectations. This could fill the gap in the literature by exploring the current extent of human capital reporting by the listed corporations in Malaysia and how far such disclosure met the stakeholders’ expectations. The findings indicate that despite the higher perceive importance on human capital disclosure by the stakeholders, the corporate reporting practice are still at an inferior stage. Hence, the conclusion of this study applied the stakeholder theory to explains such findings from a stakeholders’ judgmental value, power and the stakeholder-management relationship.

Keywords: Human capital reporting, Global Reporting Initiative, stakeholder theory, Delphi techniques.

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