Intellectual Capital Disclosures and Corporate Governance in Gaining the Firms� Non-Discretionary Profits and Market Value in ASEAN-5

This study aims to find the influences of Intellectual Capital Disclosure (ICD) and Corporate Governance (CG) on firm performances in ASEAN countries. Firm performances are divided into accounting-based performance and market-based performance. The accounting-based performance consists of Non-Discretionary Net Income (NDNI) and Cash Flow Operations (CFO), while market-based performance consists of Tobin�s Q and Market-to-Book Ratio (MBR). The measurement of ICD components uses a scoring system. The sample of this research is 112 firms in the industrial technology listed in the stock exchange of ASEAN-5 between 2011 and 2018. This study finds that NDNI increases when firms increase RCD quality. No ICD components are capable of affecting CFO. On the other hand, SCD is a variable that decreases NDNI value. BGEN is found to reduce NDNI and CFO values. RCD is also the only ICD component that can increase market-based performance, especially MBR. HCD consistently lowers the values of MBR and Tobin�s Q. BSIZE holds a significant role in raising Tobin�s Q score, and BGEN lowers MBR instead. BIND has no part in the market-based performance, but it significantly lowers NDNI value. This study adds another view to ICD�s benefits from two firm performance perspectives, accounting-based performance and market-based performance, especially in the ASEAN-5