Intellectual Capital Disclosure in Malaysian IPO Prospectuses : A Comparison between Financial Crisis-recovery and Post-crisis period

As the importance of IC has grown over the past decade, this paper aims to investigate corporate governance characteristics, firm-specific characteristics and external influences on the extent of IC disclosure in Malaysian IPO prospectuses over the period of the financial crisis-recovery [2008-2011] and post-crisis [2012-2015] using multiple regression analysis. The study also looks at indirect and direct impact of ICD on level of underpricing. Content analysis of IPO prospectuses is used to investigate ICD in a sample of 106 organizations between 2008-2015 where disclosure was computed using disclosure index.From the investigation of corporate governance, firm characteristics and external influence it was found that none of the variables could be used as explanatory variable for ICD in both economic situations however, in crisis-recovery situation firm performance was found to be negatively significant with ICD whereas, in post-crisis period reporting accountant was found to be positively significant, furthermore, at (α