Talking about “human capital” or not: lessons from the French experiment of integrated reporting on the period 2014–2020

Stéphane Trébucq and Francis Gonzalez

Chapter 26 in Handbook on Intangibles, 2026, pp 489-505 from Edward Elgar Publishing

Abstract: This chapter investigates the heterogeneous treatment of human capital within French integrated reports published between 2014 and 2020, focusing on whether the explicit use of the term “human capital” corresponds to more substantial and qualitative disclosures. Based on a content analysis of SBF 120 companies, the study develops a Human Capital Disclosure Index (HCDI) and categorizes firms into two groups: those that reference human capital explicitly and those that do not. The results demonstrate that companies using the term tend to provide richer, more structured information. The analysis also incorporates a comparative study with South African companies, revealing that a regulated environment leads to more consistent human capital disclosures. Further regression analyses identify several corporate governance and ESG variables that influence disclosure strategies, while rejecting some traditional assumptions related to firm size and profitability. The findings underscore the limitations of voluntary reporting in the absence of precise regulatory guidance, highlighting the need for more robust frameworks to ensure meaningful human capital disclosure in the context of integrated reporting.

Keywords: Human capital; Integrated reporting; France; Corporate disclosure; Non-financial reporting (search for similar items in EconPapers)
Date: 2026
ISBN: 9781035306367
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