Abstract

In the setting of this paper, we compare the usefulness perception of 42 items of voluntary information on intellectual capital of 22 Tunisian financial analysts and portfolios managers with the degree of their disclosure in the annual reports of 50 firms listed on the Stock Exchange Securities of Tunisia. The analysis is led on the primary data extracted from a survey and from secondary data extracted from annual reports. Given the purpose of our study, we developed a weighted disclosure index comparing the supply of information on intellectual capital in annual reports and user#x2019;s demand. Results highlight the existence of an important gap between the supply and the demand of voluntary information on intellectual capital. More specifically, the offer of the majority of information diverges completely with their demand by the Tunisian financial market.