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             \author[1]{Dr. Richa  Mishra}

             \author[2]{Dr. Lokanath  Mishra}

             \author[3]{Dr. Richa  Mishra}

             \affil[1]{  JK Lakshmipat University}

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\date{\small \em Received: 9 December 2016 Accepted: 4 January 2017 Published: 15 January 2017}

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\begin{abstract}
        


Corporate disclosures in annual reports has increased manifold particularly in last decade providing a plethora of information about accounting and corporate reporting practices. Corporate annual reports are becoming an outlet for disclosures various information of both voluntary and mandatory, financial and non-financial and other aspects of company performance. Human Resource is one of the important aspects of effective and efficient company management and information about the same are useful for various stakeholders. The present study investigated the extent of human resources disclosures in annual reports by both the manufacturing and service industries in India, the study used multiple regression models to examine the impact of selected corporate attribute like age, turnover, total asset, profitability, market capitalization and promoter?s shareholding on the extent of HR disclosures in corporate annual report. The result of the study shows that manufacturing companies have better HR disclosures as compared to IT companies. The result also shows statistically significant relationship between market capitalization and promoter?s shareholding with the extent of HR disclosures. However, age, turnover, profitability and total asset don?t have any influence over the level of HR disclosures.

\end{abstract}


\keywords{human resource, corporate disclosure, annual report.}

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\let\tabcellsep& 	 	 		 
\section[{Introduction}]{Introduction}\par
uman resources are the people who make up sector, or economy. "Human capital" is sometimes used synonymously with "human resources", although human capital typically refers to a more narrow view (i.e., the knowledge the individuals embody and economic growth). Likewise, other terms sometimes used include "manpower", "talent", "labor", "personnel", or simply "people". A human resource is department (HR department) of a company performs human resource management, overseeing various aspects of employment, such as compliance with labor law and employment standards, administration of employee benefits and some aspects of recruitment and dismissal. Human resources is important to organizations in various areas, ranging from strategic planning to company image. HR practitioners in a small business who have well-rounded expertise provide a number of services to employees. The areas in which HR maintains control can enhance employees' perception of HR throughout the workforce when they believe HR considers employees to be its internal customers and renders services with that in mind. The human resource is important for an organization Human Resources helps managers who are good at the operational aspect of their job but who don't know how to manage their people.\par
To ensure that companies don't discriminate in how they handle their employees, there are a number of laws and reporting requirements that have pretty stiff monetary consequences. HR keeps up with these to protect the company. In the present era, Human Resource plays a strategic role. The experience, knowledge and skills of the employees of an organization are its real capital, especially when it comes to the knowledge based industry like banking, IT and other service sector. Therefore, HR disclosure plays a significant role in the determination of productivity, profitability and sustainability while, also forming a basis for decision making for the management of a company. Disclosure leads to information asymmetry which is important for an organization. Human Resource Disclosure provides quantitative and qualitative information about the value of human assets and this information has been proved to be useful in making decisions internally and externally. The measuring of human resource is perceived as important, firstly, because the measurement reflects the strategic and competitive importance of human resources, and secondly, because in order to earn credibility of an organization, human resource must be expressed in financial terms.\par
Disclosure was first developed to help management make decisions. The two most prominent classes of decision makers who are most likely to use the accounting information are the investors in securities (external) and managers who make resource allocation decisions within the firms (internal). The investors can benefit from the human resource data as they reflect on the current state of business organizations and their growth possibilities. On the other hand, this information is vital for the managers in determining the cost of specific personnel behaviors, such as training and turnover, which in turn will encourage better assessment and development of people. Human Resource Disclosure provides quantitative and qualitative information about the value of human assets and this data would also enable managers to identify the investments of human resource and the job requirements of employees, to make appropriate decisions and to evaluate the management's utilization of human resources. Human resource disclosure internally helps the top management make decisions regarding the adequacy of human resources; it has an impact on the decisions of the investors, clients and potential staff of the organization. Without proper valuation and accounting of human resources, the management may not be able to recognize the negative effects of certain programmers, aimed at improving profits in the short run. If not recognized on time, this might lead to the fall in productivity levels, high turnover rates and low morale among the existing employees. There is a positive correlation between human resource disclosure practices and business performance, confirming that the manner of alignment between human resource and business strategy has an impact on organizational performance. 
\section[{II.}]{II.} 
\section[{Human Resource Disclosure in Industry}]{Human Resource Disclosure in Industry}\par
Human capital reporting has received considerable academic and practitioner attention across the globe during the past decade and a half. The corporations in the developed countries are usually disclose HR information in formal pattern in their annual report but in the developing countries like India, HR disclosure aspect is very new concept and it is still in infant stage. Though it is not compulsory for the companies in India, but they are making some HR disclosure voluntarily. There has been a scarcity of research on HR disclosure in the perspective of emerging economies. As the human resource has been considered as tactical capital, its accounting and disclosure aspects are becoming significant for the organizational success. So far our knowledge concern, no rigorous research work has been done on human resource reporting in annual report of manufacturing and IT industries in India. Hence, this study is an attempt to investigate the HR reporting practices in the manufacturing and IT sector in India and to evaluate the relationship between company attributes and Human Resource Disclosure. 
\section[{III.}]{III.} 
\section[{Literature Review}]{Literature Review}\par
Various works of the previous scholars in the area of human resource disclosure practices in India and Abroad, has been review to get an insight and framing the research objective and methodology.Joshi Mahesh (2009) has examined Intellectual capital disclosures under financial report of the 15 IT companies in India and found that Human Resource of Indian company is very negligible, Similarly, Mahboob, Rahman \& Imran (2004) examined annual reports of 40 companies listed in Dhaka stock exchange, Bangladesh for nature of voluntary disclosure on their human resource and found that the companies were making HR disclosure even though it was not mandatory.Miin\&Siddiq (2012) has revealed Human resource disclosure under corporate characteristic in Malaysia by using SPSS and content analysis of word count technique. The results of their study indicated that the overall extent of HR disclosure is higher in labor intensive industries, he has also studied the perception of stakeholders in Malaysia on HR disclosure by using SPSS and Multiple regression model and revealed that the HR disclosure has significant positive relationship with size of the companies, type of industry and listing status of the companies. Mishra Lokanath and Haldar P.K. (2016) studied 50 Indian Pharmaceutical Companies to ascertain the depth of environmental narratives in corporate annual report and concluded that there is a positive relation between PAT, turnover and level of environment disclosure.Micah Leyira Christian, Ofurum Clifford O. \&Ihendinihu John U. (2012) studied the relationship between firm's financial performance and human resource accounting disclosure of companies in Nigeria. The sample size consisted of fiftytwo (52) listed firms randomly drawn from all sectors in Nigeria. The study revealed a positive correlation between Return on Equity (ROE) and Human Resource Accounting Disclosure (HRAD) and concluded that this will ensure a higher degree of uniformity and utility to stakeholder. The other research in this area done by Chan Juni\&Yeung Davey (2013) examined the effect of the levels of public reporting on human assets among six selected Hong Kong listed companies using content analysis and found that Human Resources (HR) reporting in the annual reports was limited with less than one per cent out of the total coverage, similarly, Batista and Beatriz (2012) studied the Factors explaining the level of voluntary human capital disclosure in the Brazilian capital market by examining 145 annual reports representing 29 companies in the period of 2005-2009 and concluded that that factors such as size, debt, growth and time of registration with the Brazilian Securities and Exchange Commission explain the level of voluntary human capital disclosure of the companies studied.MiinHuui Lee (2010) evaluated annual reports on human resource disclosure using content analysis in Malaysia and suggested that there is a positive correlation between Human Resource Disclosure and the size of the organization, types of industries and the listing status of the organizations. While studying the impact of international financial reporting standard on human resources disclosure Akintoye, et,al (2014) examines the effect of adoption of IFRS on Human Resource Accounting Disclosure (HRAD) in the financial statements of banks in Nigeria. Data for HRAD for 11 Nigerian banks were obtained through content analysis of financial statements for 2009-2013 and recommend that separate standards should be established for HRAD practices since it is a vital aspect of financial reporting and its disclosure should not be overlooked.  {\ref Enyi}  Performance: Empirical Evidence in the Turkish Automotive Supplier and found that the growth rate of the industry indeed had an obvious moderation effect on the relationships between three types of intellectual capital and innovation performance. Paramashivaiah \& Puttaswamy (2013) studied the intellectual capital disclosure practices: a new paradigm in financial reporting and found that The disclosure on number of employees is an indication of the size of an organization and can be taken as an aid in analyzing the change in its operations. Market and market information is the most frequently reported items. In one of the recent study Sharma Deepa (2016) has examined intellectual capital reporting practices: a study of annual reports of select Indian firms and found that the it can be seen that most of the intellectual capital disclosures items are reported in various segments of the annual report, like Corporate Governance Report, Director's report, Management discussion \& analysis report, Auditor's report and consolidated financial statement section. Mariana et.al (2011) revealed the determinants of intellectual capital disclosure among 150 companies listed in Bursa Malaysia were selected consisting of five industries: Information Technology, Consumer Product, Industrial Product, Trading/Services and Finance and found that the 72.67 percent of companies disclosed IC in their annual reports reflecting a very high disclosure of IC in Malaysia. Malaysian firms engaged in investor, customer and supplier relations. Similarly, Castelo et.al.\par
(2010) has examined an analysis of intellectual capital disclosure by Portuguese companies and hound that difference between a frequency analysis and a line count analysis. They studied a sample of companies from Sri Lanka and found that in 1998/1999 the human capital category was the most reported in terms of line count, but only the second most reported category in terms of frequency, the similar results also found by Deepa\&Subha (2016) measuring Intellectual Capital -The Key to Innovation and Sustainability. and found that the relationship of employees, customers, technologies and processes, growth and value addition. Intellectual capital statement brings clarity to the strategies, helps in finding powerful interpretations for the growth story and ameliorates sketches and visualizations about an organization. Salleh Abdul Latif and SelamatFauziah (2007) has examined Intellectual Capital Management in Malaysian Public Listed Companies and found that the business firms in Malaysia do practice intellectual capital management. This is particularly encouraging in the light of Malaysian government's effort to build intellectual capital in Malaysia.Indra\&James (2003) has revealed Human capital reporting in a developing nation and found that the Featuring employee contribution was the most notable HC attribute found in the annual reports. Such features generally involve recognizing the employee's effort and commitment towards the firm.\par
The study of above literature it could be summarized most of the research are conducted in context to foreign countries and very less number of studies are conducted in India. The work done in Indian companies are also limited to top most of the countries and none of the previous work concentrates industries specific HR disclosure practices, which triggers this study to see the sector specific HR disclosure practice by IT and Manufacturing companies. Though Human capital reporting in India is not compulsory the study has been taken to see the voluntary HR disclosure practices by the Indian companies and also how selected corporates attributes influenced the HR disclosure level of the sample companies. 
\section[{IV.}]{IV.} 
\section[{Significance of the Study}]{Significance of the Study}\par
Human capital reporting has received considerable academic and practitioner attention across the globe during the past decade and a half. The corporations in the developed countries are usually disclose HR information in formal pattern in their annual report but in the developing countries like India, HR disclosure aspect is very new concept and it is still in infant stage. Though it is not compulsory for the companies in India, but they are making some HR disclosure voluntarily. There has been a scarcity of research on HR disclosure in the perspective of emerging economies. As the human resource has been considered as tactical capital, its accounting and disclosure aspects are becoming significant for the organizational success. So far our knowledge concern, no rigorous research work has been done on human resource reporting in annual report of manufacturing and IT industries in India. Hence, this study is an attempt to investigate the HR reporting practices in the manufacturing and IT sector in India and to evaluate the relationship between company attributes and Human Resource Disclosure.\par
V. 
\section[{Objectives of the Study}]{Objectives of the Study}\par
? The study Human Resource Disclosure in corporate annual report by Indian Companies. ? To examine the association between level of human resource disclosure and corporate attributes.\par
VI. 
\section[{Research Methodology}]{Research Methodology}\par
The propose study is of exploratory in nature aims to examine human resource disclosure practices by Indian companies by ITand manufacturing sectors. To 15 companies in in term of market capitalization has be chosen from both the sectors for the purpose of the study. The list of BSE listed companies from the IT and manufacturing sector companies has been selected and top companies chosen on the basis of market capitalization as on 31 st December 2016. In live of the the annual report of sample companies for the financial year 2015-2017 has been downloaded from the company website. In line of research observed to see the level of HR disclosure by the sample companies The construction of HR disclosure Index has considered as below. 
\section[{a) Construction of Disclosure Index}]{a) Construction of Disclosure Index}\par
The extent of human resource disclosure practices by IT and manufacturing sectors was measured by the construction of disclosure index on 15 items. The disclosure index was constructed by taking various Human Resource Disclosure parameters and these parameters were taken from various reports and sites. This paper uses an unweighted approach for disclosure scoring, because each item in the index was equally important. After developing the index, a score sheet was developed to access the extent of human resource disclosure. If a company discloses an item of information includes in the index, it receives a score of 1 \& 0 otherwise. For calculating company wise disclosure, a score sheet of all the items for each company was prepared. The total score indicates the extent of information disclosed in the annual report. For calculating item wise score, scores assigned to different items in the score sheet of all the companies.\par
The second objective of the study was to see the impact of various corporate attributes as the level of HR disclosure. The selection of corporate attributes has been done on the basis of literature review the following independent variable has been chosen. Present in the task below:
\begin{quote}
Variables Rationale References Age\end{quote}
\par
The level of human resource disclosure commitments of older and newer firms may be different. 
\section[{VazakidisAthanasios, Stavropoulos Antonios, Galain Despina (2013)}]{VazakidisAthanasios, Stavropoulos Antonios, Galain Despina (2013)}\par
Turnover Turnover represents the percentage of portfolio that is sold in a particular month or year. Investopedia PAT Profitability is one the study variables for the industry's human resource management. The literature provides results. PAT can be fully retained by a company to be used in the business.\par
Padmalatha Suresh (2008), Justic Paul (2010) 
\section[{Total asset}]{Total asset}\par
The total assets depict the size of the industry and the widely used variables measure the influence of the company. Pahuja (2009) 
\section[{Market Capitalization}]{Market Capitalization}\par
Market capitalization shows the value of the company's share in the stock market. This reflects whether the shareholder considers the HR disclosure of the companies. 
\section[{Gupta and Goldar (2005), Singh Gurdeep (2009)}]{Gupta and Goldar (2005), Singh Gurdeep (2009)}\par
Promoters Shareholder\par
A shareholder is any person, company or other institution that owns at least one share of a company's stock. Because are a company's owners, they reap the benefits of the company's successes in the form of increased stock valuation. 
\section[{Stavropoulos Antonios}]{Stavropoulos Antonios}\par
The influence of the above five independent variables on dependent variable human resource disclosure score is estimated using correlation and regression analysis. 
\section[{b) Regression Equation}]{b) Regression Equation}\par
After satisfy the entire basic assumption foe all multiple linear regression analysis, the variation in the level of HR disclosure having combined effect of independent variable has been measured through the multiple regression models. The equation that has been applied is given below along with the results obtained by estimating the regression model.Y= ? + ? 1 X1 + ? 2 X 2 + ? 3 X 3 + ? 4 X 4 + ? 5 X 5 + ?6X 6+ ? Where Y = HR disclosure lebel ? = Constant X 1 = Age of the company X 2 = Profit after tax X 3 = Total asset X 4 = Turnover X 5 = Market capitalization X 6 = Promoters shareholder ? 1 to ? 6 = Coefficient of respective independent variable ? = Regression residuals\par
The model consists of six explanatory variables for explaining the behavior of dependent variable. The model has been applied to sample data to test foe their statistical significance. The overall significance of the model has been tested through R-Square, F statistics and significant levels.   HR Department of any company handles the internal customers which attracts the external customers to make a purchase or engage in buying activities. Thus it is found after analyzing the results that Information which is subject matter of employees and rewards systems and policy is not disclosed out in the Annual Reports of the Company. Though such disclosures need not to be made as it is a matter of ethics but these companies can disclose impact of such policies on the employees of the company to boost the profitability over time. Though some disclosures are made through Annual Reports but majority of that either belongs to statutory requirements or is favoring its marketing initiatives.  F-Value revels that regression model as a whole has a good fit and has a reasonable explanatory power. The significant F ratio  {\ref (4.158)} shows that all variables taken together significantly explain the variability observed in human resource disclosure. The above table presents the relationship of independent variables get dependent variable that is HR disclosure level. We found that two variables that is market capitalization and promotions shareholders has significant relationship with HR disclosure level having two value of 2.910 and -2.117 and significant value of .009 and .047 at 95\% of significance level. however other variable has no significant relationship with HR disclosure level. This confirms the null hypothesis name Ho1 and Ho4 is accepted and null hypothesis Ho5 and Ho6 is rejected alternative hypothesis is accepted. The result are in line with studies conducted by Mishra Lokanath, Joshi Mahesh, Chan Juni and Yeung Davey. 
\section[{VII.}]{VII.} 
\section[{VIII.}]{VIII.} 
\section[{Findings and Conclusion}]{Findings and Conclusion}\par
It is very interesting to note that the level of human resource disclosure by sample IT and Manufacturing companies in India is more of compliance with the human resource activities. Around 70 percent of the companies provided information about various human resource issues applicable to their companies and to which they are complying with, but none of the companies provide detail of such complacence. According to the research most of the companies are mainly focuses on award and rewards given, disclosure of employee stock option scheme, info about safety and security, employee welfare activities and performance appraisal.\par
The outcome of the study is limited to the analysis of the annual report of 15 companies in IT sector and 15 companies from manufacturing sector in India. It provides a further scope of extensive study by taken companies from a wider group of industries from manufacturing and the IT sector.\par
TCS Limited and Infosys positions the most elevated among the IT Sector with fourteen percent factors falling under TCS and Infosys, trailed by Tech Mahindra falling under twelve percent section and KPIT under 11.5\% section. Rest alternate organizations fall under 10\% section which determines that lone few of them make revelations of their HR actualities and Data significant for general society and out of the individuals who unveil; they uncover just immaterial measure of data or ambiguous data HR Department of any organization handles the interior clients which draw in the outer clients to make a buy or participate in purchasing exercises. In this manner it is found subsequent to dissecting the outcomes that Information which is topic of representatives and prizes frameworks and strategy is not revealed out in the Annual Reports of the Company.\par
In spite of the fact that such revelations require not to be made as it involves morals yet these organizations can unveil effect of such arrangements on the representatives of the organization to help the productivity after some time. In spite of the fact that a few revelations are made through Annual Reports however larger part of that either has a place with statutory necessities or is favoring its showcasing activities.\begin{figure}[htbp]
\noindent\textbf{1}\includegraphics[]{image-2.png}
\caption{\label{fig_0}Fig. 1 :}\end{figure}
 \begin{figure}[htbp]
\noindent\textbf{2}\includegraphics[]{image-3.png}
\caption{\label{fig_1}Fig. 2 :}\end{figure}
   \begin{figure}[htbp]
\noindent\textbf{} \par 
\begin{longtable}{}
\end{longtable} \par
 
\caption{\label{tab_0}}\end{figure}
 \begin{figure}[htbp]
\noindent\textbf{1} \par 
\begin{longtable}{P{0.03737785016286645\textwidth}P{0.8126221498371335\textwidth}}
S. No.\tabcellsep Items of HR disclosure Index\\
1\tabcellsep Human resource development policy and program\\
2\tabcellsep Description of training activities undertaken\\
3\tabcellsep Loan and advance to employee\\
4\tabcellsep Employee participation in organization decision making\\
5\tabcellsep General statement on industrial relation\\
6\tabcellsep Relationship with women' union\\
7\tabcellsep Number and occupational group of employee\\
8\tabcellsep Information about safety policy and measures at work place\\
9\tabcellsep Disclosure of employee stock option scheme\\
10\tabcellsep Recruitment policy\\
11\tabcellsep Pay policy and system\\
12\tabcellsep Awards and rewards given for good performance\\
13\tabcellsep Employee welfare activities\\
14\tabcellsep Performance appraisal system\\
15\tabcellsep Workers grievance redressal mechanism\end{longtable} \par
 
\caption{\label{tab_1}Table 1 :}\end{figure}
 \begin{figure}[htbp]
\noindent\textbf{2} \par 
\begin{longtable}{P{0.25757575757575757\textwidth}P{0.22323232323232325\textwidth}P{0.04292929292929293\textwidth}P{0.18888888888888888\textwidth}P{0.051515151515151514\textwidth}P{0.08585858585858586\textwidth}}
ANOVA a\tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \\
Model\tabcellsep Sum of Squares\tabcellsep df\tabcellsep Mean Square\tabcellsep F\tabcellsep Sig.\\
Regression\tabcellsep 95.385\tabcellsep 6\tabcellsep 15.897\tabcellsep 4.158\tabcellsep .007 b\\
Residual\tabcellsep 76.467\tabcellsep 20\tabcellsep 3.823\tabcellsep \tabcellsep \end{longtable} \par
 
\caption{\label{tab_2}Table 2 :}\end{figure}
 \begin{figure}[htbp]
\noindent\textbf{3} \par 
\begin{longtable}{P{0.5403100775193799\textwidth}P{0.09444444444444444\textwidth}P{0.09664082687338502\textwidth}P{0.046124031007751934\textwidth}P{0.07248062015503876\textwidth}}
Mode\tabcellsep R\tabcellsep R Square\tabcellsep Adjusted R Square\tabcellsep Std. Error of the Estimate\\
1\tabcellsep .745 a\tabcellsep .555\tabcellsep .422\tabcellsep 1.95534\\
\multicolumn{4}{l}{The value of adjusted R square (.422) shows}\tabcellsep \\
\multicolumn{4}{l}{that 42.2\% variation in the HR disclosure label is causing}\tabcellsep \\
\multicolumn{3}{l}{by the changes in theseindependent variable.}\tabcellsep \tabcellsep \\
Model\tabcellsep t\tabcellsep Sig.\tabcellsep \tabcellsep \\
(Constant)\tabcellsep 6.863\tabcellsep .000\tabcellsep \tabcellsep \\
Age\tabcellsep -.611\tabcellsep .548\tabcellsep \tabcellsep \\
Profit After Tax\tabcellsep .267\tabcellsep .792\tabcellsep \tabcellsep \\
Total Asset\tabcellsep -.967\tabcellsep .345\tabcellsep \tabcellsep \\
Turnover\tabcellsep -.553\tabcellsep .586\tabcellsep \tabcellsep \\
Market Capitalization\tabcellsep 2.910\tabcellsep .009\tabcellsep \tabcellsep \\
Promoters Shareholder\tabcellsep -2.117\tabcellsep .047\tabcellsep \tabcellsep \end{longtable} \par
 
\caption{\label{tab_3}Table 3 :}\end{figure}
 			\footnote{© 2017 Global Journals Inc. (US)} 			\footnote{( )2017GHuman Resource Disclosure and its Association with Corporate Attributes} 			\footnote{( ) 2017 © 2017 Global Journals Inc. (US) 1} 			\footnote{( 2017 © 2017 Global Journals Inc. (US) 1} 		 		\backmatter  			 
\subsection[{Data Analysis and Interpretation}]{Data Analysis and Interpretation}\par
The analysis of Human resource disclosure in the corporate annual report of sample companies revealed that almost all companies provides the human resource disclosure related information. But according to the IT companies the manufacturing sector companies provided the more information. The percentage human resource disclosures of sample companies at corporate annual report are given below:\par
Manufacturing Companies 			 			  				\begin{bibitemlist}{1}
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\end{document}
