{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,4,7]],"date-time":"2026-04-07T05:51:09Z","timestamp":1775541069661,"version":"3.50.1"},"reference-count":56,"publisher":"American Accounting Association","issue":"2","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":[],"published-print":{"date-parts":[[2024,7,1]]},"abstract":"<jats:title>ABSTRACT<\/jats:title>\n               <jats:p>Human capital (HC) is increasingly important to corporate value creation. Unlike other assets, however, HC is not currently subject to well-defined measurement or disclosure rules. We use a machine learning algorithm (word2vec) trained on a confirmed set of HC disclosures to develop a comprehensive list of HC-related keywords classified into five subcategories (DEI; health and safety; labor relations and culture; compensation and benefits; and demographics and other) that capture the multidimensional nature of HC management. We share our lexicon, corporate HC disclosures, and the Python code used to develop the lexicon, and we provide detailed examples of using our data and code, including for fine-tuning a BERT model. Researchers can use our HC lexicon (or modify the code to capture another construct of interest) with their samples of corporate communications to address pertinent HC questions. We close with a discussion of future research opportunities related to HC management and disclosure.<\/jats:p>\n               <jats:p>Data Availability: Data are available from the public sources cited in the text.<\/jats:p>\n               <jats:p>JEL Classifications: B40; C80; M14; M41; M54.<\/jats:p>","DOI":"10.2308\/isys-2023-023","type":"journal-article","created":{"date-parts":[[2024,3,22]],"date-time":"2024-03-22T18:37:55Z","timestamp":1711132675000},"page":"163-186","source":"Crossref","is-referenced-by-count":15,"title":["Measuring Corporate Human Capital Disclosures: Lexicon, Data, Code, and Research Opportunities"],"prefix":"10.2308","volume":"38","author":[{"ORCID":"https:\/\/orcid.org\/0000-0001-6933-2837","authenticated-orcid":false,"given":"Elizabeth","family":"Demers","sequence":"first","affiliation":[{"name":"University of Waterloo"}]},{"ORCID":"https:\/\/orcid.org\/0000-0001-9974-8147","authenticated-orcid":false,"given":"Victor Xiaoqi","family":"Wang","sequence":"additional","affiliation":[{"name":"California State University, Long Beach"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-1579-462X","authenticated-orcid":false,"given":"Kean","family":"Wu","sequence":"additional","affiliation":[{"name":"Rochester Institute of Technology"}]}],"member":"1112","published-online":{"date-parts":[[2024,6,14]]},"reference":[{"issue":"1","key":"2024070218514668200_B1","doi-asserted-by":"crossref","first-page":"169","DOI":"10.2308\/ISYS-2022-031","article-title":"Toward automating shredding nonprofit XML files: The case of IRS Form 990 data","volume":"37","author":"Abu-Khadra,","year":"2023","journal-title":"Journal of Information Systems"},{"key":"2024070218514668200_B2","doi-asserted-by":"crossref","unstructured":"Arif,\n              S.\n            , Y. S.Yoon, and H.Zhang. 2022. The information content of mandatory human capital disclosures\u2014Initial evidence. (Working paper). https:\/\/papers.ssrn.com\/abstract=4222506","DOI":"10.2139\/ssrn.4222506"},{"key":"2024070218514668200_B3","unstructured":"Batish,\n              A.\n            , A.Gordon, J. D.Kepler, D. F.Larcker, B.Tayan, and C.Yu. 2021. Human capital disclosure: What do companies say about their \u201cmost important asset\u201d? (Working paper). https:\/\/papers.ssrn.com\/abstract=3840412"},{"issue":"4","key":"2024070218514668200_B4","doi-asserted-by":"crossref","first-page":"262","DOI":"10.1108\/14013381011105957","article-title":"Human capital, value creation and disclosure","volume":"14","author":"Beattie,","year":"2010","journal-title":"Journal of Human Resource Costing & Accounting"},{"key":"2024070218514668200_B5","doi-asserted-by":"crossref","unstructured":"Bernstein,\n              A.\n            , and L.Beeferman. 2015. The materiality of human capital to corporate financial performance. (Working paper). http:\/\/www.ssrn.com\/abstract=2605640","DOI":"10.2139\/ssrn.2605640"},{"key":"2024070218514668200_B6","unstructured":"BlackRock. 2022. Our approach to engagement on human capital management. https:\/\/www.blackrock.com\/corporate\/literature\/publication\/blk-commentary-engagement-on-human-capital.pdf"},{"key":"2024070218514668200_B7","unstructured":"Blancas,\n              E.\n            \n          \n          2022. Threshold optimization: Stop using 0.5 as the threshold for your binary classifier. https:\/\/ploomber.io\/blog\/threshold\/"},{"issue":"1","key":"2024070218514668200_B8","doi-asserted-by":"crossref","first-page":"9","DOI":"10.1108\/eb029076","article-title":"Intellectual capital disclosure in Canadian corporations","volume":"7","author":"Bontis,","year":"2003","journal-title":"Journal of Human Resource Costing & Accounting"},{"key":"2024070218514668200_B9","doi-asserted-by":"crossref","unstructured":"Bourveau,\n              T.\n            , M.Chowdhury, A.Le, and E.Rouen. 2022. Human capital disclosures. (Working paper). https:\/\/papers.ssrn.com\/abstract=4138543","DOI":"10.2139\/ssrn.4138543"},{"issue":"2","key":"2024070218514668200_B10","doi-asserted-by":"crossref","first-page":"309","DOI":"10.1111\/j.1475-679X.2010.00396.x","article-title":"Large-sample evidence on firms\u2019 year-over-year MD&A modifications","volume":"49","author":"Brown,","year":"2011","journal-title":"Journal of Accounting Research"},{"issue":"12","key":"2024070218514668200_B11","doi-asserted-by":"crossref","first-page":"5899","DOI":"10.1287\/mnsc.2017.2888","article-title":"Oh what a beautiful morning! Diurnal influences on executives and analysts: Evidence from conference calls","volume":"64","author":"Chen,","year":"2018","journal-title":"Management Science"},{"issue":"1","key":"2024070218514668200_B12","doi-asserted-by":"crossref","first-page":"71","DOI":"10.1002\/cjas.89","article-title":"Attributes of social and human capital disclosure and information asymmetry between managers and investors","volume":"26","author":"Cormier,","year":"2009","journal-title":"Canadian Journal of Administrative Sciences"},{"key":"2024070218514668200_B13","unstructured":"CPA Canada. 2024. The rise of the social pillar: The \u2018S\u2019 in ESG. https:\/\/www.cpacanada.ca\/en\/business-and-accounting-resources\/other-general-business-topics\/sustainability\/publications\/the-rise-of-the-social-pillar"},{"key":"2024070218514668200_B14","unstructured":"Demers,\n              E.\n            , V. X.Wang, and K.Wu. 2024. Corporate human capital disclosures: Early evidence from the SEC\u2019s disclosure mandate. (Working paper). https:\/\/papers.ssrn.com\/abstract=4153845"},{"key":"2024070218514668200_B15","unstructured":"Devlin,\n              J.\n            , M.-W.Chang, K.Lee, and K.Toutanova. 2019. BERT: Pre-training of deep bidirectional transformers for language understanding. Proceedings of the 2019 Conference of the North American Chapter of the Association for Computational Linguistics: Human Language Technologies, Minneapolis, MN, June 2\u20137."},{"key":"2024070218514668200_B16","doi-asserted-by":"crossref","unstructured":"Drei,\n              A.\n            , T.Le Guenedal, F.Lepetit, V.Mortier, T.Roncalli, and T.Sekine. 2019. ESG investing in recent years: New insights from old challenges. (Working paper). https:\/\/papers.ssrn.com\/abstract=3683469","DOI":"10.2139\/ssrn.3683469"},{"issue":"3","key":"2024070218514668200_B17","doi-asserted-by":"crossref","first-page":"673","DOI":"10.1093\/rof\/rfab036","article-title":"Language and domain specificity: A Chinese financial sentiment dictionary","volume":"26","author":"Du,","year":"2022","journal-title":"Review of Finance"},{"issue":"3","key":"2024070218514668200_B18","doi-asserted-by":"crossref","first-page":"621","DOI":"10.1016\/j.jfineco.2011.03.021","article-title":"Does the stock market fully value intangibles? Employee satisfaction and equity prices","volume":"101","author":"Edmans,","year":"2011","journal-title":"Journal of Financial Economics"},{"issue":"1","key":"2024070218514668200_B19","doi-asserted-by":"crossref","first-page":"88","DOI":"10.1080\/09585192.2015.1024157","article-title":"Reporting on sustainability and HRM: A comparative study of sustainability reporting practices by the world\u2019s largest companies","volume":"27","author":"Ehnert,","year":"2016","journal-title":"The International Journal of Human Resource Management"},{"issue":"12","key":"2024070218514668200_B20","doi-asserted-by":"crossref","first-page":"04021175","DOI":"10.1061\/(ASCE)CO.1943-7862.0002206","article-title":"An empirical analysis of risk similarity among major transportation projects using natural language processing","volume":"147","author":"Erfani,","year":"2021","journal-title":"Journal of Construction Engineering and Management"},{"issue":"3","key":"2024070218514668200_B21","doi-asserted-by":"crossref","first-page":"795","DOI":"10.1162\/qss_a_00144","article-title":"Garbage in, garbage out\u201d revisited: What do machine learning application papers report about human-labeled training data?","volume":"2","author":"Geiger,","year":"2021","journal-title":"Quantitative Science Studies"},{"key":"2024070218514668200_B22","unstructured":"Global Reporting Initiative (GRI). 2016. English. https:\/\/www.globalreporting.org\/how-to-use-the-gri-standards\/gri-standards-english-language\/"},{"issue":"1","key":"2024070218514668200_B23","doi-asserted-by":"crossref","first-page":"236","DOI":"10.1016\/j.jfineco.2019.03.012","article-title":"Crowdsourced employer reviews and stock returns","volume":"134","author":"Green,","year":"2019","journal-title":"Journal of Financial Economics"},{"issue":"2\u20133","key":"2024070218514668200_B24","doi-asserted-by":"crossref","first-page":"146","DOI":"10.1080\/00437956.1954.11659520","article-title":"Distributional structure","volume":"10","author":"Harris,","year":"1954","journal-title":"Word"},{"key":"2024070218514668200_B25","doi-asserted-by":"crossref","unstructured":"Haslag,\n              P. H.\n            , B. A.Sensoy, and J. T.White. 2022. Human capital disclosure and workforce turnover. (Working paper). https:\/\/papers.ssrn.com\/abstract=3991257","DOI":"10.2139\/ssrn.3991257"},{"issue":"4","key":"2024070218514668200_B26","doi-asserted-by":"crossref","first-page":"2135","DOI":"10.1093\/qje\/qjz021","article-title":"Firm-level political risk: Measurement and effects","volume":"134","author":"Hassan,","year":"2019","journal-title":"The Quarterly Journal of Economics"},{"issue":"4","key":"2024070218514668200_B27","doi-asserted-by":"crossref","first-page":"363","DOI":"10.1177\/0021943608319388","article-title":"Are investors influenced by how earnings press releases are written?","volume":"45","author":"Henry,","year":"2008","journal-title":"The Journal of Business Communication"},{"issue":"2","key":"2024070218514668200_B28","doi-asserted-by":"crossref","first-page":"161","DOI":"10.2308\/ISYS-2021-041","article-title":"A measure of firm complexity: Data and code","volume":"36","author":"Hoitash,","year":"2022","journal-title":"Journal of Information Systems"},{"issue":"4","key":"2024070218514668200_B29","doi-asserted-by":"crossref","first-page":"1005","DOI":"10.1007\/s11142-016-9371-1","article-title":"The benefits of specific risk-factor disclosures","volume":"21","author":"Hope,","year":"2016","journal-title":"Review of Accounting Studies"},{"issue":"2","key":"2024070218514668200_B30","doi-asserted-by":"crossref","first-page":"806","DOI":"10.1111\/1911-3846.12832","article-title":"FinBERT: A large language model for extracting information from financial text","volume":"40","author":"Huang,","year":"2023","journal-title":"Contemporary Accounting Research"},{"issue":"3","key":"2024070218514668200_B31","doi-asserted-by":"crossref","first-page":"1083","DOI":"10.2308\/accr-50684","article-title":"Tone management","volume":"89","author":"Huang,","year":"2014","journal-title":"The Accounting Review"},{"key":"2024070218514668200_B32","unstructured":"International Organization for Standardization (ISO). 2018. ISO 30414:2018: Human Resource Management\u2014Guidelines for Internal and External Human Capital Reporting. Geneva, Switzerland: ISO. https:\/\/www.iso.org\/standard\/69338.html"},{"key":"2024070218514668200_B33","doi-asserted-by":"crossref","unstructured":"Kee,\n              T.\n            \n          \n          2019. Peer firm identification using word embeddings. Proceedings of the 2019 IEEE International Conference on Big Data (Big Data), Los Angeles, CA, December 9\u201312.","DOI":"10.1109\/BigData47090.2019.9006438"},{"issue":"2\u20133","key":"2024070218514668200_B34","doi-asserted-by":"crossref","first-page":"221","DOI":"10.1016\/j.jacceco.2008.02.003","article-title":"Annual report readability, current earnings, and earnings persistence","volume":"45","author":"Li,","year":"2008","journal-title":"Journal of Accounting and Economics"},{"issue":"7","key":"2024070218514668200_B35","doi-asserted-by":"crossref","first-page":"3265","DOI":"10.1093\/rfs\/hhaa079","article-title":"Measuring corporate culture using machine learning","volume":"34","author":"Li,","year":"2021","journal-title":"The Review of Financial Studies"},{"key":"2024070218514668200_B36","doi-asserted-by":"crossref","unstructured":"Liang,\n              C.\n            , B.Lourie, A.Nekrasov, and I. S.Yoo. 2022. Voluntary disclosure of workforce gender diversity. (Working paper). https:\/\/papers.ssrn.com\/abstract=3971818","DOI":"10.2139\/ssrn.3971818"},{"issue":"4","key":"2024070218514668200_B37","doi-asserted-by":"crossref","first-page":"1383","DOI":"10.2308\/accr-10034","article-title":"What makes conference calls useful? The information content of managers\u2019 presentations and analysts\u2019 discussion sessions","volume":"86","author":"Matsumoto,","year":"2011","journal-title":"The Accounting Review"},{"key":"2024070218514668200_B38","doi-asserted-by":"crossref","unstructured":"Mayew,\n              W. J.\n            , and Y.Zhang. 2022. COVID-19 human capital management response, SEC disclosure, and firm value. (Working paper). https:\/\/papers.ssrn.com\/abstract=4010151","DOI":"10.2139\/ssrn.4010151"},{"issue":"1","key":"2024070218514668200_B39","doi-asserted-by":"crossref","first-page":"130","DOI":"10.1016\/j.accfor.2017.11.001","article-title":"A study of human capital reporting in the United Kingdom","volume":"42","author":"McCracken,","year":"2018","journal-title":"Accounting Forum"},{"issue":"3","key":"2024070218514668200_B40","doi-asserted-by":"crossref","first-page":"107083","DOI":"10.1016\/j.jaccpubpol.2023.107083","article-title":"Chief human resource officers and accounting disclosures: Illuminating the firm\u2019s most important asset or window dressing?","volume":"42","author":"Michaelides,","year":"2023","journal-title":"Journal of Accounting and Public Policy"},{"key":"2024070218514668200_B41","unstructured":"Mikolov,\n              T.\n            , K.Chen, G.Corrado, and J.Dean. 2013. Efficient estimation of word representations in vector space. (Working paper). http:\/\/arxiv.org\/abs\/1301.3781"},{"key":"2024070218514668200_B42","unstructured":"Miller,\n              S.\n            \n          \n          2016. Better pay and benefits loom large in job satisfaction. https:\/\/www.shrm.org\/topics-tools\/news\/benefits-compensation\/better-pay-benefits-loom-large-job-satisfaction"},{"issue":"9","key":"2024070218514668200_B43","doi-asserted-by":"crossref","first-page":"549","DOI":"10.1080\/1350485032000100297","article-title":"Effects of employee training on the performance of North-American firms","volume":"10","author":"Molina,","year":"2003","journal-title":"Applied Economics Letters"},{"key":"2024070218514668200_B44","unstructured":"Morrow Sodali. 2019. Institutional investor survey 2019. https:\/\/morrowsodali.com\/insights\/institutional-investor-survey-2019"},{"issue":"5","key":"2024070218514668200_B45","doi-asserted-by":"crossref","first-page":"931","DOI":"10.1287\/mnsc.2014.1921","article-title":"Forward-looking MD&A disclosures and the information environment","volume":"61","author":"Muslu,","year":"2014","journal-title":"Management Science"},{"key":"2024070218514668200_B46","article-title":"FineTune BERT model","author":"Nichite,","year":"2022"},{"key":"2024070218514668200_B47","unstructured":"Posner,\n              C.\n            \n          \n          2022. Working group petitions SEC to mandate financial disclosure requirements for human capital. https:\/\/cooleypubco.com\/2022\/06\/15\/petition-financial-disclosure-human-capital\/"},{"issue":"3","key":"2024070218514668200_B48","doi-asserted-by":"crossref","first-page":"333","DOI":"10.1016\/S0929-1199(02)00017-2","article-title":"Firm performance and compensation structure: Performance elasticities of average employee compensation","volume":"9","author":"Rayton,","year":"2003","journal-title":"Journal of Corporate Finance"},{"issue":"3","key":"2024070218514668200_B49","doi-asserted-by":"crossref","first-page":"1449","DOI":"10.1111\/jofi.13219","article-title":"Firm-level climate change exposure","volume":"78","author":"Sautner,","year":"2023","journal-title":"The Journal of Finance"},{"key":"2024070218514668200_B50","unstructured":"SEC. 2021. Enforcement Task Force Focused on Climate and ESG Issues. Washington, DC: SEC. https:\/\/www.sec.gov\/securities-topics\/enforcement-task-force-focused-climate-esg-issues"},{"issue":"42","key":"2024070218514668200_B51","doi-asserted-by":"crossref","first-page":"71","DOI":"10.1111\/j.1835-2561.2007.tb00445.x","article-title":"Intellectual capital reporting practices of the top Australian firms","volume":"17","author":"Sujan,","year":"2007","journal-title":"Australian Accounting Review"},{"key":"2024070218514668200_B52","unstructured":"Sustainability Accounting Standards Board (SASB). 2020. Preliminary Framework on Human Capital and the SASB Standards. San Francisco, CA: SASB. https:\/\/sasb.org\/wp-content\/uploads\/2020\/12\/Human-Capital_Preliminary-Framework_2020-December_FINAL.pdf"},{"issue":"3","key":"2024070218514668200_B53","doi-asserted-by":"crossref","first-page":"475","DOI":"10.1007\/s10551-019-04289-3","article-title":"Human resource disclosures in UK corporate annual reports: To what extent do these reflect organisational priorities towards labour?","volume":"169","author":"Vithana,","year":"2021","journal-title":"Journal of Business Ethics"},{"issue":"3","key":"2024070218514668200_B54","doi-asserted-by":"crossref","first-page":"211","DOI":"10.2308\/ISYS-2022-011","article-title":"Python code and illustrative crisis management data from Twitter","volume":"36","author":"Wang,","year":"2022","journal-title":"Journal of Information Systems"},{"key":"2024070218514668200_B55","doi-asserted-by":"crossref","unstructured":"Webersinke,\n              N.\n            , M.Kraus, J. A.Bingler, and M.Leippold. 2022. ClimateBert: A pretrained language model for climate. (Working paper). https:\/\/arxiv.org\/abs\/2110.12010","DOI":"10.2139\/ssrn.4229146"},{"key":"2024070218514668200_B56","doi-asserted-by":"crossref","unstructured":"Zhang,\n              M.\n            \n          \n          2022. Determinants and consequences of human capital management disclosure. (Working paper). https:\/\/papers.ssrn.com\/abstract=3961202","DOI":"10.2139\/ssrn.3961202"}],"container-title":["Journal of Information Systems"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/publications.aaahq.org\/jis\/article-pdf\/38\/2\/163\/109499\/i0888-7985-38-2-163.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"syndication"},{"URL":"https:\/\/publications.aaahq.org\/jis\/article-pdf\/38\/2\/163\/109499\/i0888-7985-38-2-163.pdf","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2024,7,2]],"date-time":"2024-07-02T19:08:04Z","timestamp":1719947284000},"score":1,"resource":{"primary":{"URL":"https:\/\/publications.aaahq.org\/jis\/article\/38\/2\/163\/12398\/Measuring-Corporate-Human-Capital-Disclosures"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2024,6,14]]},"references-count":56,"journal-issue":{"issue":"2","published-online":{"date-parts":[[2024,6,14]]},"published-print":{"date-parts":[[2024,7,1]]}},"URL":"https:\/\/doi.org\/10.2308\/isys-2023-023","relation":{},"ISSN":["0888-7985","1558-7959"],"issn-type":[{"value":"0888-7985","type":"print"},{"value":"1558-7959","type":"electronic"}],"subject":[],"published":{"date-parts":[[2024,6,14]]}}}