Human capital disclosure and firm value: the role of corporate sustainability and stakeholder engagement culture
研究了酒店行业人力资本披露（员工福利、培训发展、多元包容）如何通过提升企业可持续性绩效进而增加企业价值，并发现利益相关者参与文化会强化可持续性对价值的影响。
Purpose This study aims to examine, in the hospitality industry, how three domains of human capital disclosure (employee well-being, training and development, diversity and inclusion) improve corporate sustainability performance as a mediator and, in turn, enhance firm value while testing whether stakeholder engagement culture moderates the sustainability to value relationship. Design/methodology/approach Data were collected from hospitality firms in the United Arab Emirates using a multi-informant design. After screening and matching, the analytic sample comprised 154 firms for models involving firm value. Hypotheses were tested using confirmatory factor analysis and structural equation modeling with bias-corrected bootstrap tests of mediation and an interaction of moderation. Findings All three disclosure domains were positively associated with corporate sustainability performance. Sustainability performance was positively associated with firm value and transmitted the effects of each disclosure domain to valuation through significant indirect paths. The sustainability to value association was stronger in firms with higher stakeholder engagement. Practical implications Hospitality managers should treat human capital disclosure as an operating commitment connected to verified outcomes; strengthen sustainability performance systems with targets, monitoring and selective assurance; and institutionalize stakeholder engagement routines to boost the valuation payoff from performance. Originality/value This study disaggregates human capital disclosure into three practice fields, positions corporate sustainability performance as a proximal mediator to firm value and identifies stakeholder engagement culture as an internal boundary condition in a service intensive environment.