In this study, we examine the market performance effects of human capital disclosures and provide some evidence for a positive influence of human capital information on the firm’s market value and performance, thus potentially supporting an imperfectly competitive labor market hypothesis. Following a financial economics approach and prior research, we define firm performance in the
market as the firm’s ability to generate above normal (or excess) returns (e.g., Fama and French, 1995; Hansson, 1997; Otten and Bams, 2004