The second section presents a brief review of the capital accumulation of firms in the context of human capital. Section
3 describes the theoretical perspective of the political economy of accounting and introduces the three constituents
influencing or influenced by firms: political, economic, and social. Section 4 describes the research methods employed.
This study coded and analysed human capital disclosures in the sample of annual reports of two consecutive years
(2001 and 2002) by frequency of disclosure using content analysis, and subsequently carried out case study interviews
to examine the motivations behind such disclosure. The empirical evidence from the content analysis and case study
based interviews are presented in section five, while the last section provides the summary and conclusion.