HUMAN CAPITAL DISCLOSURE IN MONGOLIAN JOINT-STOCK COMPANIES

Introduction: Human capital disclosure (HCD) is essential for corporate transparency and sustainability, yet its adoption in emerging markets like Mongolia remains limited. This study examines HCD practices in 23 joint-stock companies listed on the Mongolian Stock Exchange (2017–2022), focusing on 20 indicators derived from international frameworks. Methods: Using qualitative and quantitative content analysis, the study evaluates 9 input and 11 output indicators. Each was scored on a binary scale, with results analyzed by sector and company size based on national classification standards. Results: The analysis revealed that while 59.4% of firms reported employee headcount and 51.2% included demographic data, fewer than 10% disclosed key financial information such as compensation (0.7%) and recruitment costs (8%). Output metrics were similarly sparse: workplace accidents were reported by 16.5% of firms, productivity by 10.2%, and absenteeism by none (0%). Large companies were generally more transparent than SMEs, and financial sector firms outperformed non-financial ones in input disclosures. Among the most transparent companies were Gobi JSC (65% input, 39% output) and APU JSC (52% input, 24% output). Discussion: The findings suggest that human capital disclosure practices in Mongolia are underdeveloped and inconsistent. The absence of standardized reporting requirements, limited awareness, and lack of regulatory incentives contribute to these shortcomings. Although larger firms and financial institutions showed relatively better performance, overall transparency remains low, especially for output and financial indicators. To improve HCD, Mongolian firms should adopt globally recognized standards such as GRI or SASB and receive capacity-building support. Policymakers are encouraged to mandate core human capital metrics and provide guidance for effective implementation.