“…Studies on the determinants of IC disclosure in annual financial statements have been frequently conducted by researchers both in developed countries (Guthrie and Petty, 2000;Brennan, 2001;Bozzolan et al,2003;Guthrie et al, 2006;White et al, 2007;Vergauwen et al, 2007;Cerbioni and Parbonetti, 2007;Bruggen et al, 2009;White et al, 2010;Hidalgo et al, 2011;Ferreira et al, 2012;Liao et al, 2013) or developing countries (Purnomosidhi, 2006;Sihotang and Winata, 2008;Joshi et al, 2011;Taliyang et al, 2011;Yi et al, 2011). However, the studies on the determinants of IC in Initial Public offering (IPO) setting are few, especially in developing country such as Indonesia.…”