This study aims to analyse the factors that come from characteristics firm, company size, company age, leverage, profitability, and industry type of intellectual capital disclosure and the influence of intellectual capital disclosure on market performance and cost of equity capital in manufacturing companies in Indonesia. The population of this study are all manufacturing companies listed on the Indonesia Stock Exchange in 2015-2019. The sample was chosen using purposive sampling method. The test results show that overall, who have high enthusiasm in expressing and noticing ICD elements is precisely companies that have small assets and companies that are still young. However, the enthusiasm of these companies even impacted not in accordance with the expected, judging from the results Robust Test. Manufacturing companies in Indonesia tend not to have high awareness in the disclosure of intellectual capital, this is due to the absence of detailed regulations on the identification and measurement of intellectual capital disclosure, so the disclosure is still voluntary. Because of its voluntary nature, companies tend to disclose only little information about intellectual capital disclosure, which in turn will impact on the lack of investor attention to intellectual capital disclosure information disclosed by the company.