This study analyzes annual reports as media of intellectual capital disclosure (ICD) by Portuguese listed companies using costs/benefits theoretical framework. According to this framework which companies have an incentive to disclose voluntary information when the benefits to be derived from additional disclosure are perceived to outweigh the associated costs, is used. Regression analysis is used to analyze some factors which influence ICD. The findings reported in this study are consistent with those obtained in previous studies. Information on external capital is the type of information on IC that more companies disclose in their annual reports. The kind of intellectual information that more companies disclose in their annual reports pertains to management processes, business collaborations, brands, and the profile of workers. Results also show that size and type of auditor are significant in explaining ICD, whereas leverage, profitability, ownership concentration, and intellectual capital level are not.
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