This paper draws upon agency theory, political cost theory, signalling theory, and legitimacy
theory to construct an index of the voluntary disclosure of intangibles by companies listed on
the Euronext market in Lisbon. We analyse the Management Report and Chairman's Letter
of all 56 listed companies at 31 December 2003 (49 companies on the main market and 7
on the secondary market). We test several hypotheses about associations between the
index of voluntary disclosure of intangibles (the dependent variable) and 8 firm specific …