... of capital. The results further showed that social, governance and environmental disclosures all have negative relationships with cost of capital, suggesting that firms that make these disclosures would have a lower cost of capital. These results are consistent with signalling theory, which holds that firms...

..., age and growth. The presented findings concur with agency theory, signalling theory and the owner-cost theory. Design/methodology/approach The authors propose a probabilistic model to test the influence of size, profitability, indebtedness, age and growth on the disclosure of intangible...