Description of variables
| Variable | Definition | Description | Source | Reference |
|---|---|---|---|---|
| Cost of Debt | CoD | Debt component of the WACC (Weighted Average Cost of Debt) | LSEG | Alves and Meneses (2024) |
| Circular Intellectual Capital (CIC) Disclosure | CICD | Natural logarithm of the number of posts including information on one or more CIC items | Authors' elaboration | |
| Circular Intellectual Capital (CIC) Mentions | CICM | Natural logarithm of CIC mentions contained in CIC-related posts | Authors' elaboration | |
| Size | SIZE | Natural logarithm of total assets | LSEG | Hamrouni et al. (2019), Eliwa et al. (2021) |
| Leverage | LEV | Ratio between total debt and total assets | LSEG | Hamrouni et al. (2019), Eliwa et al. (2021) |
| Profitability | ROE | Ratio between net income and total equity (ROE) | LSEG | Michelon and Parbonetti (2012), Malik and Kashiramka (2024) |
| Board Size | B_SIZE | Total number of directors sitting on the board | LSEG | Michelon and Parbonetti (2012), L'Abate et al. (2024a,b) |
| Board Independence | B_IND | The percentage of independent directors out of the total number of board members | LSEG | Bhuiyan and Nguyen (2020), Michelon and Parbonetti (2012) |
| Ceo Duality | CEO_D | (1) if the CEO is also the chairman of the board, and (0) otherwise | LSEG | Michelon and Parbonetti (2012), Nicolò and Andrades-Pena (2024) |
| ESG Score | ESG_S | Overall corporate sustainability performance score, including social, governance, and environmental pillars | LSEG | Nicolò and Andrades-Pena (2024) |
| Environmental Sensitivity | ENV_S | (1) if the company operates in an environmentally sensitive sector, and (0) otherwise | LSEG | Branco and Rodrigues (2008), Nicolò et al. (2025b) |
| Variable | Definition | Description | Source | Reference |
|---|---|---|---|---|
| Cost of Debt | Debt component of the WACC (Weighted Average Cost of Debt) | LSEG | ||
| Circular Intellectual Capital (CIC) Disclosure | Natural logarithm of the number of posts including information on one or more CIC items | Authors' elaboration | ||
| Circular Intellectual Capital (CIC) Mentions | Natural logarithm of CIC mentions contained in CIC-related posts | Authors' elaboration | ||
| Size | Natural logarithm of total assets | LSEG | ||
| Leverage | Ratio between total debt and total assets | LSEG | ||
| Profitability | Ratio between net income and total equity (ROE) | LSEG | ||
| Board Size | Total number of directors sitting on the board | LSEG | ||
| Board Independence | The percentage of independent directors out of the total number of board members | LSEG | ||
| Ceo Duality | (1) if the CEO is also the chairman of the board, and (0) otherwise | LSEG | ||
| ESG Score | Overall corporate sustainability performance score, including social, governance, and environmental pillars | LSEG | ||
| Environmental Sensitivity | (1) if the company operates in an environmentally sensitive sector, and (0) otherwise | LSEG |
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