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literature about the link between stakeholder theory and non-financial disclosure.The following section presents the literature stream related to the financial press as an intermediary of financial information and the stream about the link between stakeholder theory and non-financial disclosure to define the terminology of each literature stream.Additionally, the section points out important gaps in the literature that the three empirical studies of this thesis aim to fill by answering the motivating questions. Financial press as an intermediary of financial informationBeaver (1998, p. 10) defines information intermediaries as "an industry whose factors of production include financial information and other types of data and whose product is analysis and interpretation". Investors can choose from a vast array of information intermediaries in capital markets such as analysts, proxy advisors, or the financial press, which offer different information related products (Healy and Palepu (2001)). Though just one among many information intermediaries, the financial press traditionally has the broadest and most diversified audience of all common information intermediaries. Prior literature mainly discriminates two sources of value creation for press articles: information dissemination and information production. Information disseminationThe financial press collects and rebroadcasts information about accounting events such as the publication of quarterly financial statements and makes this information available to their readers through the articles. This information can take various forms, such as earnings figures or quotes from firm executives. This task potentially saves transaction costs of information gathering on behalf of investors. Also, it creates common knowledge of the information among market participants (Dyck and Zingales (2003)). Part of the information gathering is the reduction of all information available to focus on key items such as performance measures, which also means that journalists only partly disseminate public information. The dissemination occurs via various news outlets either in the traditional print version or via the online version of the newspaper.There is ample evidence supporting the dissemination role of the financial press. For example, Peress (2014) examines the impact of press coverage using the exogenous reduction in coverage due to a sample of national newspaper strikes in several countries. His results show a significant decline in trading volume and volatility on strike days and strongly support the information dissemination role of the press. This evidence complements the results of Engelberg and Parsons (2011) for local trading markets and is consistent with media contributing to the speed of information diffusion into prices. Bushee et al. ( 2010) examine the financial press coverage around earnings announcements and find that higher press coverage is associated with lower bid-ask spreads and increased market depth. This result indicates that press coverage reduces information ...