Stakeholder theory posits that accountability systems depend on the strength and the number of their stakeholders. This paper aims to analyze the empirical validity of stakeholder theory, focusing on accountability systems in the museum sector. Based on Wikipedia resources, we have selected all of the ''National Museums'' (134 museums) in the major developed countries: Australia, Canada, France, Germany, Italy, the United Kingdom, and the US. After we control for type of activity (art or other), cost per visitor and country, the results of an OLS multivariate model show that size of the museum, which is assumed to represent the strength and number of stakeholders, and the amount of funds received, which represents the power of a particularly salient category of stakeholders (donors), are the two main determinants of the accountability level. We conclude that accountability, in the absence of shareholders, is driven by the number and the power of different stakeholders, validating the stakeholder theory.Résumé Le postulat de la théorie des parties prenantes est que les systèmes de responsabilité dépendent de la puissance et du nombre de leurs parties prenantes. Cet article a vocation à analyser la validité empirique de la théorie des parties prenantes, en s'intéressant aux systèmes de responsabilité dans le secteur des musées. Nous basant sur des ressources Wikipedia, nous avons sélectionné tous les « Musées nationaux » (134 musées) dans les principaux pays développés : Australie, Canada, France, Allemagne, Italie, le Royaume-Uni et les USA. Après un Resumen La teoría de las partes interesadas postula que los sistemas de responsabilidad dependen de la fortaleza y el número de sus partes interesadas. Este documento tiene como objetivo analizar la validez empírica de la teoría de las partes interesadas, centrándose en los sistemas de responsabilidad en el sector de los museos. Basándonos en recursos de Wikipedia, hemos seleccionado todos los ''Museos Nacionales'' (134 museos) en los principales países desarrollados: Australia, Canadá, Francia, Alemania, Italia, Reino Unido y los Estados Unidos de América. Después de controlar por tipo de actividad (arte u otro), coste por visitante y país, los resultados de un modelo multivariable OLS/MCO (mínimos cuadrados ordinarios) muestran que el tamaño del museo, que se asume que representa la fortaleza y el número de partes interesadas, y la cantidad de fondos recibidos, que representa el poder de una categoría particularmente sobresaliente de partes interesadas (donantes), son los dos principales determinantes del nivel de responsabilidad. Concluimos que la responsabilidad, en ausencia de accionistas, es impulsada por el número y el poder de las diferentes partes interesadas, validando la teoría de las partes interesadas. 650Voluntas (2013) 24:649-665

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Purpose – The purpose of this paper is to evaluate business model (BM) disclosure. As the BM shows how a company creates and captures value, its communication in the Annual Report is considered a necessary background for a dynamic analysis, interpretation, and evaluation of the intellectual capital (IC) contribution to a company’s competitive advantage. Design/methodology/approach – Focusing on a sample of listed UK companies operating in high-technology industries, this paper runs a content analysis of BM disclosure presented in the Strategic Report (SR). To develop the analysis, it refers to an ontological approach that encompasses the main research contributions to this topic. Findings – The analysis of SRs revealed that few companies use their BM disclosure to highlight the contribution of their IC to create and capture value. BM descriptions are not always clearly distinguishable from other strategic concepts and poorly illustrate the interactions among the BM components, which help understand how IC is entangled in a company’s value creation process. Practical implications – This paper answers the Financial Reporting Council’s call for comments about its Guidance on SR. More in general, it contributes to the issue of the regulation of narrative information in the Annual Report. Originality/value – This paper proposes a methodological framework for the analysis of BM disclosure quality. Thanks to this framework, it points out some critical issues of BM disclosure and offers some hints useful for its regulation.