“…In the recent development of accountability and reporting processes, we have seen not only a transition from financial to nonfinancial reporting but also a changeover from a mono‐stakeholder (shareholders) to a multistakeholder model of strategic management (of which reporting is an essential part; Freeman, Harrison, Wicks, Parmar, & de Colle, ). Very important international standards and guidelines (e.g., AA1000, GRI Standards, IR framework) have led this change towards an efficient nonfinancial disclosure and stress the importance of a full consideration and real engagement of stakeholders (Boesso, Favotto, & Michelon, ; Boesso & Kumar, ; Mitchell, Agle, Chrisman, & Spence, ; Thijssens, Bollen, & Hassink, ). Jones () has tried to enhance and enrich Freeman's Stakeholder Theory by offering an Instrumental Stakeholder Theory “built on an integration of the stakeholder concept, economic concepts (agency theory, transaction cost economics, and team production theory), insights from behavioural science, and ethics.…”