Consistently with Cabrita et al. and Mention , our evaluation focuses particularly on the use of secondary sources, although the examine was additional supplemented by main sources. These consist in semi-structured interviews (Guthrie et al., 2006) with managers and staff of only four banks out of 5 as a end result of at the time of the interviews two banks merged. We carried out semi-structured interviews with banking personnel from communication and advertising, business and human resources departments. Stakeholder and legitimacy (Deegan et al., 2002) theories which might be closely interrelated, strengthen our choice to use content material analysis as our research method (Guthrie et al., 2006; Guthrie and Petty, 2000). The legitimacy theory perspective emphasizes that firms’ disclosure improves the stakeholders’ accountability and status (Macias and Farfan-Lievano, 2017). Consistently, signaling theory states that such reporting helps scale back the knowledge asymmetry between firms and the market, with a constructive effect on the corporate value that could be prolonged to its social and relational aspects .