Case study based interviews examined the motivations behind human capital disclosure items in the coding framework used for content analysis by interviewing the key human resource executives of firms (i.e. directors and senior
managers). Comments made by the human resource executives about human capital disclosure items in the annual reports were analyzed to understand how human capital disclosure was intended to reduce tension between the firms and their constituents: political constituents (i.e. government and statutory bodies), social constituents (i.e. community), and capital constituents (i.e. capital providers).