Fourth, it may be that companies do seek to use social disclosure to close legitimacy gaps but employ a range of media for so doing, depending on the stakeholder they particularly wish to communicate to or possibly appease. The rise of the Internet as a communications vehicle renders the analysis of corporate annual reports only as a limited, and less meaningful, research instrument (BAT appears to prefer to disclose adverse social information on its Web site than in its corporate report). This is not to say, of course, that previous studies that adopted an "annual report only" approach to data capture prior to the rise of the Internet are without value.