The results across industry sectors showed a concurrence with the view of
accountability to stakeholders since the key themes of disclosure reflected the key
areas of exposure of the particular industry sectors. The manufacturing sector had the
highest disclosure of the industry sectors with the dominant theme of the environment.
The service sector had the lowest disclosure on the environment theme. Legitimacy
theory, political economy theory and the recession of 1998 all contribute to an
understanding of the factors impacting on Thai CSR. Corporate social disclosure is
clearly a complex activity that cannot fully be explained by a single theoretical
perspective or from a single level of resolution (Gray et al., 1995a).