companies will manage these relationships based on different factors such as the nature of the
task environment, the salience of stakeholder groups and the values of decision makers who
determine the shareholder ranking process (Donaldson & Preston, 1995). As such,
management will tend to satisfy the information demands of those stakeholders important to
the corporations’ ongoing survival so that corporations would not respond to all stakeholders
equally (Nasi, Nasi, Philip, & Zylidopoulos, 1997). The power of stakeholders and their
expectations can change over time, so that companies have to continually adapt their
operating and reporting behaviours (C. Deegan, 2001). In summary, stakeholder theory views
corporations as part of a social system while focusing on the various stakeholder groups
within society (Ratanajongkol, Davey, & Low, 2006).