As such, we further draw on institutional theory which proposes that the broader societal and environmental context have the potential to shape organisational structure and practices to guide our understanding of how certain ownership structures may be influenced in their disclosure decisions. DiMaggio and Powell (1983) contend that firms come to exhibit similar values, structures and practices as a result of isomorphic pressures from three sources: (1) coercive (law or regulatory enforcement‐based); (2) mimetic (stakeholder and general societal driven); and (3) normative (professional community‐related).