This paper discusses the theoretical frameworks for a corporate disclosure research. It then compares and contrasts views of what constitutes a theory. There was no single view of theory; there were differences in approaches and interpretations. The conception of a theory and its relationship with research is discussed as theory and research had a circular relationship building on each other. Quantitative and qualitative methods of research and their contribution to theory are assessed. Both were found to contribute to theory building, theory testing, substantiating, or refuting their propositions. Although, positive accounting theory has grown as one of the most significant accounting research program, the broad theories of accounting includes normative theory as well. The review of the literature revealed that there were a number of theories associated with corporate accounting and disclosure, amongst them were agency theory, signaling theory, the accountability theory, legitimacy theory, contingency theory, stakeholder theory, and resource dependency theory.
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