Purpose of the Paper: The aim of this research is to examine the contributions that publications have made to the literature on legitimacy. This presentation will also give insights into the roots of legitimacy theory as it appears in the literature, the gaps, intersections with other theories, and theory criticisms. Design/Methodology/Approach: As a reflection, this study uses a survey of the social and environmental accounting and institutional literature from a number of decades to provide light on the evolution and use of legitimacy theory as a foundation for explaining social and environmental reporting practices. We argue that this theory alone cannot support broad inferences. To gain a deeper understanding, we analyzed the intersection of legitimacy, institutional theory, stakeholder theory, institutional theory, and stakeholder theory and identified multiple potential overlap locations. Findings: This reflection demonstrates while there are similarities and interrelationships between legitimacy theory, stakeholder theory, and institutional theory, they are believed to be more complementary than competitive. The criticism against legitimacy theory demonstrates, therefore, that it requires further development. Practical Implications: Examination of legitimacy theory in financial reporting increases awareness as business environmental consequences grow in prominence. Originality of the Paper: The study adds to research on disclosures in financial reports by investigating a broader comprehension of legitimacy theory. Consideration is also given to legitimacy theory as a policy tool for governance.
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