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1 – 10 of over 19000Sean Bradley Power and Niamh M. Brennan
A royal charter of incorporation imposing public benefit/social responsibilities established the privately owned British South Africa Company (BSAC), in return for power to…
Abstract
Purpose
A royal charter of incorporation imposing public benefit/social responsibilities established the privately owned British South Africa Company (BSAC), in return for power to exploit a huge territory using low-cost local labour. This study explores the dual principal–agent problem of how the BSAC used annual report narratives to report on its conflicting economic responsibilities to investors versus its public benefit charter responsibilities to the British Crown.
Design/methodology/approach
Having digitised the dataset, the research analyses narratives from 29 BSAC annual reports spanning a continuous 35-year royal charter period, using computer-aided keyword content analysis to identify economic-orientated versus public benefit-orientated annual report narratives. The research analyses how the annual report narratives shifted according to four key contextual periods by reference to the changing influence of private investors versus the British Crown.
Findings
There are two key findings. First, economic primacy. At no point do public benefit disclosures outweigh economic disclosures. Second, the BSAC's meso-corporate context and macro-social/political context can explain patterns in public benefit disclosures. The motivation for producing public benefit information is not altruism. Rather, commercial interests motivate disclosure. The BSAC used its annual reports to sustain what proved ultimately unsustainable – royal charter-style colonialism.
Originality/value
This accounting history study contributes to an understanding of corporate narrative reporting using one of the earliest known cases of such analysis and shows how accounting plays a central role in facilitating a company in sustaining its interests. This 100-year lookback may be a portend of the future for modern-day annual report corporate social responsibility narratives in, say, mining and oil and gas company corporate reports, especially if these natural resources run out.
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The Royal African Company, the Hudson’s Bay Company, and the East India Company used both owned and hired ships in their seventeenth and eighteenth century trading operations. Why…
Abstract
The Royal African Company, the Hudson’s Bay Company, and the East India Company used both owned and hired ships in their seventeenth and eighteenth century trading operations. Why such critical assets were sometimes owned and sometimes rented is explored. Contrary to economic reasoning, ship rentals occurred in shipping markets that were uncompetitive. The use of hired ships was correlated instead to market power in the companies’ selling or output markets. The pattern of ship ownership can be attributed to the close social proximity of shipowners to decision-makers in the companies. By modeling the input hiring decision while allowing for variation in the competitiveness of output markets, it is argued that rent-seeking behavior on the part of company insiders may explain the ownership patterns.
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English chartered companies began to trade with both the Ottoman and the Mughal states in the last decade of the sixteenth century. In India, as recent work has shown, the…
Abstract
English chartered companies began to trade with both the Ottoman and the Mughal states in the last decade of the sixteenth century. In India, as recent work has shown, the rudiments of an English polity were established very early and eventually metastasized into a sizeable colonial empire. In Turkey, on the other hand, no “company-state” ever took root. This paper endeavors to explain this divergence from the perspective, not of the highly “successful” East India Company, but of the “failed” (and much less well-studied) Levant Company, which, with short interruptions, maintained a monopoly English trade with the Ottoman Empire from 1592 until 1803. The paper offers an account of this divergence that emphasizes the importance of an independent overseas administrative apparatus, something that the EIC had but that the Levant Company lacked. The Levant Company lost control of its overseas administration in the 1630s, when the Crown began to regard the Ottoman Empire as too diplomatically important to leave England’s representation there to “mere merchants.” Thereafter, the company was at a competitive disadvantage vis-à-vis rival commercial organizations that, because they had established a territorial base, could control and cheapen production in the colonial sites with which they traded.
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Ever since its introduction into the vernacular of imperial historiography over a half century ago, the concept of “informal empire” has had a profound influence on how historians…
Abstract
Ever since its introduction into the vernacular of imperial historiography over a half century ago, the concept of “informal empire” has had a profound influence on how historians have understood the size and nature of British expansion in the modern world. While offering a crucial corrective to definitions of empire that had focused exclusively on “formal” colonial holdings, such a division has also obscured other frameworks through which we might understand the contours of imperial power, while also underscoring traditional bifurcations between early modern and modern forms of empire. This paper suggests instead an approach that privileges schema that take into account the different institutional and constitutional forms that shaped imperial expansion, and specifically argues that the corporation was one such form, in competition with others including the monarchical and national state. Looking specifically at the early modern East India Company and its modern legacies, particularly George Goldie’s Royal Niger Company, it also suggests that institutional approaches that de-emphasize distinctions between behavioral categories, such as commerce and politics, allow the possibility of excavating deep ideological connections across the history of empire, from its seventeenth-century origins through the era of decolonization.
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Sean Bradley Power and Niamh M. Brennan
Annual general meetings have been variously described as dull rituals for accountability versus entertaining theatre at the expense of accountability. The research analyses…
Abstract
Purpose
Annual general meetings have been variously described as dull rituals for accountability versus entertaining theatre at the expense of accountability. The research analyses director and shareholder participation and dialogic interactions at annual and extraordinary general meetings of Cecil Rhodes' British South Africa Company (BSAC). The BSAC was incorporated under a royal charter in 1889 in return for power to exploit a huge territory, Rhodesia/now Zimbabwe. The BSAC's administration ceased in 1924/25. Thus, the BSAC had a dual mandate as a private for-profit listed company and to occupy and develop the territories on behalf of the British government.
Design/methodology/approach
The article analyses 29 BSAC general meeting minutes, comprising 25 full sets of verbatim minutes between 1895 and 1925. The study adopts manual content analysis. First, the research adopts conversational analysis to analyse director and shareholder turn-taking and moves by approving and dissenting shareholders. Second, the study identifies and analyses incidents of shareholder sentiment from the shareholder turns/moves. Finally, the article assesses how shareholder sentiment changed throughout the period and whether the BSAC's share price reflected the shareholder sentiment.
Findings
The BSAC's general meetings were associated with the greater colonial project of building the British Empire. The authors find almost 1,500 incidents of shareholder sentiment. Directors and shareholders take roughly an equal number of turns (excluding shareholder sentiment). Ritual and ceremony dominate director and shareholder turns and moves, while accountability to shareholders was minimal. The BSAC share price spiked in the early years of the project, waning after that. Shareholder sentiment, both positive and negative, reflect the share price behaviour.
Originality/value
A unique database of verbatim general meeting minutes records shareholders' reactions to what they heard in the form of sounding off through cheering, “hear, hears,” laughter and applause (i.e. shareholder sentiment).
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Claire-France Picard, Sylvain Durocher and Yves Gendron
The purpose of this paper is to examine the relative cultural shift from professionalism to commercialism in the accounting profession, based on an analysis of the promotional…
Abstract
Purpose
The purpose of this paper is to examine the relative cultural shift from professionalism to commercialism in the accounting profession, based on an analysis of the promotional brochures used by the Ordre des comptables agréés du Québec (Institute of Chartered Accountants of Québec), over the last 40 years, to attract new members.
Design/methodology/approach
The study's specific objectives are: to examine accountancy's cultural representations depicted in promotional brochures; to evaluate the extent to which these representations are indicative of the commercialist shift as documented in the literature; and to establish whether the representations under study provide further insight into the nature of the cultural shift. Drawing on the semiotic approach developed by Roland Barthes, the authors' analysis is predicated on the idea that promotional brochures and advertisements, though often simple in appearance, constitute complex representations that convey meaningful information about influential values and cultural change.
Findings
The authors found that commercial values are increasingly apparent through the celebration of multidisciplinary services and the emphasis on generous compensation and high dynamism.
Originality/value
Barthes' framework was especially useful to analyze the interplay between images and text to gain insight into the historical emergence of what has become the accountant's representation of today. As such, this study points to promotional representations participating to the inculcation of a cosmopolitan culture, where the internationalization of business is supposedly natural, inevitable, and beneficial to everyone. The authors' research also highlights the increasingly significant role played by marketing experts in designing professional institutes' brochures, consistent with the broader view of marketization as a key trend within the accounting industry.
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Changes in financial reporting information were an important part of the British transition from feudalism to capitalism, with statements showing cash surpluses or deficits being…
Abstract
Purpose
Changes in financial reporting information were an important part of the British transition from feudalism to capitalism, with statements showing cash surpluses or deficits being gradually superseded by income statements and balance sheets. The existing literature does not satisfactorily explain the (considerable) variations in the pattern of change in the early part of the transition, when information provision was largely determined by Parliamentary processes, and this paper aims to look to new evidence to strengthen and modify the existing theorisations.
Design/methodology/approach
The research design is to discuss and relate existing theories regarding the emergence of financial reporting information to newly discovered evidence on a substantial set of corporate formations between 1766 and 1840, during the early stages of financial (or managerial) capitalism.
Findings
Requirements to present accounts to shareholders were almost unknown before 1800 and became common only from the 1820s, usually in the form of (cash‐based) receipts and payments accounts, which enabled investors to determine the legitimacy of the dividend payments and would have enabled them to calculate a cash‐based version of the rate of return.
Originality/value
The paper provides new evidence on the patterns of company development and of corporate financial reporting across the formative years of financial capitalism.
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Maxine Berg, Timothy Davies, Meike Fellinger, Felicia Gottmann, Hanna Hodacs and Chris Nierstrasz
Our research is about the trade in material goods from Asia to Europe over this period, and its impact on Europe’s consumer and industrial cultures. It entails a comparative study…
Abstract
Our research is about the trade in material goods from Asia to Europe over this period, and its impact on Europe’s consumer and industrial cultures. It entails a comparative study of Europe’s East India Companies and the private trade from Asia over the period. The commodities trade was heavily dependent on private trade. The historiography to date has left a blind spot in this area, concentrating instead on corruption and malfeasance. Taking a global history approach we investigate the trade in specific consumer goods in many qualities and varieties that linked merchant communities and stimulated information flows. We set out how private trade functioned alongside and in connection with the various European East India companies; we investigate how this changed over time, how it drew on the Company infrastructure, and how it took the risks and developed new and niche markets for specific Asian commodities that the Companies could not sustain.
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Angélica Vasconcelos, Alan Sangster and Lúcia Lima Rodrigues
The main aim of this paper is to illustrate the importance of avoiding Whig interpretations in historical research. It does so by highlighting examples of what may occur when this…
Abstract
Purpose
The main aim of this paper is to illustrate the importance of avoiding Whig interpretations in historical research. It does so by highlighting examples of what may occur when this is not done. The paper also aims to promote interdisciplinarity, in the form of working with those from other disciplines, as a means to avoid this occurring.
Design/methodology/approach
This paper includes an in-depth study of the bookkeeping and financial reporting of two 18th century Portuguese state-sponsored companies using archival sources. The companies were selected because of conflicting insights across disciplines concerning the quality of their bookkeeping and financial reporting – historians have been very critical, while accounting historians have seen little wrong. These differences of opinion have never previously been investigated. The authors demonstrate how information was distributed among the account books and other records of the two companies. The approach adopted enabled a reader to fully understand the recorded economic events. The authors also present and explain the procedures, criteria and accounting terminology used in their annual reports.
Findings
This paper demonstrates how easy is to inadvertently adopt a Whig interpretation of accounting history when the focus of interest is something of which the principal researcher has insufficient understanding or expertise. It also illustrates how important it is to embrace interdisciplinarity by working with those from other discipline to avoid doing so.
Research limitations/implications
The conclusions from the case study are company-specific and cannot be generalised beyond those companies. However, the implications of this study go beyond the companies in its illustration of the importance of fully understanding historical evidence within its own context.
Originality/value
This paper unveils primary archival sources never previously presented in the literature. It also contributes to the literature by providing an evidence-based justification for the calls previously made to accounting historians to study accounting in its social context and engage with historians from other disciplines.
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