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Acknowledging fiscal crises as critical junctures for policy makers, this paper investigates how the recent fiscal crisis has affected the paradigmatic approach to the design of an ongoing governmental accounting (GA) reform.

This paper analyses the Italian GA harmonization as a peculiar instance of an ongoing GA reform at the crisis outbreak. A longitudinal narrative analysis of official documents is complemented with semi-structured interviews with key policy makers and participant observations.

The fiscal crisis is found to play an indirect role in the Italian GA reform, which, promoting centralization of competencies in the fields of GA, determines the intensification of the approach adopted before the crisis outbreak.

This paper extends the knowledge on the nature of post-crisis reforms by highlighting how fiscal crises can work as catalysts for paradigmatic approaches to ongoing GA reforms. This paper analyses the designing of a GA reform, whereas the long-term adaptations and outcomes of the reform are not taken into consideration.

The tight link between GA and financial management issues featuring the current paradigmatic approaches to reforms suggests the need to design GA reforms consistently with fiscal and financial management policies.

Whereas the extant literature on the nature of post-crisis reforms analyses the latter as responses to the former, this paper enlarges the knowledge on the topic by focusing on a peculiar instance of a GA reform that was ongoing at the crisis outbreak.

Accounting practices vary not only across firms, but also across countries, reflecting the respective legal and cultural background. Attempts at harmonization therefore continue to be rebuffed. The purpose of this paper is to argue that different wordings in national laws, and different interpretations of similar wordings in national laws, can be explained by taking recourse to the philosophy of language, referring particularly to Searle and Wittgenstein.

The example of the substance over form principle, investigated in seven countries, is particularly suitable for this analysis. It is known in all accounting jurisdictions, but still has very different roots in different European countries, with European and international influences conflicting, which is reflected in the different wording of the principle from one country to the next, and the different socially constructed realities associated with those wordings.

This paper shows that, beyond accounting practices, the legal and cultural background of a country affects the wording of national law itself. The broad conclusion is that different socially constructed realities might tend to resist any attempt at harmonized socially constructed words.

The paper contributes to the debate surrounding the possible homogenization of accounting regulations, illustrating the theory of the social construction of both “reality” and “language” on the specific application of one common principle to various Member State environments.

The surging demand for higher education in Africa for expedited socio-economic growth and global sustainable development demands customising gains made elsewhere for local benefit through quality provision. This study contributes to local and international discourses on the refinement of results-based university learning content determination on the lines of the Bologna Process, and advocates the development of situationally relevant curricula for successful national advancement in Zimbabwe.

The qualitative study uses records and documentary analysis, interviews and meetings with key participants involved in shaping academic processes at one of the country's young and fragile universities. The introspective research approach enabled the cumulative experiential and reflective contributions of participants to shape both the dialogue and follow-up action on the adoption of minimum bodies of knowledge in university curriculum reform.

Participants celebrated efforts to pit harmonisation alongside autonomy in academic discourses, and suggested improvements on the mechanisms to define policy and operational frameworks for diversely-oriented academic establishments. They lauded and interrogated the discourse around minimum bodies of knowledge, calling for further critical research and analysis for defining clarity on its harmonisation function.

This paper traverses the rapidly expanding Zimbabwe higher education system's endeavours to regulate mandates and operations, in pursuit of relevance, quality and excellence and examines stakeholder efforts at determining streamlined university curricula. It contributes uniquely to collective regulation of multiple institutions towards quality academic agendas that underpin the life-long competences of the institutions' graduates.

Purpose – This study aims to analyze and assess the relation of freight transportation for regional development in the north zone of Aceh. The impact of freight transportation to accelerate the delivery of goods as observed through several indicators including regulation, retribution, freight entrepreneur, trucker, size of truck bin, punctuality, loading and unloading systems on regional planning supporting has been focus of this study.

Design/Methodology/Approach – The freight transportation in north zone of Aceh, covering Lhokseumawe, Aceh Utara, Bireuen, BenerMeriah and Aceh Tengah regencies will be examined. In several indicators including regulation, retribution, freight entrepreneur, trucker, size of truck bin, punctuality, loading and unloading systems the freight transportation will be surveyed for the analysis. The factors which contribute in the development of the area through freight transportation are the economic growth, human resources improvement, management of land use and environmental harmonization. This regional development approach aims to determine a connection between the two variables.

Findings – The results of the study show that variables of freight transportation in several indicators including regulation, retribution, freight entrepreneur, trucker, size of truck bin, punctuality, loading and unloading systems have a significant impact on regional development. It is indicated by the value of 0.214 in the regression weight result.

Research Limitations/Implications – This research has implications on the relation of freight transportation with regard to several indicators including regulation, retribution, freight entrepreneur, trucker, size of truck bin, punctuality, loading and unloading systems on the regional development based on the aspect of economic growth, human resources improvement, management of land use and environmental harmonization.

Practical Implications – The result of this study will be an important input to the Aceh government, county and city governments in the north zone in Aceh to encourage the establishment of a road network to accelerate freight transportation in that region for the development of new economic zones.

Originality/Value – This study suggests that freight transportation has the strongest links to significantly influence the activities of regional development, so it can be recommended for the Aceh government, county and city governments in the north zone of Aceh to orient road network policy towards the development of the new economic area and support the implementation of the special economic zones of Arun, Lhokseumawe.

The paper investigates if the process that led to the birth of the Euro Area had a significant impact in homogenizing the capital structure decisions of European firms since the first introduction of the common currency.

A large sample of firms was constructed, and a Tobit-censored regression model was utilized to investigate the determinants of firms' observed capital structures. The Black–Scholes–Merton model was used to infer market values of assets, as well as the volatility of those values, from the observed market values of equity and the corresponding volatility. The existing differences in national tax rules were considered for estimating firm-specific marginal tax rates.

It was found that, despite the currency union and the institutional harmonization process, certain factors still play a different role. In particular, the impact of profitability is consistent with the pecking order view in some countries, and with the trade-off theory in others. Assets risk, measured as the annualized volatility of the market enterprise value, is the best predictor of observed leverage ratios. The sector of activity is significant in determining leverage decisions even when assets' risk is taken into account. Despite the monetary union and the increased financial and institutional integration in the Euro Area, the country of origin still plays a significant role in capital structure decisions, suggesting that other country-level factors may affect firms' financing behaviour.

The paper indicates that, despite the long harmonization process of institutions, regulations and public budget required to join the Euro, firms' financing decisions are still affected by country-specific factors once the common currency is introduced. Therefore, new entrant countries in the Euro area should not expect their companies to immediately conform with those located in other countries within the common currency area.

This article investigated the impact of the currency change from national currencies to the Euro on the determinants of capital structure choices. It was shown that, despite the long harmonization process that led to the birth of the Euro Area, national factors still affect firms' financing decisions. This provides guidance for policymakers in countries that are planning to join the Euro about the impact this will have on firms' financing decisions in the entrant country.

The purpose of this paper is to examine the role of Association of Southeast Asian Nations’ (ASEAN) flagship universities in moving the agenda of regional integration forward through academic/research collaboration and cooperation.

Flagship universities are leading universities in the national higher education systems of countries that make up the ASEAN. This study on the ASEAN’s flagship universities is based on a three-pronged strategy, namely, a literature review, analysis of websites contents, and citation of supporting pieces of evidence from other relevant studies to support arguments. Using the QS top universities in Asia 2016 listing, top 70 public universities in ASEAN were selected for investigation. In instances where public universities in a particular ASEAN country were not listed in the QS listing, a premier public university of that country was then selected for investigation.

There is a tendency for ASEAN’s flagship universities to look beyond ASEAN, primarily to establish vertical collaboration, which is important to their efforts in creating their image and enhancing their reputation. As a result, academic/research collaboration among flagship universities and collaboration between these universities and other universities in ASEAN is glaringly on the low side. Interestingly, to move the regional integration agenda in ASEAN, other intermediary agencies outside of ASEAN, such as in the European Union, are very active in providing a platform for both flagship and non-flagship universities to collaborate.

While regional collaboration and cooperation within ASEAN and East Asia have been discussed elsewhere, this paper has utilised and expanded Douglass’ (2016) idea of flagship universities to include regional relevance for the purpose of regional integration of ASEAN.

This paper aims to assess the “external dimension” goals of the Pan European Bologna reform, almost 19 years after its launch. The influences of the reform on higher education in Africa, Latin America and the Caribbean, and Asia-Pacific are investigated. The paper analyses the appeal of the 1999 Bologna Process (BP), which, arguably, symbolizes an effort to strengthen the hegemony of Western European education and influence, has for the first time gone beyond ex-colonial lines, including areas where Europe’s socio-political influence is not impactful.

This paper opted for an analytical review of the literature on the European higher education internationalization goals as stated in external dimension objectives of the Bologna Process reform. The literature search was complicated by the limited number of peer review articles focusing on the spread of the Bologna model beyond Europe. As a result, the inclusion criteria were flexible, and consideration was given to educational website reports/articles, dissertations, books, pamphlets, and internal EU/European Commission reports.

The findings of this review indicate that, in spite of significant challenges, the internationalization objectives of Bologna Process are gradually being met in Africa, Latin America and Asia. Most notable is that some countries that historically did not have a European colonial presence are embracing aspects of the Bologna reform. Almost 19 years after, the BP reform now has a significant external influence not only in the former Portuguese, Spanish, British and French colonies but also beyond. In spite of the overwhelming embrace of the BP model in Europe and outside of Europe, its implementation, everywhere, has faced some administrative, political, and economic challenges.

The study examined the spread of the Bologna Process models beyond Europe and not its acceptability by stakeholders such as faculty and students outside Europe. Future research could examine the satisfaction rates among higher education stakeholders in regions and countries embracing the BP models.

The findings of this review indicate that the steady spread of the BP means that more countries and tertiary education institutions can explore opportunities aimed at developing more educational and socioeconomic partnership, including the exchange of knowledge, technology and resources.

While emphasizing the benefits and opportunities for cooperation, the paper identifies that the increasing internationalization trends influenced by the BP are leading to regional higher education cooperation in Asia, Latin America and Africa. Other higher education models around the world can learn from the marketing strategies of the BP aided by EU.

This paper discusses the evolution of sustainability reporting and the role of the Global Reporting Initiative (GRI) in relation to the social and environmental accounting (SEA) literature calling for a revolution in the standardization of sustainability reporting and the inherent complexities. This paper focuses on the future role of GRI in light of the changes resulting from harmonization supported by the International Sustainability Standards Board and the European Financial Reporting Advisory Group’s draft European Sustainability Reporting Directive.

Building on Bourdieu (1983, 1992) and SEA studies, the authors adopt a critical and qualitative approach to theorize power dynamics in the sustainability reporting field. After identifying the main issues arising from the complexity of the sustainability reporting standards and practices according to SEA scholars, the authors connect them with Bourdieu’s (1992, 1983) field theory to discuss the future role of GRI.

The findings suggest two distinct but intertwined roles that GRI could play in the future, namely, power related and theoretical/technical, aimed at engendering revolutionary rather than evolutionary changes in sustainability reporting.

This study offers practical implications for GRI to strengthen its future role in sustainability reporting standardization.

The limited time available to mitigate the disastrous consequences of non-sustainable business on society and the environment calls for urgently addressing the complexities of sustainability accounting to foster a positive impact on society and the environment.

The authors’ reflections reclaim the SEA literature as central to identifying sustainability complexity and Bourdieu’s (1983, 1992) notions of power as key to understanding the role of GRI in the sustainability field. Furthermore, this paper emphasizes the intersection of different critical concepts, including power, complexity, value, capital and materiality.

The purpose of this paper is to examine the student mobility programs of the three initiatives – in Southeast Asian Ministers of Education Organization-Regional Institution of Higher Education and Development, University Mobility in Asia and Pacific (UMAP), and Campus Asia – and provide a comparative analysis of the respective programs in terms of the role of government, institutional involvement, quality assurance, and challenges. In addition, the paper will assess their impacts on higher education regionalization by regulatory models toward the end of the paper.

The study adopts qualitative document analysis as a major research method to explore the developmental models of three student mobility programs. Document analysis is an approach used to gather and review the content of existing written documentation related to the study in order to extract pieces of information in a rigorous and systematic manner.

ASEAN International Mobility for Students (AIMS), Collective Action for Mobility Program of University Student in Asia (CAMPUS Asia), and UMAP student mobility schemes have a shared purpose in higher education regionalization, but with different regulatory frameworks and Functional, Organizational, and Political approach models. AIMS and CAMPUS Asia as a strong network and government-led initiatives adopt a combination of functional, organizational, and political approaches; UMAP provides university-driven regional mobility programs with a hybridized force. However, all three of them face the same challenges at regional and national levels, such as different national regulation, coordination among participants, and implementation of credit transfer schemes.

The scale of three student mobility programs is still low, which results in limited impact on higher education regionalization in Asia. However, a stronger decision-making model and increased financial support to universities and students are desirable for the creation of a sustainable and effective network.

This is an original research and makes a great contribution to Asian nations.

To determine whether to entrust the European Union (EU) to create a new nonfinancial reporting framework or endorse the extant reporting framework developed by the Global Reporting Initiative (GRI), this study aims to explore whether the mandatory implementation of the EU Directive positively impacted the GRI-based environmental disclosure.

The authors compared the pre- and post-EU Directive environmental disclosure of 16 Italian environmentally sensitive companies. The authors used an extended coding scheme and developed a unique scoring system to compare the quantitative and qualitative changes in environmental disclosure.

The analysis showed that the quantity of environmental disclosure increased after the mandatory EU Directive adoption. The most significant change was observed regarding the disclosure topics explicitly required by the Italian legislature. Additionally, disclosure of soft information continued to prevail over that of hard information in the post-Directive period. While the Directive boosted the level of adherence to GRI standards, Italian companies disclosed information that could be easily mimicked (soft) instead of objective measures that could be verified (hard). In light of this evidence, the endorsement of extant GRI standards could be a valuable option for enhancing the comparability and transparency of environmental disclosure.

This study used an original extended coding system and proposed related environmental disclosure indexes that allow monitoring changes in environmental disclosure over time. To the authors’ best knowledge, this study is one of the few that justifies the significant impact of regulation (here the EU Directive) on the increase in environmental disclosure and that uses hard and soft information typology to examine the quality of environmental disclosure.