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Article
Publication date: 19 March 2018

Subhash Abhayawansa, Mark Aleksanyan and Suresh Cuganesan

The purpose of this paper is to test the performativity of intellectual capital (IC) from the perspective of sell-side analysts, a type of actor who consumes and creates…

Abstract

Purpose

The purpose of this paper is to test the performativity of intellectual capital (IC) from the perspective of sell-side analysts, a type of actor who consumes and creates IC information and in whose practice IC information plays a significant role.

Design/methodology/approach

The empirical component of the study comprises a narrative analysis of the text of a large corpus of sell-side analysts’ initiation coverage reports. The authors adopt Mouritsen’s (2006) performative and ostensive conceptualisations of IC as the theoretical framework.

Findings

The authors find that the identities and properties of IC elements are variable, dynamic and transformative. The relevance of IC elements in the eyes of analysts is conditional on the context, temporally contingent and bestowed indirectly. IC elements are attributed to firm value both directly, in a linear manner, and indirectly, via various non-linear interrelationships established with other IC elements, tangible capital and financial capital.

Research limitations/implications

This study challenges the conventional IC research paradigm and contributes towards a performativity-inspired conceptualisation of IC and a resultant situated model of IC in place of a predictive model.

Originality/value

This is the first study to apply a performative lens to study IC identities, roles and relationships from the perspective of a field of practice that is external to the organisation where IC is hosted. Examining IC from analysts’ perspective is important because not only can it provide an alternative perspective of IC, it also enables an understanding of analysts’ field of practice.

Details

Accounting, Auditing & Accountability Journal, vol. 31 no. 3
Type: Research Article
ISSN: 0951-3574

Keywords

Book part
Publication date: 16 October 2014

Robert W. Rutledge, Khondkar E. Karim, Mark Aleksanyan and Chenlong Wu

Research in the field of corporate social responsibility (CSR) has grown exponentially in the last few decades. Nevertheless, significant debate remains about the…

Abstract

Research in the field of corporate social responsibility (CSR) has grown exponentially in the last few decades. Nevertheless, significant debate remains about the relationship between CSR performance and corporate financial performance (CFP). This is particularly true for the case of Chinese state-owned enterprises (SOEs). The purpose of the current study is to empirically test the relationship between CSR and CFP. We use data for 66 Chinese SOEs listed on the Shanghai and Shenzhen stock exchanges. The results are interesting in that they are not consistent with similar studies using US and other Western market data. We find a significant negative relationship between CSR performance and CFP. The results are discussed in light of the preferential government treatment afforded to Chinese SOEs, and social welfare requirements imposed on such entities. Implications for Chinese policy-makers are discussed.

Details

Accounting for the Environment: More Talk and Little Progress
Type: Book
ISBN: 978-1-78190-303-2

Keywords

Book part
Publication date: 16 October 2014

Abstract

Details

Accounting for the Environment: More Talk and Little Progress
Type: Book
ISBN: 978-1-78190-303-2

Book part
Publication date: 16 October 2014

Abstract

Details

Accounting for the Environment: More Talk and Little Progress
Type: Book
ISBN: 978-1-78190-303-2

Book part
Publication date: 26 October 2016

Abstract

Details

Advances in Accounting Behavioral Research
Type: Book
ISBN: 978-1-78560-977-0

Article
Publication date: 17 June 2020

Abhinava Tripathi, Vipul and Alok Dixit

This study aims to provide a systematic literature review of the research study in the area of limit order book (LOB) mechanism of trading and its implications for market…

Abstract

Purpose

This study aims to provide a systematic literature review of the research study in the area of limit order book (LOB) mechanism of trading and its implications for market efficiency. The study attempts to document the recent theoretical developments and empirical findings from the literature exhaustively and identifies the research gaps for future research.

Design/methodology/approach

The study uses seven reputable databases to select 2,514 research studies spanning over 1981-2018 (finally compressed to a pool of 103 articles, based on relevance and impact). The study uses bibliometric network visualization and text analytics to categorize and examine the literature. The chosen articles are compiled and analyzed to provide a comprehensive account of the current research on LOBs.

Findings

The recent LOB literature is summarized on various criteria as follows: sub-areas, the types of economies and markets, methodologies and the LOB measures. The review identifies a dearth of studies on the LOBs in emerging markets. It suggests the potential research areas as intraday studies in emerging LOB markets; application of market indicators based on deeper levels of LOB, beyond the best prices; market fragmentation, order routing decision and its impact on order execution quality; optimal display of LOB levels; liquidity dynamics in quote-driven markets vis-à-vis LOB markets; effect of high-frequency trading on market microstructure; application of advanced techniques (e.g. machine learning models, zero-intelligent models); relationship between the trading speed, order aggressiveness, shape and resilience of the order book and informed trading; and information content of the auxiliary order submission strategies, including cancellation, amendments and hidden orders.

Originality/value

For the past 15 years, to the best of the knowledge, a comprehensive review of the literature on LOBs has not been published. The financial markets have transformed significantly over this period, driven by the adoption of LOBs, low latency trading and technological advancements in information dissemination. This article provides an extensive collection and classification of the literature on LOBs. This would be useful for the practitioners, future researchers and academics in the area of financial markets.

Details

Qualitative Research in Financial Markets, vol. 12 no. 4
Type: Research Article
ISSN: 1755-4179

Keywords

Book part
Publication date: 23 March 2017

Patrícia Lacerda de Carvalho and Orleans Silva Martins

Corporate social responsibility (CSR) and corporate sustainability have gained prominence in the major capital markets. In Brazil, the São Paulo Stock Exchange…

Abstract

Corporate social responsibility (CSR) and corporate sustainability have gained prominence in the major capital markets. In Brazil, the São Paulo Stock Exchange (BM&FBovespa) has created the Corporate Sustainability Index (ISE) and the Carbon Efficient Index (ICO2), responsible for indicating the performance of sustainable companies. Therefore, this study proposes to examine and compare the stock returns of the sustainability index member companies with the returns of companies out of these indexes. In this methodology we selected the two principal negotiability indexes of that market (IBOV and IBrX50), which are indexes that meet the most traded stocks of BM&FBovespa, and calculated the average daily returns of the four indexes in order to make performance comparisons over the period 2005–2014, based on nonparametric statistical tests. Our findings indicate that the average returns of sustainability indexes were higher, but these differences were not statistically significant, confirming previous evidence. Additionally, by means of a cointegration test, we found that the indexes are cointegrated in the long term. These findings are limited to the analyzed emerging market and are also subject to the limitations of the estimated models. Thus, we can infer that presence in the sustainability indexes does not indicate statistically significant higher returns, which means that companies with sustainable practices in Brazil are not only concerned with economic performance, but also with social, cultural, and environmental issues. The main findings are aligned with the concept of triple bottom line, even in the case of an emerging market.

Details

Advances in Environmental Accounting & Management: Social and Environmental Accounting in Brazil
Type: Book
ISBN: 978-1-78635-376-4

Keywords

Article
Publication date: 14 October 2021

Thomas A. King and Timothy J. Fogarty

Much in accounting research depends upon equity valuation. Too often, what the stock of publicly traded companies trade at is taken at its face value. Knowing that…

Abstract

Purpose

Much in accounting research depends upon equity valuation. Too often, what the stock of publicly traded companies trade at is taken at its face value. Knowing that valuation is a function of performance relative to consensus security analyst expectations, more needs to be known about how these expectations are created and changed. The paper aims to assert that the guidance provided by top-level company management is important to the work product of analysts. The paper develops information from managers involved in these interactions.

Design/methodology/approach

Semi-structured interviews were conducted with 31 high-level executives employed by large USA companies in several industries. What those companies provided was interpreted through the theoretical lens of institutional theory and amounts to a qualitative content analysis approach to the subject.

Findings

The authors find that institutional theory well describes the important features of analyst guidance. Participants are aware of the broad societal interest that exists in the outcome of the guidance process. The participants accept the need for independent analyst opinions about their companies and their future prospects. In many ways, executives provide analysts more than just raw information and employ strategic structuring for analysts to produce expectations that will allow their companies a favorable pathway to future success as such is judged by the markets. The result is understood as being in the best interests of all market participants, even if it disproportionately benefits current corporate leadership.

Research limitations/implications

Results are dependent upon the interview process, needing the correct questions to be asked and the willingness of interviewees to speak their lived truth. The paper calls into question traditional capital markets studies that evaluate quantitative relationships between projected accounting balances and subsequent stock market prices as a literal truth or as the result of scientific calculation.

Practical implications

Market participants should be somewhat more skeptical about companies that are routinely able to meet analyst expectations. To a large extent, such displays do not just happen but instead are manufactured to take place by virtual of a careful dance that is mindful of excesses on several sides.

Social implications

The antagonistic interests of two important groups in the stock market is actually an unrecognized symbiotic dependency that prioritizes continued permission.

Originality/value

The accounting literature is very dependent on the work product of analysts. This is a rare opportunity to peak behind the curtain of their expertise in a critical fashion. The paper breaks ranks with the literature by trying to understand the thinking behind the narratives of capital market participants.

Details

Accounting, Auditing & Accountability Journal, vol. 35 no. 4
Type: Research Article
ISSN: 0951-3574

Keywords

Article
Publication date: 7 August 2017

John Holland

Problems arose in the “market for information” (MFI) during the “dot.com” boom, the Enron case, Northern Rock failure and during the great financial crisis (GFC) of…

Abstract

Purpose

Problems arose in the “market for information” (MFI) during the “dot.com” boom, the Enron case, Northern Rock failure and during the great financial crisis (GFC) of 2007-2009. This paper aims to extend the understanding of the MFI through field research and theoretical sources. It also aims to understand the MFI during relatively stable periods and during periods of rapid change, crisis and failure. It seeks to use these insights to propose changes to reduce the possibilities for negative change and problems in the MFI.

Design/methodology/approach

Field studies are used to develop an “empirical narrative” for ongoing MFI structures, processes and outcomes during relatively stable periods. The paper develops a “theoretical narrative” to extend the understanding of the MFI empirical insights.

Findings

The paper reveals that the MFI structure that includes knowledge and social context is central to ongoing MFI economic processes for MFI agents. Outcomes include changes in markets, firms and others. Changes and problems are means to understand interactions between the MFI social structure, knowledge, actions and outcomes as they rendered visible the previously invisible issues.

Originality/value

The paper shows that a coherent combination of new empirical narrative and theoretical narrative is essential to develop a critical stance, new policy prescriptions and new regulations to deal with problems and changes in the MFI. This provides the frame to propose changes in the “world of knowledge” and in (concentrated and elite) social and economic structures in the MFI. It proposes: making explicit shared knowledge in the MFI, monitoring change processes and promoting active formal learning.

Details

Qualitative Research in Financial Markets, vol. 9 no. 3
Type: Research Article
ISSN: 1755-4179

Keywords

Article
Publication date: 26 October 2021

Florian Gebreiter

This paper examines the historical background of accountingization, colonization and hybridization in the health services by exploring the relationship between hospital…

Abstract

Purpose

This paper examines the historical background of accountingization, colonization and hybridization in the health services by exploring the relationship between hospital accounting and clinical medicine in Britain between the late 1960s and the early 2000s.

Design/methodology/approach

The paper draws on an analysis of professional journals, government reports and other documentary sources relating to accounting and medical developments. It is informed by Abbott's sociology of professions and Eyal's sociology of expertise.

Findings

The paper shows that not only accountants but also elements within the medical profession sought to make the practice of medicine more visible, calculable and standardized, and that accounting and medical attempts to make medicine calculable interacted in a mutually reinforcing manner. Consequently, it argues that a movement towards clinical forms of quantification within the medical profession made it more open to economic calculation, which underpinned hospital accounting reforms and the accountingization, colonization or hybridization of health services.

Originality/value

The paper demonstrates that a fuller understanding of the relationship between accounting and public sector professions can be developed if we examine their mutual interactions rather than restricting ourselves to analyzing accounting's effects on public sector professions. The paper moreover illustrates instances of intraprofessional conflict and inter-professional cooperation, and draws on the sociology of expertise to suggests that while hospital accounting reforms have curbed the power of medical professionals, they have also enhanced the power of clinical expertise.

Details

Accounting, Auditing & Accountability Journal, vol. 35 no. 5
Type: Research Article
ISSN: 0951-3574

Keywords

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