Institutional View of Accounting

Účetnictví pohledem institucionální ekonomie

David Procházka

Český finanční a účetní časopis, 2007, vol. 2007, issue 1, 11-29

Abstract: The series of corporate accounting scandals drew attention to the stewardship function of accounting. This exposition deals with the characteristics of accounting from perspective of institutional economic theory. I analyze relationship between owner and manager by the principal-agent model. This model helps us to reveal the causes which led to corporate scandals at the beginning of this millennium. As a reaction to these scandals, American Congress approved Sarbanes-Oxley Act. This act should help to protect investors by improving the accuracy and reliability of corporate disclosures.

Keywords: Contractual costs theory; Agency theory; Creative accounting; Corporate accounting scandals; Sarbanes-Oxley Act; Teorie smluvních nákladů; Teorie zastoupení; Kreativní účetnictví; Účetní skandály (search for similar items in EconPapers)
JEL-codes: D86 M41 M42 (search for similar items in EconPapers)
Date: 2007
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DOI: 10.18267/j.cfuc.206

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