Social and Moral Norms: Institutional perspectives on accounting, financial markets and the firm

Yuri Biondi

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Abstract: The financial crisis put accounting under strict scrutiny. The so-called "Paulson Plan" pressed the SEC to suspend mark-to-market accounting and mandated further investigations on its economic consequences for financial stability. This investigation may require a broader understanding of the accounting role in economy and society. The session convenes scholars from different countries and disciplines to provide a cross-disciplinary, trans-national debate on social and moral norms that define the context of accounting, economics, and law of the business firm. This approach is beginning to attract special interest nowadays. Can business firms and their associated markets function efficiently in an environment defined solely by written rules and statutes? Or, does efficient functioning of market economy also call for a shared acceptance of broader, often unwritten, social and moral norms that go beyond standards and rules? Does the importance of common law suggest that written standards and statutes may be insufficient? If so, what are the implications of the recent financial crisis for the institutional structure of accounting and finance?

Date: 2009-08-02
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Published in American Accounting Association 2009., Aug 2009, New York City, United States

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-00404296

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