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The objective ofthe research is to reinstate value added accounting in a capital market context to judge corporate performance and corporate strategy. The thesis uses a value added format to deconstruct return on capital employed (ROCE) and reviews how income percolates down a value added statement to the bottom line. As expenses are collected by their 'nature' this approach avoids the arbitrariness associated with categorising expenses by 'function'. In addition corporate performance is presented in a pyramid structure offmancial key ratios which enables the .addition ofa capit.al market dimension, an important consideration when fIrms and their managers are under pressUre to I deliver shareholder value. The framework is used to construct a dataset offIrms listed in the main European stock . . market indices (FTSElOO, CAC40 and DAX30), to make similarities and differences of / . fmancial ratios visible at the macro, meso and micro level. As such it is possible to judge' performance and managerial priorities as well as position individual fIrms, as done in the case study, into a quintile distribu~ion. The case study also reviews strategic narratives for the case fIrms and make a more detailed fmancial analysis th.an possible for the Europe 170, which makes visible the strength of aligning'narratives with numbers. The contribution to knowledge, besides the dataset itself, is related to the usefulness ofthe value added accounting format in relation to capital markets by: • Revealing a complementary set ofvalue drivers to that existing in fmance theory by using a nature of expense format. Suggesting an 'accounting theory of the firm' by integrating the industry and,the resource based view ofstrategy with shareholder value metrics. The integration ofaccounting numbers and strategic narratives enables feedback mechanisms for the reformulation ofstrategy. Keywords: Value added statement, nature of expense IFRS value drivers, theory of the firm, strategic management accounting.

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There has been wide interest in the study of management styles and the effects of culture and other contextual factors in shaping them within and across nations. The Hong Kong manufacturing industry is mainly managed by local Chinese with some managers from Mainland China and Western countries. It provides a unique site for studying the differences in management style between the three groups of managers and how their management styles are shaped in the industry. The objectives of this study areas follows: Firstly to study and compare the attributes oftop management and their management styles together with the organizational context and organizational structure of the companies they manage in Hong Kong. Secondly, the effects of the aforementioned factors on their management style are investigated and a model is proposed to depict their relationships. Lastly, the future trends in the development of management style and organizational structure of firms in the industry are studied. An approach is developed to describe relationships between groupings of factors. As regards the three groups, the Hong Kong and the mainland Chinese managers appear to belong to the same cultural group compared to the Westerners here despite that the societal background in which they are raised is quite different. Also managers clearly expect management styles in manufacturing industry to develop further though little change is expected in the structure of manufacturing organizations. The cultural attributes of the managers including Hofstede's constructs are found to affect their style of managing people, managing operations and the structure of their organization. The organizational context and structure also have effects on their style of managing operations. The Aston Study's findings about relationships between organizational context and organizational structure are also validated. It can be concluded that all the three aspects studied are necessary to model influences on management styles in Hong Kong but with some aspects being more influential than others are. It is also clear that a methodology can be developed to look at relationships between groups of factors as well as simply pairs of factors.