The main aim of this thesis is to evaluate the feasibility of intangible asset accounting in financial reporting with particular reference to the football industry. It also examines related accounting policies. Lack of reliable measurement is the major obstacle to the recognition of intangible assets. The measurement of intangible assets is problematic due to a lack of verification through reference to an active market. However, drawing on Human Resource Accounting, the thesis argues that identifying and measuring human resource assets may be possible in the football industry. The human resource asset, the player registration, is subject to sufficient control through unique industry structures to justify recognition as an intangible asset. The existence of an active market for player registrations facilitates reliable measurement. In the football industry, a wide variety of accounting policies are employed in accounting for player registrations and other material transactions. Hypotheses regarding the reasons for selecting particular accounting policies are developed and tested. Findings suggest that institutional pressure which influences perceptions of legitimacy and credibility can affect the selection of accounting policies. The thesis also develops and tests a model to value player registrations as intangible assets where they are not subject to market transactions. The ability to reliably measure intangible assets is regarded as crucial to their recognition in financial reporting. In addition, it will lead to the acceptance of intangible asset policies as legitimate and credible, despite the market orientated bias of traditional financial reporting.

This thesis investigates the overall acceptance of the Code of Corporate Governance for Bangladesh by examining the level of acceptance and the factors influencing compliance. The study identifies the code provisions which are most and least complied with and examines the perceptions of different stakeholder groups relating to the barriers of good governance, the causes of non-compliance with the Code and the appropriate model of governance for Bangladesh. The study uses a questionnaire survey for the listed companies in Bangladesh and the semi-structured interview method with the stakeholder groups. The shareholder and the stakeholder theoretical perspectives are adopted to interpret the results. The findings suggest that the level of compliance amongst the sample companies is at a moderate level. However, the findings also indicate that the sample companies are following the regulatory provisions, and the Code is yet to be widely accepted by the companies. The corporate infrastructure of Bangladesh appears to be dysfunctional in most, if not all, aspects. Hence, the polarization of the shareholder and stakeholder perspectives is to some extent unrealistic in the case of Bangladesh; rather an appropriate model of governance is considered to be the one that prioritizes the needs and ability of the country.

This doctoral thesis aims to contribute to the interaction between exchange rates and stock prices at firm level, using a large unbalanced panel consisting UK non-financial companies over the period 1990—2011. There are six chapters. After the Introduction, Chapter 2 critically and comprehensively reviews previous theoretical and empirical studies of the relationship between exchange rates and stock prices, and then suggests several new research ideas. Chapter 3 derived a theoretical framework for the transmission channels through which changes in exchange rates pass-though into stock prices. The model is then calibrated to provide implications. Two main transmission channels are identified: the revenue-side channel and the cost side channel. The findings show that the effect through the revenue-side channel can explain more than 80% of currency exposures, while less than 20% can be explained by impact through the cost-side. Chapter 4 develops an empirical model to provide evidence for the theoretical framework in Chapter 3. Meanwhile, this chapter also examines how firms’ characteristics have an impact on identified transmission mechanism. Chapter 5 distinguishes the unanticipated parts of exchange rate variations from the anticipated ones, using more advanced return decomposition techniques and VAR specifications. To be specific, foreign exchange beta is decomposed into foreign exchange beta due to unanticipated changes in cash flows and discounted rates. The key findings, contributions and limitations are given in Chapter 6, as well as new research ideas for the future.

Accountants have distinct status, niches and markets from other occupational groups. Moreover, they are professionalized differently in different contexts. Many former British colonies, for instance Nigeria, Australia and India, have adopted the British model of accountancy profession as it is shown in the extant accounting literature. However, little is known about the accounting profession in Cyprus; an island that was once a British colony and later became European Union (hereafter, EU) member. This thesis sets out to examine the emergence and development of the accountancy profession in Cyprus and the establishment of the local professional accountancy body, namely ICPAC. Using the lens of critical realism and supplementing it with the notions of capitalism, colonialism, imperialism and globalization, this research explores the societal relationships, interactions and structural factors that have influenced the local accounting profession and the establishment of ICPAC. The data of the study are derived oral history interviews and an analysis of archival sources. The study demonstrates that the accounting profession in Cyprus has emerged and developed with the help of the existing structures produced and reproduced throughout the years under the influence of local (e.g. the State, ministers, MPs, non-qualified accountants) and global (e.g. the EU, ‘Big Four’ firms, British professional bodies) forces. The evidence presented in the thesis illustrates how a small island with an emerging economy has been forced to change strategies, choices and plans based on colonial, local and later global influences. This transformation has had a profound impact on the emergence of the local accounting profession and on constructing the island’s identity. Cypriots continue to emulate the British accounting model, British professional bodies, their services and products. This thesis argues that the British legacies in the form of social structures have remained strong and uninfluenced throughout time. Cyprus still seems to be under British colonialism, perhaps in its new form, neocolonialism, in terms of the development and functioning of the accounting profession.

Theoretical attempts in Social and Environmental Accounting (SEA) research have not paid sufficient attention to the internal processes and assemblages of producing SEA. This study closely examines the networks of human actors and non-human actants that, in the case of a Sri Lankan bank (anonymised as ABC Bank), produced the Social and Environmental Accounts. The first question this research addresses, therefore, is ‘what is the composition of the actor-network that produces the social and environmental accounts, and how was it assembled and reassembled’? The research adopts an Actor-network theory (ANT) approach. ANT is not only a theory, it is also a research approach, which guides the researcher in the collection of data. This opens up the second research question, which is: ‘what do we learn and how is our understanding of SEA changed through an application of an ANT approach to the study of the production of social and environmental accounts in a particular case’. ANT is often accused of being an essentially uncritical organisational theory, an approach that lacks the capacity to carry substantive political critique. This unresolved debate leads to the third research question that this thesis sets out to answer: ‘can the application of ANT as a research approach, in the study of a particular case of SEA reporting, be critical and if so how’? In this research, the data collection has been carried out through the study of the production of the social and environmental accounts of the case company in two consecutive years. ANT as a theory provides methodological guidance that exhorts the researcher “to follow the actors”, and to attend to the relations between actors and the performativity of the network. Following this guidance carefully, it takes us close to the actors and reveals the contingency of the production of the social and environmental accounts on the mobilisation of actors and their interests. This research demonstrates that SEA reporting is shaped by the contingencies of the network behind the production of the accounts, including the relations between the ambitions and vanities of individuals and the interests and features of things including reporting award schemes and standards. This leads to identifying two different actor-network building processes and different outcomes in the two years studied. The findings of this research lead us to critically question the putative functions of SEA and leads us to question whether they respond to norms of accountability. This study challenges the normative objectives of SEA found in the prior literature. While ANT does allow us to develop, in detail, a view of how things are and how they come to be through the mobilisation of power and translation of interests. Such understanding provides a basis for a critical challenge to the way things are. The study demonstrates the critical use of ANT approach and shows that ANT is not only a “valuable framework for the empirical analysis of the organising process” (Whittle and Spicer, 2008, p. 611) but also able to provide a critical account of the organisation.

This study examines the governance and accountability practices and reforms in UK building societies following the 2008 financial crisis. Theoretically, this study explores the notion of mutual accountability and governance systems in delineating the (re)structuring of UK building societies’ governance and accountability practices, in response to the crisis. Data for the study are derived from thirty-eight in-depth interviews with key stakeholders in building societies, including executives, non-executives, ex-directors, an auditor, a regulator and customers, as well as publicly available documents and non-participant observation of a number of members’ meetings. The findings of the study demonstrate that the industry’s internal, intermediate and external governance structures have significantly altered in the post-crisis era with a positive impact on the mutual accountability. Coercive pressure from regulators has led to improvements on building societies’ internal governance structures, including but not limited to board composition, internal control and risk management frameworks. Intermediate governance structure, unique to mutual organisations, is embedded within UK building societies as the fundamental mechanism in achieving democracy and mutual accountability. However, the political and economic uncertainty and regulatory reforms in the financial services sector have continued to pose challenges in the governance and long-term performance of regional building societies. Intensifying regulations have increased the costs and workload for building societies and led many of these societies to emphasize the “form” rather than true “substance” of good governance practices. There is the need for regulators and policy makers to realise the difference among building societies and to develop appropriate codes of governance and regulations which are not one-size-fits-all.

This research aims to identify the factors which explain the timing of the adoption of new and revised accounting standards by large firms. The investigation uses a mixed methods explanatory sequential quan→QUAL design as part of a pragmatic constructivist methodology. Quantitative (quan) analysis of financial statements for 158 non-financial FTSE 350 firms identifies the timing of the adoption of accounting standards since IFRS became mandatory for these firms in 2005. Findings are that early adoption is relatively unpopular but its extent varies across standards so that IFRS 6: Exploration for and evaluation of mineral assets, IFRS 8: Operating segments and the new consolidation standards were adopted early by a number of firms. Qualitative analysis (QUAL) of interviews with chief financial officers, group financial controllers, auditors and the IASB explores the values and meanings behind decisions whether to adopt a new standard from the mandatory effective date included in the published standard or to adopt early. Findings are that institutional pressures to copy the practices of other firms have an impact on both firms and their auditors and these pressures influence firms to stay in the mainstream by adopting new accounting standards from the mandatory effective dates. Firms may find the motivation to resist these pressures and adopt early if they see an efficiency, economic or strategic benefit in doing so. By including the views of preparers, this research contributes to knowledge of the financial accounting practices of large firms. It also makes a number of contributions to institutional theory inter alia by portraying the institutional environment as a network of relationships and interdependencies, by presenting empirical evidence regarding the existence and interaction of multiple institutional pressures, and by considering how firms use the tactic of escape in order to avoid the requirements of an existing standard by placing themselves in the new regulatory environment containing the new standard.

This thesis examines the impact of banking regulation, external governance and bank-specific variables on commercial and savings bank performance, as estimated by efficiency and financial indicators, in the Asian market, between 2000 and 2012. Furthermore, the thesis analyses the effect of deposit diversification and insurance on the bank's liquidity risk tolerance in G7 and BRICS countries. It further investigates the impact of expected government support on bank risk-taking in China. Firstly, we examine the impact of Credit Rating Agencies (CRAs) on bank performance in general, and in particular on how this impact can be moderated by the strict regulation of banking criteria and the quality of investor protection embedded in different institutional environments. We find that CRAs enhances bank performance. CRAs as the flexible governance power, their positive monitoring impact is further enhanced by the quality of investor protection but mitigated by the inflexible and strict banking regulations. Secondly, this research investigates the impact of market power and revenue diversification on bank performance and stability. We find that market power could not only improve banking performance, but also increase individual bank fragility in an emerging market. Although revenue diversification reduces bank efficiency, it improves individual stability. Thirdly, we study the relationship between liquidity risk, deposit diversification and insurance in 12 countries during the period 2005-2014. We capture liquidity risk by focusing on the unfunded loan commitments. We find that higher diversification in the deposit base can reduce the impact of liquidity demand risk during the crisis by decreasing the cost of funding, increasing the funding inflow, maintaining the total amount of loan lending and enhancing the liquid ratio. Additionally, the results suggest that although deposit insurance has a positive impact during the crisis, its effect cannot mitigate the liquidity demand risk. Fourthly, this research examines the impacts of expected government support on bank risk-taking behaviour, and in particular how its impact can be stronger in state-owned and large banks. We find that the willingness and capacity of government support enhance bank's risk-taking behaviour through increasing non-performance loan as well as doubtful loan, and decreasing Z-score as well as liquid ratio. This moral hazard problems are further enhanced in state-owned banks and large banks. Finally, we outline our conclusions along with the limitations of this research and a plan for any future work.

This thesis develops a framework for enhancing current financial reporting of intangibles related information in knowledge intensive industries informed by the particular needs and requirements of the users of such reports. Four financial statements user groups (investment fund managers, CFOs of companies, credit institutions and auditors) were interviewed to obtain an understanding of their views of the usefulness of current financial statements. Following these initial interviews, questionnaires were sent out and related interviews conducted to identify factors that would be useful for improving current financial reporting practice related to intangibles. These factors were used to build a new intangibles disclosure framework or ‘model’. This new ‘model’ was then validated with financial statements users and a representative of an accounting standards setter1 in respect of its acceptability and usefulness. This study also explored the question of appropriate methodology for examining and developing financial accounting theory. Financial accounting research is currently undertaken in the two different fields of normative and positive accounting theory. Both have different views on what is deemed as commonly acceptable research methodologies to contribute to current knowledge. Unfortunately, neither field supports the development of financial accounting standards based on qualitative empirical research methodologies founded on the views of users of such financial accounting standards. This thesis provides evidence for the need to establish a new branch of financial accounting research: conditional-normative accounting research. In addition, this thesis also provides a process by which this new branch of financial accounting research can be operationalised. This thesis contributes to the current knowledge in three ways: It proposes a new user-based intangibles disclosure framework model for knowledge intensive industries which was developed and validated based on qualitative empirical research methodology. It contributes to the establishment of a new branch of financial accounting theory which is referred to by Mattessich (1995) as conditional-normative accounting theory. The latter consists of financial accounting norms and policy recommendations developed through the application of qualitative empirical research methodologies. It provides a process by which the concept of conditional-normative accounting theory can be operationalised in research practice.

In 2001, charities in the UK celebrated the 400th anniversary of their legal birth. They now wield considerable economic influence in their contribution to the economy as changes made to the welfare state over the last 20 years have transferred the delivery of some essential public services to the sector. However, the research problem (and hence pressing challenge facing charities) is whether their governance systems and processes are keeping pace with their growing role in Britain today. The objectives and purpose of this study become, therefore, to examine, describe and evaluate the various elements of charity governance from an 'insider-trustee' perspective and from there to build both theoretical understanding of, and insight into effective charity governance, such as to bridge identified gaps in the literature. This has become necessary because, 'for the first time in history, charities are ... now receiving more cash from the state than private donors' (Brindle, 2010, p. 1), and need, therefore, to demonstrate accountability to the UK taxpayer. Three research questions have guided this study: (i) What constitutes effective charity governance?; (ii) How does the Charity Board contribute to effective charity governance?; and (iii) Who are the stakeholders in charities, and does their recognition and engagement contribute to effective charity governance? The study adopts a descriptive, comparative, cross-sectional and multiple case study approach in order to explore the experiences, procedures and systems of third sector governance in three UK charities. This research design is considered suitable because it offers a robust, scientific methodology to investigate and understand the emic nature of the research problem. A conceptual framework developed on the three main themes of: (i) organisation structure and strategy, (ii) internal governance mechanisms, and (iii) external governance mechanisms, is used to provide the intra-and cross-case analysis presented. Participatory observation of governance meetings provides both an insider and direct access, insight into and understanding of, governance in the object charities. Document analysis is also employed to collect relevant data. However, the main data collection method employed is in-depth, face-to-face, open-ended interviews with trustees, Management Committee members, directors and Chief Officers of the object charities. The findings from the study reveal that although there are various elements of best practice governance in the object charities, significant room remains for improvement in organisation structure and both internal and external governance mechanisms in order to achieve effective charity governance. The study has made contributions to theory, practice and policy in several areas. In the area of theory, this research presents the first comparison of the development of corporate and charity governance in Britain. The study offers suggestions on how corporate governance codes can be 'flexed' for charities. In the area of practice, specific governance recommendations are made to transform the practices of the three charities. Training courses for trustees, chief officers and other executive directors have been developed from the empirical data and the literature. In the area of policy, changes in regulations are suggested. Finally, the empirical findings and literature provide a model which can be used by charity trustees and chief officers to assess the effectiveness of their governance arrangements. This model has been classified as the emergent principles of effective charity governance being: (i) optimal, responsive organisation structure; (ii) clear direction of travel based on defined goals and objectives; (iii) committed and focused governing body; (iv) sound financial and risk management; and (v) open, ethical and accountable stakeholder engagement.