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Accounting is an Evolved Economic Institution

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  • Waymire, Gregory B.
  • Basu, Sudipta

Abstract

We develop our paper by defining "accounting history research" and posing six big picture questions about historical accounting evolution. The paper selectively summarizes accounting history over the past ten thousand years, organized around our six questions. This review provides useful examples that we draw upon for subsequent sections, but can also be used as a US accounting history primer. We explain how accounting history can inform scholars studying modern institutions by analyzing several exemplary research papers. The paper discusses numerous empirical studies using archival accounting data and suggests further questions that can build upon and extend published research. Finally, we discuss the implications of our evolutionary perspective for accounting research, and identify numerous research opportunities under each of our six big picture questions that will together help us build a coherent evolutionary theory of accounting.

Suggested Citation

  • Waymire, Gregory B. & Basu, Sudipta, 2008. "Accounting is an Evolved Economic Institution," Foundations and Trends(R) in Accounting, now publishers, vol. 2(1–2), pages 1-174, September.
    • Handle: RePEc:now:fntacc:1400000011
    DOI: 10.1561/1400000011
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    Citations

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    Cited by:

    1. Garry D. Carnegie & Christopher J. Napier, 2012. "Accounting's past, present and future: the unifying power of history," Accounting, Auditing & Accountability Journal, Emerald Group Publishing Limited, vol. 25(2), pages 328-369, February.
    2. Hoskin, Keith & Macve, Richard, 2012. "Contesting the indigenous development of “Chinese double-entry bookkeeping” and its significance in China’s economic institutions and business organization before c.1850," LSE Research Online Documents on Economics 42583, London School of Economics and Political Science, LSE Library.
    3. Baker C. Richard, 2019. "Commentary on Braun’s “The Ecological Rationality of Historical Costs and Conservatism”," Accounting, Economics, and Law: A Convivium, De Gruyter, vol. 9(1), pages 1-9, March.
    4. Sunder, Shyam, 2016. "Rethinking Financial Reporting: Standards, Norms and Institutions," Foundations and Trends(R) in Accounting, now publishers, vol. 11(1-2), pages 1-118, September.
    5. Braun Eduard, 2019. "The Ecological Rationality of Historical Costs and Conservatism," Accounting, Economics, and Law: A Convivium, De Gruyter, vol. 9(1), pages 1-30, March.
    6. David Hirshleifer & Siew Hong Teoh, 2009. "The Psychological Attraction Approach to Accounting and Disclosure Policy," Contemporary Accounting Research, John Wiley & Sons, vol. 26(4), pages 1067-1090, December.
    7. Walker, Martin, 2010. "Accounting for varieties of capitalism: The case against a single set of global accounting standards," The British Accounting Review, Elsevier, vol. 42(3), pages 137-152.
    8. Basu Sudipta & Waymire Gregory B., 2019. "Historical Cost and Conservatism Are Joint Adaptations That Help Identify Opportunity Cost," Accounting, Economics, and Law: A Convivium, De Gruyter, vol. 9(1), pages 1-13, March.
    9. Fanya Filipova, 2012. "Problems in Defining the Essence and Scope of Financial Accounting," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 3, pages 116-137.
    10. Gregory Waymire & Sudipta Basu, 2011. "Economic crisis and accounting evolution," Accounting and Business Research, Taylor & Francis Journals, vol. 41(3), pages 207-232, August.
    11. Eduard Braun, 2014. "Just a Matter of Prospect (Theory)? - The Ecological Rationality of the Traditional Accounting Principles," TUC Working Papers in Economics 0012, Abteilung für Volkswirtschaftslehre, Technische Universität Clausthal (Department of Economics, Technical University Clausthal).
    12. Yuta Shibasaki & Chikara Toyokura, 2020. "The Disclosure of Non-GAAP Performance Measures and the Adoption of IFRS: Evidence from Japanese Firms' Experience," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 38, pages 19-54, November.
    13. Sánchez-Ballesta, Juan Pedro & Lloréns, Mercedes Bernal, 2010. "Monitoring, reputation and accountability in issuing banks in mid-nineteenth-century Spain," Explorations in Economic History, Elsevier, vol. 47(4), pages 403-419, October.
    14. Yuta Shibasaki & Chikara Toyokura, 2019. "The Disclosure of Non-GAAP Performance Measures and the Adoption of IFRS: Evidence from Japanese Firms' Experience," IMES Discussion Paper Series 19-E-20, Institute for Monetary and Economic Studies, Bank of Japan.
    15. Venky Nagar & Madhav V. Rajan & Korok Ray, 2018. "An information-based model for the differential treatment of gains and losses," Review of Accounting Studies, Springer, vol. 23(2), pages 622-653, June.
    16. Luzi Hail & Ahmed Tahoun & Clare Wang, 2018. "Corporate Scandals and Regulation," Journal of Accounting Research, Wiley Blackwell, vol. 56(2), pages 617-671, May.

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