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Institutional View of Accounting
[Účetnictví pohledem institucionální ekonomie]

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  • David Procházka

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.

Suggested Citation

  • David Procházka, 2007. "Institutional View of Accounting [Účetnictví pohledem institucionální ekonomie]," Český finanční a účetní časopis, Prague University of Economics and Business, vol. 2007(1), pages 11-29.
    • Handle: RePEc:prg:jnlcfu:v:2007:y:2007:i:1:id:206:p:11-29
    DOI: 10.18267/j.cfuc.206
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    Keywords

    Contractual costs theory; Agency theory; Creative accounting; Corporate accounting scandals; Sarbanes-Oxley Act; Teorie smluvních nákladů; Teorie zastoupení; Kreativní účetnictví; Účetní skandály;
    All these keywords.

    JEL classification:

    • D86 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Economics of Contract Law
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • M42 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Auditing

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