In the context of a growing literature on the connection between cultural variables and accounting regulations, the general objective of the paper is to provide a theoretical framework and empirical evidence on the recent trends in financial reporting and on their impact on the dynamics of the social output. Thus, the specific objectives are: 1) to provide an operational definition of culture; 2) to advance a model of the interactions between culture, design of accounting regulations and the economic growth; 3) to test some of these interactions at the European based on an empirical pool data model. The dependent variable are: a dummy aiming to capture the specificity of the IFRSs endorsement in EU; the average real GDP rates of growth; and the explanatory variables which are represented by the cultural descriptors derived from World Values Survey questions. The main results of the paper consist in the following theses: the culture is relevant for the national characteristics of IFRSs implementation in European Union; and the accounting framework matters for the outcomes of social decisions.
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number
8246.
Find related papers by JEL classification: C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data M40 - Business Administration and Business Economics; Marketing; Accounting - - Accounting - - - General M49 - Business Administration and Business Economics; Marketing; Accounting - - Accounting - - - Other
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