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Financialized accounts: A stakeholder account of cash distribution in the S&P 500 (1990–2005)

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  • Tord Andersson
  • Colin Haslam
  • Edward Lee
  • Nick Tsitsianis

Abstract

In this paper, we construct a financialized account of corporate restructuring in S&P 500 survivor firms where corporate transactions are accounted for at fair value or are marked to market. Accounting practitioners are preoccupied with the technical aspects of fair value reporting, but the outcome of absorbing wealth accumulation into corporate sector balance sheets is not simply a neutral technical issue. In financialized accounts blending current income and expenditure with capital market value amplifies the need to distribute cash to equity holders. In financialized accounts realignments generated by a product market downturn are magnified because value at risk and corrective restructuring will be wired into balance sheet fair value not historic cost.

Suggested Citation

  • Tord Andersson & Colin Haslam & Edward Lee & Nick Tsitsianis, 2007. "Financialized accounts: A stakeholder account of cash distribution in the S&P 500 (1990–2005)," Accounting Forum, Taylor & Francis Journals, vol. 31(3), pages 217-232, September.
    • Handle: RePEc:taf:accfor:v:31:y:2007:i:3:p:217-232
    DOI: 10.1016/j.accfor.2007.06.002
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    Citations

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    Cited by:

    1. Gleadle, Pauline & Haslam, Colin, 2010. "An exploratory study of an early stage R&D-intensive firm under financialization," Accounting forum, Elsevier, vol. 34(1), pages 54-65.
    2. Inesa IACOB, 2014. "Fair-Value Accounting – Between Innovation And Need," THE YEARBOOK OF THE "GH. ZANE" INSTITUTE OF ECONOMIC RESEARCHES, Gheorghe Zane Institute for Economic and Social Research ( from THE ROMANIAN ACADEMY, JASSY BRANCH), vol. 23(1), pages 91-98.
    3. Andersson, Tord & Gleadle, Pauline & Haslam, Colin & Tsitsianis, Nick, 2010. "Bio-pharma: A financialized business model," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 21(7), pages 631-641.
    4. Müller, Julian, 2014. "An accounting revolution? The financialisation of standard setting," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 25(7), pages 539-557.
    5. Andersson, Tord & Haslam, Colin & Lee, Edward & Tsitsianis, Nick, 2008. "Financialization directing strategy," Accounting forum, Elsevier, vol. 32(4), pages 261-275.
    6. Yasmine Chahed, 2021. "Words and Numbers: Financialization and Accounting Standard‐Setting in the United Kingdom," Contemporary Accounting Research, John Wiley & Sons, vol. 38(1), pages 302-337, March.

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