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Classical, Stewardship, and Market Perspectives on Accounting: A Synthesis


  • Shyam NMI Sunder

    () (School of Management)


Business organizations can be classified into three broad categories: entrepreneurial organizations without management hierarchy, entrepreneurial organizations with managerial hierarchy, and large publicly-held corporations. The key difference between the first two is the presence of agency problem, and the key difference between the last two is the presence of stock markets. Three major models of accounting, bookkeeping, managerial and financial reporting, have been engineered to suit the respective needs of the three forms of organizations. Using the work of Hatfield (1924), Barnard (1938), Simon (1947, 1952), and Cyert and March (1963), the paper explores the links between organization theory and classical bookkeeping, stewardship and capital markets perspectives on accounting.

Suggested Citation

  • Shyam NMI Sunder, 2001. "Classical, Stewardship, and Market Perspectives on Accounting: A Synthesis," Yale School of Management Working Papers ysm195, Yale School of Management.
  • Handle: RePEc:ysm:somwrk:ysm195

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    Cited by:

    1. Shyam Sunder, 2002. "Extensive Income and Value of the Firm: Who Gets What?," Yale School of Management Working Papers amz2607, Yale School of Management, revised 01 Jun 2009.
    2. Shyam Sunder, 2003. "Accounting: Labor, Capital and Product Markets," Yale School of Management Working Papers ysm368, Yale School of Management.

    More about this item


    Accounting; Bookkeeping; Stewardship; Stock markets; Organization design;

    JEL classification:

    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • L22 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Organization and Market Structure
    • M40 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - General
    • D20 - Microeconomics - - Production and Organizations - - - General


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