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Design and Implementation of Contracts: A Comparison of Factor Markets Relevant to Financial Reporting in Japan and the U.S

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  • Shyam NMI Sunder

    () (School of Management)

Abstract

Design of contracts that define firms, and their accounting systems depends on the conditions in the firm's factor and product markets. We examine the fundamental difficulty of defining and developing "uniform" accounting for diverse economic environments across countries and compare the differences in conditions prevailing in some key markets in Japan and the United States. There are important differences in industrial organization, accounting entities, markets for capital, managers, and labor, employee risk bearing, role of government, and market for corporate control. It would be difficult to defend the current reporting practices in either country to be optimal relative to the current or anticipated future market conditions. Instead of making premature commitment to a single set of worldwide standards, there may be value to allowing alternative sets of standards to compete in the marketplace.

Suggested Citation

  • Shyam NMI Sunder, 2001. "Design and Implementation of Contracts: A Comparison of Factor Markets Relevant to Financial Reporting in Japan and the U.S," Yale School of Management Working Papers ysm203, Yale School of Management.
  • Handle: RePEc:ysm:somwrk:ysm203
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    Cited by:

    1. Sunder, Shyam, 2002. "Regulatory competition among accounting standards within and across international boundaries," Journal of Accounting and Public Policy, Elsevier, vol. 21(3), pages 219-234.
    2. 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.
    3. Shyam Sunder, 2001. "Standards for Corporate Financial Reporting: Regulatory Competition Within and Across International Boundaries," Yale School of Management Working Papers ysm245, Yale School of Management, revised 01 Apr 2002.
    4. Shyam Sunder, 2003. "Accounting: Labor, Capital and Product Markets," Yale School of Management Working Papers ysm368, Yale School of Management.

    More about this item

    JEL classification:

    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • L14 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Transactional Relationships; Contracts and Reputation
    • L22 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Organization and Market Structure
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • N25 - Economic History - - Financial Markets and Institutions - - - Asia including Middle East
    • P51 - Economic Systems - - Comparative Economic Systems - - - Comparative Analysis of Economic Systems
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration

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