Accounting for Enron: shareholder value and stakeholder interests

Clarke, Thomas

doi:10.1111/j.1467-8683.2005.00454.x

Cited by 81 publications

(56 citation statements)

References 55 publications

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“…This occurred via Enron's operations in the USA's energy markets (Reinstein and McMillan, 2004) with the company later expanding into overseas energy-related transactions and other ventures such as broadband, pulp and paper (see for example, Chabrak and Daidj, 2007;Chatterjee, 2003). Thus the company was focused upon making money (Clarke, 2005) and had an underlying philosophy that those who generated profits for the firm should be compensated generously. McLean and Elkind (2004) detail how internally this led to conflicts, manipulation, dysfunctional behaviour and bitter rivalries.…”

Section: Enron As An Individualist Concernmentioning

confidence: 99%

Mary Douglas, risk and accounting failures

Linsley

Shrives

2009

Critical Perspectives on Accounting

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Sociology and anthropology are especially valuable in providing a critical understanding of the risk-related implications of modernity. There has, however, been relatively little discussion of the work of Mary Douglas within accounting although her pioneering writings in the area of risk have been highly influential. This paper uses Douglas' cultural theory of risk to provide an alternative perspective on the demise of Enron and Andersen. The failure at Enron is interpreted through the gridgroup model and analysed as a series of events that threaten to destabilize established cultures. Accounting is thus construed as an activity that exists on the margins of boundaries. There are two important conclusions drawn from the analysis. First, as the worldviews of both the individualist and hierarchical cultures became threatened by the ensuing crisis they collaborated to ensure their perpetuation. This also averted individuals from becoming susceptible to recruitment by subversive egalitarian groups. Second, the individualistic culture of Andersen shaped practices within the firm weakening its ability to act as a gatekeeper and therefore public accounting firms need to modify their cultures if they are to police the margins effectively.

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Section: Enron As An Individualist Concernmentioning

confidence: 99%

Mary Douglas, risk and accounting failures

Linsley

Shrives

2009

Critical Perspectives on Accounting

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“…Future research needs to explore how other means to ensure firm-specific investments by production team members such as trust, social capital (Clarke 2005), and a reputation of fairness (Zattoni 2011) interact with the allocation of residual rights of control and NGSCs in determining firms' comparative governance advantage. The Coasian stakeholder theory proposed here provides an economics-based framework to explain and understand the diversity across corporate governance systems through the lens of stakeholders' governance rights.…”

Section: Discussionmentioning

confidence: 99%

Corporate Governance Systems Diversity: A Coasian Perspective on Stakeholder Rights

2016

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We examine corporate governance diversity within a Coasian framework of stakeholder rights, where the central role of governance is to ensure that necessary firm-specific investments are made. This Coasian perspective on stakeholder theory offers a unifying framework towards a global theory of comparative corporate governance, bridging the gap between economic theories of the firm and stakeholder theory, also offering an economicsbased alternative to agency theory that explicitly accounts for stakeholder rights. The Coasian perspective encompasses a diversity of corporate governance systems, but does not imply a unique global corporate governance benchmark. We posit that governance is firm dependent and endogenous conditional on the constraints imposed by a national governance system; consequently, there should be no systematic relationship between governance and firm performance once the national constraints are controlled for. However, the same national corporate governance system constraints confer comparative advantages to firms whose efficient levels of firm-specific investments are favored.

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“…Paralelamente a isso, as pesquisas a respeito da Governança Corporativa (GC) também assumem certa proporção nas últimas décadas, principalmente após acontecimentos como os escândalos financeiros nos EUA, algumas fraudes no início do século XXI e também a fatídica queda da Enron (CLARKE, 2005). No entanto, apesar do desenvolvimento teórico e empírico no campo da Governança Corporativa, as descrições populares de boa governança corporativa permanecem, ainda, vinculadas à noção econômica que "boa governança" reflete maximização do valor da empresa (DAILY et al, 2003).…”

Section: Introductionunclassified

Governança corporativa e responsabilidade social corporativa: uma revisão sistemática desta relação

2015

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ResumoAs temáticas Responsabilidade Social Corporativa (RSC) e Governança Corporativa (GC) contemplam diversas definições na literatura científica. Fica evidente que por não possuírem um sentido único, suscetíveis a várias interpretações, esses campos geram muitas discussões e divergências quanto as suas definições e também relações. Assim, este estudo apresenta a contribuição do que foi produzido acerca da RSC e da GC para o desenvolvimento do conhecimento da área, realizando o levantamento e a investigação da produção acadêmica nacional e internacional da relação entre os referidos temas. Foi realizada busca em periódicos internacionais de maior fator de impacto no campo da administração e nos principais periódicos nacionais nos últimos cinco anos. Foram analisados 44 trabalhos, sendo 26 adequados ao estudo. Elaborou-se uma revisão sistemática, com a categorização em seis eixos temáticos explorando as contribuições teóricas e metodológicas. A revisão sistemática permitiu, ainda, promover considerações sobre os aspectos epistemológicos da relação entre GC e RSC. Os achados deste trabalho possibilitam a determinação de rumos para novas pesquisas que possam avançar neste campo de estudo.Palavras-chave: Revisão Sistemática. Governança Corporativa. Responsabilidade Social. Corporativa. AbstractThematic Corporate Social Responsibility (CSR) and Corporate Governance (GC) include various settings in the scientific literature. It is evident that because there is no oneway, subject to various interpretations, these fields generate much discussion and disagreement about your settings and also relations. This study presents the contribution of which was produced about CSR and CG for the development of knowledge of the area, carrying out the survey and research of national and international academic production of the relationship between these topics. Proceeded to search in international journals of high impact factor in the field of administration and major national journals in the last five years. It analyzed 44 studies and 26 appropriate to the study. It developed a systematic review with the categorization in 6 themes exploring the theoretical and methodological contributions. The systematic review allowed also promote considerations regarding the epistemological aspects of the relationship between CG and CSR. The findings make it possible to determine directions for new research that might advance this field of study.Keywords: Systematic Review. Corporate Governance. Corporate Social Responsibility. 1 Os autores agradecem o trabalho anônimo dos avaliadores da RCA. Suas sugestões contribuíram significativamente para a versão final deste estudo. 124Revista de Ciências da Administração • v. 17, n. 43, p. 123-140, dezembro 2015 Janaína Gabrielle Moreira Campos da Cunha Amarante • Sandro Deretti • Eduardo Damião da Silva INTRODUÇÃONos últimos anos, o volume de estudos na comunidade acadêmica, relacionados à temática Responsabilidade Social Corporativa (RSC), vem crescendo notoriamente, fato este motivado pelas preocupaçõe...

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Accounting for Enron: shareholder value and stakeholder interests

Cited by 81 publications

References 55 publications

Mary Douglas, risk and accounting failures

Mary Douglas, risk and accounting failures

Corporate Governance Systems Diversity: A Coasian Perspective on Stakeholder Rights

Governança corporativa e responsabilidade social corporativa: uma revisão sistemática desta relação

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