Accounting and Corporate Governance Regulation in the Financialization in Colombian Public Interest Companies
Published
May 19, 2020
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Steven Pardo López
https://orcid.org/0000-0003-4995-1459
Ángela Rocío Peña Cortés
https://orcid.org/0000-0003-0461-7000
https://orcid.org/0000-0003-4995-1459
Ángela Rocío Peña Cortés
https://orcid.org/0000-0003-0461-7000
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Abstract
This document explores the role played by changes in accounting and corporate governance –CG– regulation in the positioning of firm financial conception in Colombian public interest organizations. Critical Discourse Analysis was applied to public interest companies reports and articles of important national magazines and newspapers, from 2010 to 2015. The analysis evaluates the role assigned to accounting and CG in the evolution of three main elements of relationships among organizational agents: the investor’s legitimation, value creation, and financial management. It is concluded that regulation changes in accounting and CG have been articulated in different ways in the organizational and institutional dimensions of the firm. Whereas the first dimension approaches the organic conception of a firm, the second is closed to the financial conception.
Keywords
Financialization, corporate governance, accounting, controlfinanciarización, gobierno corporativo, contabilidad, controlFinanciamento, governança corporativa, contabilidade, controle
References
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Becht, M., Bolton, P., & Roell, A. (2005). Corporate governance and control. Working Paper. European Corporate Governance Institute. London: ECGI.
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Giraldo, C. (2007). ¿Protección o desprotección social? Bogotá: Desde abajo.
Gómez V., M. (2011). Pensando los fundamentos de la contabilidad como disciplina académica. Lúmina, 120-150. https://doi.org/10.30554/lumina.12.696.2011
Gómez V., M. (2016). NIIF y PYMES retos de la contabilidad para el contexto y la productividad. Cuadernos de Administración, 29(53), 49-76. https://doi.org/10.11144/Javeriana.cao29-53.nmrc.
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Pardo L., S. (2015). Prácticas de valoración y GC: medios para la resignificación del control en las organizaciones colombianas. Cuadernos de Contabilidad, 16(40), 205-231. http://dx.doi.org/10.11144/Javeriana.cc16-40.pvgc
Shleifer, A., & Vishny, R. (1997). A Survey of Corporate Governance. The Journal of Finance, 737-783. https://doi.org/10.1111/j.1540-6261.1997.tb04820.x
Siepel, J., & Nightingale, P. (2014). Anglo-Saxon governance: Similarities, difference and outcomes in a Financialised world. Critical Perspectives on Accounting, 25, 27-35. https://doi.org/10.1016/j.cpa.2012.10.004
Soto, R. (2013). América Latina: Entre la financiarización y el financiamiento productivo. Problemas del desarrollo, 44(173), 57-78. https://doi.org/10.1016/S0301-7036(13)71875-3
Styhre, A. (2015). A managerial revolution in reverse: finance market control of the corporation and the triumph of the agency theory model. Management & Organizational History, 10(1), 71-86. http://dx.doi.org/10.1080/17449359.2014.989234
Sunder, S. (2005). Introducción a la Teoría de la Contabilidad y el Control. En S. Sunder, Teoría de la contabilidad y el control, 23-35. Bogotá: Universidad Nacional de Colombia.
Van Dijk, T. (1999). El análisis crítico del discurso. Revista Anthropos: Huellas del conocimiento, 186, 23-36. https://dialnet.unirioja.es/ejemplar/28052
Williamson, J. (1990). What Washington Means by Policy Reform. En Latin American Adjustment: How Much Has Happened? (pp. 90-120). Washington DC: Institute for International Economics.
Zhang, Y., & Andrew, J. (2014). Financialisation and the Conceptual Framework. Critical Perspectives on Accounting, 25(1), 17-26. https://doi.org/10.1016/j.cpa.2012.11.012
Zwan, V. (2014). Making sense of financializa
Berle, A., & Means, G. (1932). A modern corporation and private property. New York: Transaction Publishers.
Becht, M., Bolton, P., & Roell, A. (2005). Corporate governance and control. Working Paper. European Corporate Governance Institute. London: ECGI.
Boyer, R. (2007). Assessing the impact of fair value upon financial crises. Socio Economy Review, 1-25. https://doi.org/10.1093/ser/mwm018
Carroll, T., & Jarvis, D. (2014). Introduction: Financialisation and development in Asia under late capitalism. Asian Studies Review, 38(4), 533-543. http://dx.doi.org/10.1080/10357823.2014.956284
Dimaggio, P., & Powell, W. (1983). Retorno a la jaula de hierro: El isomorfismo institucional y la racionalidad colectiva en los campos organizacionales. En P. Dimaggio & W. Powell. El nuevo institucionalismo en el análisis organizacional (pp. 147-160). México DF: FCE.
Epstein, G. (2005). Financialization and the World Economy. Cheltenham: Edward Elgar.
Fama, E., & Jensen, M. (1983). Separation of ownership and control. Journal of Law and Economics, 26(2), 301-325. https://are.berkeley.edu/~cmantinori/prclass/FamaJensen.pdf
Giraldo, C. (2007). ¿Protección o desprotección social? Bogotá: Desde abajo.
Gómez V., M. (2011). Pensando los fundamentos de la contabilidad como disciplina académica. Lúmina, 120-150. https://doi.org/10.30554/lumina.12.696.2011
Gómez V., M. (2016). NIIF y PYMES retos de la contabilidad para el contexto y la productividad. Cuadernos de Administración, 29(53), 49-76. https://doi.org/10.11144/Javeriana.cao29-53.nmrc.
Hansmann, H., & Kraakman, R. (2000). The end of history for Corporate Law. Harvard Law School John M. Olin Center for Law, Economic and Business Discussion Paper Series, 1-34. http://www.law.harvard.edu/programs/olin_center/papers/pdf/280.pdf
Harvey, D. (2005a). El nuevo imperialismo: acumulación por desposesión, 1-26.Buenos Aires: CLACSO
Harvey, D. (2005b). A brief history of neoliberalism. Oxford: Oxford University Press.
Hopper, T., Lassou, P., & Soobaroyen, T. (2017). Globalisation, accounting and developing countries. Critical Perspectives on Accounting, 43, 125-148. https://doi.org/10.1016/j.cpa.2016.06.003
IASB. (2010). El Marco Conceptual para la Información Financiera. London: IFRS Foundation.
Iu , J., & Batten, J. (2001). The Implementation of OECD Corporate Governance Principles in Post-Crisis Asia. Journal of corporate citizenship, 4, 47-62. https://doi.org/10.9774/GLEAF.4700.2001.wi.00006
Krippner, G. (2005). The financialization of the American economy. Socio-economic Review, 3(2), 173-208. https://doi.org/10.1093/SER/mwi008
La Porta, R., Lopez de Silanes, F., Shleifer, A., & Vishny, R. (2000). Investor protection and corporate governance. Journal of Financial Economics, 58, 3-27. https://doi.org/10.1016/S0304-405X(00)00065-9
Martínez, R., & Reyes, E. (2012). El consenso de Washington: la instauración de las políticas neoliberales en América Latina. Política y Cultura, 37, 35-34. http://www.scielo.org.mx/pdf/polcul/n37/n37a3.pdf
Montgomerie, J. (2006). The Financialization of the American Credit Card Industry. Competition & Change, 10(3), 301-319. https://doi.org/10.1179/102452906X114393
Müller, J. (2014). An accounting revolution? The financialisation of standard. Critical Perspectives on Accounting, 25, 539-557. https://doi.org/10.1016/j.cpa.2013.08.006
Nölke, A. (2018). Beware of financialization! Emerging markets and mobile capital. In J. Pixley, & H. Flam. Critical Junctures in Mobile Capital (pp. 158-181). Cambridge: Cambridge University Press.
Nölke, A., & Perry, J. (2007). The Power of Transnational Private Governance: Financialization and the IASB. Business and Politics, 9(3), 1-25. https://doi.org/10.2202/1469-3569.1185
Nölke, A., Brink, T., Claar, S., & May, C. (2015). Domestic structures, foreign economic policies and global economic order: Implications from the rise of large emerging economies. European Journal of International Relations, 21(3), 538-567. https://doi.org/10.1177/1354066114553682
Pardo L., S. (2015). Prácticas de valoración y GC: medios para la resignificación del control en las organizaciones colombianas. Cuadernos de Contabilidad, 16(40), 205-231. http://dx.doi.org/10.11144/Javeriana.cc16-40.pvgc
Shleifer, A., & Vishny, R. (1997). A Survey of Corporate Governance. The Journal of Finance, 737-783. https://doi.org/10.1111/j.1540-6261.1997.tb04820.x
Siepel, J., & Nightingale, P. (2014). Anglo-Saxon governance: Similarities, difference and outcomes in a Financialised world. Critical Perspectives on Accounting, 25, 27-35. https://doi.org/10.1016/j.cpa.2012.10.004
Soto, R. (2013). América Latina: Entre la financiarización y el financiamiento productivo. Problemas del desarrollo, 44(173), 57-78. https://doi.org/10.1016/S0301-7036(13)71875-3
Styhre, A. (2015). A managerial revolution in reverse: finance market control of the corporation and the triumph of the agency theory model. Management & Organizational History, 10(1), 71-86. http://dx.doi.org/10.1080/17449359.2014.989234
Sunder, S. (2005). Introducción a la Teoría de la Contabilidad y el Control. En S. Sunder, Teoría de la contabilidad y el control, 23-35. Bogotá: Universidad Nacional de Colombia.
Van Dijk, T. (1999). El análisis crítico del discurso. Revista Anthropos: Huellas del conocimiento, 186, 23-36. https://dialnet.unirioja.es/ejemplar/28052
Williamson, J. (1990). What Washington Means by Policy Reform. En Latin American Adjustment: How Much Has Happened? (pp. 90-120). Washington DC: Institute for International Economics.
Zhang, Y., & Andrew, J. (2014). Financialisation and the Conceptual Framework. Critical Perspectives on Accounting, 25(1), 17-26. https://doi.org/10.1016/j.cpa.2012.11.012
Zwan, V. (2014). Making sense of financializa
How to Cite
Pardo López, S., & Peña Cortés, Ángela R. (2020). Accounting and Corporate Governance Regulation in the Financialization in Colombian Public Interest Companies. Cuadernos De Contabilidad, 21, 1–28. https://doi.org/10.11144/Javeriana.cc21-51.rcgc
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