How has Japan become a major economic power, a world leader in the automotive and electronics industries? What is the secret of their success? The consensus has been that, though the Japanese are not particularly innovative, they are exceptionally skilful at imitation, at improving products that already exist. But now two leading Japanese business experts, Ikujiro Nonaka and Hiro Takeuchi, turn this conventional wisdom on its head: Japanese firms are successful, they contend, precisely because they are innovative, because they create new knowledge and use it to produce successful products and technologies. Examining case studies drawn from such firms as Honda, Canon, Matsushita, NEC, 3M, GE, and the U.S. Marines, this book reveals how Japanese companies translate tacit to explicit knowledge and use it to produce new processes, products, and services.

The knowledge-creating company : how Japanese companies create the dynamics of innovation

What makes organizations so similar? We contend that the engine of rationalization and bureaucratization has moved from the competitive marketplace to the state and the professions. Once a set of organizations emerges as a field, a paradox arises: rational actors make their organizations increasingly similar as they try to change them. We describe three isomorphic processes-coercive, mimetic, and normative—leading to this outcome. We then specify hypotheses about the impact of resource centralization and dependency, goal ambiguity and technical uncertainty, and professionalization and structuration on isomorphic change. Finally, we suggest implications for theories of organizations and social change.

The iron cage revisited: Institutional isomorphism and collective rationality in organizational fields (Chinese Translation)

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https://link.springer.com/content/pdf/10.1057%2Fjors.1974.92.pdf

The Nature of Managerial Work

The empirical research examining the association between typical measures of corporate governance and various accounting and economic outcomes has not produced a consistent set of results. We believe that these mixed results are partially attributable to the difficulty in generating reliable and valid measures for the complex construct that is termed corporate governance. Using a sample of 2,106 firms and 39 structural measures of corporate governance (e.g., board characteristics, stock ownership, institutional ownership, activist stock ownership, existence of debt-holders, mix of executive compensation, and anti-takeover variables), our exploratory principal component analysis suggests that there are 14 dimensions to corporate governance. We find that these indices have a mixed association with abnormal accruals, little relation to accounting restatements, but some ability to explain future operating performance and future excess stock returns.

https://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID976566_code171605.pdf?abstractid=976566&rulid=1903&mirid=1

Corporate Governance, Accounting Outcomes, and Organizational Performance

The empirical research examining the association between typical measures of corporate governance and various accounting and economic outcomes has not produced a consistent set of results. We belie...

/pdf/corporate-governance-accounting-outcomes-and-organizational-2qnxl1csuz.pdf

The theoretical distinction between information efficiency and fundamental efficiency suggests an important question for accounting research, which is whether (and to what extent) there exists an equilibrium mechanism whereby fund managers investment decisions can be fully informed. This question is approached in this paper by means of developing a grounded theory of the market for information. The theory is derived from a (mostly interview-based) empirical analysis of the economic incentives of finance directors, analysts and fund managers with respect to stock market information flows. The evidence suggests a two-part theory. First, it is argued that ‘raw’ data flowing directly from companies is of considerably greater importance to fund managers than ‘processed’ data generated by analysts. Second, analysts are nevertheless argued to play an important role in the market for information, as both mechanisms of information efficiency and as providers of benchmarks for consensus valuation. This theory implies that the research literature has paid insufficient attention to the role of accounting information in direct communication between companies and fund managers and, related to this, that the role of analysts in share price determination has been overstated and only superficially understood.

The market for information—evidence from finance directors, analysts and fund managers

Purpose - To explore the effects of meetings between company executives and fund managers.

Design/methodology/approach - Recognizes the increasing importance of these face-to-face meetings, reviews relevant research and draws on information from interviews with finance directors and investor relations managers from 13 FTSE 100 companies (part of a larger study) and observations of meetings to assess their effects. Applies Foucault's ideas on the indivisibility of the power/knowledge nexus to look at information and control impacts of these meetings on investors and directors.
 
Findings - Meetings are an exercise of disciplinry power and acknowledge the rights of shareholders to monitor managers' performance and to hold them accountable. Executives see them as an opportunity to influence investors' perceptions, take great care to prepare for them and focus mainly on explaining company strategy. They may be forced to symbolize shareholder value but this gives them added power to speak for the shareholder within the business and thus affect strategy. This is reinforced by the increased use of performance-related pay and options.
 
Research limitations/implications - More work is needed and promised on the influence of fund managers.
 
Originality/value - Reflects on the personal and corporate impact of company/fund manager meetings.

In the mirror of the market: The disciplinary effects of company/fund manager meetings

Purpose - To find out how UK investment analysts use valuation models. 

Design/methodology/approach - Cites prior studies using residual income and discounted cash flow (DCF) models, while proposing to interview analysts. Combines content analysis of 98 equity reports by investment bank analysts between 2000 and 2003, and 35 structured interview responses (in the form of Likert scales) about what models they use, why they use them and how.
 
Findings - Finds that analysts prefer DCF to accruals-based methods, and combine it with price to earnings ratios. Notes they have many reasons for choosing this model, but it is most heavily used on IT and media firms. Adds a distinct preference for DCF among buy-side analysts.
 
Research limitations/implications - Proposes setting up the discipline of 'sociology of financial accounting'. where sell-side analysts interact with fund managers.
 
Originality/value - Uses a direct approach to the questgion of how accounts are used by third parties.

The Use of Valuation Models by UK Investment Analysts

Asserts that valuation models are not used exclusively to value shares, but that variables such as dividend yield are preferred by analysts to the dividend discount model. Surveys 42 questionnaires from financial analysts, 40 semi-structured interviews with finance directors, 32 with analysts, 39 with fund managers, and undertakes one month's participant observation in an analyst's firm, between 1994 and 1996. Finds out what models they use and what financial ratios. Identifies important information sources for analysts and fund managers, and asks financial directors why they decide on a particular dividend value. Concludes that decisions are short-term and information is used which has a certain payoff; while each group plays games with the others.

The Role of Dividends in Valuation Models used by Analysts and Fund Managers

Income, expenses, gains, and losses with similar informational properties can, in principle, be aggregated and presented as subsets of comprehensive income without losing information. Of particular importance is the splitting of comprehensive income into earnings and all other items. Earnings is typically conceptualized as an aggregation that excludes items that are nonoperating, nonrecurring, or outside management's control. This paper analyzes the concept of earnings and finds that it cannot be defined satisfactorily for the purposes of an accounting standard. The paper proposes an alternative approach to the reporting of financial performance, which provides a useful disaggregation of comprehensive income without attempting to define earnings. This approach is based upon the separate presentation, in a matrix format, of remeasurements, which are amounts resulting from revisions to the carrying amounts of assets and liabilities. This approach is shown to parallel the concept of earnings in its predictiv...

Richard Barker

Papers

The market for information—evidence from finance directors, analysts and fund managers

In the mirror of the market: The disciplinary effects of company/fund manager meetings

The Use of Valuation Models by UK Investment Analysts

The Role of Dividends in Valuation Models used by Analysts and Fund Managers

Reporting Financial Performance