کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5033336 1471239 2017 13 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Financialization as strategy: Accounting for inter-organizational value creation in the European real estate industry
ترجمه فارسی عنوان
سرمایه گذاری به عنوان استراتژی: حسابداری برای ایجاد ارزش بین سازمانی در صنعت املاک اروپایی
کلمات کلیدی
حسابداری، ارزیابی، سرمایه گذاری، خدمات مالی، هزینه های مدیریت، استراتژی،
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری حسابداری
چکیده انگلیسی
Financialization-the increasing relevance of financial markets, financial actors and financial logics-and the related rise of originate-to-distribute-cycles in the mortgage industry have been considered key explanations for the emergence of financial crises. Analyzing a case study in the European real estate industry, we show how actors strategically manage inter-organizational relations and take advantage of rising asset prices, through refinancing on the basis of loan-to-value even before the originate-to-distribute-cycle of the mortgage industry unfolds. Valuation and accounting are core practices of financialized business models that evolve around management fees, which serve as value carriers and bring potential future profits into the present. Auditing also plays a role as it legitimizes these business activities and facilitates jurisdictional arbitrage. We contribute to the accounting literature by explaining how the strategic configuration of a valuation-accounting nexus leads to organizational short-termism and rewards unsustainable business activities in the real estate industry.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Accounting, Organizations and Society - Volume 59, May 2017, Pages 31-43
نویسندگان
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