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The Economics and Politics of AccountingInternational Perspectives on Trends, Policy, and Practice$
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Christian Leuz, Dieter Pfaff, and Anthony Hopwood

Print publication date: 2004

Print ISBN-13: 9780199260621

Published to Oxford Scholarship Online: January 2005

DOI: 10.1093/0199260621.001.0001

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Corporate Governance and Financial Reporting at Daimler-Benz (DaimlerChrysler) AG: From a “Stakeholder” toward a “Shareholder Value” Model

Corporate Governance and Financial Reporting at Daimler-Benz (DaimlerChrysler) AG: From a “Stakeholder” toward a “Shareholder Value” Model

(p.103) CHAPTER 2.2 Corporate Governance and Financial Reporting at Daimler-Benz (DaimlerChrysler) AG: From a “Stakeholder” toward a “Shareholder Value” Model
The Economics and Politics of Accounting

Ray Ball

Oxford University Press

Explores the link between corporate governance and accounting using the US cross-listing of Daimler-Benz as an example. The changes in Daimler’s corporate governance around the cross-listing, essentially grafting elements of a shareholder value model onto its stakeholder structure, is highlighted, and the resulting changes in its approach to financial reporting is discussed. The case study highlights the economic forces that shape accounting practice and drive accounting harmonization around the world. The eight sections of the chapter are: Introduction; Background to the events of the case; Code-law and common-law models of corporate governance, financial reporting, and disclosure; Some properties of the German institutional structure; Daimler’s 1993 events: Disclosing a loss, hidden reserves, NYSE listing, US GAAP reporting, plant closing, and employee layoffs; Daimler-Benz’s motives; Embracing shareholder value; and Limitations, outcomes, and risks.

Keywords:   accounting, accounting practice, code-law model, common-law model, corporate governance, cross-listing, Daimler-Benz, disclosure, employee layoffs, financial disclosure, financial reporting, German institutional structure, hidden reserves, losses, NYSE listing, plant closing, shareholder value model, stakeholder structure, US cross-listing, US GAAP reporting

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