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Adoption of Anglo-American Models of Corporate Governance and Financial Reporting in China.

By: Contributor(s): Material type: TextTextSeries: Studies in Managerial and Financial Accounting SeriesPublisher: Bingley : Emerald Publishing Limited, 2015Copyright date: ©2014Edition: 1st edDescription: 1 online resource (270 pages)Content type:
  • text
Media type:
  • computer
Carrier type:
  • online resource
ISBN:
  • 9781783508976
Subject(s): Genre/Form: Additional physical formats: Print version:: Adoption of Anglo-American Models of Corporate Governance and Financial Reporting in ChinaDDC classification:
  • 657.0951
LOC classification:
  • HG1706-1708
Online resources:
Contents:
Front Cover -- Adoption of Anglo-American Models of Corporate Governance and Financial Reporting in China -- Copyright page -- List of Tables and Figures -- List of Abbreviations -- Abstract -- Chapter 1 Introduction -- 1.1 Introduction -- 1.2 Motivation -- 1.2.1 Providing Empirical Evidence of Convergence in China -- 1.2.2 Overcoming Two Limitations in the Existing Literature -- 1.2.2.1 Examining the Influences of the Institutional Environment on Corporate Governance and Financial Reporting Practices -- 1.2.2.2 Examining the Execution of Corporate Governance and Financial Reporting Practices -- 1.3 Significance of the Topic -- 1.3.1 Corporate Governance and Financial Reporting -- 1.3.2 Corporate Governance and Financial Reporting Reforms in China -- 1.4 Associated Issues -- 1.5 Theoretical Framework -- 1.6 Research Design -- 1.7 Aim and Objectives -- 1.8 Chapter Outline -- Notes -- Chapter 2 Global Convergence and Corporate Governance-Related Financial Reporting Issues -- 2.1 Introduction -- 2.2 Convergence of Corporate Governance and Accounting -- 2.2.1 Global Corporate Governance Systems -- 2.2.2 Global Convergence in Corporate Governance and Accounting -- 2.3 Definition of Corporate Governance -- 2.4 Corporate Governance-Related Financial Reporting Issues -- 2.4.1 Independent Directors -- 2.4.2 Audit Committee -- 2.4.2.1 Audit Committee and Financial Reporting Quality -- Committee Presence -- Committee Composition -- Committee Expertise -- Committee Meetings -- 2.4.2.2 Auditor Independence and Internal Control -- 2.4.2.3 Audit Committee Process -- 2.4.3 Auditor Independence -- 2.4.3.1 Nonaudit Services -- 2.4.3.2 Auditor Rotation -- 2.4.3.3 Construction of Auditor Independence -- 2.4.4 Corporate Code of Conduct -- 2.4.5 Summary -- 2.5 Concluding Remarks -- Notes -- Chapter 3 The Development of Accounting Thought and Practices in China.
3.1 Introduction -- 3.2 Traditional Chinese Accounting -- 3.2.1 From Single-Entry to Double-Entry -- 3.2.1.1 Chinese Single-Entry Framework -- 3.2.1.2 Chinese Double-Entry Framework -- 3.2.2 The Decline of Traditional Chinese Accounting -- 3.2.2.1 The Introduction of Western Accounting -- 3.2.2.2 Reforms of Traditional Chinese Accounting -- 3.3 Accounting Under a Centrally Planned Economy -- 3.3.1 A Uniform Accounting System Approach to Accounting Regulation -- 3.3.2 Fund-Oriented Accounting Practice -- 3.4 Accounting Under a Market-Oriented Economy -- 3.4.1 Accounting for Foreign-Invested Enterprises -- 3.4.2 Accounting for Shareholding Enterprises -- 3.4.3 Coexistence of Accounting Standards and Industry-Specific Accounting Rules -- 3.4.4 China's Approach to IFRS -- 3.5 Concluding Remarks -- Notes -- Chapter 4 An Integrated Institutional Perspective -- 4.1 Introduction -- 4.2 Institutional Theory -- 4.2.1 The Selection of Institutional Theory -- 4.2.1.1 Different Approaches -- 4.3 Proposed Framework -- 4.3.1 International Influences -- 4.3.1.1 Supranational Organizations -- Organisation for Economic Co-operation and Development (OECD) -- International Accounting Standards Board (IASB) -- World Bank -- World Trade Organization (WTO) -- International Organization of Securities Commissions (IOSCO) -- International Federation of Accountants (IFAC) -- 4.3.1.2 Foreign Investors -- 4.3.1.3 International Accounting Firms -- 4.3.2 Domestic Influences and the Nature of Accounting -- 4.3.2.1 Political System -- 4.3.2.2 Economic System -- 4.3.2.3 Legal System -- 4.3.2.4 Social and Cultural System -- 4.3.2.5 Accounting Infrastructure -- 4.3.3 Intraorganizational Dynamics -- 4.3.3.1 Conflict of Interest and Power Dependence -- 4.3.3.2 Loose Coupling -- 4.4 Concluding Remarks -- Notes -- Chapter 5 Research Design -- 5.1. Introduction -- 5.2. Research Methodology.
5.2.1. Interpretive Methodology -- 5.2.2. The Current Study -- 5.3. Data Collection -- 5.3.1. Data Triangulation -- 5.3.2. Interviews with Key People -- 5.3.2.1. Selection of Interviewees -- 5.3.2.2. Design of the Interview Guide -- 5.3.2.3. Conducting Interviews -- 5.3.3. Document Survey -- 5.4. Data Analysis -- 5.5. Concluding Remarks -- Notes -- Chapter 6 The Corporate Governance and Accounting Environment in China -- 6.1. Introduction -- 6.2. Background -- 6.3. International Influences -- 6.3.1. Supranational Organizations -- 6.3.1.1. OECD -- 6.3.1.2. IASB -- 6.3.1.3. World Bank -- 6.3.1.4. WTO -- 6.3.1.5. IOSCO -- 6.3.1.6. IFAC -- 6.3.2. Foreign Investors -- 6.3.3. International Accounting Firms -- 6.4. Domestic Institutional Influences -- 6.4.1. Political System -- 6.4.1.1. Single-Party Leadership -- 6.4.1.2. Reduced Government Involvement in Business Operation -- 6.4.1.3. Political Influence on Corporate Governance and Accounting -- 6.4.2. Economic System -- 6.4.2.1. Planned Economy -- 6.4.2.2. Market-Oriented Economy -- Agricultural Reforms -- Development of the Nonstate Sector -- Development of Foreign Invested Firms -- Financial Reforms -- SOE Reforms -- 6.4.2.3. Capital Market -- High Level of Government Influence -- Conflict between Controlling Shareholders and Minority Shareholders -- Speculative Behaviors -- 6.4.2.4. Economic Influence on Corporate Governance and Accounting -- 6.4.3. Legal System -- 6.4.3.1. Underdeveloped Legal System -- Accounting Law -- Law of Certified Public Accountants -- Securities Law -- Little Protection for Investors -- 6.4.3.2. Ineffective Enforcement -- CSRC Actions -- Court Enforcement -- 6.4.3.3. Legal Influence on Corporate Governance and Accounting -- 6.4.4. Cultural Profile -- 6.4.4.1. Chinese Culture -- 6.4.4.2. Guanxi -- 6.4.4.3. Influence of Culture on Corporate Governance and Accounting.
6.5. Accounting Infrastructure -- 6.5.1. Information Producers and End Users -- 6.5.1.1. Information Producers -- 6.5.1.2. Information Users -- 6.5.2. Information Intermediaries -- 6.5.2.1. Suspension of the Accounting Profession in the Planned Economy -- 6.5.2.2. Resumption of the Accounting Profession in the Market Economy -- Dual Track of the Accounting and Auditing Professions -- Merger of the Auditing and Accounting Professions -- Auditor Disaffiliation Program -- The Nature of Auditing Standards -- Audit Services Market -- 6.5.2.3. A Government-Regulated Profession -- 6.5.2.4. Relatively Small Size and Lack of Expertise of the Accounting Profession -- 6.6. Concluding Remarks -- Notes -- Chapter 7 Corporate Governance-Related Financial Reporting Issues in China: Empirical Evidence -- 7.1. Introduction -- 7.2. Independent Directors -- 7.2.1. Factors Affecting the Independence of Independent Directors -- 7.2.1.1. Meaning of the Independence of Independent Directors -- 7.2.1.2. Appointment of Independent Directors -- 7.2.1.3. Guanxi -- 7.2.1.4. Dominance of Academics -- 7.2.1.5. Minority Status -- 7.2.2. Other Realities of the Position -- 7.2.2.1. Managerial Resistance -- 7.2.2.2. Managerial Capture -- 7.2.2.3. Reluctance to Accept a Monitoring Role -- 7.2.2.4. Reluctance to Express Opposing Opinions -- 7.2.2.5. Downplaying the Toughness of Fulfilling Duties -- 7.2.2.6. Symbolic Role -- 7.2.2.7. Ensuring the Legitimacy of Company Operations -- 7.3. Audit Committees -- 7.3.1. Involvement in Selecting External Auditors -- 7.3.2. Interaction with External Auditors -- 7.3.3. Coalition with Management against External Auditors -- 7.3.4. Interaction with Internal Auditors -- 7.4. Auditor Independence -- 7.4.1. Factors Affecting Auditor Independence -- 7.4.1.1. Government Influence -- 7.4.1.2. Guanxi -- 7.4.1.3. Competitive Audit Services Market.
7.4.1.4. CSRC's High Level of Skepticism -- 7.4.1.5. Provision of Advice and Assistance on Financial Reporting Matters -- 7.4.2. Perceived Improvement -- 7.5. Corporate Code of Conduct -- 7.6. Adoption of IFRS -- 7.6.1. Professional Judgment -- 7.6.2. Improvement in Financial Reporting -- 7.6.3. Increasing Acceptance of International Accounting Practice -- 7.7. Measures for Improvement -- 7.8. Concluding Remarks -- Notes -- Chapter 8 Summary and Conclusion -- 8.1. Introduction -- 8.2. Summary of the Study -- 8.3. Findings -- 8.3.1. Independent Directors Not Functioning as Intended -- 8.3.2. Ineffective Audit Committees -- 8.3.3. Limited Auditor Independence -- 8.3.4. Lack of Focus on Ethics in Corporate Codes of Conduct -- 8.3.5. China's Own Approach to Convergence with IFRS -- 8.3.6. Loosely Coupled Regulations Concerning Corporate Governance and Financial Reporting -- 8.3.6.1. Gap between the Institutional Environments -- 8.3.6.2. Resistance to Anglo-American Models -- 8.4. Contribution -- 8.4.1. Contribution to the Literature -- 8.4.2. Contribution to Corporate Governance and Financial Reporting Innovation -- 8.5. Implications -- 8.6. Limitations and Suggestions for Future Research -- Notes -- Appendix: Interview Guide -- Adoption of Anglo-American Models of Corporate Governance and Financial Reporting in China -- Interview Guide - Chinese Version -- References.
Summary: This monograph examines the adoption of Anglo-American models of corporate governance and financial reporting in China. It shows how the loose coupling between regulations and actual operations is shaped by the interplay between institutional pressures and organizations conflicts of interest and power dependence within the local context.
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Front Cover -- Adoption of Anglo-American Models of Corporate Governance and Financial Reporting in China -- Copyright page -- List of Tables and Figures -- List of Abbreviations -- Abstract -- Chapter 1 Introduction -- 1.1 Introduction -- 1.2 Motivation -- 1.2.1 Providing Empirical Evidence of Convergence in China -- 1.2.2 Overcoming Two Limitations in the Existing Literature -- 1.2.2.1 Examining the Influences of the Institutional Environment on Corporate Governance and Financial Reporting Practices -- 1.2.2.2 Examining the Execution of Corporate Governance and Financial Reporting Practices -- 1.3 Significance of the Topic -- 1.3.1 Corporate Governance and Financial Reporting -- 1.3.2 Corporate Governance and Financial Reporting Reforms in China -- 1.4 Associated Issues -- 1.5 Theoretical Framework -- 1.6 Research Design -- 1.7 Aim and Objectives -- 1.8 Chapter Outline -- Notes -- Chapter 2 Global Convergence and Corporate Governance-Related Financial Reporting Issues -- 2.1 Introduction -- 2.2 Convergence of Corporate Governance and Accounting -- 2.2.1 Global Corporate Governance Systems -- 2.2.2 Global Convergence in Corporate Governance and Accounting -- 2.3 Definition of Corporate Governance -- 2.4 Corporate Governance-Related Financial Reporting Issues -- 2.4.1 Independent Directors -- 2.4.2 Audit Committee -- 2.4.2.1 Audit Committee and Financial Reporting Quality -- Committee Presence -- Committee Composition -- Committee Expertise -- Committee Meetings -- 2.4.2.2 Auditor Independence and Internal Control -- 2.4.2.3 Audit Committee Process -- 2.4.3 Auditor Independence -- 2.4.3.1 Nonaudit Services -- 2.4.3.2 Auditor Rotation -- 2.4.3.3 Construction of Auditor Independence -- 2.4.4 Corporate Code of Conduct -- 2.4.5 Summary -- 2.5 Concluding Remarks -- Notes -- Chapter 3 The Development of Accounting Thought and Practices in China.

3.1 Introduction -- 3.2 Traditional Chinese Accounting -- 3.2.1 From Single-Entry to Double-Entry -- 3.2.1.1 Chinese Single-Entry Framework -- 3.2.1.2 Chinese Double-Entry Framework -- 3.2.2 The Decline of Traditional Chinese Accounting -- 3.2.2.1 The Introduction of Western Accounting -- 3.2.2.2 Reforms of Traditional Chinese Accounting -- 3.3 Accounting Under a Centrally Planned Economy -- 3.3.1 A Uniform Accounting System Approach to Accounting Regulation -- 3.3.2 Fund-Oriented Accounting Practice -- 3.4 Accounting Under a Market-Oriented Economy -- 3.4.1 Accounting for Foreign-Invested Enterprises -- 3.4.2 Accounting for Shareholding Enterprises -- 3.4.3 Coexistence of Accounting Standards and Industry-Specific Accounting Rules -- 3.4.4 China's Approach to IFRS -- 3.5 Concluding Remarks -- Notes -- Chapter 4 An Integrated Institutional Perspective -- 4.1 Introduction -- 4.2 Institutional Theory -- 4.2.1 The Selection of Institutional Theory -- 4.2.1.1 Different Approaches -- 4.3 Proposed Framework -- 4.3.1 International Influences -- 4.3.1.1 Supranational Organizations -- Organisation for Economic Co-operation and Development (OECD) -- International Accounting Standards Board (IASB) -- World Bank -- World Trade Organization (WTO) -- International Organization of Securities Commissions (IOSCO) -- International Federation of Accountants (IFAC) -- 4.3.1.2 Foreign Investors -- 4.3.1.3 International Accounting Firms -- 4.3.2 Domestic Influences and the Nature of Accounting -- 4.3.2.1 Political System -- 4.3.2.2 Economic System -- 4.3.2.3 Legal System -- 4.3.2.4 Social and Cultural System -- 4.3.2.5 Accounting Infrastructure -- 4.3.3 Intraorganizational Dynamics -- 4.3.3.1 Conflict of Interest and Power Dependence -- 4.3.3.2 Loose Coupling -- 4.4 Concluding Remarks -- Notes -- Chapter 5 Research Design -- 5.1. Introduction -- 5.2. Research Methodology.

5.2.1. Interpretive Methodology -- 5.2.2. The Current Study -- 5.3. Data Collection -- 5.3.1. Data Triangulation -- 5.3.2. Interviews with Key People -- 5.3.2.1. Selection of Interviewees -- 5.3.2.2. Design of the Interview Guide -- 5.3.2.3. Conducting Interviews -- 5.3.3. Document Survey -- 5.4. Data Analysis -- 5.5. Concluding Remarks -- Notes -- Chapter 6 The Corporate Governance and Accounting Environment in China -- 6.1. Introduction -- 6.2. Background -- 6.3. International Influences -- 6.3.1. Supranational Organizations -- 6.3.1.1. OECD -- 6.3.1.2. IASB -- 6.3.1.3. World Bank -- 6.3.1.4. WTO -- 6.3.1.5. IOSCO -- 6.3.1.6. IFAC -- 6.3.2. Foreign Investors -- 6.3.3. International Accounting Firms -- 6.4. Domestic Institutional Influences -- 6.4.1. Political System -- 6.4.1.1. Single-Party Leadership -- 6.4.1.2. Reduced Government Involvement in Business Operation -- 6.4.1.3. Political Influence on Corporate Governance and Accounting -- 6.4.2. Economic System -- 6.4.2.1. Planned Economy -- 6.4.2.2. Market-Oriented Economy -- Agricultural Reforms -- Development of the Nonstate Sector -- Development of Foreign Invested Firms -- Financial Reforms -- SOE Reforms -- 6.4.2.3. Capital Market -- High Level of Government Influence -- Conflict between Controlling Shareholders and Minority Shareholders -- Speculative Behaviors -- 6.4.2.4. Economic Influence on Corporate Governance and Accounting -- 6.4.3. Legal System -- 6.4.3.1. Underdeveloped Legal System -- Accounting Law -- Law of Certified Public Accountants -- Securities Law -- Little Protection for Investors -- 6.4.3.2. Ineffective Enforcement -- CSRC Actions -- Court Enforcement -- 6.4.3.3. Legal Influence on Corporate Governance and Accounting -- 6.4.4. Cultural Profile -- 6.4.4.1. Chinese Culture -- 6.4.4.2. Guanxi -- 6.4.4.3. Influence of Culture on Corporate Governance and Accounting.

6.5. Accounting Infrastructure -- 6.5.1. Information Producers and End Users -- 6.5.1.1. Information Producers -- 6.5.1.2. Information Users -- 6.5.2. Information Intermediaries -- 6.5.2.1. Suspension of the Accounting Profession in the Planned Economy -- 6.5.2.2. Resumption of the Accounting Profession in the Market Economy -- Dual Track of the Accounting and Auditing Professions -- Merger of the Auditing and Accounting Professions -- Auditor Disaffiliation Program -- The Nature of Auditing Standards -- Audit Services Market -- 6.5.2.3. A Government-Regulated Profession -- 6.5.2.4. Relatively Small Size and Lack of Expertise of the Accounting Profession -- 6.6. Concluding Remarks -- Notes -- Chapter 7 Corporate Governance-Related Financial Reporting Issues in China: Empirical Evidence -- 7.1. Introduction -- 7.2. Independent Directors -- 7.2.1. Factors Affecting the Independence of Independent Directors -- 7.2.1.1. Meaning of the Independence of Independent Directors -- 7.2.1.2. Appointment of Independent Directors -- 7.2.1.3. Guanxi -- 7.2.1.4. Dominance of Academics -- 7.2.1.5. Minority Status -- 7.2.2. Other Realities of the Position -- 7.2.2.1. Managerial Resistance -- 7.2.2.2. Managerial Capture -- 7.2.2.3. Reluctance to Accept a Monitoring Role -- 7.2.2.4. Reluctance to Express Opposing Opinions -- 7.2.2.5. Downplaying the Toughness of Fulfilling Duties -- 7.2.2.6. Symbolic Role -- 7.2.2.7. Ensuring the Legitimacy of Company Operations -- 7.3. Audit Committees -- 7.3.1. Involvement in Selecting External Auditors -- 7.3.2. Interaction with External Auditors -- 7.3.3. Coalition with Management against External Auditors -- 7.3.4. Interaction with Internal Auditors -- 7.4. Auditor Independence -- 7.4.1. Factors Affecting Auditor Independence -- 7.4.1.1. Government Influence -- 7.4.1.2. Guanxi -- 7.4.1.3. Competitive Audit Services Market.

7.4.1.4. CSRC's High Level of Skepticism -- 7.4.1.5. Provision of Advice and Assistance on Financial Reporting Matters -- 7.4.2. Perceived Improvement -- 7.5. Corporate Code of Conduct -- 7.6. Adoption of IFRS -- 7.6.1. Professional Judgment -- 7.6.2. Improvement in Financial Reporting -- 7.6.3. Increasing Acceptance of International Accounting Practice -- 7.7. Measures for Improvement -- 7.8. Concluding Remarks -- Notes -- Chapter 8 Summary and Conclusion -- 8.1. Introduction -- 8.2. Summary of the Study -- 8.3. Findings -- 8.3.1. Independent Directors Not Functioning as Intended -- 8.3.2. Ineffective Audit Committees -- 8.3.3. Limited Auditor Independence -- 8.3.4. Lack of Focus on Ethics in Corporate Codes of Conduct -- 8.3.5. China's Own Approach to Convergence with IFRS -- 8.3.6. Loosely Coupled Regulations Concerning Corporate Governance and Financial Reporting -- 8.3.6.1. Gap between the Institutional Environments -- 8.3.6.2. Resistance to Anglo-American Models -- 8.4. Contribution -- 8.4.1. Contribution to the Literature -- 8.4.2. Contribution to Corporate Governance and Financial Reporting Innovation -- 8.5. Implications -- 8.6. Limitations and Suggestions for Future Research -- Notes -- Appendix: Interview Guide -- Adoption of Anglo-American Models of Corporate Governance and Financial Reporting in China -- Interview Guide - Chinese Version -- References.

This monograph examines the adoption of Anglo-American models of corporate governance and financial reporting in China. It shows how the loose coupling between regulations and actual operations is shaped by the interplay between institutional pressures and organizations conflicts of interest and power dependence within the local context.

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Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2024. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.

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