Journal Article

New governance modes for Germany's financial reporting system: another retreat of the nation state?

Philipp B. Volmer, Jörg Richard Werner and Jochen Zimmermann

in Socio-Economic Review

Volume 5, issue 3, pages 437-465
Published in print July 2007 | ISSN: 1475-1461
Published online March 2007 | e-ISSN: 1475-147X | DOI: http://dx.doi.org/10.1093/ser/mwl028
New governance modes for Germany's financial reporting system: another retreat of the nation state?

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This paper inquires into the recent changes of accounting regulation in Germany. To track these changes systematically, we develop a general framework for comparing accounting regimes. Within this framework, we find privatization tendencies in accounting governance which go along with international convergence. A closer analysis also shows that the observable privatization processes do not imply a retreat of the state. Quite the contrary, the public sector has increased its interventions—albeit partly on a supranational level. Many reforms do not originate from ‘exogenous’ European legislation and are due to developments in the systemic accounting environment. Looking at the socio-economic context of financial reporting, we identify and discuss possible driving forces such as demographic developments, fraudulent conduct of reporting entities or the globalization of capital markets, which are the intrinsic forces causing the functional convergence towards a new system of accountancy.

Keywords: Governance; socio-economics; financial markets; Germany; capitalist systems; accounting

Journal Article.  10465 words.  Illustrated.

Subjects: Moral Philosophy ; Corporate Social Responsibility ; Welfare Economics ; Political Economy ; Economic Sociology

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