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Toward An Empirical Institutional Governance TheoryVivian L. CarpenterAtwater Entertainment Rita Hartung ChengUniversity of Wisconsin - Milwaukee - School of Business Administration Ehsan H. FerozUniversity of Washington - Tacoma-Milgard School of Business; Vernon Zimmerman Center, University of Illinois; US Government Accountability Office July 27, 2008 Corporate Ownership & Control, Vol. 4, No. 4, Summer 2007 Abstract: We develop and empirically test an institutional governance theory for explaining the decisions by the 50 US State Governments to adopt Generally Accepted Accounting Principles( GAAP) for external financial reporting. Governmental accounting studies have generally explained the choice of an accounting method in terms of the economic consequences of these choices for managerial welfare and other microeconomic determinants of those decisions. Our study develops an institutional governance theory and demonstrates that institutional governance variables in conjunction with traditional economic agency variables can improve the explanatory power of government accounting choice models. Our empirical results are consistent with the stipulations of the institutional governance theory.
Number of Pages in PDF File: 53 Keywords: Institutional Theory, Agency Theory, Corporate Governance, GAAP, State Governments, Political Science, Institutional Economics JEL Classification: C10, E11, G3, H10, L3, L51, M4 Accepted Paper SeriesDate posted: July 30, 2008 ; Last revised: June 16, 2009Suggested CitationContact Information
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