Financialisation as a Strategic Action FieldCitation formats

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Financialisation as a Strategic Action Field : An Historically Informed Field Study of Governance Reforms in Chinese State-Owned Enterprises. / Modell, Sven; Yang, Chunlei.

In: Critical Perspectives on Accounting, Vol. 54, 2018.

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@article{5ef3da703dbc49789a38843ca9126796,
title = "Financialisation as a Strategic Action Field: An Historically Informed Field Study of Governance Reforms in Chinese State-Owned Enterprises",
abstract = "This paper extends extant research on financialisation, which has mainly evolved in advanced capitalist economies, through an historically informed field study of governance reforms in Chinese state-owned enterprises (SOEs). Mobilising the theory of strategic action fields (SAFs), we conceptualise the evolution of such reforms as a protracted framing process where different actors sought to influence the meanings attributed to shareholder-focussed governance practices. We examine how challengers of extant governance practices, such as the World Bank, and incumbent actors representing the interests of the Chinese state vied for influence over governance reforms and how various regulatory bodies, assuming the role of internal governance units (IGUs), enjoyed varying degrees of success in advancing context-specific governance practices. Shareholder-focussed accounting techniques, such as Economic Value Added (EVA{\texttrademark}), played an increasingly salient role in this process. Yet, emerging governance practices primarily came to reflect the interests of the Chinese state in maintaining and increasing the value of state assets whilst preserving its political control of SOEs. We contribute to the literature on financialisation by showing how pressures for shareholder value creation can be channelled into governance practices which attenuate the pervasive effects of financialisation in contemporary society. We also contribute to research on accounting in emerging economies by exploring the under-researched role of IGUs in the local adaptation of “Western” governance practices. We discuss how future studies can bring these bodies of research closer together and extend research on financialisation to a wider range of institutional contexts.",
keywords = "China, Financialisation, Governance Reforms, Institutionalisation, State-owned enterprises, Strategic Action Fields",
author = "Sven Modell and Chunlei Yang",
year = "2018",
doi = "10.1016/j.cpa.2017.09.002",
language = "English",
volume = "54",
journal = "Critical Perspectives on Accounting",
issn = "1045-2354",
publisher = "Elsevier BV",

}

RIS

TY - JOUR

T1 - Financialisation as a Strategic Action Field

T2 - An Historically Informed Field Study of Governance Reforms in Chinese State-Owned Enterprises

AU - Modell, Sven

AU - Yang, Chunlei

PY - 2018

Y1 - 2018

N2 - This paper extends extant research on financialisation, which has mainly evolved in advanced capitalist economies, through an historically informed field study of governance reforms in Chinese state-owned enterprises (SOEs). Mobilising the theory of strategic action fields (SAFs), we conceptualise the evolution of such reforms as a protracted framing process where different actors sought to influence the meanings attributed to shareholder-focussed governance practices. We examine how challengers of extant governance practices, such as the World Bank, and incumbent actors representing the interests of the Chinese state vied for influence over governance reforms and how various regulatory bodies, assuming the role of internal governance units (IGUs), enjoyed varying degrees of success in advancing context-specific governance practices. Shareholder-focussed accounting techniques, such as Economic Value Added (EVA™), played an increasingly salient role in this process. Yet, emerging governance practices primarily came to reflect the interests of the Chinese state in maintaining and increasing the value of state assets whilst preserving its political control of SOEs. We contribute to the literature on financialisation by showing how pressures for shareholder value creation can be channelled into governance practices which attenuate the pervasive effects of financialisation in contemporary society. We also contribute to research on accounting in emerging economies by exploring the under-researched role of IGUs in the local adaptation of “Western” governance practices. We discuss how future studies can bring these bodies of research closer together and extend research on financialisation to a wider range of institutional contexts.

AB - This paper extends extant research on financialisation, which has mainly evolved in advanced capitalist economies, through an historically informed field study of governance reforms in Chinese state-owned enterprises (SOEs). Mobilising the theory of strategic action fields (SAFs), we conceptualise the evolution of such reforms as a protracted framing process where different actors sought to influence the meanings attributed to shareholder-focussed governance practices. We examine how challengers of extant governance practices, such as the World Bank, and incumbent actors representing the interests of the Chinese state vied for influence over governance reforms and how various regulatory bodies, assuming the role of internal governance units (IGUs), enjoyed varying degrees of success in advancing context-specific governance practices. Shareholder-focussed accounting techniques, such as Economic Value Added (EVA™), played an increasingly salient role in this process. Yet, emerging governance practices primarily came to reflect the interests of the Chinese state in maintaining and increasing the value of state assets whilst preserving its political control of SOEs. We contribute to the literature on financialisation by showing how pressures for shareholder value creation can be channelled into governance practices which attenuate the pervasive effects of financialisation in contemporary society. We also contribute to research on accounting in emerging economies by exploring the under-researched role of IGUs in the local adaptation of “Western” governance practices. We discuss how future studies can bring these bodies of research closer together and extend research on financialisation to a wider range of institutional contexts.

KW - China

KW - Financialisation, Governance Reforms

KW - Institutionalisation

KW - State-owned enterprises

KW - Strategic Action Fields

U2 - 10.1016/j.cpa.2017.09.002

DO - 10.1016/j.cpa.2017.09.002

M3 - Article

VL - 54

JO - Critical Perspectives on Accounting

JF - Critical Perspectives on Accounting

SN - 1045-2354

ER -