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Accounting standards convergence dynamics: International evidence from club convergence and clusteringThis paper aims to explore convergence of accounting standards across worldwide adopted measures to investigate whether countries that have not completely adopted International Accounting Standards across the globe have displayed a tendency to act so. The new panel convergence methodology, developed by Phillips and Sul (2007), is employed. The empirical findings suggest that countries form distinct convergent clubs, albeit on a limited prevalence, yielding support to the notion that on a global basis firms and countries have initiated processes that will eventually lead them to a uniform pattern of employing common accounting standards.