Still Searching for Excellence? International Accounting and the World's Most Outstanding Companies
研究了会计政策选择对世界最杰出公司排名的影响，发现国际会计差异造成的排名变动相当于资本成本增加60%或折旧年限改变80%，调整后日本公司进入前十。
This paper measures the effect of accounting policy choices in the context of Davis, Flanders and Star's (DFS) (1991) league table of the world's most outstanding companies. Our study is an investigation of the robustness of the research underlying Kay (1993). The sensitivity of the rankings to the three major conventions that are used in calculating added value are examined: depreciation policy, the estimation of the cost of capital inputs and consistency of international generally accepted accounting principles. The key finding is that the degree of disruption caused by international accounting differences is likely to be the most material. It is equivalent, in this study, to a 60% increase in the cost of capital or an 80% change in the depreciation lives of fixed assets. After adjusting towards consistent international accounting, we now find that four Japanese companies appear in the top ten. Before adjustment there were none.