Is accounting a matter for bookkeepers only? The effects of IFRS adoption on the financialisation of economy
研究了欧盟采用国际财务报告准则如何改变公司对投资机会的敏感度，导致实体经济投资不足，加剧短期主义，并指出会计准则制定具有公共政策影响。
Abstract The process of financialisation has been extensively studied and several stylised facts identified. Short-termism is one of these. This article analyses the role that changes in accounting rules have played in increasing short-termism in company management. Our study considers the adoption of the International Financial Reporting Standards in the European Union (EU), showing that the new accounting standards have altered companies’ sensitivity to investment opportunities, leading to underinvestment in the real economy. In doing so, our article highlights the public-policy profile of accounting standards setting and possible tensions with EU societal objectives. To the best of our knowledge, this is the first study empirically analysing the role of accounting rules in the financialisation of economy.