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Financial Control, Managerial Control and Accountability: Evidence from the British Cotton Industry, 1700-2000

Toms, S. (2004) Financial Control, Managerial Control and Accountability: Evidence from the British Cotton Industry, 1700-2000. Accounting, Organisations & Society, 30 (7-8). pp. 627-653. ISSN 0361-3682

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The paper seeks to identify the underlying and long run historical determinants of accounting practices. These practices include the nature and relative importance of management and financial accounting techniques, together with the mediating roles of corporate finance and especially financial markets. To explain historical variation in the application of these techniques the paper introduces an analytical model. The model is based on the principles of historical materialism and hence comprises objective and subjective elements. Definitional categories are borrowed from Marx’s analysis of the workings of capitalism, and extended to include contexts where there is extensive socialization of capital, as manifested by the pooling of investments in liquid financial markets. To examine the detailed implications for accounting change, the model is then applied to a longitudinal case study of the British cotton textile industry. The paper shows that techniques of financial and managerial control and mechanisms of accountability can be explained by the dynamic interaction of capital centralization and capital socialization.

Item Type: Article
Institution: The University of York
Academic Units: The University of York > The York Management School
Depositing User: York RAE Import
Date Deposited: 14 Aug 2009 13:41
Last Modified: 14 Aug 2009 13:44
Published Version: http://dx.doi.org/10.1016/j.aos.2004.07.003
Status: Published
Publisher: Elsevier
Identification Number: 10.1016/j.aos.2004.07.003
URI: http://eprints.whiterose.ac.uk/id/eprint/5525

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