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The role of Irving Fisher in the development of fair value accounting thought 费雪在公允价值会计思想发展中的作用
IF 0.6 Q4 BUSINESS Pub Date : 2018-09-02 DOI: 10.1080/21552851.2018.1542230
G. Markarian
ABSTRACT Cardao-Pito and Ferreira do a marvellous job in putting Irving Fisher front and centre in the development of fair value accounting thought, expanding our understanding of one of history’s most respected economists. Fisher’s theories played an important role in defeating early socialists’ intellectual arguments, and yet US corporations of today pay as much tax as their foreign counterparts. The world has, voluntarily and democratically, become more Fisherian. The unwarranted one-sided criticism of Cardao-Pito and Ferreira of the current capitalist systems does little to diminish Irving Fisher’s stature as the first celebrity economist who had access to presidents and helped shape twentieth-century economic policy, including accounting.
卡尔道-皮托和费雷拉将欧文·费雪置于公允价值会计思想发展的前沿和中心,扩展了我们对这位历史上最受尊敬的经济学家的理解。费雪的理论在击败早期社会主义者的理论论点方面发挥了重要作用,然而今天的美国公司缴纳的税款与外国公司一样多。世界已经自愿地、民主地变得更加费舍尔式了。卡尔道-皮托和费雷拉对当前资本主义制度的毫无根据的片面批评,丝毫没有削弱欧文·费雪作为第一个能接触到总统并帮助制定包括会计在内的20世纪经济政策的著名经济学家的地位。
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引用次数: 7
Information ecosystems 信息生态系统
IF 0.6 Q4 BUSINESS Pub Date : 2018-09-02 DOI: 10.1080/21552851.2018.1528118
Like pipes in a wall crucial to having running water in a home, the informational infrastructure was nearly invisible. Use of information proved so routine, indeed mundane, that like using a faucet or bathroom fixtures, people did not think about it, because it was always present. It is information’s pervasive, embedded nature that perhaps accounts for why we [...] have not paid much attention to it. But now we should, because as happens, once a phenomenon is named or is made obvious, it becomes easier to optimize its use. (Cortada 2016)
就像墙上的管道对家里的自来水至关重要一样,信息基础设施几乎是看不见的。事实证明,信息的使用是如此常规,甚至平淡无奇,就像使用水龙头或浴室装置一样,人们不会去想它,因为它一直存在。信息无处不在、根深蒂固的特性或许可以解释为什么我们……我没有太注意它。但现在我们应该这样做,因为一旦一种现象被命名或变得明显,就更容易优化它的使用。科尔塔达(2016)
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引用次数: 0
The lack of impact of fair value accounting: a commentary on ‘“fair value” accounting as the normative Fisherian phase of accounting’ 公允价值会计影响的缺乏:“公允价值”会计作为规范的费舍尔会计阶段的评论
IF 0.6 Q4 BUSINESS Pub Date : 2018-09-02 DOI: 10.1080/21552851.2018.1542229
C. R. Baker
ABSTRACT This commentary argues that the question of fair value measurement is a non-issue from the standpoint of accounting standards setting, as well as for issuers and users of financial statements. In our view, fair value measurements only apply to a small number of accounts and to a small number of companies. In fact, over the past century we observe little interest on the part of companies, professional accountants and standards setters in applying fair value accounting measurements to general purpose financial statements over the last century. While Cardao-Pito and Ferreira make a good case that similarities exist between the work of Irving Fisher and accounting pronouncements pertaining to fair value, I contend that this is a coincidence.
这篇评论认为,从会计准则制定的角度来看,公允价值计量的问题是一个非问题,对于财务报表的发行人和使用者来说也是如此。我们认为,公允价值计量只适用于少数账户和少数公司。事实上,在过去的一个世纪里,我们观察到公司、专业会计师和标准制定者对在通用财务报表中应用公允价值会计计量几乎没有兴趣。虽然Cardao-Pito和Ferreira很好地证明了欧文·费雪(Irving Fisher)的工作与公允价值相关的会计声明之间存在相似之处,但我认为这只是巧合。
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引用次数: 6
Coincidences, contingencies, multiplicities and patterns 巧合、偶然性、多样性和模式
IF 0.6 Q4 BUSINESS Pub Date : 2018-09-02 DOI: 10.1080/21552851.2018.1545162
C. McWatters
Considered one of the most famous movie lines – perhaps given that Rick Blaine (Humphrey Bogart) delivers it when Ilsa Lund (Ingrid Bergman), his former flame, suddenly walks into his Café Américain in Casablanca. Rick’s comment is definitely more memorable than ‘what a coincidence’. For historians, the concept of coincidence generally has a negative connotation – an inadequate basis for the explanation of events. Hekster (2016, 217) notes that historians frequently link coincidence to ‘contingent circumstance’, ‘chance’ even ‘luck’. In this issue, we examine not ‘gin joints’ but the place of Irving Fisher in accounting. Yet we consider the broader theme as follows: Can we trace definitively the emergence of ideas and concepts to a particular place and time? Alternatively, for theories with a ‘history’, is it possible to confirm their provenance? When explaining the influence of Y on Z, do we leave open and admit the very real possibility that this influence results more from our interpretations versus what others would argue to be historical fact. It leaves open the space in which (seemingly) similar ideas emerge coincidentally in different places at different times, or perhaps re-emerge contingently as circumstances and events change. Researchers in cultural evolutionary theory have examined these issues in terms of how ‘cultural evolutionary processes can link spatial and temporal dynamics in producing predictable patterns’ (Müller and Winters 2018, 22). While the disciplines of economics and finance have not neglected Fisher, the debt owed to him in accounting has not had the same acknowledgement. Our focus is the possible link and contribution of his theoretical works to fair value accounting and by extension, financial reporting and standard setting. Cardao-Pito and Ferreira champion Fisher’s legacy and argue for greater recognition of his theory of economic and accounting value, market prices and capitalism. Garen Markarian and Charles Richard Baker provide alternative narratives, which both support and challenge these central themes. My position, as editor, has been one of constructive neutrality. The study by Cardao-Pito and Ferreira is rich in detail and evidence. At a basic level, it encourages us to re-visit our understandings of the origins of fair value accounting. The commentaries by Markarian and Baker motivate us to take these arguments with a blend of scepticism and enthusiasm, with Markarian offering more of the latter and Baker suggesting a healthy dose of the former. The three narratives offer three individual accounts yet not the entire account. It may be possible for us to accept some of what all the authors provide as evidence without accepting necessarily all of what they contend. As consumers of historical works, Evans reminds us as of the need to take conclusions as tentative:
这句话被认为是最著名的电影台词之一——也许是因为里克·布莱恩(亨弗莱·鲍嘉饰)在卡萨布兰卡的旧情人伊尔莎·伦德(英格丽·褒曼饰)突然走进他的咖啡馆时说出了这句话。瑞克的评论绝对比“多么巧合”更令人难忘。对于历史学家来说,巧合的概念通常有负面的含义——一个解释事件的不充分的基础。Hekster(2016, 217)指出,历史学家经常将巧合与“偶然情况”、“机会”甚至“运气”联系起来。在本期中,我们考察的不是“酒馆”,而是欧文·费雪(Irving Fisher)在会计中的地位。然而,我们考虑的更广泛的主题如下:我们能明确地追溯到一个特定的地点和时间的想法和概念的出现吗?或者,对于有“历史”的理论,有可能确认它们的起源吗?在解释Y对Z的影响时,我们是否敞开心扉,承认这种影响更多地来自于我们的解释,而不是其他人认为的历史事实。它打开了一个空间,在这个空间中,(看似)相似的想法在不同的地方、不同的时间巧合地出现,或者可能随着环境和事件的变化而偶然地出现。文化进化理论的研究人员从“文化进化过程如何将空间和时间动态联系起来,产生可预测的模式”的角度研究了这些问题(m勒和温特斯2018,22)。尽管经济学和金融学并没有忽视费雪,但在会计方面欠他的债却没有得到同样的承认。我们的重点是他的理论著作与公允价值会计的可能联系和贡献,进而延伸到财务报告和标准制定。卡道-皮托和费雷拉拥护费雪的遗产,并主张对他的经济和会计价值、市场价格和资本主义理论给予更大的认可。加伦·马卡里安和查尔斯·理查德·贝克提供了另一种叙事,既支持又挑战了这些中心主题。作为编辑,我的立场一直是建设性的中立。Cardao-Pito和Ferreira的研究提供了丰富的细节和证据。在基本层面上,它鼓励我们重新审视我们对公允价值会计起源的理解。马卡里安和贝克的评论促使我们带着怀疑和热情来看待这些争论,马卡里安提供了更多的怀疑,而贝克则提出了适量的怀疑。这三种叙述提供了三个单独的叙述,但不是完整的叙述。我们有可能接受所有作者提供的一些证据,而不一定接受他们所主张的全部。作为历史作品的消费者,埃文斯提醒我们需要把结论当作试探性的:
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引用次数: 3
Demystifying fair value accounting: rejoinder to Baker and Markarian 揭开公允价值会计的神秘面纱:对贝克和马卡里安的反驳
IF 0.6 Q4 BUSINESS Pub Date : 2018-09-02 DOI: 10.1080/21552851.2018.1545165
Tiago Cardao-Pito, João da Silva Ferreira
‘Fair value’ accounting is often taken for granted. Regulators and standard setters argue that fair value norms must be implemented due to market imperatives (Bhimani 2008; Young 2003, 2006; Young and Williams 2010). Several papers argue in its defence, and others against it, without discussing its origins and societal pathways. In many countries around the world, practitioners must follow fair value practices in accordance to regulations and standards issued by the IASB and FASB. However, although the historical origins of fair value should have been settled by now, they have not been settled yet. Our study (Cardao-Pito and Ferreira 2018) contributes to demystifying fair value accounting. We have shown that a parallelism exists between contemporary fair value accounting norms and Irving Fisher’s theoretical writings from more than a century ago (Fisher 1906, 1907). Moreover, we have demonstrated that fair value accounting is based upon a specific theory, not the demonstrated truth – a theory that is also highly influential in economics and related disciplines (Cardao-Pito 2016, 2017; Dimand and Geanakoplos 2005; Friedman 1994, 37; Markarian 2018; Tobin 1987, 2005). Thus, we wish to challenge the strange sense of academic, normative and practical authority that this fragile theory currently seems to have. It is by explaining its origins, concepts and foundations that we can expose this theory to the standard of scientific inquiry regularly faced by other theories. We are very grateful to Markarian (2018) and Baker (2018) who have served as referees to our study that has benefitted immensely from their learned advice. Likewise, we are very grateful to Cheryl McWatters, the editor, for allowing this important discussion to continue within the pages of Accounting History Review. Both Markarian and Baker find our study to be interesting, recognise the seriousness of our scholarship, and acknowledge the empirical connection between fair value and Fisher’s writings as identified. Thus, we have attained the key aims of our research, which pleases us very much. The Fisherian framework, fair value accounting and economics must not be taken for granted. Accounting has a very important role in organising our societal life and practice. We must not allow relevant theories to be under-researched or under-tested. Nonetheless, Baker (2018) and Markarian (2018) have some divergent opinions with respect to our conclusions, and significant differences between their respective arguments. Could we step aside, and allow them to exchange ideas and arguments, their conversation could bring important contributions not just to the accounting literature, but to economics, business, organisation and finance as well. The wealth of research questions that they raise can only be tackled eventually in future research. Besides some smaller divergences, Baker (2018) agrees with us in many respects. We highlight, for instance, our criticism about fair value accounting and our pro
公允价值会计常常被认为是理所当然的。监管机构和标准制定者认为,由于市场需求,必须实施公允价值规范(Bhimani 2008;Young 2003,2006;Young and Williams 2010)。一些论文为其辩护,另一些则反对,但没有讨论其起源和社会途径。在世界上许多国家,从业者必须按照IASB和FASB发布的法规和标准遵循公允价值实务。然而,公允价值的历史渊源虽然到目前为止应该得到解决,但至今仍未得到解决。我们的研究(Cardao-Pito and Ferreira 2018)有助于揭开公允价值会计的神秘面纱。我们已经表明,当代公允价值会计规范与一个多世纪前欧文·费雪(Irving Fisher)的理论著作之间存在平行关系(Fisher 1906, 1907)。此外,我们已经证明,公允价值会计是基于一个特定的理论,而不是证明的真理——一个在经济学和相关学科中也很有影响力的理论(Cardao-Pito 2016, 2017;diand and Geanakoplos 2005;Friedman 1994,37;马尔加良2018;托宾1987,2005)。因此,我们希望挑战这一脆弱理论目前似乎拥有的奇怪的学术、规范和实践权威感。正是通过解释它的起源、概念和基础,我们才能将这一理论暴露在其他理论经常面临的科学探究标准之下。我们非常感谢Markarian(2018)和Baker(2018),他们作为我们研究的推荐人,我们从他们的博学的建议中受益匪浅。同样,我们非常感谢编辑谢丽尔·麦克沃特斯(Cheryl McWatters),她允许在《会计历史评论》的页面上继续进行这一重要讨论。马卡里安和贝克都认为我们的研究很有趣,认识到我们学术研究的严肃性,并承认公允价值与费雪著作之间的实证联系。因此,我们已经达到了我们研究的主要目的,这让我们非常高兴。我们不能把费舍尔框架、公允价值会计和经济学视为理所当然。会计在组织我们的社会生活和实践中起着非常重要的作用。我们不能允许对相关理论的研究和检验不足。尽管如此,Baker(2018)和Markarian(2018)对我们的结论有一些不同的意见,他们各自的论点之间存在显著差异。如果我们能靠边站,允许他们交换想法和观点,他们的对话不仅会给会计文献带来重要贡献,也会给经济学、商业、组织和金融带来重要贡献。他们提出的大量研究问题最终只能在未来的研究中解决。除了一些较小的分歧,Baker(2018)在许多方面同意我们的观点。例如,我们强调了我们对公允价值会计的批评,以及我们的主张,即费雪的理论框架是规范性的,因为它倡导经济学和会计应该如何(196)。然而,他与我们的工作有根本的分歧。他提出了一种可能性,即费舍尔的著作与公允价值规范之间的联系可能只是一个巧合(192),也可能是一种反常现象(198)。我们欢迎这一职位的晋升。几年来,许多研究人员否认或忽视费雪与会计文献的相关性
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引用次数: 7
‘Fair Value’ accounting as the normative Fisherian phase of accounting “公允价值”会计作为会计的规范费舍尔阶段
IF 0.6 Q4 BUSINESS Pub Date : 2018-07-26 DOI: 10.1080/21552851.2018.1541000
Tiago Cardao-Pito, João da Silva Ferreira
ABSTRACT ‘Fair value’ accounting has been described as a new ‘actuarial/forward-looking’ phase of accounting regulations and standards. In this study, we present the hypothesis that ‘fair value’ regulations and standards are aligned with Irving Fisher’s theoretical writings (written more than a century ago) about economic and accounting value, and market prices. Through content analysis, we reveal a literal correspondence of Fisher’s writings to key fair value norms from the International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB), such as the usage of alleged forecasts of future cash flows and discount rates in explaining market values and prices. Aligning with shareholders/owners interests, Fisher’s theoretical framework can be found in contemporary fair value accounting norms.
“公允价值”会计被描述为会计法规和标准的一个新的“精算/前瞻性”阶段。在这项研究中,我们提出了一个假设,即“公允价值”法规和标准与欧文·费雪(Irving Fisher)关于经济和会计价值以及市场价格的理论著作(写于一个多世纪前)是一致的。通过内容分析,我们揭示了费雪的著作与国际会计准则理事会(IASB)和财务会计准则理事会(FASB)的关键公允价值规范的字面对应,例如在解释市场价值和价格时使用所谓的未来现金流量预测和贴现率。与股东/所有者利益一致,费雪的理论框架可以在当代公允价值会计规范中找到。
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引用次数: 12
Indeed, ‘they do things differently there’ 的确,“他们在那里做事方式不同”
IF 0.6 Q4 BUSINESS Pub Date : 2018-05-04 DOI: 10.1080/21552851.2018.1506553
C. McWatters
‘Why study the past? Those of us who pursue historical research or teach courses in history will not be lost for a response to this question. It is a question frequently posed to authors who submit manuscripts, re-phrased more pointedly as ‘why is your study of interest?’ At some stage, every researcher must respond with more than ‘because it is’. One might respond with citation counts, downloads and the ‘impact’ metrics that litter the research landscape as indicators of value and interest. On a more basic level, the response to ‘why history’ is dynamic as we confront and navigate the past. In his introduction to The Past is a Foreign Country – Revisited, David Leventhal (2015) discusses how the past became foreign, arguing that until recently – in historical terms – historians viewed the past as something ‘as though just then occurring (p. 6)’. As Leventhal notes, ‘the past ain’t what it used to be (p.9).’ Indeed, our own discipline and this journal bear witness to this truism. Nonetheless, where dynamism exists, there is also continuity. History may interface with other disciplines, adopt and adapt theories from areas of social science, dabble (or more than dabble) with Cliometrics, but it remains history. We can look to the many hyphenated histories, some of which have come and gone, been transformed or drifted in and out of fashion. Patrick Manning (2003) has expressed thoughtful optimism about history’s continuity amidst on-going debates, change and innovation. In this issue, we have studies which represent the diversity of our scholarship and the space for such diversity within our journal. In their examination of community building amidst the amalgamation of Milan and Corpi Santi, Enrico Guarini, Francesca Magli and Alberto Nobolo demonstrate how accounting change and innovation took place due to external forces but also underscore the role played by internal actors engaged in this institutionalisation process. When discussing this study with the author team, I suggested that they reflect on their conclusion. While I am not a huge proponent of ‘lessons for today’, it was a question that I asked them to contemplate. The final paragraph of their study encapsulates their response. Its emphasis on community building in light of efforts to restrict boundaries and borders is a thoughtful commentary and one which makes their study all the more relevant in current circumstances. In a very different study, Martin E. Persson and Stephan Fafatas bring renewed and welcome attention to the work of Harold C. Edey, thanks to a chance encounter in the archive, specifically Edey’s one-act play used to explore the issues of profit determination during periods of changing prices. The play is of interest on many levels from its treatment of on-going issues of accounting measurement, its innovative pedagogy, and as a reminder of how accounting theory and ‘big questions’ do matter – elements that appear lost in the current training of accounting (doctoral) stu
“为什么要研究过去?”我们这些从事历史研究或教授历史课程的人不会因为这个问题的回答而迷失方向。这是一个经常被提交手稿的作者问到的问题,更尖锐地改为“为什么你的研究让人感兴趣?”在某个阶段,每个研究人员的回答都不只是“因为它是”。有人可能会用引用数、下载量和“影响”指标来回应,这些指标是研究领域的价值和兴趣指标。在更基本的层面上,当我们面对和驾驭过去时,对“为什么历史”的回答是动态的。David Leventhal(2015)在他的《过去是一个外国——重访》的引言中讨论了过去是如何成为外国的,他认为直到最近,从历史的角度来看,历史学家将过去视为“好像刚刚发生的事情”(第6页)。正如利文塔尔所言,“过去已今非昔比”(第9页)。的确,我们自己的学科和这本杂志见证了这一真理。尽管如此,只要有活力,就会有连续性。历史可能与其他学科相结合,采用和调整社会科学领域的理论,涉猎(或不止涉猎)计量学,但它仍然是历史。我们可以看看许多交织在一起的历史,其中一些来了又走了,被改造了,或者流行了又过时。帕特里克·曼宁(Patrick Manning, 2003)在持续的辩论、变革和创新中,对历史的连续性表达了深思熟虑的乐观态度。在这一期中,我们的研究代表了我们学术的多样性,以及我们期刊中这种多样性的空间。Enrico Guarini、Francesca Magli和Alberto Nobolo对米兰和Corpi Santi合并期间的社区建设进行了研究,他们展示了会计变化和创新是如何由于外部力量而发生的,但也强调了参与这一制度化过程的内部行动者所发挥的作用。在与作者团队讨论这个研究时,我建议他们反思他们的结论。虽然我不是“今天的教训”的巨大支持者,但这是一个我要求他们思考的问题。他们研究的最后一段概括了他们的回答。它强调在限制边界和边界的努力下建立社区,这是一个深思熟虑的评论,使他们的研究在当前情况下更加相关。在另一项截然不同的研究中,马丁·佩尔松(Martin E. Persson)和斯蒂芬·法塔斯(Stephan fatatas)重新引起了人们对哈罗德·c·埃迪(Harold C. Edey)作品的关注,这要归功于在档案中的一次偶然相遇,特别是埃迪的独幕剧,该独幕剧用于探索价格变化期间的利润决定问题。这部剧在很多层面上都很有趣,从它对会计计量问题的处理,创新的教学法,以及提醒人们会计理论和“大问题”是如何起作用的——这些因素似乎在当前的会计(博士)学生培训中丢失了。这项研究得益于与Edey的同事和以前的学生的接触,使作者能够利用他们对Edey和会计思想发展的见解和观点,特别是关于第二次世界大战后伦敦政治经济学院在这一发展中的地位。
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引用次数: 1
Accounting, the ‘Art of Interessment’ and the ‘Good Spokesperson’: innovation in action in luxury high fashion (1959–1979) 会计、“利益的艺术”和“好的代言人”:高级奢侈品行业的创新(1959-1979)
IF 0.6 Q4 BUSINESS Pub Date : 2018-05-04 DOI: 10.1080/21552851.2018.1501399
Massimo Sargiacomo
ABSTRACT This study investigates the adoption of technological innovation, as well as the rise of accounting, management and organisational innovative practices in the luxury high-fashion industry, basing our analysis on the iconic brand Brioni. Grounded in the prior literature on the history of innovation and customisation, we develop a socio-technical analysis of the relocations, technology innovations and production transformations in 1959–1979. In this period – recalled by fashion historians as full of technical, production and process innovations – the company built a production-consumption chain organised around the strategy of demand-pull product customisation, by adopting and adapting technologies imported from elsewhere, and deployed by the work of hundreds of local tailors and seamstresses in tandem with external foreign trainers. We argue that the continuous ‘Art of Interessment’, which sustained technological, product and process innovations, was promoted by a team of ‘judiciously chosen Spokespersons’, who helped to translate company policy into practice, thus expanding production, controlling costs, reducing the manufacturing cycle and improving quality. The socio-technical investigation illustrates the pivotal role played by the rise and spread of innovative accounting and labour practices for customers of variable taste, size and geometry. In a related manner, the study highlights the building of a new architecture of performance management and quality information systems which, in tandem with changing accounting practices, helped to sustain Brioni's success across the observed two decades.
本研究以标志性品牌Brioni为例,探讨了高端奢侈品行业采用技术创新,以及会计、管理和组织创新实践的兴起。在先前关于创新和定制历史的文献基础上,我们对1959-1979年的搬迁、技术创新和生产转型进行了社会技术分析。在这一时期——被时尚历史学家回忆为充满技术、生产和工艺创新的时期——该公司通过采用和调整从其他地方引进的技术,并由数百名当地裁缝和女裁缝与外部外国培训师协同工作,建立了一条围绕需求拉动产品定制战略的生产-消费链。我们认为,持续的“互动艺术”,即持续的技术、产品和工艺创新,是由一个“明智选择的代言人”团队推动的,他们帮助将公司政策转化为实践,从而扩大了生产,控制了成本,缩短了制造周期,提高了质量。社会技术调查说明了创新会计和劳动实践的兴起和传播对不同口味、大小和几何形状的客户所起的关键作用。与此相关的是,该研究强调了绩效管理和质量信息系统的新架构的建立,与不断变化的会计实践相结合,帮助Brioni在观察的二十年中保持了成功。
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引用次数: 4
Josephine Maltby, 1954–2017 Josephine Maltby, 1954-2017
IF 0.6 Q4 BUSINESS Pub Date : 2018-05-04 DOI: 10.1080/21552851.2018.1468394
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引用次数: 0
Ad hoc referees – Accounting History Review 2017 特设裁判-会计历史回顾2017年
IF 0.6 Q4 BUSINESS Pub Date : 2018-05-04 DOI: 10.1080/21552851.2018.1472899
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引用次数: 0
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Accounting History Review
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