The accounting profession is a web of interconnected global, national, and local niches, shaped by professional standards, national laws and provincial practices. Using niche construction theory and archival analysis, we explore to what extent the Italian profession ecosystem embeds international standards or local and national professional knowledge and practices. We study how local practices are influenced by national law, professional bodies, and global harmonization efforts by IFAC. Findings reveal that local practitioners resist global and national influences due to the persistence of inherited cultural practices. We show a disconnect between these three levels, allowing the local to dominate. Three policy and practical implications emerge: all professional bodies should standardize practices across boundaries; rigorous oversight is needed by IFAC of its member bodies and branches; the movement of accountants across niches will foster the sharing of idiosyncratic practices. Together, these recommendations will bring about greater harmonization, ultimately safeguarding the public interest.

Purpose Diversity and inclusion is a key focus of the profession. This paper investigates the ecological inherited niche of Indonesia and which employers accounting students choose and whether this will result in a diverse and inclusive profession. The authors conceptualise diversity as the demand-from the profession encompassing professional accounting firms, and inclusion as the supply of individuals wishing to enter the profession. Design/methodology/approach The 1377 responses to a questionnaire survey of students deciding on their career paths were analysed using a multinomial logistic regression and path model. Findings The findings show that a lack of diversity in the profession is caused by the ecological background, constructing a local niche, that prevents diversity. This is manifest in ethnicity, gender and education, whereby the local niche consists of Chinese males recruited from B-rated private universities. To bring diversity and inclusivity into the workplace, the profession needs to entice people from multi-faceted groups and match ecological niche underpinnings to expectations of the professional landscape. Non-Chinese females are needed to become role models and trail blazers to establish a diverse profession. The public interest will then be better served. Originality/value This study uses niche construction as the theoretical framing and demonstrates that the profession needs to take action to become truly diverse and inclusive.

Purpose This study explores the impact of institutions, policies, and regulations at the global, national, and sectoral levels on digitalisation within the Italian and Australian wine industries. Design/methodology/approach Drawing on qualitative research data collected from interviews with key personnel in the wine industry, this study shows that both jurisdictions are at a similar stage of emergent digital development despite very different settings. Findings Accordingly, the authors find that digitalisation is constrained by common policy and regulatory issues emanating at the global and national levels, such as a lack of data infrastructure and data governance, and the need for institutions at the local and regional levels to spur innovation, especially with SMEs. Originality/value This is the first study to analyse the role of policy, regulation, and institutional arrangements in digital diffusion using a cross-country comparison of the wine sector.

In this paper, we investigate characteristic differences between Socially Responsible Investment (SRI) funds and conventional funds across 35 different categories, including previously unexplored areas, such as fund manager skills and investment strategies. Further, we examine SRI and conventional funds globally rather than from just one country (e.g., US) or one region (e.g., Europe), covering funds listed in 22 different countries. We also adopt a new Principal Component Analysis (PCA) methodology for matching SRI funds against their conventional counterparts that significantly increases the sample size from previous studies, reducing selection bias and possibly explaining contradictory findings in the prior literature. Contributing to the literature, our findings show that: (i) SRI funds have more diversified portfolios than conventional funds; (ii) SRI funds have lower cash holdings while investing more in US equities; and (iii) SRI fund managers charge a smaller fee and are more successful in managing their portfolios. This is reassuring for investors who invest in SRI funds and for the future health and sustainability of the planet.

Genre theory allows us to examine texts that are written for a specific purpose. A non-fictional genre is similar to other genres such as those for films and novels, and genre theory: (i) categorises the elements of the genre; and (ii) sets up conventions and expectations for readers (Bhatia, 1997). The four elements of a genre are the characters, the setting, the plot and the story. The banking financial product literature is a particular genre of non-fictional written communication, providing descriptions of complex financial products that can affect people's lives for many years come. We extracted excerpts from the banking financial product literature which were used to interview 100 older banking customers. We found that all four elements of the genre, the characters, the setting, the plot and the story, failed its audience. To remedy this situation we contribute to practice by designing a template that can be used by writers of the genre. We also suggest using metaphors and synonyms, and argue that readers of the genre should be asked to provide feedback on drafts as part of a quality assurance process. Only then will the genre meet its readers’ expectations and sound financial decisions will be made for a better financial future for us all.

The home care package (HCP) scheme provides funds to eligible older Australians for social, personal and clinical care services, and aims to assist people to age in-home. Uncorroborated evidence suggests older Australians rely on health professionals - especially general practitioners - to prompt HCP assessments, choose service providers and manage HCP funds thereafter. This was confirmed in a survey involving 502 older Australians aged >65years receiving HCP funds. As more Australians survive to older age, further research is needed to establish with general practitioners their needs regarding the delivery of in-home care information, clinic practice resources, trainee education and continuing professional development.

Modern slavery, including forced labour, is a practice that impacts more than 40 million people, 20 million of whom are trapped in corporate supply chains. Migrant workers are disproportionately affected by this practice, who are often from developing countries and are vulnerable to exploitation through deceptive recruitment practices. With questions raised as to the efficacy of social audit and increasing pressure on governments and large businesses to identify and reduce the incidence of modern slavery in corporate activities, new approaches and tools are needed. The purpose of this paper is to offer a conceptual discussion as to how a relatively new technology, the blockchain, might be used to reduce vulnerability and risk in migrant worker populations. Limitations and directions for future research are also considered.

In contrast to the conventional fund management industry with a profit-oriented logic based on risk and return, ethical and faith-based funds should follow the religious principles of their investment-style philosophy. Islamic funds should obey the theological teachings of the primary sources of Islam, the Quran and Sunnah, as stakeholders expect these religious teachings to influence the investment decisions of fund managers. In practice, Islamic fund managers use Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI)'s screening criteria, based on secondary sources of Islam, which allow investments that are only partially halal (allowable) to be included in their portfolios. This study finds that a more religious logic in screening practices, although impairing diversification, does not necessarily harm performance. Thus, Islamic investment funds, and the wider ethical fund management industry, should, and could, adopt stricter screening criteria that match their investment mandates and bring more ethical business practices to the industry.

This paper explores the barriers and drivers of diffusion associated with permissionless and permissioned blockchains, seeking to establish whether they are the same or different and whether barriers and drivers change over time. The study was undertaken in two stages: (i) interviews in 2016 that examine the barriers and drivers of diffusion; followed by (ii) a case study in 2019 of the Italian wine industry’s permissioned blockchain. The results show that diffusion is reaching a final stage for permissionless blockchains but is lagging behind for permissioned blockchains due to the different barriers and drivers of diffusion. The implications from this study are that: (i) drivers and barriers for different types of technological innovation may be different and change over time; (ii) initial barriers may be surmounted and become features of the underlying technology; (iii) barriers may become drivers of a technology; (iv) drivers of one type of technology may spill-over to become drivers for another type; (v) diffusion may be measured by both the number of adoptions and the number of participants in that technology; (vi) off-chain processes may become a major barrier for permissioned blockchains; and finally (vii) self-interest may be the key driver of technological innovation.

Sudies have shown that religious beliefs and practice play an important role in influencing share price behaviour. Evidence of a Ramadan effect has been documented in Muslim countries suggesting an increase in mean returns as well as a reduction in volatility during the ninth month of the Islamic calendar. In addition to the Ramadan effect, studies have also documented a January effect in Muslim countries. The current study investigates what happens when the Ramadan effect and the January effect occur at the same time. Controlling for the effects of financial crises and time-varying volatility in returns, the results for individual company data from four countries with sizeable Muslim populations indicate higher returns and lower volatility when these two effects overlap, except in one, arguably more Western country, Turkey. (c) 2018 Board of Trustees of the University of Illinois. Published by Elsevier Inc. All rights reserved.

Recent research has documented that at the time of religious celebrations in Muslim countries, such as Ramadan, there is a “festival” effect in share returns. In the Gregorian calendar, December is also a time of celebration and festivities which may be associated with patterns in the behaviour of security prices. Further, the first month of the year in the Islamic calendar, Muharram, is a time of sadness and mourning for some believers, and there may be an effect when the Islamic first month of the year overlaps with the first month of the Gregorian year - January. Over a 33-year cycle, each Islamic month falls in a Gregorian month for about 5–6 consecutive years; when this happens, an Islamic (Eastern) calendar effect may interact with a Gregorian (Western) calendar effect. The current paper addresses this issue by examining the behaviour of share returns and volatility for individual companies listed in Muslim countries’ stock exchanges when the two calendars coincide for: (i) religious festival effects; (ii) first-month-of-the-year effects; and (iii) the two most common effects reported in the Islamic and Gregorian calendars (Ramadan and January). The results show that the Western and Eastern effects interact more prominently in larger companies and in larger or more developed markets.

A rapidly growing emerging economy such as Indonesia has an increasing need for qualified accountants to service the many needs of business. However, the current dearth of qualified accountants is becoming critical, and this situation will only get worse as Big 4 firms, mid-tier firms and local firms struggle to recruit enough trainees to qualify as professional accountants. This study examines the plight of the Indonesian accounting profession by investigating why accounting students are shunning the profession, possibly leading to the demise of the Indonesian profession as we know it today. The study shows that although career intention constantly changes as new experiences are encountered, background factors matter. Ethnicity, living in an urban or rural environment, and where one is educated all matter to career intention. Further, one's own self-efficacy, such as English language ability, and other people's views are all influential in where we want to work. To address this looming crisis in the profession the Indonesian government needs to implement policies that ensure that the education curriculum addresses English language literacy, especially in rural areas; and the profession needs to engage more with remoter universities in rural locations to recruit high achieving students to provide greater diversity in the profession.

Using the concept of institutional leadership we explore how leaders balance creativity and product innovation against administrative arrangements such as risk management and management control. Using two case companies we produce distinct contrasts to this balance with neither showing the ambidexterity needed to ‘secure’ (Selznick, 1957) the value of innovation and exploration and develop risk management and control systems for exploitative activities. One case company stuck to its past trajectory of innovation, ignoring risk management and control; the second case company had systems for its exploitative operations but was struggling to maintain any value of innovation and exploration. Nevertheless, one over-riding similarity in both organisations was that the leadership of the risk systems and management controls was with the engineers; accountants were not to be seen.

Purpose Studies on Islamic calendar anomalies in financial markets tend to apply quantitative analysis to historic share prices. Surprisingly, there is a lack of research investigating whether the participants of such markets are aware of these anomalies and whether these anomalies affect their investment practice. Or is it a case that these practitioners are completely unaware of the anomalies present in these markets and are missing out on profitable opportunities? The purpose of this paper is to analyse the views of influential participants within the Pakistani Stock Market. Design/methodology/approach The study documents the findings for 19 face-to-face semi-structured interviews conducted with brokers, regulators and high-net-worth individual investors in Karachi. Findings The paper’s major findings indicate that the participants believed that anomalies were present in the stock market and market participants were actively attempting to exploit these anomalies for abnormal gains. Interviewees suggested that predictable patterns can be identified in certain Islamic months (Muharram, Safar, Ramadan and Zil Hajj). The most common pattern highlighted by the interviews related to the month of Ramadan. Furthermore, interviewees mentioned the influence of the “Memon” community in the Pakistani Stock Market. Respondents also suggested that investor sentiment played an important role in influencing the stock market prices and trading patterns. Originality/value Because all the prior studies investigating Islamic calendar anomalies in Muslim-majority countries adopted quantitative method using secondary data, the current investigation is of particular value, as it focuses on the qualitative analyses and reports the views of market participants. This allows to fully explore the topic under investigation and to draw robust conclusions.

Corporate Governance and accountability are very important areas for any organisation. The way organisations are managed and the way they affect or are affected by stakeholders matters to the organisation itself and to the various parties that have an interest in the organisation. An entity can no longer act in isolation of the community in which it operates and with disregard to the various legal and regulatory frameworks which govern them. Entities have, therefore, to act in a responsible and accountable manner in their governance systems and plans. The welfare of the shareholders of companies is greatly intertwined with the welfare of the community and other stakeholders, such as government, regulators, environmentalists, human rights activists and other stakeholders. Accountability can also promote sustainable development by using the natural resources and other resources in a responsible manner.

Legitimation can operate on an episodic or continual basis [Suchman, M.C. (1995). Managing legitimacy: Strategic and institutional approaches. Academy of Management Review, 20(3), 571-610]. We examine the temporal legitimation of the International Accounting Standards Board (IASB)'s actions during the adoption and review of International Financial Reporting Standard (IFRS) 8 'Operating Segments'. We conceptualise the controversy surrounding IFRS8 as an episode when the IASB sought segmental reporting convergence with the US standard, Statement of Financial Accounting Standard 131. Interpreting evidence from 15 (20) semi-structured interviews undertaken in 2009 (2011), before (after) entities reported under IFRS8, reveals its adoption precipitated an episodic legitimacy threat from selected audiences to the actions of the IASB. We discuss the IASB's attempt to influence legitimation for this episode through commitment to a post-implementation review [IFRS Foundation. (2011). Post implementation reviews: Plan for developing the framework for conducting post-implementation reviews. IASB Board meeting February 2011. Retrieved July 27, 2011, from http://www.ifrs.org/NR/rdonlyres/3E1502E4-F1E8-4907-838B-FFB20C7268ED/0/PIR02111st2ndb04obs.pdf] of IFRS8. Interpreting legitimacy concerns across diverse audiences about specific actions of the IASB (the introduction of IFRS8) enables us to draw conclusions about the resilience of the IASB as a standard setting organisation, in itself.

Most prior research has tested for monthly regularities based on the Gregorian calendar; by contrast, little attention has been given to other calendars based on different religions or cultures. This paper examines Islamic monthly anomalies in a stock market located within a Muslim country- Pakistan. The study employs data for 106 companies listed on the Karachi Stock Exchange (KSE) over the period from 1995 to 2011 and an asymmetric generalized autoregressive conditional heteroscedasticity model to examine whether the mean value and volatility of share returns in the KSE vary with Islamic months. The results from the model offer very little statistical evidence of a monthly seasonal anomaly in average returns, but there is evidence of monthly patterns in the volatility of returns for KSE equities. This finding suggests that investors can formulate an investment strategy and choose a trading time in order to outperform on a risk-adjusted basis. (C) 2015 The Board of Trustees of the University of Illinois. Published by Elsevier B.V. All rights reserved.

This research considers the organisational legitimacy of the International Accounting Education Standards Board (IAESB), and whether it is perceived or accepted as the appropriate standard setter for professional accountancy education across the globe. We define the organisational field in which the IAESB operates to influence education practice, and frame the research through the lens of both strategic and institutional traditions of organisational legitimacy. In this context, we examine the extent to which 21 selected professional accountancy bodies, operating in diverse jurisdictions across the globe, disclose compliance with IAESB pronouncements. Our results show that disclosed compliance does not always indicate conformity of practice amongst the professional bodies which have obligated themselves to comply with International Education Standards (IES). We discuss reasons for this varied immunity to IES practice and the impact this has on the IAESB achieving its self-declared objective of developing and influencing globally acceptable and implementable standards for professional accountancy education. This research should be useful to professional accountancy educationalists, and to the IAESB in pursuit of its objective. © 2013 Elsevier Ltd. All rights reserved.