Trish Keeper

Twenty years of Accounting History, 1996–2015: Evidence of the changing faces of accounting history research

Early research into accounting history publishing patterns indicates researchers were predominately male, working for Anglophone universities and were researching private sector accounting in Anglophone countries. However, recent research suggests this may be changing. Extending and expanding the earlier research of Williams and Wines (2006), the purpose of this paper is to examine publication patterns in the New Series of Accounting History from 1996 to 2015. There has been growth in the journal’s thematic coverage and its global and gender representation. It also reports that while temporal and geographical coverage has expanded, there has been little change in the degree of international collaboration. Although much has been achieved over the past 20 years of Accounting History, there are a number of emerging topics and developing fields of historical enquiry that could be addressed in future volumes, together with research that interfaces accounting with the wider business, political, social and legal historical space.

The Influence of Board Structure on the Value of NZX Listed Firms and its Association with Growth Options

Our study examines the relationship between four indicators of board structure and firm value and the extent to which this relationship may be affected by the level of growth options relative to assets-in-place. These indicators are the level of accounting expertise, gender diversity, the level of independence and the size of the board. Using a sample of 543 firm-years covered by 125 firms listed on the New Zealand Exchange for the 1998-2007 financial years, we found that these board structure indicators together with the level of growth options significantly impact on firm value after effectively controlling for the endogeneity problem. Specifically, firms with a lower number of directors with accounting expertise and/or a higher number of female directors on the board have higher firm value. For firms with a higher level of growth options, a higher percentage of independent directors on the board and/or a larger board are more value relevant. Our findings related to board accounting expertise and board gender diversity particularly may have important implications for corporate regulators.

The Value Relevance of Board Gender Diversity for NZX Listed Firms and Its Association with Growth Options

Our study examines the relationship between board gender diversity and firm value and, in particular, whether the value relevance of female directors is affected by the level of growth options relative to assets-in-place. Using a sample of 865 firm-years covered by 125 firms listed on the New Zealand Exchange during the period 1998-2007, we found that board gender diversity is value enhancing when applying linear modelling. This relationship is strongest for firms with high levels of growth options. We also explore the possibility that the relationship between board gender diversity and firm value is non-linear. This analysis supports the existence of a concave non-linear relationship with the turning point being the appointment of one female director. This suggests that in New Zealand the benefit gained from board gender diversity can be captured with the appointment of one female director. Given the current overseas regulatory developments promoting the appointment of female directors on boards, our findings suggest that there is a value optimising number of women on boards.

Codes of Ethics and Corporate Governance: A Study of New Zealand Listed Companies

The motivation for this chapter was to review the contents of the codes of ethics for companies listed on the New Zealand Stock Exchange as at 1 March 2010. Although the relationship between ethics and corporate governance continues to be contested territory, especially among critical theorists, globally business ethics and the adoption of a code of ethics have become an accepted part of business. Starting from the mid 1970s, an increasing number of corporations, especially in the United States, adopted codes of ethics or conduct as well as appointing ethics officers and establishing ethics training programmes. At a regulatory level, most comparative jurisdictions now require companies to adopt a code of ethics, which must be disclosed, and in some jurisdictions, reported against. The chapter outlines the comparatively low standards required for New Zealand listed companies with respect to code of ethics and the content of such codes. It also examines the level of compliance with these standards. It then concludes that not only are the ethical practices of New Zealand companies not measuring up to international best practice, but the rules regulating codes of ethics, their content and disclosure also fall below international standards in this area.