Rear-view mirror navigation: pre-crisis management accounting and control practices in Iceland
In the beginning of the 21st century the Icelandic economy experienced a historical expansion with the largest Icelandic companies multiplying in size many times over measured in turnover. Research shows that such immense growth is synonymous with great environmental uncertainty and turbulence. Theo...
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ftrepec:oai:RePEc:ids:injmfa:v:4:y:2012:i:4:p:402-422 2024-04-14T08:13:34+00:00 Rear-view mirror navigation: pre-crisis management accounting and control practices in Iceland Pall Rikhardsson Thorlakur Karlsson Thordis Arny Sigurjonsdottir Sindri Thor Hilmarsson http://www.inderscience.com/link.php?id=49679 unknown http://www.inderscience.com/link.php?id=49679 article ftrepec 2024-03-19T10:37:27Z In the beginning of the 21st century the Icelandic economy experienced a historical expansion with the largest Icelandic companies multiplying in size many times over measured in turnover. Research shows that such immense growth is synonymous with great environmental uncertainty and turbulence. Theoretically, Icelandic companies should have developed more advanced management control systems in response to these conditions. However, as research conducted by the authors of this article shows, this was not the case. Icelandic companies had management control systems that were better suited to stability and unchanging environmental conditions, placing emphasis on financial budgets and simple costing methodologies, few internal controls and limited performance measurement systems. The adoption of more appropriate systems seems to have lagged behind the actual need for them. The reasons for this could include the relative size of Icelandic companies, lack of management knowledge of different management accounting and control systems and the dominant Icelandic business culture. management accounting; management control; contingency theory; accounting change; international accounting; Iceland; economic growth; business culture. Article in Journal/Newspaper Iceland RePEc (Research Papers in Economics) |
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RePEc (Research Papers in Economics) |
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In the beginning of the 21st century the Icelandic economy experienced a historical expansion with the largest Icelandic companies multiplying in size many times over measured in turnover. Research shows that such immense growth is synonymous with great environmental uncertainty and turbulence. Theoretically, Icelandic companies should have developed more advanced management control systems in response to these conditions. However, as research conducted by the authors of this article shows, this was not the case. Icelandic companies had management control systems that were better suited to stability and unchanging environmental conditions, placing emphasis on financial budgets and simple costing methodologies, few internal controls and limited performance measurement systems. The adoption of more appropriate systems seems to have lagged behind the actual need for them. The reasons for this could include the relative size of Icelandic companies, lack of management knowledge of different management accounting and control systems and the dominant Icelandic business culture. management accounting; management control; contingency theory; accounting change; international accounting; Iceland; economic growth; business culture. |
format |
Article in Journal/Newspaper |
author |
Pall Rikhardsson Thorlakur Karlsson Thordis Arny Sigurjonsdottir Sindri Thor Hilmarsson |
spellingShingle |
Pall Rikhardsson Thorlakur Karlsson Thordis Arny Sigurjonsdottir Sindri Thor Hilmarsson Rear-view mirror navigation: pre-crisis management accounting and control practices in Iceland |
author_facet |
Pall Rikhardsson Thorlakur Karlsson Thordis Arny Sigurjonsdottir Sindri Thor Hilmarsson |
author_sort |
Pall Rikhardsson |
title |
Rear-view mirror navigation: pre-crisis management accounting and control practices in Iceland |
title_short |
Rear-view mirror navigation: pre-crisis management accounting and control practices in Iceland |
title_full |
Rear-view mirror navigation: pre-crisis management accounting and control practices in Iceland |
title_fullStr |
Rear-view mirror navigation: pre-crisis management accounting and control practices in Iceland |
title_full_unstemmed |
Rear-view mirror navigation: pre-crisis management accounting and control practices in Iceland |
title_sort |
rear-view mirror navigation: pre-crisis management accounting and control practices in iceland |
url |
http://www.inderscience.com/link.php?id=49679 |
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Iceland |
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Iceland |
op_relation |
http://www.inderscience.com/link.php?id=49679 |
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1796311575774101504 |