The refinancing of PFI (Private Finance Initiative) projects represents one of the most contentious aspects of Public Private Partnerships (PPPs) in the UK. The negative publicity associated with UK PFI refinancing deals is associated with several factors, including, evidence of massive private...

The paper examines an early case of creative accounting, and how, during British industrialization, accounting was enlisted by the manufacturers’ interest to resist demands, led by the ‘Ten hours’ movement, for limiting the working day. In contrast to much of the prior literature, which...

The question of how an individual firm’s environmental performance impacts its firm risk has not been examined in any empirical UK research. Does a company that strives to attain good environmental performance decreases its market risk or is environmental performance just a disadvantageous...

The paper offers a new perspective on the management and accounting practices at this pioneering firm of the British industrial revolution. Using a historical materialist approach, it offers an alternative to the economic rationalist, Foucauldian and Marxist explanations in the prior literature....

The paper sets out a theoretical model linking stock market financial risk to labour market conditions, including labour intensity and the risk arising from the specification of labour contracts. A value added analysis is conducted combining national and firm level accounts data to examine the...

The paper argues that the principal components of the Resource- based view (R-BV) of the firm are not a sufficient basis for a complete and consistent theory of firm behaviour. Two important missing elements are governance arrangements and value theory. Whilst these missing elements have been...

[First Paragraphs] As political history is signposted by decisive battles and the rise and fall of great leaders, so the history of finance is marked by speculative booms and busts. From the failure of the futures market in Dutch tulips in the seventeenth century, to the South Sea Bubble of...

The paper argues that the principal components of the Resource- Based View (R-BV) as a theory of sustained competitive advantage (SCA) are not a sufficient basis for a complete and consistent theory of firm behaviour. Two important missing elements are governance arrangements and value theory....

The paper extends Marx’s law of value to include the effects of risk. It shows how risk has its origins in the labour process and is transferred between labour and capital on an unequal basis and between capitals on a zero sum basis. An empirical test is then presented, which shows that the...