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Both the Campaign for Real Ale (CAMRA) and the Society of Independent Brewers (SIBA) argue that barriers to market access in the UK brewing industry disadvantage small brewers. They have been actively campaigning for a number of years for a tax concession (progressive beer duty or PBD) to alleviate the situation of small brewers. This paper argues that the disadvantages faced by small brewers are due to a complex monopsony in the beer industry, where the power of the distribution segment of the value chain is paramount. It outlines a model of the structure of the UK beer industry, and undertakes two types of empirical analysis to test the potential impact of PBD on the small brewery sector. The paper finds that control over distribution is the key to profitability and survival in the beer industry, and that small brewers with such control are most likely to benefit from PBD. The findings, however, also have relevance to the position of any small business facing a powerful distribution segment. Finally, for the issue of policy development, the paper indicates that the potential outcomes of a policy change may not be entirely those intended.

This paper summarises the institutional arrangements and prerequisites for a new social partnership, necessary for the successful completion of labour market reform in western Germany. It does this by drawing on key policies and proposals highlighted and explored in the papers of this special issue. The paper elaborates further on these issues by outlining the importance of the labour market and its institutions in the German social market economy before turning to the case for reform. The paper addresses both micro and macroeconomic themes, including international experiences of labour market reform, employment and social policies, insider‐outsider and institutionally determined unemployment, the German system of collective bargaining and the importance of tripartite corporatist agreements. The paper concludes that reform in the German labour market should proceed through rather than against the existing institutions of social partnership, possibly with a new role for government in strengthening incentives for both unions and employers to act in a socially responsible way.

Characteristic successes of Germany’s social market economy include both stability and productivity growth, yet mass unemployment indicates the need for reform. The conventional reform agenda emphasises Germany’s restrictive labour market. However, many targets for reform are elements of an institutional system in the labour market that promotes Germany’s culture of consensus. A model is outlined that synthesises insights from X‐efficiency and business strategy theory to highlight the positive effects of consensus on business performance. The model together with accompanying empirical data suggests that Germany’s consensus culture not only gives rise to negative outcomes associated with labour market inflexibility – in particular, sluggish employment growth – but also helps firms to generate innovation, productivity growth and sustainable competitive advantage. This implies the need for a renewed “social contract”, in which consensus not only generates productivity growth but also sustains a corporatist bias towards employment. Finally, a corporatist reform process consistent with Germany’s cultural and institutional environment is likely to be more effective than top‐down liberalisation in accelerating job creation while maintaining cultural sources of global competitiveness.

The purpose of this paper is to examine the relationship between SME suppliers and large buyers, and so better inform competition policy in cases where market power resides with buyers.

The theories of monopsony and oligopsony are applied to intermediate markets to set out a model of profit appropriation by large buyers from small suppliers. The main focus of the illustrative examples used is on the relationship between supermarkets and their suppliers.

The authors' main prediction is that powerful buyers are able to “exploit” SME suppliers by restricting their number, the price paid to individual suppliers and the quantity purchased from each supplier.

Governments seek to encourage small businesses because of their ability to generate innovation and create future growth opportunities. Any investigations of the continued growth of buyer power in intermediate markets should consider the effects not only upon consumer welfare but also upon the welfare of the SME sector. Governments may wish to counteract monopsonistic markets as they may inhibit SMEs that could otherwise provide innovation and growth within the economy.

This model gives a theoretical framework to analyse the interaction between small suppliers and large buyers. Furthermore, it may provide a counter to the argument that low consumer prices are the sole legitimate aim of competition policy.

This paper surveys the population of independent breweries in the UK to ascertain their Web site usage and accessibility via the Internet. It finds independent breweries have tended to lag similarly sized business in other sectors in the provision or abandonment of company Web sites. Most of their Web sites have intuitively easy URLs and are readily accessible via brewery directories, but are less accessible via popular search engines. Most are corporate Web sites rather than marketing or selling tools. The paper concludes with a discussion of business and policy implications for small businesses and the Internet.

Over the last decade, international accounting harmonization and convergence and the increasing adoption of IFRS as national standards have become dominant topics in international accounting research (Alp & Ustundag, 2009; Ashbaugh & Pincus, 2001; Cairns, Massoudi, Taplin, & Tarca, 2011; Christensen et al., 2007; Daske, 2006; Daske & Gebhardt, 2006; Daske et al., 2008; Ding et al., 2007; Gastón, García, Jarne, & Laínez Gadea, 2010; Haverals, 2007; Hellmann, Perera, & Patel, 2010; Lantto & Sahlström, 2008; Othman & Zeghal, 2006; Peng & van der Laan Smith, 2010; Schleicher, Tahoun, & Walker, 2010; Tyrrall et al., 2007). In this move toward convergence, the politics associated with IAS setting by the IASB has become an important and controversial topic in international accounting research. Although previous studies have aimed to examine political issues and stakeholder's perception toward the standard-setting process of the IASB (Alali & Cao, 2010; Chiapello & Medjad, 2009; de Lange & Howieson, 2006), no study has critically examined the complexity of factors influencing attitudes and public opinion toward this standard-setting process. Given that attitudes are likely to guide behavior and lead stakeholders to either advance the work of the IASB or create obstacles, it is timely and relevant to analyze attitudes toward this issue. A recent study has provided evidence that stakeholders’ acceptance of IFRS and preparers’ overall perception of IFRS may influence compliance and the quality of financial reports (Navarro-García & Bastida, 2010). As such, it is the objective of this chapter to provide insights into determinants of attitudes toward the IASB's standard setting and critically examine the influence of power structures and perceived legitimacy on individual attitudes and public opinion.¹ Specifically, this study examines German attitudes toward the promotion of professional judgment by the IASB since the adoption of IFRS in the EU in 2005.

Over the last decade, international accounting harmonization and convergence with the increasing adoption of IFRS as national accounting standards have become dominant topics in international accounting research (Ashbaugh & Pincus, 2001; Chand & Patel, 2008; Christensen et al., 2007; Daske & Gebhardt, 2006; Daske et al., 2008; Ding et al., 2007; Hellmann et al., 2010; Lantto & Sahlström, 2008; Larson & Kenny, 2011; Peng & van der Laan Smith, 2010; Rezaee et al., 2010; Tyrrall et al., 2007). Given that the primary goal of international convergence is enhancing comparability of financial statements across countries, the influence of accountants’ professional judgment in the interpretation and application of accounting standards has increasingly been recognized as an important and controversial topic. Indeed, a growing number of studies have analyzed the influence of culture on standard setting (Bloom & Naciri, 1989; Ding et al., 2005; Schultz & Lopez, 2001), auditor independence (Agacer & Doupnik, 1991; Hwang et al., 2008; Patel & Psaros, 2000), and accountants’ values and judgments (Doupnik & Riccio, 2006; Doupnik & Richter, 2003, 2004; Patel, 2003). Although prior research has provided evidence that culture influences accountants’ exercise of professional judgments, these studies have largely focused on demonstrating differences between accountants from very distinct cultures or accounting systems. For example, Chand (2008) as well as Doupnik and Richter (2004) examined differences in the judgment of professional accountants with regard to the interpretation and application of uncertainty expressions by comparing Australian and Fijian and German and American accountants, respectively. Moreover, recent research on professional accountants’ judgments (Chand, 2008; Doupnik & Riccio, 2006; Doupnik & Richter, 2003) has largely focused on providing evidence that accountants from different accounting clusters significantly differ in their exercise of professional judgment. Indeed, researchers have often based their country selections on theoretical models of accounting clusters such as Gray's (1988) framework of accounting values or Nobes’ (1983) international accounting classification, predominantly to show differences between the Anglo-American accounting model and the Continental European accounting model.

In this paper, the authors aim to analyze the impact of International Financial Reporting Standards' (IFRS) mandatory adoption on the financial statements of Spanish listed companies.

The authors estimate a panel data model by generalized least squares' within-between in order to contrast the possible structural breaks in the relations between income statement items and balance sheet items, using data from the 35 largest listed companies.

The results show significant changes on these relations, but with different signs and degrees of intensity depending on the balance sheet item analyzed.

The data choice introduces a size bias that could be taken into account in the generalization of the results to other listed companies.

This work is developed using a mandatory, local, accounting and panel data framework for first time using Spanish listed companies in order to measure the impact of the IFRS adoption.

Institutions underpin the operation of national economies. These differ significantly between countries reflecting varying historical paths, policy choices and national cultures. Moreover, they need to be understood systemically as an ensemble of relations between their component parts: financial systems, corporate governance, industrial relations, patterns of state intervention, etc., have evolved together so that their operation and effects tend to reinforce each other. Different countries faced by common exogenous changes will tend to evolve along different lines rather than converge. National institutions matter: they significantly affect economic performance and distribution.