The academic paper "Accounting for the financialized UK and US National Business Models" adopt a ‘business model’ conceptual framework grounded in accounting to describe the processes and mechanisms of national economic development and transformation. As such national business models are located within a broad econo-sphere where they evolve and adapt to information arising out of stakeholder/institutional interactions

These interactions congeal into reported financial numbers that are presented as current income flows (income, expenditure), balance sheet accumulations and changes in net worth (assets and liabilities outstanding). Financial data from national accounts describe how the US and UK national business models have become financialized as ongoing capitalizations run ahead of earnings capacity. This process of interminable re-capitalization is conditioned by variable institutional and sub-institutional sector characteristics.

However, in financialized national business models the system of accounting takes on added analytical significance because it ‘transmits rather than contains’ and ‘amplifies rather than dampens’ adverse financial disturbance as capitalizations are recalibrated up or down in secondary markets.

The paper published Critical Perspectives on Accounting (special issue on financialization) 2014 was written together with professor Colin Haslam, Dr Ya Ping Yin, Dr Edward Lee and Grigorios Theodosopoulos. Read more about the paper at Critical Perspectives on Accounting.