In regulated businesses, utility companies are facing asymmetric risks due to ex-ante regulation. Shareholders have to question whether their business is earning appropriate returns taking into account those asymmetric risks involved. Adequate performance measures need to be designed and...

This paper contributes to the discussion of international convergence in management accounting, which has included only limited empirical data. Building on institutional theory, we have analysed cross-sectional field study data from a unique set of manufacturing companies in Brazil and Germany....