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FINANCIAL CRISES AND ACCOUNTING SCANDALS– COULD THEY HAVE COMMON ROOTS
Abstract
At the end of the `90s, in the U.S. economy, shortly after the technology stock market bubble bursts, thousands of companies ' balance sheets have been subsequently corrected for accounting irregularities, even for fraud . Not many people were aware that the stock market bubble and accounting scandals may have common roots. The unimaginable destruction due to the credit bubble of the period between 2007-2009 have confirmed this opinion, and placed the accounting scandals of the early years of 2000 in a new light as well. The common roots might have been the distortion of financial system's operating conditions and also that of the stakeholders' interests. This study highlights the similar systemic problems that underlie these two phenomena and seeks to investigate their common roots.
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