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Purpose-This study investigates the links between strategy, execution, and financial performance with particular attention to the underlying performance drivers that describe how a company executes strategy to create financial value. Methodology-This study empirically investigates companies in the United States and 22 other countries over a 20-year period (11 successive 10n-year periods: 1988-2007): (1) to compare financial performance characteristics of HPC versus non-HPC; (2) to study the sustainability of performance in HPC; and (3) to identify the companies that exit or

The adoption of IFRS throughout much of the world means that accountants from different cultures will be interpreting the same set of different standards through different cultural lenses. IAS 37 relies on some particularly nebulous terminology. i.e., probable, more likely than not, and remote, that are difficult to interpret even within a culture. Building on prior research, this study explores whether accountants in different cultures interpret verbal probability phrases differently. We compare the ability of US accounting students to interpret the verbal probability of these terms to that of Russian accounting students and find these two groups differ in translating verbal phrases into numeric values but are quite consistent in their application of the accrual or disclosure decision criteria.

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Purpose À The present study investigates whether companies that exhibit high performance characteristics in the pre-financial crisis period can maintain their high performance in the financial crisis period of 2007À2009 and, in particular, the post-financial crisis period of 2010À2011. Methodology À The current study of 1,473 companies in 25 countries and 66 industries (MSCI index) (1) extends the empirical research of prior studies through the year 2011; (2) identifies the operating characteristics (performance drivers and performance measures) and associated risk factors which were most critical with regard to sustaining, exiting, and entering HPC companies during the five 10-year periods since 1998À2007, and (3) summarizes conclusions about HPC results