21 October 2020
CAS Research Network member Sebastian Hoffmann has co-authored an article on the continued effects of socialist cultures on Eastern European economies.
Together with his Romanian co-authors Catalin and Nadia Albu (both from ASE University of Economic Studies Bucharest, Romania), Sebastian recently studied the creation of the financial reporting enforcement system in Romania after the fall of the country's socialist regime in 1989.
The study found that distinct cultural and institutional features of that regime have been retained after 1989. These features complicated the creation and operation of a Western financial reporting enforcement system, including auditing and public oversight, designed to serve capital market purposes.