In the wake of corporate scandals and a struggling market, European businesses’ love-hate relationship with America continues. At least that’s the analysis of finance professor Julian Gaspar, who serves as the director of the college’s Center for International Business Studies.
While teaching in France this summer, Gaspar observed that even though Europeans continue to hold fast to international accounting standards, they would like to implement corporate governance structures more like those found in America.
“Although current events may exert some negative influence on Europe’s opinions of U.S. business, Europeans’ basic business approach has been the same for some time,” Gaspar says. “European businessmen and politicians are edging closer to the American approach, trying to adapt the good things we do, but not accepting our system lock, stock and barrel.”
In the aftermath of U.S. business failures, Gaspar says the focus is now directed to the differences in accounting systems, disclosure and transparency.
“As globalization increases, the United States will most likely move toward international accounting principles, a step that would facilitate international comparisons,” he says.