Several studies argue that historical trajectories of financial reporting and accounting developed complementarily to corporate financing and corporate governance. Applying the method of contrasting contexts, this study analyses whether the formation of accounting regimes in such typical cases as Britain, Germany, and the Netherlands fits the complementarity thesis. It shows that this thesis needs a twofold refinement: first, the financial needs of businesses influence their preferences in accounting but these are also affected by their product market strategy; secondly, accounting legislation might also be oriented to broader public and societal interests. The article’s main lesson is that the historical origin of accounting rules is embedded not only in financial systems but also in other political-economic policies and institutions.
