The Interrelationship Between Accounting Practices, Strategic Management, and Economic Development: A Multidimensional Analysis
Keywords:
Accounting practices, Corporate governance, Economic development, Financial accountability, Organizational performance, Strategic management, SustainabilityAbstract
. This study explores the complex interrelationship between accounting practices, strategic management, and economic development through a multidimensional analysis. Accounting practices play a critical role in providing reliable financial information, enhancing transparency, and supporting decision-making processes. At the same time, strategic management offers a framework for aligning organizational resources with long-term goals, thereby fostering competitiveness, innovation, and resilience. The integration of these two dimensions contributes not only to organizational performance but also to broader economic growth and sustainability. By employing a conceptual and analytical approach, this paper examines how effective accounting systems facilitate strategic planning, risk assessment, and performance evaluation, which in turn strengthen corporate governance, efficiency, and resource allocation. Reliable accounting also provides the foundation for trust among stakeholders and investors, enabling organizations to access capital and pursue growth opportunities. Furthermore, the study highlights how strategic management drives sustainability initiatives, investment decisions, and adaptability in dynamic market environments, all of which have direct implications for economic development at both national and global levels. The analysis underscores the importance of institutional frameworks, regulatory standards, and technological advancements in shaping accounting practices and management strategies that can accelerate economic progress. Findings suggest that a synergistic relationship between accounting and strategic management creates a foundation for sustainable development by promoting financial accountability, operational effectiveness, and continuous innovation. This paper provides valuable insights for policymakers, business leaders, and academics on how integrating accounting and strategic management perspectives can serve as a catalyst for economic advancement. Ultimately, the study emphasizes that economic development is not solely dependent on macroeconomic policies but is also shaped by the micro-level practices of organizations that align financial discipline with long-term strategic vision.
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