Abstract
Alongside macro-institutional perspectives on the recent global financial crisis, organizational research is increasingly concerned with the rise of finance and seeks to unravel the intentionality of financialized forms of strategy-making. In this paper we add to these debates by exploring the relations between valuation and accounting practices. In particular, we link accounting devices and strategy-making to analyze the establishment of financialized business models. We use a case study of a German real estate firm to analyze how inter-organizational relations drive financial intermediation and how they allow for the expansion of asset portfolios. We find that fees are at the heart of this valuation- accounting-nexus in that they serve as value carriers by turning calculated value into profits and by bringing future income into the present to generate cash flows. We conclude that fees are not only the central means for strategically organizing a multiplicity of actors and for creating value, but that fe...
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