Abstract
Once a key human resource tool for tying workers to the firm for life, final salary defined benefit (DB) pensions today are outmoded and increasingly costly corporate burdens and are now in decline. However, the transformation of DB is found to be contingent on the institutional setting in which transformation occurs. In this paper we offer a modest conceptualization of the interplay between global pressures for change and convergence (e.g. accounting harmonization) and the local institutional environment and geography that filters these forces in the context of DB pensions. We demonstrate this behavior through analyses of DB transformation and decline in the United Kingdom and the Netherlands.A subsequent version of this paper appears in the Journal of Economic Geography under the title: 'The power of finance: accounting harmonization’s effect on pension provision.'
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