Acknowledgements: Earlier versions of the paper were presented at the Economics & Finance Department Advisory Board meeting, Brunel University London, 19th May 2022; British Accounting and Finance Association (BAFA) Conference, Birmingham, April 2019; 9th Doctoral and Early Career Researchers Summer School in Management Accounting, Certosa di Pontignano – Siena, Italy, 15th – 18th July 2018. We are grateful for the valuable feedback received from three anonymous reviewers. Their suggestions helped shaped the paper. Finally, we would like to acknowledge our interviewees for their time and cooperation. Usual disclaimer applies.