An Accounting History of Railway Companies in Ireland: An Exploratory Study of the Londonderry & Lough Swilly Railway Company, 1884 to 1947

The purpose of this paper is to explore the accounting history of railway companies in Ireland. It examines the published accounts of the Londonderry & Lough Swilly Railway Company from 1884 to 1947. Drawing on elements of neo-institutionalist theory, it finds that a combination of (1) surprisingly commendable corporate governance and accounting practices (especially for that era), (2) a lean and agile approach in pivoting to a road transport business model in the early 20th century, and (3) a ‘cross-community’ company culture along with surprising cross-border government support, made it an unusual example of a Victorian-era railway that remained a going concern as a relatively small independent company until it was eventually liquidated in 2014. This is the first accounting history research on railway companies in an Irish context. It highlights how the normative forces were the dominant institutional factor in understanding the stability of the company, with it conversely adapting to technological changes in the external institutional environment. Finally, the paper highlights a potentially rich source of material for future researchers on the accounting history of railway companies in Ireland.