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THE ROLE OF MANAGERIAL ACCOUNTANTS WITH DECISION MANAGEMENT AND DECISION CONTROL (Decision Rights)
Problem Statement
Managerial Accountants play important roles within their organizations, including keeping records of and analyzing financial information by collecting, interpreting, and preparing an organizations financial information. This study is aimed at finding out the roles of managerial accountants in decision-making as well as how they control corporate decisions.
Abstract 1
Bibliographic Citation
Enslin, Z. (2020). Enhancing decision-making skills: Know and avoid frame dependence bias. Management Accounting Quarterly, 21(3), 23–31.
Authors
Zacharias Enslin, Ph.D., CA(SA)
Research Concern
The behavior of financial decision-making is often inconsistent because the mode of presentation of information may affect the decision-maker. Management accountants must be aware of frame bias in theirs as well as others’ decision-making characteristics.
Research Purpose Statement
The author conducted this study to find out whether frame dependence biases influence the behavior of management accountants according to the prospect theory. The author attempts to explain and illustrate these biases.
Precedent Literature
The prospective theory states that management accountants should evaluate decisions in terms of gains or losses. The typical prospect theory value function is represented, as shown below. The horizontal line represents gains and losses from the origin or reference point, while the vertical line represents the value decision-makers allocate to gains and losses. The curve is known as the typical value function.
Framing is divided into two phases: the framing of information and how the decision-maker perceives information according to their individual characteristics.
Methodology
This study uses relevant questions from a survey conducted to look for bias. The survey involved members of the Institute of Management Accountants (IMA) and Chartered Institute of
Management Accountants (CIMA)
Instrumentation
The biases referred to in this study include concurrent decisions, loss aversion, the endowment effect, mental accounting, and certainty. There were ten questions used in this survey, and each tested a specific element of decision-making, as mentioned above.
Findings
The findings of this study show that management accountants are prone to framing biases to varying extents. To limit this, it is crucial to understand and acknowledge the role of frame dependence bias. For one to completely eliminate these biases, they need more debiasing strategies.
Conclusions
In management accounting, education and training are more concerned with tools and methods of rational decision-making.
Recommendations
It is necessary to equip management accountants with adequate knowledge on the influence of frame dependence to make it easier for them to identify situations where certain information may influence their decision-making process.
Abstract 2
Bibliographic Citation
Ten Rouwelaar, H., Bots, J., & De Loo, I. (2018). The influence of management accountants on managerial decisions. Journal of Applied Accounting Research, 19(4), 442–464.
Authors
Hans ten Rouwelaar, Jan Bots, and Ivo De Loo.
Research Concern
In the past, a business unit (BU) management accountant’s role as their organization’s economic conscience has increased in importance. For this reason, the authors have sought to establish a better understanding of the functions of BU management accountants.
Research Purpose Statement
The purpose of this article is to determine which factors encourage or hamper the influence that management accountants have, as they operate in at the level of Business Unit (BU), on the decisions made by their BU managers.
Precedent Literature
According to the Big Five Model, individual personality traits can be grouped under the following categories: openness to new experiences, emotional stability, agreeableness, extraversion, and conscientiousness
Methodology
The authors obtained data from one hundred and nineteen management accountants across seventy-seven Dutch organizations by the use of surveys. It was assumed that the respondents selected would be capable of answering all questions presented to them.
Instrumentation
Various measurements were used together with the survey. These are controller influence, which proposes several financial measures that BU controllers can influence. Other measurements include personality traits, information asymmetry, decentralization, and control variables.
Findings
The study shows that the influence on managerial decisions can take two forms: influence on operating decisions and influence on strategic decisions. The latter is positively associated with the extent of decentralization of an organization. It is also dependent on the extraversion and emotional stability of a managerial accountant.
Conclusions
BU level management accountants can, in part, affect their own roles. Their managers may expect the same. Management opportunities have more opportunities to influence strategic rather than operational decisions
Suggestions for Further Research
Future researchers should consider collecting data from another country or in smaller companies to obtain different results.
Abstract 3
Bibliographic Citation
Endenich, C., Trapp, R., & Brandau, M. (2017). Management accounting networks in corporate processes – a cross-national study. Journal of Accounting & Organizational Change, 13(1), 25–43.
Authors
Christoph Endenich, Rouven Trapp, and Michael Brandau
Research Concern
The authors are concerned with how different styles of MA affect the process and outcomes of decision-making in corporate settings.
Purpose
This study aims to compare various styles of management accounting (MA), for instance, the way MA influences the decision-making processes in Spanish and British companies. The study demonstrates pertinent differences by evaluating the role of management accountants in the process of decision-making. It also emphasizes on how these companies network in the context of business.
The following research question was developed:
How do styles of MA differ in companies from Germany and Spain?
Precedent Literature
Much of the precedent research revolves around the development and state of MA in Germany and Spain. Here, the studies dedicated to Spanish MA are centered on university education or published research. Generally, Spanish MA has been constrained by its political and economic isolation during the Franco era. On the other hand, Germany MA has been evaluated from both practitioner-oriented and comparative academic studies. Most of the previous research focuses on Germany’s approach to cost accounting.
Methodology
This study uses data from a field study conducted through semi-structured interviews with top management accountants in Spanish and German companies. The authors then analyze the data acquired using the framework provided by the actor-network theory (ANT).
Instrumentation
As stated earlier, this study used a semi-structured interview guide. The authors also used the Actor-network theory (ANT).
Findings
The authors discovered strong links between management accountants as well as other business functions among the sampled German companies. On the other hand, Spanish networks were emerging but still fragile due to the interference from anti-programs, defensive attitude, and mistrust within various departments. In Spain, MA has established very few embraced routines and maintains a distance from managerial decision-making. Despite this, it has an undisputed position in the German companies, since its practices and procedures are entrenched in corporate culture. Such an entrenchment is facilitated by IT and other simple tools such as standardized agendas, timetables, and templates.
Conclusions
Management accountants rely on functioning networks for efficient communication of the information obtained from the MA departments.
Suggestions for Further Research
Data obtained from the current study shows the potential of further learning about management accountants’ patterns of social interaction that are based on a comparative setting. Future researchers should consider going past the current contingency and institutional frameworks and dive into the MA’s micro-level impacts and sociological approaches.
Abstract 4
Bibliographic Citation
Musbah, A., Cowton, C. J., & Tyfa, D. (2014). The Role of individual variables, Organizational variables, and moral intensity dimensions in libyan management accountants’ ethical decision making. Journal of Business Ethics, 134(3), 335–358.
Authors
Ahmed Musbah, Christopher J. Cowton, and David Tyfa.
Research Concern
A lot of previous research has been dedicated to ethical issues, ethical decisions, and moral development within the corporate environment. Some of them have studied various factors influencing accounting students, such as moral development, ethical reasoning, and ethical decision-making. In all these studies, MA has been under-represented, and this is the area that the author wishes to address since it plays an essential role in organizational effectiveness.
Research Purpose Statement
This study aims to study the association of a wide range of variables among the ethical decision-making of Libyan management accountants.
Precedent Literature
Ethical decision-making is the process of using morals to determine the rightfulness or wrongness of an issue. Rest, a theologian, proposed a decision-making framework with four steps that describes an individual’s cognitive stages when going through an ethical dilemma. These stages are (i) ethical recognition, (ii) ethical judgment, (iii) ethical intention, and ethical behavior. An individual’s variables, such as demographics, personality traits, as well as beliefs, have a strong relationship with these stages. Gender is the most studied variable concerning ethical decision-making. The findings of these studies have been explained in different ways. For example, the social theory suggests that men and women have different values in the workplace due to early socialization. In this case, women are most likely to evaluate ethical issues from their caring view of others. Other studies show that one’s educational level has a positive role in ethical decision-making. Greater work experience has been shown to impact one’s ethical standards positively. On the other hand, one gains more efficiency in ethical decision-making as they grow older. Another factor that may affect an individual’s ethical decision-making behavior is the organizational size they work in. in this case, large organizations have an advantage over small ones.
Methodology
This study uses a cross-sectional methodology, which includes a questionnaire that has four varying ethical scenarios. This questionnaire was used to obtain data from two hundred and twenty-nine participants. In each scenario, the subject of ethical decision-making was studied carefully based on the recognition, intention, and judgment stages of the Rest model.
Instrumentation
Participants were required to indicate their agreement regarding ethical decision-making stages based on a rating scale with five points. Point one represented ‘strongly disagree’ and progressed up to point five, which represented ‘strongly agree.’
Findings
The authors found a substantial association between ethical judgment and ethical recognition. They also established an association between ethical intention and ethical judgment. Ethical recognition did not play a significant role in determining ethical intention, which, in this case, supported Rest’s model.
Conclusions
The lack of importance for a code of ethics may be seen in their lack of development in Libya. In this case, Libyan companies need to how they support their content, especially in the case of under-development of the field of accounting.
Suggestions for Further Research
Future research would benefit more from comparing management accountants under various sectors such as public, banking, and manufacturing services. Additionally, it would be useful to study Muslim majority countries as well as developing countries.
ABSTRACT 5
Bibliographic Citation
Lawson, R. (2019). New competencies for management accountants. The CPA Journal.
Authors
Raef Lawson, Ph.D., CMA, CSCA, CPA, CFA, CAE.
Article Summary
MA is continuously affected and influenced by technology changes, including big data, artificial intelligence, and machine learning, among others. The work of financial professionals such as managerial accountants always revolves around data. Changes in technology may bring challenges to their careers but also present opportunities. As organizations implement new technologies, they will need to adopt ethical business practices as well. The management accounting competency framework provides management accountants with the skills they require to be successful in their careers. Below is a visual representation of the framework.
Management accountants are expected to conduct themselves to reiterate the profession’s values and ethical guidelines.
The greatest addition to this framework is the Technology and Analytics domain. Although the initial framework had a technology domain, the rapid advancement of technology as well as the advancement of analytics made it necessary for reexamination. The current domain has the necessary competencies for managing technology. It is, therefore, necessary for management accountants to get acquainted with new competencies for them to succeed in their careers. They should be capable of extracting analyzing a huge amount of information as they learn more about methods of data governance, visualization, query, and analytics.
ABSTRACT 6
Bibliographic Citation
Willis, B. C. (2017). Resolving disputes by expert determination: What happens when parties select appraisers, accountants, or other technical experts to decide disputes. Florida Bar Journal, 91(7), 35–40.
Authors
Brian C. Willis
Journal Summary
Expert determination is a type of dispute resolution where the parties depend on a technical expert rather than a legal expert’s decision-making capabilities. Expert determination is different from arbitration in various ways. First, arbitration is directed by litigation formalities, whereas expert determination does not abide by any formality. Secondly, an arbitrator is trained in dispute resolution while an expert does not have any training or experience concerned with the evidence or rules of procedure. Third, arbitration is governed by the arbitration statutes of the federal government and specific states, while expert determination may be covered in part by the state. Forth, arbitration awards are enforceable by the court, while expert arbitration proceedings need to be enforced by a lawsuit.
Expert determination has been taken as a hybrid determination process in states such as Florida. Florida courts generally treat appraisal clauses as arbitration provisions that are narrowly restricted. Such treatment leads to the formation of expert determination that is a hybrid of the common law and statutory laws.
There are various practical considerations. First is the drafting and litigating expert determination clauses. In this case, until the law changes, lawyers drafting expert determination clauses should be equipped to deal with challenges that come with the law’s current state. Since there are ambiguities in the law revolving around expert determination, the judge or lawyer involved in the case should determine whether the expert’s decision is subject to review. The second practical consideration is the role of the expert. Nearly all arbitrators are usually former or current lawyers or judges, while an expert determinant has no training in this field. After both parties have settled on an expert, he/she must be retained. This expert may not know the extent to which they may lead to potential liabilities according to how they serve as the decision-makers.
Conclusions
For more than two hundred years, parties have attempted to resolve disputes by using experts that use technical rather than legal knowledge. This is proof that expert determination is a unique form of ADR. Despite this, expert determination is considered as a hybrid arbitration process. This has resulted in uncertainty and confusion for parties and courts. If people take expert determination as an expert tool of ADR, there should be a codified set of laws in place to govern expert determination in the same way there are codes for arbitration and mediation.
ABSTRACT 7
Bibliographic Citation
Laing, G. K. (2016). Violations of economic rational decision making: The influence of framing on the cognitive perceptions of accountants. E-Journal of Social & Behavioral Research in Business, 7(2), 1–15.
Authors
Gregory Kenneth Laing, Faculty of Arts, Business & Law University of the Sunshine Coast, Australia
Research Concern
The authors are concerned with the stand of economic theories related to decision-making, which assume that everyone is a rational actor when they are entrusted with making the most out of expected utility. Accountants are among the professionals with adequate knowledge of this economic theory. For this reason, they are often expected to have a strong reliance on rational choice. For this reason, the authors seek to examine their decision-making behaviors based on both the prospect and image theories.
Research Purpose Statement
The aim of this study is to find out whether framing can affect the cognitive perceptions of accountants, whose role in their organizations is to make decisions based on financial investment, resulting in a violation of the rational decision-making model.
Precedent Literature
The literature review focuses on three major areas: The prospect theory, image theory, and influences of verbal and numerical probabilities. Prospect theory suggests that decision-makers are more or less likely to take risks in a situation framed according to gain and are more risk-seeking when the situation is framed concerning loss. On the other hand, image theory revolves around the function of memory as a significant distinguishing factor of various modes of cognitive processing. The manner in which a decision-maker interprets information can be measured according to how they perceive the problem space. Verbal probabilities revolve around terms such as “doubtful,” “perhaps,” “not certain,” and “possible.” These expressions can be divided into two categories: those denoting the occurrence and those denoting the non-occurrence of an outcome. Individuals generally interpret estimates of verbal and numerical estimates differently.
Methodology
The authors surveyed accounting personnel that involved the random distribution of 4 varieties of a common decision task to investigate the effect of framing on accounting professionals’ cognitive operation. This framing was manipulated through both numerical and verbal probabilities.
Instrumentation
The study’s hypotheses were tested statistically using various models and techniques such as chi-square tests, t-tests, ANOVAs, and MANOVAs.
Findings
The results of this study did not follow the path of risk behavior as predicted by the Prospect Theory. In other words, in the negative frame the authors observed greater risk-avoidance. On the other hand, the positive frame had a greater risk-taking. The findings did not demonstrate the expected outcomes of the Image Theory in relation to the perception of problem space as the accountants showed a tendency toward a controlled manner within their decision-making process irrespective of framing.
Conclusions
The authors conclude that the framing effect has an impact on the items in the problem space. The pre-conceived level of responsibility for initial decision-making was an important factor in the decision to give additional funds.
Suggestions for Further Research
Future research should seek to provide useful insights through evaluating the decision-making characteristics of different groups of professionals. Such information could be useful in addressing the concerns of both cultural and professional differences.
ABSTRACT 8
Bibliographic Citation
Murthy, V., & Rooney, J. (2016). The role of management accounting in ancient india: Evidence from the arthasastra. Journal of Business Ethics, 152(2), 323–341.
Authors
Vijaya Murthy and Jim Rooney
Research Concern
The authors are concerned with the exploration of the intended uses of MA, particularly controls to influence organizational actors to employ the norms and values of the generation of wealth. Their contribution is to bring to light the role of society-oriented MA within Mauryan organizations.
Research Purpose Statement
The aim of this study is to explore practices of management accounting that are implicated in the enforcement of both the ethical and economic characteristics among the actors of Mauryan organizations.
Precedent Literature
There have been several instances of using theory to make sense of evidence. At the same time, this evidence is used to refine the theory. Such occurrences provide helpful information on how management controls influence action. Accounting studies related to the Mauryan Empire are quite few and tend to focus on a double-entry system or prove the evidence of accounting in the past.
The Arthasastra appealed to the authority of ancient texts and acted as a supplement to the presence of individuals that conformed to the control of the empire. A thorough examination of the Arthasastra reveals the definition of how presence and identity based on MA used by the King to oversee his subjects in institutions that focused mainly on ethical and economic outcomes.
Methodology
The authors attempt to draw conclusions from the translation of original text records called Arthasastra, which means “the science of wealth.”
Instrumentation
This study adopts the context of management accounting to gain access to the conceptual world in which Mauryan’s subjects live. The authors use hermeneutics to texts from Arthasastra and make interpretations. Hermeneutics is a form of analysis used to interpret artifacts, particularly those written in another period.
Findings
Most of the characteristics and concerns found in modern states concerning corporate power relations can be observed in the Mauryan Empire. Subjects of this empire developed their self-esteem and identity through individual and organizational training, self-discipline, and social relations.
Conclusions
The main idea of Arthasastra was that humans are free to act within ethical bounds to serve the King as well as the elite members of the society. An individual was capable of molding his or her life. They must, however, attain high moral standards that respect the happiness of the society where discipline is necessary. Generally, an individual cannot accomplish control from outside but should instead inculcate and develop it from inside.
Suggestions for Further Research
The authors call for other researchers to conduct a detailed exploration of more specific contexts of the techniques used in management accounting. They should be focused on the role of calculative and narrative devices as they project the scientific and social benefits.
References
Enslin, Z. (2020). Enhancing Decision-Making Skills: Know and Avoid Frame Dependence Bias. Management Accounting Quarterly, 21(3), 23–31.
Musbah, A., Cowton, C. J., & Tyfa, D. (2014). The Role of Individual Variables, Organizational Variables, and Moral Intensity Dimensions in Libyan Management Accountants’ Ethical Decision Making. Journal of Business Ethics, 134(3), 335–358.
Endenich, C., Trapp, R., & Brandau, M. (2017). Management accounting networks in corporate processes – a cross-national study. Journal of Accounting & Organizational Change, 13(1), 25–43.
Ten Rouwelaar, H., Bots, J., & De Loo, I. (2018). The influence of management accountants on managerial decisions. Journal of Applied Accounting Research, 19(4), 442–464.
Lawson, R. (2019). New competencies for management accountants. The CPA Journal.
Willis, B. C. (2017). Resolving disputes by expert determination: What happens when parties select appraisers, accountants, or other technical experts to decide disputes. Florida Bar Journal, 91(7), 35–40.
Laing, G. K. (2016). Violations of economic rational decision making: The influence of framing on the cognitive perceptions of accountants. E-Journal of Social & Behavioral Research in Business, 7(2), 1–15.
Murthy, V., & Rooney, J. (2016). The role of management accounting in ancient india: Evidence from the arthasastra. Journal of Business Ethics, 152(2), 323–341.
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