内部控制与异质机构持股的治理效应

本文实证检验了不同内部控制水平下,异质机构持股在抑制管理层盈余操纵方面的公司治理效应。研究发现,相比外地或短期机构持股,本地或长期机构持股更有助于提升应计质量和降低盈余噪音;当公司存在实质性内部控制缺陷时,本地或长期机构持股在抑制管理层盈余操纵方面的治理效应显著降低;相比国有控股,异质机构持股治理效应的发挥在非国有控股公司中受内部控制的影响更大;当公司存在财务报告实质性内控缺陷时,异质机构持股发挥的治理效应明显更弱。这些结果表明,异质机构持股治理效应的发挥离不开公司内部控制机制,二者之间是互补而非替代关系,这种互补关系主要由财务报告内部控制缺陷驱动。本研究有助于深化理解异质机构持股影响公司治理的具体作用机理,为实务界和监管机构改善公司治理、加强投资者保护提供经验参考。     

What Makes a Good Trader? On the Role of Intuition and Reflection on Trader Performance

Using laboratory experiments, we provide evidence on three factors influencing trader performance: fluid intelligence, cognitive reflection, and theory of mind (ToM). Fluid intelligence provides traders with computational skills necessary to draw a statistical inference. Cognitive reflection helps traders avoid behavioral biases and thereby extract signals from market orders and update their prior beliefs accordingly. ToM describes the degree to which traders correctly assess the informational content of orders. We show that cognitive reflection and ToM are complementary because traders benefit from understanding signals’ quality only if they are capable of processing these signals.     

Technologies of government in public sector's networks: In search of cooperation through management control innovations

In recent years, the public sector has been the subject of a thorough reassessment in a significant number of countries. During this process of modernization, issues such as inter-organizational collaboration and managerial innovation have been progressively placed at the forefront of practice and research. In particular, a number of countries have recently re-organized their public sectors around more or less formalized networks or hybrid inter-organizational forms, which are often led by a regulatory body and governed by a cooperation agreement. The literature on inter-organizational relationships in the public sector has evolved alongside the development of such cooperation agreements and innovative forms of organizing. Nevertheless, despite the fact that networks formed by public organizations, not-for-profit organizations, and private firms provide important services to their relevant communities, limited attention has been dedicated to studying the role of management control practices within inter-organizational relationships in public organizations. This is an important gap in the existing literature that this Special Issue intends to address. For this reason, and most importantly because public sector forms of inter-organizational collaborations are likely to differ significantly from those observed in the private sector, in the first part of this Editorial we draw attention to some of the themes that characterize the management and control of inter-organizational relations in the domain of public administration. Next, we introduce the six papers which comprise this Special Issue, and we briefly illustrate how each of them enhances our understanding of the role of control systems within public sector networks. Building on the empirical evidence and theoretical arguments offered by these studies, and after a brief review on the possible alternative ways of conceptualizing the process of adopting new management practices, we point to the further research that needs to be done if we are to understand the role that management control practices play in public sector networks. In particular, we suggest that there is a need to look inside management control practices, to explore what these practices are and, how and why they enable the cooperative “ideal” to become real, as well as to stimulate or hinder opportunities for public sector managerial innovation. It is concluded that there are a number of issues yet to be explored if we are to deepen our understanding of the formal and informal mechanisms of control which are the active elements of the so-called “regulatory hybrids” in the public sector.     

Relating alternative forms of contingency fit to the appropriate methods to test them

At the core of contingency theory, a major theory in management accounting, is the concept of fit. We critically discuss forms of fit as presented in overview articles from the management accounting field, highlighting forms of fit that have not appeared in prior overview articles (matching fit with hetero-performance on the fit line and/or asymmetric effects of mis-fit on performance). We also address some confusing arguments in the literature concerning the moderation form of fit and what has been referred as the mediation form of fit. In a second step, we reevaluate the appropriateness of statistical techniques used to test sub-forms of fit, highlighting the difficulties in differentiating conclusively between them. Specifically, we present polynomial regression analysis (PRA) in conjunction with the response surface methodology (RSM) as a powerful methodological alternative and discuss its ability to differentiate between the sub-forms of fit. We also discuss the strengths and weaknesses of structural equation modeling (SEM) to test for forms of fit.     

Assessing performance and value-creation capabilities in Lean healthcare: insights from a case study

ABSTRACT

Lean thinking is increasingly being applied worldwide. Yet its actual impact is still a puzzle, particularly when a ‘full-implementation approach’—which entails the adoption of a strategic approach to Lean dissemination on policy deployment procedures—is used. Focusing on the healthcare sector, this paper presents and tests a comprehensive measurement framework for Lean interventions. The paper explains how Lean testing can help decision-makers to solve managerial issues related to Lean initiatives.     

Enabling control and the problem of incomplete performance indicators

To which extent do managers care about the design characteristics of performance indicators and other control systems? The paper examines this question with the help of the framework of enabling and coercive control. Drawing upon data from a longitudinal field study in a manufacturing organisation, we study operational managers’ attitudes towards the incompleteness of performance indicators. Managers are likely to perceive performance indicators as enabling if the latter facilitate their actions without unduly constraining them. This is true even for incomplete performance indicators as long as managers can handle these indicators in a flexible way, treating them as means rather than ends when carrying out their work. Our case also shows, however, how a flexible use of indicators becomes more difficult to sustain once top management signals an increased importance of the indicators. Incompleteness then becomes a more pressing concern for managers. We illuminate the various forms of top management sense-giving through which such tightening of control is achieved and we show how they translate into managers’ perception of the control system as being a coercive rather than enabling one. Taken together, the findings of the present paper add to our understanding of enabling and coercive forms of control and also extend previous studies that have addressed the problem of incomplete accounting information.     

A note on the judgmental effects of the balanced scorecard's information organization

We examine judgmental effects of the balanced scorecard's organization. The balanced scorecard contains a large number of performance measures divided into four categories. We examine whether the scorecard's organization results in managerial performance evaluation judgments consistent with a recognition of the potential relations (i.e. nonindependence) of measures within a category. Supporting this idea, we find that performance evaluations are affected by organizing the measures into the balanced scorecard categories when multiple below-target (or above-target) measures are contained within a category but that evaluations are not affected when the above/below-target measures are distributed across the scorecard's four categories.     

The emergence of management controls in an entrepreneurial company

The dilemma faced by founders of entrepreneurial companies is how to scale their business while staying in control. While the accounting literature has found that financial controls are important to rapidly scale a business, we do not know how these controls emerge in entrepreneurial companies in relation to other management controls. Using a case study of an entrepreneurial company that rapidly scaled its business, this study examines the management controls that emerged to become a package of controls. We highlight the importance of the management control package remaining in balance, with controls working together interdependently in a complementary fashion.     

The effects of performance report layout on managers’ subjective evaluation judgments

Managers tend to provide subjective performance evaluations that are relatively high (leniency) and not very dispersed (compression). This paper reports on an experiment that investigates whether the layout of performance reports affects the leniency and compression of managers’ subjective evaluations. Relying on psychology theory, we predict that subjective ratings will be higher and more compressed if performance reports contain alphabetically listed indicators rather than categorically listed indicators (as in a balanced scorecard). Moreover, we predict that ratings will be higher and more compressed if performance reports present indicator target and actual values in tables than when this information is presented in graphs. The results from the experiment provide support for the hypothesis that performance ratings are higher if measures are listed in alphabetical order as opposed to presented in a four-category balanced scorecard format. However, there is no support for the other hypotheses. We discuss the implications of the study for accounting research and practice.     

Understanding before implementing: the context of Lean in public healthcare organizations

A three-year study of Lean implementation in public healthcare organizations in Québec identified poor understanding of the organizational context as a contributing factor to unsustainable Lean implementation. This paper presents a holistic perspective of the unique context of public healthcare organizations and discusses its implications with regards to Lean implementation.     

Lean in a cold fiscal climate: the public sector in an age of reduced resources

Reflecting on recent public sector reform, this paper examines the use of Lean during a period of financial austerity. The paper outlines several challenges for public sector organizations as they manage performance targets, and engage in service re-design. The author challenges the current use of Lean working arguing for a re-evaluation of the traditional public sector model of work and for a collective approach to co-production of service redesign.     

Toward a model of effective monitoring of IT application development and maintenance suppliers in multisourced environments

Many international corporations are now adopting multisourcing approaches to information technology (IT). Multisourcing is described as the disciplined provision and blending of services from multiple suppliers both outside the company and within the company. This approach to meeting business goals is primarily concerned with the relationship between the client organization and the multiple suppliers. To date, aspects relating to performance measurement and governance have scarcely been covered in the literature, and established IT frameworks such as control objectives for information and related technology (COBIT) provide imprecise approaches for monitoring suppliers. In this study, we intend to sharpen the existing understanding of how corporations manage and monitor suppliers in a multisourced environment and of why specific key performance indicators (KPIs) are utilized. We provide insights using a real-life example of the monitoring of IT application development and maintenance (IT ADM) suppliers and suggest monitoring dimensions based on a cross-case analysis. Based on inter-rater reliability, we further derive a minimum set of corresponding IT ADM KPIs. This study is expected to help corporations facing similar challenges by providing a set of essential KPIs to monitor IT ADM suppliers.     

Implications of Stratified Sampling for Fair Lending Binary Logit Models

We examine the effect of sample design on estimation and inference for disparate treatment in binary logistic models used to assess for fair lending. Our Monte Carlo experiments provide information on how sample design affects efficiency (in terms of mean squared error) of estimation of the disparate treatment parameter and power of a test for statistical insignificance of this parameter. The sample design requires two decision levels: first, the degree of stratification of the loan applicants (Level I Decision) and secondly, given a Level I Decision, how to allocate the sample across strata (Level II Decision). We examine four Level I stratification strategies: no stratification (simple random sampling), exogenously stratifying loan cases by race, endogenously stratifying cases by loan outcome (denied or approved), and stratifying exogenously by race and endogenously by outcome. Then, we consider five Level II methods: proportional, balanced, and three designs based on applied studies. Our results strongly support the use of stratifying by both race and loan outcome coupled with a balanced sample design when interest is in estimation of, or testing for statistical significance of, the disparate treatment parameter.     

New development: 4P recommendations for implementing change,from research in hospitals

How are hospital staff involved in process improvement initiatives such as Lean? What can we learn from Lean implementation experiences about the sustainability of such initiatives? The authors considered such questions in a study of workplace change in Australia and Canada. They found that Lean is more likely to be sustained when leaders adopted the 4P recommendations presented in this article.     

Lean and mean in the civil service: the case of processing in HMRC

The public sector has been importing private sector methods and practices aimed at generating efficiencies and cost savings. However, the consequences of these changes on the working lives of civil servants are under-researched. This article uses detailed fieldwork to investigate the impact of Lean on labour processes in HM Revenue and Customs (HMRC). We argue that Lean has a detrimental effect on employees, their working lives, and the service that is provided to the public. The consequences of Lean on public sector work are highly problematic, which is of serious concern given its progressive impact on other civil service departments in the UK.     

A performance measure for mutual funds using the Connor-Korajczyk methodology: An empirical study

This article examines the performance of a sample of bond, stock, and balanced funds. Close attention is paid to the bond versus equity composition of the mutual funds and how this asset composition affects the performance measure. This research includes the period from January 1977 through March 1984. The results of the analysis show that none of these mutual funds categories has outperformed the market. Fund managers in this sample are unable to predict security prices consistently to warrant the associated costs. In addition, the “goodness of fit” varied significantly between the types of funds examined.     

Mountain City Transit: Management Control and Performance Measurement

Mountain City Transit (MCT) is a short in‐class case based on a real‐life city transit department, a context with which students are very familiar. The case allows three delivery options for instructors. A first option is for instructors to use the case to introduce various elements of management control—the case is rich, thereby allowing students to identify multiple issues facing the organization. As a second option, instructors can use it as a performance management case wherein students build a balanced scorecard and receive a completed strategy map to analyze. As a third delivery option, the case can be used twice during the course, both to introduce management control and to discuss performance measurement. Students will also discuss real life implementation challenges that MCT and other organizations face.     

The effects of organic and mechanistic control in exploratory and exploitative innovations

This study investigates the indirect effects of mechanistic and organic types of control on project performance acting through innovativeness in exploratory and exploitative innovation projects. It also examines the interaction effect of these controls on performance. The research model is empirically tested with survey data from 119 projects in various project organizations, using Partial Least Squares (PLS) with controls for the size of the project and task uncertainty. The results illustrate that organic control, acting through innovativeness on project performance is an important form of control in exploratory innovations, and also enhances performance in exploitative innovations. In addition, the results indicate that the interaction effect of organic and mechanistic control types enhances performance in both exploratory and exploitative innovation projects, suggesting a complementary effect. The findings are discussed in relation to theory and their managerial implications.     

Informal communications, nonformal communications and mentoring in public accounting firms

Control is important within public accounting firms for a variety of reasons. Yet professional pronouncements are limited in providing guidance to auditors in the form of formally stated rules and requirements. The purpose of this article is to examine the non-formalized, non-rule oriented approaches employed in large public accounting firms to effect control. More specifically, it is directed towards understanding the possible roles of informal and nonformal communications and mentoring in managing public accounting firms.Based upon evidence gathered using a naturalistic, qualitative research methodology, it is concluded that: (1) informal communications exist in public accounting firms, play a limited role in informing organizational members of the politics and power within the organization, and are of some benefit to lower level individuals; and (2) nonformal communications and mentoring are involved with the performance of audit tasks, socialization of the individual firm, and instruction as to politics and power within the organization, and benefit the protege, mentor and firm, though at some cost. Implications of the study are also explored.     

任务不确定性对管理控制系统的影响及其作用机理——基于在中国国有大型铁路施工企业的实地研究

本研究通过在中国国有大型铁路施工企业的实地研究,通过深度访谈和定向调查两个阶段的递进研究,比较充分地探讨了任务不确定性对控制方式、进而对控制绩效的影响及其作用机理。研究表明:总体来看,建筑业有比较"模糊"的任务特征,各种控制方式都有不同程度的使用。具体而言,当面临"常规的"任务时,四种控制方式都对控制绩效有显著为正的影响;当任务不确定性较低(特别是例外事件少)时,正式的控制方式(行为控制和结果控制)对控制绩效有显著为正的影响;随着例外事件变多,非正式的控制方式(人员控制和过程控制)将产生更显著的效用。