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1.
Extant literature suggests that target setting must be complemented by cost control. There are, however, strong theoretical reasons to suggest that cost control, whilst meaningful for the manufacturing function, may be less effective for the marketing function. Difficulties in setting standards and tracing marketing results (sales) to marketing effort and the discretionary nature of many marketing costs are likely to reduce the effectiveness of cost control in marketing departments. This study examines firstly, whether cost control moderates the relationships between emphasis on tight budget targets and subordinates' propensity to create slack; and secondly, whether these relationships are found in both the manufacturing and the marketing functions. The results support a significant two-way interaction between emphasis on tight budget targets and cost control affecting propensity to create slack for the manufacturing function, but not for the marketing function. Marketing managers' propensity to create slack was found to be associated only with emphasis on tight budget targets. These results are consistent with the theory that differences in manufacturing and marketing can influence the effectiveness of accounting control systems.  相似文献   

2.
The purpose of this paper is to investigate the possible impact of ethical position and national culture on budgetary systems. In particular, the present study examines the budgeting behaviors of Egyptian managers who work for Egyptian firms and Egyptian managers who work for US firms in Egypt. Based on a survey that was administered to 395 participants, our results suggest higher (lower) levels of budgetary participation for Egyptian managers working in US (Egyptian) firms, higher (lower) levels of incentive for Egyptian managers to create slack in US (Egyptian) firms, and more (less) frequent slack-creation behavior among Egyptian managers employed by US (Egyptian) firms. Significant differences were found in the ethical orientations of Egyptian individuals employed by US firms compared with those employed by Egyptian companies. Our results also suggest that ethical orientation helps mitigate slack-creation behavior.  相似文献   

3.
Many studies have tested the impact of organizational slack on performance, and yet little is known about how managers make use of slack, and in what circumstances it is most beneficial. We show that the managers of firms with higher levels of slack tend to overinvest, which will have a negative impact on performance, but at the same time they may innovate, which will subsequently have a positive impact. Our results also indicates slack is more beneficial when the firm has many profitable investment opportunities. We show that different types of slack influence performance differently, the total effect of available slack on performance being positive, whereas that of recoverable slack on performance being negative.  相似文献   

4.
The homogeneous sections method prescribed by the Plan comptable general (the French national accounting plan) since its origin is commonly attributed to the influence of the Rimailho Report (1928, in its final version). An in-depth analysis of the processes and management systems Rimailho set up, described in minute detail in his major works, has led to the belief that he was the pioneer of a certain type of the activity-based costing method. But other aspects of his work are far more interesting. With Rimailho, accountancy plays a role which is closely linked to his political and social convictions. Rimailho's management accounting appears as the strategic tool in a type of corporate regulation involving organizational slack, possible in a defender 's strategy deployed in a specific competitive and technological environment. Rimailho's organization does not fit into today's standard typologies (Anthony, Woodward, Ouchi, etc.). It is an appropriate challenge for researchers in accounting and management control.  相似文献   

5.
This study extends the stream of participative budgeting literature by introducing a new variable, Budgetary Participation Conflict (BPC). BPC occurs when the level of budget participation experienced by a manager differs from a desired level. We propose a model where BPC is the independent variable to further evaluate the effect of budget participation on job performance. Using path analysis, we measure the direct effect of BPC on job performance, and the indirect effects between BPC and performance that run through job satisfaction and job tenure in two countries, Mexico and the US.While the results do not indicate that BPC either directly or indirectly affects the performance of US managers, the results indicate that BPC negatively affects the job performance of Mexican managers indirectly through the effects of BPC on job satisfaction and job tenure. The relationship between tenure and performance is much stronger among the Mexican managers than among their US counterparts, which is the largest single difference between the Mexican and US results.  相似文献   

6.
In the contingency literature on the behavioral and organizational effects of budgeting, use of the Moderated Regression Analysis (MRA) technique is prevalent. This technique is used to test contingency hypotheses that predict interaction effects between budgetary and contextual variables. This paper critically evaluates the application of this technique in budgetary research over the last two decades. The results of the analysis indicate that the use and interpretation of MRA often do not conform to proper methodology and theory. The paper further demonstrates that these problems seriously affect the interpretability and conclusions of individual budgetary research papers, and may also affect the budgetary research paradigm as a whole.  相似文献   

7.
The board of directors is a flat governance structure where each director has an equal vote in determining the collective actions taken by the group. Yet, some boards choose to delegate authority for specific tasks to numerous committees, while others choose to create relatively few subcommittees of the board. We investigate the determinants of subordinate board structures, exploring both their benefits and costs. Using a sample of the S&P 1500 we find that subordinate board structures are positively related to board size and the proportion of outside directors, even after controlling firm characteristics such as complexity and ownership structure. Further tests indicate that these board structures can offset the negative associations that board size and the proportion of outsiders can have with firm performance. Yet, in firms with relatively small or insider oriented boards, where co-ordination problems among directors or social loafing may be less pronounced, we find that subordinate board structures are negatively related to firm performance. Categorizing committees as either monitoring or advisory, we find that both types of committees appear related to firm performance. Taken as whole, these results are consistent with the idea that subordinate board structures can be a costly remedy to alleviate problems that arise with larger, more outsider dominated boards.  相似文献   

8.
Using a large panel of industrial Compustat firms from 1971 to 1988, we find long-term external financing to be positively related to the period's capital expenditures on growth opportunities, but negatively related to beginning-of-the-period financial slack, broadly defined. These findings support the view that firms tend to match long-term sources of financing with long-lived assets, and short-term debt with short-lived assets. Our results also reinforce the belief that firms prefer internal to external financing. We find no evidence that firms favor financing capital expenditures with short-term debt, either permanently or temporarily.  相似文献   

9.
This paper investigates the existence of a tradeoff between corporate investment (i.e., tangible and intangible) and corporate social responsibility (CSR) in the presence of the moderating effects of financial slack, human resources slack, and board gender diversity. Based on an international sample of 44,129 firm-year observations between 2005 and 2019, we find that corporate investment leads to significantly lower CSR engagement in all three pillars (i.e., environmental, social, and governance). Furthermore, while financial slack positively moderates between corporate investment and CSR, human resources slack and board gender diversity negatively moderate between corporate investment and CSR. This outcome is robust in terms of endogeneity concerns, alternative sampling, alternative investment proxies, CSR regulations, and timing impacts. Hence, we find the dominance of the shareholders' perspective rather than the stakeholders' perspective. The results outline the tradeoff between corporate investment and CSR and the role of contingencies in this tradeoff relationship.  相似文献   

10.
Ongoing research into the impact of budget emphasis on the relationship between participation and managerial performance has failed to provide consistent results. The purpose of this study was to conduct a replication of this two-way interaction model, drawing on data from a range of organizations in order to promote result generalizability and to test whether the model fits the data. It is proposed that a potential reason for why the results of this study conflict with those of prior research is that their findings were based on non-random sampling.  相似文献   

11.
Budgeting and the propensity to create budgetary slack   总被引:3,自引:0,他引:3  
This paper reports the results of a field study designed to investigate how managers' propensities to create budgetary slack are affected by the budgeting system and the technical context. The results show that propensities to create slack are lower where managers participate actively in budgeting, particularly when technologies are relatively predictable. But such propensities are higher if a tight budget requires frequent tactical responses to avoid overruns.  相似文献   

12.
Decision-making processes consumers use in investing lump sums are reviewed, focusing on how investment risk is perceived and assessed. Primary research was undertaken with investment customers to explore the role played in evaluation of investment risk by risk perceptions and risk propensity. Both the literature review and the research findings indicate the central role risk perceptions play in financial decisions. Sitkin and Weingart's risk model is used as a research framework. Risk propensity and risk perception were found to be negatively correlated, however, deposit accounts were selected for investment irrespective of how risky a respondent considered them to be. Risk perceptions and expected return were positively correlated for all asset types apart from property. Further investigation revealed that experts exhibited positive correlation in risk return judgments but novices showed no correlation. There was no correlation between risk and return for either novices or experts for property. Return expectations were positively correlated with investment allocation. Provision of past performance information appears to create an expectation for future returns around the same level as past returns. Research findings suggest that outcome history is a predictor variable, with a Positive outcome history leading to higher risk Propensity. The level of risk customers are assuming shows a significantly increasing trend.  相似文献   

13.
We examine whether the decision to participate in the stock market and other related portfolio decisions are influenced by income hedging motives. Economic theory predicts that the market participation propensity should increase as the correlation between income growth and stock market returns decreases. Surprisingly, empirical studies find limited support for the income hedging motive. Using a rich, unique Dutch data set and the National Longitudinal Survey of the Youth (NLSY) from the United States, we show that when the income-return correlation is low, individuals exhibit a greater propensity to participate in the market and allocate a larger proportion of their wealth to risky assets. Even when the income risk is high, individuals exhibit a higher propensity to participate in the market when the hedging potential is high. These findings suggest that income hedging is an important determinant of stock market participation and asset allocation decisions.  相似文献   

14.
This study presents important international evidence by examining the wealth effect of domestic joint ventures by Taiwanese firms. In opposite to United States evidence, we find that announcements of domestic joint ventures by Taiwanese firms are, on average, associated with significantly negative abnormal stock returns. We also find that the stock market response to announced domestic joint ventures is significantly positively related to the announcing firms' investment opportunities, size of investment and debt ratio, and is significantly negatively related to the business relatedness variable. In contrast, free cash flow, firm size, relative firm size and managerial ownership are found to have no significant power in explaining the market response. Our results support the investment opportunities, synergy and complementarity hypotheses as well as a broad interpretation of the free cash flow hypothesis, but reject the absolute size, relative size and alignment-of-interests hypotheses. This study makes valuable contributions to the literature by providing the first direct evidence on the role of investment opportunities, synergy and alignment-of-interests in explaining the wealth effect of domestic joint ventures  相似文献   

15.
This paper examines the determinants of financial derivatives use in the United Kingdom life insurance industry. We estimate a probit regression model and a Heckman two-stage sample selection regression model using a sample of eighty-eight U.K. life insurers in 1995. Our results indicate that the propensity to use derivative instruments is positively related to a firm's size, leverage and international links, and negatively related to the extent of reinsurance. We also find that mutual life insurance firms have a greater propensity than stock firms to use derivatives. The positive relation with leverage and the negative relation with reinsurance support the hypothesis that U.K. life insurers use derivatives to offset risk, rather than as a speculative means of income generation. Firm size and organizational form are the main influences on the extent of financial derivatives use.  相似文献   

16.
This study examines the influences of alternative work arrangements (AWAs), subordinate gender, and supervisor attitudes and beliefs regarding AWAs on performance evaluation judgments in public accounting. One hundred and forty-two experienced professionals from two US Big Four firms evaluated a hypothetical subordinate’s performance in an experimental setting. Results indicated that subordinate gender and AWA participation were significantly related to supervisors’ perceptions of the subordinate’s career success. We also found that individual differences in supervisors’ attitudes and beliefs regarding AWAs were systematically related to their performance evaluation judgments, and indicate that cultural support for AWAs is not uniform among experienced Big Four professionals. Further, the association between these attitudes and beliefs and performance evaluation judgments are consistent with an organizational justice interpretation of AWA use. Implications of these results for the Big Four’s work-life balance initiatives in the US are discussed.  相似文献   

17.
This study investigates whether increasing a superior’s span of control improves the effectiveness of the budgeting process. We characterize the superior’s utility function as consisting of utilities for norm enforcement and wealth, leading the superior to reject profitable projects believed to contain excessive slack. We develop theory to predict that superiors become more willing to reject projects as their span of control increases. Further, subordinates anticipate superiors’ behavior and reduce slack as span of control increases. Experimental results are consistent with these predictions. As span of control increases, superiors show a greater willingness to reject projects that they believe contain excessive slack, and subordinates submit budgets with less slack. The net result is that superiors earn more profit per subordinate under an expanded span of control. Our study suggests that increasing span of control can improve the effectiveness of the budgeting process, an important component of most firms’ control environments.  相似文献   

18.
This research explored the moderating effects of subordinate participation in decision making and subordinate job difficulty on their responses to different uses of control systems by their superiors. In a sample of managers from a moderately large U.S. organization, both of these factors were found to moderate the ways subordinates responded to the perceptions that their superiors used control systems for goal setting, evaluation, problem solving, and contingent reward allocations.The results of the study indicated that the use of control systems for contingent reward allocation produced defensive subordinate responses under all conditions, but also produced the functional response of effort when subordinate participation was low and job difficulty high. The use for goal setting appeared to result in functional responses when subordinate participation was high, and in dysfunctional responses when participation was low. The use for evaluation and the use for problem solving both seemed to be aspects of a collaborative developmental use of the control systems. This use pattern appeared to have primarily functional effects, although the results were more functional when the subordinate jobs were not difficult, and when they participated in decision making. Based on the results several propositions are formulated for future testing.  相似文献   

19.
This paper investigates the effects of a top‐down (TD) versus bottom‐up (BU) orientation in different stages of the budgetary target‐setting process on slack and managerial performance. We use social exchange theory to explain the outcomes of these alternative budgetary arrangements, and complement the traditional focus on budgetary participation in target setting with a process‐oriented perspective. We develop hypotheses predicting that TD and BU orientations in the subsequent stages of the budgeting process have different effects on managers’ exchange relationships with the firm, and their behavioural responses. Using survey evidence from German managers across 127 firms we find that a TD orientation in the issuance of guidelines enhances economic exchange and that a BU orientation in the development of the initial budget proposal enhances social exchange, which in turn are associated with reduced slack and higher performance, respectively.  相似文献   

20.
This paper investigates whether joint ventures and strategic alliances create value for bondholders by examining the bond market’s reaction to announcements of these two types of cooperative business activities. Based on 2964 announcements from 1985 to 2011, we find that joint ventures and strategic alliances create significant value for bondholders. The average two-month abnormal bond return is 0.64% for joint ventures and 0.70% for strategic alliances. We find no evidence of a wealth transfer between the bondholders and stockholders. We further explore the determinants of bond value creation through hypotheses on the synergy effect, the alleviation of financial constraints, and real options. The results of our study show that financial synergy is a main driver of bondholder wealth effects in joint ventures, while operating synergy is a dominant factor in strategic alliances. We also find evidence to support the real option hypothesis for both events. Finally, we show that the structure of bond contracts plays an important role in the link between synergy and abnormal bond returns.  相似文献   

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