etc. and successful ones. In all cases, the accountants have collected, analyzed interpreted, presented and communicated the information for the use of interested parties. It remains the adoption, application and implementation of that information for the benefit of the organization. If these were being done as and when due, then the failures in the business sector and even domestic government would not have been. So the problem is, if interested users are actually aware of this various accountinginformation and if they apply it in their production or investment decisionmakingprocess; can decision based on accountinginformation actually raise efficiency level via cost minimization and wealth maximization?
Basically, the final results of the developed information systems, both manual and computer-based information system is the existence of a successful or failed. To measure the success or failure of information systems are developed, an organization can use a variety of sizes, for example traditional financial measures such as Return on Investment (Rubin. 2004). Meanwhile, for a better understanding of the benefits of both tangible and intangible to information systems, a organisisi can use methods such as balanced scorecard (Kaplan and Norton, 1996) and benchmarking (Seddon et al., 2002). In addition, some researchers have developed models for success (DeLone and McLean, 1992) which emphasizes the need to get more success metrics baih and more consistent. The success or failure of an information system is developed, will be influenced by factors some both from within and outside the organization / company. One factor is the capability of personnel information systems. According Choe (1996) stated that the results of empirical research there is a significant positive correlation between the performance of the accountinginformation system by a factor - faitor that influence the capability of personnel information systems. Then, other factors also influence the development of information systems is the knowledge of the user. The results obtained by Tesch, et al. (2009), show that the combination of knowledge of users with knowledge of information systems developers in the development of information systems. This resulted in a significant impact on the success of the information system project is developed.
Apart from the above, lack of accurate and proper accounting records is believed to be one of the causes of closure of many SMEs and it makes it an important aspect for business success. Baldwin, Bian, Dupuy and Gellatly. (2000) observe that many firms fail at an early stage; with the surviving ones failing to grow sustainably. This is attributed to lack of accountinginformation which is an important tool in efficient management and decisionmaking (Baldwin et al, 2000). Many business owners undermine the importance of company accounts preparation for generating information despite its pivotal role in decisionmaking and efficient management of business (Jefferson, 2012). Many small and medium enterprises operators fail to recruit qualified accounting experts who have all it take to prepare accurate, reliable and acceptable accounts for their companies that will generate accountinginformation for decisionmaking (Bouri, Breji, Diop, Kempner, Klinger & Stevenson, 2011). Accountinginformation is very critical for the survival and growth of every business unit (Okoh et al, 2012). The reviewed previous studies indicate that business owners were unable to operate their businesses efficiently and make economic decisions in their daily operations due to inadequate accountinginformation. Aside that, studies of the impact of company accounts on accountinginformation generation are very few and not absolutely explored in the literature especially in Nigeria. It is against the bedrock of these gaps that this study seeks to examine the impact of company accounts preparation on the generation of accountinginformation for decisionmaking of SMEs in Nigeria. Findings from this study will help the SMEs owners to appreciate the importance of company accounts preparation on the generation of accountinginformation for decisionmaking and survival of their businesses in a competitive market.
Accountinginformation can be used to translate these different dimensions into a common financial dimension. Accountinginformation uses formalized categories for collecting and reporting information that creates a common language with which members of the organization can communicate. Formalization permits the transmission of information with fewer symbols and this facilitates the coordination between different functions that need to provide input to the decision-makingprocess. However, accountinginformation is also an imperfect representation of the underlying decision problem, since not all aspects involved can be quantified perfectly in financial numbers (Galbraith, 1973).
While communicating the package is influencing stages of consumer decisionmakingprocess. In the stage of need perception, the package, which is attracting consumer attention, determines not planned need in case of impulsive purchase. In the stage of information search the package becomes the source of information about the product. The stage of information search is very important in the case of high involvement in the decisionmakingprocess and here the verbal package communication is the most important. Consumer is evaluating alternatives of product according established criteria in the stage of alternatives evaluation. The package impact is the biggest at this stage, because verbal and non-verbal package components are communicating the comprehensive information about the product. Stage of choice is frequently compared with the stage of alternatives evaluation, because the estimation of the best alternative determines the choice of consumer. Therefore the package LV LQIOXHQFLQJ WKH FKRLFH VWDJH WKURXJK DOWHUQDWLYHV¶ evaluation stage. At the stage of the behaviour purchase elements of package tell the consumer how to use the product properly, influence quality evaluation while using the product and help to identify the product during the repeated purchase.
an optimal period of time is possible only with managers from every hierarchical level, and with access to quality information“ (Silviu-Virgil, 2014, p. 599).
Luminita (2014) also doesn’t question usefulness of accountinginformation and
gives detailed information about users of accountinginformation within decisionmakingprocess including investors, lenders, business partners (customers and suppli- ers), the social partners (employees and unions representing them), the government. Author emphasis function of managers as information users. „Managerial team is the one that needs the information in determining the performance of the economic entity but also in making decisions for future activities. When we speak of a mana- gerial team we are talking about a user which can be the manager, the treasurer, the board of directors, the management team, etc., in other words whoever is staying at the helm of economic entity and is giving direction to the development. For them, the interest is to know the information on the operating activity of the entity, on the fund- ing and investment activity in order to make their decisions“ (Luminita, 2014, p. 675).
It can be interpreted that the factors in the use of accountinginformation affects business performance outcomes. Factors in the use of accountinginformation is a form of external or from the accounting standards, which consists of information about the cash, information about preparation, information about accounts receivable, information about debt, information about venture capital, information about sales, information about purchases, information about income, information about gains/losses, information on the number of goods, information regarding the sale and pricing of products, information on investment decisions, information from the Balance Sheet, the information from the Profit-Loss Report, Statement of Cash Flow information, information about tax reporting, information from the estimated sales , information from production estimates, information from the operational budget, breakeven analysis and information. Factors that influenced by these variables, associated with business performance outcomes is the development of product sales, total assets of the company at this time compared to the previous period, the total assets of the company compared with a loan burden of enterprises, expansion of the number of customers or buyers each month, the total development employees in enterprises, total wages to employees currently given than period ago, and total wages given to current employees than period ago.
Behavioural finance challenges the assumptions of the traditional finance theory, recognizing that many investors do not make decisions in a rational manner. Investors are generally loss averse, and because their fears can get in the way, they do not necessarily hold optimal portfolios In traditional theories of finance, investment decisions are based on the assumption that investors act in a rational manner. This means that they behave rationally so they earn returns for the money they put in various investments.Behavioral finance can be studied from both the micro and macro levels of the economy and capital markets. Behavioral finance micro (BMFI) focuses on the behaviors of individual investors, whereas behavioral finance macro (BMFA) focuses on the behavior of the markets, questioning ideas of market efficiency. Behavioral finance challenges the idea that investors are rational at both the micro and macro levels. Modern theory of investors’ decision-making suggests that investors do not act rationally at every time while making an investment decision. They deal with several cognitive and psychological errors. These errors are called behavioral biases and are exists in many ways. Behavioral finance has been growing specifically over the last two decades as we find difference between the assumptions made in traditional finance theory and actual behavior of investors.
Each video clip was edited by using two software programs (Adobe Premiere and Final Cut Pro). We manipulated the original video clips as follows: either we reduced the speed of a real-time video clip four times or we increased the speed of a slow-motion video clip four times. The video clips were cut down to the essential fragment to be able to come to a correct decision. This resulted in two identical video clips for each situation, 60 video clips in real time (mean duration 3.08 s) and the same 60 video clips in slow motion (mean duration 12.32 s). The same information was present in both video speed conditions, only the temporal dynamics were modu- lated. The video clips are MP4 files (720 × 406 pixels), with good quality and with the background sound removed. Two independent and experienced ex-international referees, still involved as referee match observers for UEFA, determined the reference decisions based on the rules established by Law 12: Foul and Misconduct (FIFA, 2016). Both modes (real time and slow motion) were available to determine the reference decisions. These two referees were able to view the clips multiple times and they knew the decisions that had been made by the original referees during the game. As an expert panel, both referees made independent evaluations first and then discussed the video clips with the UEFA chief refereeing officer to resolve any disagreement. They
consumption. Consumers around the world are different in various factors such as age, income, education level and preferences which may affect the way they avail of goods and services. This behavior then impacts how products and services are presented to the different consumer markets. There are many components which influence consumer behavior namely; cultural, social, personal, and psychological (Kotler and Armstrong, 2001), Consumer behavior is the study of when, why, how and where people do or do not buy products (Sandhusen, Richard L; 2000). Kundi J. et al (2008) Stated that consumer behavior refers to the mental and emotional process and the observable behavior of consumers during searching, purchasing and post consumption of a product or services. Consumer behavior blends the elements from psychology, sociology, sociopsychology, anthropology and economics.
The role of emotions in decision-making continues to receive interest, as evidenced by a special issue on affect and emotion in decisionmaking (Peters et al., 2006). Yiend, (2010) reviewed the effects of emotion on attention. A review of the influence of discrete emotions on judgement and decision-making in laboratory conditions concluded that the effects on outcomes are moderate to large (Angie et al, 2011). However, few studies have investigated emotional influences on decisionmaking in ‘real contexts’, as opposed to laboratory conditions. The present paper addresses this gap in the literature. It provides empirical support for the influencing role of mood on decisionmakingprocess, when the nature of the decision task, and its context, give rise to the affect and emotional state. The mood state is integral and related to the decision task rather than incidental and unrelated. (Lerner et al., 2015).
50 - -making processes remains labelled by the approach in terms of rational optimization, after this period several researches try to integrate human dimensions, by considering the intuition, unconscious and irrational. Thus, the decision-makingprocess is analyzed differently according to decision maker outlook. Behavioral and cognitive theories present decision makers with cognitive processes and differentiated value systems proving that decisions are influenced by immaterial and psychological factors. The contemporary decision results from an interpretable and multirational procedure with many concurrent ends.
Hall (2010) points out that accountinginformation is just one information source among others for a manager and argues that the information should be analyzed in relation to other types of information such as market data or informal reports. The study underlines that accountinginformation may initiate verbal conversations about problems and it is used also for creating knowledge about the working environment. Nielsen et al. (2015) found out in their first outsourcing case study that accounting department was not directly involved in the decision-making. The roles of accountants were to provide requested information to the decision-makers and to maintain the accountinginformation system. The information set supporting decision-making consisted of not just MA information (cost and revenue impact) but also quality, competence, customer service, customer re- tention and risk analyses. These findings confirm Hall’s (2010) conclusion on the relative importance of MA information. In the second outsourcing case of Nielsen et al. (2015), MA information had the ability of veto a project if the target costs, profit margins and rates of returns do not meet the requirements. Accountants are actively involved in the NPD (New Product Development) process and MA information is used in retrospective perfor- mance reviews. Managerial bonus system is based on meeting financial targets. Thus, MA information had a key role in this second case. In both cases, MA information is important for the strategy implementation, the first one is more analytical and the latter more actor based.
primary research regarding management relations towards accountinginformation that is used in the business decisionmakingprocess applied in manufacturing companies of the Tuzla Canton (here on: “TC”). The research commences from the fact that the interaction between accounting function organization quality and business decisionmaking is important, because it has direct effect on applied practice when managing operating performances of a company. Taking into consideration management relations towards accountinginformation in the decisionmakingprocess, dysfunctional areas within accounting function organization segments are identified. This opens up possibilities to affect modernization of the performance management through the process of redesign of those dysfunctional areas. According to our knowledge, similar research has not been conducted on the area of B&H manufacturing companies' operations.
information between systems. Currently, how quickly and how much information a company can obtain improves the decisionmakingprocess to achieve greater efficiency or advantageous position against competitors. For example, investors wanting to use their own tools using data providers or accumulators as Bloomberg need to copy/paste such information manually, moving information manually from organization systems to authorizes systems, manager compiling information from different department into a spreadsheet in a consistently for decisionmaking. However, the format of the information was different among the different systems. As a result, in the financial domain far more time was needed producing the information and getting it ready for analysis than into the actual analysis. With the creation of XBRL (eXtensible Business Reporting Language), there is another way.
ABSTRACT: Management accounting techniques provide financial and non-financial information to make precise decisions. There is no accounting standard for any management accounting techniques, therefore accountants use same management accounting techniques differently in the decisionmakingprocess. Researcher’s effort is to see the influence of management accounting techniques in the process of decision makings of 205 Accountants in Sri Lanka. A structured questionnaire was used for this purpose. The researcher uses multiple regression analysis and means score analysis for the study. The multiple regression analysis indicates that there is a significant impact on decisionmakingprocess by using management accounting techniques. (R 2 =.368, P= 0.000) Accountant in Sri Lanka mostly uses Budgetary Control in the decisionmakingprocess and further , Ratio Analysis, CVP Analysis, Cash Flow Statement and Target Costing and TQM also make high contribution in the decisionmakingprocess. The study helped to understand the researcher in importance of management accounting techniques in the decisionmakingprocess.
Tsai (2017) avers that one of the limitations causing the implementation of management accounting techniques in an organization is insufficient support from the top management. Tsai (2017) carried on to say top executives are not usually not concerned to reveal if the rightful management accounting techniques have been successfully implemented to enhance good decision-makingprocess of an organization. Meiryuani (2014) suggests that top management have a tendency to be unaware concerning the exterior factors that hinder the utilisation of management accounting techniques that enhance decisionmaking. Nian and Nair (2017) and Sunarni. (2013) went on to say that external factors include technological advancement, rapid changes in business environment and political stability are the most factors that management cannot take into consideration in implementing management accounting practices. Tsai (2017) said in line with this, top management tend to ignore these factors which are their responsibility; to examine these factors to make management accounting techniques effective and to enhance decisionmaking of an organization. Sharet (2015) agreed that top management plays an essential role in generating innovative management accounting techniques by providing appropriate management accounting practices and make decisions that enhance creation and execution of knowledge successfully.
There are several studies, which have found a significant association between HRA information and decision-making. The major findings of the study confirm results of Herman & Mitchell (2008), Flamholtz et al. (2003), Pekin Ogan (1988), Chris Dawson (1994), Flamholtz (2004), Lev & Schwartz (1971), Elias (1972), Hendricks (1976). Furthermore, the results indicate that background and experience of individuals' variables no has impact on decision-making based on HRA information. In the researcher's opinion one of the factors causing this difference could be due to different cultures. Other results states that there is significant relationship between the individuals' viewpoints about the evaluation of human resources and the impact of HRA information on the investment decisions. So, we can state that HRA is relevant and accountants can clarify it in management accountinginformation and disclose in notes of financial statements or they can provide it in financial statement (such as balance sheet or income statement) in order to better understanding.
The theoretical framework of the study defines accounting and its main functions, the man- agerial decision-makingprocess, and the ways in which management accounting infor- mation can support decision-making. Additionally, described are the relationship among data, information, and knowledge, the progression of knowledge considering the relevance for a decision setting and the management reporting process, including effective reporting principles and required qualities of useful reports. The main empirical data collection method used was a semi-structured online questionnaire targeted to the Group’s management. The study results showed that the management saw important to have reports’ financial information available to support decision-making in many areas, and the majority used these regularly on a monthly basis. The results indicated also that the reports affect decision-mak- ing and management is likely to act on the basis of the information received. However, in most of the cases only about half of the available information was utilized. The quality of the reports was considered also to be variable. In light of the results, the main challenges per- ceived to extract value from the reports to inform decisions were related to the availability, consistency, accuracy and user-friendliness. Furthermore, the results indicated that more attention should be put on seeing the financial information as a strategic resource to reach a more holistic understanding of this in the organisation.