financial accounting theory （rmit university,craig deegan）chapter11个体对财务报告的反应行为研究检验.ppt

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1、Copyright 2000 McGraw-Hill Book Co.Aust.PPT t/a Financial Accounting Theory by Deegan11.1Financial Accounting TheoryCraig DeeganCraig DeeganChapter 11Reactions of individuals to financial reporting:An examination of behavioural research Slides written by Michaela RankinSlides written by Michaela Ran

2、kinChapter 11:Behavioural researchCopyright 2000 McGraw-Hill Book Co.Aust.PPT t/a Financial Accounting Theory by Deegan11.2Learning ObjectivesIn this chapter you will be introduced to how behavioural research differs from capital how behavioural research differs from capital market researchmarket re

3、searchhow different accounting-related variables can how different accounting-related variables can be manipulated in behavioural researchbe manipulated in behavioural researchhow the results of behavioural research can be how the results of behavioural research can be of relevance to corporations a

4、nd the accounting of relevance to corporations and the accounting profession for profession for anticipatinganticipating individual reactions individual reactions to accounting disclosuresto accounting disclosuresChapter 11:Behavioural researchCopyright 2000 McGraw-Hill Book Co.Aust.PPT t/a Financia

5、l Accounting Theory by Deegan11.3Learning ObjectivesHow the results of behavioural research can form How the results of behavioural research can form the basis for developing ways to more efficiently the basis for developing ways to more efficiently use accounting-related datause accounting-related

6、datathe limitations of behavioural researchthe limitations of behavioural researchChapter 11:Behavioural researchCopyright 2000 McGraw-Hill Book Co.Aust.PPT t/a Financial Accounting Theory by Deegan11.4Introduction to behavioural researchBehavioural research examines how individuals react to various

7、 accounting disclosuresgrounded in behavioural decision theorygoal is to describe actual decision behaviour,evaluate its quality and develop and test hypotheses of the underlying psychological processesChapter 11:Behavioural researchCopyright 2000 McGraw-Hill Book Co.Aust.PPT t/a Financial Accountin

8、g Theory by Deegan11.5Brunswick Lens ModelUsed to explain behavioural researchperspectives about the environment are generated(observed)through a lens of imperfect cuesto determine the weighting(importance)of the various cues(independent variables)to the criterion event of success(dependent variable

9、)statistical modelling is applied Chapter 11:Behavioural researchCopyright 2000 McGraw-Hill Book Co.Aust.PPT t/a Financial Accounting Theory by Deegan11.6Brunswick Lens Model continuedright-hand side models how the individual uses cues to make an ultimate decision about the issue under investigation

10、left-hand side models the relationship between the actual phenomenon or event and the particular cues providedChapter 11:Behavioural researchCopyright 2000 McGraw-Hill Book Co.Aust.PPT t/a Financial Accounting Theory by Deegan11.7Applicability of the Lens ModelStructure can be applied to almost any

11、decision-making schemeeg.lending decisioneg.lending decisionexplicitly considers inputs(use of cues),the explicitly considers inputs(use of cues),the decision process and outputs(ultimate decision process and outputs(ultimate decisions)decisions)Chapter 11:Behavioural researchCopyright 2000 McGraw-H

12、ill Book Co.Aust.PPT t/a Financial Accounting Theory by Deegan11.8Types of issues to be consideredAt input level:scaling characteristics of individual cuesscaling characteristics of individual cuesmethods of presentationmethods of presentationcontextcontextAt the level of processing the information:

13、characteristics of the person making the characteristics of the person making the judgementjudgementcharacteristics of the decision rulecharacteristics of the decision ruleChapter 11:Behavioural researchCopyright 2000 McGraw-Hill Book Co.Aust.PPT t/a Financial Accounting Theory by Deegan11.9Types of

14、 issues to be consideredcontinuedAt the output or decision level:qualities of the judgementqualities of the judgementself-insightself-insightChapter 11:Behavioural researchCopyright 2000 McGraw-Hill Book Co.Aust.PPT t/a Financial Accounting Theory by Deegan11.10Input leveluse of cuesHow and whether

15、particular cues are used in decision-making is particularly relevant to the accounting professionif information items in financial statements are not used,then they could be deemed not material and therefore not requiring disclosurethe accounting profession is also interested in whether presentation

16、(in financial statement,or in a footnote)impacts decision Chapter 11:Behavioural researchCopyright 2000 McGraw-Hill Book Co.Aust.PPT t/a Financial Accounting Theory by Deegan11.11Research evidencethe use of information items In making predictions of financial returns,analysts are found to acquire ea

17、rnings and sales information more often than other types(Pankoff and Virgil 1970;Mear and Firth 1987)studies questioned the provision of current cost information,subjects relied more on historical cost information(Heintz 1973;McIntyre 1973)Chapter 11:Behavioural researchCopyright 2000 McGraw-Hill Bo

18、ok Co.Aust.PPT t/a Financial Accounting Theory by Deegan11.12Research evidencethe presentation of informationDifferent presentation formats found to influence users decisionsincluding bar charts,line graphs,pie charts and including bar charts,line graphs,pie charts and tablestablesMoriarity(1979)fou

19、nd students and accountants using Chernoff faces were able to outperform those using ratios in predicting bankruptcy,and models of bankruptcyChapter 11:Behavioural researchCopyright 2000 McGraw-Hill Book Co.Aust.PPT t/a Financial Accounting Theory by Deegan11.13Research evidencethe presentation of i

20、nformation contdStudies examining decision making by loan officers based on whether information is incorporated within the financial statements or included as footnotes found presentation made no difference(Wilkins and Zimmer 1983)provision of segment information reduced subjects reliance on past sh

21、are prices(Stallman 1969;Doupnik and Rolfe 1989)Chapter 11:Behavioural researchCopyright 2000 McGraw-Hill Book Co.Aust.PPT t/a Financial Accounting Theory by Deegan11.14Decision-making processStudies have examined how the various cues are weightedjudgements have been found to be consistent over time

22、 decision-makers also have been found to employ simplifying heuristics when making a decision Chapter 11:Behavioural researchCopyright 2000 McGraw-Hill Book Co.Aust.PPT t/a Financial Accounting Theory by Deegan11.15Decision-making heuristicsThree main simplifying heuristics have been identified:repr

23、esentativenessrepresentativenessanchoring and adjustmentanchoring and adjustmentavailabilityavailabilityChapter 11:Behavioural researchCopyright 2000 McGraw-Hill Book Co.Aust.PPT t/a Financial Accounting Theory by Deegan11.16Decision-making heuristics representativenessDecision makers often assess t

24、he likelihood of items belonging to a category by considering how similar the item is to the typical member of the categoryan implication is that the subjects typically ignore the base rate of the population in questionmay overstate the number of cases in a may overstate the number of cases in a par

25、ticular categoryparticular categoryChapter 11:Behavioural researchCopyright 2000 McGraw-Hill Book Co.Aust.PPT t/a Financial Accounting Theory by Deegan11.17Decision making heuristics anchoring and adjustmentIndividuals make an initial judgement or estimate and then only partial adjust their view as

26、a result of additional information Chapter 11:Behavioural researchCopyright 2000 McGraw-Hill Book Co.Aust.PPT t/a Financial Accounting Theory by Deegan11.18Decision making heuristics availabilityRelates to whether recollections of related occurrence or events can easily come to mindthe actual base r

27、ates of occurrence of an event are ignoredChapter 11:Behavioural researchCopyright 2000 McGraw-Hill Book Co.Aust.PPT t/a Financial Accounting Theory by Deegan11.19Knowledge of heuristics in researchUseful to know of heuristics in use:if the heuristic results in inappropriate decisions if the heurist

28、ic results in inappropriate decisions being made,the tendency can be highlighted being made,the tendency can be highlighted and action takenand action takenthe use of a heuristic by experts could be the use of a heuristic by experts could be efficient relative to costly data-gathering and efficient

29、relative to costly data-gathering and processingprocessing novices could then be advised to use the rule of novices could then be advised to use the rule of thumb thumb Chapter 11:Behavioural researchCopyright 2000 McGraw-Hill Book Co.Aust.PPT t/a Financial Accounting Theory by Deegan11.20Decision o

30、utputdecision accuracyResearch has considered how accurate the predictions are relative to the actual environmental outcomesloan officers found to predict bankruptcy fairly loan officers found to predict bankruptcy fairly regularly(Libby 1975)regularly(Libby 1975)bankers and accounting students also

31、 found to bankers and accounting students also found to correctly predict bankruptcies(Zimmer 1980)correctly predict bankruptcies(Zimmer 1980)decision-makers working in a team can decision-makers working in a team can outperform individual decision-makers outperform individual decision-makers Chapte

32、r 11:Behavioural researchCopyright 2000 McGraw-Hill Book Co.Aust.PPT t/a Financial Accounting Theory by Deegan11.21Protocol analysisThis form of behavioural research requires subjects to verbalise their thought processes while making decisions or judgementscommon in auditing researchcommon in auditi

33、ng researchunderstanding how judgements are made is important in improving those judgementsuseful in examining information searchChapter 11:Behavioural researchCopyright 2000 McGraw-Hill Book Co.Aust.PPT t/a Financial Accounting Theory by Deegan11.22Protocol analysiscontinuedDisadvantages include:th

34、e process of verbalising can have an effect on the process of verbalising can have an effect on the decision processthe decision processa considerable portion of the information a considerable portion of the information utilised may not be verbalisedutilised may not be verbalisedsubjects may provide

35、 verbalisations which subjects may provide verbalisations which parallel but are independent of the actual parallel but are independent of the actual thought processthought processcriticisms of the coding methodscriticisms of the coding methodsChapter 11:Behavioural researchCopyright 2000 McGraw-Hil

36、l Book Co.Aust.PPT t/a Financial Accounting Theory by Deegan11.23Limitations of behavioural researchResearch examining similar issues has generated conflicting resultsdifficult to determine causes of inconsistenciesdifficult to determine causes of inconsistenciessettings of studies often different to real-world settingsimplications for generalisabilityimplications for generalisabilityvery difficult to replicate cues available in the workplacestudents often used as surrogatessmall number of subjects often used