INFORMED Article-Accruals PDF

International Journal of Management and Strategy
(IJMS) 2012, Vol. No.3, Issue 5, July-Dec.2012
http://www.facultyjournal.com/
ISSN: 2231-0703
THE ROLE OF ORGANISATIONAL PERFORMANCE ON ACCRUALS

MANAGEMENT OF MANUFACTURING COMPANIES IN NIGERIA
Obigbemi Imoleayo Foyeke, Department of Accounting, Covenant University,Nigeria
ABSTRACT
In the past decade, there have been several cases of accounting scandals, some of which have been
attributed to accrual management. This study examined the relationship between organizational
performance and accrual management in a bid to find a means of control for accrual management.
The research was carried out using annual reports of selected manufacturing companies in Nigeria.
The study tested the effect of financial performance, product market performance and total
shareholder return on accrual management individually using Return On Capital Employed, Sales
and Earnings Per Share as proxies respectively. The data gathered from the annual reports was
analyzed using the regression method of analyses and the hypotheses were tested with the Ordinary
Least Square values of the analysis. It was discovered that financial performance has a negative but
insignificant relationship with accrual management, product market performance had a positive and
significant relationship with accrual management and total shareholder return had a positive but
insignificant relationship with accrual management. These results are of relevance to the
organization in placing checks and balances in the necessary areas and segments of the organization.
Recommendations were made for all stakeholders in organizations to give adequate attention to
accruals management in the organization of concern to them.
Keywords: accruals, manufacturing, performance, scandals, stakeholders
INTRODUCTION
Accruals, which is the difference between income from continuing operations and cash flow
from operations is a critical issue for every going concern. It results from accounting
matching concept of recognizing all income generated and expenses incurred within an
accounting period irrespective of whether cash was collected from such transactions or not.
This concept is what resulted in the inclusion of accruals in the books of account of every
business enterprise to show the total outstanding cash to be received a business enterprise
from its customers or those it has rendered services to but yet to pay, which constitutes the
accrued income, while expenses incurred yet to be paid for represent the accrued expenses.
ISSN: 2231-0703
1

ISSN: 2231-0703
Accruals however can be grouped into two types namely: discretionary and non-discretionary
accruals. Healy (1985) defined discretionary accruals as adjustments to cash flows selected
by the manager in order to reflect reported income. On the other hand, non-discretionary
accruals have been defined by the business dictionary as obligatory expenses that is yet to be
realised but is already recorded in the account books, for example any upcoming bills or next
months salary.
According to Deschow (1994), Sloan (1996) amongst others, accounting accruals is a product
of accounting entries and management estimations that have no cash flow effect. This
corroborates with past findings which have revealed that the main goal of accrual
management is the management of the income statement. It however has effects on other
financial statements such as the effect on assets and liability, but all these other effects are
considered as secondary or irrelevant by the manager (Dharan (2005)
Accrual management is done easily through accounting decision and does not require the
creation of a new business transaction. It is usually done by a lone manager or a group of
managers. According to Dharan (2005), there is a common practise in many organizations
known as Garden-variety earnings management where a manager may increase or decrease
the levels of accounting accruals (such as accounts receivable, inventory, accounts payable,
deferred revenue, accrued liability and prepaid expenses) in order to reach a desired profit.
This act may be done for the interest of the organization as a whole as regards to the
improvement in the quality of their financial statement or for the detriment of the
organization and interest of the manager, this could however be referred to as an act of
financial engineering.
Financial engineering transactions have been the centre of several recent accounting scandals
including Enron, Worldcom, Tyco, Dynergy and Xerox (Dharan, 2003).
Accrual management is not a common area for accounting researchers but still remains a very
significant part of financial engineering which depletes the worth of an organization. There is
a need to secure control over accrual management and the manipulations of accruals but the
methods of these manipulations are yet to be understood. A few work have however been
done on accrual management in a bid to find ways of controlling it, by examining possible
factors that could affect it, amongst which are Shamsul and Norita (2004) which resulted in
the conclusion that neither board independence nor CEO duality are significant in explaining
the level of accrual manipulations through the analysis of income-increasing and income
decreasing discretionary accruals and Hafiza and Susela (2008) also concluded that neither
the board nor the audit committees structures are related to accrual management. Many
researchers have looked at the role of corporate governance mechanism on accruals
management (Bugshan, 2005; Murya, 2010), however few have considered the effect of the
organisational operations and performance on accruals management.
Organisational performance comprises the actual output or results of an organisation as
measured against its intended inputs or goals and objectives. Organizational performance
according to Richard et al (2009) encompasses three specific areas of outcomes which are;
ISSN: 2231-0703
2

ISSN: 2231-0703
financial performance (profits, return on assets, return on income etc), product market
performance (sales, market share etc) and shareholders return (total shareholders return,
economic value added etc.).
The increased concern of the public on the issue of the integrity of firms reporting process as
a result of the recent revelations of misleading audited accounts of several big companies.
These misleading is commonly perpetrated through accrual management as it is effectively
accomplished through manipulation of discretionary accruals. There have also been attempts
made in the past to reduce the occurrence of these manipulations in the accruals but no
significant outcome has been reached as concluded by Shamsul and Norita (2004). The
determinants of this accrual management have not even been figured out in order to secure a
control over the accrual management. As a result of this, the manipulations of the accounts
have increased resulting in a quick and abrupt failure of the organization often in a span of
weeks and months.
LITERATURE REVIEW
Organizational performance.
In recent years, many organizations have attempted to manage organizational performance
using the balanced scorecard methodology where performance is tracked and measured in
multiple dimensions such as:
financial performance (e.g. shareholder return)

customer service
social responsibility (e.g. corporate citizenship, community outreach)
employee stewardship
Organizational performance is the term that is often heard with respect to the business
organizations. It actually consists of the outputs or the results of an organization that are
measured against its goals or objectives. Most of the organizations are looking forward to
enhance their organizational performance. Organizational performance is very crucial for the
organizations. Specialists of fields like strategic planners, operations, finance, legal
development and organizational development stress on the importance of organizational
performance.
Richard et al. (2009) states that organizational performance encompasses three specific areas
of firm outcomes: (a) financial performance (profits, return on assets, return on investment,
etc. (b) product market performance (sales, market share, etc.); and (c) shareholder return
(total shareholder return, economic value added, etc.) Specialists in many fields are
concerned with organizational performance including strategic planners, operations, finance,
ISSN: 2231-0703
3

ISSN: 2231-0703
legal, and organizational development. In recent years, many organizations have attempted to
manage organizational performance using the balanced scorecard methodology where
performance is tracked and measured in multiple dimensions such as:
financial performance (e.g. shareholder return)

customer service
social responsibility (e.g. corporate citizenship, community outreach)
employee stewardship
2.1.1.1 Financial performance

Financial performance, as defined by the business dictionary is measuring the results of a
firm's policies and operations in monetary terms. These results are reflected in the firm's
return on investment, return on assets, value added, etc. Any of many different mathematical
measures to evaluate how well a company is using its resources to make a profit is regarded
as financial performance. Common examples of financial performance include operating
income, earnings before interest and taxes, and net asset value. It is important to note that no
one measure of financial performance should be taken on its own. Rather, a thorough
assessment of a company's performance should take into account many different measures.
It is a subjective measure of how well a firm can use assets from its primary mode of business
and generate revenues. This term is also used as a general measure of a firm's overall
financial health over a given period of time, and can be used to compare similar firms across
the same industry or to compare industries or sectors in aggregation.
There are many different ways to measure financial performance, but all measures should be
taken in aggregation. Line items such as revenue from operations, operating income or cash
flow from operations can be used, as well as total unit sales.
Financial performance management
Financial performance management (FPM) is a collection of processes that help ensure that
the finance department of a corporation achieves optimal efficiency while maximizing the
effectiveness and performance of the entire organization. This topic covers the latest news on
how corporations are including financial. Financial performance management (FPM) is a
collection of processes that help ensure that the finance department of a corporation achieves
optimal efficiency while maximizing the effectiveness and performance of the entire
organization. This topic covers the latest news on how corporations are including financial
performance management techniques into the jobs of the finance department and the
difference it makes.
Total Shareholders return
Total shareholders return (TSR) is a concept used to compare the performance of different
companies stocks and shares over time. It combines share price appreciation and dividends
ISSN: 2231-0703
4

ISSN: 2231-0703
paid to show the total return to the shareholder. The absolute size of the TSR will vary with
stock markets, but the relative position reflects the market perception of overall performance
relative to a reference group.
At the same time, calculating the total shareholder return also involves evaluating the impact
of the change in price per share on dividends issued to investors. When the unit price
increases, the chance for a positive impact on the amount of dividends paid is likely.
However, a decrease in price per share usually has an adverse effect on dividends, although
the degree of impact will vary depending on how the dividends are figured.
A total shareholder return that is positive is a strong indicator that the entity issuing the stock
or security is stable and possible of future growth. When a negative total shareholder return is
posted, investors should look very closely at relevant factors to determine if the securities
should continue to be held, or sold before additional losses take place.
A number of recent studies indicate that the earnings reported by cross-border firms are
related to stock prices. Using both price and return valuation models, Harris and Muller
(1999) and Alford et al. (1993) find that the U.S. GAAP reporting of cross-border firms is
related to their market value. Amir et al. (1993) and Barth and Clinch (1996) provide similar
evidence, finding that performance reported by cross-border firms on Form 20-F is related to
their stock market performance. Together, these studies suggest that accounting measures of
performance affect the stock prices of cross-border firms. Therefore, the pre-tax income and
stock value requirements for cross-border listing are presumed to provide incentives to
manage earnings and thereby manage accruals as well. The stock prices always tend to affect
the total shareholders returns, as an appreciation in the share prices would lead to an
appreciation in the total shareholders return a depreciation in the share prices would as well
lead to a reduction in the total shareholders return. This in turn affects the management of
accruals.
Several factors are responsible for the change in the price of stock of companies either
positively or negatively, as this is the most frequent question that most stock/options traders
may have in their minds. Stocks price changes due to market forces, i.e. buying and selling of
the available stocks in the market. Some of these factors among others may include: Market
sentiment, Industry performance, earning result or guidance, take-over or merger.
Introduction of new product into the market, major governmental contracts or orders, share
buy backs, dividend pay-out, stock splits, insider trading, hedge fund trading, analyst
upgrade/downgrade, addition to or removal from stock index, etc.
2.1.1.4 Organizational performance measurement
Performance measurement is the process whereby an organization establishes the parameters
within which programs, investments, and acquisitions are reaching the desired results.
ISSN: 2231-0703
5

ISSN: 2231-0703
Performance Measurement is the use of data and statistics to ascertain whether an objective is
being met or exceeded. Organizations measure performance by analyzing financial and nonfinancial metrics over time, across departments, between different entities (e.g. employees,
organizations, investments, systems), and against benchmarks and targets to gauge success.
To correctly measure for performance success, the benchmarks and target comparisons must
be aligned with strategic goals.
Performance measurement enables organizations to assess their progress and identify
strengths and problem areas. A simple example of performance measurement is the
measurement of time for a manufacturing task to be completed.
Fundamental purpose behind measures is to improve performance. Measures that are not
directly connected to improving performance (like measures that are directed at
communicating better with the public to build trust) are measures that are means to achieving
that ultimate purpose (Behn 2003). Behn (2003) gives 8 reasons for adapting performance
measurements: To Evaluate, Control, Budget, Motivate, Celebrate, Promote, Learn, and
Improve .
2.1.2 Accrual Management
2.1.2.1 Accruals
Accrual (accumulation) of something is, in finance, the adding together of interest or
different investments over a period of time. It holds specific meanings in accounting, where it
can refer to accounts on a balance sheet that represent liabilities and non-cash-based assets
used in accrual-based accounting. These types of accounts include, among others, accounts
payable, accounts receivable, goodwill, deferred tax liability and future interest expense.
For example, a company delivers a product to a customer who will pay for it 30 days later in
the next fiscal year, which starts a week after the delivery. The company recognizes the
proceeds as revenue in its current income statement still for the fiscal year of the delivery,
even though it will get paid in cash during the following accounting period. The proceeds are
also accrued income (asset) on the balance sheet for the delivery fiscal year, but not for the
next fiscal year when cash is received.
Similarly, a salesperson, who sold the product, earned a commission at the moment of sale
(or delivery). The company will recognize the commission as an expense in its current
income statement, even though s-/he will actually get paid at the end of the following week in
the next accounting period. The commission is also accrued expense (liability) on the balance
sheet for the delivery period, but not for the next period the commission (cash) is paid out to
her/him.
ISSN: 2231-0703
6

ISSN: 2231-0703
Unfortunately, the term accrual is also often used as an abbreviation for the terms accrued
expense and accrued revenue that share the common name word, but they have the opposite
economic / accounting characteristics.
Accrued revenue: Revenue is recognized before cash is received.

Accrued expense: Expense is recognized before cash is paid out.
Accrued revenue (or accrued assets) is an asset, such as unpaid proceeds from a delivery of
goods or services, when such income is earned and a related revenue item is recognized,
while cash is to be received in a latter period, when the amount is deducted from accrued
revenues.
Accruals are a liability, so when accruals are moved to creditors there is no change in the
total liabilities on the balance sheet.
Accruals, deferred income, and similar items are all differences between profit and cash flow
that result from the application of the accruals principle. They arise because the change in the
balance sheet needs to be consistent with the P & L, so when the application of the accruals
principle has an impact on the P & L, it must have a matching effect on the balance sheet.
A firm may create or participate in a business transaction with outside entities that can shift
accruals from operating to non-operating categories within its income statement, thus helping
to manage a specific income statement. Bottom line (such as proforma earnings) in a desired
way or shifting the accruals between the firms or outside the entities , thus selectively either
adding accruals as desired or removing the negative consequences of reversing the accruals.
Such complex accrual shifting transaction involving an investing cash flow or a financing
cash flow were a common theme in several recent accounting scandals.
2.1.2.2 Discretionary accruals
Discretionary accruals are adjustments to cash flows selected by the manager in order to
affect reported income. Healy (1985). According to Gul and Tsui, a major strand of the
earnings management literature examines managers use of discretionary accruals to shift
reported income among fiscal periods. Such an examination entails specification of a model
to estimate discretionary accruals. The models range from the simple, in which total accruals
are used as a measure of discretionary accruals to relatively sophisticated (regression), which
decompose accruals into discretionary and non-discretionary components.
The impact of discretionary accruals on the information content of earnings is subject to
debate. On the one hand, these manipulations could enhance the value-relevance of reported
earnings by communicating a managers private information regarding the future profitability
(Watts and Zimmerman, 1986). On the other hand, the flexibility inherent in GAAP may
result in opportunistic behavior that distorts reported earnings (Healy and Paleppu, 1993). To
date, empirical research on managerial discretion and earnings informativeness has been
ISSN: 2231-0703
7

ISSN: 2231-0703
indirect and mixed, and the information effects of discretionary accruals in particular is
relatively unexplored (Subramanyam, 1996).
The most popular six discretionary accruals models are the DeAngelo (1986) model, Healy
(1985) model, the Jones (1991) model, the modified Jones model (Deschow, Sloan and
Sweeney 1995), the industry model (Dechow, Sloan and Sweeney 1995) and the CrossSectional Jones model (DeFond and Jiambalvo 1994).
Deschow, Sloan and Sweeney (1995) evaluated the relative performance of five of these
models in detecting earnings management by comparing the specification and power of
commonly used tests across discretionary accruals generated by the models. They evaluated
the specification of the test statistics by examining the frequency with which the statistics
generate type 1 errors and the power of the tests by evaluating the frequency with which the
statistics generate type 2 errors. Using various samples and assumptions, they demonstrated
that all models appear well specified for random samples, generate tests of low power for
earnings management, and reject the null hypothesis of no earnings management at rates
exceeding the specified test levels when applied to samples of firms with extreme financial
performance.
2.1.2.3 Non-discretionary accruals
Non discretionary accrual is a mandatory expense/asset that is recorded within the accounting
system that has yet to be realized. An example of this would be payroll taxes. An obligatory
transaction in the account book that is yet to be realized. The non-discretionary component
reflects business conditions (such as growth and the length of the operating cycle) that
naturally create and destroy accruals. There are many approaches used in an attempt to
estimate the non-discretionary accrual proxy, but estimating the nondiscretionary component
of accruals typically involves a discretionary model.
2.1.2.4 Accrual management
This is a term that is used to refer to the manipulation of the accruals value in the financial
statement of organizations. This is usually done using the discretionary accruals in many of
such occasions. Accrual management has been used in prior studies as a measure for earnings
management as it is seen as an aspect of earnings management. Financial engineering is
usually used in performing such acts. Prior evidence suggests that managers either use
earnings management to meet certain targets such as reporting losses or earning declines
(income- increasing approach) or delaying reporting profits to facilitate meeting targets easily
in the future (income decreasing approach). Hashim and Devi (2008). A basic characteristic
of these accounting accruals is that they sum to zero over time and are therefore both more
predictable and less persistent compared to cashflow component of earnings. Despite their
non cash flow effects, Dechow (1994) shows that accruals do improve the ability of earnings
to predict future performance and thus has an informational role. Sloan (1996) documents the
ISSN: 2231-0703
8

ISSN: 2231-0703
lower persistence of the accrual component of earnings. Hochberg, Newman &Rierson

(2003) document a negative serial autocorrelation in accruals.
According to Dharan (2003), the traditional method of accrual management can be known as
time shifting of accruals as it involves the movement of accruals forward and backward in
time, but when a firm creates or participates in business transactions with outside entities that,
it can have two kinds of accrual shifting that affect the normal accrual reversing process. In
the first kind called category shifting, here accruals are shifted from operating to nonoperating categories within its income statement, thus helping to manage an income
statement bottom line such as proforma earnings or other so called non- GAAP performance
measures in a desired way. In the second called entity shifting accruals, accruals are shifted
or moved between the firm and the outside entities. These types of accrual effects are called
category shifting and entity shifting to contrast them with the traditional time shifting of
accruals.
Recent studies find that firms manage earnings to avoid violating lending agreements, to
affect resource allocation and to increase managers compensation (Dechow and Skinner
[2000] and Healy and Wahlen [1999]). The prevalence of stock-based compensation
increases managers sensitivity to accounting earnings, because those earnings impact stock
prices. Following Healy (1985) who examined the use of discretionary accruals by managers
to manage earnings used in bonus calculation, the management of accruals for earnings
management has been the subject of several dozen accounting studies. In studies of accruals
by Healy (1985), Deschow (1994), Sloan (1996) and others, accounting accruals are
generally described as a product of accounting entries and management estimations that have
no cash flow effect. Sloan (1996) documents the lower and persistence of the accrual
component of earnings.
In a bid to realize the factors that influence the management of accruals in an organization,
researchers have carried out studies on the effect or impact of corporate governance on
accruals as .Doyle ,Ge and McVay(2007) examined the relation between accruals quality and
the internal control environment of the firm. It was theorised that a weak environment has the
potential to allow both intentionally biased accruals through earnings management(e.g lack of
segregation of duties) and unintentional errors in accrual estimation (e.g lack of experience in
estimating the bad debt expenses provision).
2.1.3 Organizational performance and accrual management
In studies of organizations, performance sometimes appears as an independent variable, but is
more likely to appear on the left- hand side of the equation as a dependent variable. March
and Sutton (1997). The accruals of an organization could possibly well be influenced by the
performance of the organization as this affects their operational strategies. A company with
lower performance is more likely to put up strategies that would invariably improve the
performance of the organization but one which is blossoming would put up strategies to
maintain the good performance and also accommodate improvement. The accruals are
ISSN: 2231-0703
9

ISSN: 2231-0703
however managed differently in the various strategies that could be put up by the
organization.
The bottleneck theory
The bottleneck theory gets its name from the resemblance to a narrowing bottle's neck. In
operations management, the bottleneck theory is an explanation of what happens when a
certain part of the production system performs at a lower rate than the rest of the system.
Understanding the bottleneck theory is important for anyone involved in operations
management, as it allows an individual to optimize the efficiency. A bottleneck in operations
management occurs in sequential manufacturing when a backup happens in one step of the
sequence. For example, if there are three machines on an assembly line and the first and last
machines can produce 100 units per hour, but the second machine can produce only 50 units
per hour, it will cause a bottleneck to occur. This is because the second machine cannot
produce enough units to keep pace with the other machines.
When this is in place, the departments with the higher performance would seek to maintain
the standard as any reduction in their performance can affect the whole organization,
therefore the desire to manipulate the accounts which is also done using accrual management.
The departments or areas of the organization not performing as well might also result in a
poor financial status of the organization which would lead to corporate fraud.
The Contingency theory

Organizational theory explains why and how a specific organizational and bureaucratic
structure comes into existence. It also explains how such a structure continues in existence,
and, importantly, how it deals with the forces of change. These forces can be both external
and internal. In short, this field of theory stresses the fact that organizations, whether of a
business or government type, are never separated from their external environment and must
continually change in response to it. The basic features of contingency theory center on
constant change. The organization is a set of functions. In business, these functions might be
production, sales, service, accounting and general management. All of these functions are
interdependent not merely on each other, but on their external environment. In general, the
basic thesis of contingency theory is that performance is tied to how the internal structure is
lined up with the external realities of the market.
Changes in the environment could affect the business performance or the business might need
to take on some projects as a result of the change and attempt to adapt to this change, as a
result the managers may decide to go through earnings management or some form of income
smoothing to make the financial statements of the company appealing to the potential
shareholders, banks for borrowing, other financial institutions, creditors and the other users of
accounting. This study however considers both the contingency theory as well as the bottle
neck theory, with great emphasis on the contingency theory, which looks at the effect of
ISSN: 2231-0703
10

ISSN: 2231-0703
changes within the organization and its effect on the organizational performance and its
aftermath effect on the financial reporting of the business enterprise.
RESEARCH OBJECTIVES/RESEARCH QUESTIONS/HYPOTHESES

The objectives of this research therefore seek to achieve include particularly the following:
1. To find out if there is any relationship between financial performance and accrual
management.
2. To find out if there is any relationship between product market performance and
accrual management.
3. To find out if there is any relationship between the shareholders return and accrual
management.
This research intends to provide answers to the following questions:

1. Is there any relationship between financial performance and accrual management?
2. Is there any relationship between product market performance and accrual
management?
3. Is there any relationship between the shareholders return and accrual management?
Thus the following propositions which form the basis of this research are forwarded and will
be tested in the course of the study:
1. H0: There is no significant relationship between financial performance and accrual
management.
H1: There is a significant relationship between financial performance and accrual
management.
2. H0: There is no significant relationship between product market performance and
accrual management.
H1: There is a significant relationship between product market performance and
accrual management.
3. H0: There is no significant relationship between shareholders return and accrual
management.
H1: There is a significant relationship between shareholders return and accrual
management.
RESEARCH METHODOLOGY
The Descriptive statistical method was used because it aims at presenting data in a
convenient, useable and clear form and in order to ascertain valid information about
similarities, trends, variations, characteristics etc. of the various elements in the population
ISSN: 2231-0703
11

ISSN: 2231-0703
(Izedonmi 2005). Panel data methodology was also adopted because it combined period and
cross sectional data. The method of analysis is that of multiple regressions and the method of
estimation is the Ordinary Least Squares (OLS) method.
The population of this study cuts across the 132 manufacturing companies listed in the
Nigerian Stock Exchange. The study will consider 50 manufacturing companies listed on the
Nigerian Stock Exchange as at the period of study. The sample size is selected using random
sampling.
Data for this research was collected through the use of secondary data with source from
financial statements of the sampled companies.
The secondary sources of data was used by the researcher, which comprises mainly of the
financial statements of the selected companies from 2004-2008.
The validity of the source of data for this research is established by the fact that only
published audited annual reports of the quoted manufacturing organizations were used. These
reports are published so as to comply with statutory requirement, which carries with penalty
if information contained therein is found to be materially misleading for use.
The reliability of the source of data is also established by the fact that the consistency of data
can be assured due to its somewhat permanent state that can be repeated with little or no
variation. Likewise, similar source of data were used by different researchers such as
Tandelilin (2007); Kenneth (2007); and Sanda (2005).
The Regression analysis method was used, which is a Statistical Forecasting model that is
concerned with describing and evaluating the relationship between a given variable (usually
called the dependent variable) and one or more other variables (usually known as the
independent variable).
Regression analysis models are used to help us predict the value of one variable from one or
more other variables whose values can be predetermined. Financial ratios will be utilized in
carrying out this data analysis for effective comparison.
Furthermore, the Fixed Effect (FE) and the Random Effect (RE) would be used for
robustness check of the OLS result. Osabuohien & Efobi (2010) pointed out that the problem
of heterogenity exist in the regression analysis and autocorrelation popularly exist when using
the panel data analysis approach, a choice can be made between Fixed Effect (FE) and
Random Effects (RE) using a Hausman test in order to select the efficiency between FE and
RE
The data collected were analysed using mean, tables, and chart. The mathematical description
of the relationship existing between the two constructs (organizational performance and
accrual management) is described in the preceding section.
To determine the relationship between organization performance and accrual management, a
linear regression model equation was used. The two constructs involved includes
ISSN: 2231-0703
12

ISSN: 2231-0703
organizational performance and accrual management. The regression equation can be

computed as
Y = 0 + X1 +it................................................................................................................... (1)
Where,
y = Accrual management (Dependent variables)
x = Organizational performance (Independent variables)
= Coefficient
it = Error term
Explicitly, equation 1 can be defined as;
ACMG = f (Organizational performance) +c (2)
Representing equation two with the variables of the construct, hence the equation below is
formulated with inclusion of a control variable (Investment opportunity set). This is to
enhance a better predictability and analysis of the relationship existing between the two
constructs (organizational performance and accrual management). Therefore the equation
becomes;
ACMG = f (financial performance; product market performance; shareholders return)+
investment opportunity set... (3)
The above can be deduced to;
ACCMGit = FPit + PMPit + SHRit + IOSit.......................................................................... (4)
Therefore, the OLS linear Regression Equation is:
ACCMGit=0+ 1FPit + 2PMPit + 3SHRit + 4IOSit + it................................................................... (5)
Where
ACCMG = Accrual management; this would be represented by an increase in accruals
computed as Earnings (profit after tax) minus cash flow from operating activities. Arthur,
Cheng, &Czernkowski (2006).
ORGP = Organizational performance; this refers to the actual output or results of an
organization as measured against its intended outputs (or goals and objectives).
FP = A measurement of the results of a firms policies and operations in monetary terms.
This can be reflected in various ways but for the purpose of this research, we would be
restricted to the ROCE; a measure of the returns that a company is realizing from its capital,
calculated as profit before interest and tax divided by the difference between total assets and
current liabilities.
PMP = Performance of the market in which products are sold to companies rather than
directly to customers. This can also be measured in various ways but in this study, we would
be restricted to MARKET SHARE; the portion or percentage of the sales of a particular
product or service in a given region that are controlled by a company, this would be measured
in this study with the sales revenue and sales volume values.
SHR = Shareholders Return; this is the internal rate of return of all cash flows to an investors
during the holding period of an investment. For the cause of this study, this would be
measured using the Earnings per share.
ISSN: 2231-0703
13

ISSN: 2231-0703
IOS = Investment Opportunity Set; this refers to all of the investments that an organization is
able to make at a given point in time. The total assets of the organization would be used to
measure this in the cause of this study.
= Coefficient of parameters
= Error term, which captures other explanatory variables not explicitly included in the
model.
it= time coefficient.
ANALYSIS AND INTERPRETATION

Description of Variables
Table 4.1.1 provides a summary of the descriptive statistics of both the dependent and the
independent variables for the sample companies. It shows the average of the variables, the
standard deviations, the mean, median, maximum and minimum values of the variables used.
Table 1
Mean
Median
Maximum
Minimum
Std. Dev.
Observations
ACC(Nm)
-1680
-187
3630
-20500
3980
100
Descriptive statistics of variables

TSR
1.4426
0.8200
23.2850
-1.8400
2.7337
99
FP
0.0666
0.3172
2.3408
-10.0000
1.5582
99
PMP(Nm)
16400
5920
145000
0.0000
24800
99
IOS(Nm)
17000
6270
104000
250
23300
99
Note: ACC- Accrual management, TSR- Total Shareholder Return, FP- Financial
performance, PMP- Product market performance, IOS- Investment Opportunity Set.
From the table the mean accrual is negative figure of N1680000000 which shows that a
significant portion of the sample size had no accruals attributable to them. The table also
discloses the maximum accruals recorded during the stated period to be N3630000000 and
the minimum accruals recorded to be a negative figure of N20500000000. This shows that
the cash flow of operating activities were proportionately larger than the earnings of the
organizations during the period in most of the cases, as the surplus of the cash flow of the
operating activities was relatively higher than that of the earnings over the cash flow of
operating activities .The total shareholders return of the sample size represented by EPS has
a mean of N1.4426, this means that for every 1 unit of share held, the shareholders earned
N1.4426. The maximum EPS is N23.2850 and the minimum is -N1.8400.The financial
performance represented by ROCE has a mean of 6.666, a maximum value of 2.3408 and a
minimum value of -10. The product market performance variable represented by sales has a
mean of N16400000000, a maximum value of N145000000000 and a minimum value of N0.
The control variable which is investment opportunity set represented by the total assets value
ISSN: 2231-0703
14

ISSN: 2231-0703
has a mean of N17000000000, a maximum value of N104000000000 and a minimum value

of N250000000.
CORRELATION ANALYSIS/ MULTICOLLINEARITY TEST
The multicollinearity test is another specification test that is used in regression analysis. It is a
test of reliability of measures used in the regression analysis. A high multicollinearity
between two variables indicates that there is high correlation among variables used as
independent variables, which is reflected in the results obtained in the collinearity statistics.
There is said to be high multicollinearity when a high correlation exists among the variables
which is above 0.80. (Chatoth 2002).Cohen (1988) suggests that correlations of between 0.10
& 0.29 are small, 0.30-0.49 are medium and 0.5-1.0 are large. When there is the problem of
multicollinearity between two variables, it is dealt with by dropping one variable and
accepting the other.
Table 2
Correlation Matrix
accruals Logsales Logtotalassets Roce

Eps
Accruals 1
0.6396
0.6008
-0.1901 0.4118
Logsales
1
0.8909
-0.1554 0.6021
Logtotalassets
1
-0.0798 0.6072
Roce
1
0.1959
Eps
1
Note: roce-return on capital employed; eps- earnings per share
From the table 4.2.1 above, multicollinearity exists between the following variables as a
result of a high correlation between them; sales and total assets with a correlation of 0.8909,
sales and eps with a correlation of 0.6021, total assets and eps with a correlation of 0.6072.
The problem of multicollinearity here cannot be dealt with by dropping one because of the
level of importance of all of the variables used, therefore, the step-wise regression analysis
will be used.
Step-wise regression analysis refers to a method of regression analysis in which the
independent variables are analysed separately with regards to the level of correlation amongst
them. The equations below describe this step wise analysis
Y= 0 + 1X1 + 2X3 +it(1)
Y= 0 + 1X2 + 2X3 +it.(2)
Where:
Y= Dependent Variable
X1, X2& X3 = Independent variables
= coefficient of parameters
ISSN: 2231-0703
15

ISSN: 2231-0703
= Error term that captures other explanatory variables not explicitly included in the model
stated above.
it
= time coefficient.
REGRESSION ANALYSIS
In the course of the advanced analysis of gathered data to get the regression results, we would
be looking at the fixed and random effects on the dependent variable.
Fixed Effect (Cross Section)
This implies that we are studying the variation in the dependent variable (ROCE) because of
the independent variable when the cross sections are fixed. It implies that we are not looking
at variations based on different sample studied, instead the diversity in sample (cross section)
is held constant so that we can see the variations in this regard.
Random Effect (Cross Section)
This implies the variation of the dependent variable because the independent variable is
studied across samples. The cross sections are allowed to interact randomly to see the effect
on variables.
TABLE 3
ORDINARY LEAST SQUARE (OLS) ANALYSIS BASED ON

CROSS SECTION
FE(Cross
Section)
OLS
Independent
Variables
Logsales
ROCE
1
0.9084*
(-0.0004)
-0.0884
(-0.5531)
Logtotalassets
EPS
C
R squared
Adjusted R squared
-1.1356
(-0.8232)
0.4175
0.3709
RE(Cross Section)
-0.1682
(-0.2837)
0.7106**
(-0.0103)
0.181
(-0.4287)
2
1
1.2878
(0.2463)
-0.1299 -0.1263
(0.3367) (0.3445)
1.3776
(0.2103)
0.3951
(0.3471)
3.079
(-0.5871)
0.3933
0.3205
-9.622
(0.6895)
0.8682
0.6440
-12.096
(0.6076)
0.8853
0.6789
0.9596*
(0.0015)
-0.118
-0.1516
(0.3448) (0.2121)
0.6734**
(0.041)
0.2529
(0.2889)
-2.3231
(0.7041)
0.715
0.6921
3.6696
(0.5977)
0.6914
0.6543
ISSN: 2231-0703
16

ISSN: 2231-0703
8.9597
5.4013
4.2882
31.3523 18.6674
F statistic
3.8732
0.0012
0.0053
0.0115
0
0
Prob (F - statistic)
0.0171
Note:* and ** denotes significance at 1% and 5% respectively, FE = Fixed effect, RE =
Random effect
Table 4.3.1 reports the results of the multiple regression analysis in our study based on
ordinary least square. The table shows the association between dependent variable
(Logaccruals) and the experimental variables (ROCE, logsales, eps) as well as the control
variables (Logtotalassets).
Ordinary Least Square
The coefficient of coordination (R-squared), adjusted R-squared, F-statistics and Prob (Fstatistic) for the regression model and summarized results of the dependent variable
(Logaccruals) on the explanatory variables can be seen in the table. The results indicate Rsquares of 0.42 & 0.39, and F values of 8.96 and 5.40 , which are significant at 0.05 and 0.01
levels respectively. The adjusted R-square is 37%. Both of these values suggest that a
significant percentage of the variation in dependent variables (Logaccruals) can be explained
by the variations in the whole set of independent variables. The ROCE has a negative
coefficient of (0.088) which shows an adverse effect of this variable (ROCE) on the
dependent variable (accruals) but is not significant at 0.553. This means that a reduction in
the financial performance of an organization would result in an insignificant increase in the
accruals, which signify the presence of accrual management. The sales of the organization is
a significant variable in the regression model for which the coefficient is positive (0.9083)
and statistically significant at 0.04 level which suggests a positive influence on the accruals
which means that an increase in the sales of an organization would result in an increase in the
accruals and a decrease in the sales would result in a decrease in the accruals. The EPS has a
positive coefficient of 0.181 which suggests a direct effect on the dependent variable but is
not significant at 0.428, which means that an increase in the shareholders return would result
in accrual management. The control variable (total assets) however, has a positive coefficient
of 0.7106 and is statistically relevant at 5%. This suggests a direct effect of this variable on
the dependent variable (accruals) at 71.06%. This means that accrual management happens
when the total assets of the organization increases.
Cross Section effect When Fixed And Random

Further analysis was carried out on the OLS result which includes result of the cross section
and period effect when fixed and random.
Cross Section Effect When Fixed
The results of the Cross-section effect when fixed indicate R-squares of 0.87 & 0.88, and F
values of 3.87 & 4.29. The adjusted R-squares are 64% and 68%. Both of these values
ISSN: 2231-0703
17

ISSN: 2231-0703
suggest that a significant percentage of the variation in dependent variable (Logaccruals) can
be explained by the variations in the whole set of independent variables.
The result shows that the financial performance of the organizations represented by ROCE
has a negative but insignificant relationship with accruals at a coefficient of 0.13. This
supports the results of the OLS analysis. The sales which represents the product market
performance shows a positive but insignificant relationship with the dependent
variable(accruals). This means that the level of sales of an organization does not have a
significant effect on the manipulation or management of accruals in the organization. This is
not in line with the OLS analysis. The total shareholders return represented by eps shows a
positive but insignificant relationship with accruals which means that even the total
shareholders returns has no significant effect on the accrual management in the organization.
Cross Section Effect When Random
The results of the Cross-section effect when random indicate R-squares of 0.72, and F values
of 31.35 and 18.67. The adjusted R-squares are 69% and 65%. Both of these values suggest
that a significant percentage of the variation in dependent variables (Logaccruals) can be
explained by the variations in the whole set of independent variables.
The result shows that there is no significant relationship between the financial performance of
an organization and the accruals as it shows a negative and insignificant relationship between
ROCE and the dependent variable. There is a positive relationship between the sales and
logaccruals, significant at 1%, which means that an increase in the sales of an organization
would result in an increase in the accruals of the organization. This is in line with the OLS.
Lastly, it shows a positive but insignificant relationship between the total shareholders return
represented by eps and accruals.
TABLE 4 ORDINARY LEAST SQUARE (OLS) ANALYSIS BASED ON PERIOD

OLS
Independent
Variables
Logsales
ROCE
RE(Period)
1
2
0.9084*
(-0.0004)
-0.0884
(-0.5531)
0.9600*
(0.0005)
-0.1682
-0.0179 -0.0913
(-0.2837) (0.9107) (0.5836)
0.7106**
0.8176
(-0.0103)
(0.0062)
0.181
0.1401
(-0.4287)
(0.5492)
0.9084*
(0.0005)
-0.0884 -0.1682
(0.5581) (0.2857)
0.7106
(0.0106)
0.181
(0.4306)
-1.1356
3.079
-1.1356
Logtotalassets
EPS
FE (Period)
1
2
-2.2904
0.7342
3.079
ISSN: 2231-0703
18

(-0.8232)
0.4175
R 0.3709
ISSN: 2231-0703
(-0.5871) (0.6673) (0.9019) (0.8254) (0.5886)

0.3933
0.4982
0.486
0.4175
0.3933
0.3205
0.3548
0.3147
0.3709
0.3205
R squared
Adjusted
squared
8.9597
5.4013
3.4744
2.837
8.9597
5.4013
F statistic
0.0053
0.0152
0.0301
0.0012
0.0053
Prob (F - statistic) 0.0012
Note:* and ** denotes significance at 1% and 5% respectively, FE = Fixed effect, RE =
Random effect
Period Effect When Fixed And Random
The results of the period effect when fixed indicate an R-squares of 0.498 & 0.486, and F
values of 3.474 and 2.837. The adjusted R-squares are 35% and 28%. Both of these values
suggest that a significant percentage of the variation in dependent variable (logaccruals) can
be explained by the variations in the whole set of independent variables.
When fixed, the table shows a negative but insignificant relationship between ROCE and
accruals, which implies that the financial performance of an organization does not affect the
accruals. The table shows a positive relationship between sales and accruals which is
significant at 1%. There is a positive but insignificant relationship between eps and accruals.
These are also in line with the OLS.
HYPOTHESES TESTING
Hypothesis 1:
H0: There is no significant relationship between financial performance and accrual
management.
H1: There is a significant relationship between financial performance and accrual
management.
Hypothesis 2:
H0: There is no significant relationship between product market performance and accrual
management.
H1: There is a significant relationship between product market performance and accrual
management.
Hypothesis 3:
H0: There is no significant relationship between shareholders return and accrual
management.
H1: There is a significant relationship between shareholders return and accrual
management.
The OLS regression estimation in tables above is used for the hypotheses testing, summary of
which is shown in table 4.4.1 below:
Table 5
Summary of Hypotheses Testing Result
ISSN: 2231-0703
19

ISSN: 2231-0703
Independent Proxies
Reported Sig or Accepted/
Variables
Sign
Nsig
Rejected
Profit After Tax Nsig
Rejected
ROCE
to Capital Employed
Sales
+
Sig
Accepted
Sales
EPS
Nsig
Rejected
EPS
Note: ROCE- Return on Capital Employed; EPS- Earnings per Share; Sig- Significant; NSigNot Significant.
Source: Author (2011)
From the table 4.4.1, the independent variable ROCE is a proxy for financial performance. It
has a negative reported sign, this means that it has a negative relationship with the dependent
variable; accrual management. Therefore, accrual management is performed when the firm is
not doing well financially to meet up with the expected result. This is in line with Barua,
Legoria & Moffitt(2006) which pointed out that firms manage earnings using accrual
management to meet earnings benchmarks and Hashim& Devi(2008) suggested managers use
it to meet certain targets. However, this relationship is not significant; therefore hypothesis 1
is accepted. Thus there is no significant relationship between product market performance
and accrual management, with sales as a proxy for the product market performance of the
organization. The reported sign is positive which connotes a positive relationship with
accrual management. This follows the result of Johnson, Ryan Jr&Tian(2002) which states
that companies with high sales growth have a lower likelihood of detecting and reporting
fraud. Since the fraud is not being detected, the level of fraud increases. This relationship is
significant, therefore hypothesis 2 is rejected. The EPS represents the total shareholders
return. It had a positive reported sign, which means that an increase in the total shareholders
return will result in a decrease in the accrual management. However, this relationship is not
significant; therefore hypothesis 3 is accepted.
6. RECOMMENDATION/SUGGESTION/FINDINGS
Recommendations
Based on the analyses carried out and the findings deduced, in addition to the review of
relevant literature, the following recommendations are deemed necessary:
1. There should be a good management system in the product market segment of the
organization in order to avoid excess revenue from this department and thereby level
up the performance of the various departments of the organization.
2. The internal control systems of organizations should be strengthened.
3. Research and studies in the area of accrual management should be encouraged at all
levels.
ISSN: 2231-0703
20

ISSN: 2231-0703
This project was embarked upon to determine the relationship between organizational
performance and accrual management in a bid to reduce the level of fraud committed through
the manipulation of accruals using various methods of accrual management. The study also
controlled for variables suggested in prior research as significant influences of accrual
management. The control variable used is investment opportunity set which was represented
by the total assets of the organizations.
The research amongst others found out that corporate governance has no significant
relationship with accrual management and that is it has no relevant effect on accrual
management, which is in consonant with the work of Shamsul and Norita (2004) and Hafiza
and Susela (2008). Also it found that there is a higher level of accrual management in the
advent of poor internal control and the accrual management is reduced in an environment of
stronger internal control. Again, it found that accounting measures of performance affects the
stock prices of cross border firms, thus the pre-tax income and stock value requirements for
cross border listing are presumed to provide incentives to manage earnings and thereby
manage accruals as well, which is also in support of the work of Ndubizu, 2004. Finally this
research shows that a weak environment has the potential of allowing both intentionally
biased accruals through earnings management and unintentional errors in accrual estimation
Doyle, Ge&McVay (2007)i.e. the internal control system of the organization would affect the
level of accrual management in the organization.
Some other findings are that of the three variables used to represent organizational
performance, only the product market performance has a significant effect on accrual
management. This means that this is the only variable amongst the afore-mentioned that can
be used to control the accrual management of an organization. Also, an improvement in the
sales of the organization would encourage the accumulation of more accruals in the
organization and vice versa.
The role accrual management plays in the overall survival of the company as well as its
impact on the returns of Shareholders has made it a very important subject matter in
accounting, several accounting scandals have been as result of accrual management, the
methods of which are yet to be understood. Therefore, the area of accrual management should
not be brushed aside by organizations but should be looked into and preventive measures
taken.
Limitation of the Study
This study is limited to the scope in which the study investigated which is the aspect of
organisational performance. It is also limited by the sector of study which is the
manufacturing sector of the Nigerian stock exchange.
CONCLUSIONS
Accruals an important aspect of every going concern is expected to be reported appropriately,
however the wrong reportage of this may result in false reportage, which leads to accruals
management, which may have a negative effect on the survival of the company, the
ISSN: 2231-0703
21

ISSN: 2231-0703
shareholders return as well as misleading the users of the financial report. It is however
important for all financial statements preparers to report accruals as at when due and avoid
mislead of the users of these reports.
FUTURE WORK
Other researchers may however consider reviewing the role of some other factors like
internal control, corporate governance and the role of ethics on accruals management.
Furthermore, other sectors may also be considered, especially the banking sector, due to the
high rate of illiquidity and bankruptcy experienced some banks in this sector in Nigeria.
REFERENCES
Abdullah &Nasir (2004) Accrual Management And The Independence Of Diretors And
Audit Commitees. IIUM Journal of Economics & Management 12, no 1 (2004)
Arthur, cheng, & Czernkowski (2006). Cash flow disaggregation and prediction of future
earnings.
Bandyopandhyay, Huang &Wirjanto (2010) The Value Of Long Term Accrual
Management
Barton(2001) Does Use Of FinancialDerivatives Affect Earnings Management Decision
Accounting Review Vol 76 no 1
Bartov, Gul&Tsui (2000) Discretionary Accrual Models & Audit Qualifications
Barua, Legoria&Moffitt(2006) Accrual Management to Achieve Earnings Benchmarks: A
comparison of pre-managed profit & loss firms. Journal of business finance and
accounting vol 33
Bordens, S.K. and Abbott B.B.(2002). Research Design and Methods: A Process
Approach (5th edition). New York: McGraw Hill books.
Chathoth (2002) Co-allignment between environmental risk, corporate strategy, capital
structure, and firm performance: An Empirical investigation of restaurant firms.
Cohen &Zarowin (2008) Accrual Based And Real Earnings Management Activities Around
Seasoned Equity Offerings
Deschow P.M (1994) Accounting Earnings And Cashflows As A Measures Of Firm
Performance: The Role Of Accounting Accruals Journal Of Accounting And
Economics July 1994.
Dharan (2003) Accruals management with financial & investing transactions.
ISSN: 2231-0703
22

ISSN: 2231-0703
Doyle, Ge&McVay (2007) Accruals Quality And Internal Control Over Financial
Reporting
Hashim & Devi (2008) Board independence, CEO Duality & accrual management:
Malaysian Evidence, Asian Journal of business and accounting 1(1), 2008.
Healy &Wahlen (1999) A review of the Earnings Management Literature and its implication
for Standard Setting. Accounting Horizons 13, (December)
Izedonmi, P.F. (2005). A Manual For Academic And Professional Research.(2ndEdition).
Lagos:Bamadek Prints.
Johnson, Ryan Jr&Tian(2002) Managerial Incentives & Corporate Fraud: The Sources of
Incentives Matter
Kothari, Leone &Wasley (2001) Performance Matched Discretionary Accrual Measures
Koutsoyannis A Et Al (1977).Modern MicroeconomicssMacmillan publishers (3rd edition).
Makar (2000) The Valuation Of Discretionary Accruals And Antitrust Merger
Investigations Journal Of Applied Business Res Vol 19 No 1
March & Sutton Organizational Performance As A Dependent Variable
Marciukaityte& Park (2009) Market Competition And Earnings Management
Ndubizu (2004) Operating Profit Of Non- US Cross Border Listing Firms
Olu, O. (2003). Fundamentals of Research Methods. Lagos: Standard Publications.
Osuagwu, L. (2006). Research Methods: Principles and Practice. Lagos: Grey.
Schiantarelli(2005) Product Market Regulation And Macroeconomic Performance: A
Review Of Cross Country Evidence
Schiantarelli (2008) Product Market Regulation & Macroeconomic Performance: A Review
Of Cross Country Evidence
Shamsul&Norita(2004) Accrual management and independence of the boards of directors
and Audit committees. Journal of Economics and Management No 1 (2004).
Shiu (2005) Factors Of Market Performance Of Apple Ipod: A Preliminary Desk Study.
Journal Of Business Case Studies Summer 2005
Yang, Rahman & Bradbury The Trade-Off Between Real Earnings Management And
Accrual Management.
ISSN: 2231-0703
23

INFORMED Article-Accruals PDF

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

INFORMED Article-Accruals PDF

Uploaded by

Copyright:

Available Formats

International Journal of Management and Strategy

(IJMS) 2012, Vol. No.3, Issue 5, July-Dec.2012

THE ROLE OF ORGANISATIONAL PERFORMANCE ON ACCRUALS

Keywords: accruals, manufacturing, performance, scandals, stakeholders

International Journal of Management and Strategy

International Journal of Management and Strategy

financial performance (e.g. shareholder return)

International Journal of Management and Strategy

financial performance (e.g. shareholder return)

2.1.1.1 Financial performance

International Journal of Management and Strategy

International Journal of Management and Strategy

International Journal of Management and Strategy

International Journal of Management and Strategy

International Journal of Management and Strategy

Accrued revenue: Revenue is recognized before cash is received.

International Journal of Management and Strategy

International Journal of Management and Strategy

International Journal of Management and Strategy

lower persistence of the accrual component of earnings. Hochberg, Newman &Rierson

International Journal of Management and Strategy

The Contingency theory

International Journal of Management and Strategy

RESEARCH OBJECTIVES/RESEARCH QUESTIONS/HYPOTHESES

This research intends to provide answers to the following questions:

International Journal of Management and Strategy

International Journal of Management and Strategy

International Journal of Management and Strategy

organizational performance and accrual management. The regression equation can be

International Journal of Management and Strategy

International Journal of Management and Strategy

ANALYSIS AND INTERPRETATION

Descriptive statistics of variables

International Journal of Management and Strategy

has a mean of N17000000000, a maximum value of N104000000000 and a minimum value

accruals Logsales Logtotalassets Roce

International Journal of Management and Strategy

ORDINARY LEAST SQUARE (OLS) ANALYSIS BASED ON

International Journal of Management and Strategy

International Journal of Management and Strategy

Cross Section effect When Fixed And Random

International Journal of Management and Strategy

TABLE 4 ORDINARY LEAST SQUARE (OLS) ANALYSIS BASED ON PERIOD

International Journal of Management and Strategy

International Journal of Management and Strategy

(-0.5871) (0.6673) (0.9019) (0.8254) (0.5886)

Summary of Hypotheses Testing Result

International Journal of Management and Strategy

International Journal of Management and Strategy

International Journal of Management and Strategy

International Journal of Management and Strategy

International Journal of Management and Strategy

International Journal of Management and Strategy

You might also like