The Causal Relationship of Strategic Management Accounting Practices, Intellectual Capital Development and Firm Success
Article Sidebar
Main Article Content
Abstract
This research aims to investigate the causal relationships of strategic management accounting practices on intellectual capital development and firm success. These relationships
were tested with data from 298 information and communication technology firms in Thailand. Data
were collected via questionnaires, and Structural Equation Modeling (SEM) was used to analyze the data. The results showed that the causal relationship model fit to the empirical data was at the acceptable level (χ2 = 116.086, p-value = 0.008, CFI = 0.989, IFI = 0.989, GFI = 0.951, RMSEA = 0.037). The results also indicated that strategic management accounting practices had positive direct
effects on intellectual capital development, which had a positive direct effect on firm success (b = 0.664, 0.298, respectively). Moreover, it showed that strategic management accounting practiceshad an indirect effect on firm success through intellectual capital development (b = 0.226). Thus,firms need to be aware of implementing five SMAPs: costing, performance measurement, strategic
decision-making, competitor accounting, and customer accounting to identify and understand how intellectual capital works, and to measure and evaluate intellectual capital in diverse dimensions in order to provide information needed for intellectual capital development which play a vital role in maximizing value creation and result in good performance.
Article Details
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
ลิขสิทธิ์ของบทความ
ผลงานที่ได้รับการตีพิมพ์ถือเป็นลิขสิทธิ์ของมหาวิทยาลัยหอการค้าไทย ห้ามมิให้นำเนื้อหา ทัศนะ หรือข้อคิดเห็นใด ๆ ของผลงานไปทำซ้ำ ดัดแปลง หรือเผยแพร่ ไม่ว่าทั้งหมดหรือบางส่วนโดยไม่ได้รับอนุญาตเป็นลายลักษณ์อักษรจากมหาวิทยาลัยหอการค้าไทยก่อน
References
Ameyaw, D. K., Peprah W. K., & Anowuo, I. (2019). Human capital development and organizational performance: A conceptual review. International Journal of Innovative Research and Development, 8(1), 49-54.
Asiaei, K., & Jusoh, R. (2017). Using a robust performance measurement system to illuminate intellectual capital. International Journal of Accounting Information Systems, 26, 1-19.
Cabrilo, S., & Dahms, S. (2018). How strategic knowledge management drives intellectual capital to superior innovation and market performance. Journal of knowledge management, 22(3), 621-648.
Cadez, S., & Guilding, C. (2008). An exploratory investigation of an integrated contingency model of strategic management accounting. Accounting, Organizations and Society, 33, 836-863.
Căpușneanu, S., Topor, D. I., Constantin, D. M. O., Barbu, C. M., & Hint, M. S. (2020). Strategic management accounting: Dimensions and strategic tools. In I. Oncioiu, S. Căpușneanu, D. I. Topor, & D. M. Constantin (Eds.), Sustainability reporting, ethics, and strategic management strategies for modern organizations (pp. 1-29). Hershey, PA: IGI Global.
Cescon, F., & Garlatti, A. (2020). Costing to support strategies for product development: An empirical study of large international companies. Management Control, 2020(1), 127-149. doi: 10.3280/MACO2020-001-S1008.
Coyte, R. (2019). Enabling management control systems, situated learning and intellectual capital development. Accounting, Auditing & Accountability Journal, 32, 1073-1097.
Curea, S. C. (2018). The link between brand value and intellectual capital: Incorporating brands into economic valuation. Proceeding of 27th International Scientific Conference on Economic and Social Development (pp. 779-789). Rome.
Endrikat, J., Guenther, T. W., & Titus, R. (2020). Consequences of strategic performance measurement systems: A meta-analytic review. Journal of Management Accounting Research, 32(1), 103-136.
Hair, J. F. J., Anderson, R. E., Tatham, R. L., & Black, W. C. (2006). Multivariate data analysis. New York: Macmillan.
Hair Jr, J. F., Hult, G. T. M., Ringle, C., & Sarstedt, M. (2016). A primer on partial least squares structural equation modeling (PLS-SEM). Los Angeles: Sage publications.
Inkinen, H., Kianto, A., Vanhala, M., & Ritala, P. (2017). Structure of intellectual capital–an international comparison. Accounting, Auditing & Accountability Journal, 30, 1160-1183.
Jordão, R. V. D., & Almeida, V. R. (2017). Performance measurement, intellectual capital and financial sustainability. Journal of Intellectual Capital, 18, 643–666.
Kantur, D. (2016). Strategic entrepreneurship: Mediating the entrepreneurial orientation performance link. Management Decision, 54(1), 24-43.
Krstić, B., & Bonić, L. (2016). EIC: A new tool for intellectual capital performance measurement. Prague Economic Papers, 25, 723–741. doi: 10.18267/j.pep.586.
Lay, T. A., & Jusoh, R. (2017). Organizational capabilities, strategic management accounting and firm performance. Jurnal Akuntansi dan Keuangan Indonesia, 14(2), 222-246.
Lee, Y. C., Yang, Y. H., & Huang, W. T. (2019). The discussion on mediation of innovation capital toward human capital and performance. Archives of Business Research, 7(9), 255-267.
Najar, T., Dhaouadi, K., & Zammel, I. B. (2020). Intellectual capital impact on open innovation: The case of technology-based sectors in Tunisia. Journal of Innovation Economics & Management, 32(2), 75-106.
National Science and Technology Development Agency. (2019). ICT industry data warehouse. Retrieved December 10, 2019, from https://www.nstda.or.th/th/137-industry/industry-ict/1661-industry-ict.
Nonaka, I., Nishihara, A. H., & Kawada, H. (2018). Knowledge-based management theory. In A. H. Nishihara, M. Matsunaga, I. Nonaka, & K. Yokomichi (Eds.), Knowledge creation in community development (pp. 1-15). Cham, Switzerland: Palgrave Macmillan.
Novas, J. C., Alves, M., & Sousa, A. (2017). The role of management accounting systems in the development of intellectual capital. Journal of Intellectual Capital, 18(2), 286–315.
Orugun, J. J., & Aduku, D. J. (2017). Intellectual capital and organizational performance in a competitive business environment: A review. Asian Research Journal of Arts & Social Sciences, 4(1), 1-9.
Pasch, T. (2019). Essays on the design of the management accounting system: Determinants, components and effects (Unpublished doctoral dissertation). Utrecht University, Netherlands.
Pedro, E., Leitão, J., & Alves, H. (2018). Back to the future of intellectual capital research: A systematic literature review. Management Decision, 56, 2502–2583. doi:10.1108/MD-08-2017-0807.
Phornlaphatrachakorn, K. (2018). Strategic cost management and firm profitability: An empirical investigation of instant foods and convenience foods businesses in Thailand. International Journal of Business, 23(4), 357-371.
Pires, R. A. R., Alves, M. D. C. G., & Fernandes, C. (2020). Using strategic management accounting practices to measure and manage intellectual capital: A proposal. In L. Farinha, A. B. Cruz, & J. R. Sebastião (Eds.), Handbook of research on accounting and financial studies (pp. 37-62). Hershey, PA: IGI Global.
Srinivasan, R., & Swink, M. (2018). An investigation of visibility and flexibility as complements to supply chain analytics: An organizational information processing theory perspective. Production and Operations Management, 27, 1849-1867.
Wajdi, F., & Arsjah, R. J. (2019). The influence of organizational capabilities, strategic management accounting on organizational performance mediated by competitive advantage in companies in Indonesia. Research Journal of Finance and Accounting, 10(22), 141-151.
Wang, J., & Wang, X. (2019). Structural equation modeling: Applications using Mplus. Hoboken, NJ: John Wiley & Sons.
Xu, J., & Wang, B. (2018). Intellectual capital, financial performance and companies’ sustainable growth: Evidence from the Korean manufacturing industry. Sustainability, 10(12), 1-15. doi: 10.3390/su10124651.
