RANGKUMAN TAK CHAPTER 13 – BEHAVIOURAL BEHAVIOURAL RESEARCH IN ACCOUNTING The Behavioural perpective and the nature of behavioural accounting research – BEHAVIOURAL AOU!TI!" RE#EARH $ %E&I!ITIO! A!% #O'E
“Self-interet !"!l!# $en%el!!n &!n' (el)* +,*$lit "!l!* *en%el!+!n $eril!+) $!!r Unt)+ *e*!#!*i (!'!i*!n! ,r!n'-,r!n' *en'')n!+!n inf,r*!i !+)nt!ni. "i$erl)+!n t)"& *en'en!i $e,$le/ !0t)!l (e#!i,)r "!n "e0ii,n $r,0ee "i+en!l "en'!n Be#!i,)r!l A00,)ntin' A00,)ntin' Ree!r0# 2BAR BAR. 0!$it!l *!r+et ree!r0# "!n !'en0& t#e,r& ree!r0# "!$!t "ie()t e(!'!i 4$,itie/ ree!r0# &!n' f,+) $!"! $en'e*(!n'!n 4f!+t!/ 5 0!$it!l *!r+et ree!r0# 5 “#,6 ", e0)ritie *!r+et re!0t t, !00,)ntin' inf,r*!ti,n7. !'en0& t#e,r& 5 “6#!t !re t#e e0,n,*i0 in0entie t#!t "eter*ine t#e 0#,i0e ,f !00,)ntin' *et#,"7. "!n (e#!i,)r!l ree!r0# 5 “#,6 ", $e,$le !0t)!ll& )e !n" $r,0e !00,)ntin' inf,r*!ti,n7 Peril!+) Peril!+) !+)nt!ni !+)nt!ni 2(e#!i,)r 2(e#!i,)r!l !l !00,)ntin' !00,)ntin' "it)r)n+!n "it)r)n+!n "!ri (er(!'!i (er(!'!i "ii$lin "ii$lin il*) e$erti e$erti $i+,l,'i. $i+,l,'i. ,i,l,'i. "!n te,ri ,r'!ni!i "!n )*)*n&! ti"!+ *e*()!t !)*i tent!n' (!'!i*!n! ee,r!n' (er$eril!+). n!*)n ,(%e+tifn&! !"!l!# *ene*)+!n *en'!$! ee,r!n' (er$eril!+) e$erti it) Peneliti!n *en'en!i (e#!i,)r!l !00,)ntin' "!$!t "iinter$ret!i+!n e0!r! l)! *en0!+)$ !+)nt!ni +e)!n'!n. !)"it. "!n !+)nt!ni *!n!%e*en 8,+) "!ri $e*(!#!!n ini !"!l!# H)*!n 9)"'e*ent T#e,r& 29HT "!n $en'')n!!n te,ri "!l!* *en%el!+!n "!n *e*$re"i+i $eril!+) in"ii") !t!) *,"el 'r)$ ert! *enin'+!t+!n +)!lit! $en'!*(il!n +e$)t)!n The contri contribut bution ion to our under understa standi nding ng of the role role of accoun accountin ting g infor infor(at (ation ion )ithin )ithin and outsid outsidee the the accounting entit* provided b* stud*ing behaviour – +H, I# BAR I-'ORTA!T . Ter"!$!t (e(er!$! !l!!n $entin'n&! BAR "!l!* !+)nt!ni 5
:i()t)#+!nn&! ree!r0# &!n' *en')%i e0!r! $eifi+ +e'i!t!n "e0ii,n *!+in' ,le# i $en&e"i!. $en'')n! "!n !)"it,r !t! inf,r*!i !+)nt!ni H!l ini "i+!ren!+!n. 0!$it!l *!r+et "!n !'en0& t#e,r& (el)* 0)+)$ *en%!6!( $ert!n&!!n “#,6 $e,$le )e !n" $r,0e !00,)ntin' inf,r*!ti,n;7 BAR "!$!t *en&e"i!+!n 0!r! $!n"!n' &!n' le(i# (ernil!i "en'!n (e(er!$! ti$e &!n' (er(e"! ter#!"!$ +e$)t)!n &!n' "!$!t "i()!t. "i$r,e "!n "ire!+i+!n *en%!"i ite*-ite* inf,r*!i !+)nt!ni "!n *et,"e +,*)ni+!i BAR "!$!t "!$!t *en&e"i!+!n *en&e"i!+!n e0!r! $,teni!l $,teni!l inf,r*!i inf,r*!i &!n' (er*!nf!!t (er*!nf!!t (!'i re')l!t,r !+)nt!ni !+)nt!ni Be#!i,)r!l Be#!i,)r!l !00,)ntin' ree!r0# "!$!t e0!r l!n')n' *e*$el!%!ri ,$i !+)nt!ni $eifi+ "!n *el!$,r +e$!"! $e*()!t t!n"!r *et,"e "!n $en')n'+!$!n *!n! &!n' "!$!t *enin'+!t+!n +e$)t)!n $en'')n!
Pene*)!n BAR "!$!t *e*i*$in efiieni "!l !* $ener!$!n !+)nt!ni "i $e+er%!!n "!n $r,fei l!inn&! %evelop(ent of behavioural accounting research BAR $ert!*! +!li *)n0)l $!"! liter!t)r 1<=>. n!*)n $eneliti!n H9T tel!# !"! "i liter!t)r "en'!n e*in!l 6,r+ ,f ?!r" E"6!r" t!#)n 1<@ 3 t!#)n ter!+#ir $en%el!!n *en'en!i BAR "!n H9T ree!r0# ter)t!*! "i(i"!n' !)"it *en%!"i !n'!t $entin' "!n e%!+ t!#)n 1< $en'e*(!n'!n (e#!i,)r!l ree!r0# "i "i(i"!n' fin!n0i!l !00,)ntin' ter) "i+e*(!n'+!n An overvie) of approaches to understanding infor(ation processing O(%e+ "!!r "!ri $eneliti!n H9T !"!l!# )nt)+ *en''!*(!r+!n 0!r! (!'!i*!n! ,r!n'-,r!n' *en'')n!+!n "!n *e*$r,e inf,r*!i !+)nt!ni "!l!* +,nte+ +,nte+ "e0ii,n *!+in' Peneliti!n $!"! !re! ini !n'!t (er'!nt)n'. tet!$i tet!$i ti"!+ e0!r! e++l)if $!"! ti'! *,"el H)*!n Inf,r*!ti,n Inf,r*!ti,n Pr,0ein' D Br)n6i+ Br)n6i+ len *,"el. *,"el. t#e $r,0e tr!0in' *,"el. "!n t#e $r,(!(iliti0 %)"'*ent *,"el Te*)!n &!n' +,niten !"!l!# (!#6! +e'!'!l!n le(i# *)"!# "i$re"i+i "i$re"i+i "!ri$!"! +e)+e!n +e)+e!n "!n (!#6! *!!l!# $en')n'+!$ $en')n'+!$!n !n #!r'! #!r'! $r,(!(ilit $r,(!(iliti! i! +e'!'!l!n +e'!'!l!n e(el)*n&! e(el)*n&! $entin' (!'i re!li* "!l!* t)'! P!"! tin'+!t &!n' &!n' le(i# ren"!#. $reent!i "!n f,r*!t !+)nt!ni !+)nt!ni %)'! tel!# "iteliti "en'!n *en'')n!+!n +er!n'+! *,"el len! The Bruns)i/ Lens -odel Se%!+ Se%!+ $erten $erten'!n '!n 1<>-! 1<>-!n n Br)n6 Br)n6i+ i+ M,"el M,"el tel!# tel!# "i')n! "i')n!+!n +!n e(!'! e(!'!ii !n!l&t !n!l&ti0!l i0!l fr!*e6 fr!*e6,r+ ,r+ "!n (!i (!i )nt)+ )nt)+ %)"'*ent t)"ie *en0!+)$ $re"i+i "!n e!l)!i Ree!r0# *en'')n!+!n len *,"el )nt)+ *en'ineti'!i #)()n'!n !nt!r! *)lti$le 0)e 2$ie0e ,f inf,r*!ti,n "!n "e0ii,n. %)"'*ent !t!) $re"i0ti,n. "en'!n *eli#!t re')l!i re')l!i ter#!"!$ ter#!"!$ re$,n re$,n 0)e tere()t tere()t :e0ii,n :e0ii,n *!+er *!+er "ili#!t "ili#!t e(!'!i e(!'!i len ,f 0)e 0)e &!n' &!n' *e*)n' *e*)n'+in+! +in+!n n (er#)()n'!n "en'!n eent eent "!l!* r!n'+! *en0!$!i +ei*$)l!n *en'en!i *en'en!i eent tere()t
Se0!r! )*)* *!nf!!t $en'')n!!n Br)n6i+ Len Met#," !"!l!# 5 *en%!"i $,l! 0)e "!l!* *en'')n!+!n ei"ent "!l!* (er(!'!i t)'!. !+)r!i rel!tif "!ri "e0i,n *!+er !t! e$ertie leel "!l!* *e*$re"i+i "!n *en'e!l)!i !ri!i t)'!. +,niteni #)*!n %)"'*ent ,er ti*e. "( 'rocess Tracing -ethod H9T ree!r0#e *en'')n!+!n $en"e+!t!n &!n' (er(e"! "!l!* *e*()!t *,"el "e0ii,n *!+in' &!n' "ie()t “$r,0e tr!0in' ,r er(!l $r,t,0,l *et#,"7 P!"! $r,0e tr!0in'. "e0ii,n *!+er "!$!t "i(eri er!n'+!i!n t)"i +!) )nt)+ "i!n!lii. tet!$i "i*int! )nt)+ *e*!$!r+!n e0!r! er(!l eti!$ te$ &!n' "il!+)+!n +eti+! *e*()!t +e$)t)!n &!n' "ie()t "en'!n "e0ii,n tree N!*)n "e0ii,n tree ini ti"!+ el!l) (!i+ "!l!* *e*$re"i+i )nt)+ #!l tertent) !l!# !t) !l!!nn&! !"!l!# +e)lit!n "!l!* *en%el!+!n el)r)# te$ &!n' "il!l)i 'robabilistic 0udg(ent 9)"'e*ent ini (er*!nf!!t )nt)+ *eli#!t it)!i !+)nt!ni "i*!n! ter"!$!t initi!l (elief *en'en!i $re"i+i !t!) e!l)!i &!n' ()t)# "ireii !!t ()+ti le(i# %!)# *en%!"i tere"i! M,"el ini (er$en"!$!t (!#6! “n,r*!tiel&7 !"!l!# 0!r! te$!t )nt)+ *ereii inti!l (elief. &!n' "it!te e(!'!i )(%e0tie $r,(!(ilitie. "en'!n *ener!$+!n B!&e/ t#e,re*. (!i0 0,n"iti,n!l $r,(!(ilit& t#e,r& B!&e/ t#e,re* *en%el!+!n 5 P,teri,r ,"" 2reie" $r,(!(ilit& F li+eli#,," r!ti, 2!*,)nt (& 6#i0# $ri,r e$e0t!tin #,)l" (e reie" Pri,r ,"" 2initi!l $r,(!(ilit& ,r (!e r!te Lens -odel #tudies – the evidence St)"i *en)n%)++!n (!#6! len *,"el fr!*e6,r+ "i')n!+!n )nt)+ *e*eri+! !+)r!i $re"i+i *!n)i! "!l!* +e'!'!l!n (ini Ini !n'!t $entin' (!'i (e(er!$! $i#!+ e$erti inet,r. (!n+ l,!n ,ffi0er. len"er *!)$)n !)"it,r Peneliti!n "il!+)+!n "en'!n *en&e"i!+!n )(%e0t "en'!n !n'+! "!ri n)*eri0!l 0)e ter#!"!$ re$etitie 0!e "!ri !0t)!l ()ine )00e "!n f!il)re Ole# e(!( it). $!"! t!+ ini “,l)i7 &!n' (en!r *)n0)l e(!'!i (en0#*!r+ &!n' "!$!t "i(!n"in'+!n "en'!n $erf,r*! *!n)i! 'rocess Tracing #tudies – the evidence M,"el len Br)n6i+ e0!r! i*$liit *e*$erl!+)+!n $r,e $en'!*(il!n +e$)t)!n e(!'!i +,*(in!i linier "!ri inf,r*!i $et)n%)+ e"!n'+!n "e0ii,n tree &!n' "it)r)n+!n "!ri $r,0e tr!0in' *ener!n'+!n l!n'+!#-l!n'+!# $en'!*(il!n +e$)t)!n "i*!n! ii inf,r*!i e()!# "!t! (erinter!+i "en'!n inf,r*!i l!inn&! "!ri "!t! tere()t L!r0+er "!n lei' *ene*)+!n (!#6! $r,0e tr!0in' *,"el le(i# (!i+ "!ri$!"! *,"el t!titi0 liner. tet!$i ellin' !n" #!n+ *ene*)+!n #!il e(!li+n&! +eti+! +e")! $en"e+!t!n ini "i(!n"in'+!n "!l!* e()!# t)'! &!n' *eli(!t+!n $re"i+i +e(!n'+r)t!n &or(at and 'resentation Of &inancial #tate(ents
P!"! t!#)n 1<>= Li((& *en',(er!i (!#6! !"! ti'! $ili#!n "!!r &!n' !"! )nt)+ *enin'+!t+!n $en'!*(il!n +e$)t)!n 5 1 Men')(!# $reent!i "!n %)*l!# inf,r*!i Me*(eri+!n $en"i"i+!n +e $e*()!t +e$)t)!n 3 Men''!nti $e*()!t +e$)t)!n "en'!n *,"el ,f t#e*ele !t!) "en'!n i"e!l ,r 6it# ,n i"e!l 0)e6ei'#tin' *,"el :en'!n $entin'n&! !r!n &!n' $ert!*! ter#!"!$ !+)nt!n. !)"it,r. re')l!t,r "!n$e*()!tt!n"!r. ter"!$!t $eneliti!n +e0il &!n' "i!l+)+!n )nt)+ *ene*)+!n f,r*!t $reent!i !+)nt!ni &!n' i"e!lSt)"i &!n' "i!l!+)+!n 0en"er)n' )nt)+ *e*eri+! $er)(!#!n &!n'r!"i+!l ter#!"!$ $en&!%i!n l!$,r!n +e)!n'!n "!l!* (ent)+ 'r!fi+ *)lti"i*eni,n!l T#e len *,"el (er')n! "!l!* *e*eri+! i) $en&!%i!n l!$,r!n +e)!n'!n &!n' !*! (!i+n&! "en'!n !n!li! $re"i0tie %)"'e*ent T#e len *,"el *en'i%in+!n )nt)+ !n!li! +e+!+)r!t!n #)*!n %)"'e*ent "!l!* *enent)+!n e%!)# *!n! "i*!n! in"ii") *en"ete+i t)'! %)"'e*ent &!n' $entin' "!n e0!r! +,niteni *en'')n!+!n +e(i%!+!n %)"'e*ent9i+! $er)(!#!n f,r*!t inf,r*!i *en'#!il+!n $enin'+!t!n +e")! +!r!+teriti+ tere()t *!+! #)*!n %)"'e*ent e#!r)n&! *enin'+!t C#ern,ff f0e *en''!*(!r+!n $er)(!#!n "!l!* +,n"ii +e)!n'!n M)+!n&! "i(!n')n "en'!n *!$$in' tr!nf,r*e" !ri!(el +e)!n'!n *en%!"i (ent)+ *)+! M!t#e*!ti0!l $re0ii,n "i6)%)"+!n "en'!n $!n%!n'n&! #i")n'. !n'le !li "!n (ent)+ *)l)t "i')n!+!n )nt)+ *ere$reent!i+!n $er)(!#!n +,n"ii +e)!n'!n "!ri )!t) $eri,"e +e $eri,"e (eri+)tn&! Pen"e+!t!n 'r!fi+ *)lti"i*eni,n!l !+!n *en%!"i (er')n! +eti+! +eteri"i!!n (i!&! !t!) "!t! *e*()!t *,"el t!titi+ &!n' ti"!+ *)n'+in "i(!n')n. ter)t!*! %i+! #!iln&! *en'')n!+!n 'r!fi+ *)lti"i*eni,n!l &!n' !*! e"i+it (!')n&! "en'!n #!il "!ri *,"el S!!t ini $re$!rer l!$,r!n +e)!n'!n ti"!+
l!'i *en&i!$+!n 'r!fi+ e$erti *)+! 0#ern,,f tet!$i "en'!n $en'')n!!n 6!rn! "!n 'r!fi+ &!n' le(i# +,nei,!nl Pen'')n!!n 'r!fi+ &!n' (er!ri!i "!n (ent)+ t!()l!r !+!n *e*$en'!r)#i $en'!*(il!n +e$)t)!n L!$,r!n "!l!* (ent)+ 'r!fi+ (er')n! )nt)+ tin'+!t +,*$le+it! &!n' ren"!# e"!n'+!n l!$,r!n "!l!* (ent)+ t!()l!r )nt)+ tin'+!t +,*$le+it! &!n' tin''iTi"!+ !"! (ent)+ $en&!%i!n &!n' ter(!i+ "i e*)! it)!i:!l!* +,nte+ $en'!)"it!n. ri00#i)te *ene*)+!n (!#6! %)"'e*ent *en'en!i $en&e)!i!n ter#!"!$ !+)n "i$en'!r)#i ,le# 0!r! $en&!%i!n inf,r*!i +e !)"it,r i)!l "!n !t!) !)"it,r& So dan smith menginvesgasi dampak dari warna grafk, jenis kelamin, kerumitan dari tugas, dan perbedaan ormat presentasi dalam predive accuracy dengan sample undergraduate business students.Hasilnya adalah grafk yang berwarna dak eek keka tugasnya kompleks dan wanita lebih tertarik terhadap grafk yang berwarna. Penelian yang lain dilakukan dengan mengajak decision makers bekerja dengan satu dari seperangkat data kombinasi tabel dan bar charts, atau table dengan muka cherno! atau hanya dengan table. "eka situasi dimana comple#ity dari inormasi nggi, penggunaan hanya dengan tabel membawa kepada keakuratan yang lebih nggi,penggunaan grafk dan pictorial representataons data membawa kepada penurunan dari keeekan pengguna dari pembuatan keputusan. $lasannya adalah decision maker memilih pilihan yang lebih mudah keka situasi kompleks, tetapi graphical dan pictorical yang mewakili data terkadang lebih abstrak dan kurang detail dibandingkan inormasi yang disajikan dalam bentuk tabel
'robabilistic 0udge(ent #tudies ....The Evidence
:!l!* (!n&!+ +,nte+ !+)nt!ni "!n ter)t!*! $en'!)"it!n ti"!+ !"! ,l)i &!n' (en!r "en'!n $enil!i!n &!n' "!$!t "i(!n"in'+!n )nt)+ *enil!i !+)r!i "!ri *ere+! S!t) 0!r! )nt)+ *en'!t!i +)r!n'n&! (en0#*!r+ "!l!* $enil!i!n +iner%! !"!l!# *e*eri+! +,nen) *en'en!i +e$)t)!n tertent) "i e%)*l!# $e*()!t +e$)t)!n C!r! &!n' l!in !"!l!# *en'')n!+!n *,"el *!te*!ti+ !t!) t!titi+! Peneliti!n H9T "!l!* *,"el ini tel!# e0!r! +,niteni "i"e*,ntr!i+!n (!#6! *!n)i! *e*$)n&!i +e!#li!n &!n' (er!ri!i "!n t)'! &!n' (er(e"!. *ereii $r,(!(ilit! *ere+! +e tin'+!t &!n' le(i# ren"!# "!ri$!"! te,ri B!&eJ+,ner!ti*e ini tel!# "i#)()n'+!n +e $en'')n!!n r)le ,f t#)*( "!n (i! &!n' "i!",$i+!n e(!'!i !r!n! *e*$er*)"!# %)"'e*ent &!n' +,*$le+ !'!r *!n)i! (i! *en'!t!i T#ree r)le ,f t#)*(
Re$reent!tiene At)r!n ini *en&!t!+!n (!#6! +eti+! $enil!i!n $r,(!(ilit! (er!!l "!ri $,$)l!i Penil!i!n ,r!n' !+!n "itent)+!n "en'!n e%!)# *!n! ite* *e6!+ili $,$)l!i Ite* !t!) +e%!"i!n &!n' "ili#!t ,le# $e*()!t +e$)t)!n *,re re$reent!tie !+!n "inil!i *e*$)n&!i $r,(!(ilit! &!n' le(i# (e!r +e%!"i!nn&! "!ri$!"! &!n' le re$reent!tie Peneliti *en)n%)++!n (!#6! $en'')n!!n r)le ,f t#)*( "!$!t *e*(!6! +e$!"! +e$)t)!n &!n' *i+in +!ren! $e*()!t +e$)t)!n *en'!(!i+!n "!t! l!in &!n' rele!n &!n' ()+!n (!'i!n "!ri tere,t&$e A!il!(ilit& Ketere"i!!n r)le ,f t#)*( *en'!0) +e$!"! $r,(!(ilit! )!t) +e%!"i!n (er"!!r+!n +e*)"!#!n 0,nt,#0,nt,# e$erti &!n' !"! "i $i+ir!n Pr,(!(ilit! &!n' (er#)()n'!n "en'!n +e%!"i!n &!n' en!i,n!l (i!n&! ,ereti*!te" An0#,rin' !n" !"%)t*ent Men'!0) +e$!"! $r,e %)"'e*ent e0!r! )*)* "i*!n! $r,e !6!ln&! "i#!il+!n !t!) "i(eri+!n re$,n e$erti %!n'+!r "!n inf,r*!i l!in "i')n!+!n )nt)+ *en&e)!i+!n re$,n A+i(!t "!ri r)le ,f t#)*( !"!l!# +e*)n'+in!n $en&e)!i!n &!n' ti"!+ *en0)+)$i "!l!* $er)(!#!n +e!"!!n
RE'RE#E!TATIVE!E##$ THE EVI%E!E
Or!n' &!n' $ert!*! +!li *el!$,r+!n +e(er!"!!n "!ri re$reent!tiene "!n +en0en"er)n'!n )nt)+ *en'!(!i+!n (!e r!te !"!l!# K!#ne*!n "!n Ter+& Pen'')n!!n (!e-r!te inf,r*!ti,n tel!# *e*(!6! +e$!"! #i$,tei &!n' (er!l!!n $r,(!(iliti+ &!n' *eli(!t+!n 0,ntin'ent $r,0ein' A!il!(ilt& 5 Ei"en0e
B!i "!ri r)le ,f t#)*( ini !"!l!# +e*)n'+in!n %)"'*ent (er"!!r+!n ,n retrie!l "!ri in'!t!n 0,t,# &!n' rele!n !t!) +en!ri, &!n' *!)+ !+!lB!'!i*!n!$)n %)'! #!l ini *e*()t)#+!n !*$el $r,(!(ilit! &!n' (e!r )nt)+ *enin'+!t+!n $re"i+i !+)r!i An0#,rin' "!n A"%)*ent5 Ei"en0e Kinne& "!n Ue0+er *ene*)+!n ()+ti tent!n' !n0#,rin' "!n !"%)*ent "!l!* !n!l&ti0!l reie6 2!n!li! r!i, "!n 0,*$li!n0e tet 2!)"it tet ,f 0,ntr,l intern!l E$ert 9)"'*ent !n" R)le ,f T#)*( Peniliti!n &!n' *eli(!t+!n e$ert %)"'*ent *e*(eri+!n +ei*$)l!n (!#6! *!n)i! *e*$)n&!i in'!t!n %!n'+! $en"e+ "en'!n +!$!it! &!n' !n'!t ter(!t! 2-> 0#)n+ "!n irt)!ll& in'!t!n %!n'+! $!n%!n' &!n' t!+ ter(!t! AOU!TI!" A!% BEHAVIOUR
A+)nt!ni #!"ir e(!'!i f)n'i &!n' *en'!t)r e0!r! l!n')n' )nt)+ !+tiit!- !+tiit! in"ii") *!)$)n +el,*$,+A"! (e(er!$! 0!r! $!n"!n' &!n' (er(e"! tent!n' !+)nt!ni. &!n' *en'in"i+!i+!n !"!n&! (e(er!$! +e*)n'+in!n $er$e+tif !+)nt!niI) )t!*! !"!l!# te+ni+ !$!+!# &!n' "i!",$i "!n inter$ret!i "!ri e()!# inf,r*!i &!n' "il!$,r+!nSel!in it). !"!n&! $er!in'!n +e$entin'!n "i!nt!r! ,r!n'-,r!n' &!n' (er!ri!i &!n' *e*(eri+!n inter$ret!i ter#!"!$ l!$,r!n +e)!n'!n &!n' "il!$,r+!n ,le# $er)!#!!n Inf,r*!i !+)nt!ni !+!n *e*(eri+!n $en'!r)# ter#!"!$ $eril!+) (!i+ *et,"e &!n' "i!",$i )nt)+ *en')+)r "!n *el!$,r+!n inf,r*!i ert! *ere$,n inf,r*!i &!n' "i(erit!#)+!n Men)r)t i**er*!n. ite* !+)nt!ni !"!l!# +,*$,nen f)n"!*ent!l "!ri e()!# !rite+t)r ,r'!ni!i "en'!n *!n!%er &!n' e0!r! +,nt!n (er!"!$t!i )nt)+ *e*!ti+!n tr)+t)r ter(!i+ (!'i $er)!#!!n i**er*!n *en!6!r+!n $en'!*!t!n $entin' tent!n' f!0t,r &!n' *e*en'!r)#i ite* !+)nt!ni. &!it)5 1 Site* !+)nt!ni (er)(!# +eti+! !"! $er)(!#!n tr!te'i (ini $er)!#!!n "!n $er)(!#!n ,r'!ni!i l!inn&! "!l!* 6!+t) &!n' (er!*!!n. +#))n&! ter+!it "en'!n $,ii +e$)t)!n &!n' (en!r "!n ite* e!l)!i +iner%! "!n %)'! re6!r" Per)(!#!n "!l!* !rite+t)r ,r'!ni!i. ter*!)+ $er)(!#!n "i "!l!* ite* !+)nt!ni "ie(!(+!n ,le# !"!n&! etern!l #,0+ "!ri te+n,l,'i "!n $er'eer!n +,n"ii $!!r LI-ITATIO! O& BAR
Penin%!)!n ter#!"!$ BAR tel!# *en)n%)++!n (!#6! !"! $er!n!n &!n' (e!r "!ri inf,r*!i !+)nt!n!i "!l!* $en'!*(il!n +e$)t)!n Pr,e inf,r*!i &!n' +,*$le+ *en&!"!r+!n +it! (!#6! $er+e*(!n'!n $eneliti!n te,rite,ri "!n *et,"e !+)nt!ni !!t ini *!i# (el)* 0)+)$ BAR *e*ili+i (e(er!$! +eter(!t!!n. &!it)5 1 Peneliti!n $!"! t,$i+ &!n' !*! *e*(eri+!n #!il &!n' +,ntr!"i+itif. e#in''! *e*(in')n'+!n !!t $en'!*(il!n +e$)t)!n S)(%e+ $er0,(!!n &!n' "i')n!+!n "!l!* $eneliti!n tere()t erin'+!li (er(e"! "en'!n re!l %)"'e*ent 3 Peneliti !+)nt!ni *e*$ert!n&!+!n !$!+!# $er!t)r!n #!r) "i$en'!r)#i ,le# #!il $eneliti!n $e*()!t +e$)t)!n in"ii") !t!) ti"!+ Se0!r! +eel)r)#!n. +eter(!t!!n ter(e!r "!l!* BAR !"!l!# ti"!+ !"!n&! !t) l!n"!!n te,ri &!n' "!$!t *e*(!nt) *en''!()n'+!n (er!'!*n&! $ert!n&!!n $ert!n&!!n "!l!* $eneliti!n "!n $ene*)!n BAR Peneliti BAR (!n&!+ *e*in%!* $e*i+ir!n "!ri (er(!'!i "ii$lin il*) "!n ti"!+ *e*ili+i $er!*!!n fr!*e6,r+ !t) !*! l!in H!l ini *en&e(!(+!n )litn&! *en'ener!li!i (!'i $,li0& *!+er?!l!l)$)n (e'it) ti"!+ "i$)n'+iri (!#6! *et,"e BAR *er)$!+!n !l!t $eneliti!n &!n' (er#!r'!Met,"e B!r tel!# (!n&!+ "i')n!+!n )nt)+ *en'e*(!n'+!n inf,r*!ti,n $r,0ein' "!n tr!inin' "i ")ni! $e+er%!!nSel!in it) BAR %)'! "!$!t *en)n%)++!n &te*!ti0 err,r
CASE STU: 13-1 PAGE >1 12
+h* )ould the Telstra board appoint an internal candidate to the position of chief e3ecutive4 rather than an e3ternal candidate5
Keti+! *!n!%e*en lini $ert!*! *e*li# +!n"i"!t 0#ief ee0)tie (er!!l "!ri intern!l ()+!n "!ri e+tern!l $er)!#!!n. ini *er)%)+ $!"! “+e!#li!n7 &!n' "i*ili+i ,le# $i#!+ intern!l tere()t &!n' le(i# *)*$)ni P!"! f!+t!n&!. :!i" T#,"e& *)n'+in terli#!t e$erti $ili#!n &!n' ti"!+ (i!!n&! "i*!n! $er)(!#!n *!n!%e*en &!n' "i! ))l+!n ti"!+ "i+et!#)i N!*)n +eti+! f!+t! "i$erti*(!n'+!n le(i# "et!il. $e*ili#!nn&! *)n'+in le(i# "!$!t "i$!#!*i "i*!n! i! *!*$) )nt)+ *en'i+)ti(el!%!r e)!t) "en'!n 0e$!t !*$!i !+#irn&! *!*$) *e*(in! #)()n'!n $er)!#!!n "!n $e*erint!#!n Arti+el *en)n%)++!n (!#6! Mr T#,"e& ti"!+ *e*eli+i #)()n'!n "e+!t "en'!n $e*e'!n' +)n0i )t!*! $e*erint!#!n n!*)n *e*ili+i +e)nt)n'!n $,liti+ )nt)+ ti"!+ "i+!it+!n "en'!n tr!te'i $en"!#)l)n&! *el!6!n $e*erint!# 62
72
+h* (ight %avid Thode* have been preferred to other internal candidates one of )ho( had finance e3perience and the second of )ho( had other telco industr* e3perience5
:!i" T#,"e& ti"!+ *e*ili+i #)()n'!n "en'!n $e*erint!#. "!n #!l ini &!n' *en%!"i +e)nt)n'!n &!n' "i$)t)+!n +eti+! #!r) *ene',i!i+!n 3 *ili!r %!rin'!n (r,!"(!n" n!i,n!l &!n' "i))l+!n Mr T#,"e& !+!n *e*(!6! $er$e+tif (!r) )nt)+ it)!i "i Teltr! "!n ti"!+ !+!n "i$en'!r)#i ,le# !,i!i "en'!n e%!r!# *!! l!l) Perte*)!n intern!l %)'! "!$!t *en%!"i )*(er in$ir!i (!'i $e'!6!i Teltr! %i+! in'in *en!6!r+!n #!r!$!n !+!n +e)+e!n $er$)t!r!n +e)!n'!n The article reports that %avid Thode* had internal e3perience2 Ho) (ight his s/ills set have changed during his ti(e )ith Telstra and )hat (ight have been his (ain (eans of learning ne) s/ills5 P!"! !6!l *)l! +!rirn&!. +e!#li!n Mr T#,"e& rel!tie e*$it N!*)n. e*!+in i! (!n'+it. $,ii &!n' le(i# tin''i !+!n *)n'+in "i(!6! (er!*! *ere+!. le(i# (ert!n'')n'%!6!( "!n $er&!r!t!n )nt)+ *en'!*(il tr!te'i le(i# (!n&!+ l!'i "en'!n $en"e+!t!n “(r,!" (r)#7 ter#!"!$ $e+er%!!nn&! Se(!'!i CEO. #!l ini !n'!t ti"!+ *)n'+in (!#6! i! !+!n $e")li $!"! #!l-#!l +e0il &!n' "i%!l!n+!n $er)!#!!n eti!$ #!rin&! Se(!li+n&!. "i! !+!n (ert!n'')n'%!6!( *enet!$+!n tr!te'i "!n !r!#!n $er)!#!!n &!n' l)! "!n *en'!6!i ,$er!i,n!l $er)!#!!n Se(!'!i #!iln&!. +e!#li!nn&! !!t ini !n'!t (er(e"!. "en'!n $ene+!n!n $!"! *!n!%e*en t!te'i+. $eren0!n!!n "!n $e,$le *!n!'e*ent B!n&!+ +e!#li!n &!n' !+!n "i$el!%!ri "!ri $e+er%!!n ini. !*! #!ln&! "en'!n $en'!l!*!n l!n')n' !t!) "en'!n 0!r! *en"!t!n'+!n *ent,r )nt)+ *en'!%!r Ini t!*$!+ "i*!n! "i! !+!n (er+e*(!n' ter#!"!$ +e!#li!n-+e!#li!n &!n' !"! *el!l)i $en'e*(!n'!n $r,fei,n!l &!n' f,r*!l
ase #tud* 1627 -ar/et cheers A3a8s Asian plan
12
A3a8s share price increased b* 627 per cent )hen its annual results )ere announced2 +hat does this reaction suggest about (ar/et efficienc*2
T#e *!r+et i le t#!n tr,n'-f,r* ! it #!" ! ie!(le re!0ti,n t, t#e ne6 Cle!rl& t#ere 6! inf,r*!ti,n !&**etr&. !n" ,n0e ne6 (e0!*e !!il!(le t#e *!r+et inter$rete" t#e inf,r*!ti,n !n" re!0te" 62
The article indicates that A3a e3perienced a sharp slu(p in sales4 *et its share price increased2 E3plain )h* sales are not the (ost relevant indicator of A3a8s value2
S!le !re ,nl& ,ne in"i0!t,r ,f !n in0re!e in #!re $ri0e In A!/ 0!e. t#e 0,*$!n& 6! !(le t, #,6 t#!t it 6! 6ell-f)n"e" !n" t#i $,int t, !n in0re!e in ,$er!tin' !0tiitie in t#e f)t)re In t#i 0!e !n!l&t !n" inet,r l,,+e" t, t#e $re"i0te" )!lit& ,f f)t)re !le !n" e!rnin' 72
List the factors that appear to have had an in i(pact on A3a8s share price and indicate the li/el* direction of that i(pact$ that is4 an increase or decrease2
8!0t,r t#!t !$$e!r t, #!e #!" !n i*$!0t ,n A!/ #!re $ri0e in0l)"e5 S#!r$ l)*$ in !le –"e0re!e A(en0e ,f ne'!tie ne6 2n, )r$rie – in0re!e S!le fi')re in line 6it# !n!l&t/inet,r/ e$e0t!ti,n – in0re!e E!rnin' 2$r,fit in line 6it# e$e0t!ti,n – in0re!e A!. firt t, re$,rt – in0re!e S)r$l) 0!$it!l leel #,6in' t#!t it i 6ell-f)n"e" – in0re!e Ai! "ire0te" 'r,6t# $r,$e0t – in0re!e C,t *!n!'e*ent – in0re!e :ierifi0!ti,n tr!te'& – in0re!e
92
%escribe the co(ple3 environ(ent in )hich Telstra is operating and identif* the particular s/ills that the ne) chief e3ecutive (ight be able to use to influence that environ(ent2
Teltr! *en',$er!i+!n lin'+)n'!n &!n' "in!*i "i*!n! #!l ini *en'#!"!$i te+!n!n (e!r "!ri $e*erint!# )nt)+ (er$!rtii$!i "!l!* $en'e*(!n'!n %!rin'!n (r,!"(!n" n!i,n!l Per)!#!!n #!r) *en&ei*(!n'+!n tr!te'i $e*erint!# "en'!n +e()t)#!n $en&e"i!!n ret)rn (!'i #!re#,l"er !t! inet!i *ere+! "!n $)(li+ "en'!n +)!lit! $el!&!n!n &!n' tin''i. Teltr! !"!l!# ,r'!ni!i (e!r "!n $erf,r*!n&! "i!6!i ,le# inet,r "!n $)(li+ C#ief ee0)tie #!r) *!*$) )nt)+ *en'#!"!$i te+!n!n "!ri $e*erint!#. $)(li+ "!n $e*e'!n' !#!* Ini !+!n *e*()t)#+!n $en'!l!*!n te+ni CEO !t!) +e*!*$)!n )nt)+ *e*ili# (i"!n' &!n' "!$!t "i!n"!l+!n Le(i# %!)#. CEO !+!n *e*()t)#+!n +e*!*$)!n ne',i!i &!n' (!i+ "!n (!n&!+ +e!(!r!n +!ren! "i+)i !nt!r! $e*erint!# "en'!n $er)!#!!n +e*)n'+in!n !+!n (erl!r)t-l!r)t
