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[IEEE 2011 International Symposium on Humanities, Science and Engineering Research (SHUSER) - Kuala Lumpur, Malaysia (2011.06.6-2011.06.7)] 2011 International Symposium on Humanities,

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Page 1: [IEEE 2011 International Symposium on Humanities, Science and Engineering Research (SHUSER) - Kuala Lumpur, Malaysia (2011.06.6-2011.06.7)] 2011 International Symposium on Humanities,

Notice of Retraction

After careful and considered review of the content of this paper by a duly constituted expert committee, this paper has been found to be in violation of IEEE's Publication Principles. We hereby retract the content of this paper. Reasonable effort should be made to remove all past references to this paper.

The presenting author of this paper has the option to appeal this decision by contacting [email protected].

Page 2: [IEEE 2011 International Symposium on Humanities, Science and Engineering Research (SHUSER) - Kuala Lumpur, Malaysia (2011.06.6-2011.06.7)] 2011 International Symposium on Humanities,

The Importance of Management Accounting Information in the Transformation Process of a

Government-Linked Company

*Wee Shu Hui, *Ibrahim Kamal Abdul Rahman and **Delilah Juan * Faculty of Accountancy & ARI , UiTM, Shah Alam, Malaysia

** Faculty of Accountancy, UiTM, Shah Alam, Malaysia Corresponding email address: [email protected]

Abstract�This qualitative study seeks to understand the role of transformational leadership in the process of transforming a GLC and also, to examine the role of MAI in the transforming process, and how its top management team uses MAI to improve its organizational performance. Interviews conducted with its members reveal how top management plays a pivotal role in bringing about this transformation. A greater and better use of MAI and the implementation of different management accounting techniques result in improved performance.

Keywords - MAI; transformational leadership; performance; GLC; management accounting techniques

I. INTRODUCTION Companies worldwide are faced with the challenges of transformation and the need to modernize and improve their management practices and systems in tandem with a rapidly changing economy which is why the term transformation has become a much used term in the business world today (1). Malaysia is no exception, where Government Linked Companies (GLCs) are created by the Malaysian Government to play a vital role in economic development. However, the experience of many countries demonstrates that GLCs are usually less efficient than non GLCs as measured by their economic performance. While it cannot be denied that some GLCs are more successful than others, an understanding of the critical success factors of transformational leadership in a successful GLC can debunk some of the myths associated with transformational leadership. The two main objectives of this study are to seek to understand how transformational leadership works to elevate the status of a GLC and how the effective utilization of information, in particular, management accounting information, by the top management team can have significant impact on organizational performance.

II. PROBLEM STATEMENT In the process of change, transformational leadership is

often cited as an important element in bringing about the intended change [2, 6, 7, 8]. However, in the process of making important decisions, the use of accounting information, in particular management accounting information, by the top management team, could play a significant role in contributing

toward the intended outcome. Not many studies focus on the role of MAI in this transformation, especially on how the top management team uses MAI in bringing about the needed transformation. Most of the leadership literature [e.g. 6, 7, 9, 26] focused on management issues such as profile of leadership, leadership in resolving conflicts, and leadership and performance while the focus of MAI tends to be linked to management issues such as task uncertainty, technological change, and organizational structure [e.g. 11, 12, 13, 14, 15, 16, 17]. Hence, this paper addresses the gap in these two areas, leadership and MAI.

III. SIGNIFICANT CONTRIBUTION This study thus bridges both these two streams of literature in understanding the importance of MAI and its intentional use by top management team to bring about an intended change within a GLC. More importantly, it highlights that MAI ������������ ������������������ ��������������������� ������� ��� ��������� ��������� �� ��� ���� � ����, GLC can be steered to a new direction.

IV. RESEARCH OBJECTIVES Therefore, the primary objective of this study seeks to

understand the role of transformational leadership in the process of transforming and elevating the status of a GLC and also, to examine the role of MAI in the transforming process, and how its top management team uses MAI to improve its organizational performance.

V. LITERATURE REVIEW

A. Transformational Leadership

Transformational leadership theory is one of the most popular theoretical frameworks in the leadership area [2,3]. Transformational leadership is often compared to transactional leadership but transformational leadership is known to have superior ratings of leader effectiveness over transactional leadership [4] in addition to having a positive relationship with performance and long-term goals [5, 6]. On more demanding projects, [7] opined that transformational leadership creates greater effects than transactional leadership. This is because

2011 International Symposium on Humanities, Science and Engineering Research

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transformational leadership draws out effort and commitment from followers by attending to their emotions, values, ethics, and long-term goals, and treating them with dignity and respect [8] while transactional leadership [2] process concentrates on the exchange of rewards by the leader to his followers for their achievement of agreed tasks. Transformational leaders are able to make considerable changes in employees as well as in organizations because they could present a clear organizational vision and inspire employees to work towards this vision by establishing connections with them, understanding their needs, and helping them reach their potential, thus contributing to good outcomes for an organization [9]. Transformational leaders, therefore, ����� �� ������� �� ������ ������� �� ��� � ����������strategy, vision, attitude and culture [7]. Such changes can be facilitated through the utilization and monitoring of management accounting information by top management for making quality decisions, resulting in better-informed action choices [10].

B. Management Accounting Information

Management Accounting Information (MAI) plays a pivotal role in facilitating decision making through the generation and provision of managerial accounting information for managerial decision making purposes, thereby enhancing managerial performance [11, 12, 13]. As such, MAI is expected to be available to managers in an appropriate format and on demand to satisfy top management information needs [14] through assisting them in planning, controlling and evaluating the production or operation activities [15]. Planning refers to the process of establishing the goals of a firm as well as the means to achieve those goals [16]. Control refers to the process of influencing the behaviour of people to increase the probability that the people would behave in the manner that ���������������������������� ���������������������������the mechanism for performance assessment or evaluation [16]. MAI thus provides important and useful information for planning, controlling and evaluating purposes in the process of transformation. Although MAI has traditionally been internally focused, the need to include external information within an increasingly competitive environment has been addressed [17, 18]. This non-conventional, innovative and contemporary approach, with its emphasis on external, non-financial and future oriented information, is classified by [17] as broader scope information. Such information relates to the � �����������!� ������ ����������������� ������ �"�consumer preferences and competitor actions. The provision of a well-integrated, aggregated and timely broadscope information produced by MAIS can assist top management in enhancing the quality of decisions they make, thus improving their organizational performance, as indicated in the results shown by various studies [11, 19].

C. Organisational Performance

The sole use of financial measures in evaluating organizational performance has been widely criticized, notably by [20, 21]. Financial indicators in many cases are now accepted as being inadequate and the complementary use of non-financial measures such as customer satisfaction, response time, teamwork, in addition to financial measures such as profitability and productivity help make the performance evaluation consistent with the company overall vision and �� ���"� ��������� �������� ����� �� �������������� ���control mechanism more effective [20]. Some common financial performance indicators represent the degree of the �������������������������������������������������he return on assets (ROA), return on sales (ROS) and return on investments [22, 23] while non-financial performance measurements refer to non-monetary and qualitative measures such as customer satisfaction, product quality and cooperation [24]. Ref [25] identified thirteen non-financial performance indicators such as on-time delivery, customer complaints, product returns, product defects, customer satisfaction, product quality, new products, variety of products, length of cycle time and many others.

VI. RESEARCH METHODS The purpose of this study is to understand the transformational leadership as commonly understood through the four theoretical dimensions idealized influence; inspirational motivation; intellectual stimulation; and individualized consideration [8, 26] and their use of MAI in terms of its timeliness, scope, aggregation and integration [17]. The unit of analysis in this study, our main unit of analysis, is the GLC; named as MGLC for the purpose of this study. Information needed was gathered from multiple sources, news coverage as highlighted in local newspapers and business journals, and a series of interviews. Different interviews were carried out over a span of one year. Focus group interviews with very senior managers, based on open-ended questions, were conducted to understand the company undergoing a transformation process. This was followed subsequently by individual interviews with managers from different levels in trying to achieve reliability of information. Semi-structured questionnaires were used for this purpose. Face-to-face interviews were conducted with three different individuals from three different levels of management (top, middle and lower management) and from different departments. The interviewees T, M and L respectively can be characterized as knowledgeable, and having the experience that are needed, possessing the capability of reflection and ability to articulate. They were willing to be interviewed and to take part in the investigation. Information regarding the Board of Directors and performance of the company were gathered from detailed examination of #$%'�������� ��� ����� ���+-year period, from 2005 to 2009. Although it was in 2003, when MGLC had appointed a new management team, to whom was entrusted the task of driving

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a new business philosophy of the company, the new transformation initiative took place effectively in 2007 when MGLC was to be run as a commercial entity. Hence, 2005 was chosen as the starting year for the 5-year performance review.

VII. BOARD OF DIRECTOR ANALYSIS An examination of its BOD composition reveals that members of its BOD came from diverse educational background (accounting, law, business and engineering) and experience. Since 2004, MGLC retains the same Chairman and Managing Director, indicating the trust of the organization in their capabilities in transforming MGLC to its next level, which in turn provides a stable environment for transformation to take place. Informal discourse with employees from different levels reveal that MGLC organizational members have very high regard and respect for their Chairman, whom they �� ������ ��� ���������� /international calibre��� <� ������"�there are four accountants in the BOD, indicating their possible influence in a greater and better use of MAI in decision-making. However, T emphasized the influential power in transformation rests with the top management team.

����������� � ���� ������� ������� ���� ��������in MGLC, of course the BOD is very important for the company, but it is up to the Managing Director, General Managers and other top management that actually influence the culture here.�

(T)

VIII. USE OF MAI A greater intensity in the use of MAI in applying KPI is evident to bring up a more result-oriented culture. T defined a good leader as a person who can influence people to listen to them even though they may not have any authority over them. Nevertheless, it is quite normal for authority to exercise influence through the use of MAI which provides the link between reward and Key Performance Index (KPI). Although T may not agree on the necessity of continuous feedback, feedback is needed for performance evaluation. In MGLC, employees with the highest KPI will get 3 to 4.5- month bonuses compared to others who may only get 1 month bonuses. The following statement by M reflects how MGLC strategised to metamorphose its organizational members to be result-oriented.

�In MGLC, we noticed that the strategic KPIs push the employees to perform better in their performance because the amount of bonus is different based on their performance. The use different KPIs actually depends on the company itself but the method is the same because we are all GLCs. The process of communication will be influence by the manager and employees about their KPIs. The KPIs will not be revised and it is standard. The transformation programme

differentiates people who work hard and those ����������� ���������� ������� � � �������������one-month bonus, 2.5-month bonus, 3-month bonus and last year, a 4.5-month bonus was introduced. People who work very hard receive �!� ������ "��� � � "��� ��� ����� ������ ���#� ����their KPI falls below ����� !$%�� ����� ������ ����any bonus. So we are already promoting a new culture in our company.�

The use of KPIs was unheard of during its pre-transformation period, primarily because as a government agency, the culture was not profit-oriented and MAI was used merely as a reporting tool as noted by M and L below. The statement by L clearly indicates the recognition and practice of the top management in MGLC in using MAI beyond the basic function of mere reporting to evaluating, analyzing and controlling.

�...before MGLC implements the transformation program, people do not care about cost, profit or loss. Since we were a government body, making profit and reducing cost were not important issues��

(M)

�There is a difference in the use of accounting system before and after transformation. For instance, before transformation, our main focus was only on closing and submitting the report to the top management. However, after the transformation programme, we focus more on the use of the accounting system to evaluate, analyze and control the accounting information for the use to facilitate decision making as being practised by our boss��

(L) MAI becomes an important catalyst in the transformation process under the rightful possession and use of top management in daily decision-making. Timeliness, a crucial characteristic in the use of integrated MAI is made possible through a greater investment in IT. M and L concurred the use of IT extends the seamless boundary to MGLC subsidiaries, enabling a greater integration of MAI not only across departments but also across subsidiaries.

�Here in MGLC, the information is being shared with all departments through a shared server��

(T)

�The setting up of a proper accounting system is the result of the transformation program. Top management needs to have fast access to accounting information and as and when they are needed. We can also share the same information

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across departments and even across subsidiaries. This is done through the adoption of SAP etc��� (M) �Of course, after transformation, the use of accounting information system has helped us a lot. For example, previously every subsidiary would have their own finance department to manage their accounts. But now after transformation, all of our subsidiaries would report their accounts to us (HQ) in which we keep centralize the finance function. So, when that happens, we can save more time and speed up the integration of information�� (L)

IX. TRANSFORMATIONAL LEADERSHIP ATTRIBUTES AND USE OF MAI

This section illustrates how each of the four attributes of transformational leadership is related to the use of MAI. Transformational Leadership

Characteristics

Management Accounting Information

Idealized Influence or charismatic T, M & L unanimously and strongly agreed that the leader must have a clear set of values, with a commitment to provide solution not only through the use of financial information but also through the use of broad scope information. T strongly agreed that genuine trust must be built between leaders and followers.

Non-financial information/broad scope MAI at fingertips �=��� ����� ������ ��� ��meetings and if you are one of the board members and you attend any function out there and people recognize you work for MGLC, they will tend to complain to you personally with such �������� ���� ���� ����������=���� ��� � >� ������� ���� ���� ����� ������� ?��Q�� �����������������complaints. As a result of that, if you are a board member, you cannot say you do not know. That is why they are very hands on from top to ������

Inspirational Motivation

T, M and L unanimously agreed that the CEO communicated optimism about future goals, and inspirationally motivated employees with high expectation and also agreed that the CEO develops strategy to minimize possible damage from their weaknesses.

Use of KPIs to motivate Rewards are given through the use of Key Performance Index (KPI). For instance, if the employees get the highest KPI and �������� ��� ���������target, he/she will get 3 month bonuses compared to others who only get 1 month bonuses.

Intellectual Stimulation The CEO of MGLC is a PhD holder and many of the BOD are academically qualified up to postgraduate and professional level and all this have an impact on intellectual stimulation.

Incentives given to pursue higher academic achievement Employees provided with incentives to be professionally qualified in management accounting. They are given time off, classes are organised for them, and when they qualified, promotion is assured.

Individualized Consideration T and M agreed that a leader acts as a mentor to listen the followers concern and needs. M and L agreed that top management provided continuous feedback and T agreed that top management needed to respect and celebrate the individual contribution

Use of IT, timely and broad scope information in problem solving /<� � ��� ��� �� ����� ������ ��about 2-3 weeks ago, I received a complaint through SMS at about 9pm, but I received the SMS at about \\���� �^��� ��� ��� ���� ���having wi-fi if we cannot use �?�� Q��� ��������� ���� ��assess wireless internet in the airport but failed to do so. So, I copied his SMS and emailed through my phone. CC it to corporate communication head, airport manager, CEO, COO and MD as well as IT head. Sent the email at 11 �������"� �� ������� ��� ��\\�\_��"����#`� ����"� �{���R (IT Head), this is not the first time that people are complaining that they cannot assess the internet, what can ��� ���?� Then the IT head responded by saying �� ������� ���� ������� ��� ���they cannot assess it they can ������� ����������� ���Q������� � �� ��� ������"� ����what if they do not know our ������ ���� ?�� #�� ������started from 11pm and it went on until 1am. Everyone tried to settle that matter until our #`� ����� ��� �>����� ����� ���cannot find the solution today � ����� �����"� ���� ���� ���������������� ������|�}��"��� �'~~� ������������=�

X. PERFORMANCE The underlying fundamental principle for transformation is to bring about change, with the ultimate objective in bringing about an improvement in performance. An examination and

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analysis of the annual reports of MGLC shows a continual increase in Return on Assets (ROA) and Return on Equity (ROE) since 2004 (see Fig.1) , indicating that MGLC has been reaping the benefits of its investment and from the efficient utilization of its assets, through the implementation of Retail Optimization Plan.

�We embark on the exercise of Retail Optimization Plan (ROP). It is about enhancing the commercial space. For instance, the commercial people went to the Satellite building ���� ���&����� ��������� '��������"�����������"��40%. All they need to do is change the layout. Ground level would all be to shops and the mezzanine level would be for food and "������� ��� ����� � � ���� ���� �������� �� �increased within the past 2-3 years in non-aeronautical segment�� (T)

Additionally, this improvement in its financial performance was also the result of the application of various management accounting techniques such as the use of LEAN management in identifying non-value added activities in reducing costs, even in simple activities such as providing refreshments. M and L explained how this worked in the following statements.

������� ��� ��()*+�'�����������������������regularly in stages. For example, before transformation, we may need to perform 10 processes to achieve an objective. But now, when we look at the value map and analyze each process, we may find that we can reduce it to 6 or 7 processes�� (M)

������� �,��'���� ��� �� �� � ��� ()*+� ���������� �where it is more towards rationalizing all the non-value added activities. Let me give a simple �,��'���� ����� ��� ����� ������� � previously, we will order refreshments even if the meeting is just for 30 minutes. Now, the LEAN team will revise back the budget for refreshments. They will evaluate the relevance of this cost. If the process does not add value to the company, they will offer recommendation in how to cut unnecessary costs.� (L)

MGLC was entrusted with the transformation programme in 2007 and within this relatively short period of time, its performance has seen a significant improvement due to the gradual eradication of the often cited lackadaisical attitude associated with civil servants. Admittedly, some may not take to the carrots, because at the end of the day they can still have their basic pay to take home.

�In terms ��� '������������� �� �� ��� �����transformed ourselves to being more profit-driven and more concerned in cutting costs. Before transformation, every employee was not concerned about cost and profit. Previously, when employees come to the office, whether to ����������#���� ���'����������������������� they will still be given a month bonus. But now, after transformation, we need to fulfill our KPIs. ����� ���������������������������������"��� � ��we will have to work harder to achieve our targeted KPIs.-

The role of leadership plays a significant role in leading its organizational members toward its vision. M is very clear �����#$%'��������������� ���������������������#|<��in the process of transformation.

���������� ���� ����������� ���� ������������ ������that we look at is the vision and mission of transforming. Our vision is to be a World Class MGLC which means a worldwide target with financial implication. That is why we restructure our company in terms of people, process, system, and structure. I would say, after 2007 until now, we can look at the product of transformation where the revenue goes up and cost cutting take place. In addition, our people ����"�������������'����������- (M)

Figure 1. Financial Performance: ROI and ROE

XI. CONCLUSION MGLC is one of the better performing GLCs in Malaysia. The study reveals that one of the key factors in the successful transformation in addition to its transformational leadership qualities, is the intentional effective utilization of MAI to achieve its goal. MAI became a powerful tool in transformation when MLGC used it not merely as a reporting tool but also in analyzing, planning and controlling [27]. The investment in a better IT system enabled the use of MAI to be

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lifted to a higher level. Consequently, timely integrated MAI flows seamlessly between departments and across subsidiaries. The growing intensity in the use of MAI through the introduction of KPIs and the application of various management accounting techniques propels MGLC to a new level. MAI is an important catalyst to change, an improved performance.

ACKNOWLEDGMENT The authors would like to thank Nabilah, Suzana and Nadia

for their invaluable assistance and contribution to this paper.

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[21] Kaplan, R. and Nort�"�`���\��}�"��������������������� ��� �������� ������ �������� ������"� �� �� �� �������� ������"� ����� ��"�No. 1, pp. 75�85

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[23] '���"���#���\����"��Q���������������� ��� ������������������������������ ��� ����� �������"� <�� ����� ��� #������"�Vol.34, pp. 185- 198

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[25] �� ���"� >���� ��� �����"� #�"� �\����"� �'����� -focused manufacturing strategy and the use of operations-based nonfinancial performance ����� ���� �� ���� ��� ���"� ��� ��� ��� |������"�Organizations and Society, Vol. 22, No.6, pp. 557�572

[26] `����"� ��� ��� ��� '������ � ��__��"� �Q��� ������� ��� ����� ������� �� ������� ��������"� <� ������ ��� ��� ��� '������Management, Vol. 20 No. 4, 2009, pp. 340-354

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