ABACUS,Vol.51,No.4,2015doi:10.1111/abac.12058
THOMASR.DYCKMANANDSTEPHENA.ZEFF
AccountingResearch:Past,Present,
andFuture
Thispaperbeginswithadescriptionoftheaccountingresearchenviron-
mentpriorto,andshortlyfollowing,theappearanceofAbacusin1965.
Duringthisperiod,theapproachtoaccountingwaspredominantlynorma-
tiveinfocus,butalsore?ectedhistoricalapproaches,asresearchers
grappledwiththeaccountingissuesfacedbypractisingaccountantsand
bodiesthatestablishedaccountingprinciples.The1960switnessedthe
beginningofamajorchangeintheinterestsandapproachofaccounting
researchers.Articlesincreasinglyre?ectedadeclineinrelianceonthe
normativeapproach,accompaniedbyanincreaseinempiricalanalyses.
Thenewfocusintroducedtheideasandconceptsofseveralsisterdisci-
plines,includingthesocialsciences,notablycognitivepsychologyand
mathematics,particularlystatistics,intoaccountingresearch.Thisera,
whichisstillwithustoday,stressedtheory,mathematicalmodelling,and,
importantly,statisticaltesting.Simultaneously,thenewdirectionsgradually
abandonedthecontributionsofnormativeapproachesanddiminishedthe
interestinhistory,bothofwhichhadenlightenedtheproblemsofpractice
thatpreviouslyheldcentrestage.Weexamineabroadsampleofresearch
articlestoinformourdiscussionandanalysis,andthenwecommenton
someofthelimitationsofthenewdata-drivenapproachesembeddedin
currentresearchefforts.Weconcludewithtenrecommendationsfor
accountingresearcherstoconsiderastheytacklethecomplexissueof
increasingtherelevanceofoureffortsinthefuture.Wehopethatthese
recommendations,ifadopted,willincreasetheacademicrelevanceofaca-
demicresearchtotheproblemsfacingdecisionmakersbeyondtheaca-
demiccommunity.
Keywords:Accountingresearch;Researchmethodology.
Priortothe1960s,mostEnglish-languageaccountingresearchwasnormative,arguinghowaccountingshouldbepracticed.ItwasanerawhentreatisesandmonographsinthenormativeveinbythelikesofPaton(1922),Canning(1929),Sweeney(1936),Sandersetal.(1938),MacNeal(1939),PatonandLittleton(1940),May(1943),Alexander(1950),andLittleton(1953)proliferatedintheUnitedStates(US).AccountingtextbooksalsotookanormativepositiononcontestedaccountingThomasR.Dyckman(trd2@cornell.edu)isaProfessorEmeritusofAccountingatCornellUniversityandanAdjunctProfessoratFloridaGulfCoastUniversity,andStephenA.ZeffisaProfessorofAccountingatRiceUniversity.BothareformerpresidentsoftheAmericanAccountingAssociation.TheauthorsexpresstheirgratitudetoMichaelGranof,TomLinsmeier,andBobSwieringaforcommentsonearlierdrafts.
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practicesandthereforewereseenasanauthoritativesourceofGenerallyAcceptedAccountingPrinciples(GAAP)byaccountingpractitionersasrecentlyas1975(AuditingStandardsExecutiveCommittee,1975,para.6).TheonlyEnglish-languageaccountingresearchjournalsthenwereTheAccountingReview(TAR),foundedin1926,andtheUnitedKingdom(UK)journal,AccountingResearch,whichexistedfrom1948to1958.Nonetheless,manyarticleswrittenbyaccountingacademicswerepublishedinTheJournalofAccountancy,theNACA(laterNAA)Bulletin,TheAccountant,TheAustralianAccountantandotherpractitionerjournals.Furthermore,practitionerswrotenormativearticlesforthejournalsandreadwhatotherswroteinthejournals.Itwasatimeofawidespreadand,insomequartersandonsometopics,electricdialogue.Someoftheleadingaccountingauthors,suchasHat?eld,Paton,Sweeney,andLittletonheldPhDs—CanningandAlexander,alsoholdersofPhDs,wereeconomists—yetthegreatmajorityofaccountingacademicsduringthatperiodhadonlybachelor’sandmaster’sdegrees,butalmostallwereCerti?edPublicAccountants.Inothercountries,suchasCanada,theUK,andAustralia,fewtononehaddoctorates,andalmostallwerequali?edaccountants.Therewerenoresearchconferencesheldatuniversitiesorelsewhere,andtheonlysponsoredlectureshipsweretheDickinsonLectureattheHarvardBusinessSchoolfrom1937to1955andtheseveralannuallectureshipsatuniversitiessponsoredbyanAustralianaccountancybodyfrom1940onwards(ASA,1962,pp.47–48).Com-putersandelectronicdatabaseswerenotseeninaccountingdepartments,andifanempiricalstudy,suchasasurvey,weretobeundertaken,allofthedatawouldhavetobehand-collected,asthetermisusedtoday.TheAmericanAccountingAssocia-tion(AAA),foritspart,sponsoredaseriesofprescriptive‘principlesstatements’draftedbyleadingacademics,whichwerepublishedin1936,1941,1948,and1957,aswellaseight‘supplementarystatements’onspeci?ctopicsfrom1950to1954(AAA,1957).TheAAAalsopublishedthreemonographsinthe1950sontheproperaccountingforin?ation.In1969,theAAAbeganpublishingaseriesofresearchmonographs,someofwhichwereinthenormativevein.
Thisconsiderablenormativeliterature,apartfromthatofPatonandLittleton(1940),didnotachievewidespreadacceptance,exceptinsofarastheAmericanInstituteof(Certi?edPublic)Accountants’CommitteeonAccountingProcedureadoptedtheacademics’thinkinginitsAccountingResearchBulletins,butonlysolongastheyhadtheblessingoftheSecuritiesandExchangeCommission(SEC).PatonandLittleton(1940)acquiredalargefollowingforanacademictract,espe-ciallybytheSEC’saccountingstaff,becauseitwasanelegantrationalization,forthemostpart,ofgenerallyacceptedpractice,includingtheuseofhistoricalcost.Therewasalsoaconsiderableamountofhistoricalresearchinaccountingbeingcon-ducted.MuchofitwasstimulatedbytheworksofGeijsbeek,Hat?eld,Littleton,Yamey,DeRoover,Goldberg,Baxter,Kats,Peragallo,Taylor,andothers,andsuchresearch?ourishedinthejournalsandinsomebooks.
Anewerainaccountingresearchdawnedinthemiddleandlatter1950sandintheearly1960s.Twomajordevelopmentsoccurred,oneshort-livedbutlargeinimpact,andtheother,whichhascontinueduntiltoday.The?rstrepresentedacontinuationofsortsinthebook-lengthnormativeargumentscitedabove,butmostofthese
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latter-dayversionsweremoreelaborateintegratedframeworksthanmostoftheirpredecessors.WeciteherethebooksormonographsbyStaubus(1961),Moonitz(1961),andSprouseandMoonitz(1962)takenasawhole;andthosebyEdwardsandBell(1961),Mattessich(1964),Bedford(1965),Chambers(1966),Ijiri(1967),Thomas(1969),andSterling(1970),inaperiodwhichNelsoncalled‘agoldenageinthehistoryofaprioriresearchinaccounting’(Nelson,1973,p.4).Thislineofnormativeresearch—whentheauthorscontestedwhetherhistoricalcost,entryvalue,exitvalue,orsomecombinationofthese—or,inthecaseofStaubus(1961),whether‘decisionusefulness’shouldsupplantdebatesoverwhichapproachestovaluationshouldbepreferred—dominatedmuchoftheliteratureduringthedecade.Muchofthiswork,togetherwithearliernormativeapproaches,hascontinuedtobeofinterestto‘analytical’model-buildingresearchersbuthasbeenignoredalmostentirelybyempiricalresearchers.Inourexperience,eventhenamesofthesenormativeauthorsareapparentlyunknowntorecentempiricalgraduatesofUSaccountingdoctoralprograms.Still,therewasjusti?edfrustrationwiththenormativeliterature,asithadnomeansofsortingoutwhichtheoriesshouldpredominate.Thisfrustrationwascon?rmedbyablue-ribbonAAAcommittee(StatementonAccountingTheoryandTheoryAcceptance,1977,p.1),whichconcluded,‘Intheviewofthiscommittee,asingleuniversallyacceptedbasicaccountingtheorydoesnotexistatthistime’.
Accountingresearchhadarebirthduringtheperiodfrom1960to1970,asfournewandimportantresearchjournalswerefounded:JournalofAccountingResearch(JAR)(1963),attheUniversityofChicago;Abacus(1965),attheUniversityofSydney;theInternationalJournalofAccountingEducationandResearch(1965),attheUniversityofIllinois;andAccountingandBusinessResearch(1970),publishedbytheInstituteofCharteredAccountantsinEnglandandWales.1Abacuswentontobecomeoneoftheleadingjournalsoftrulyeclecticscope,inspiredbyitsfounderandeditorfrom1965to1974,RayChambers.In1964,researchconferencesbegantobeheldatUSuniversities,andin1966theAAApublishedamajorcommitteereport,AStatementofBasicAccountingTheory,whichrepresentedthe?rstinstitu-tionalacceptanceof‘decisionusefulness’asawayofdevelopinganormativeaccountingtheory.
Thesecondofthemajordevelopmentsheraldingthenewerainaccountingresearchdrewitsinspirationfromtwohighlyin?uentialcritiquesofUSbusinessschools,bothpublishedin1959:theFordFoundation(GordonandHowell)andtheCarnegieCorporation(Pierson,1959)reports.Bothreports,whichcametohaveanenormousimpactonresearchandteachingatUSbusinessschools,recommendedthatresearchbebasedonunderlyingdisciplines,suchasthebehaviouralsciencesandeconomics,andstronglyencouragedtheconductofhypothesis-testingresearch.ThesereportshadtheirearliestimpactsatCarnegieInstituteofTechnology(nowCarnegieMellonUniversity),theUniversityofChicago,andStanfordUniversity.Carnegieplacedgreateremphasisonthebehaviouralsciences,whileChicagoand1Inthe1970sandlaterdecades,agreatmanyjournalswerefounded.By1996,Zeffcouldidentify77accountingresearchjournalseditedintheEnglishlanguage,andwearecon?dentthatthenumbertodayexceeds110.Thereseemstobeatleastonejournalforeveryresearchniche.
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Stanfordemphasizedeconomicsmoreheavily.Alsointhe1960s,computersbecameincreasinglyavailabletoacademicresearchers,andtheemergenceofcomputerizeddatabases,suchasCompustatin1962andCRSP,whichwasinstalledattheUniver-sityofChicagoin1960,providedresearcherswithvoluminousdatasetsthatcouldthenbedigestedbycomputer-programmedregressionmodelstotestempiricalhypotheses.Indeed,we?ndthat58%oftheempiricalpaperspublishedinJAR,TAR,andtheJournalofAccountingandEconomics(JAE)duringtheyears2011–14reliedinwholeorinpartonCompustat,CRSP,orbothintheirresearchdatabase.2Wealso?ndthatthemajorityofauthorsusedadditionaldatasources(somearticlesrelyingonuptoninedifferentdatasources),whileascatteringofstudiesstillbasedall,orpartlyall,oftheirworkonhand-collecteddata.
Alsointhe1960s,anincreasingnumberofUSbusinessschools,spurredonbytheAmericanAssociationofCollegiateSchoolsofBusiness,themajoraccreditationagency,beganrequiringyoungacademicstoacquireaPhDandtobecomemoreconversantwithempiricalresearchmethodology.Consequently,thenumberofPhDprogramsacrossthecountryexpandedrapidlytopermitadditionalyearsofcourse-workinresearchmethodologyandthenecessarygroundinginbasicdisciplinesthenbeingrequiredofallcandidates.Thesenewdemandsgraduallysupplantedthepreviousforeignlanguagerequirement.
In1966,theUniversityofChicagobeganholdingannualempiricalresearchconferences,andthejournalofitsInstituteofProfessionalAccounting,JAR,gradu-allyrefocuseditscontentinthe1960sfromadiversesetofnormativeandhistoricalpaperstomathmodellingandempiricalresearch,3involvingstatisticaltesting.TAR,publishedbytheAAA,eventuallycametofollowJAR’slead.Theincreaseinempiricalmainarticlesincreasedfrom6%to27%in1969andto60%by1972.Theincreasewasfuelledbothbytheempiricalresearchconferencesandalsobytheincreasingattentiontobehavioural–empiricalworkencouragedbytheeditorofJAR,NicholasDopuch.ComparingpaperspublishedinJARduringtheyears1963–1966withpapersitpublishedfrom1975–1978,theratioofnormativepaperstoanalyticalpapersdeclinedfrom64%to7%(DyckmanandZeff,1984,p.265).After1967,papersaddressinghistoricalandnormativetopicsvirtuallydisappearedfromJAR.4Thenormativeworkenumeratedabove,plusothersthathavenotbeenmentioned,have2Leoneetal.(2014)?ndasimilarresultforalargesampleof875paperspublishedbetween2006and2010.
Empiricalresearchinthispaperincludesallhypothesesultimatelysubjectedtostatisticaltesting.Onabrightnote,we?ndintheperiod2011–14that25articlesdealingwithinternationaltopicsaccountedfornearly13%ofallpaperspublishedinJAR,TAR,andJAE.ManyofthesewereempiricalpapersontheimpactoftheadoptionofInternationalFinancialReportingStandards.InternationalpaperswerecommonintheearlyyearsofJARinpartbecauseofChicago’srelationshipwiththeLondonSchoolofEconomics.Thenumberdeclinedsubstantiallyafterthisrelationshipwasdissolvedinthe1970s.Today,internationalauthorsareubiquitous,andthenumberofcountriesrepresentedbyauthorsexceeded20fom2011–14versusamere?veintheperiod1963–82(DyckmanandZeff,1984,p.252).Interestingly,intheperiod2011–14weidentifynoauthorswritingfromIndiaandSouthorCentralAmericaandonlyasingleauthorfromAfrica.34
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hadtheiradherentsanddetractors,andempiricalresearchershaveclaimedthatthesedisputesamongnormativetheoristsyieldnoclearimplicationsforaccountingprac-ticewithoutbeingtestedbyempiriciststodeterminewhetherthecapitalmarketsrespond,ordonotrespond,toaccountinginformationshapedbythesetheoryapproaches.Thisisfaircomment,andBeaver,Barth,andothershavepublishedempiricalstudiesthattestthemarketreactiontoaccountingmeasurementsanddisclosures,carryingforwardusefullywiththatintention(seeBeaver,1998).But,unhappily,somuchotherempiricalresearch—therehavebeenthousandsofarticlespublishedinthisgenresincethelate1960s—oftenseemtobetestsofhypothesesthathappentoaccommodateconvenientlyavailabledatabases,ratherthantestsofhypothesesthataredesignedtoprovideinsightintothecapitalmarketsresponsetoaccountingmeasurementsanddisclosures,whethermandatedorvoluntary.Withrespecttothelargeempiricalliteratureonanalystforecasts,someoftheworkthatattemptstothrowlightonthemeaningfulnessofearningsto?nancialanalystswhentheyissueearningsforecastsmaybemoreamatterofgamingthanofnecessarilyprovidinginvestorswiththemeasuresofearningsthey?nddecision-useful.Increas-ingly,agreatdealofempiricalresearchconductedbyaccountingacademicsandusuallypublishedinaccountingresearchjournalsisseentohaveminimal,ifany,implicationsfortheactivityweknowasaccounting.Manyareattheperiphery,orevenbeyondtheperiphery,ofaccounting.Morethan30yearsago,attheendofhis?veyearsaseditorofTAR,Zeffexpressedhisconcernabouttheaccountingmanuscriptshewasseeing,thenthinkingmoreaboutresearchmethodsthandatabases:
...morethanoccasionallythequestionsbeingaddressedinmanuscriptsseemtobecontrivedinorderthatnovelresearchmethodsmightbegivensomeexercise....oftenitseemsthatmanuscriptsaretheresultofmethodsinsearchofquestions,ratherthanquestionsinsearchofmethods(Zeff,1983,p.134).
Beginning,itseems,inthe1970s,standardsforachievingtenureatUSuniversitieswerestiffened,anditwasnotlongbeforetheleadingbusinessschools—inaninexorabletrendthathasspreadthroughoutNorthAmericaandnowoverseas—placesinordinateemphasisonpublishingempiricalandanalyticalresearchmostlyinasmallsetoffavouredjournals.IfanewlymintedPhDgraduatecannotsatisfythetenurerequirementwithin,say,sevenoreightyears,theyoungpersonmustmovetoatenuretrackatanotheruniversity,takeanon-tenuredpositionorleaveacademeentirely.Thispressureonyoungandaspiringresearchershasapparentlyinducedmanytoengagein‘turn-key’research,involvingexploitinganaccessibleandtypicallylargedatabaseforwhateverhypothesesmightbegeneratedinadvanceorbyinitiallysnoopingtheavailabledatasetpriortoformulatingtheprimaryissuestobeaddressed.5Thatthesehypotheses,whethervalidatedornot,bearusefullyon5Exploringadatasetforusefulinformationindesigninganinterestinghypothesisisencouraged,buttestingthehypothesisrequiresadifferent,newdataset.Indeed,computersmaysoonbeemployedtosearchlargedatabasesforinterestingand,wehope,importanthypotheses.Inotherresearch,Dyckman(2015)?ndsthatintheperiod2011–14,over70%ofthedatasetsusedinempiricalstudies,excludingbehaviouralstudies,exceededasamplesizeof1,000.Twostudydatasetsexceededonemillion.Behaviouralstudiesweretypicallylessthan100.
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accountingseemsoftentobebesidethepoint.Thegameplanistogetpublishedinoneofthefavouredjournals,andquickly.Oneempathizeswiththeplightofuntenuredjuniorfaculty.
Therehavebeen,then,acon?uxofeventsthathavehadanexplosiveimpactonthedirectionandintensityofaccountingresearch.Thoseevents,notedabove,included:theFordandCarnegieReports;thedevelopmentoftheCompustatandCRSPtapesintheearly1960s;thenewlyavailablelargedatasets;thestatisticalprogrammingcapabilitiesthathavebeenembeddedinthecomputer;theimpactofthenewJARin1963;the‘marketforstatisticalsigni?cance’propelledbytherepu-tationimpactrequiredforpromotion;andinparticularthecriticallyimportantroleplayedbytheyearlyempiricalconferencesinitiatedattheUniversityofChicagoin1966.TheEditor’sPrefacetothe1966JARSupplement,writtenbySidneyDavidson(1966,p.iii),setthetone,stating:‘Accountingthoughtwilldevelopmoreeffectivelybyincreasedrelianceonthetestingofmeaningfulhypotheses[italicsadded];thereisaneedtolooktoevidenceaswellastoauthorityforthesubstantiationofaccountingideas’.6CooperandZeff(1992,p.90)havewrittenthatmanyauthorsintheaccount-ingliteraturefail
torecognizethevalueofidentifyingproblemsfromtheworldofpracticeasaneededpartofresearchinaccounting.Whetherinempiricalornon-empiricalresearch,itmustnotonlyberecognizedthataccountingisasocialscienceinwhichexplanationsandpredictionsofbehaviorareworthyobjectsofresearchandstudy,butitmustalsoberecognizedthatthisresearchformspartoftheactivitiesofaprofessionservingtheneedsofmanagementandsociety.
Theeffectsoftheseeventsonaccountingresemblethosecausedonearthbythecollisionoftwotectonicplates,theempiricalplatedrivingoverthenormativeplate.Tocapturetheimpactoftheseeventsoverthelast50years,wewillberelyingonthepublishedworkappearinginthethreemajoraccountingresearchjournals(JAR,TAR,andJAE).Wecomparethe553paperspublishedinthesethreejournalsduringtherecentfour-yearperiod(2011–14)tothearticlespublishedinthe?ve-yearperiodfrom1963–67,whenJARmadeitsdebut.
Themostsalientfeaturerevealedfromacomparisonofthesetwomulti-yearperiodsisthestrikingincreaseinempiricalarticles.Thepercentageofempiricalpapers,allrequiringstatisticaltestingandthereforeincludingbehaviouralstudies,is94%in2011–14comparedto2%in1963–66.7Behaviouralpapers(includedintheprior94%)constituted10%ofthetotalpapers.
6WealsonotethattwoearlierempiricalpapersepitomizedtheDavidsonadmonition.The?rstwasaveryshortpaper(Ashley,1962)intheJournalofPoliticalEconomy,aUniversityofChicagopubli-cation.ThesecondwasapaperbyStaubus(1965),whoheldaChicagoPhD,publishedinTAR.Severalbehaviouralarticles(Dyckman,1964andBruns,1965)alsoappearedduringthisperiod,the?rstinJARandthesecondinTAR.
WealsonotethatfouradditionalstudiesinJARin1965wouldhavebeenincludedbutfailedtoinvolvestatisticaltesting.Dopuch(1979,p.72)performedanothercomparisonandreportsthepercentageofempiricalpaperstobe65%fortheperiod1977–79.However,itisnotclearwhetherDopuchrequiredthepaperstoincludestatisticaltesting.7
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Behavioural/empiricalpapersinaccountingjournalswereessentiallynonexistentpriorto1963andappearnowabout1.7timesperissueinTARandabout0.9timesperissueinJARduringtheperiod2011–14.8Theintroductionofexperimental/behaviouralresearchintheaccountingliteraturepioneeredbyEditorDopuchexpandedrapidlyafter1967,particularlyinJARbutalsoinTAR.Interestingly,JAEpublishedonlytwobehaviouralstudiesinthisrecentfour-yearperiod.9Theoveralldatastronglysupportthe?ndingthatempirical-basedpapersnowdominatetheliterature,atleastinthethreeforemostaccountingjournals.
Inthelate1970sandintothe1980s,WattsandZimmerman,attheUniversityofRochester,introducedagencytheoryasanappealingwaytoaddresscertainaccountingissues(seeWattsandZimmerman,1986).In1979,theyfoundedJAEexpresslytoencouragesuchresearch.Mostoftheworkinthis?eldhastakentheformofmodelbuilding.However,mostofthemodelsconstructedhavenotbeensubjecttorigoroustesting.10Indeed,thisistrueofnearlyallthemathmodelsconstructedtore?ectaccountingquestions.Despitetheappealofmathematicalmodelling,papersonthistopichavenot?oodedtheaccountingliterature,asre?ectedinourthreejournals.Duringthelastfouryears,onlyabout6.5%(36articles,ofwhichlessthanathirdreferencedWattsandZimmerman’sprincipal/agentliterature)ofthearticlesappearinginthethreejournalsweexaminedqualify.Forasomewhatmorevalidcomparisonovertime,weclassify10%ofJAR’spapersduring1963–66asmodelbuilding.Thepercentagedecreasedmarginallyto9%forJARpapersintheperiod2011–14.Whileinthelatterperiodarticlesre?ectedsubstantivelymoremathematicalsophistication,wedonot?ndsupporthereforaprincipal/agenttrendinaccountingmodelbuilding.
Thereexistsasubstantivedisagreementbetweenthosesupportingtheprincipal/agenttheoryandthosewhorelyonempiricaltestingastothevalueofthelattertocontributetostandard-settingissues.HolthausenandWatts(2001,p.63)concludethat:
Whiletheexistingvalue-relevanceliterature[papersthatareatleastpartiallymotivatedbyastandard-settingpurpose]islarge,itscontributiontostandardsettingseemsmodest.Weciteavarietyofreasonswebelievethevalue-relevanceliteraturehashadlittleimpactonstandardsetting.Themajorreasonisthattheliteraturedoesnotseektodevelopadescrip-tivetheoryofaccountingandstandardsetting.Withoutsuchatheorytherecanbelittleassurancethattheinferencesdrawnintheliteraturearevalid.
8OnereasonfortheapparentlylowerrateofbehaviouralpapersinTARandJARwastheexistencesince1976ofAccounting,OrganizationsandSociety(AOS),ajournaldevotedtopublishingbehaviouralresearch.Behaviouralpapersconstitutedapproximately9%ofthosepublishedbythethreejournalsoverthe2011–14period.Thenumbersre?ectJAR’schoicetoconcentrateonexperi-mentalwork,whileAOS’sfocuswasmoregeneric.
Ofthe58behaviouralpapersintheperiod2011–14,42(over70%)reliedonstudentsubjects,whichseriouslyrestricttheextrapolationoftheresultstootherpotentiallymoreinterestingpopulations.Theonlyexamplesofmodellingwithempiricaltestinginthe2011–14periodarepapersbyGerakosandKovrijnykh(2013)andChenandLi(2013).AlsoseeSikesandVerrecchia(2012)foramodelwithempiricalevidencebutthatdoesnotresorttoregressionanalysis.910
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YetBarthetal.(2001,p.98)conclude,inpart,that‘valuerelevanceresearchprovidesinsightsintoquestionsofinteresttostandardsettersandothernon-academicconstituents’.Theauthorsgoontosaythat‘Itisimportanttoemphasizethatconductingvaluerelevanceresearchthatprovidesinsightsintoquestionsofinteresttoacademicsandnon-academicsalikeisnotaneasytask’(p.99).Webelievethatbothsidesofthisdebatehavemerit.DespitethetechnicallimitationsraisedbyHolthausenandWatts(2001),webelievethatusefulinsightscanbegainedbyotherapproaches,properlyconducted.Yetwedeplorethelimitationsimplicitinthecurrentandpastpublishedempiricalresearch?ndingsbecauseofauthors’nearlytotalrelianceonthereportingofstatisticalsigni?canceratherthanontheeconomicimportanceoftheirresults.11
Inourreadingofthe460empiricalpaperspublishedintheperiod2011–14,we?ndanumberthatBarthetal.(2001)wouldlikelyacceptascontainingusefulinsightsforstandardsetters.ButseldomdowegettheimpressionthattheauthorshaveBarthetal.’sobjectiveinmind.Webelievethatthe‘marketforstatisticalsigni?cance’hasledtoarticlesthatpotentialreaderswithaninterestinstandardsetting,letaloneaccountingpractitioners,donotreadandthatwould,forthemostpart,requireanexperttoexplainfully.Aproblemwithexpectingempiricalresearch-erstodevelopmeaningfulhypothesesisthat,unfortunately,manyyoungresearchersseemtohaveonlyasuper?cialcomprehensionoftheinstitutionalaccountingrealityand,insomeinstances,evenofaccounting.Fromthe1990suntil2010,theAAA’sFinancialAccountingStandardsCommitteepublishedaseriesofreportsinAccountingHorizonsthatundertooktoexplaintheempirical–analyticalliteraturetotheFinancialAccountingStandardsBoard(FASB)inrelationtoitsongoingprojects.Iftheauthorsthemselveshadbeendoingtheirjobtoexplainthepurportoftheir?ndingstonon-expertreaders—andifthejournaleditorsandreviewershadurgedthemtodoso—thesespecialreportswould,inalllikelihood,nothavebeenneeded.
Onefactorcontributingtothissituationintheearlyyearsofempiricalresearchwasthecomplexityoftheresearchitself.Thechangesinaccountingthatcamesoquicklyinthe1960srequiredaccountantstoexpandtheirknowledgetoembraceseveraldisciplinesnottypicallystudiedindepthpreviously,includingeconomics(particularlyeconometrics),psychology,mathematics,andstatistics.Asecondfactorinthe1960swastheminimalknowledgeofthesefoundationaldisciplinespossessedbysenioraccountingfacultyinUSbusinessschoolswhowereofferinginstructiontodoctoralstudents.ApartialsolutionwasprovidedbytheFordFoundation,whichofferedsummercoursesforbusinessfacultyinmathematicsandstatisticsintheearly1960s,andbytheAAA,whichofferedanintensiveprofessorialdevelopment11Wealsoaregreatlyconcernedwiththelimitationsofnullhypothesisstatisticaltestsusedinallofthe
518empiricalpapers(includingthebehaviouralpapers)andthelackofreplicationstudies(seeDyckmanandZeff,2014).Someofthearticlesintheperiod2011–14conductover500statisticaltests.SeeKwaketal.(2012)foranexamplewheretheresultsofover600testsarereported.Wedoubtthatthedatacanstandthisdegreeofabuse.
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programforsenioraccountingfacultyinthebehaviouralsciencesandthequantita-tivedisciplinesinthelate1960stoearly1970s.12Otherwise,thegeneralremedywastogrowtherequisiteknowledgethroughhiringnewyoungfacultyfromexistingbusinessdoctoralprogramsandhopingthatthefacultyalreadyonboardwouldeducateoneanother.Academics’limitedexperiencewithcomputersalsocreateddelays.Whilewebelievethattherehasbeensubstantiveimprovement,thecurrentstateoftheliteraturesuggeststhattherestillappearstobealongwaytogotoestablishingtheknowledgebasenecessarytoassurethatmeaningfulhypothesesareconsistentlyidenti?edandproperlytestedsothattheymaycontributeeffectivelytotheimprovementofaccountingtheoryandpractice.
Anothertrendwhichwedeploreisthealmostentireabsence,intheforemostUSaccountingjournals,ofarticlesusingclassicalapproachestoaccountingresearch,suchashistory,andthosethatrelyon?eldresearch,whichisparticularlyimportantinthe?eldofmanagementaccounting.Themethodologicalnarrownessintheleadingjournalsistobemuchregretted.
So,whatcanweconcludefromthis50-yeartripthroughjournal-relatedaccount-ingliterature?Oneconclusionseemsclear.Researchofanempirical–analyticalpedigreehas?ourishedinthemajoraccountingresearch-orientedjournals.Buthasthisresearchimprovedourunderstandingoftheworldweliveinfromanaccountingperspective?Onbalance,wedoubtthatithas.Ourunderstandingoftheworldweliveinasitrelatestoaccountingissuesisstilltoomurky.Ourabilitiestobringpsychology,economics,andmathematicseffectivelyandaccuratelytoaddressaccountingissuesrequiresmoreexpertisethanhasbeendisplayedtodate.Theabilitytocommunicatewhatwehavelearnedtothoseindecision-makingrolesseemslimitedtoasmallnumberofinterpretersbridgingthegapbetweenwhatacademicaccountantsaredoingandwhatthoseindecisionrolesrequire.Perhapsthisroleisbeingaddressedthroughthemanyotherjournalsandsymposiathatexist,butwehaveourdoubts.Mathmodellinghadbeenaroundforover50yearsbeforeitreceivedincreasedattentionbyacademicsduringthe1980sduetoWattsandZimmerman.Yetthisparadigmhasnotincreaseditspenetrationintotheaccountingliterature,aswouldbeindicatedbyasigni?cantincreaseofprincipal/agentpapersinJAR,JAE,andTAR.Behaviouralwork,whichalsohasexhibitedasteadybutunspectacularpublicationhistoryinTAR,JAR,andJAE,seemsapplication-limiteddespiteitsinherentadvantageofallowingtheinvestigatortoexertsubstantialcontrolovertheexperimentalsetting.13Theprimarylimitationoftheacademicliteratureisduetotheheroicleaptypicallyrequiredtogeneralizeresults—typicallyofstudentsubjects—topopulationsofgeneralinteresttopractitioners.
12Abehaviouralresearchconferencebringingresearchersfromaccountingtogetherwiththosefrom
psychologyandsociologywasheldatTulaneUniversityinOctober1970.
Thebehaviouralapproachhasmadecontributionstoauditing,asreviewedbyKinney(1981),andcontinuestodoso(seeLibbyandBrown,2013).However,mostoftheprogressonthisfronthascomefrompractisingCPAs.13
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Legitimatequestionsatthispointinclude:howshouldourleadingresearchjour-nalsassurethatpublishedresearchisheldtothehigheststandards,thatcontributorsoptimallyallocatethecurrentlyavailableresources,andthatoutsidehelpisavail-ablewhennecessary?First,thejournalsshouldopenthemselvestohigh-qualityresearchregardlessofthemethodsemployed.Toachievethisend,theyshoulddiversifytheirpanelofassociateeditorsandmembersoftheireditorialboardsasasignaltoauthorsthatresearchisinvitedacrossabroadrangeofmethods.Second,theblindreviewprocessshouldbeextendedtoassurethatexpertsinstatistics,economics,andpsychologyareincludedinthereviewprocesswherethesubjectmatterdemands.Todosowillrequireexpandingthereviewerteambeyondaccoun-tants.Third,whentheresearchinvolvesstatisticaltesting,editorsshoulddemandthatallofthetestresultsbereportedandthatalldatapointsdeletedorintroducedintoasingledatasetbedefended.Truncatingbyceasinganalysisorextendingthesampleprocesstoproduceasigni?cantresult,whiledif?culttoidentify,shouldbescrutinizedandrejectedwherepossible.Authorsshouldberequiredtoretaintheirdataandmakethem,theirresearchmethods,theircomputerprogramsandcom-mands,andalltheirtestresults—whetherjudgedfavourableornot—availableonrequestfor25years.
Fourth,webelievethattheoryanditstestingneedtobebroughtbacktogether.Atheoryisaprerequisitetothedevelopmentofameaningfulhypothesis.Itistheresultinghypothesisthatneedstobevettedbythesampleevidence.Designingandconductingameaningfultestiscontingentontheunderlyingtheory.Testingalonewithnotheorymayenlightentheresearcherandsuggestatheorytobeexaminedbutonlyinthelightoftotallynewdata.
Fifth,whenadoptingstatisticaltests,P—andα—valuesshouldbeabandonedandintervalmeasuresofeffectsreported.Ourinterestliesnotinrejectingthenullhypothesisbutratherinwhereweareledbythedatatobelievethe?ndingofinterestistobefound.Furthermore,researchshouldattendtotheeconomicratherthanjustthestatisticalsigni?canceoftheresults.Authorsaswellaseditorsandreviewersmustrecognizethat?ndingandestimatingastatisticallysigni?cantresultisnotthesameas?ndingandestimatinganeconomicallyimportantresult.Unfor-tunately,researchersseemtoneedtodemonstrateonlytheformertosecurepubli-cation,which,sadtosay,isconsideredacceptableundercurrentpromotionandreputationalstandards.Statisticaltestingresearchmethodologyisevolvingaswewrite,anditneedstopenetrateaccountingresearch.Wecanlearnalotaboutwhatisontheforefrontofstatisticaltestingfromthepsychologists.
Sixth,thejournals’editorsandreviewersshouldascertainthatauthorsnotonlyhaveselectedmeaningfulhypothesesbutalsohaveadequatelyexplainedthepurportoftheir?ndingstoabroadaudience.
Seventh,instructorsindoctoralprogramsshouldprovidecourseworkinwhichstudentsacquireadepthofunderstandingintheinstitutionalaccountingreality,andthattheybeschooledintheusefulselectionofhypothesesintendedtoprovideinsightstothosechargedwithmanagingorganizationsaswellassettingaccountingstandardsandtheapplicationofthosestandards.Someempiricalresearchtodatehasprovidedsuchinsights,butagreatdealofitseemsnottobeevocativeofany
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insights,appearinginsteadtobelittlemorethanexercisesindemonstratingtheauthors’pro?ciencywithmathematicsorstatisticaltestingmethodology,sometimesevendrawingondatabasesthatseemtobeill-suitedtotheproject.Theprocessofcraftingtheanalysistotheresearchissuerequiringresolutionisofequalimport.Acquiringtherequisiteskillstoidentifytherightquestionandacquiretheabilitytodeviseasolutionneedstobeafundamentalaspectofanydoctoraldegreeprogram.
Eighth,considerationshouldbegiventoreinstitutingdirectedresearchprogramsthatcouldfocusattentionon,andperhapsevenallocatefundsto,theinvestigationofimportantaccountingissues.TheexcellentexamplesetbytheOctober2014document,TheEffectsofMandatoryIFRSAdoptionintheEU:AReviewofEmpiricalResearch,preparedandpublishedbytheFinancialReportingFacultyoftheInstituteofCharteredAccountantsinEnglandandWales(ICAEW),addressesinparttheseconcerns.ThesameICAEWsponsorsanannualP.D.LeakeLecturegivenbyaleadingaccountingresearcherand,since2005,hasheldanannualInfor-mationforBetterMarketsconferenceatwhichaccountingresearcherspresentstate-of-the-artpapersintheir?eldofexpertise,whicharediscussedbyaccountingpractitioners,?nancialexecutives,?nancialanalysts,andregulators,aswellasotheracademics.TheLectureandtheconferencepapersarepublishedinAccountingandBusinessResearch.Sadly,thereisnothingcomparabletowhattheICAEWdoes,andarrangestohavepublished,byprofessionalaccountancybodiesintheUS.
TheFASB,foritspart,overthepast15–20yearshasheldanannualsummerprogramforabouttenPhDstudentsandjuniorfaculty.Itsprimaryaimhasbeentofocusonhowthestandard-settingenvironmentcanbeexploitedtoidentifyanddevelopdeepandmeaningfulhypothesesabout?nancialreportingissuessuitableforuseinempiricalresearch.
Ninth,webelievestronglythatreplicationstudies—thoseinwhichthesameresearchdesignisappliedtodifferentdatasets—shouldbecomeastapleintheaccountingliterature(seeDyckmanandZeff,2014).Replicationisahallmarkofthescienti?cmethod,anditsabsencefromtheaccountingjournalspreventsresearchersfromdistinguishingempiricalresultsthatareaberrationsofthechoiceofdatasetfromthosethatholdacrossdatasets,andthereforearegeneralizable.Replicationsalsoenabletheunearthingofacademicdishonestyintheconductofresearch.Attimes,authorseitherdonotadequatelyvettheirdatasetortheypurposelyfalsifydatatoachievetherequiredsigni?cantresults.Arelativelyrecentexamplewasuncoveredintheaccountingliterature.Thereisnocertaincureforthisproblem,butreplicationisanappropriaterecommendation.Weencouragethejournalstoinsti-tutethepracticeofpublishingbriefsynopsesofreviewedandacceptablereplica-tions,retainingthefullpapertobeavailableonrequest.TheexistenceoftheSSRNishelpful,butourjournalsmustbeonthealertaswell.
Andtenth,whileweapplaudbringingotherdisciplinesintoaccountingresearch,werecommendthattheresearcherswhoaredoingsosecureacoauthorfromtheotherdisciplineoratleastarrangetopresenttheirresearchinworkshopsintheotherdisciplinedepartments.Asweseemoreaccountingresearchdrawingonsuchdisciplinesasreligion,linguistics,sociology,andrecentlyevenneuroscience(Barton
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etal.,2014;Farrelletal.,2014),byfailingtoconferwiththeexpertsinthe?eld,accountingresearchersruntheriskofnotfaithfullyborrowingfromthesedisci-plines.Theconsequenceisthattheresultingresearchisincreasinglylikelynottobeonsolidturf.Conferencesthatbringaccountingresearcherstogetherwithcol-leaguesfromotherdisciplinesareastart.Asanexample,inOctober1970anAAAof?cerorganizedaSymposiumonBehavioralScienceResearchinAccounting,towhichheinvitedseveralleadingresearchersinpsychologyandsociologytomeetwithleadingaccountingresearchersinbehaviouralaccountinginordertocommentusefullyonearlydraftsofthelatter’spapers.14Thesymposiumservedtogivetheaccountingresearcherscon?dencethattheyweredoingsoundbehaviouralresearch.TheaccountantsthenspentayearontheirtopicandreunitedatTheOhioStateUniversityforpresentationsandasecondroundofcriticsbywell-knownpsycholo-gists.Manyofthesepaperswereeventuallypublished,helpingtoimplantpsycho-logicalconceptsinaccountingresearch.
Yet,becauseweretainstrongreservationsaboutthecurrentacademicrewardsystem(DyckmanandZeff,2014)thatisunlikelytoexperienceanymajorchangesoon,wearepessimisticthatsubstantive,constructiveimprovementinpublishedaccountingresearchislikelytooccurintheforeseeablefuture.15
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