Daniel Wesolowski, Elsa Olivetti, Amanda Graham, Steve Lanou, Peter Cooper, Jim Doughty, Rich Wilk and Leon Glicksman
The purpose of this paper is to report on the results of an Massachusetts Institute of Technology Chemistry Department campaign to reduce energy consumption in chemical fume…
Abstract
Purpose
The purpose of this paper is to report on the results of an Massachusetts Institute of Technology Chemistry Department campaign to reduce energy consumption in chemical fume hoods. Hood use feedback to lab users is a crucial component of this campaign.
Design/methodology/approach
Sash position sensor data on variable air volume fume hoods are remotely collected. A 15 minutes average fume hood sash positions for each laboratory are recorded. Data are compiled monthly and a report with average sash position over time and relative frequency of hood position are delivered to the principal investigators of the labs.
Findings
Average sash height is lowered by 26 percent (from 16.3±0.85 percent open to 12.1±0.39 percent open) throughout the department, saving an estimated $41,000/year. Sash position during inactive periods is lowered from 9 to 6 percent open. Half of all department savings occurred in four (of 25) labs. Energy savings are substantially less than original expectations because most installed fume hoods use combination sashes. Labs with vertical sashes use the most energy, and see the most savings from the intervention.
Practical implications
Monthly feedback is an effective tool for encouraging better hood use behavior. Potential savings from even large behavior changes can be limited if existing equipment is relatively efficient, so conservation programs should be tailored to the existing conditions.
Originality/value
The present analysis provides data on the impact of a program in a relatively efficient setting compared to other fume hood conservation reports. The results have cautionary value for designers of similar programs. A breakdown of a laboratory building utility use is also provided.
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Deniz A. Appelbaum, Alex Kogan and Miklos A. Vasarhelyi
There is an increasing recognition in the public audit profession that the emergence of big data as well as the growing use of business analytics by audit clients has brought new…
Abstract
There is an increasing recognition in the public audit profession that the emergence of big data as well as the growing use of business analytics by audit clients has brought new opportunities and challenges. That is, should more complex business analytics beyond the customary analytical procedures be used in the engagement and if so, where? Which techniques appear to be most promising? This paper starts the process of addressing these questions by examining extant external audit research. 301 papers are identified that discuss some use of analytical procedures in the public audit engagement. These papers are then categorized by technique, engagement phase, and other attributes to facilitate understanding. This analysis of the literature is categorized into an External Audit Analytics (EAA) framework, the objective of which is to identify gaps, to provide motivation for new research, and to classify and outline the main topics addressed in this literature. Specifically, this synthesis organizes audit research, thereby offering guidelines regarding possible future research about approaches for more complex and data driven analytics in the engagement.
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This synthesis covers academic research on the use of valuation, tax, information technology (IT), and forensic specialists on audit engagements. The importance and role of…
Abstract
This synthesis covers academic research on the use of valuation, tax, information technology (IT), and forensic specialists on audit engagements. The importance and role of specialists on audit engagements have recently increased, and specialist use has garnered significant attention from regulators and academics. Given the PCAOB’s (2017b) recent proposal to revise auditing standards regarding specialists’ involvement, it is important to review the specialist literature as a whole. By integrating research across these four domains, I identify commonalities and differences related to: (1) factors associated with the use of specialists on audit engagements (including the nature, timing, and extent of use); (2) factors impacting auditors’ interactions with specialists (including specialists contracted by the auditor or management); and (3) outcomes associated with the use of specialists. This integrated analysis of the specialist literatures shows variation in the use of specialists, and various factors affecting both if and how they are involved and whether auditors use specialists internal or external to the audit firm. Additionally, research has sometimes (but not always) linked specialist involvement to higher audit quality. The commonalities and areas of variation identified are informative to audit research and practice, particularly as regulators and audit firms look to improve the quality of audits using specialists. Throughout the synthesis, I also provide a number of directions for future research.
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Thomas R. Weirich and Natalie Tatiana Churyk
The accelerated pace of change in the global economy and capital markets along with the complexity of transactions and financial reporting that involve applying fair value…
Abstract
The accelerated pace of change in the global economy and capital markets along with the complexity of transactions and financial reporting that involve applying fair value measurements (FVM) is a major third-party user concern. The 2008 financial crisis highlighted risks that investors are exposed to when making FVM-related capital allocations. Accounting estimates often involve subjective assumptions and measurement uncertainty, increasing potential management bias (Choudhary, 2011; Ramanna & Watts, 2012). FVMs are of critical importance to the reliability of the financial statements. Therefore, the purpose of this chapter is to inform educators of the possible need to evaluate their curriculum as to coverage of FVM topics. The support for this evaluation is based on our attempt to: (1) evaluate the extent of reported FVM-related deficiencies with reference to regulatory bodies’ findings of significant deficiencies in FVM; (2) examine the use of FVM specialists; (3) determine if colleges and universities are keeping pace with FVM demands; (4) list the Uniform CPA Examination Blueprint FVM testing areas; and (5) provide curricular FVM topic recommendations.
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Babajide Oyewo, Ebuka Emebinah and Romeo Savage
Following the issuance of International Financial Reporting Standard 13 on fair value measurement (which became operational from January 2013), this study aims to investigate…
Abstract
Purpose
Following the issuance of International Financial Reporting Standard 13 on fair value measurement (which became operational from January 2013), this study aims to investigate post-implementation challenges in the audit of fair value measurement and accounting estimates in the Nigerian context.
Design/methodology/approach
Data-collection was through a structured-questionnaire administered on 400 auditors from diverse backgrounds in terms of audit firm size, international affiliation and global presence.
Findings
Empirical data obtained from 277 auditors were analysed using descriptive statistics, factor analysis, one-way ANOVA, cluster analysis, independent sample t-test and one-way multivariate analysis of co-variance. It was observed that the two highest-ranking and most-prevalent challenges of auditing fair value measurement and accounting estimates are the tendency for managers to manipulate earnings owing to the inability of auditor to effectively test fair value estimates; and the difficulty in testing unobservable inputs due to the application of assumptions and judgement in arriving at estimates by preparers of financial reports.
Originality/value
While there is no significant difference in the perception of auditors on the audit challenges associated with fair value measurement and accounting estimates, there is a significant difference in the magnitude of audit challenges faced in verifying fair value measurements and accounting estimates across industry sectors. Concerned stakeholders (including but not limited to accounting regulators, auditing standard setters, audit firms, researchers) are importuned to come up with robust and pragmatic measures to curtain these challenges, as the inability of auditors to rigorously verify fair value estimates may jeopardize the very essence of fair value measurement which is to elevate financial reporting quality.
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Violetta Wilk, Geoffrey N. Soutar and Paul Harrigan
The purpose of this study is to increase the understanding of the online brand advocacy (OBA) and brand loyalty relationship through a social identity theory lens.
Abstract
Purpose
The purpose of this study is to increase the understanding of the online brand advocacy (OBA) and brand loyalty relationship through a social identity theory lens.
Design/methodology/approach
An online survey was used to obtain the needed data and the relationships of interest were examined using a partial least squares structural equation modelling approach.
Findings
Brand loyalty and consumer-brand identification were found to be predictors of OBA, while OBA impacted on purchase intent. In addition, a strong reciprocal relationship was found between OBA and brand loyalty, which has not been reported in prior studies.
Research limitations/implications
This study highlighted OBA's complexity. It suggested OBA is not only an outcome of a consumer-brand relationship but also that OBA plays a key role in the development of such relationships. A consumer's identification with a brand fosters brand loyalty and purchase intent through the giving of OBA.
Practical implications
The more consumers vocalise their brand relationships through OBA, the more they strengthen their relationship with brands. The inclusion of OBA management in brand and marketing strategies should enable organisations to foster opportunities for online consumer-brand interactions that strengthen consumer-brand relationships.
Originality/value
First, unlike previous studies that have used makeshift scales to measure OBA, the authors used a recently developed OBA scale. Second, the important reciprocal relationship between OBA and brand loyalty, which has significant implications, has not been reported in prior research.
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Urmatbek M. Tynaliev and Carolyn Erdener
The purpose of this study is to analyze the money attitudes among students at English-language business schools in the transitioning Central Asian nations of the former USSR…
Abstract
Purpose
The purpose of this study is to analyze the money attitudes among students at English-language business schools in the transitioning Central Asian nations of the former USSR, namely, Kazakhstan, Kyrgyzstan and Uzbekistan.
Design/methodology/approach
The survey was carried out in 2017, using previously established measures of Love of Money survey questionnaire. Over 300 undergraduate students in English-language business degree programs in Kazakhstan, Kyrgyzstan and Uzbekistan participated in the survey. A few hypotheses were tested using three-way MANOVA to test the influence of three factors (country, gender and student years). In addition, post hoc analysis, and one- and two-way ANOVA methods were used for multiple comparisons.
Findings
The results showed evidence of increasing convergence among students who are farther along in the program. Some statistically significant differences were also found, mainly in regard to gender differences in money attitudes across countries and student levels. The results of statistical analysis suggest a need for further research on attitudes and values related to money in the modern nation states of Central Asia.
Originality/value
This study is one of first attempts to study the values and attitudes regarding money among the first generation of business students who were born and grew up after their respective countries gained independence. The findings imply the development of a relatively homogeneous labor pool for business organizations across regions that are characterized by increasing differentiation among countries within the region.
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This paper seeks: (1) to understand householding as an economic survival strategy by viewing new, historical, evidence in light of previous work on the theme, (2) to fill gaps in…
Abstract
Purpose
This paper seeks: (1) to understand householding as an economic survival strategy by viewing new, historical, evidence in light of previous work on the theme, (2) to fill gaps in the historical and anthropological literature on prewar Japanese farming villages that have resulted in an incomplete conceptualization of the household as a unit of production and consumption, and (3) to improve the overall comprehension of peasant behavior vis-à-vis questions about moral economy, ecological adaptation, and risk-taking.
Design/methodology/approach
The essay relies on information gleaned from a detailed 1935–1936 one-year diary of a small-scale farmer, published in 1938.
Findings
The prewar Japanese farming village was far more than a collection of households linked by sharing and reciprocal ties. It was not only a place where households as economic units of production and consumption were central, but one where individuals strived to obtain whatever they could, whenever they could. It appears that small-scale prewar Japanese farmers were as likely to take risks and to experiment in order to improve their lot as any other peasants around the world.
Originality/value
It adds to the understanding of prewar Japanese farming villages by presenting valuable historical data that has previously been unavailable in English. It also helps to better situate Japanese peasants in the context of global peasant culture and society, and improves understanding of developmental processes – especially in the case of 20th century Japan.
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Violetta Wilk, Saiyidi Mat Roni and Ferry Jie
This study applied the herd mentality theory to explore local and global social media users’ responses to panic buying across the USA, UK and Australia during the COVID-19 crisis…
Abstract
Purpose
This study applied the herd mentality theory to explore local and global social media users’ responses to panic buying across the USA, UK and Australia during the COVID-19 crisis to understand the implications on operations and supply chains.
Design/methodology/approach
A total of 208,806 social media user-generated content (UGC) pieces were collected from Twitter in three countries – the USA, UK and Australia. The analysis of this big qualitative data was performed using machine learning–based software – Leximancer.
Findings
Positive and negative sentiment towards panic buying during the COVID-19 crisis was observed in the UGC. No significant differences in social media UGC sentiment between the three countries were found; however, differences did exist in key themes. This suggests that the focus, not the sentiment, of consumers’ responses to panic buying differed across countries. Social media users follow their location-based and topic-consonant social “herd”, rather than the global “herd”.
Research limitations/implications
This study was the first to show that social media users’ herd mentality differs in a crisis. The herd mentality of social networks is dependent on factors such as the geographic location of the social network (herd), which can differ from the global herd’s reaction, specifically in terms of topics evident in UGC.
Practical implications
Operations and supply chain managers need to include social media UGC analysis in their strategies in crisis management responses. The topics, not the sentiment, of consumers’ responses to panic buying require managerial actions.
Originality/value
This is the first study to show that herd mentality during a crisis, such as COVID-19, is not unidimensional and varies according to the location of the social media network with profound implications for operations and supply chain managers.
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The purpose of this paper is to test and refine the long-established signal transmission model of the communication process by examining the ways in which a newly formed nonprofit…
Abstract
Purpose
The purpose of this paper is to test and refine the long-established signal transmission model of the communication process by examining the ways in which a newly formed nonprofit arts foundation communicated its professed values to its stakeholders.
Design/methodology/approach
The study uses a mixed method case study approach. Interviews with key informants and observations of the foundation’s webpages enabled the identification of the professed values of the arts foundation. Next, a questionnaire survey established whether these values had been successfully decoded by stakeholders and identified the channels via which the values-related signals had been received.
Findings
The transmission model was found to be relevant as a model. However, to improve its fit within a nonprofit arts context, a modification to the model is suggested which highlights the importance of multi-sensory channels, the importance of context and the increasingly important role of the stakeholder.
Research limitations/implications
This study is a small-scale case study, although its mixed methods help to ensure validity.
Practical implications
The findings will help nonprofit arts organisations to decide how to best communicate their values to their stakeholders.
Social implications
The improved communications model will contribute to the enabling of organisations to uphold and transmit their values and thus improve society’s overall quality of life.
Originality/value
Literature which provides in-depth examination of the communication of values within a nonprofit arts context via a range of channels, including traditional, online and multi-sensory, is sparse. The opportunity to study a newly formed nonprofit arts organisation is also rare. The results of this study provide valuable evidence that even in today’s social media-rich world, people, sounds, sights and material objects in physical space still have a vital role to play in the communication of values.