财务管理外文文献

文献出处：O’Neill P, Sohal A, Teng C W. Quality management approaches and their impact on firms? financial performance–An Australian study[J]. International Journal of Production Economics, 2016, 171: 381-393.

Quality management approaches and their impact on firms? financial

performance – An Australian study

Peter O’Neill

Abstract

The study of small manufacturing firms typically focuses on issues of entrepreneurship, business or operations strategy. Alternate issues remain scarce, and the implications for organisational performance are modest. In the Australian context, managers have often been criticised for their failure to recognise that quality and innovation are a key driving force to performance. This research utilises the work of several authors to develop quality orientations for small Australian manufacturing firms (SAMFs) to purposefully bridge the gaps in the business literature, and enable the evaluation of various performance outcomes. Specifically, this study investigates whether a firm?s stated quality orientation is useful in differentiating firm performance. The research utilises longitudinal panel data gathered by the Australian Bureau of Statistics growth and performance survey over four years from financial year 1995 to 1998. We demonstrate that firm quality management orientation does provide a statistically significant financial performance advantage (and by inference survival advantage) over those SAMFs who do not engage in quality management. The research is a significant addition to the quality – financial performance literature, and provides a pathway forward for the use of two new financial (productivity) ratios as performance measures.

Keywords：Quality management; Financial performance; Manufacturing; SME; Quantitative;Secondary data; Australia

1. Introduction

A lack of empirical evidence in the literature linking the operationalization of quality management (QM) systems with objective financial performance measures was the motivation behind writing this paper. Research was undertaken collaboratively between the Australian Bureau of Statistics (ABS) and Monash University in Australia. It is an historical perspective, which incorporates longitudinal panel data from small manufacturing firms spanning the financial years 1995–1998.

As a result, there was a rapid rise in the adoption of quality management (QM) practices from the late 1980s. However, it was not until the ABS?s Growth and Performance survey (GAPS) that it was possible to determine, as well as measure, drivers of business performance and growth (i.e. from 1995 to 1998). An implicit challenge of the survey was to determine whether implementing quality management (QM) practices has a positive impact on a firm?s financial performance. Many scholars have attempted to address this question, amongst the most recent, Klingenberg et al. (2013) and Duarte et al. (2011), but in general their results have failed to produce a positive link.

This paradoxical link between QM practices and process performance, with little to no effect on financial performance, has renewed the call to uncover more suitable and objective measures. Our paper proposes the use of financial productivity ratios as a more appropriate means of determining links between QM practices and financial performance.

From here, Section 2 describes the literature and hypothesis. Section 3 outlines the research method adopted. This is followed by the findings (Section 4) and discussion (Section 4.2). The paper finishes with concluding remarks, limitations and future research (Section 5).

2. Literature and hypothesis

The achievement of economic advantage (via scale and/or scope) commenced with the implementation of quality control techniques in the early 20th Century, when increasing volumes meant methods of inspection had to be embedded into the production cycle to improve and maintain quality (Montgomery, 1989 and Taylor, 2003). The significant difference between early and late 20th Century quality approaches was the expansion of product/operational quality to the concept of total quality (Feigenbaum, 1961 and Feigenbaum, 1983). This philosophy postulated that quality could be applied to every aspect of an organisation (Ishikawa, 1985). The awareness of quality was heightened by the superior quality of Japanese export products in the 1970s and …80?s, due in large part to the impact of William Edwards Deming on Japanese manufacturing post World War II. The economic growth generated by Japanese international competitiveness in late 20th Century laid the groundwork for widespread change to technology and managerial principles of quality throughout the Western world.

The Standards Australia definition of quality was defined as (in quality management systems - Fundamentals and vocabulary SAI, 2000, p.8):

Quality (is the) degree to which a set of inherent characteristics (distinguishing feature) fulfils requirements (need or expectation that is stated, generally implied or obligatory).

This definition reflects general use of the term by encompassing both a user-based and fitness for use definition of quality. Companies in general use such a quality strategy in an effort to develop “perceived quality” in the mind of existing and potential customers.

Although Deming never provided a formal definition of quality, the philosophy was embodied in the Deming Chain Reaction Theory (Deming, 1986). Simply stated, a chain reaction can be established if a firm first improves its quality, and then costs decrease because of fewer mistakes and delays. This should then result in reduced rework, improved use of time and materials, and ultimately improvement in total plant productivity (an argument supporting TQM practices). Arguably, the firm should be able to capture market growth with better quality, lower costs (and thus price setting power), and not only stay in business, but also raise employment levels (by virtue of scale and/or scope).

2.1. Quality management practices and their link to performance

Quality proponents such as Deming (1982) and Juran (1988) argued that quality was a fundamental driver of productivity and performance. Their writings, combined with the Japanese post-War success, established quality as a cornerstone for many production strategies, philosophies and techniques such as just-in-time (JIT), Lean Manufacturing, Total Quality Management (TQM), Total Productive Maintenance (TPM) and in recent times to address issues

of environmental sustainability, Lean Green Six Sigma (Agarwal et al., 2013, Dhalgaard-Park et al., 2013 and Klingenberg et al., 2013).

Yet the evolution of QM has not happened without controversies. Numerous studies have attempted to prove positive relationships between QM practices and performance (Abdullah and Tari, 2012, Duarte et al., 2011, Klingenberg et al., 2013 and Zatzick et al., 2012), with some studies being more successful in determining that relationship than others (Corbett et al., 2005, Lo et al., 2009 and Naveh and Marcus, 2005). Moreover, in reviewing 25 years of the QM literature, Dhalgaard-Park et al. (2013) discovered that although concepts such as TQM had been labelled a management fad, and have led to a declining number of published works, publications on other QM concepts such as JIT and Lean are trending upwards. Dhalgaard-Park et al. (2013) concluded that the study of QM has matured whereby research had shifted away from TQM to focus on tools, techniques, determinants of establishing positive quality–performance relationships (Abdullah and Tari, 2012, Agarwal et al., 2013, Gutierrez Gutierrez et al., 2012 and Pinho, 2008) and improving measurement systems (Camacho-Minano et al., 2013, Garengo, 2009, Lobo et al., 2012 and Lockamy, 1998). In this respect, research into QM has taken on horizontal and vertical dimensions, where horizontal movement has seen a broadening of QM?s conceptual framework and applicability; while vertical movement has seen investigations into deeper meanings of quality and firm behaviour (Dhalgaard-Park et al., 2013).

When unpacking the relationship between QM practices and performance, scholars such asWilkinson et al. (1998), Evans and Lindsay (1999), and Kaynak (2003) have argued for direct and indirect effects of hard (technique and tools driven) and soft (people focused) practices. Recent research by Abdullah and Tari (2012) provided a comprehensive review of hard and soft practices, while highlighting their direct and indirect effects on firm performance. Zatzick et al. (2012) broadened the discussion to include the notion of internal fit of TQM practices with strategy, concluding that TQM aligned well with cost leadership but not with a differentiation strategic orientation (Porter, 1980). Other studies have sought to group QM into …universal? and/or …contingent? practices (Agarwal et al., 2013, Chen, 2013 and Duarte et al., 2011), in the hope of explaining why (dependent) outcomes vary from firm to firm.

Several scholarly efforts have sought to explain the occurrences of mixed outcomes from previous studies by analysing the period over which positive effects of QM practices can be realized. That is a better understanding of the time lag between implementation and expected outcomes can help researchers gain better insights into cause and effects, as opposed to attributing mixed outcomes to differing research designs. In particular, Chen (2013) postulated that the huge variety of TQM tools may have led numerous firms to select inappropriate tools for their business and/or had implemented those tools at an inappropriate time. De Meyer and Ferdows (1990) touched upon the concept of time in terms of a delay, which is commonly asso ciated with the …short-term negative, long-term positive? results that accompany the implementation of certain QM practices. But more importantly firms tend to underestimate the duration of negative impact (see De Meyer and Ferdows (1990)). Supporting this claim Tsai et al. (1991) report that high-quality strategies will increase costs and depress return on assets (ROA) in the short term, but that after four years, the negative effect of these early costs on ROA is dissipated. In contrast, Beal and Lockamy (1999) reported that quality differentiation was found to have a positive and significant effect on firm performance in the early stages of industry life cycles (but not the later stages).

Managers are particularly interested in knowing if the implementation of QM practices has any impact on their business. Measuring performance is generally regarded as a complex problem in organisational studies (Lentz, 1981 and Venkatraman and Ramanujam, 1986). Data on performance is typically acquired through survey instruments, which measure perception (Chen, 2013, Lin et al., 2005 and Prajogo and Brown, 2006); or rely on annual reports or databases to yield objective data such as profit margin and/or return on assets (Duarte et al., 2011, Klingenberg et al., 2013 and Zatzick et al., 2012). There is general agreement among organisation scholars that objective measures of performance are preferable to those based on managerial perceptions (Donaldson, 1995, Snow and Hrebiniak, 1980 and Wayhan and Balderson, 2007a).

Productivity ratios using performance metrics, for example …mean time between failures? and …process yield percentage? (Lockamy III, 1998), though reflective of performance at the process or operations level, are not indicative of the performance at the firm level (Ahmad et al., 2004 and Klingenberg et al., 2013). In essence scholars have argued for the holistic implementation of TQM across the firm in order to maximise and sustain benefits (Abdullah and Tari, 2012 and Dhalgaard-Park et al., 2013). Therefore, the intent and level of enquiry are critical to the questions asked, the data used, and the conclusions drawn. One of the foci of this paper is to fill a need in the quality management literature for the use of secondary data to further test relationships between firms? quality management approaches and their financial performance. Table 1 outlines a summary of the academic literature that has sought to determine causal links between quality management practices and financial performance. These various studies have analyse the impact of QM on the performance of firms, with some focusing specifically on financial performance measured by financial ratios such as ROA, ROE and profit margin, (for example see Benner and Veloso (2008), Eriksson and Hansson (2003)and Wayhan and Balderson (2007b)). Inputs for these ratios were obtained from either secondary sources such as financial reports of publicly traded firms, or perceived data from primary surveys. Unfortunately, there have been inconsistencies in the results. In an effort to address this problem, researchers have attempted to build more sophisticated models that also include performance metrics such as customer satisfaction and competitiveness (see for example Han et al. (2007)).

Kaynak (2003)postulated that research on TQM implementation and financial performance provides inconsistent results, possibly due to the design of the studies, i.e. the attempt to use single constructs to measure TQM and financial performance. This was reiterated in a study by Camacho-Minano et al. (2013), where the authors suggested moving away from using oversimplified single constructs to using a combination of indicators and taking into account, contextual factors to capture the effect of QM practices on financial performance.

From Table 1 it is also possible to see that the impact of QM practices on financial performance has been mixed, even when using objective data such as financial ratios.Direct and indirect effects of QM practices can be confounded by any number of variables such as marketing method and accounting practices ( Ahmad et al., 2004, Fullerton et al., 2003, Klingenberg et al., 2013 and York and Mire, 2004). Therefore, the use of oversimplified single constructs may not truly reflect the complex forces that influence cross-functional and cross-firm relationships with firm level performance and soft factors ( Ahmad et al., 2004, Kaynak, 2003 and Klingenberg et al., 2013). For example, Milgrom and Roberts (1990) suggest that it is not possible to isolate the effects of different QM implementations from the effectiveness of marketing campaigns when analysing financial performance. Recent work by Klingenberg et al. (2013) and Duh et al.

(2013) has given a critical analysis of the relationship between operations and financial performance, and concluded that ratios such as ROA and return on equity (ROE) are poor measures for the effect QM practices have on financial performance.

The trade-offs between long-term and short-term profitability, and the recognition that organisations depend for survival upon the contributions of many stakeholders with varying performance goals, can make traditional financial ratios problematic. Duh et al. (2013)reinforce the view that TQM implementations indirectly affect financial performance through non-financial means. For example Inman et al. (2011) showed that the effects of JIT on financial performance were mediated through the implementation of agile manufacturing.

The study of multi-national firms (MNCs) poses further challenges. For example, the practice of consolidating financial reporting into tax havens often means accurate pricing and costing of goods is obscured by the desire for a self-interested corporate view as opposed to a country view. In addition, the study of small firms can be problematic because they are private entities and owners may be unwilling to reveal information voluntarily to outsiders. Here again, when financial statements are available, they too may be inaccurate because of tax implications. Both these considerations reduce the importance of traditional financial performance measures that have links with taxation e.g. ROA, and (net) profit margins. Therefore, financial performance ratios without taxation implications are preferable (seeSection 2.3). Given that quality management systems have been designed to drive productivity first and ultimately firm level performance (Abdullah and Tari, 2012 and Klingenberg et al., 2013), we believe financial productivity performance measures are best able to capture this nexus.

2.2. Small medium enterprises

Despite unhealthy macro-economic environments, contributions from SMEs remain significant in all countries (Anthony et al., 2005, Clark et al., 2011 and de Kok et al., 2011). Australian SMEs accounted for 57.7% of Australia?s gross domestic product in financial year 2009 to 2010 (Clark et al., 2011), an increase from 34% in the 1990s (Lattimore et al., 1988). Such economic growth has been attributed to the increasing role of SMEs. Growth within the SME sector is known to have spill over effects that influence growth in non-SME sectors (de Kok et al., 2011). Examples of such spill over effects are technology transfers and acquisitions by MNCs seeking to improve their product pipeline and/or acquire complimentary technologies to enhance their offerings. Additionally SMEs play a critical role in the internationalisation of MNCs, whereby SMEs provide competitively priced products and services that support the operations of MNCs (Anthony et al., 2005 and Kaushik et al., 2012). If such products and services are unique, arguably these SMEs contribute positively to location advantages described in Dunning?s Eclectic Paradigm (Dunning, 1988), which are highly sought after by MNCs. The need for an holistic implementation of quality strategy (De Meyer and Ferdows, 1990), for example through supply chain management (Kaynak, 2003), has led MNCs to demand quality management practices from their suppliers (Anthony et al., 2005 and Kaushik et al., 2012). Thus pressures from MNCs, a desire for growth and a need to remain competitive have in general driven SMEs to adopt quality management practices (Kaushik et al., 2012, Khalid and Irshad, 2011, Lewis et al., 2006 and Pinho, 2008).

With the majority of the literature focusing on large enterprises (El Shobery et al., 2010 and Khalid and Irshad, 2011), quality management practices in SMEs remain an under

researched area (Anthony et al., 2005, Khalid and Irshad, 2011 and Pinho, 2008). Ahire and Golhar(1996) and Anthony et al. (2005) have claimed that quality management practices would provide benefits to SMEs as they had for large enterprises. However, it is argued that the ability to implement QM practices differs between large enterprises and SMEs (Anthony et al., 2005, El Shobery et al., 2010, Kalia and Ilir, 2012 and Khalid and Irshad, 2011), resulting in different outcomes (Agarwal et al., 2013). Khalid and Irshad (2011) used a case study involving a textile manufacturer in Pakistan to highlight limitations in human resources and lack of involvement from non-production business functions as critical obstacles for SMEs.

Investigations into the relationship between quality and performance using large enterprises or industry level sampling have been mixed (Abdullah and Tari, 2012, Duarte et al., 2011 and Klingenberg et al., 2013), and it is similar in the SME context. QM research which has sampled SMEs, e.g. those by Kaushik et al. (2012), Khalid and Irshad (2011), Pinho (2008), Valmohammadi (2011) and Singh et al. (2009), has shown positive relationships between (perceptual) quality management practices and performance. Whilst similar research undertaken by Kober et al. (2012), Phan et al. (2011) and Idris (2011) has revealed otherwise. Performance ratios such as ROA or net profits are particularly problematic when studying small firms, because such firms are typically young and may not reach profitability for an extended period (Biggadike, 1979 and Weiss, 1981). Even though the mixed results echo findings from over three decades of research using industry and large enterprise samples, we feel that the relationship between quality management practices and its effect on SME performance still warrants further investigation at firm level.

2.3. Measures and hypotheses

In accord with Camacho-Minano et al. (2013) we take some tentative steps away from using oversimplified single constructs, to using a combination of indicators that take into account various contextual factors to capture the effect of QM practices on financial performance. We aim to determine the impact of QM on firm level performance using two financial productivity measures that have little relationship to taxation in most contexts (Rogers, 1998 and Rogers, 1999). The benefit of using financial productivity measures which are not affected by taxation is that they less likely to incorporate business activities or incentives that have no bearing on firms?productivity.

The use of the Capital Labour ratio provides an indicator of internal productivity, and when used in conjunction with other contextual factors, can provide a more accurate indicator of firm level performance. To provide a more accurate account of capital used by the firm, we derive the value of total capital stock as the summation of capital assets and leased capital assets. The rationale for including leased capital assets was provided by Rogers (1999), who highlighted that SMEs tend to operate more on leased assets rather than owned assets. If analysis of SMEs is based solely on the use of owned capital assets, the firm level view of capital usage may not be accurate.

where the average life of leasing capital is 20 years, r is the discount rate taken as the average 10 year bond interest rate (as at June 1994=9.63%), FTEE the full time equivalent number of employees.

A rise in CAPLA

B is associated with the introduction of mechanisation and automation of production processes, but is also significant because it enables improvement in labour productivity. That is, overall economic gains are maximised when labour usage shrinks faster than the

H1: Firms that have quality assurance programs (formal) will show a positive association with firm performance (Capital Labour or Value Added Labour)

H2: Firms that have quality assurance programs (informal) will show a positive association with firm performance (Capital Labour or Value Added Labour)

H3: Firms that have quality assurance programs (externally assisted) will show a positive association with firm performance (Capital Labour or Value Added Labour)

3. Method

The purpose of this study is to explain the phenomena of continuous improvement in small manufacturing firms within the quality theoretic paradigm (Deming, 1994). The hypothesises seek to test the applicability of predominantly large firm theories to link quality and performance in small Australian manufacturing firms (SAMFs, defined here to have up to 99 employees) over a three-year period from 1996 to 1998. A quantitative research design is appropriate for this explanatory paper due to reasons of determining causality and the wealth of research available in manufacturing quality domains. Manufacturing is a mature but turbulent macro-environment within Australia, and due to government interest and funding, the Growth and Performance Surveys (GAPS) provided a rich and significant quantitative data set for our research. A longitudinal study was deemed appropriate for this investigation for two reasons. Firstly, despite longitudinal approaches being deployed in prior research in QM (Kober et al., 2012, Naveh and Marcus, 2005 and Zatzick et al., 2012), there still remains a need for longitudinal studies to observe the effects of QM practices and their effects on organisational performance (Abdullah and Tari, 2012, Gutierrez Gutierrez et al., 2012 and Lakhal et al., 2006). Secondly, Ferdows and De Meyer (1990) and Tsai et al. (1991) raised the notion of time lag between implementing QM practices and outcomes of those implementations. Regardless of outcome, there is a period of about four years before outcomes are realized (Tsai et al., 1991). As mentioned in Section 1, much of QM practices in Australia were adopted in the early 1990s. In order to accurately evaluate the outcomes of those QM practices, a data set derived from the second half of the 1990s would be more accurate as opposed to other periods in time because it is the most relevant period once the time lag is considered. Therefore, the longitudinal panel data collection that was undertaken here (i.e. during the second half of the 1990s) is deemed appropriate. In summary, a longitudinal approach was chosen for this paper because the approach allows incorporation of time lags between implementation and outcomes to give a more accurate view of cause and effect relationships.

The GAPS was commissioned by the Australian Federal Government to collect longitudinal data from the period of 1995 to 1998 on the growth and performance of small and medium firms. The secondary objective of the GAPS was to provide an instrument for the collection of information on government policy areas e.g. employment opportunities, export orientation, managerial and technological innovation, training and regulations. To achieve these objectives a thorough consultation programme was conducted with meetings held in all major capital cities. All known interested parties were invited to participate in an informal review of the survey just completed and to contribute to the development of the next issue of the survey. Participants included representatives from various Federal and State Government Departments, academics as well as private sector researchers and users. Following these meetings the Australian Bureau of Statistics Technical Committee, a committee established to advise on the conduct of the longitudinal survey, in conjunction with the Office of Small Business, reviewed the questions included in the previous survey along with feedback gathered in the consultation programme to establish questions to be included in the questionnaire. Response to Australian Bureau of Statistics surveys is typically very high due to the possibility of legal and financial penalties for non-response, and in keeping with this trend the response rate of GAPS was more than 85 per cent. This data thus represents the most comprehensive and costly data (approximately $3million) ever available in Australia on small

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会计专业财务会计中英文对照外文翻译文献

(文档含英文原文和中文翻译) 中英文对照外文翻译 附件：外文翻译译文 战略财务会计在中小企业 摘要：随着社会经济的发展和科学技术的进步,中国的企业在一个充满机会和危险的阶段。介绍了安全会计的含义和意义战略财务会计中存在的问题,阐述了财务策略进行小中型企业一起,最后提出了一些对策和原因。 关键词：中小企业的战略财务会计、问题、对策

一个企业的不确定性的金融环境其财务活动充满风险。除了机会,有许多的危险从时间,以时间,其财务会计。因此,它已经成为了成功的关键一个企业的财务会计是否能跟踪的趋势变化什么是有用的吸收。应当拒绝接受什么是有害的。战略会计思想是非常重要的在企业的财务会计,因为我们必须努力去分析和把握一般环境和发展一个企业的发展趋势,从而提高适应能力、可变性和适用性的金融中心会计不确定环境。目前,中小企业在100年通过了工商登记、以企业总数的90%。因此,其战略财务会计是特别重要的,这也是本论文的主题。 1 简介 战略性的财务会计是财务会计理论,根据该融资应该的在最适当的方式进行,采集到的资本必须利用和会计的最有效的方式虽然企业和决策和利润分配应该最合理。根据其内涵,总结三个主要内容的战略财务会计,包括融资策略,投资战略和利润分配决策策略。详情如下: 融资策略 高度发达的现代企业具有的销售急剧增长。当面对这样一种局势,企业倾向于有很大的要求从股票和应收账款是资本的提升。更大的为销售增长的张力,但更大的资本要求。因此,在融资策略都具有十分重要的意义战略会计财务。融资策略的功能在于明确的指导方针融资、铺设融资目标下,建立整体规模、融资渠道和方法,安排战略资本结构优化方案,从各方面对此作了相应的对策,以达到融资目标,最后预测和收集的大量资金的企业的需要。 投资策略 为核心的战略财务会计,这种策略决定一个企业只能分配它的首都资源合理而有效的方法。投资策略包括确认投资固定资产的方向、公司规模和资本规模、投资选择相关的外部扩张或内部扩张,改革旧的产品或开发新的、独立或联合操作,自有资金投资决定或贷款之间的百分比固定资产、流动资产、投资策略和风险和那些在通货膨胀。 利润分配决策策略 这个策略,包括会计资本收益和设立股份奖金分配制度,主要的交易一个企业比例,搁在长期底图在扩大规模、提高员工福利和自身的生活水平。利润分配决策战略旨在满足需求,对于资产资本的发展和改进企业的核心竞争力根据相关的投资