اثرگذاری ویژگی های حاکمیت شرکتی بر حسابداری مدیریت استراتژیک در تایلند Effect of corporate governance characteristics on strategic management accounting in Thailand

1. Introduction Companies highly invest in corporate governance and expect that it be panacea for business success, however it often fails to deliver desirable results to stakeholders. This false expectation occurs because corporate governance itself does not aim to provide tools for business success. Instead, it provides assurance and compliance for business operation. This discrepancy between corporate governance deliverables and stakeholders’ expectation from it gives rise to the International Federation of Accountants (IFAC) newly defined “enterprise governance.” In 2004, IFAC broadens corporate governance and sets forth a framework of “enterprise governance” so as to provide tools for successful business results and value creation. The IFAC’s framework expands to strategic governance that includes strategic management accounting (SMA) tools which play an important role in management support for both control and strategy perspectives. Under the IFAC’s framework, SMA is designated to support corporate governance but the literature has yet to show direct evidence of relationships between corporate governance and SMA. Rather, related literature studies and provides evidence with respect to relationships between corporate governance and management accounting. Collier et al. (2007) demonstrate that corporate governance marginalizes management accountants. Ratnatunga and Alam (2007) report that management accounting is extensively applied to support the policy-management interface between corporate governance and business operation because the board of directors cannot handle all management tasks such as day-to-day guidance and oversight of all operations of an organization. The board also has to depend upon others – management and other stakeholders – to comprehensively collaborate in governance accountability. The authors also report that management accounting plays a vital role in integration of corporate governance and enterprise risk management. In addition, Seal (2006) argues that management accounting can provide non-executives board members with sufficient information to assess risk, check on strategy, and monitor the behavior of executive board members.