Management Accounting Systems for Small Business's Competitive Advantage

Walden University Walden University

ScholarWorks ScholarWorks

Walden Dissertations and Doctoral Studies

Collection

2020

Management Accounting Systems for Small Business's Management Accounting Systems for Small Business's

Competitive Advantage Competitive Advantage

Renato (Denver) Alcazar

Walden University

Follow this and additional works at: https://scholarworks.waldenu.edu/dissertations

Part of the Accounting Commons, and the Finance and Financial Management Commons

This Dissertation is brought to you for free and open access by the Walden Dissertations and Doctoral Studies

Collection at ScholarWorks. It has been accepted for inclusion in Walden Dissertations and Doctoral Studies by an

authorized administrator of ScholarWorks. For more information, please contact [email protected].

Walden University

College of Management and Technology

This is to certify that the doctoral study by

Renato Alcazar

has been found to be complete and satisfactory in all respects,

and that any and all revisions required by

the review committee have been made.

Review Committee

Dr. Yvette Ghormley, Committee Chairperson, Doctor of Business Administration Faculty

Dr. Jaime Klein, Committee Member, Doctor of Business Administration Faculty

Dr. Mohamad Hammoud, University Reviewer, Doctor of Business Administration Faculty

Chief Academic Officer and Provost

Sue Subocz, Ph.D.

Walden University

2020

Abstract

Management Accounting Systems for Small Business’s Competitive Advantage

Renato Alcazar

MBA, Westwood College, 2012

BS, Laguna College, 1979

Doctoral Study Submitted in Partial Fulfillment

of the Requirements for the Degree of

Doctor of Business Administration

Walden University

December 2020

Abstract

Small businesses providing ancillary services to the motion picture industry fail at

alarming rates due to leadership’s lack of strategies for service diversification and

business expansion. Grounded in the contingency theory of management accounting, the

purpose of this qualitative multiple case study was to explore management accounting

systems (MAS) strategies leaders of ancillary service providers use for business

diversification. The data collection included face-to-face semistructured interviews with

10 small business owners who successfully used MAS strategies for business

diversification in California. The data analysis entailed using keyword frequency

comparisons and coding techniques that facilitated the verification and triangulation of

key themes. The emerging themes were procedures to monitor production and business

operation, techniques to anticipate business growth and development using service

diversity, up-to-date information technology system for diversity, and measures to

understand risks and uncertainties in decision-making. Proper planning and application

that addressed all 4 themes were essential to attain business success or improve business

performance using MAS. The implications for positive social change include the

potential to increased employment and reduced poverty in local communities by giving

small business leaders a framework in decision-making to increase economic

sustainability and growth.

Management Accounting Systems for Small Business’s Competitive Advantage

Renato Alcazar

MBA, Westwood College, 2012

BS, Laguna College, 1979

Doctoral Study Submitted in Partial Fulfillment

of the Requirements for the Degree of

Doctor of Business Administration

Walden University

December 2020

Dedication

I dedicate this humble achievement to the Almighty God for granting me life,

energy, and good health to persevere in this life. I offer this accomplishment to my dear

children – Reggie, Gina, and Jaclyn, and my grandson, Gabriel. I also dedicate this work

to my parents, who nurtured my early education, discipline and determination. My

dedication also goes to all my brothers and sisters and the rest of my family. You all

served as the source of my motivation to strive and use my full potential to make a

change in my life. Lastly, my dedication goes to you all who helped, pushed, and cheered

me when I feel low, so I can keep my chin up and complete this humble work.

Acknowledgments

Completion of this study would not have been possible without the help,

guidance, and support from many great people. I want to express my appreciation to my

chair, Dr. Yvette Ghormley, who guided me tirelessly to complete this work. I also would

like to recognize the efforts of Dr. Jaime Klein and Dr. Robert Miller (SCM) and Dr.

Mohamad S. Hammoud (URR), for their contribution to the quality and value of this

study. To all my peers and cohorts in the program (present and future doctors), your

comments, feedback, continuous support, and best wishes for every milestone made this

journey a reality. Stay strong, motivated, and determined. You got this one! Finally, a

special thank you and appreciation to my family, colleagues, and close friends for their

understanding, unwavering support, and encouragement. Thank you all!

 
i 
Table of Contents 
List of Tables ..................................................................................................................... iv 
Section 1: Foundation of the Study  .....................................................................................1 
Background of the Problem ...........................................................................................1 
Problem Statement .........................................................................................................2 
Purpose Statement ..........................................................................................................2 
Nature of the Study ........................................................................................................3 
Research Question .........................................................................................................4 
Interview Questions .......................................................................................................4 
Conceptual Framework ..................................................................................................5 
Operational Definitions ..................................................................................................6 
Assumptions, Limitations, and Delimitations ................................................................7 
Assumptions ............................................................................................................ 7 
Limitations .............................................................................................................. 8 
Delimitations ........................................................................................................... 9 
Significance of the Study ...............................................................................................9 
Contribution to Business Practice ........................................................................... 9 
Implications for Social Change ............................................................................. 10 
A Review of the Professional and Academic Literature ..............................................10 
Contingency Theory in Management Accounting ................................................ 12 
Resource-Based View Theory .............................................................................. 25 
Decision-Making Theory ...................................................................................... 27 

 
ii 
Management Accounting Systems ........................................................................ 28 
Management Accounting System Strategies ........................................................ 30 
Strategic Decision-Making ................................................................................... 38 
Business Diversification ....................................................................................... 40 
Transition .....................................................................................................................44 
Section 2: The Project ........................................................................................................45 
Purpose Statement ........................................................................................................45 
Role of the Researcher .................................................................................................45 
Participants ...................................................................................................................48 
Research Method and Design ......................................................................................50 
Research Method .................................................................................................. 50 
Research Design.................................................................................................... 52 
Population and Sampling .............................................................................................53 
Ethical Research...........................................................................................................55 
Data Collection Instruments ........................................................................................57 
Data Collection Technique ..........................................................................................60 
Data Organization Technique ......................................................................................63 
Data Analysis ...............................................................................................................64 
Reliability and Validity ................................................................................................67 
Reliability .............................................................................................................. 67 
Validity ................................................................................................................. 69 
Data Saturation...................................................................................................... 72 

 
iii 
Transition and Summary ..............................................................................................72 
Section 3: Application to Professional Practice and Implications for Change ..................74 
Introduction ..................................................................................................................74 
Presentation of the Findings.........................................................................................75 
Theme 1: Procedures to Monitor Production and Business Operation ................. 76 
Theme 2: Techniques to Anticipate Business Growth and Development 
Using Service Diversity ............................................................................ 89 
Theme 3: Up-to-Date Information Technology System for Diversity .................. 94 
Theme 4: Measures to Understand Risks and Uncertainties in Decision-
Making ...................................................................................................... 99 
Findings Aligned with the Contingency Theory of Management 
Accounting .............................................................................................. 104 
Findings Aligned with Existing Literature ......................................................... 106 
Applications to Professional Practice ........................................................................109 
Implications for Social Change ..................................................................................111 
Recommendations for Action ....................................................................................113 
Recommendations for Further Research ....................................................................115 
Reflections .................................................................................................................116 
Conclusion .................................................................................................................117 
References ........................................................................................................................120 
Appendix: Interview Protocol ..........................................................................................172 
 

 
iv 
List of Tables 
Table 1  Procedures to Monitor Production and Business Operation (Frequency) ..........88 
Table 2  Techniques to Anticipate Business Growth and Development Using 
Service Diversity (Frequency) ...............................................................................92 
Table 3  Up-to-Date Information Technology System for Diversity (Frequency) .............97 
Table 4  Measures to Understand Risks and Uncertainties in Decision-Making 
(Frequency) ..........................................................................................................103 
 
 

Section 1: Foundation of the Study

Background of the Problem

Small businesses have an essential role in maintaining financial security,

enhancing innovation, and supporting U.S. economic development and growth (Arasti,

Zandi, & Bahmani, 2014; Decker, Haltiwanger, Jarmin, & Miranda, 2014; U.S. Small

Business Administration, 2015). Many small business owners (SBOs) lack sustenance

and success strategies to adequately maintain the business operations, leading to failure

within the first 5 years (Astebro, Holger, Ramana, & Weber, 2014; Ibrahim, 2015; Shukla

& Shukla, 2014). SBOs are confronted with the challenges of operational uncertainties,

which can be magnified by poor financial management resulting in business failures

(Karadag, 2015). In California, small businesses supporting the motion picture industry

lost approximately 5,000 entities or 34% of growth from downsizing and bankruptcy

between 2013 to 2014 (U.S. Census Bureau, 2017).

The lack of management accounting systems (MAS) among business leaders

results in declining small enterprise dynamism leading to business failures (Decker,

Haltiwanger, Jarmin, & Miranda, 2017; Shields & Shelleman, 2016). The absence of

financial analytical strategies on the part of the SBOs are factors that affect business

performance and success (Fraser, Bhaumik, & Wright, 2015). To achieve and maintain a

competitive advantage, SBOs must understand diversification strategies that support

survival and stimulate business growth (Lueg, Malinauskaite, & Marinova, 2014). An

enhanced small business sector might favorably affect local economies and communities

through increased tax revenues and new product and service offerings.

Problem Statement

Small businesses providing ancillary services to the motion picture industry are

failing at alarming rates due to leadership’s lack of strategies for service diversification

and business expansion (Cucco, 2015). In California, small businesses supporting the

motion picture industry lost approximately 5,000 entities or 34% of growth from

downsizing and bankruptcy between 2013 and 2014 (U.S. Census Bureau, 2017). The

lack of MAS among business leaders results in declining small enterprise dynamism

leading to business failures (Decker et al., 2017; Shields & Shelleman, 2016). The

general business problem is that the prospects for small businesses to provide ancillary

services to the motion picture industry are declining. The specific business problem is

that some leaders of ancillary service providers lack MAS strategies to use for business

diversification.

Purpose Statement

The purpose of this qualitative multiple case study was to explore MAS strategies

leaders of ancillary service providers use for business diversification. The targeted

population for this study consisted of SBOs of motion picture ancillary service providers

who successfully used MAS strategies for business diversification in California. The

implication for positive social change may include job creation arising from business

expansion. An enhanced small business sector can favorably affect local economies and

communities through increased tax revenues, as well as new product and service

offerings.

Nature of the Study

I used a qualitative research method for this study. Researchers use a qualitative

method to explore, describe, and understand a phenomenon from an individual or group

perspective (Zachariadis, Scott, & Barrett, 2013). Qualitative research was suitable for

this study because I sought to explore, describe, and understand a phenomenon as

experienced by the participants. Quantitative research requires statistical measurement,

testing, and comparisons of research variables guided by hypotheses (Odar, Kavcic, &

Jerman, 2015). I did not choose the quantitative method because testing a hypothesis and

analyzing variables are not the objectives of my study. In mixed methods, the researcher

combines quantitative and qualitative research techniques, methods, approaches, or

concepts into a single study or set of related studies (Frels & Onwuegbuzie, 2013).

Because I did not seek to examine relationships or differences among variables from a

combination of participants’ natural experiences and numerical analysis, the mixed

method approach was not appropriate for this study.

I applied a qualitative case study design. Researchers explore a multifaceted

social phenomenon and explore numerous data sources, ensuring a multifaceted view of

the phenomenon in a case study design (Hoon, 2013; Yin, 2017). A case study design

was suitable because my objective was to collect data from multiple sources to perform

an in-depth exploration of the research question. Researchers use an ethnographic design

to study the cultural tradition or collective belief of one or more select groups, through

observation and immersion (Wolcott, 2010). An ethnographic design was not appropriate

for this study because I did not observe or immerse myself in group cultures.

Phenomenological design researchers seek to explore the meanings of participants’ lived

experiences to understand one or more phenomena (Moustakas, 1994). Since I focused on

in-depth case analysis of numerous data sources and types as opposed to the lived

experiences of the participants, the phenomenological design was not appropriate for this

study.

Research Question

What MAS strategies do leaders of ancillary service providers use for business

diversification?

Interview Questions

1. What MAS strategies do you use to increase business diversification?

2. What contingent factors contributed towards formation of an effective MAS?

3. What MAS practices do you use to mitigate external environment challenges

to business diversification?

4. What information technology control systems do you use for efficient

management accounting?

5. How do you use MAS to manage information uncertainty?

6. How do you use MAS to foster interaction amongst decisions makers for

business diversification?

7. How do you use MAS as a tool for decision-making for diversification?

8. How can business leaders use MAS to increase business growth?

9. What more can you add regarding this study?

Conceptual Framework

I used the contingency theory of management accounting (CTMA) as the

conceptual framework for this study. CTMA is a structure for management to measure

the different procedures of handling information uncertainty, encouraging coordination

among groups of decision-making participants and for potentially using MAS (Nielsen,

Mitchell, & Nørreklit, 2015). Otley (1980) developed CTMA to provide a plausible

explanation for the different types of management accounting practices and tools

business leaders may use in environments of operational and economic uncertainty.

The application of CTMA can include different types of uncertainties arising from

situational factors such as (a) external environment; (b) strategies and mission; (c)

technology; (d) firm interdependence; (e) business unit, firm, and industry variables; and

(f) knowledge and observable factors (Granlund & Lukka, 2017; Otley, 2016). To attain

optimal business success, leaders should consider the contingent elements involving the

operational environments when using management accounting tools (Otley, 1980).

Scholars and practitioners have used CTMA to identify significant issues for assisting

business leaders in adopting appropriate management accounting practices (Feeney &

Pierce, 2016). CTMA is a key concept for researchers to identify key business processes

for effective firm performance and the strategic use and consumption of resources by the

business owners (Hoque, Covaleski, & Gooneratne, 2013). Researchers can use CTMA

to explore management accounting attributes to make economical strategic decisions

(Campbell & Park, 2016).

Business scholars and practitioners use CTMA to determine the subjective

operational practices to establish the basis of the independent characteristics of the

structures for business leaders (Feeney & Pierce, 2016). Business leaders recognized key

elements of small films' management strategy intended to help low-budget film ventures

achieve profitability while confronted with uncertainties by predicting results using data

from the production environment (Huang, Markovitch, & Strijnev, 2015). The

performance framework for small businesses includes an in-depth assessment of

strategies to match the contingent condition of the business organization while

maintaining competitiveness and sustainability using MAS (Shields & Shelleman, 2016).

Operational Definitions

Budget: Budget control is an essential tool for financial and operational planning

and control in which managers set financial and performance goals as standards, compare

the actual results, and adjust performance, as needed by the organization (Bedford &

Malmi, 2015).

Budget planning-forecasting: Budget planning and forecasting is the practice of

outlining a business organization’s long- and short-term financial goals and is comprised

of budgets for (a) cash, (b) sales, (c) operations, (d) capital, (e) strategies, and (f)

projected financial statements (Bedford & Malmi, 2015; Lakhani & Kleiner, 2014).

Business diversification: Business diversification is an organizational strategy to

enter into a new business line, market, or industry in which the business entity is not

currently engaged, while also creating a new product for that new market (Kim,

Hoskisson, & Lee, 2015).

Competitive intelligence: Competitive intelligence is the collection, analyses, and

distribution of financial information about products, services, customers, and competitors

to assist owners, leaders, and managers in decision-making and strategic planning for

competitive advantage in the marketplace (Bulley, Baku, & Alan, 2014).

Financial analytical review: Financial analysis review is the process of assessing

financial related activities and results including economic, long-term business activity,

and capital investment to identify value, performance, and sustainability (Williams &

Ravenscroft, 2014).

Management accounting system: A MAS is an integral part of the management

processes involving the use of financial and operational information for managers or

business owners for decision-making, planning, and control (Zaleha, Ruhana Isa, &

Khairuzzaman, 2014).

Management control system: A management control system is a recurring and

formalized set of institutionalized protocols, procedures, or information-gathering

mechanisms designed to assist business owners in making decisions or fulfilling their

responsibilities (Shields & Shelleman, 2016).

Assumptions, Limitations, and Delimitations

Assumptions

Assumptions are known ideas concentrated on information deemed as plausibly

true based on a researcher’s representation of the study population, patterns, behaviors,

research design, or other factual accounts (Cunliffe & Scaratti, 2017). The first

assumption was that participants would articulate and share their understanding of

management accounting strategies through honest and truthful answers to the interview

questions. I sought to meet this assumption by only including SBOs who had successfully

used MAS strategies in decision-making in their organization. The second assumption

was the implementation of MAS strategies continues to be an essential practice towards

enhancement of service diversification and business expansion. I selected qualified

participants with direct and thorough knowledge of MAS and sufficient business

experience.

Limitations

Limitations are research boundaries usually beyond the control of the researcher

that may affect the study design and results (Argouslidis, Baltas, & Mavrommatis, 2014;

Marshall & Rossman, 2014). The first limitation involved a small size of research

participants in which the outcome may not be applicable to a wider population. Although

strictly a limiting factor, I conducted the study using only a lesser portion of the available

organizations. Secondly, the study results were limited to the perspective of participants’

potential unwillingness to share the full extent of business decisions, choices, and

experiences. I used open-ended questions in an attempt to gather open details and

information from the participants; however, natural limitations existed within the

constraints of this process to ascertain details. Furthermore, the focus of this qualitative

case study research was to form an understanding of events or phenomena rather than

generalize the results. The case study design was the driver to the third limitation. This

design may have led to different results that did not identify any substantial findings or

conclusions.

Delimitations

Delimitations are confines or constraints applied by researchers to focus the scope

of a study (Childers, 2014). The first delimitation was that the population of this study

was limited to approximately 10 SBOs of ancillary service providers in the motion

picture industry located in California. The next delimitation of this study was that the

procedures to be applied during the interviews and review of archival documents

excluded further information that I could have gathered from other qualitative or

quantitative designs. Last, I used the application of CTMA as the sole conceptual

framework to analyze the study findings.

Significance of the Study

Contribution to Business Practice

SBOs may address the gap in business practice because of uncertainties by

utilizing MAS for business diversification. Understanding and utilizing MAS strategies to

develop plans and processes beneficial to attain competitive knowledge can assist SBOs

with increasing success rates and operational stability (Brookschenhall, Heffner, &

Henderson, 2014). Addressing the gaps in the existing literature concerning the

management accounting skills required for SBOs to succeed in diversifying business

operation is significant (Naia, Baptista, Januario, & Trigo, 2014). Findings from this

doctoral study might assist SBOs in the development of innovative ability and

proficiencies to achieve business diversification and improve overall firms’ performance.

Business leaders need exposure regarding MAS as part of the management

process involving the use of financial and operational information for decision-making,

planning, and control (Zaleha et al., 2014). SBOs need knowledge regarding MAS as a

valuable resource in complex and strategic organizational decision-making processes

(Nielsen et al., 2015). The findings in this study could assist management accounting

practitioners in addressing the gap in business practice regarding operational

improvement and diversification for mitigation of weaknesses and effective decision-

making.

Implications for Social Change

The implications for positive social change include the potential to contribute to

job creation arising from business expansion. An enhanced small business sector can

increase tax revenues and new product lines and service offerings, which can favorably

affect local economies and communities (Massa, Farneti, & Scappini, 2015). Positive

social change can be reflective of a decline in unemployment rates resulting from

improved financial health of small businesses using MAS (Healy, Serafeim, Srinivasan,

& Yu, 2014; Kim, et al., 2015). Increased income from small businesses could generate

additional tax revenue for development projects that benefit the welfare of local

communities. Small businesses are essential for job creation, innovation,

competitiveness, and economic growth in the United States (Shukla & Shukla, 2014).

A Review of the Professional and Academic Literature

In this doctoral study, I conducted a review of the professional and academic

literature covering MAS strategies on business performance and diversification of small

businesses. I defined organizational resilience broadly as the firm's ability to bounce back

from environmental disturbances, uncertainties, or other contingent events.

Organizational resilience is a latent variable not easily predicted by SBOs (DesJardine,

Bansal, & Yang, 2015). The purpose of this literature review was to provide an in-depth

assessment and conduct a comprehensive analysis of the research themes that support my

research question. The research objective is to explore MAS strategies used by SBOs for

success in business diversification.

Researchers use relevant literature to highlight key themes related to a study’s

conceptual framework, problem statement, and the main research question (Booth,

Papaioannou, & Sutton, 2016; Wolcott, 2014). The literature review section includes

concepts and theories related to how MAS strategies affect the strategic management

practices and business performance of small businesses. The literature review

incorporates the subject field in support of defining future research questions. The

resources that I crafted for this review include peer-reviewed research articles, case

studies, government publications, and seminal sources.

For this study, I reviewed concerted resources on information dealing with small

business and management from databases available at the Walden University Online

Library. The following databases were used to collect peer-reviewed full-text articles for

purposes of this study: ABI/INFORM Complete; Science-Direct; Business Source

Complete; ProQuest; Emerald Management Journal; local and federal government

databases, including the SBA and U.S. Census Bureau; Google Scholar; and SAGE

Premier. I organized this literature review into the following main subject categories

pertaining to small businesses supporting the motion picture industry in California:

contingency theory in management accounting, management accounting systems, small

business, budgetary control, financial analysis, small business success strategies,

strategic decision-making, and business diversification. Out of 300 sources used in the

study overall, 285 (95%) are from government and peer-reviewed sources, and 86% are

articles published between 2014 and 2018. The literature review contained 131

references; 92% were scholarly peer-reviewed articles, 2% were government websites,

and 6% was compiled from seminal resources.

Contingency Theory in Management Accounting

Otley (1980) developed CTMA practices and expounded that there is no single

general standard accounting practice that applies to all organizations. Burns and Stalker

(1961) explained that management accounting practices differ from one organization to

another, due to differences in organizations’ environments, sizes, and sectors. The views

of business climate vary across business leaders, depending on their firms’ sectors, and

stages of progress and development (Motoyama & Hui, 2015). The main concern of

business leaders is engaging in a profitable, sustainable, and competitive business (Rule

& Tskhay, 2014; Waldman & Bowen, 2016). In principle, the leadership of an

organization will implement the organization’s management accounting practices.

CTMA identifies influential factors that can assist SBOs in adopting appropriate

management accounting practices for their organizations (Otley, 1980). Hoque et al.

(2013) emphasized that CTMA is the theory used by researchers to understand the nature

of effective firm performance and how business owners should strategize the use and

consumption of resources. Further, CTMA enables business owners to establish

coordination among decision participants in making use of MAS strategies for decision-

making (Nielsen et al., 2015). SBOs can rely on CTMA when developing business

strategy.

The structure of CTMA encompasses the tools to address business uncertainties.

McLaren, Appleyard, and Mitchell (2016) postulated that to fully comprehend the

process of management accounting within the framework of CTMA, business owners

should not ignore the technical characteristics of change and uncertainty. As Lapsley and

Rekers (2017) posited, developing strategy is a complex practice, as well as an inherently

social process involving uncertainties. Different development phases and uncertainties

generate distinctive elements of management accounting practice, which frequently do

not satisfy expectations due to socioeconomic factors (Van Helden & Uddin, 2016).

SBOs face the challenges of operational uncertainties predicated by difficulties arising

from poor financial management which contributed to failures in SMEs (Karadag, 2015).

SBOs’ risk management function plays a critical role in monitoring and managing risks

and uncertainties stemming from internal and external forces, which if not addressed

properly and in a timely manner could affect the firm’s profitability, success, or survival

(Brustbauer, 2016; Burritt, Herzig, Schaltegger, & Vierre, 2019). Inability to fully

understand CTMA to address uncertainties can lead to business failure.

The application of CTMA can include different types of uncertainties arising from

situational factors, such as (a) external environment; (b) strategies and mission; (c)

technology; (d) firm interdependence; (e) business unit, firm, and industry variables; and

(f) knowledge and observable factors (Granlund & Lukka, 2017; Otley, 2016). To attain

optimal business success, leaders should consider the contingent elements involving the

operational environments when using management accounting tools (Otley, 1980).

However, as Granlund and Lukka (2016) contended the concepts and instruments of

MAS in addressing uncertainty are taken for granted thereby not maximizing the

efficiency and effectiveness of available financial tools. Otley (2016) added the

systematic methodology that can develop into a predictive instrument for the design of

appropriate control systems in addressing uncertainty is at times imprudent and

ineffective. Management control practices are frequently changing and emerging; thus,

there is a need for research to support and address these uncertainties systematically over

time (Otley, 2016). To apply CTMA in business operation, SBOs must recognize the

different levels of uncertainties. Venturing into the business environment, where many

uncertainties exist, can be a challenging task for entrepreneurs (Camenzuli & McKague,

2015; Wang & Huang, 2015).

Uncertainty from external environment. Businesses are fully exposed to the

uncertain elements outside the establishments. CTMA is an important concept that can be

helpful for researchers in identifying the nature of effective firm performance and how

business owners develop the strategy for the use and consumption of resources (Hoque et

al., 2013). Fakoya (2014), for example, used CTMA in a case study involving the

effectiveness of forced internalization of brewery wastewater treatment cost by district in

South Africa. In the study, a contingent condition required brewery managers to focus on

the development of waste reduction strategies (a) to address uncertainties, (b) improve

production efﬁciency, and (c) limit the amount of wastewater and chemical oxygen

demand emissions discharged to the district waste treatment plant (Fakoya, 2014). The

measures adopted by the organization resulted to improvements in environmental, social,

and economic performance (Fakoya, 2014). Business owners venturing products and

services must be fully aware of external uncertainties.

Baker, Bloom, and Davis (2016) explained that external economic policy

uncertainty, if not appropriately addressed, can be associated with higher stock price

instability and reductions in investment and employment in policy-complex sectors.

Venturing into the business environment, where many uncertainties exist, can be a

difficult task for entrepreneurs (Camenzuli & McKague, 2015; Wang & Huang, 2015).

McLaren et al. (2016) postulated that to understand the process of CTMA, business

owners should not ignore the technical characteristics of change and external

uncertainties but must unilaterally include in the analytical processes. Asymmetrical

structure of how enterprise experiencing uncertainties continue to venture and alleviate

societal demands can lead to key economic opportunities (Hazudin, Kader, Tarmuji,

Ishak, & Ali, 2015).

Business leaders have the major obligation to operate a profitable, sustainable and

competitive business (Mengel & Wouters, 2015; Rule & Tskhay, 2014; Waldman &

Bowen, 2016) added that business owners must commit the appropriate capital, flexibility

and human resources necessary to achieve this goal. Nielsen et al. (2015) suggested that

using CTMA as a framework can assist business owners in identifying structures to

measure the different procedures of handling information uncertainty. CTMA can be used

by SBOs to establish coordination among the group of decision participants and apply

MAS strategies for decision-making (Nielsen et al., 2015). Lapsley and Rekers (2017)

further added that establishing a strategy using MAS is a complex practice which

involves social process uncertainties. For example, Lapsley and Rekers (2017) described

how theatre producers convey strategy to uncertain markets by validating intermediary

organizations that contribute and communicate the value of new products lines to support

the strategic process. Lin, Hsu, Hsu, and Chung (2020) and Mick and Shay (2016) also

added that external and internal costs arising from uncertainty are circumstantial factors

that can impact business strategy.

Uncertainty from strategies and mission. The research conducted by Nielsen et

al. (2015) is concerned about the role of management accounting in constructing

important decisions in the organization. Nielsen et al. (2015) studied the outsourcing

inference in two significant manufacturing companies by exploring the application of

management accounting information in an intricate and strategically important decision-

making situation. Nielsen et al. (2015) selected experienced participants as decision-

makers with hypothetically incompatible preferences, controlled information provision

experiences, and uncertainties in dealing with the financial results of different decision

preferences. The case studies performed by Nielsen et al. (2015) revealed the two

different procedural methodologies to decision-making, investigative and actor-based

methods. The investigative method demonstrates how a composite system of advanced

management accounting procedures can be organized leading to calculative rational

decision-making. The actor-based method encompassed the existing tool to organize

accounting portrayed by a combination of managers and employees dynamically engaged

in decision-making. These methodological approaches integrate substantively different

behaviors of managing information ambiguity, fostering collaboration among the

combination of decision participants, and utilizing the tools of management accounting.

Ahmad and Al-Shbiel (2019) and Nielsen et al. (2015) learned that management

accounting information and procedures perform a valuable role in complex and strategic

decision-making in the organization.

Bolisani and Bratianu (2017) claimed that formation of knowledge strategy is

affected by uncertainty and environmental turbulence. Almandoz, Lee, and Marquis

(2017) supported this finding by discovering the shift in the strategic orientations of their

participant arising from attempts to align uncertainties and fluctuating resource

environments with the goals of the organization. As the initial idea and goal of

organizations remained similar, the entity ended up with different strategic orientations

and senior leadership team (Almandoz et al., 2017). Owens, De Weck, Stromgren,

Goodliff, and Cirillo (2017) concluded in their study of environmental uncertainty a

compromise between changing a design to diminish failure rates and operating a fixed

design to reduce uncertainty. Bolisani and Bratianu (2017) proposed an integrated

method that incorporates planning as a continuous effort to acclimate to the needs and

development of opportunities that can alleviate uncertainties. Lomas, Asaria, Bojke,

Richardson, and Walker (2016) contended to consider the impact of the inclusion of

different cost categories in making decisions surrounding uncertainty in the organization.

When performing an economic evaluation, business leaders must establish which cost

categories need to prioritize in projecting estimates of cost-effectiveness and the impact

to decision uncertainty (Lomas et al., 2016).

Ahmet Erkoyuncu, Roy, Shehab, and Kutsch (2014) performed an identical study

to identify a framework to address the effect of uncertainty on cost estimates. The

proposed innovative framework involving the defense sector identified project planning,

uncertainty visualization, and capability management for consideration by the leadership

of the defense sector (Ahmet Erkoyuncu et al., 2014). In a separate study, Gadde and

Wynstra (2018) examined the role of uncertainty in procurement and supply management

and the variations of this function over time. Current business leaders are engaged in the

measures of addressing the consequences of uncertainty which impacted the buyer-

supplier relationships, including the perceptions and the utilization of power, control, and

dependence (Gadde & Wynstra, 2018). Gadde and Wynstra (2018) concluded that leaders

could not elude uncertainty in business operation. Strategies and missions will diminish

certain kinds of uncertainty, but further modification can increase other forms of

uncertainty.

Uncertainty from technology. Technology decisions are fundamentally valuable

to firms focused on innovation and diversification. A business entity can only endure

competitive challenges through innovation and improvement of internal system (Bello &

Ivanov, 2014). The developments and continued augmentations in information

technology system have assisted business leaders in the use of data to run business

reports and processes for decision-making (Appio, De Luca, Morgan, & Martini, 2019;

Jasim & Raewf, 2020; Relich & Pawlewski, 2018). Kauffman, Liu, and Ma (2015)

described how significant uncertainties related to decision-making on investment activity

for information technology (IT) which is a problem that leaders have been apprehensive

about for a long time. Uncertainties from technology can impact a firm’s operational and

transactional performance, application of standards and competition, and future market

environments. Lingens, Winterhalter, Krieg, and Gassmann (2016) stated that managers

encounter the challenge of choosing the right specific technology decision when

executing decisions. Morris, Webster, and Reilly (2016) validated similar challenges

experienced by leaders when they conducted a study on the investment decisions under

uncertainty of future technology costs for investments on electricity generation. Morris et

al. (2016) suggested developing a framework in which current investment in a technology

depending on uncertain conditions will result in lower costs of the technology in the

future. Properly planned and timely decisions addressing uncertainty in technology using

CTMA can lead to business success.

There are different methods of handling information uncertainty such as

promoting collaboration among the decision-makers and considering the use of

management accounting. Kauffman, Liu, and Ma (2015) proposed a valuation modeling

method for IT investments under uncertainty that includes procedure to capture cost and

benefit flow variations in several years. Mehta, Hall, and Byrd, (2014) claimed that

project uncertainty complicates the knowledge-sharing processes notwithstanding the

applied technology. However, the frequency of technology use routinely increases

knowledge exchange amongst IT teams (Mehta et al., 2014; Alaeddin, Shawtari, Salem,

& Altounjy, 2019). A fundamental challenge of technology and innovation is for firms to

decide in an uncertain environment which future technologies to develop in-house versus

procuring outside services (Fixson et al., 2017). Fixson et al. (2017) claimed that

technological uncertainty performs as an essential stimulus for corporate entities to

evaluate and manage their boundaries. For example, Metcalfe et al. (2017) claimed that

the advancement in technology should be considered globally where uncertainty over the

activities of marine and terrestrial resource can incline users to management judgements

that can potentially compromise indigenous livelihoods, conservation, and resource

sustainability goals. Fan, Peng, and Xu (2017) concluded the energy-efficiency paths or

technologies provided more cost advantages for Hybrid Electric Vehicle (HEV) than

energy-substitution following their study of integrated uncertainties involving HEV

technology. Addressing uncertainties arising from changes in technology can be achieved

in-house or from outside resources. The development in information technology system

had assisted business leaders in the use of data to access financial reports and applicable

business information using MAS for decision-making (Alaeddin et al., 2019; Fuzi,

Habidin, Janudin, Ong, & Bahador, 2019).

Uncertainty from firm interdependence. Following the perceptions of

integration and differentiation from contingency theory, Vieregger, Larson, and Anderson

(2017) evaluated the capital resource distribution decisions of the multi interdependent

business firm. Vieregger et al. (2017) focused on uncertainties arising from the capital

reallocation from year to year within the multi-business organization and the relative

influence of business unit leaders. Vieregger et al. (2017) suggested that uncertainties on

capital restructuring are associated with influence from business unit interdependence

which the research and development (R&D) should closely monitor. Supply chain agility

encompass uncertainty but has an essential element and necessity for firms to strive and

achieve competitive advantage (Doktoralina & Apollo, 2019; Wu, Tseng, Chiu, & Lim,

2017). Lin et al. (2020) and Wu et al. (2017) substantiated that flexibility in the

integration procedures has the highest impact surrounding firm interdependency in

developing the competitive advantage of innovation and chain agility under uncertainty.

Xia, Ma, Lu, and Liu (2014) argued the alternative of diversification to address

uncertainties by the emerging market is less considered component of firm

interdependence. Doktoralina and Apollo (2019) and Huang et al. (2014) further noted

that supply chain integration had a significant positive outcome on the suppliers'

performance where a business affiliation can moderately weaken by demand uncertainty.

Although time delays impede learning from experience surrounding market uncertainties,

competitors' experiences of prior interactions shape patterns of rivalry and increase

profit-making opportunities over time (Luoma et al., 2017; Nicolò, 2020). Hsu and Wang

(2017) collaborated this idea following their findings on the interdependence between

competitive firms leading to the survival of the industries of newspapers and high

technology. Drawing on resource dependency theory, Chu, Wang, Lai, and Collins

(2017) found that traditional firm interdependency is a more effective strategy in highly

uncertain environments but less significant when extensive relationships involving assets

are involved. Leaders of successful business organizations recognize the strategy

involved in building and maintaining relationships (Lin et al., 2020; Xesha, Iwu, &

Slabbert, 2014). Xesha et al. (2014) clarified the importance for business owners to

approach strategizing efforts based on established relationships with stakeholders.

Uncertainty from business unit, firm, and industry variables. Business leaders

must identify which cost categories require consideration in generating estimates of cost-

effectiveness and decision uncertainty when performing an economic evaluation of an

entity (Lomas et al., 2016). Both Alaeddin et al. (2019) and Rowe, Besson, and Hemon

(2017) echoed the risk encountered by companies when the environment becomes

uncertain or when organizations engage in an organizational transformation.

Identification and understanding of specific contingencies involving firm size and

industry can provide additional perspective in addressing environmental uncertainties

(Rowe et al., 2017; Chaudhry & Amir, 2020). In essence, Rowe et al. (2017) advocated

for the concept the stronger the capability to identify weak signs by reconfiguring

strategic resources, the lower the impact of risk from environmental uncertainties.

Eshima and Anderson (2017) validated the idea that a weaker ability to address risk in

policy uncertainty can lead to higher stock price volatility and a reduction in investment

and employment in policy-sensitive industries. Swink and Schoenherr (2015) suggested

utilizing appropriate reported financial data by determining specific cost benefits and by

analyzing the impact of process span as an important contingency approach. Furthermore,

Vieregger et al. (2017), depicting from the concepts of integration and differentiation

from contingency theory, suggested that uncertainties on business unit influence are

moderated by R&D strength and unrelated diversity. Abdi and Aulakh (2017) suggested

that cross-border partnerships and governance mechanisms can be both alternatives and

supplements to contingencies resulting from behavioral and environmental uncertainties.

Doktoralina and Apollo (2019) and Moghaddam (2015) explained that with the

pressure of global competition, firms strive to accomplish excellence in bringing

significantly high-quality with low-cost products and services through enhancement and

improvement of the supply chain system to achieve competitive advantages. Moghaddam

(2015) established an indistinct multi-objective mathematical model to determine and

organize the participating providers and discover the maximum amount of new and

refurbished parts and final products in a reverse logistics system of configuration. The

model created by Moghaddam (2015) captured the fundamental ambiguity in customers’

demand, suppliers’ capacity, and the ratio of returned products including the presence of

contradicting goals in reverse logistics systems. Moghaddam (2015) defined the

independent roles in the study summing up profit, defective parts, late deliveries, and

economic risk factors related to the participating providers wherein the uncertainties are

identified in a uncertain environment. Gousal and Ye (2015) added the results of their

review on the effect of uncertainty on employment structure following the survey of

professional forecasters, and regression-based forecasting involving the GDP growth,

inﬂationary results, S&P500 stock price index performance, and the fluctuation in fuel

prices. The results indicated that higher uncertainty posed a negative impact on

employment, and the effects are relatively felt by the smaller businesses.

Uncertainty from knowledge and observable factors. Knowledge and

competency to deal with uncertainty are necessary for the identification of financial

strategies for small business that can impact the result of any business operation. To fully

comprehend the process of management accounting within the framework of CTMA, the

technical characteristics of change and uncertainty should not be ignored; they must be

considered in the analysis (McLaren et al., 2016). Business operations are more

multifaceted and competitive because of environmental uncertainty which make business

success difficult to achieve contributing to increase failure in SMEs (Alaeddin et al.,

2019; Gwadabe & Amirah, 2017). Pérez‐Luño, Saparito, and Gopalakrishnan (2016)

suggested that the skill to form implicit understanding is essential to the competitive

advantage of any organization but is also critical to the survival and growth of SMEs.

Gwadabe and Amirah (2017) recommended that SBOs need to address uncertainties by

developing strategies to survive in the deteriorating economy. Business owners have the

main responsibility to interact with the external environmental competition which

requires knowledge and competency in large proportions (Gwadabe & Amirah, 2017;

Chaudhry & Amir, 2020). De Villiers et al. (2015) posited that if uncertainties in the

study process are inaccurately accounted for, the combination of knowledge observatory

factors processes may result in under or overconfident outcomes and in some cases

incorrect results.

Rizzo and Blackburn (2016) discussed the pertinent qualifications for

entrepreneur has become more complex requiring significant expertise in making

decisions. Reliance on new technologies have never been employed to support design

evaluation and business analytics (Rizzo & Blackburn, 2016). Despite literature

published about the importance of knowledge and other factors to address uncertainty,

Lavia López and Hiebl (2014) showed the practice of using management accounting is

not only lesser but also different in SMEs compared to larger entities. Following the

comparison of SMEs, factors such as environment, organization, and staff significantly

influence the use of management accounting and the benefits to the firms’ performance

(Lavia López and Hiebl, 2014; Wei & Yao, 2020). Furthermore, Hohenthal, Johanson,

and Johanson (2014) and Nicolò (2020) concluded that experiential network knowledge

and knowledge on the important factors about customers and competitors could impact

the value of business relationships in uncertain foreign markets. Ahi, Baronchelli,

Kuivalainen, and Piantoni (2017) supported this notion that SMEs adopting a more

rationalized decision-making process are more likely to succeed in foreign markets. The

reason behind major film companies’ success in decades, despite the extreme

complication in product valuation that is distinct of the film industry, is defined in the

management decision approach employed by the film executives to deal with uncertainty

(Teti, 2013).

Resource-Based View Theory

Similar to the foundation of CTMA, Hitt et al. (2016) suggested that promoting

the use of (resource-based view) RBV can add productivity in operations management

research and can potentially yield various positive influences for this field and adjacent

areas. RBV theory, which is also known as the Penrosian Theory, closely coincides with

the conceptual framework of my study (Penrose, 1959). Penrose (1959) built the

foundation and application of RBV, which many researchers and scholars used to assess

valuable resources to understand how firms establish advantages over industry rivals with

strategies. The RBV model of an organization is one of the important concepts for

researchers to identify the nature of greater firm performance and the strategic use and

consumption of resources by the business owners.

López-Cabarcos, Göttling-Oliveira-Monteiro, and Vázquez-Rodríguez (2015)

highlighted that the RBV comprises the elements on how leaders can sustain their

business operation for a longer term using their resources and capabilities. Resources

considered are anything internal, either tangible or intangible that can strengthen or

weaken the performance of the business organization (Barney, 1991; Fong, Lo, &

Ramayah, 2014). According to Barney, internal resources, which are key elements of a

firm’s success and growth, may be physical, human, or organizational, and include brand

equity, unique technologies, governmental relationships, trademarks, materials,

processes, information, patents, controlled assets, and capabilities that improve the firm’s

efficiency. Researchers who adopt the RBV in their study consider the firm as an

amalgamation of distinctive capabilities and competencies that can influence options on

strategic growth and evolution (Barney, 1991). Using the RBV, SBOs can expect to yield

superior returns and attain a sustainable competitive advantage by instituting inimitable,

rare, valuable, and irreplaceable resources to enhance business performance. Gituku and

Kagiri (2015) asserted that business leaders must employ the firm’s internal resources to

defuse threats from rivals or exploit new opportunities to attain a competitive advantage.

Contrary to CTMA however, RBV does not address different organizational

uncertainties but focuses on the effective and efficient internal use of resources by a firm

to maximize profit (Hitt et al., 2016). Having this difference in mind, Länsiluoto et al.

(2015) utilized both CTMA and RBV theories to define the relationship between post-

business transfer success and the development of a management control system in the

small business. The concept of RBV theory is focus on the firm performance and the

strategic use and consumption of resources which is not the only interest for this study.

Decision-Making Theory

Another close alternative theory for this study is the decision-making theory

(DMT). Established by Hansson in 2005, DMT is another conceptual framework that is

closely related to CTMA. DMT provides concepts on the normative theory outlining how

decisions should be made and the descriptive approach to decision-making which focuses

on how decisions are executed (Haidar, 2016; Hansson, 2005). Researchers have used the

DMT to frame their strategies and actions to meet the goals of the organization (Renfree,

Martin, & Micklewright, 2014). DMT includes the careful formulation of a problem, the

selection of relevant information that can assist in the application and evaluation of

appropriate decision-making tools, and the selection of useful decision-making

techniques (Haidar, 2016). However, similar to RBV, DMT does not address the different

organizational uncertainties. Decision-makers will create a level of preparedness to

respond to any external threats and opportunities that may have the potential to impact

the normal flow of business activities in a timely fashion (Nemkova, Souchon, Hughes, &

Micevski, 2015). The concept of DMT as used by decision-makers focused on the

understanding of the choices supporting the structures for making evidence-based

financial decisions, which can impact business activities and facilitate sustained

operations.

Granlund and Lukka, (2016) argued that the concepts and measurement

instruments of uncertainty had tendency to constantly replicate in a similar fashion and

less considerable manner involving validity. Van Helden and Uddin (2016) find that

diverse development phases and uncertainties develop to distinctive types of management

accounting practices often do not match expectations due to socioeconomic factors. Otley

(2016) concurred that a systematic methodology that will progress into a predictive

instrument for the design of appropriate control systems is at times imprudent and

ineffective. The presence of management control practices frequently changed and

emerged requiring research that can support and address these uncertainties over time

(Otley, 2016).

Management Accounting Systems

Management accounting system is a valuable resource to business decision-

making processes (Pedroso & Gomes, 2020; Zafar et al., 2017). The attributes of

sustained business operation and competitive advantage of firms involves not only having

sufficient valuable resources for performing strategies but also how effective and

efficient uncertainties are addressed (Hutahayan, 2020). Shields and Shelleman (2016)

provided that a management accounting system (MAS) refers to the methodical use of

management accounting to accomplish organizational goals. Formation of effective and

high-quality decisions originating from the use of MAS is possible to generate high

quality results (Leitner, 2014; Pedroso & Gomes, 2020). A business entity can only

endure competitive challenges through innovation and improvement of the internal

system (Bello & Ivanov, 2014; Hutahayan, 2020). SBOs have encountered the challenges

of operational uncertainties resulting from poor financial management that eventually

contributed to failures in SMEs (Karadag, 2015). Patten and Patten (2014) provided a

straight-forward recommendation which is not to overly complicate and not to

oversimplify when addressing business issues and conditions.

Chenhall and Moers (2015) studied the challenges of directing a business

operation in an uncertain environment by embracing innovation. Chenhall and Moers and

Wei and Yao (2020) exhibited how accounting practitioners and professionals developed

the design of the management accounting system (MAS) in response to the need of the

organizations. Motoyama and Hui (2015) demonstrated how opinions of business climate

vary through business owners, dependent on their firms’ industries and stages of

organizational development. Schneider, Jun, Janvrin, Ajayi, and Raschke (2015) advised

that accounting scholars and practitioners need to ascertain how can data analytics assist

the accounting practice such as MAS application at work. For example, the reason why

major film studios have been successful over the last decades, despite the extreme

product valuation conditions that is common in the film industry, is manifested by the

management decision approach in dealing with uncertainty by the film executives (Teti,

2013).

Ng, Harrison, and Akroyd (2013) established a structure for the systematic

assessment of management accounting applications in small businesses employing a

revenue management perception. Shields and Shelleman (2016) justified that repeated

use of the MAS to evaluate product or service profitability and to measure customer

profitability has a major positive impact on return on investment. By implementing the

attributes of MAS and addressing the divergence and fixity of uncertainties, SBOs can

potentially attain sustainable competitive advantage (Wei & Yao, 2020). Bruwer and

Yolande (2015) and Wei and Yao (2020) advocated that a business organization is more

likely to attain sustainability if accounting information system generates relevant,

reliable, and up-to-date financial and non-financial information to management for

decision-making. The fundamental factor to an effective use of a MAS is to keep

accounting information system current and accurate pertaining to the financial

information, market trend, people or competitors (Ahmad & Al-Shbiel (2019); Bruwer &

Yolande, 2015). Furthermore, the accuracy and reliability of the information defines the

quality of the financial data and the information needs to be high quality to make crucial

management decisions (Ceran, Gungor, & Konya, 2016; Leitner, 2014).

Management Accounting System Strategies

If SBOs understand how to apply MAS strategies to their business, operating

results are more likely to be successful in any environment, even during periods of

uncertainty (Bellavitis, Filatotchev, Kamuriwo, & Vanacker, 2017; Vahlne, Hamberg, &

Schweizer, 2017). Using financial measurements as part of MAS strategies, the busy

SBOs can gain valuable information on the performance of the business. As part of the

MAS, there are different metrics available in many kinds of literature to describe and

measure the financial performance of organizations. Some analysts used different

methods to analyze and evaluate financial statements. The MAS strategies on financial

analysis serve as indicators of the different aspects of the business and present a reliable

overall picture of business operation (Armitage, Webb, & Glynn, 2016; Cescon,

Costantini, & Grassetti, 2019; Wei & Yao, 2020). The most common tools include (a)

ratio analysis, (b) comparative analysis of financial statement, (c) trend analysis, (d)

common size analysis, and (e) cash flow statement analysis (Collier, 2015). Some of the

valuable economic decisions are developed from the findings on the analysis of financial

reports consistent with recognized Financial Accounting Standards and practices

(Williams & Ravenscroft, 2014). Bamiatzi and Kirchmaier (2014), for example,

suggested using sales and profit growth analysis to determine the strategies needed for

high growth small businesses that can be successful despite the overall decline in the

business industry. Other literature also postulates that sales, profit, and growth analyses

are common measurement of performance applicable to small businesses (Karadag, 2015;

Mazzarol, 2014; Patten & Patten, 2014).

Financial ratios are commonly used financial metrics by practitioners that are

powerful tools for decision-making used when evaluating the performance of the

business (Delen, Kuzey, & Uyar, 2013). Delen et al. (2013) further discussed that

financial ratios allow the decision-maker to analyze business performance by comparing

results using ratios across industries or within the firm. Collier (2015) described that ratio

analysis is a mathematical relationship expressed in numbers that is used as an indicator

for accessing the performance of a business. Similarly, Delen et al. (2013) emphasized

the forms of financial ratios as liquidity, profitability, long-term solvency, and asset

utilization or turnover ratios. The fundamental key underlying financial ratio analysis is

using ratios developed from accounting data (financial statements) to make comparisons

and decisions for organizations of any size (Alo et al., 2016).

The liquidity ratio, known as the short-term ratio, is a tool to determine the

liquidity or the ability of the firm to meet current obligations, expressed by using the link

between current assets and current liability. The activity ratio, also known as the turnover

ratio, is a financial analysis tool used to measure a business' ability to convert assets into

cash. Activity ratio is a metric tool for business owners to determine the performance of

the business by using analytical ratios such as (a) creditors turnover ratio, (b) debtor

turnover ratio, (c) stock turnover ratio, and (d) working capital turnover ratio. Solvency

ratio, also known as leverage ratio allows analysts to quantify the ability of the business

entity to meet debts and other obligations which can affect the long-term commitments of

the business.

Small businesses need constant access to working capital to meet daily

obligations and finances of on-going projects (Bellavitis et al., 2017). To determine

whether a business entity has sufficient cash flow to meet short-term and long-term

liabilities, the solvency ratio can be utilized. Some of the financial metrics used in

interpreting solvency of the business entity are the debt-equity ratio, interest coverage

ratio, and proprietary ratio. Profitability ratio can be used by business owners to assess

the business’ ability to generate earnings after expenses and other relevant costs incurred

in a given period. Furthermore, gross profit ratio, net profit ratio, operating profit ratio,

and return to investment ratio are the most common profitability financial metrics used

by business entities to assess operation.

Some scholars have continued to question whether or not the development of

financial decision-making frameworks as a MAS tool can effectively contribute and

support growth and attain competitive advantage. Aruldoss, Travis, and Venkatesan

(2015) commented that some methods are restrictive procedures in predicting the

bankruptcy or downsizing, and do not address the related activities like collecting the

suitable data and providing the results to the appropriate user after processing and

completing the procedures. Aruldoss et al. (2015) added the condition demands a study

for comprehensive clarification for predicting bankruptcy or downsizing with intelligence

such as using a MAS. Kroes and Manikas (2014) agreed with other scholars and

expressed the importance of the abilities of firms to manage their cash flow by

developing policies to manage working capital involving cash, receivables, inventory,

accounts payable, and cash payments to improve financial performance. The core of

improving financial performance, therefore, contributed to the monitoring functions and

strategies adopted by the firm (Cescon et al., 2019; Post & Byron, 2015). Despite the

opinions that support the link between cash flow to financial performance, the curiosity

of Kroes and Manikas (2014) sparked the continued debate about the significant

relationship between the strategies of cash flow management and financial performance.

Chenhall and Moers (2015) described how management accounting has emerged from a

traditional to cybernetic technique as a financial tool which developed into a more

systematized process when dealing with innovation or uncertainties. Aren and Sibindi

(2014) justified that proper handling and management of cash flow is an extremely

important contributor to the stability and survival of the business. Poor cash flow

management could lead to serious financial deficiency or failures of small business in any

industry (Aren & Sibindi, 2014).

Business analytics. As part of the MAS tools, business analytics is an emerging

trend used by business leaders to interpret data and support decision-making. Brands and

Holzblatt (2015) and Nalchigar and Yu (2020) acknowledged how the development and

implementation of business analytics assist the organization in performing strategic cost

management to accomplish long-term goals and objectives. Brands and Holzblatt added

that leaders utilized business analytics for planning and decision-making involving cost

activity and operational control for performance measurement. Business analytics is one

of the management tools that can assist managers in establishing a well-

informed/evidence-based business decision (Delen, Moscato, & Toma, 2018). Kasemsap

(2017) described how business analytics could be utilized as a tool to validate underlying

relationships within the data input, process, output, and the underlying categorical results

toward business success. Business analytics is a powerful tool that can open opportunities

if customized to meet corporate goals (Brands & Holzblatt, 2015; Duan, Cao, &

Edwards, 2020).

Wang (2014) described business analytics which involves (a) aptitudes, (b)

innovations, (c) skills, and (d) practices for consistent review and examination of past

business performance to establish an understanding and initiate business planning

activity. Business analytics encompass issues about leveraging value from data other than

data management, number crunching, technology consumption, and systematic reasoning

(Acito & Khatri, 2014). Acito and Khatri emphasized that extracting value from data

requires the alignment of strategy and desirable behaviors to business performance

management in conjunction with tasks and proficiencies. Seddon, Constantinidis, Tamm,

and Dod (2017) acknowledged the idea and identified the factors using analytical

modeling that expound how business analytics compliments business value in their study.

Ramanathan, Philpott, Duan, and Cao (2017) and Duan, Cao, and Edwards (2020)

supported the discourse about the relationship between the implementation of business

analytics and business performance which also encompasses actions involving

environmental sustainability. Calof, Richards, and Smith (2015) continued to validate

how business analytics together with foresight and competitive intelligence contributed to

systematic designed and more successful industrial policy.

While Wang and Byrd (2017) supported the notion that business analytics

indirectly influence decision-making effectiveness, Cao, Duan, and Li (2015) claimed

minimal research exists to formulate such a conclusion. Sharma, Mithas, and Kankanhalli

(2014) argued that there is less evidence the business analytics contribute value to an

organization. The role of decision-making processes which include resource allocation

and orchestration processes require extensive review to understand how business

analytics can contribute in value creation (Appelbaum, Kogan, Vasarhelyi, & Yan, 2017;

Sharma et al., 2014). Delen et al. (2018) acknowledged there are studies in which

business leaders often established decisions following gut feelings and intuitions

disregarding part or all of the available data in the organization. While some literature

discloses the impact of business analytics on management accounting (Nielsen, 2015),

limited research provided discourse using business analytics for assessing a company's

performance in an enterprise system environment (Nielsen, Nielsen, Jacobsen, &

Pedersen, 2014).

As a continuing trend, the use of business analytics applications continued to

penetrate across the various industries in which leaders and employees are trained and

upskilled to meet the challenge of understanding, developing and implementing the

analytics methodologies (Gupta, Zhu, Paradice, & Sankar, 2017). Bichler, Heinzl, and

van der Aalst (2017) emphasized that business analytics will continue to assist business

owners in understanding the environment and assimilating to the need of the organization

in dealing with the design of new systems. Business leaders need to establish a strong

data and analytical strategy, implement a data-driven cultural transformation, and

consider information integrity when performing data analysis for competitive advantage

(Nalchigar & Yu, 2020; Vidgen, Shaw, & Grant, 2017). Understanding the role of

business analytics in small business can significantly enhance the organizational

performance and achieve objectives in the business environments (Kasemsap, 2017).

Block, Fisch, and van Praag (2017) found that SBOs possessing more business

experience can effortlessly identify and exploit more innovative opportunities. The level

of creativity, knowledge, flexibility, and skills of the SBO is an asset for achieving

competitive advantage through innovation (Prajogo, Oke, & Olhager, 2016).

Budgets and budgetary controls. Managers used budget control systems to set

goals for strategy implementation and to communicate and continue to focus on new

strategic opportunities. SBOs who provide ancillary services in the film industry

employed many elements of MAS including budgets (Teti, 2013). Elements of MAS are

used to facilitate decision-making which may include (a) computation of product/service

profitability, (b) taking action on comparisons of actual to budgeted performance, and (c)

assessment of customer profitability (Huang et al., 2015; Teti, 2013). Budget control is

the process of comparing budgeted plans and standards to actual financial results,

analyzing variances, and taking a corrective action (Bedford, 2015). The U.S. Small

Business Administration (2015) attributes many business failures to poor business

planning and control. Business leaders use budgets as a primary tool for planning and

control (Pietrzak, 2014; Veledar, Gadžo, & Lalić, 2020). For example, Huang et al.

(2015) explored the anticipated cost and revenue inputs and the comparison of the

operating results of low-budget and big-budget film producers. Both big and low budget

films generate profit, after key components of revenue and cost are evaluated in the

management review procedure (Huang et al., 2015).

Business practitioners have verified that there is a positive connection between

budget and organizational performance (Veledar et al., 2020). The potential results

arising from budget control as a MAS tool can provide knowledge into the relative

importance of management accounting information for SBOs (Shields & Shelleman,

2016). To justify the use of budget control as a tool of MAS, Ghiassi et al. (2016)

presented an alternative modeling strategy by considering production budgets, pre-release

advertising expenditures, production runtime, and reasonability to the predictive

variables. Burritt et al. (2019) emphasized the importance of incremental procedures

when working towards complex sustainability and the value of fostering cleaner

production practices through multitude of MAS tools. The management decision

approach that the film executives employed to deal with uncertainty are a common

characteristic of successful companies in the film industry (Teti, 2013). Roach (2016) and

Veledar et al. (2020) postulated that developed and developing countries are pursuing

means where they can decrease public expenditure and indebtedness while

simultaneously trying to increase productivity and efficiency by using budgetary cost

control initiatives. The private sector procedures of outsourcing and contracting resulted

in more sparingly realistic strategies considering the global recessions and other

budgetary constraints experienced by the public sectors (Roach, 2016).

Budgeting and financial planning are necessary elements when instituting the

monetary goals and objectives of the organization (Albuquerque, Filho, Nagano, &

Philippsen, 2016; Veledar et al., 2020). A question arises how a small business with an

inadequate financial budget system and narrow technical proficiencies can compete in

this advanced era of a social media compelled marketplace. In essence, SBOs who

perform consistent evaluations between actual results and budgeted amounts had greater

levels of sales growth over entities that made minimal comparisons between actual and

budgeted amounts (Shields & Shelleman, 2016). Su, Baird, and Schoch, (2015) posited a

significant connection between budget control and performance in the progress, maturity,

and other developmental stages of businesses.

Strategic Decision-Making

Scholars have different views on the diverse approaches to decision-making.

Recent theories of decision-making provided the business owners continue to meet

challenges attributable to (a) the use of outdated and baseless information, (b) the practice

of using personal experiences, (c) observation and opinion of others, and (d) emotions in

drawing their conclusions for business operations. Considering all the alternatives that

business leaders take in making choices, the key factor is to execute rationality in

decision-making through appropriate guidance and strategy (Cascetta, Carteni, Pagliara,

& Montanino, 2015; Cashmore, Richardson, Rozema, & Lyhne, 2015). The lack of

proper guidance in decision-making contributes to the additional challenges that business

owners encounter in making reliable and strategic plans (Alonso-Coello et al., 2016;

Cescon et al., 2019).

The identification of strategies in decision-making for small business focuses

mainly on the impacts of generating profits. Sniezek (2014) and Cheng, Wong, Cheung,

and Leung (2016) pointed out how decision-makers pick choices based on the contingent

condition of whether they should make decisions using the standard principles based on

the cognitive approach to decision-making. Suter, Pachur, Hertwig, Endestad, and Biele

(2015) also suggested that opinions in exercising decision-making are executed based on

the weighted probabilities of expected outcomes. On the contrary, it is essential for

business leaders to include specific supplemental strategies when exploring data from the

financial statements in the development of competitive advantage (Lin et al., 2020;

Obeidat et al., 2014). In exploring the notion behind an effective decision-making which

integrates financial analysis, successful leaders recognize the importance of having

proper operating systems and frameworks that can provide valuable data to supports a

successful business environment (Shepherd, Williams, & Patzelt, 2015). Shepherd et al.

(2015) posited that realizing how decision-making relates to the opportunity recognition

of success can offer a critical platform for sound decisions.

A critical and important performance factor for small business is the value of

operational and strategic decision-making capability. Consistent with this principle, the

focus is on strategic decision-making that produces sustainability, competitive advantage,

increase the value of the firm, and diversity in business operation to sustain or increase

market share. Measuring business performance and alleviating uncertainties is a useful

tool for assessing the strategic decision-making for leaders of the organization. Levitt,

Farry, and Mazzarella (2015) defined decision-making as a cognitive process leading to

the selection of an idea from a series of actions engulfed in an assortment of several

alternatives. Decisions are exposed to limitless variations and uncertainties even when

actions originated from the same data inputs.

Business Diversification

The research objective is to explore the MAS strategies used by SBOs in business

diversification. Business diversification is one of the strategies business leaders use to

improve profit position and enhance market share of businesses. Diversification could

serve as a target for making intelligent business decisions in organizations (Ansoff, 1958;

Marouan, 2020). Researchers examine diversification strategies about business

performance and technological capability and link the concept of diversification to the

long-term objectives of businesses (Ansoff, 1958; Paut, Sabatier, & Tchamitchian, 2020;

Yin, 2016). Diversification as a plan in designing business models provides business

owners with a direction for making intelligent business decisions (Ansoff, 1958). Che and

Liebenberg (2017) and Paut et al. (2020) discovered that when a focused firm diversifies,

risks on assets increase relative to operation, and when a diversified firm refocuses, asset

risk reduced relative to firms that remain diversified. Kim et al. (2015) proposed that the

corporate-specific advantages of new multinational enterprises (NMNEs) contribute

diversely to firm profitability because they advance differently given strategic factor

market transformations in host compared to home countries.

New product success as part of diversity strengthened the organization

innovativeness and financial performance (Ammar & Boughrara, 2019; Zulu-Chisanga,

Boso, Adeola, & Oghazi, 2016). Firms can be much more diversified regarding products

than technologies, with the main products focused more on the exploitation of innovative

knowledge (Ammar & Boughrara, 2019; Dosi, Grazzi, & Moschella, 2017). Weltin,

Zasada, Franke, Piorr, Raggi, and Viaggi (2017) justified that diverse methods of income

diversification represent a vital strategies of farmers to cope with the changing economic

and weather conditions or to valorize given territorial opportunities. Results showed that

under hypothetical conditions when economic support by the Common Agricultural

Policy (CAP) is terminated, an increasing share of farmers would apply income

diversification throughout all types of economic conditions, mainly using off-farm

diversification as a survival strategy (Weltin et al., 2017). Leza, Rajan, and Kuma (2017)

posited that product diversification among Micro and Small Enterprises (MSE) is known

to contribute to risk mitigation and stable MSE sector for job creation across the world.

Product diversification is an open-market strategy for entry into new markets and gaining

more market share in a given industry space (Qiu, 2014). Manrai, Rameshwar, and

Nangia (2014) commented that business practitioners using similar schools of thought

believe that product diversification improves returns. Mendoza-Abarca and Gras (2019)

and Su and Tsang (2015) also asserted that product diversification improves firms’

financial performance, which reflects the performance of clients’ portfolio.

Di Maria and Ganau (2017) explored the relationship between SMEs’ distribution

strategies implemented overseas and their export performance, involving export intensity

and diversification. The empirical outcomes suggested that commercial distribution has a

higher effect on SMEs’ export activities than the other distribution means in the regional

market, compared to the means used by local traders (Di Maria & Ganau, 2017). SMEs’

export strength in the global market appeared to be more beneficial than the local traders.

Agreements-based distribution resources have the utmost influence on SMEs’ export

diversification. Both Deligianni, Voudouris, and Lioukas (2017) and Paut et al. (2020)

focused their study on the lens of effectuation to product diversification and evaluated the

regulating impacts of adapted processes on the connection between diversification and

performance in new ventures.

Furthermore, Kim et al. (2015) examined the differences between corporate

profitability among NMNEs venturing on geographic diversity into two diverse types of

localities based on the growth of strategic factor markets. The corporate advantages of

NMNEs subsidize diversely to firm profitability because they advance differently

considering the strategic factor market transformations compared to enterprise in home

countries. Kim et al. discovered that geographic diversification into resource-limited and

poorer host countries have a successful outcome leading to positive relationship with firm

profitability.

Deligianni et al. (2017) indicated that except for reasonable loss, the effectuation

processes yield a positive result on the diversification-performance relationship. Mangani

and Tarrini (2017) evaluated the empirical connection between specialization,

diversification, and the survival rate in the digital publishing business. Mangani and

Tarrini analyzed the advantages and disadvantages of specialization against

diversification and applied the associated economic theories to the digital publishing

industry utilizing management accounting analytical tools. Digital publishing entities

who ventured with print and digital activities or operate other mass media businesses

resulted in a greater likelihood of surviving in the market (Mangani & Tarrini, 2017).

New product development, diversification into new industries, expansion into new

geographic markets, discontinuation of product lines and termination of unprofitable

customers are examples of such a strategy (Schoenberg, Collier, & Bowman, 2013).

Findings from finance researchers revealed that many leaders do not take

advantage of the benefits of diversification (Jacobs, Müller, & Weber, 2014). The

concept of diversification encompasses the framework of innovation (Ammar &

Boughrara, 2019; Marouan, 2020; Urbancová, 2013). The competitive nature of evolving

markets requires managers to invest continuously in innovation to remain relevant and

competitive (Klingebiel & Rammer, 2014). Business leaders could introduce

diversification through a market penetration strategy or a product innovation approach

(Ansoff, 1957). Based on the need to diversify, business leaders have responded to the

increasing levels of competition by expanding service and product offerings extended to

their clients through creativity, innovation, and product diversification (Bowen, Baker, &

Powell, 2015; Mendoza-Abarca & Gras, 2019). Businesses cannot remain static, and

managers must ensure that business grows. Business leaders must decide on when to

grow and design a growth strategy informed by a growth method. Businesses can grow

through specialization or diversification (Ortiz-de-Urbina-Criado, Angel Guerras-Martin,

& Montoro-Sánchez, 2014). Groesser and Jovy (2016) argued the qualitative

methodologies that currently exist are short of providing sound and effective guiding

principle especially in dealing with uncertain, highly volatile conditions involving the

rapidly developing technological environment and the existing agility of competitors,

often encountered by business leaders. The more frequently SBOs evaluate their business

performance using MAS, the higher chances that the organization can improve the

overall operating results (Alkhajeh & Khalid, 2018).

Transition

In Section 1 of this study, I provided a foundation for the study appropriate to the

problem and purpose statements, nature of the study, research question, conceptual

framework, operational definitions, the significance of the study, and a review of the

literature. In Section 2, I present the purpose statement, the role of the researcher,

participants’ overview, research method and design, population and sampling, ethical

research, data collection and organization techniques, data analysis, and the reliability

and validity of my study. In Section 3, I present the results of my study.

Section 2: The Project

Purpose Statement

The purpose of this qualitative multiple case study was to explore MAS strategies

leaders of ancillary service providers use for business diversification. The targeted

population for this study consisted of SBOs of motion picture ancillary service providers

who successfully used MAS strategies for business diversification in California. The

implication for positive social change may include job creation arising from business

expansion. An enhanced small business sector can favorably affect local economies and

communities through increased tax revenues, and new product and service offerings.

Role of the Researcher

The researcher is the primary data collection instrument in a qualitative research

study (Denzin, 2014; Marshall & Rossman, 2016). Gunaydin and McCusker (2015)

indicated that the researcher exhibits a key role in the study design to assure the quality of

the results. The main purpose of a researcher in data collection is to collect and develop a

meaningful understanding of all facets of the research through observation and a neutral

interview (Berger, 2015; Mahnaz, Bahramnezhad, Fomani, Mahnaz, & Cheraghi, 2014).

My tasks as the researcher involved understanding participants’ perspectives. I gathered

information through the interview process for analysis. As the primary data collection

instrument, I collected data from participants involving their experiences and success

using MAS strategies.

As a professional practitioner, I possessed over 25 years of public and private

managerial accounting experience, at the time of this research, which included issues

addressing organizational problems and decision-making to accomplish business goals.

Using effective interview processes, I performed financial and management accounting

evaluation and support services for many businesses, including some in the film industry.

Knight et al. (2013) advocated that a researcher’s expertise on the study topic can serve

as a valuable contribution to the phenomenon under review. Researchers must identify

the data necessary to be collected and develop the tools to address the research question

to achieve an in-depth understanding and interpretation of the subject (Moon, 2015;

O’Sullivan, 2015). My objective was to conduct the interviews in a manner that enabled

the participants to express insights on MAS strategies used in the organization.

The Belmont Report incorporates the ethical principles that must be observed by a

researcher when conducting research. The Belmont ethical principles include (a) respect

of persons, (b) beneficence, and (c) justice (U.S. Department of Health and Human

Services, 1979). Respect for persons refers to the treatment of participants as autonomous

representatives and ensuring that individuals with lesser autonomy always receive equal

protection (Adams & Miles, 2013; Kara & Pickering, 2017). The principle of beneficence

entails the responsibility of the researcher for protecting participants from any

impairment or harm (Adams & Miles, 2013; Kara & Pickering, 2017). I completed the

training on Protecting Human Research Participants presented by the National Institutes

of Health Office of Extramural Research (Certification No. 1954503). I followed all

ethical principles outlined in The Belmont Report. During the participant selection

process, participants who met the criteria could volunteer to be part of the study and were

expected to share their knowledge of the use of MAS. To ensure fairness during the

selection process, the researcher should provide prospective participants with an open

opportunity to contribute valuable information in the study (Adams & Miles, 2013).

Although unavoidable conditions occur, a researcher must monitor the occurrence

of bias and errors in the research (Leedy & Ormrod, 2013). Scholars must avoid personal

biases during data collection and analysis that may impair the reliability of the study

(Cairney & St. Denny, 2015). O’Sullivan (2015) recommended that the researcher design

and develop necessary guidelines to elude ethical challenges and strengthen research

integrity. I mitigated research bias by conducting member checking and triangulating data

from multiple sources. Thomas (2017) justified member checking as useful for obtaining

participant validations of quotations, statements, or case studies. Furthermore, a strong

feature of case study research is the ability for triangulation of data from multiple sources

through appropriate collection techniques such as interviews and review of internal

documents (Archibald, 2016; Kern, 2018; Teshuva, Borowski, & Wells, 2016; Yin, 2017;

Yu, Abdullah, & Saat, 2014).

In addition, I used a reflective journal during data collection and analysis of

participants’ responses. Applebaum (2014) recommended that scholars maintain a journal

to keep track of all activities associated with the study. Maintaining a journal narrowed

the potential for biases during the research process (Applebaum, 2014). Zauszniewski,

Lekhak, Burant, Underwood, and Morris (2016) suggested that journaling is an essential

part of qualitative research and can serve as an excellent modality to ascertain themes and

patterns in data.

An interview protocol intensifies the level of effectiveness and efficiency in the

interview (Alby & Fatigante, 2014; Jamshed, 2014; Yin, 2017). Yin (2017) articulated

that a qualitative researcher should use an interview protocol as a guide to collect reliable

data. Furthermore, Peters and Halcomb (2015) maintained that an effective interview

protocol will enhance consistency during the interview. I followed an interview protocol

(see Appendix) to facilitate the collection of relevant data. As part of the protocol, I used

the same eight interview questions for each participant in the same order to ensure

precision during the data collection.

Participants

As part of the eligibility criteria for choosing participants, I selected SBOs of

motion picture ancillary service providers who successfully used MAS strategies for

business diversification. To gain a holistic understanding of MAS strategies used for

business diversification, the participants for this case study comprised at least 10

successful SBOs. According to Azzi, Battini, Faccio, Persona, and Sgarbossa (2014),

using insights from 10 skilled participants as a sample size is adequate to explore data

from SMEs in a multi-case study. The participants had to be operating a small business

providing ancillary services to the film industry in California and must have used MAS

strategies successfully for at least 5 years. Selection of participants is one of the most

important processes to assure quality measures in research (Hoyland, Hollund, & Olsen,

2015). Hoyland et al. (2015) added that researchers should ensure that selected

participants have sufficient experience to offer information regarding the study

phenomena. Researchers must identify the criteria for choosing participants to enable a

proper assessment of transferability of the research findings (Elo et al., 2014).

I secured Walden University Institutional Review Board (IRB) approval before

soliciting participants for my research study. I invited participants who met the eligibility

criteria to address my research question. To be eligible to participate in this study,

individuals had to be SBOs who (a) were engaged in providing services to the film

industry, (b) had used MAS strategies in decision-making, and (c) had been in business

for at least 5 years. Researchers can use public websites to find potential participants who

meet the eligibility criteria (Freeman, 2014; Zhang, Zhang, Liu, Zhang, & Liu, 2013). I

solicited participants who met the eligibility criteria through the local chamber of

commerce and by accessing the SBOs’ websites. Krohwinkel (2014) recommended

accessing public records as a means of finding potential participants who meet the

eligibility criteria in research. I invited participants who meet the eligibility criteria and

who had interest in the study topic.

In preparation, my interview request included (a) an invitation to participate in the

study, (b) an interview protocol, (c) a consent form, and (d) my contact information. I

emailed a consent form for each participant to provide a clear understanding of the

research criteria and ethical aspects surrounding the research question of my study.

Participants emailed me back directly to confirm their intent to participate in this study.

Before the commencement of the interview, a researcher can use the consent form to

achieve the confidence of participants to establish a productive working relationship

(Condit et al., 2015).

The researcher and participant must have a relationship that includes rapport and

open communication during the interview (Collins & Cooper, 2014; Postholm &

Skrovset, 2013). A mutual connection between the participants and the researcher will

enable an open relationship and produce reliable results free from conditional restrictions

(Collins & Cooper, 2014; Lewis, 2015). As soon as permissible, I introduced myself via

email to establish a working relationship with potential participants. Upholding honesty

and clarity in research involving human participants is an essential role of the researcher

(Resnik, 2015). Lewis (2015) stipulated that research participants may be more motivated

to share honest information when the interview condition is comfortable and free from

conflict and judgment. I built trust with the research participants by explaining that all

information will be treated with the highest confidentiality. Johnson et al. (2017)

emphasized the importance of selecting a proper location in facilitating study progression

when conducting on-site interviews to enhance the collection of study data. To encourage

participants to share their experiences openly, I conducted the meeting in an office on site

free from any distraction.

Research Method and Design

Research Method

Yin (2017) identified the qualitative, quantitative, and mixed methods as the three

types of research methodology. In qualitative inquiry, researchers explore themes based

on human experience, within real-life contexts (Marshall & Rossman, 2016). The

participants’ ability to express their ideas and provide information that can best answer

the research problem is one advantage of a qualitative methodology (Anyan, 2013). The

qualitative research method was suitable for this study because I sought to explore human

experiences.

Researchers use statistical measurement, testing, and comparisons of research

variables guided by hypotheses in quantitative research (Odar et al., 2015). In a

quantitative method, researchers examine variances and connections, and formulate

results from a random sample of a target population after quantification of data gathered

from a population (Brockington, 2014). The focus of a researcher in quantitative research

is to make a prediction using numbers to confirm hypotheses about phenomena (Caruth,

2013; Johnson, 2015; Kaur, 2016). I did not choose a quantitative method because testing

a hypothesis and analyzing variables are not the objectives of my study.

In mixed methods, the researcher combines quantitative and qualitative research

techniques, methods, approaches, or concepts into a single study or set of related studies

(Frels & Onwuegbuzie, 2013). Mixed methods researchers examine inferences,

differences, or relationships among variables from a combination of participants’ natural

experiences and numerical analysis to prove reliability and validity of hypotheses (Green

et al., 2015). Schutt (2018) postulated that mixed method researchers include questions

and insights from available qualitative data to ensure the enhancement of findings from

quantitative analyses. The mixed method approach was not appropriate for this study

because I did not intend to examine the participants’ natural experiences and the

relationships or differences among combinations of variables from numerical analyses.

Research Design

I conducted a qualitative case study design. Researchers explore a multifaceted

social phenomenon and identify numerous data sources, ensuring a complex view of the

phenomenon in a case study design (Hoon, 2013; Yin, 2017). Scholars using a case study

approach offer a powerful insight to research that creates the opportunity for using

interview-based design, creativity, and rigor in exploring a phenomenon (De Massis &

Kotlar, 2014; Robinson, 2014). Qualitative researchers employ a case study design when

exploring complex data from participants to secure valuable results to comprehend,

confirm and explain the phenomenon (Yin, 2017). A case study design was suitable

because my objective was to collect data from multiple sources to understand MAS

strategies used by SBOs for business diversification.

Researchers use an ethnographic design to study the cultural tradition or

collective belief of one or more select groups, through observation and immersion

(Wolcott, 2010). Uriely (2014) postulated that an ethnography research design involves

inquiries and observations in which researchers focus on cultural groups in their natural

habitat. An ethnographic design was not appropriate for this study because I did not

observe or immerse myself in a group culture to explore the phenomenon.

In the phenomenological design, researchers seek to explore the meanings of

participants’ lived experiences to understand one or more phenomenon (Moustakas,

1994). A phenomenology design is appropriate for collecting information on an

individual’s lived experiences, opinions, and perceptions involving a phenomenon

(Astalin, 2013). Because I focused on in-depth analysis of numerous data sources as

opposed to the lived experiences of the participants, the phenomenological design was

not appropriate for this study.

Reaching the condition of data saturation represents an essential status to attain

improved and verifiable validity in qualitative research (Yin 2015). Researchers achieve

data saturation when no new theme emerges from the data collected (Bristowe et al.,

2014). Attaining data saturation is significant in qualitative research because the results

will advance the validity status of the findings (Morse, 2015; Yin, 2015). I continued

interviewing SBOs until no new data emerges.

Population and Sampling

I used purposeful sampling to identify and select participants for this study. A

researcher can identify the appropriate participants for the study based on experience and

expertise using purposeful sampling (Emerson, 2016). Sonenshein (2014) defined

purposeful sampling as the process of gathering data from participants. Researchers can

locate a wide range of experiences which can result in rich causal information when using

purposeful sampling (Armstrong et al., 2013; Palinkas et al., 2013). Researchers rely on

purposeful sampling to obtain participants who possess knowledge about the phenomena

which can address the research question (Benoot, Hannes, & Bilsen, 2016).

Collecting reliable information to gain an understanding of the research problem

is the goal of researchers during the sample size planning (Button et al., 2013; Colombo,

Froning, Garcia, & Vandelli, 2016). Scholars must focus on the participants’ expertise

and knowledge in qualitative research (Yin, 2017). Malterud, Siersma, and Guassora

(2016) conveyed that a purposive sample of six to 10 participants with diverse

experiences can provide sufficient information power for descriptions of different

practices of participants and accomplish data saturation. I interviewed at least 10 SBOs

who provide ancillary services to the film industry in California to gain a holistic

understanding of effective MAS strategies used for business diversification. Azzi et al.

(2014) and Fuji, Abbott, and Galt (2015) affirmed that using insights from 10 participants

as a sample size is adequate in exploring data from a research population in a multi-case

study.

Achieving data saturation is crucial in research where researchers continue to

accumulate information until the data collected shows signs of repetitive results

(Colombo et al., 2016). I continued interviewing participants until I achieved data

saturation. Harvey (2015) posited that case study researchers should continue to

accumulate data from multiple sources to pursue data saturation. Data saturation is

apparent in research when there are no indications of new data, evidence, or themes that

are accessible from participants (Guetterman, 2015).

Scholars should locate an adequate setting that will allow interviewees privacy

and an interview environment quiet and private (Johnson & Esterling, 2015; Shahian et

al., 2013). Johnson et al. (2017) emphasized the importance of selecting a proper location

in facilitating study progression when conducting on-site interviews to attain real-time

results and accounts of events. The researcher should consider convenience and privacy

when choosing the site of the potential interview to enrich the result of data collection in

a study (Marshall & Rossman, 2014). Robinson (2014) recommended that researchers

ensure that the interview location is suitable so that participants can feel comfortable in

sharing valuable ideas relating to the study topic. Furthermore, Robinson suggested that

researchers need to select an interview setting that will enable participants to share

information freely without concern for any confidentiality issues. I conducted all

interviews in a private, convenient venue on site within the participants’ business

location.

Ethical Research

Maintaining ethical practice when conducting research is important in meeting

research requirements, credibility, and protection of participants (U.S. Department of

Health and Human Services, 2014). I complied with the guidelines set forth by the IRB to

assure ethical compliance in my research. Upon receiving IRB approval, I selected and

invited potential participants to participate in the study. Informed consent is part of the

procedures used by researchers to provide participants with appropriate information to

make an informed decision when participating in a study (Check, Wolf, Dame, &

Beskow, 2014; U.S. Department of Health and Human Services, 2014). Researchers must

ensure potential participants could raise inquiries and acknowledge voluntary

participation during the informed consent procedure (Bristol & Hicks, 2013). I emailed

an informed consent form to every participant as part of my research procedures that

contained (a) a brief background and purpose of the study, (b) the participant’s role, (c)

confidentiality, (d) the risk and benefits of participating in the research, and (e) how to

withdraw from the study. Informed consent is a voluntary agreement consisting of ethical

standards used by the researcher to protect the participants (Chiumento, Khan, Rahman,

& Frith, 2015; U.S. Department of Health and Human Services, 2014). As part of my

informed consent process, I provided participants with the confidentiality statements, the

benefits of participating in the research, and the voluntary with no compensation clause

for completing the study. Rashid, Caine, and Goez (2015) stated that a consent form is a

guarantee to participants that privacy and confidentiality of information will be highly

preserved to support ethical practices in the research.

Research participants have the preemptive right to withdraw from a study (U.S.

Department of Health & Human Services, 2014). The researcher must notify participants

about the option to withdraw from the study without penalties or consequences (Mahnaz

et al., 2014). The researcher must terminate any interaction or collaboration when

participant elects to withdraw followed by extinguishing any data collected during the

interview (U.S. Department of Health & Human Services, 2014). I advised research

participants can withdraw from the study by providing notification through email.

Participants can withdraw from the study until completion of the member checking

procedure. I did not offer any compensations or incentives to participants for contributing

to the study.

Scholars must establish adequate measures to protect the rights and maintain the

privacy of the participants by safeguarding the information collected during data

collection, organization, and analysis (Yin, 2015). Bailey (2014) recommended that

researchers should provide participants with materials and information necessary to make

an informed decision. I disclosed all information related to the study to ensure the ethical

protection of participants in exercising informed decision. The names and any identifiable

information of the participants in the study will remain confidential. I assigned unique

identifiers to each of my participants using alphanumeric codes (P1 through P10) to

assure confidentiality and anonymity. The researcher must employ diligence in using

technological tools and applications in the research process to preserve the privacy of the

participants during the collection and dissemination of data (Teitcher et al., 2015).

Finally, as part of Walden University IRB requirements, I stored all data in a secured

cabinet, of which I had sole access for 5 years. After 5 years, I will destroy all the data.

The Walden IRB approval number was 03-21-19-0601493.

Data Collection Instruments

Mahnaz et al. (2014) and O’Sullivan (2015) suggested that a researcher can

perform as the primary research instrument in qualitative research. I served as the main

data collection instrument in this study. Denzin (2014) and Marshall and Rossman (2016)

posited that in qualitative research, the researcher serves as the primary data collection

instrument because of the activities involved such as hearing, seeing, and understanding

the data collected. I conducted semistructured face-to-face interviews with open-ended

questions to gather in-depth data from business leaders who use MAS strategies for

business diversification. Semistructured face-to-face interviews are an effective data

collection procedure to discover a multifaceted view of the phenomenon from

participants’ responses (Bowden & Galindo-Gonzalez, 2015). Face-to-face interviews are

critical to data collection in qualitative research to promote efficiency and effectiveness

during the interview process (Knepp, 2014). A semistructured interview format is a

widely used qualitative instrument for gaining participants’ input (Asif & Rodrigues,

2015). Yin (2015) recommended that a semistructured interview is a suitable procedure

for the researcher to gather information to address the research question. Redshaw and

Frampton (2014) regarded semistructured interviews as a guide to address questioning

that can lead to a valuable contribution to the study topic. Furthermore, Anyan (2013)

suggested that an interview is a commonly used practice that allows participants to talk

candidly about experiences and accomplishments during data collection in qualitative

research. Qualitative scholars explore phenomenon by gathering data from documents

and interviewing participants from a target population (Marshall, Cardon, Poddar, &

Fontenot, 2013).

After obtaining permission from participants, I utilized an audio recorder in the

data collection process. Moylan et al. (2015) asserted the advancement in technologies

involving mobile devices such as a Voice Recorder application on a smartphone could

serve as the audio recording instrument. The researcher can store and access a large

amount of data promptly and accurately using mobile devices with a Voice Recorder

application (Moylan et al., 2015; Broadhurst, 2016). I also recorded data using separate

audio recording equipment simultaneously as a backup instrument. I recorded my

interview using the Voice Recorder application on my iPhone 6 and a microcassette voice

recorder as a backup recorder.

To ensure reliability and validity, I used the same interview questions for each

participant, and I eluded bias by not asking misleading questions or inquiries outside of

the interview questions. Researchers should refrain from asking leading inquiries in

research interviews to avoid any bias (Onwuegbuzie & Hwang, 2014). Hermanowicz

(2013) noted that posing the same interview questions to participants help in identifying

themes. Yin (2017) recommended that posing similar interview questions to different

participants allows for a diverse range of answers and interactions. Asking the same

questions in a sequence allows for efficient data analysis and comparative response from

participants (Brédart, Marrel, Abetz-Webb, Lasch, & Acquadro, 2014).

As part of the data collection process, I integrated member checking to enhance

the reliability and validity of data collection. Member checking is the process of

validating descriptions, interpretations, or transcripts of the interview conducted with

participants to establish accuracy and credibility of data collected (Harvey, 2015;

Houghton et al., 2013; Johnson, 2015; Rashid et al., 2015). Caretta (2016) contemplated

that in mitigating research bias, member checking must supplement data triangulation.

Furthermore, member checking should immediately transpire after transcription of an

interview rather than after the analytical review of information which will enable

participants to confirm their responses promptly (Houghton et al., 2013). I transcribed my

interpretation of the responses to the interview questions from the participants. I emailed

the individual interpretative summary of the interview back to each participant for review

of accuracy. Participants confirmed the correctness of my interpretation following the

interview through member checking.

As the interview instrument, I conducted and directed interviews with participants

using an interview protocol (see Appendix). An interview protocol intensifies the level of

effectiveness and efficiency during the interview process (Alby & Fatigante, 2014;

Jamshed, 2014; Yin, 2017). An effectively formulated and organized interview protocol

will support consistency during the interview proceedings (Peters & Halcomb, 2015). Yin

(2017) articulated that a qualitative researcher should use an interview protocol as a guide

to collect reliable data.

Data Collection Technique

As part of my data collection technique, I used semistructured face-to-face

interviews upon receipt of approval from the Walden University IRB. Yin (2015)

suggested that interviews are an effective data collection technique when using a case

study design. Ziebland and Hunt (2014) recommended that a face-to-face interview is a

favored technique during data collection which can allow researchers to gather

information efficiently from participants during the interview. Researchers used a

semistructured interview classified as a primary data source of information followed by

the review of organizational documents as the secondary sources (Oltmann, 2016). I

conducted semistructured face-to-face interviews with open-ended questions to gather in-

depth data from business leaders who use MAS strategies successfully for business

diversification. Ziebland and Hunt recommended that a face-to-face interview can be an

effective method in gathering data that will allow the researchers to validate responses

immediately. Establishing trust and understanding of the roles of the researcher and the

participant can ensure validity in communication (Call-Cummings, 2016). Face-to-face

interviews are an intimate data collection process that requires trust from the research

participants (von Unger, 2016).

Marshall and Rossman (2016) qualified that a disadvantage of using

semistructured interviews as a data collection technique can be constrained by the

participant’s communication skill. Yin (2017) stated that in a semistructured interview,

reflexivity might cause the interviewee to offer responses believe the interviewer wants to

hear. Research bias can be avoided by incorporating member checking and review of

reflective research journal (Caretta, 2016; Elo et al., 2014; Harvey, 2015). I emailed my

interpretative summary of the individual interview findings back to each participant to

confirm the accuracy and validity of their responses. An effective data collection

technique allowed me to establish efficient control over what information to expect and

validate my inquiries to accumulate a robust set of data necessary for qualitative research

analysis. Qualitative researchers who rigorously and efficiently collected qualitative data

can establish more perspectives at the center of research (Ziebland & Hunt 2014).

To assure accuracy in analysis, researchers can apply triangulation techniques to

assist in validating statements from multiple sources through cross-referencing results

from interviews and review of organizational documents (Kern, 2018; van Dijk,

Vervoort, van Wijck, Kalkman, & Schuurmans, 2016). Researchers can use two

independent sources of data collection such as interview and document review

originating from multiple sources which can promote credibility and reach data saturation

(Yin, 2015). Researchers gather secondary resource to enhance and triangulate

information collected from interviews (Othman & Rahman, 2014). Investigators can

tailor information gathered to align with the research question using secondary data such

as document review (Stage & Manning, 2015).

Researchers can confirm essential points that a participant is unable to articulate

or overlook to share during the interview (Rubin & Rubin, 2012). Yin (2017) suggested

that in the case study, document review support and corroborate evidence that researchers

obtain from other sources. Researchers have the advantage of using record reviews as a

complimentary source of information originating from multiple data sources to increase

the quality and accuracy of the study findings (Houghton et al., 2013). Documentation is

a concrete resource which can allow repetitive access to reviewers when validating

research data (Yin, 2017). Turner and Danks (2014) concurred that researchers use

multiple data sources to gather pertinent information to validate findings for

dependability and robustness.

Some of the drawbacks involving documents review include a condition where

acquired resources may be inaccurate and can include a possible bias of the author (Yin,

2017). Business owners might purposely repudiate access to essential documents which

can negate accessing data that are significant to the study (Yin, 2017). Furthermore, some

materials can be unrelated or contain insufficient information to support the validity of

the findings (Yin, 2017). Since performing documents review can enhance findings, I

conducted data triangulation using interview results and review of the organizations’

websites to ensure an accurate portrayal of study participants’ input and intent.

As part of the data collection technique, I integrated member checking procedures

to enhance reliability and validity upon accumulation of data in this study. Scholars use

member checking to achieve reliability and validity in qualitative case study research

(Andraski, Chandler, Powell, Humes, & Wakefield, 2014; Wang, 2015). Thomas (2017)

suggested that securing participant’s approval of the data interpretation in which results

are doubtful and unclear can be a valuable process of member checking. Using member

checking to validate data collected from interviews supports the researchers’ practice of

maintaining accuracy and credibility (Andraski et al., 2014; Check et al., 2014). After the

transcription of the interviews, I emailed the individual summary of my interpretations to

each participant to confirm the accuracy and resonance of their responses.

Data Organization Technique

Data organization is an important tool when conducting research (Theron, 2015).

Establishing a systematic data organization procedure will assist researchers in locating

information in an efficient and timely manner (Merriam, 2014). Researchers use data

organization techniques to manage data more effectively increasing the reliability and

validity of the study (Check et al., 2014). I documented my observations and other notes

arising from the interview using a reflective journal. According to Cengiz, Karatas, and

Yadigaroglu (2014), reflective journaling is an instrument used by researchers to

highlight notes surrounding experiences and conditions during the interview.

The use of computer programs, applications, and software in qualitative research

has improved the effectiveness of data management (Moylan, Derr, & Lindhorst, 2015).

Gibson, Webb, and Lehn, (2014) suggested that researchers use software to assist in

keeping track and organizing data. In qualitative studies, organizing data into categories

assists researchers in identifying themes during data analysis (Merriam, 2014). I used

NCH Software Suite Quick Launcher Text Converter and Microsoft

Word to transcribe

and organize interview data by participant throughout this study. As part of my data

analysis, I organized my interview results by category to establish themes.

After the interview, transcription, and member checking, I uploaded the data and

archival documents into the NVivo 12 for coding and theme development. A researcher

codes data collected to assign clearer themes relative to the research question (St. Pierre

& Jackson, 2014). Coding of data is essential to analysis which is a prelude to sorting and

grouping of patterns leading to the themes in research (Theron, 2015). Kowal and

O'Connell (2014) justified that researchers can achieve a better understanding and

formation of themes in the research if data are organized during collection, transcription,

and analysis. Integration of interview results from participants enable more powerful

analysis and will facilitate the researcher’s process of categorizing relationships among

data collected (Dagobert, 2015). I organized and transferred all data into NVivo 12 which

enabled me to code, sort, group, condense and generate reports towards the development

of key themes for more rigorous analysis of findings.

Moylan et al. (2015) asserted that the advancement in technologies involving

mobile devices such as a Voice Recorder application on a smartphone could serve as the

audio recording instrument. A researcher can store and access a large amount of data

promptly and accurately using mobile devices with a Voice Recorder application

(Moylan et al., 2015). I saved all recordings from my interview in an encrypted external

hard drive that was password protected and locked in a safe only accessible by me.

Finally, as part of my data organization technique, I intended to extinguish all collected

materials subsequently for confidentiality after 5 years.

Data Analysis

Data analysis comprises of exploring, merging, recombining, and processing the

evidence to achieve realistic results in a study (Leedy & Ormrod, 2013; Yin, 2017).

Employing an analytical technique of data collected from the interview will enhance a

clear interpretation and quality of the findings (Stuckey, 2015; Huang et al. 2014). To

assure accuracy in analysis, researchers apply triangulation techniques to assist in

validating statements from multiple sources through cross-referencing results from

interviews and review of organizational documents (Kern, 2018; van Dijk et al., 2016). I

conducted data triangulation using interview results and review of archival documents to

ensure an accurate portrayal of study participants’ input and intent.

Researchers use methodological triangulation to establish an understanding of the

study topic and enhance the reliability of results arising from multiple resources (Graue,

2015; Mayer, 2015). Using methodological triangulation involves integrating interview

results and the review of organizational documentation for verification of data (Kern,

2018). I used methodological triangulation to analyze my findings from the interview and

physical documents to validate my research results and ensure the reliability of the study.

I conducted semistructured interviews using open-ended questions and triangulated with

information using archival documents determined during the interview with the

participants. Applying methodological triangulation using participants’ interviews and

data from physical documents should enhance the validity of my study.

Researchers interpret and draw meaning from the data collected by comparing

similar and contrasting information, cohesions, ideas, patterns, and themes formulated

from the interview of participants (St. Pierre & Jackson, 2014). Yin (2017) identified the

five steps involved in data analysis as follows: (a) arrange the facts in order, (b) identify

patterns, (c) categorize data, (d) interpret single occurrences, and (e) synthesize and

conclude. The formulation of themes is a fundamental procedure that a researcher should

accomplish during data analysis in case study research (Emmel, 2015). St. Pierre and

Jackson (2014) suggested that a researcher organize and code data for analysis. I

transcribed and coded interview responses to understand and analyze input from my

participants. My analysis covered the identification of themes from information

contributed by participants. I grouped and consolidated participants’ words, phrases, and

clauses that suggest similar ideas and meanings in the same category before coding. I

conducted in-depth interpretations of the interviews and physical documents from the

SBOs and formulate my findings and conclusions from the emerging themes.

Scholars recognized NVivo 12 as reliable software capable of categorizing key

themes, coding, and mind-mapping data (Edwards-Jones, 2014; Franzosi, Doyle,

McClelland, Rankin, & Vicari, 2013). Zamawe (2015) suggested that researchers can

utilize NVivo 12 to formulate themes in an organized and expeditious fashion eliminating

prospective human error during the coding and theme identification processes. After

conducting member checking with all participants, I used NVivo 12 to organize the data.

Thematic patterns may arise through the process of sorting and coding of participants’

input (St. Pierre & Jackson, 2014). Using NVivo 12 enabled me to efficiently create

words and phrases, which can lead to the generation of study topic thematic patterns

arising from sorting and coding.

Noble and Smith (2014) corroborated that after collection of factual responses

from participants, the procedures involved in data analysis are organizing and

consolidating all the information in a meaningful fashion that is accurate, transparent, and

detailed. The ability of the researcher to interpret the results accurately and prioritize the

views of the participants in understanding the phenomenon is an effective approach to

data analysis (Starr, 2014). I ensured themes generated from my study using NVivo 12

are reliable and transparent purporting an effective data analysis. Exploring and

correlating my findings using existing literature and through the lens of the CTMA could

enhance the validity of my results.

Reliability and Validity

Reliability

Noble and Smith (2015) advocated that reliability in qualitative research

represents the state of generating consistent outcomes over time. Researchers must

evaluate the quality and appropriateness of the methods and integrity of the findings and

conclusion to assess the reliability of the study (Noble & Smith, 2015). Furthermore,

investigators seek to confirm the consistency of the research findings as a way of

ensuring dependability (Lishner, 2015). O’Nyumba, Wilson, Derrick, and Mukherjee

(2018) recommended interview results be verified with the participants to validate the

accuracy of the information. Member checking is the process of allowing participants the

opportunity to check the researcher’s discussion for accuracy and resonance (O’Nyumba

et al., 2018). After completion of my interpretation of the interview, I emailed the

individual interpretative summary of the findings back to each participant to confirm the

accurate representation of their responses. I integrated member checking to enhance the

reliability and validity of the data collected.

Thomas (2017) justified that member checking can be useful for obtaining

participant validations of quotations, statements or case studies. Researchers performed

member checking by validating descriptions, interpretations, and transcripts of the

interview to establish accuracy and credibility of data collected from participants

(Harvey, 2015; Johnson, 2015; Rashid et al., 2015). Houghton et al. (2013) stipulated that

member checking should occur immediately after transcription of the interview rather

than after the analytical review of information to enable participants to confirm the

accuracy of responses. Furthermore, Caretta (2016) recommended that researchers

supplement methodological triangulation with member checking to mitigate research

bias. I addressed research bias by conducting member checking and triangulating data

collected from the interview and physical documents.

Dependability. Dependability is the level of stability and strategic simulation of

research results that scholars use to ensure reliability in qualitative research (Harvey,

2015). Cope (2014) and Lishner (2015) suggested that dependability is the quality of

consistent replication of data in identical research conditions. Researchers seek to

confirm consistency and simulation among research results as a way of ensuring the

dependability of findings (Lishner, 2015). Truglio-Londrigan (2013) recommended

sharing the researcher’s summary of the interview transcripts to participants to

corroborate the accuracy of input. Researchers can convey the interpretations of collected

responses to the individual participant for authentication using member checking

(Marshall & Rossman, 2014). Furthermore, Leedy and Ormrod (2013) affirmed that

member checking is a strategy for verifying the dependability of a study. I emailed my

summary of the individual interview findings back to each participant to confirm the

accurate representation of their responses.

Lishner (2015) recommended that researchers engage in reflexive journaling for

an audit trail to ensure dependability in qualitative research. Documenting the audit trail

using a reflexive journal to portray researcher’s decisions and interpretations support

credibility and dependability (Cope, 2014; Darawsheh, 2014; Lub, 2015). Researchers

can attain dependability by exhibiting discipline and rigor in documenting the research

procedures in detail (O’Leary, 2014). I assured dependability using member checking and

maintaining a reflexive journal to confirm the accuracy of my research results from data

collection and analysis.

Validity

In qualitative research, validity relates to compliance of the methodology, design,

data collection techniques and analysis, sample size, and findings based on the research

question (Leung, 2015). Dwork et al. (2015) emphasized that researchers can improve the

quality of the study results by upholding validity in qualitative research. Cope (2014)

advocated that researchers imply validity as the expanse of trust developed from the

research findings which originated from the conveyance of participants’ experiences in

the research. Moreover, establishing trust and a clear understanding of the roles of the

researcher and participants can warrant validity in communication (Call-Cummings,

2017). I ensured validity through member checking and methodological triangulation by

confirming the summation of individual interview responses and reviewing physical

documents from each participant.

Credibility. Nyhan (2015) postulated that scholars must achieve credibility to

support the validity of the findings in qualitative research. Credibility refers to the

confirmation of the study results from the participants and the value of trust established

with other researchers in going through the research findings (Nyhan, 2015).

Investigators display credibility when the authenticity of participant’s visions are

depicted accurately from the result of research (Cope, 2014; Theron, 2015). Researchers

establish study credibility through the implementation of an audit trail of the research

process and member checking (Yin, 2015). Cope (2014) emphasized that member

checking is the most rigorous procedure for ensuring data credibility. Member checking

is a process that researchers practice, assuring the credibility of interview data in research

(Marshall & Rossman, 2016).

Other than member checking, establishing an audit trail of the research process

can improve credibility. An audit trail is a process of documenting the researcher’s

procedures and interpretations to support credibility and dependability (Cope, 2014;

Darawsheh, 2014; Lub, 2015). To ensure credibility, a researcher can exhibit discipline

and rigor by documenting the research process in detail (O’Leary, 2014). I used member

checking to assure the accuracy of the participants’ responses to the interview questions. I

emailed my interpretative summary of the individual interview findings back to each

participant to confirm the accuracy and validity of their responses.

Transferability. Cope (2014) emphasized that transferability represents how

pertinent findings can influence other research works in the future. Transferability

pertains to the condition when research findings can relate to or go beyond the scope of

the study (Cope, 2014). Researchers who convey a rich depiction of the study context can

assist readers to understand and transfer the findings to other research at any time

(Yilmaz, 2013). To confirm transferability, researchers must integrate detailed

descriptions of the research context to replicate the study results in other settings

(Marshall & Rossman, 2016). Furthermore, an investigator can practice transferability of

the findings by providing a detailed description of the procedures used in data analysis

and research context in a study (Elo et al., 2014). I provided a detailed description of the

data analyses’ procedures and research context with individual research participants to

improve transferability.

Confirmability. Confirmability occurs when other researchers can verify and

validate the findings in a qualitative study (Korstjens & Moser, 2018). Furthermore,

scholars should provide results that can align with other research through audit trails

(Korstjens & Moser, 2018). Childers (2014) emphasized research community could

challenge the validity of the study when the results presented cannot be verified.

Researchers should exercise clarity and firm commitment to avoid biases to achieve

confirmability (Matamonasa- Bennett, 2015). Cope (2014) highlighted that confirmability

demonstrates the scholar’s ability to prove that the research data and materials originated

solely from participants and did not contain the researcher’s opinions or dispositions.

Strategies used by qualitative scholars to promote confirmability are member checking

and triangulation (Korstjens & Moser, 2018). To implement member checking, Houghton

et al. (2013) suggested that researchers must request participants to review the

interpretation of the interview as a process of validating data for accuracy. I

accomplished data confirmability by emailing my interpretative summary of the

interview findings back to each participant to confirm the accuracy and validity of their

responses.

Data Saturation

Achieving data saturation is crucial in research where scholars continue to

accumulate information until the data collected show signs of repetitive results (Colombo

et al., 2016). Data saturation is the stage when no signs of new data, evidence, or themes

are generated from participants in research (Bristowe et al., 2014; Guetterman, 2015).

Scholars need to attain data saturation because reaching this stage will facilitate the

validity status of the findings in qualitative research (Morse, 2015; Yin, 2015). Harvey

(2015) recommended that case study researchers continue to accumulate data from

multiple sources such as interviews and physical documents until gaining repetitive

results. I achieved data saturation by collecting data until no new themes emerged from

the (a) participants’ responses to the interview questions, (b) analysis of organizational

documents, and (c) member checking process.

Transition and Summary

Section 2 highlighted the full description of the project, the role of the researcher,

and the participants in the study who are SBOs engaged in providing ancillary services to

the film industry in California. I provided a discussion on the specific research method

and design, highlighting the selected population, and an understanding of the selection of

research participants. Also highlighted are the protection of the rights, privacy, and

confidentiality of all selected participants. Finally, I included a discussion on data

analysis and the process of establishing reliability and validity in my study.

Section 3 will contain the findings of this research. The presentation of the

findings will cover a discussion of the themes and how they link to the conceptual

framework. I will also provide a discussion of the findings and application to professional

practice and the implications for social change. Finally, I will complete Section 3 by

proposing my recommendations for action for further study, my reflections, and

conclusion of the study.

Section 3: Application to Professional Practice and Implications for Change

Introduction

The purpose of this qualitative multiple case study was to explore MAS strategies

leaders of ancillary service providers use for business diversification. Ten SBOs of

motion picture industry ancillary service providers located in California participated in

this study. I used interview responses and a review of organizational documents and

websites (archival documents). The findings derived from the review and triangulation of

the research data included a focus on the use of MAS strategies and the reliance on

experiential learning for the SBOs to achieve sustainable growth and diversification

leading to competitive advantage. The four themes that emerged were the need to

establish (a) procedures to monitor production and business operation, (b) techniques to

anticipate business growth and development using service diversity, (c) up-to-date

information technology systems for diversity, and (d) measures to understand risks and

uncertainties in decision-making. Each SBO indicated that employment of MAS

strategies using financial and non-financial information as a primary decision-making

tool led to successful operating results. Leaders acknowledged the spectrum of MAS

strategies available in making decision to address uncertainties leading to sustainable

growth of the business. Further, SBOs acknowledged errors and deficiencies of

competitors and discussed corrective measures that may be valuable for business survival

and profitability. Understanding and applying MAS strategies to make decisions and

plans to address uncertainties can assist other SBOs in increasing success rates and

operational stability (Brookschenhall et al., 2014).

Presentation of the Findings

The central research question guiding this study was What MAS strategies do

leaders of ancillary service providers use for business diversification? To address this

research question, I conducted semistructured face-to-face interviews with 10

participants. I followed an interview protocol (see Appendix), which included obtaining

consent from the SBOs to participate in the study. I built rapport with the selected

participants, which permitted the discussion on the use of MAS strategies in decision-

making. I collected data from the participants’ responses to the nine semistructured

interview questions with an open-ended interview format and archival documents. All

interviews were completed on-site in approximately 45 minutes.

While conducting the interviews, I took notes and recorded the interview

responses. During the interview process, participants willingly shared their views, ideas,

and experiences regarding the central research question. To verify my interpretations of

each participant’s responses, I emailed the interpretative summary of the individual

interview back to each participant for member checking. Performing the member

checking assured me that my interpretations of participants’ comments accurately

reflected the intended message during the interviews. Thomas (2017) suggested that

securing participants’ approval of the data interpretation in which results are doubtful and

unclear can be a valuable process. I conducted data triangulation through cross-

referencing the results from the interviews and the archival documents. I then coded the

interview data and assigned each participant an alphanumeric identification from P1

through P10.

To complete my analysis, I uploaded the data into NVivo 12 for Windows to

establish codes and find themes. Adopting an inductive technique, I used Otley’s CTMA

as my conceptual framework to compare and interpret research findings. The findings

aligned with both the conceptual framework and literature after my review, comparison,

and distinction of related frameworks. The four themes that emerged were the need to

establish (a) procedures to monitor production and business operation, (b) techniques to

anticipate business growth and development using service diversity, (c) up-to-date

information technology systems for diversity, and (d) measures to understand risks and

uncertainties in decision-making.

Theme 1: Procedures to Monitor Production and Business Operation

According to Shields and Shelleman (2016), repeated use of the MAS to evaluate

product or service profitability and to measure customer profitability has a significant

positive impact on return on investment. The process of monitoring and periodic

evaluation of projects and operation encompassed several procedures involving MAS. All

10 (100%) study participants emphasized the importance of monitoring and evaluation of

operation and on-going projects as a key strategy when using MAS. The tracking and

monitoring of the financial information, as noted by the participants, set the foundation

for implementing the key financial analysis. As commonly applied by all 10 (100%)

study participants, monitoring and evaluation strategy consisted of (a) budget, forecast,

and projections, (b) cash flow management, (c) product or service profitability analysis,

(d) cost analysis, and (e) financial trend analysis. The leading platform for MAS

application was the development and implementation of a budget, which also includes

product forecasting and planning. A key aspect of monitoring and evaluation procedure

was the comparison of the budget to actual results where nine (90%) participants

performed in their day-to-day operation. The practice of having the financial statements

monthly outlining all of the activities and transactions of the business contributed to the

strategies that foster the tracking of financial activities and performance of each project in

progress. Lin et al. (2020) and Obeidat et al. (2014) suggested the need for business

owners to include specific supportive strategies using data from the financial statements

for competitive advantage. The more frequently SBOs evaluate their business

performance using MAS, the more chances that the organization can improve the overall

operating results (Alkhajeh & Khalid, 2018; Pedroso & Gomes, 2020). Block et al.

(2017) found that SBOs possessing more business experience can identify and exploit

more innovative opportunities.

SBOs who have sustained their practice and business for over 5 years

incorporated budgeting, forecasting, and projections in decision-making. As an integral

part of the cash-flow management strategies, the SBOs built a budget, which was used to

project and forecast anticipating cash inflow and cash outflow of the business. Budget

control was an essential tool for financial and operational planning and control in which

managers set financial and performance goals as standards, compare the actual results,

and adjust performance, as needed by the organization (Bedford & Malmi, 2015). Six

(60%) of the SBOs implied that business leaders, whenever possible, should not make

any purchase commitment or create an obligation that was not included in the budget.

The assertion of the participants was aligned with the position suggested by Bellavitis et

al. (2017), who noted that small businesses need immediate access to funds to meet daily

obligations. Budgeting and extensive planning are essential for instituting the monetary

goals of the business (Albuquerque et al., 2016; Veledar et al., 2020).

Huang et al. (2015) posited that business leaders recognized key elements of

small films’ management strategy intended to help low-budget film ventures achieve

profitability while confronted with uncertainties by predicting results using data from the

production environment. All 10 (100%) participants implied that they used MAS to

manage information uncertainties. P3 shared, “Because we have now a diverse intel

which includes our management accounting system, we manage to meet a lot of

challenges along our way and continue to operate with our project. We use budgets or

forecasts.” P5 contributed, “I also see myself as an architect not only through my

creativity but also maintaining the financial viability of each job using budgets and

analysis.” P6 agreed, stating that getting together with staff at the very beginning and

talked about all different types of factors surrounding the project. P6 stated, “We discuss

everything from budget, how much, and how are we going to get the funding for the

project.” If SBOs comprehend how to apply MAS strategies to their business, operation

and projects are more likely to be successful in any environment, even during periods of

uncertainty (Bellavitis et al., 2017; Vahlne et al., 2017).

Elements of MAS are used to facilitate decision-making, which may include (a)

computation of product/service profitability, (b) taking action on comparisons of actual to

budgeted performance, and (c) assessment of customer profitability (Huang et al., 2015).

Finally, business practitioners participating in this study had verified that there was a

positive connection between budget and organizational performance. The potential results

arising from budget control as a MAS tool can provide knowledge into the relative

importance of management accounting information for SBOs (Shields & Shelleman,

2016). P2 contended that the major contingent factor that led them towards the formation

of an effective MAS had to do with spending too much money in a project, making

mistakes, failing, and running out of money. P6 shared,

One of the main factors that are always coming to play, that I make sure we have

is the set budget so that way we can be able to cover and provide all the main

necessities of the project and also cover any contingencies.

As a follow-up comment, P7 added that if there’s a need to make complicated decisions,

the elements would typically include our cash flow, budgets, and cost/overhead analysis

mainly dealing with the project. From the production standpoint, P8 emphatically added,

Another way I would use to diversify the business would be to increase the

budgets to accommodate strenuous, unexpected, and unspecified cost so that we

don't have to go back to the client and say we need extra money for this project.

Prediction is expressed by forecast or projection and is valuable to businesses so that

SBOs can perform proactive sustainable decisions (Márquez-Chamorro, Resinas, Ruiz-

Cortés, & Toro, 2017).

Cash flow management is a valuable part of MAS that integrated business

reporting (Kaspina, Molotov, & Kaspin, 2015). All 10 (100%) participants in my study

highlighted the importance of cash flow management in business management. To ensure

a stable stream of cash in the organizations, participants had identified the importance of

performing regular cash flow analysis as part of the implementation of MAS. P10

mentioned,

I communicate once every two weeks to review with staff what's going on in our

financial standing, cash flow, P&L and whatever other issues involving our

operation. The survival and growth of businesses may be dependent on the cash

flow management practices of the leaders.

Aren and Sibindi (2014) argued that proper handling and management of cash flow is an

extremely important contributor to the stability and survival of the business. Aren and

Sibindi added that poor cash flow management could lead to failures of small business

in any industry. P2 shared that “if there’s a need to make complicated decisions,

consideration would normally include our cash flow, particularly dealing with the

projects”. As a standard procedure, P2 claimed that they try to keep a good cash buffer.

They looked at their weekly change in the cashflow.

Most practitioners know that the source and application of cash flow comprised

operations, financing, and investment activities of the organization (Katehakis, Melamed,

& Shi, 2015; Shamsudin & Kamaluddin, 2015). Cash flow management, as an element of

MAS was a key component of working capital. Business owners needed to maintain a

positive level of working capital to operate and maintain the stability of business

operation. SBOs should maintain the level of working capital in a balanced manner,

where the level of current assets to current liabilities is not excessively low or high. As I

noted from study participants, SBOs need to understand the importance of reviewing cash

flow regularly. Effective and efficient cash flow management has a direct impact on the

success or survival and growth of the business.

Small businesses need constant access to funds to meet daily obligations and

finance on-going projects (Bellavitis et al., 2017). P4 noted that “we analyze our cash

flow requirements every time, which include performing ratio analysis involving working

capital”. P5 followed through claiming to always do a little cash flow analysis, cost

versus benefits of entering into a casting deal. P6 supported saying that cash flow status

was another one that was needed every time before, during and the finalization of the

project. Cashflow management was important for SBOs because they had limited

resources. Although SBOs had different approaches to managing cash flow, all 10

(100%) participants stated that cash and cash management was the most important driver

of their business operation. Dahmen and Rodríguez (2014) identified insufficient cash

flow as one of the incidental reasons that contributed to the financial distress and

complications experienced by business owners. Any SBO can diminish the financial

challenges in the organization if they manage to implement sufficient cash flow

management strategies. The internal cash flow management proficiencies that the SBOs

developed encompassed the strength of MAS strategies for decision-making, financial

management practices, and self-sustainability. All 10 (100%) SBOs who sustained their

businesses for over than 5 years established an effective internal cash flow management

systems and processes, which included MAS. The MAS and processes are key to their

cash flow management strategies.

Small business enterprise used MAS strategies that include analyzing

product/service profitability, calculating customer profitability, and assessing customer

acquisition costs affecting ROI (Shields & Shelleman, 2016). Shields and Shelleman

suggested that computation and analysis of product/service profitability assist businesses

to provide a rational combination of products and services based on empirical evidence.

Performing a regular comparative analysis as part of MAS strategy helps to establish the

framework of identifying the relationship among products and services’ variable to

measure sales performance and profitability compared to forecasted sales. Eight (80%)

participants agreed and instituted the product and service profitability analysis as part of

their MAS strategies. When performing comparative analysis, P2, P3, and P9 highlighted

the need for aggressive monitoring of results involving products and services. P2

explained, “We want to make sure to have the target amount of revenue. And so, for our

business, we have information from the year before the historical rate that we signed on

new projects.” Other than using financial ratio, P2 used comparative market and business

analysis to evaluate pricing of product and services, “We're constantly comparing how

much did we do last year versus how we expect from our new results this year.” P3

articulated of diversification by saying, “We've got to diversify, and we've got to look at

other markets. By using market trend analysis of possible donors and supporters, we

decided to translate our campaign into multiple languages.” P3 continued, “We got to get

beyond what we're just doing here in California. And so using our management

accounting system tool, we perform key performance evaluation and business analysis of

other market territories.” P4 mentioned using price comparison of data offered by their

competitors and expectations from studios when developing pricing for services. Nicolò

(2020) concluded that experiential network knowledge and knowledge on the important

factors about customers and competitors could impact the value of business relationships

in uncertain foreign markets.

Understanding the cost of goods and services in business operation give SBOs a

solid financial basis to develop effective decisions and planning for the future

(Ungureanu, 2014). Lin et al. (2020) and Mick and Shay (2016) confirmed that external

and internal costs attributable to uncertainty are circumstantial factors that can impact

business strategy. When executing an economic evaluation of an entity, business leaders

must identify which cost categories require consideration in generating estimates of cost-

effectiveness and decision uncertainty (Lomas et al., 2016). All 10 (100%) participants

identified the benefits of performing a production cost analysis as a valuable MAS

strategy in reviewing the strengths and weaknesses of activities within the organization.

This finding is consistent with the conclusion of Burritt et al. (2019) when working

towards complex sustainability and the value of fostering cleaner production practices. P1

and P5 highlighted the need to develop a proper cost strategy to assist in reviewing

production cost. P2 stressed the importance of performing cost and effect analysis as a

means of analyzing the decisions made by the organization. As a follow up, P2 further

stated,

We are constantly thinking how are we performing. We verify if we are going to

over-perform or under-perform. So extrapolating from what we know, we are

comparing results against two models. You pay money, and you expect something

in return regardless if the condition is now or in the future.

P3 insinuated comparing actual production cost of each project with projected cost,

manpower, and overhead needed to do a project. P3 further explained: “We have to

analyze our cost using trend analysis and financial ratios. We need basically to evaluate

our operation from month to month right now.” P4 added more details by checking and

analyzing how much will be the cost for labor, gas, estimated energy needed, and then try

to determine if the project is worth for us. P4 continued: “What's the profit margin on this

project or is this just more work than we're going make a profit.” To amplify more on

cost analysis as part of MAS strategies, P6 shared: “Our management accounting data file

assist us in making decisions on selecting which is the most economical catering services

or equipment rental providers that we should use for any of our projects.” P6 commented:

“I think being aware of what all the costs are and other budgets allowed us to further

grow in this industry.”

Consistent execution and performance of comparative analysis and financial

ratios may set the framework for finding the association among product variables in

determining the measures of generating revenue against forecasted sales, and actual

expenditure results against projected expenses in making critical decisions for sustainable

success. Faello (2015) concluded that financial ratios assist business owners and

managers in decision-making. Financial ratio analysis is frequently applied financial

metrics by professional practitioners considered as an effective MAS tool for decision-

making when assessing the performance of the business (Delen, Kuzey, & Uyar, 2013).

As part of MAS strategies, practitioners used financial ratios to help explain the financial

condition of a business’s operations (Jezovita, 2015). Financial ratio analysis has

emerged as an acceptable element of successful financial practices. P2 shared,

We are constantly thinking how are we performing. We verify if we are going to

over-perform or under-perform. So extrapolating from what we know, we are

comparing results against two models. We also apply financial ratio analysis and

most recently, comparative market and business analysis.

P3 supported, “We have to analyze our cost using trend analysis and financial ratios. We

need basically to evaluate our operation from month to month right now.” P4 indicated:

“We analyze our cashflow requirements, perform some of the ratio analyses (working

capital, sales ratio, aging of receivables, account payable aging, or inventory analysis)

with the help from our accountant.” P4 further explained: “So what we do is well we

analyze our profit and loss every month and we always go back to the year before and

find out if a client hasn't been working with us and we reached out to them from the

information, always clearing if there was an issue or something wrong with our services.”

The key concept underlying financial ratio analysis is using ratios developed from

accounting data (financial statements) to make comparisons and decisions for

organizations of any size (Alo et al., 2016). Financial ratio analysis is a strategy that

SBOs can use as an approach to improve productivity and profitability. As an effective

tool to analyze and understand the financial condition of a firm, ratios can help predict

and highlight the future of an organization (Oz & Yelkenci, 2015). A stakeholder should

be able to benchmark the probability of business success or failure by looking at the

financial ratios of an organization (Dahmen & Rodríguez, 2014).

Trends in financial ratios exhibit how a firm is performing overtime in an upward

or downward movement (Faello, 2015). Using comparative analysis of financial results,

SBOs relied on trend in products and services to make administrative and financial

decisions. P4 mentioned using price comparison of data offered by their competitors and

expectations from studios when developing pricing for services. Nicolò (2020) suggested

that experiential network knowledge and knowledge on the important factors about

customers and competitors could impact the value of business relationships in uncertain

foreign markets. For reviewing financial results, P4 indicated: “We used our accounting

system to do variance analysis spreadsheets and smart spreadsheets that track for

instance, project by project margin on a weekly basis.” P7 stated applying financial ratio

analysis and most recently, comparative market and business analysis. P10 articulated

looking at basic analytic or limited analytical resources which provided the trend in the

amount of business that would be projected from quarter to quarter.

The results on trend analysis of accounts performed by P7 and P10 disclosed

knowledge on possible increase or decrease in a financial period, which eventually

influenced the preparation of the upcoming budget. P3 insinuated,

Using our internal management accounting system, we ask our staff for ideas.

And ultimately a couple of people formulate decisions after doing some

comparative analysis of previous results. We also used cost comparison and trend

analysis on a period to period case basis to look and review our operation.

P9 mentioned: “We look at projecting expenditures and manpower needed to do a

project. We also apply financial ratio analysis and most recently, comparative market and

business analysis.” Performing a comparative statement analysis as a MAS strategy helps

to establish the understanding of financial and operating results of the firm at different

periods or products and services. When performing comparative analysis, P2, P3, and P9

highlighted the need for aggressive monitoring of results involving products and services,

production costs and overhead, and production time. Applying comparative analysis

regularly may set the framework for establishing the association among product and

service variables when determining the measures of income performance against forecast,

and cost and expense performance against forecasted production cost and overhead in

making critical decisions for continued success. P5 recommended that the key is to an

effective use of MAS is to keep internal information current whether the data pertains to

the market trend, people or competitors. In Table 1, I illustrate the frequency at which

participants mentioned the need for MAS strategy by monitoring and evaluation of

projects and operation.

Table 1

Procedures to Monitor Production and Business Operation (Frequency)

Participant

Interview questions

Total number of references

1, 2, 5, 6, 7

1, 4, 5, 6, 7, 8

1, 5, 6, 7, 8

2, 4, 5, 6, 7, 8

2, 5, 6, 7

1, 4, 5, 6, 7

1, 2, 5, 6, 7

1, 5, 6, 7

2, 4, 5, 7, 8

P10

1, 2, 4, 5, 6, 7

In many aspects, this theme aligns with the literature I found regarding the use

and application of management accounting theories. All the strategies and processes

identified in this study used for the success of the small businesses under review point to

a clear indication of the integration of MAS strategies and processes that was necessary

for SBOs to perform tasks in achieving the goals and objectives of the organization. The

organizational practices I identified after analyzing data aligned with the literature I

found about the successful management in an organizational transformation.

Archival document analysis. I reviewed the internal financial reports (archival

document) displaying profitability and diverse project accomplishments associated with

the organizational strategic plan. My review of two entities’ physical documents reflected

an increased trend in revenue and profitable results. P5 posted over 10 percent increase in

net profit in the past three years of operation. The cash and liquidity information

(availability of current assets over current liabilities) of P7 were align with strategic plan

following my examination of the internal financial report. Similar with P5, P7 displayed

sufficient cash balance available to meet any obligation in several years of operation.

Records of the financial transactions of a business such as books of accounts are useful

instrument to make competent managerial decisions to increase profits (Annan, Doe,

Anyamadu, & Ahiale, 2016). Furthermore, four (40%) SBOs provided physical

documents confirming the use of MAS in developing strategies for decision-making.

Proper recordkeeping such as consistent updating of cash flow was evident from the

internal financial reports which set the foundation for implementing the key financial

analysis for diversification. Proper record keeping is a positive driver for the success of

small businesses (Annan et al., 2016). Orobia, Padachi, and Munene (2016) resounded

the positive impact of financial records in making effective decisions using MAS.

Theme 2: Techniques to Anticipate Business Growth and Development Using

Service Diversity

Another MAS success strategy of the SBOs was the ability to adopt growth and

development strategies. An understanding of growth strategies that are necessary for

continued success allowed SBOs to embrace processes, ideas, and plans that have the

potential to increase, improve, or diversify operations. The growth and development

strategy of this study focused on diversification using MAS. In many aspects, this theme

aligns and confirms with the literature I found regarding the foundation of CTMA. The

organizational practices I identified after analyzing data aligned with the conceptual

framework for this study. The level of creativity, knowledge, and ideal development

skills of the SBOs is an asset for achieving competitive advantage through innovation

(Prajogo et al., 2016). Small businesses can be more flexible in adapting their knowledge

and resources, mainly human competencies, into innovative products or services (Martins

& Fernandes, 2015). As an effective tool to analyze and understand the financial

condition of a firm, ratios can help predict and highlight the future of an organization (Oz

& Yelkenci, 2015). A stakeholder should be able to benchmark the probability of

business success or failure by looking at the financial ratios of an organization (Dahmen

& Rodríguez, 2014).

Focusing on diversification using MAS strategies allows SBOs to increase or

redirect their attention to additional products and services for organizational success. All

10 (100%) participants discussed the strategy of planning for the future was what makes

the business sustainable. Eight (80%) participants talked about predicting what is going

to be beneficial in the future and how to stay one step ahead of the competitors by using

diversification. As part of their diversification process, SBOs under review were able to

expand business operations to include new product and services needed by their clients

and patrons. P1 articulated using MAS strategy in deciding to form a non-profit

subsidiary company to help promote and market the films produced by the production

company. P2 strategized by creating another private equipment rental company which

was a major support to the production company in terms of savings in production cost. P3

who was film producer noted: “We've got to focus on getting a good campaign program

to encourage younger people and younger supporters to become our member because a

lot of our present donors and supporters are now getting old and retiring.” P3 also added:

“We got to get beyond what we're just doing here in California. And so using our

management accounting system tool, we perform key performance evaluation and

business analysis of other market territories.”

As an alternative, SBOs can make their brand into a unique and effective source

of competitive advantage if they developed their brand identity (Muhonen, Hirvonen, &

Laukkanen, 2017). P9 moved into a successful printing service diversity by offering

franchise of the business. P9 noted: “One of the strategies I've used recently to diversify

is the idea of franchising my business to other people who might be coming from a

background in print production or print producing.” P9 continued: “The main purpose of

this strategy is, of course, to generate more revenue for my business.” Dant and

Grünhager (2014) stated that the franchising business model allows the franchisor to

expand to a new business territory without being confronted with any barriers to entry,

facing minimal financial or business risks, and providing an additional income channel to

the entity. Entrepreneurs with more prior business experience identified and exploited

more innovative and diverse opportunities (Block et al., 2017; Lin et al., 2020). In Table

2, I illustrated the frequency at which participants mentioned the need for MAS strategy

through growth and development using product or service diversity.

Table 2

Techniques to Anticipate Business Growth and Development Using Service Diversity

(Frequency)

Participant

Interview questions

Total number of references

1, 2, 5, 6, 7

1, 4, 5, 6, 7

1, 4, 5, 6, 7, 8

1,2, 4, 5, 7

2, 3, 4, 5, 9

1, 2, 5, 6, 7

1, 2, 5, 6, 7, 9

1, 2, 5, 6, 7

4, 5, 6, 7, 8

P10

2, 5, 6, 7

Another practice offered by P2 was the continued building and maintaining a

good relationship with customers, creditors, and competitors to benefit future success.

Leaders of successful business organizations recognize the strategy involved in building

and maintaining relationships (Nicolò, 2020; Xesha, Iwu, & Slabbert, 2014). Xesha et al.

(2014) clarified the importance for business owners to approach strategizing efforts based

on established relationships with stakeholders. P1, P2, P5, and P7 all shared that you start

with the relationships that you have and the people that you want to work with or you

trust. You will know how to start a new business in those markets by having an excellent

network.

Trust enhances an organization’s ability to change effectively and efficiently that

can facilitate the organization’s competitive advantage (Fainshmidt & Frazier, 2017). P4

added,

There's so much competition and uncertainties. Try and make a positive

relationship with other competitors. That's the only way you can communicate

and address a problem when you're overbooked or need special services requested

by our customers. Always assume that you need something or be short of your

resources.

P7 mentioned: “Having a good relationship with the companies we service gives us a

good idea of what their future project plans are, which helps us make decisions about our

own company.” P5 recommended that the key to an effective use of a MAS is to keep

internal information current whether the collected data pertains to the market trend,

people or competitors.

Archival document analysis. Regarding the techniques to anticipate business

growth and development using service diversity, I reviewed the organizations’ strategic

planning manual (archival document) which included current and new product offerings

of product and services to film production companies. I noted that business leaders did

not only designed a strategic plan but consistently updated the document with project

highlights and financial results. Further review of the organizations’ strategic planning

manual highlighted the stability, diversity, and success gained from projecting profits and

cash flow for the organization. The strategic approaches of the organizations were

aligned to the need of using MAS tools when planning for expansion and diversification.

As an effective tool to analyze and understand the financial condition of a firm leading to

strategic planning, financial ratios can help predict and highlight the future of an

organization (Oz & Yelkenci, 2015). A stakeholder should be able to benchmark the

probability of business success or failure by looking at the financial ratios of an

organization (Dahmen & Rodríguez, 2014). Application of MAS by implementing

business analytics for planning and decision-making on internal cost management and

operational control for performance measurement was an effective tool for competitive

advantage.

Theme 3: Up-to-Date Information Technology System for Diversity

Technology decisions are fundamentally valuable to firms focused on innovation

and diversification. Developments and continued augmentations in information

technology system have assisted business leaders in the use of data to run business

reports and processes for decision-making (Alaeddin et al., 2019; Appio et al., 2019;

Jasim & Raewf, 2020; Relich & Pawlewski, 2018). Formulation of effective and high-

quality decisions originating from MAS is possible to generate high quality results

(Leitner, 2014). Kauffman, Liu, and Ma (2015) described how significant uncertainties

related to decision-making on investment activity for information technology (IT) which

is a problem that leaders have been apprehensive about for a long time. Uncertainties

from technology can impact a firm’s operational and transactional performance,

technology standards and competition, and future market conditions. Ryu and Lee’s

(2016) determined that other than recruiting highly qualified employees, developing

information technology are important in improving the financial performance of small

businesses.

All 10 (100%) participants acknowledged the value of keeping and maintaining

information technology in their business operation. Information technology encompassed

the participants accounting system, projects and social networking application, and

electronic communication system. Nine (90%) of participants used information

technology when applying MAS to generate prospective projects, product profitability,

networking, and communication. P1, P3, P5, P6, P7, and P8 all mentioned the importance

of their information technology system when dealing with networking and cross-service

resources when searching for products and services or prospective projects online. P1

commented on how valuable the information technology to support the networking

activity which was a huge factor in the firm’s operation. P5 indicated that a lot of my

business as an independent casting director is through word of mouth and networking

using information technology. P6 contended that one of the MAS strategies in place was

to network with fellow practitioners listed in the database of network service providers of

ancillary services to the film industry to gain more diversity and opportunities. P8 shared,

“The execution of MAS strategy entails an excellent information technology system

when finding another partner or competitor from the list of providers that can find the

time and resource to accommodate the service to my client.”

Except for P5 and P9, eight (80%) members of the study population commented using

information technology for communication though emails and regular team meetings. P2

shared,

We have an executive two-hour weekly finance meeting attended by myself, our

chief operating officer, our controller, our head of originals as well as an

executive producer, and the head of the production. We used a PowerPoint

presentation and reports from our accounting system.

P4 added,

Using our advanced information technology, we performed our team analysis, that

allows us to make a group decision to let go of the job or take on the feature or

show that bid will be profitable upon us. My team also meet regularly to discuss

our financial performance for the month and for the year.

P6 noted: “We load most of our data whether budgets, analysis, quotes, contracts, or

proposals in “google doc” to provide access to my team members to alleviate delays and

come up with quick actions.” This finding was consistent with the conceptual framework

in that the SBOs were continuously striving to improve the performance of their

organizations to remain competitive by implementing the latest information technology

model. In Table 3, I illustrated the frequency at which participants mentioned the need for

MAS strategies using up-to-date information technology system for diversity. Table 3

shows that there were 97 references to maintaining up-to-date information technology

when using an effective MAS for diversification.

Table 3

Up-to-Date Information Technology System for Diversity (Frequency)

Participant

Interview questions

Total number of references

1, 7, 8

1, 3, 7, 8, 9

2, 3, 9

1, 2, 3, 8, 9

4, 5, 6, 7

1, 2, 3, 6, 9

1, 2, 3, 6, 8

1, 2, 3, 7, 9

P10

4, 5, 6

P10 indicated using information technology to communicate online to present the

financial reports, receivable aging, and payable reports, “I communicate once every two

weeks to review with them what's going on such as our financial standing, cash flow,

P&L and whatever other issues involving our operation.” A business organization is more

likely to attain sustainability if accounting information system generates relevant,

reliable, and up-to-date financial and non-financial information to management for

decision-making (Ahmad & Al-Shbiel (2019); Bruwer & Yolande, 2015). The key to an

effective use of a MAS is to keep accounting information system current and accurate

pertaining to the financial information, market trend, people or competitors (Bruwer &

Yolande, 2015; Jasim & Raewf, 2020). The consensus of participants to achieve an

effective use of a MAS was to keep the internal information system current involving the

financial information, market trend, people or competitors.

Archival document analysis. I reviewed the information technology (IT)

operation policies and procedures manual (archival document). My analysis of the

physical document highlighted the requirement of an appropriate IT knowledge and

training among support staff to improve business innovation and performance. I validated

the business success and longevity after reviewing the organizations’ IT operating

policies and procedures manual at which participants used as the basis to apply MAS

tools to develop strategies in decision-making. P7 included a project status program

designed in house to alleviate access to product information, collections, and support the

accounting information system of the organization. One notable observation was the

speedy access of the participants to current information technology and infrastructure

which demonstrated contribution to the business success. The IT operational policies and

procedures manual focused on maintaining procedures to accommodate new business

deals, project offerings and prospects through the organizations’ websites and the

accounting information system. A participant shared reliance on information technology

to correspond with staff and clients on line using product offerings, prospects, financial

reports and project analysis. Appio et al. (2019) and Relich and Pawlewski (2018) posited

that developments and continued upliftment of the information technology system have

assisted business leaders in the use of data to run business reports and processes for

decision-making. The development in information technology system had assisted

business leaders in the use of data to access financial reports and applicable business

information using MAS for decision-making (Alaeddin et al., 2019; Fuzi et al., 2019).

Theme 4: Measures to Understand Risks and Uncertainties in Decision-Making

SBOs’ risk management function plays a critical role in monitoring and managing

risks and uncertainties stemming from internal and external forces, which if not

addressed properly and timely could affect the firm’s profitability, success, or survival

(Brustbauer, 2016; Burritt et al., 2019). If SBOs understand how to apply MAS strategies,

their business operation is more likely to be successful in any environment, even during

periods of uncertainty (Bellavitis et al., 2017; Vahlne et al., 2017). By implementing the

attributes of MAS and addressing the divergence and fixity of uncertainties, an SBO can

potentially attain sustainable competitive advantage. All 10 (100%) participants raised

concerns about experiencing risks and uncertainties and using MAS strategies to

minimize or eliminate the negative impact on their business operation. Seven (70%)

participants made use of extensive professional expertise and experience in addressing

uncertainties. For instance, P1 talked about having film bonds to assure all of film

production in the past. P1 shared: “You're stuck trying to raise money for a project that is

pretty much a finished product, but without that important necessity of the film bond to

protect your ownership and rights, your film faced another uncertainty.” P2 articulated:

“It is our intelligence approach that allows us to understand the kind of risks that we are

taking or not taking and whether or not those things are high-risk decisions or whether

they're smart decisions. We say there are two possible outcomes if we keep, what we

100

have right now and say we're below compared to the models. So we can expect that we

can be 30% below or 40% below, then we're going to have x amount of a shortfall. The

higher the shortfall is, the scarier the situation will be. And the more we have to pound on

the pavement or lower our prices or whatever alternative to address the shortfall.”

P3 talked about the expectation when doing business in another country. The

political status and society of a country is a major contingency affecting operation. P3

indicated,

All the situation and condition in another country became those contingent factors

that made us formulate and use our management accounting system to develop

our strategy for the project. We have to learn how to adapt. We continue adapting

to new rules and new regulations to the best we can. We treat the situation like a

game that is changing all the time. The condition is not always consistent.

Boso, Oghazi, and Hultman (2017) indicated that small business use relationship

networks in distant countries to accomplish insider position, overcome unexpected

liabilities, and mitigate risks of failure. P3 insinuated of looking at other markets to

diversify. Using market trend analysis of possible donors and supporters, P3 decided to

translate marketing campaign programs into multiple languages.

Concerted communication, shared understanding, and transparency is

fundamental to relationship integration factors in an organization that can help reduce

risks and address uncertainties (Fayezi & Zomorrodi, 2015). Close, collaborative, long-

term relationships increase stakeholders’ inclination to share risks and rewards (Prajogo

& Sohal, 2013). P4 offered a way of addressing uncertainties, noting: “There's so much

101

competition and uncertainties. Try and make a positive relationship with competitors.

That's the only way you can communicate and address a problem say when you're

overbooked or need special services requested by our customers. Always assume that you

need something or be short of your resources.” P6 shared: “One of the management

accounting strategies that I have been using that is helping me diversify and gain success

is definitely management information that I used in networking and making sure I access

my needed resources from fellow practitioners.”

The existence of uncertainty in purchasing and supply management added to the

varying condition over time (Gadde & Wynstra, 2018). SBOs, like other business leaders

are exposed in exerting efforts and skills in handling the consequences of uncertainty

which impact the buyer-supplier relationships in the organization (Gadde & Wynstra,

2018). Gadde and Wynstra concluded that leaders could not evade uncertainty in

managing the business operation. However, using MAS strategies and processes reduced

the impact of certain types of risk or uncertainty, rather apply modification steps that can

increase profitability and competitive advantage. All 10 (100%) of the study participants

agreed with the position of Gadde and Wynstra (2018). The study participants

demonstrated that with the availability of resources from MAS, they had developed and

used internal resources, skills, and capabilities to sustain their businesses for longer than

5 years. P6 highlighted,

As a film producer, you do not only focus on the pre-production phase, but

sometimes uncertain things happen in the production or sometimes things will

happen in post-production that required us to come up with more funds than

102

originally planned. You can't really take pauses or stop as soon as the production

starts. We're constantly keeping track of everything like cost and quality of

services so in a way we're always ready for any contingency or uncertainties.

Therefore, the impact of any uncertainty in making effective decisions is not that

crucial in our operation because of the management accounting records.

P6 further suggested: “New phenomenon pushed many filmmakers to adjust and

diversify to stay competitive in the film industry.

In many characteristics, this theme aligns and confirms with the literature I found

regarding the foundation of CTMA. The organizational practices I identified after

analyzing data aligned with the conceptual framework for this study. SBOs were

continuously striving to improve the performance of their organizations to remain

competitive by using MAS strategies.

P5 explained that by continuously updating their database, which includes the

management accounting system allowed them to use appropriate information in making

valuable decision to stay engage and profitable. Finally, P5 recommended that the key to

an effective use of a MAS is to keep the internal information current whether the

pertinent data relates to the market trend, people or competitors. In Table 4, I illustrated

the frequency at which participants mentioned the need for MAS strategy by

understanding risks and uncertainties in decision-making.

103

Table 4

Measures to Understand Risks and Uncertainties in Decision-Making (Frequency)

Participant

Interview questions

Total number of references

2, 5, 7, 8

2, 3, 5, 7

2, 3, 5, 7, 8, 9

2, 3, 5, 7

2, 3, 5, 7, 8, 9

5, 7, 8, 9

2, 3, 5, 7, 8, 9

2, 5, 7, 8, 9

2, 5

P10

2, 5, 7, 8

Archival document analysis. I reviewed the strategic planning manual (archival

document) shared by the business leaders containing strategic results and profitability

validating the participants’ abilities in addressing risks and uncertainties. My review of

the physical document emphasized the use of MAS tools (comparing project results) to

address the negative impact of risks and to identify opportunities beneficial to business

operation. For instance, P5 strategic planning manual included legal and regulatory

framework to ensure high standard of compliance with workers’ union and governmental

regulations. The physical document was also supported with emails of project proposals

104

and postings of project accomplishments displaying the consideration estimated by SBOs

to address risks and uncertainties. Discussion emails, minutes, and memos validated

participants’ team discussion in addressing risks and uncertainties with competitors,

suppliers, and other service providers. Gadde and Wynstra (2018) determined that

business leaders could not avoid risk and uncertainty in managing the business operation.

Further evaluation of selected firms’ websites showed posting of other ancillary service

offerings diverting from possible uncertainties but focusing on diversification of services

aligned with the strategic plan of the organizations. All participants raised concerns about

experiencing risks and uncertainties such as shortage of funds or manpower which

validated the provision for contingences included in the strategic planning manual.

Findings Aligned with the Contingency Theory of Management Accounting

The CTMA framework can increase the understanding of the strategies that

emerged from the data collected in this study. Otley (1980) developed CTMA to provide

a plausible explanation for the different types of management accounting practices and

tools business leaders may use in environments of operational and economic uncertainty.

CTMA is a structure for management to measure the different procedures of handling

information uncertainty, encouraging coordination among groups of decision-making

participants and for potentially using MAS (Nielsen et al., 2015). To attain optimal

business success, leaders should consider the contingent elements involving the

operational environments when using management accounting tools (Otley, 1980).

Participant responses supported the conceptual framework for this study: CTMA.

The findings of this study exhibited that all 10 (100%) SBOs considered the contingent

105

elements involving the operational environments and diversities in formulating strategies

to attain optimal business success using MAS. Eight (80%) of the study participants

acknowledged the importance of MAS in developing strategies when making decisions

for competitive advantage and diversification. The outcomes from this study indicate the

prevention of early failure and sustain growth beyond the first 5 years of operation.

Business leaders can identify the best practices through the application of MAS in

developing strategies, along with the operational and financial processes adopted by the

organization. SBOs must address the challenge of diversification with an innovative

approach after careful evaluation of the risks and uncertainties versus the gains using

MAS. Scholars and practitioners have used CTMA to identify significant issues for

assisting business leaders in adopting appropriate management accounting practices

(Feeney & Pierce, 2016; Hutahayan, 2020).

All 10 (100%) participants recognized key elements of small films' management

strategy intended to help low-budget film ventures achieve profitability while confronted

with uncertainties by predicting results using data from the production environment. All

10 (100%) SBOs experienced contingencies as a business owner and used management

accounting to alleviate the challenges of risks and uncertainties when formulating

strategic decisions. Venturing into the business environment, where many uncertainties

exist, can be a difficult task for entrepreneurs (Camenzuli & McKague, 2015; Hutahayan,

2020; Wang & Huang, 2015). McLaren et al. (2016) postulated that to understand the

process of CTMA, business owners should not ignore the technical characteristics of

106

change and external uncertainties but must unilaterally include in the analytical

processes.

The research findings and the significance of the study were consistent with the

recommendations from Shields and Shelleman (2016) and Pedroso and Gomes (2020).

The performance framework for small businesses includes an in-depth assessment of

strategies to match the contingent condition of the business organization while

maintaining competitiveness and sustainability using MAS (Shields & Shelleman, 2016).

The perceptions of business climate vary across business owners, depending on their

firms’ sector and stages of development. Burns and Stalker (1961) explained that

management accounting practices differ from one organization to another due to

differences in organizations’ environment, sizes, and sectors. In principle, the leadership

of an organization will implement the organization’s management accounting practices.

The main concern of business leaders is engaging in a profitable, sustainable and

competitive business (Rule & Tskhay, 2014; Waldman & Bowen, 2016).

Findings Aligned with Existing Literature

The themes discovered in the research findings were consistent with information

collected from the literature review. The findings in this study might assist practitioners

and address the gap in the literature regarding the use of MAS strategies to assist leaders

of ancillary service providers towards business diversification. Addressing the gaps in the

existing literature concerning the management accounting skills required for SBOs to

succeed in diversifying business operation is significant (Naia et al., 2014; Ammar &

Bougheaea, 2019). All 10 (100%) of the study participants blended the use of MAS tools

107

that best applied to the different and unique product and services they offered in the film

industry. Motoyama and Hui (2015) indicated that the perceptions of business climate

vary across business owners, depending on their firms’ sectors and stages of

development.

Shields and Shelleman (2016) and Pedroso and Gomes, 2020 provided that MAS

refers to the methodical use of management accounting to accomplish organizational

goals. Regular and repeated application of MAS tools were applied by nine (90%) of the

study participants. The sole role of the SBO is to act as the decision-maker and generate

the strategic decisions that will impact the performance of the organization (Francioni et

al., 2015). The strategy and direction of the organization is influenced by the talent and

business proficiencies of the SBO (Francioni et al., 2015). Karadag (2015) added that

SBOs would encounter the challenges of operational uncertainties resulting from poor

financial management that eventually can contribute to failures in SMEs. However,

Shields and Shelleman (2016) and Hutahayan, 2020) justified that repeated use of the

MAS to evaluate product or service profitability and to measure customer profitability

has a major positive impact on return on investment.

By implementing the attributes of MAS and addressing the divergence and fixity

of uncertainties, SBOs can potentially attain sustainable competitive advantage. The most

common tools include (a) ratio analysis, (b) comparative analysis of financial statement,

(Collier, 2015). Other literature also postulates that sales, profit, and growth analyses are

the common measurement of performance applicable to small businesses (Karadag, 2015;

108

Mazzarol, 2014; Patten & Patten, 2014; Veledar et al., 2020). Nine (90%) of participants

applied financial trend analysis, product and service profitability, comparative analysis

and budget, forecasting, and planning. Financial ratios are commonly used financial

metrics by practitioners that are powerful tools for decision-making used when evaluating

the performance of the business (Delen, Kuzey, & Uyar, 2013).

The findings from this study indicate the prevention of early failure and sustain

growth beyond the first 5 years of operation. Business leaders can identify the best

practices through the application of MAS in developing strategies, along with the

operational and financial processes adopted by the organization. Though four themes

emerged, each participant had some divergent elements in their strategies. There was a

link between the findings in this study and existing literature published on small

businesses and SBOs. Management accounting system is a valuable asset and tool to

business decision-making processes (Pedroso & Gomes, 2020; Zafar et al., 2017). Odar et

al. (2015) explained there is not a data structure that is universally appropriate for all

businesses, but systems need to be adapted to specific organizations which led to the

development of MAS. All 10 (100%) SBOs supported the findings that the use of MAS

and digitally uploaded data increased timeliness and availability of the information

needed for decision-making. Furthermore, the accuracy and reliability of the information

determine the quality of the financial data and the information needs to be high quality to

make crucial management decisions (Ceran et al., 2016; Leitner, 2014). Profitability, firm

growth, and diversity are challenges for small businesses (Haron et al., 2014). Alam and

109

Dubey (2014) and Jasim and Raewf (2020) asserted that one key to business success and

survival is through innovation.

Applications to Professional Practice

The most significant contribution from the study findings may be the

identification of the MAS strategies SBOs utilize to achieve diversification and

sustainable growth. Recognizing the best practices that SBOs need to address

uncertainties and increase diversity may prove instrumental for organizational success.

Business leaders may be able to cultivate valuable workplace practice to improve

business performance by considering the research findings within this study. The crucial

role in ensuring the continued firm competitiveness, formulating strategies, and

monitoring the execution has caused the SBOs to become increasingly prominent (de

Abreu & Alcântara, 2015). SBOs may attain insights about the internal issues, external

challenges, and risks involved in business diversification and use of strategies provided to

reduce the vulnerabilities.

Collaborative communication, dialogue, mutual understanding, and transparency

are fundamental to relationship integration efforts in organizations that help reduce risks

(Fayezi & Zomorrodi, 2015; Nicolò, 2020). SBOs must be assertive to deal with the risks

involved in uncertainties when developing strategic decisions. Block et al. (2017) found

that being innovative had a positive effect on both business performance and firm

survival. For instance, Zulu-Chisanga et al. (2016) and Lin et al. (2020) found that new

product success as part of diversity strengthened the organization innovativeness and

financial performance. A clear understanding of implementing MAS tools may allow

110

SBOs to evaluate risks and the economic consequences of formulating their decisions

within the organizations. SBOs can identify investment opportunities and aid in making

sound decisions using MAS for continued success.

In my findings, I introduced potential applications to professional best practice by

detecting the gap that existed between the relationship of MAS and strategic business

decision when addressing signs of failures in business performance. The emerging

themes from the study included information on the relevance and use of MAS tools to

develop strategies required to manage a successful business diversification. The findings

of this study are rooted in SBOs who provide ancillary services to the film industry and

use financial and non-financial information to demonstrate the connection between

business decisions and activities. From the monitoring and evaluation perspective, the use

of historical financial data and trend analysis may allow SBOs to follow the movements

of each project or group of products. Using financial and trend analysis can help SBOs

determine future performance for continued productivity or more product diversification

consideration. The systematic approach to measuring the performance of operational

activities through the production analysis framework may allow SBOs to measure the

effectiveness of their business decisions. Consistent execution and performance of

comparative analysis may set the framework for finding the association among product

variables in determining the measures of generating revenue against forecasted sales, and

actual expenditure results against projected expenses in making critical decisions for

sustainable success.

111

The results from this study might provide an additional resource for SBOs to use

in approaching potential risks and uncertainties within their organization. SBOs may also

apply the findings from this qualitative case study to identify the methods to exploit on

firm characteristics that can facilitate competitive advantage through business

diversification. Business leaders may use the results of this study to address uncertainties

and improve business practices in small businesses diversification. Understanding the

relationship between trend analysis, projections, and estimates involving budgets and

measurement of financial performance may help business leaders improve their decision-

making process and increase the likelihood of successful operation.

Furthermore, business leaders can use the results of this study to evaluate the

procedures involved in financial planning and the importance of using budgets for

planning and control. The outcomes of the study may contribute to any industry and

educational research. Awareness on the use of strategic operational tools that connect the

financial and non-financial information in implementing business decisions may pave the

way for business leaders to take advantage of the frameworks that contribute to a better

appreciation of the MAS strategies in making clear and accurate decisions.

Implications for Social Change

The results of this study may help SBOs of motion picture ancillary service

providers to be aware of the importance of using MAS strategies for business

diversification in California. SBOs who implement MAS can achieve sustainable growth

for the local business community and consequently contribute to the economic progress

of the country. As noted by Koens and Thomas (2015) and Nwobu et al., (2015), the

112

overall health and welfare of the society are dependent upon the contribution of SBOs in

the form of employment and taxes that sustain the economic outcomes of the community.

Leaders of small businesses has a major role in contributing to the economic

sustainability of the society (Neagu, 2016). Local societies expect business owners to

balance business performance, sustain and improve employee wellbeing in parallel with

contributing to the social needs and welfare (Krainz, 2015). Business organizations must

not only stabilize business objectives and operation but be mindful of social needs as

deemed necessary in the local community (Lin et al., 2020; Yang, Huang, Huang, &

Huang, 2016). Applying the learnings from the knowledge accumulated involving MAS

strategies can help business leaders improve the firm’s overall competitive advantage

(Brookschenhall et al., 2014; Lin et al., 2020). Data from this study may affect societal

change by enhancing job creation arising from business expansion.

The possibility of economic growth through fewer business failures has the

potential for a positive effect on society and the overall economy. Small business

longevity and growth attributable to innovation initiatives and increase firms’

competitiveness could lead to the prosperity of local economies and communities

(Castaño et al., 2016). With the potential increase of continuous economic activity as

businesses become sustainable, the increases in tax revenues can strengthen the societal

frameworks of California. Furthermore, a decline in unemployment rates stemming from

the enhanced financial health of small businesses after using MAS is visibly a contributor

to positive social change (Healy et al., 2014; Kim et al., 2015). Financially viable and

productive small businesses may continue to generate additional jobs, facilitating the

113

sustainability of the economic health and welfare of local communities. The outcome of

this study may be useful to reduce business failures and job losses by assisting SBOs

enhance the financial health of small businesses using MAS.

Recommendations for Action

The findings from this study suggested that SBOs who provide ancillary services

in the film industry can use the identified strategies and processes to implement MAS to

address uncertainties for business diversification. The implementation of MAS when

developing strategies and processes can assist SBOs in making critical financial decisions

for continued success. As their business grows and matures, SBOs should learn to

incorporate MAS by reviewing their organization’s budget process and consider

expanding the types and complexity of their budgets. SBOs need to assess the current

financial condition using internal financial reports to determine their challenges then

learn to modify strategies and solutions as applicable. Applying MAS as an integral part

of planning and strategic processes is valuable and essential for businesses’ performance

(Brinckmann & Kim, 2015; Hofer et al., 2015; Karadag, 2015; Wei & Yao, 2020).

Planning based on MAS is an important procedure used in business projections, budget

preparation and cash flow analysis used in most organizations. While the findings of this

study were generated from the conditions of SBOs involved in the film industry, other

sectors can embrace the strategies and processes identified and apply them to the

conditions in their business environment to address uncertainties and for continued

success. Economic developers and others in local and state government can use the

results of this study to assist SBOs. These officials can help small businesses succeed by

114

emphasizing the importance of MAS and the significant role of MAS tools such as

budgeting and financial planning in that process. In a similar way, business educators,

trainers, and consultants can help small business leaders understand the relationship

between effective financial planning and financial performance. Providing information

and training to small business leaders on how to implement better planning and budgeting

practices can improve their businesses’ financial performance and likelihood of success.

The results of this study indicate that SBOs should use analytical skills when

attempting to deal with uncertainties and diversification. For instance, (a) be aware of

cash flow status, (b) be flexible and open-minded, (c) communicate consistently with

staff, customers, suppliers, and other service providers, (d) hiring of skilled employees,

and (e) staying connected with other stakeholders. SBOs must expand their knowledge

and establish which MAS strategies are suitable for their business model. Another

recommendation involves developing monitoring guidelines by establishing key

indicators to access the impacts of the implemented MAS strategies. Strategic planning

and preparation will allow SBOs to confront any uncertainties and remained align with

the organization’s strategic goals. Furthermore, careful attention should be placed on the

financial and operational processes identified in the study. As the critical necessity of this

study, the SBO’s need is to improve the effectiveness and efficiencies by prioritizing the

production of up to date financial statements for sound decision-making and continued

success.

115

Recommendations for Further Research

The findings of my study may contribute to completed and future research

involving best practices needed by SBOs to employ MAS tools for effective resource

management and strategic decision-making. A limitation in this study was the small size

of research participants in which the outcome may not apply to a wider population.

Although I was able to reach data saturation with a sample size of 10 participants, I

would recommend future research to take place in other geographical locations, other

industries, and other business environments. Further researches may include multiple

SBOs situated in different regions across the world. Future research can consist of a

multiple case study approach for a broader focus on the phenomenon and the exploration

of other sectors.

Furthermore, I would also recommend a study to explore the financial implication

of not applying MAS tools to achieve sound strategies and processes in implementing

financial analysis for continued business success. Subsequent research might include an

examination of the timing, scale, and usage of financial and non-financial information.

Thematically, my study findings showed a need for SBOs to be champions of their

organizations’ MAS initiatives. SBOs should promote a positive outlook on the

application of MAS tools to address uncertainties during business diversification.

I recommend a quantitative or mixed-method study to complement the findings of

this qualitative study and the evaluation of the effectiveness of managerial strategies.

Quantitative researchers may examine the extent and nature of the relationship between

multiple sample size. Expanding the targeted population to include a larger geographic

116

area and use a random sampling method rather than a selective sample may result in

effective conclusive results. For instance, future researchers could develop a standardized

survey for measuring budget planning and financial performance. As noted in the

literature review, no standard measure for budget planning exists.

Researchers could focus on the effect of instituting MAS tools when addressing

uncertainties or developing decisions on business diversification. Business leaders may

maximize performance and improve the reliability of information for analytical processes

by maintaining a working knowledge and active role in implementing MAS. Further

study should analyze the role of MAS in other transition and post-transition industries in

order to understand the level of MAS development and value in greater depth. The

adaptation and flexibility to changes in the environment, and the effect of MAS

information on organizations’ performance as a by-product of strategic decision-making

warrant an in-depth study.

Reflections

My experience within the DBA Doctoral study process had been challenging yet

rewarding. I entered the program expecting to complete coursework, just to discover that

the dissertation process was cumbersome and spherical, which required attention to

detail, patience, flexibility, and extensive communication skills. As part of my personal

aspiration to see SBOs succeed, I developed a profound interest in exploring the

strategies to attain continued success and establish competitive advantage. Personal

experience and the review of the literature confirmed my belief that there was a positive

benefit when using MAS tools in developing strategies for decision-making. My

117

perception about the relationship between the proper application of MAS and the

financial performance of a business entity were more tenuous, until the research study

added to my knowledge about the role of management accounting tools to promote

diversification in small business. I gained a deeper understanding of when and how to

apply MAS strategies that are necessary for implementing financial and non-financial

analysis for business success through diversification. As a practitioner, I gained useful

insights about the strategies that contributed to continued success of the organization

under review. My study afforded me to understand first-hand the challenges and

obstacles confronted by many SBOs. As an educator, I strengthened my understanding on

the importance of training and education and the extensive benefit knowing MAS

application. The results of my study were well rewarding to confirm that the potential to

drive positive results when making changes in operational behavior can be developed

using MAS tools. The most gratifying experience for me was to validate that MAS

strategies is a valuable factor in developing sound decisions for the small business

owners. I can now fully appreciate the value of what was involved in a doctoral research

work and the potential impacts to social change. Through the DBA process, I became

more mindful of the concept of positive social change. The emphasis on positive social

change affects those within the program, but more notably, the course affects those who

completed the program.

Conclusion

The purpose of this qualitative multiple case study was to explore MAS strategies

leaders of ancillary service providers use for business diversification. Employing

118

semistructured interview procedures with open-ended questions and review of

organizations’ websites, I collected and triangulated data to answer the research question.

High risks and challenges discourage SBOs from venturing to a new environment and

causing failures to deal with problems attributable to uncertainties. The findings of this

study show the results of strategic and innovative application of MAS tools to maintain

and improve business performance. SBOs should establish procedures as a sound basis

for the examination of trends, comparison of budget estimates versus actual, and

improving processes. Using MAS to measure whether or not decisions made are

consistent with appropriate benchmarks while eluding the negative impact of risks and

uncertainties was a valuable result of this study.

Four main themes emerged after I completed the transcription, member checking,

and data triangulation to address the research question: (a) monitoring and evaluation of

projects and operation, (b) growth and development using service diversity, (c)

developing information technology for diversity, and (d) understanding risks and

uncertainties in decision-making. The themes discovered in the research findings were

consistent with information collected from the literature review. The outcomes of this

study show that SBOs should use MAS tools in developing strategies for decision-

making involving diversification for business success. Furthermore, the findings from

this study indicate achieving sustainable growth when business owners use MAS tools in

developing strategies for decision-making.

Business leaders should identify the best decision using MAS involving the

operational and financial processes adopted by the organization. The results of my study

119

illustrate a need for SBOs to understand all aspects of MAS, by maintaining accurate

financial data needed for information collection, analysis, and reporting. Business owners

must take the initiative to identify innovative opportunities through service diversification

after careful evaluation of the risks versus the gains using MAS. Finally, SBOs must

embrace the implementation of MAS to address risks and uncertainties by analyzing all

aspects of alternatives and opportunities leading to successful diversification outlined in

this study.

120

References

Abdi, M., & Aulakh, P. S. (2017). Locus of uncertainty and the relationship between

contractual and relational governance in cross-border interfirm relationships.

Journal of Management, 43, 771-803. doi:10.1177/0149206314541152

Acito, F., & Khatri, V. (2014). Business analytics: Why now and what next? Business

Horizons, 57, 565-570. doi:10.1016/j.bushor.2014.06.001

Adams, D. P., & Miles, T. P. (2013). The application of Belmont Report principles to

policy development. Journal of Gerontological Nursing, 39(12), 16-21.

doi:10.3928/00989134-20131028-07

Ahi, A., Baronchelli, G., Kuivalainen, O., & Piantoni, M. (2017). International market

entry: How do small and medium-sized enterprises make decisions? Journal of

International Marketing, 25(1), 1-21. doi:10.1509/jim.15.0130

Ahmad, M. A., & Al-Shbiel, S. O. (2019). The effect of accounting information system

on organizational performance in Jordanian industrial SMEs: The mediating role

of knowledge management. International Journal of Business and Social Science,

10(3), 99-104. doi:10.30845/ijbss.v10n3p9

Ahmet Erkoyuncu, J., Roy, R., Shehab, E., & Kutsch, E. (2014). An innovative

uncertainty management framework to support contracting for product-service

availability. Journal of Service Management, 25, 603-638. doi:10.1108/JOSM-07-

2013-0193

Alaeddin, O., Shawtari, F. A., Salem, M. A., & Altounjy, R. (2019). The effect of

management accounting systems in influencing environmental uncertainty, energy

121

efficiency and environmental performance. International Journal of Energy

Economics and Policy, 9(5), 346-352. doi:10.32479/ijeep.8279

Alam, M. & Dubey, S. (2014). Owner-manager’s innovativeness and its relation to

innovation in small firms. ASCI Journal of Management, 44(1), 37-46. Retrieved

from http://www.asci.org.in/index.php/publications

Albuquerque, A. F., Filho, E. E., Nagano, M. S., & Phippsen, L. A. (2016). A change in

the importance of mortality factors throughout the life cycle stages of small

businesses. Journal of Global Entrepreneurship Research, 6, 1-18.

doi:10.1186/s40497-016-0051-1

Alby, F., & Fatigante, M. (2014). Preserving the respondent’s standpoint in a research

interview: Different strategies of ‘doing’ the interviewer. Human Studies, 37, 239-

256. doi:1007/s10746-013-9292-y

AlKhajeh, M. H. A., & Khalid, A. A. (2018). Management accounting practices (MAPs)

impact on small and medium enterprise business performance within the Gauteng

Province of South Africa. Journal of Accounting and Auditing: Research &

Practice, 2018. 1-8. doi:10.5171/2018.345766

Almandoz, J., Lee, M., & Marquis, C. (2017). Different shades of green: Environment

uncertainty and the strategies of hybrid organizations. Emergence Research in the

Sociology of Organizations, 50, 31-67. doi:10.1108/S0733-558X20170000050002

Alo, E. A., Akosile, A. I., & Ayoola, A. O. (2016). The statistical evaluation of the

performance of financial ratio analysis in Nigerian manufacturing industry: An

empirical study of Guinness Nigeria PLC. The International Journal of Business

122

& Management, 4, 295-301. Retrieved from

http://www.ccsenet.org/journal/index.php/ijbm

Alonso-Coello, P., Schünemann, H. J., Moberg, J., Brignardello-Petersen, R., Akl, E. A.,

Davoli, M., … Oxman, A. O. (2016). GRADE evidence to decision (EtD)

framework: A systematic and transparent approach to making well informed

healthcare choices. 1: Introduction. British Medical Journal, 28, 1-10.

doi:10.1136/bmj.i2016

Ammar, N., & Boughrara, A. (2019). The impact of revenue diversification on bank

profitability and risk: Evidence from MENA banking industry. Macroeconomics

and Finance in Emerging Market Economies, 12, 36-70.

doi:10.1080/17520843.2018.1535513

Andraski, M. P., Chandler, C., Powell, B., Humes, D., & Wakefield, S. (2014). Bridging

the divide: HIV prevention research and black men who have sex with men.

American Journal of Public Health, 104, 708-714. Retrieved from

http://ajph.aphapublications.org

Annan, E. M., Doe, M., Anyamadu, R., & Ahiale, F. K. A. (2016). A survey of costing

practices of SMEs in the informal sector: Koforidua, Ghana. International

Journal of Innovative Research and Development, 5(9), 92-98. Retrieved from

http://www.ijird.com

Ansoff, H. I. (1957). Strategies for diversification. Harvard Business Review, 35(5), 113-

124. Retrieved from https://hbr.org/

Ansoff, H. I. (1958). A model for diversification. Management Science, 4, 392-414.

123

doi:10.1287/mnsc.4.4.392

Anyan, F. (2013). The influence of power shifts in data collection and analysis stages: A

focus on qualitative research interview. The Qualitative Report, 18, 1-9. Retrieved

from http://tqr.nova.edu

Applebaum, L. (2014). From whining to wondering: Reflective journaling with

preservice educators. Journal of Jewish Education, 80(1), 5-23.

doi:10.1080/15244113.2014.880140

Appelbaum, D., Kogan, A., Vasarhelyi, M., & Yan, Z. (2017). Impact of business

analytics and enterprise systems on managerial accounting. International Journal

of Accounting Information Systems, 25, 29-44. doi:10.1016/j.accinf.2017.03.003

Appio, F. P., De Luca, L. M., Morgan, R., & Martini, A. (2019). Patent portfolio

diversity and firm profitability: A question of specialization or diversification?

Journal of Business Research, 101, 255-267. doi:10.1016/j.jbusres.2019.04.020

Arasti, Z., Zandi, F., & Bahmani, N. (2014). Business failure factors in Iranian SMEs: Do

successful and unsuccessful entrepreneurs have different viewpoints? Journal of

Global Entrepreneurship Research, 4, 1-14. doi:10.1186/s40497-014-0010-7

Archibald, M. M. (2016). Investigator triangulation: A collaborative strategy with

potential for mixed methods research. Journal of Mixed Methods Research, 10,

228-250. doi:10.1177/1558689815570092

Aren, A. O., & Sibindi, A. B. (2014). Cash flow management practices: An empirical

study of small businesses operating in the South African retail sector. Risk

Governance & Control: Financial Markets & Institutions, 4(2), 87-100. Retrieved

124

from http://uir.unisa.ac.za

Argouslidis, P., Baltas, G., & Mavrommatis, A. (2014). Outcomes of decision speed. An

empirical study in product elimination decision-making processes. European

Journal of Marketing, 48, 982-1008. doi:10.1108/ejm-10-2012.0573

Armitage, H. M., Webb, A., & Glynn, J. (2016). The use of management accounting

techniques by small and medium‐sized enterprises: A field study of Canadian and

Australian practice. Accounting Perspectives, 15(1), 31-69. doi:10.1111/1911-

3838.12089

Armstrong, N., Jackson, C. J., McNicol, S., Dixon-Woods, M., Kenyon, S., & Tarrant, C.

(2013). Unblinding following trial participation: Qualitative study of participants’

perspectives. Clinical Trials, 10, 97-103. doi:10.1177/1740774512464726

Aruldoss, M., Travis, M. L., & Venkatesan, V. P. (2015). A reference model for business

intelligence to predict bankruptcy. Journal of Enterprise Information

Management, 28, 186-217. doi:10.1108/JEIM-09-2013-0069

Asif, N., & Rodrigues, S. (2015). Qualitative analysis of creative potential of educational

leaders. Journal of Education and Training Studies, 3(6), 279-286.

doi:10.11114/jets.v3i6.1026

Astalin, P. K. (2013). Qualitative research designs: A conceptual framework.

International Journal of Social Science and Interdisciplinary Research, 2, 118-

124. Retrieved from http://www.indianresearchjournals.com

Astebro, T., Holger, H., Ramana, N., & Weber, R. A. (2014). Seeking roots of

entrepreneurship: Insights from behavioral economics. Journal of Economic

125

Perspectives, 28(3), 49-70. doi:10.1257/jep.28.3.49

Azzi, A., Battini, D., Faccio, M., Persona, A., & Sgarbossa, F. (2014). Inventory holding

costs measurement: A multi-case study. International Journal Logistics

Management, 25, 109-132. doi:10.1108/ijlm-01-2012-0004

Bailey, L. F. (2014). The origin and success of qualitative research. International Journal

of Market Research, 56, 167-184. doi:10.2501/ijmr-2014-013

Baker, S. R., Bloom, N., & Davis, S. J. (2016). Measuring economic policy uncertainty.

The Quarterly Journal of Economics, 131, 1593-1636. doi:10.1093/qje/qjw024

Bamiatzi, V. C., & Kirchmaier, T. (2014). Strategies for superior performance under

adverse conditions: A focus on small and medium-sized high-growth firms.

International Small Business Journal, 32, 259-284.

doi:10.1177/0266242612459534

Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of

Management, 17, 99-120. doi:10.1177/014920639101700108

Bedford, D. S. (2015). Management control systems across different modes of

innovation: Implications for firm performance. Management Accounting

Research, 28, 12-30. doi:10.1016/j.mar.2015.04.003

Bedford, D. S., & Malmi, T. (2015). Configurations of control: An exploratory analysis.

Management Accounting Research, 27, 2-26. doi:10.1016/j.mar.2015.04.002

Bellavitis, C., Filatotchev, I., Kamuriwo, D. S., & Vanacker, T. (2017). Entrepreneurial

finance: New frontiers of research and practice: Editorial for the special issue

Embracing entrepreneurial funding innovations. Venture Capital, 19, 1-16.

126

doi:10.1080/13691066.2016.1259733

Bello, B., & Ivanov, S. (2014). Growth strategies for very small organizations: A case

study of a very small entrepreneurship. International Journal of Organizational

Innovation, 6, 51-53. Retrieved from http://www.ijoi-online.org

Benoot, C., Hannes, K., & Bilsen, J. (2016). The use of purposeful sampling in a

qualitative evidence synthesis: A worked example on sexual adjustment to a

cancer trajectory. BMC Medical Research Methodology, 16, 21.

doi:10.1186/s12874-016-0114-6

Berger, R. (2015). Now I see it, now I don’t: Researcher’s position and reflexivity in

qualitative research. Qualitative Research, 15, 219-234.

doi:10.1177/1468794112468475

Bichler, M., Heinzl, A., & van der Aalst, W. M. (2017). Business analytics and data

science: Once again? Business & Information Systems Engineering, 59(2), 77-79.

doi:10.1007/s12599-016-0461-1

Block, J. H., Fisch, C. O., & van Praag, M. (2017). The Schumpeterian entrepreneur: A

review of the empirical evidence on the antecedents, behaviour and consequences

of innovative entrepreneurship. Industry and Innovation, 24, 61-95.

doi:10.1080/13662716.2016.1216397

Bolisani, E., & Bratianu, C. (2017). Knowledge strategy planning: An integrated

approach to manage uncertainty, turbulence, and dynamics. Journal of Knowledge

Management, 21, 233-253. doi:10.1108/JKM-02-2016-0071

Booth, A., Papaioannou, D., & Sutton, A. (2016). Systematic approaches to a successful

127

literature review. London, UK: Sage Publications.

Boso, N., Oghazi, P., & Hultman, M. (2017). International entrepreneurial orientation and

regional expansion. Entrepreneurship & Regional Development, 29, 4-26.

doi:10.1080/08985626.2016.1255430

Bowden, C., & Galindo-Gonzalez, S. (2015). Interviewing when you’re not face-to-face:

The use of email interviews in a phenomenological study. International Journal

of Doctoral Studies, 10, 79-92. Retrieved from

http://ijds.org/Volume10/IJDSv10p079-092Bowden0684

Bowen, H. P., Baker, H. K., & Powell, G. E. (2015). Globalization and diversification

strategy: A managerial perspective. Scandinavian Journal of Management, 31,

25-39. doi:0.1016/j.scaman.2014.08.003

Brands, K., & Holtzblatt, M. (2015). Business analytics: Transforming the role of

management accountants. Management Accounting Quarterly, 16(3). 1-12.

Retrieved from http://www.imanet.org/resources-publications/management-

accounting-quarterly/issues/Spring%202015

Brédart, A., Marrel, A., Abetz-Webb, L., Lasch, K., & Acquadro, C. (2014). Interviewing

to develop patient-reported outcome (PRO) measures for clinical research:

Eliciting patients' experience. Health and Quality of Life Outcomes, 12, 1-10.

doi:10.1186/1477-7525-12-15

Brinckmann, J., & Kim, S. M. (2015). Why we plan: The impact of nascent

entrepreneurs’ cognitive characteristics and human capital on business planning.

Strategic Entrepreneurship Journal, 9, 153-166. doi:10.1002/sej.1197

128

Bristol, S. T., & Hicks, R. W. (2013). Protecting boundaries of consent in clinical

research: Implications for improvement. Nursing Ethics, 21, 16-27.

doi:10.1177/0969733013487190

Bristowe, K., Horsley, H. K., Shepherd, K., Brown, H., Carey, I., Matthews, B., Murtagh,

F. E. (2014). Thinking ahead - the need for early advance care planning for people

on hemodialysis: A qualitative interview study. Palliative Medicine, 29, 443-450.

doi:10.1177/0269216314560209

Broadhurst, K. (2016). Innovation in social work research. Qualitative Social Work, 15,

3-10. doi:10.1177/1473325015619822

Brockington, D. (2014). Q-Squared: Combining qualitative and quantitative approaches

in poverty analysis. The Journal of Development Studies, 50, 1735-1736.

doi:10.1080/00220388.2014.978987

Brookschenhall, G., Heffner, A., & Henderson, D. (2014). A SWOT analysis of

competitive knowledge from social media for A small start-up business. The

Review of Business Information Systems (Online), 18(1), 23-34.

doi:10.19030/rbis.v18i1.8540

Brustbauer, J. (2016). Enterprise risk management in SMEs: Towards a structural model,

International Small Business Journal, 34(1) 70-85.

doi:10.1177/0266242614542853

Bruwer, J. P., & Yolande, S. M. I. T. (2015). Accounting information systems–A

valueadding phenomenon or a mere trend? The situation in small and medium

financial service organizations in the Cape Metropolis. Expert Journal of Business

129

and Management, 3(1), 38-52. Retrieved from

http://www.business.expertjournals.com

Bulley, C. A., Baku, K. F., & Allan, M. M. (2014). Competitive intelligence information:

A key business success factor. Journal of Management and Sustainability, 4, 82-

91. doi:10.5539/jms.v4n2p82

Burns, T., & Stalker, G.M. (1961). The Management of Innovation. London, UK:

Tavistock.

Burritt, R. L., Herzig, C., Schaltegger, S., & Viere, T. (2019). Diffusion of environmental

management accounting for cleaner production: Evidence from some case studies.

Journal of Cleaner Production, 224, 479-491. doi:10.1016/j.jclepro.2019.03.227

Button, K. S., Ioannidis, J. P., Mokrysz, C., Nosek, B. A., Flint, J., Robinson, E. S., &

Munafo, M. R. (2013). Power failure: Why small sample size undermines the

reliability of neuroscience. Nature Reviews Neuroscience, 14, 365-376.

doi:10.1038/nrn3475

Cairney, P., & St. Denny, E. (2015). Reviews of what is qualitative research and what is

qualitative interviewing. International Journal of Social Research Methodology:

Theory and Practice, 18(1), 117-125. doi:10.1080/13645579.2014.957434

Call-Cummings, M. (2017). Establishing communicative validity: Discovering theory

through practice. Qualitative Inquiry, 23(3), 1-9. doi:10.1177/1077800416657101

Calof J., Richards G., Smith J. (2015) Foresight, competitive intelligence and business

analytics — Tools for making industrial programs more efficient. Foresight-

Russia, 9(1), 68-81. doi:10.17323/1995-459x.2015.1.68.81

130

Camenzuli, A., & McKague, K. (2015). Team microfranchising as a response to the

entrepreneurial capacity problem in low-income markets. Social Enterprise

Journal, 11, 69-88. doi:10.1108/sej-02-2012-0008

Campbell, J. M., & Park, J. (2016). Extending the resource-based view: Effects of

strategic orientation toward community on small business performance. Journal

of Retailing and Consumer Services 34, 302-308.

doi:10.1016/j.jretconser.2016.01.013

Cao, G., Duan, Y., & Li, G. (2015). Linking business analytics to decision making

effectiveness: A path model analysis. IEEE Transactions on Engineering

Management, 62(3), 384-395. doi:10.1109/TEM.2015.2441875

Caretta, M. A. (2016). Member checking: A feminist participatory analysis of the use of

preliminary results pamphlets in cross-cultural, cross-language research.

Qualitative Research, 16, 305-318. doi:10.1177/1468794115606495

Caruth, G. D. (2013). Demystifying mixed methods research design: A review of the

literature. Mevlana International Journal of Education, 3, 112-122.

doi:10.13054/mije.13.35.3.2

Cascetta, E., Carteni, A., Pagliara, F., & Montanino, M. (2015). A new look at planning

and designing transportation systems: A decision-making model based on

cognitive rationality stakeholder engagement and quantitative methods. Transport

Policy, 38, 27-39. doi:10.1016/j.tranpol.2014.11.005

Cashmore, M., Richardson, T., Rozema, J., & Lyhne, I. (2015). Environmental

governance through guidance: The “making up” of expert practitioners.

131

Geoforum, 62, 84-95. doi:10.1016/j.geoforum.2015.03.011

Castaño, M.-S., Méndez, M.-T., & Galindo, M.-A. (2016). Innovation,

internationalization and business-growth expectations among entrepreneurs in the

services sector. Journal of Business Research, 69, 1690-1695.

doi:10.1016/j.jbusrev.2015.10.039

Cengiz, C., Karataş, F. O., & Yadigaroglu, M. (2014). The investigation of pre-service

science teachers’ reflective journals. Procedia-Social and Behavioral Sciences,

116, 3297-3302. doi:10.1016/j.sbspro.2014.01.751

Ceran, M. B., Gungor, S., & Konya, S. (2016). The role of accounting information

systems in preventing the financial crises experienced in businesses. Economics,

Management, and Financial Markets, 11(1), 294-302. Retrieved from

http://www.addletonacademicpublishers.com/economics-management-

andfinancial- markets

Cescon, F., Costantini, A., & Grassetti, L. (2019). Strategic choices and strategic

management accounting in large manufacturing firms. Journal of Management

and Governance, 23(3), 605-636. doi:10.1007/s10997-018-9431-y

Chaudhry, N. I., & Amir, M. (2020). From institutional pressure to the sustainable

development of firm: Role of environmental management accounting

implementation and environmental proactivity. Business Strategy and the

Environment, 1, 1-13. doi:10.1002/bse.2595

Che, X., & Liebenberg, A. P. (2017). Effects of business diversification on asset risk-

taking: Evidence from the US property-liability insurance industry. Journal of

132

Banking & Finance, 77, 122-136. doi:10.1016/j.jbankfin.2017.01.004

Check, D. K., Wolf, L. E., Dame, L. A., & Beskow, L. M. (2014). Certificates of

confidentiality and informed consent: Perspectives of IRB chairs and institutional

legal counsel. IRB: Ethics and Human Research, 36(1), 1-8.

doi:10.1038/gim.2014.102

Cheng, M. N., Wong, J. W., Cheung, C. F., & Leung, K. H. (2016). A scenario-based

road-mapping method for strategic planning and forecasting: A case study in a

testing, inspection and certification company. Technological Forecasting and

Social Change, 111, 44-62. doi:10.1016/j.techfore.2016.06.005

Chenhall, R. H., & Moers, F. (2015). The role of innovation in the evolution of

management accounting and its integration into management control. Accounting,

Organizations and Society, 47, 1-13. doi:10.1016/j.aos.2015.10.002

Childers, S. M. (2014). Promiscuous analysis in qualitative research. Qualitative Inquiry,

20, 819-826. doi:10.1177/1077800414530266

Chiumento, A., Khan, M. N., Rahman, A., & Frith, L. (2015). Managing ethical

challenges to mental health research in post conflict settings. Developing World

Bioethics, 16(1), 15-28. doi:10.1111/dewb.12076

Chu, Z., Wang, Q., Lai, F., & Collins, B. (2017). Managing interdependence: Using

Guanxi to cope with supply chain dependency. Journal of Business Research.

doi:10.1016/j.jbusres.2017.11.035

Collier, P. M. (2015). Accounting for managers: Interpreting accounting information for

decision making. West Sussex, UK: John Wiley & Sons.

133

Collins, C. S., & Cooper, J. E. (2014). Emotional intelligence and the qualitative

researcher. Internal Journal of Qualitative Methods, 13(1), 88-103.

doi:10.1177/160940691401300134

Colombo, T., Froning, H., Garcìa, P. J., & Vandelli, W. (2016). Optimizing the data-

collection time of a large-scale data-acquisition system through a simulation

framework. The Journal of Supercomputing, 72, 4546-4572. doi:10.1007/s11227-

016-1764-1

Condit, C. M., Korngiebel, D. M., Pfeifer, L., Renz, A. D., Bowen, D. J., Kaufman, D., &

Edwards, K. L. (2015). What should be the character of the researcher-participant

relationship? Views of participants in a long-standing cancer genetic registry.

IRB: Ethic & Human Research 37(4), 1-10. Retrieved from

http://www.thehastingscenter.org/Publications/IRB

Cope, D. G. (2014). Methods and meanings: Credibility and trustworthiness of qualitative

research. Oncology Nursing Forum, 41(1), 89-91. doi:10.1188/14.ONF.89-91

Cucco, M. (2015). Blockbuster Outsourcing: Is there really no place like home? Film

Studies, 13(1), 73-93. doi:10.7227/FS.13.0006

Cunliffe, A. L., & Scaratti, G. (2017). Embedding impact in engaged research:

Developing socially useful knowledge through dialogical sense making. British

Journal of Management, 28(1), 29-44. doi:10.1111/1467-8551.12204

Dagobert, S. (2015). Unleashing the power of data through organization: Structure and

connections for meaning, learning and discovery. Knowledge Organization, 42,

401-427. Retrieved from http://www.ergon-verlag.de/en/bibliotheks--

134

informationswissenschaft/knowledge-organization-journal/index.php

Dahmen, P., & Rodríguez, E. (2014). Financial literacy and the success of small

businesses: An observation from a small business development center. Numeracy,

7, 1-12. doi:10.5038/1936-4660.7.1.3

Dant, R. P., & Grünhagen, M. (2014). International franchising research: Some thoughts

on the what, where, when, and how. Journal of Marketing Channels, 21, 124-132.

doi:10.1080/1046669X.2014.917012

Darawsheh, W. (2014). Reflexibility in research: Promoting rigour, reliability and

validity in qualitative research. International Journal of Therapy and

Rehabilitation, 21, 560-568. doi:10.12968/ijtr.2014.21.12.560

de Abreu, A., & Alcântara, R. L. C. (2015). Supply chain managers: Professional profile

and the role in the cross-functional integration of supply chain management.

Independent Journal of Management & Production, 6(1), 44-63.

doi:10.14807/ijmp.v6i1.246

Delen, D., Kuzey, C., & Uyar, A. (2013). Measuring firm performance using financial

ratios: A decision tree approach. Expert Systems with Applications, 40, 3970-

3983. doi:10.1016/j.eswa.2013.01.012

Delen, D., Moscato, G., & Toma, I. L. (2018). The impact of real-time business

intelligence and advanced analytics on the behavior of business decision makers.

Information Management and Processing (ICIMP), 2018 International

Conference (pp. 49-53). IEEE. doi:10.1109/ICIMP1.2018.8325840

De Massis, A., & Kotlar, J. (2014). The case study method in family business research:

135

Guidelines for qualitative scholarship. Journal of Family Business Strategy, 5(1),

15-29. doi:10.1016/j.jfbs.2014.01.007

De Villiers, J. P., Laskey, K., Jousselme, A. L., Blasch, E., de Waal, A., Pavlin, G., &

Costa, P. (2015). Uncertainty representation, quantification and evaluation for

data and information fusion. Information Fusion (Fusion), 2015 18th

International Conference on, 50-57. IEEE. Retrieved from

http://ieeexplore.ieee.org/stamp/stamp.jsp?tp=&arnumber=7266543&isnumber=7

266535

Decker, R., Haltiwanger, J., Jarmin, R., & Miranda, J. (2014). Role of entrepreneurship in

U.S. job creation and economic dynamism. Journal of Economic Perspectives,

28(3), 3-24. doi:10.1257/Jep.28.3.3

Decker, R., Haltiwanger, J., Jarmin, R. S., & Miranda, J. (2017). Declining dynamism,

allocative efficiency, and the productivity slowdown. FEDS Working Paper,

2017, (019). doi:10.17016/FEDS.2017.019

Deligianni, I., Voudouris, I., & Lioukas, S. (2017). Do effectuation processes shape the

relationship between product diversification and performance in new ventures?

Entrepreneurship Theory and Practice, 41, 349-377. doi:10.1111/etap.12210

Denzin, N. K. (2014). Reading the challenges of a global community and the sociological

imagination. Qualitative Inquiry, 20, 1122-1127. doi:10.1177/1077800414542934

DesJardine, M. R., Bansal, P. T., & Yang, Y. (2015). The Value of Sustainability

Practices in Building Organizational Resilience during the Global Financial

Crisis. Working paper, University of Western Ontario: London, ON.

136

Di Maria, E., & Ganau, R. (2017). SMEs’ growth in international markets: export

intensity, export diversification and distribution strategies. Economia e Politica

Industriale, 44, 345-369. doi:10.1007/s40812-016-0061-6

Doktoralina, C., & Apollo, A. (2019). The contribution of strategic management

accounting in supply chain outcomes and logistic firm profitability. Uncertain

Supply Chain Management, 7(2), 145-156. doi:10.5267/j.uscm.2018.10.010

Dosi, G., Grazzi, M., & Moschella, D. (2017). What do firms know? What do they

produce? A new look at the relationship between patenting profiles and patterns

of product diversification. Small Business Economics, 48, 413-429.

doi:10.1007/s11187-016-9783-0

Duan, Y., Cao, G., & Edwards, J. S. (2020). Understanding the impact of business

analytics on innovation. European Journal of Operational Research, 281(3), 673-

686. doi:10.1016/j.ejor.2018.06.021

Dwork, C., Feldman, V., Hardt, M., Pitassi, T., Reingold, O., & Roth, A. (2015). The

reusable holdout: Preserving validity in adaptive data analysis. Science, 349, 636-

638. doi:10.1126/science.aaa9375

Edwards-Jones, A. (2014). Qualitative data analysis with NVivo. Journal of Education

for Teaching, 40(2), 193-195. doi:10.1080/02607476.2013.866724

Elo, S., Kääriäinen, M., Kanste, O., Pölkki, T., Utriainen, K., & Kyngäs, H. (2014).

Qualitative content analysis. SAGE Open, 4(1), 1-10. doi:10.1177

/2158244014522633

Emerson, R. W. (2015). Convenience sampling, random sampling, and snowball

137

sampling: How does sampling affect the validity of research? Journal of Visual

Impairment & Blindness, 109, 164-168. Retrieved from http://www.afb.org

Emmel, N. (2015). Themes, variables, and the limits to calculating sample size in

qualitative research: A response to Fugard and Potts. International Journal of

Social Research Methodology, 18, 685-686. doi:10.1080/13645579.2015.1005457

Eshima, Y., & Anderson, B. S. (2017). Firm growth, adaptive capability, and

entrepreneurial orientation. Strategic Management Journal, 38, 770-779.

doi:10.1002/smj.2532

Faello, J. (2015). Understanding the limitations of financial ratios. Academy of

Accounting & Financial Studies Journal, 19(3), 75-85. Retrieved from

http://www.alliedacademies.org/academy-of-accounting-and-financial-

studiesjournal

Fainshmidt, S., & Frazier, M. L. (2017). What facilitates dynamic capabilities? The role

of organizational climate for trust. Long Range Planning, 50, 550-566.

doi:10.1016/j.lrp.2016.05.005

Fakoya, M. B. (2014). Forced internalization of external environmental cost: Experience

of a South African company. Environment, Development and Sustainability, 16,

797-807. doi:10.1007/s10668-013-9498-1

Fan, Y., Peng, B. B., & Xu, J. H. (2017). The effect of technology adoption on CO2

abatement costs under uncertainty in China's passenger car sector. Journal of

Cleaner Production, 154, 578-592. doi:10.1016/j.jclepro.2017.04.004

Fayezi, S., & Zomorrodi, M. (2015). The role of relationship integration in supply chain

138

agility and flexibility development: An Australian perspective. Journal of

Manufacturing Technology Management, 26, 1126-1157. doi:10.1108/JMTM-11-

2014-0123

Feeney, O., & Pierce, B. (2016). Strong structuration theory and accounting information:

An empirical study. Accounting, Auditing & Accountability Journal, 29, 1152-

1176. doi:10.1108/AAAJ-07-2015-2130

Fixson, S. K., Khachatryan, D., & Lee, W. (2017). Technological uncertainty and firm

boundaries: The moderating effect of knowledge modularity. IEEE Transactions

on Engineering Management, 64(1), 16-28. doi:10.1109/TEM.2016.2638847

Fong, S. F., Lo, M. C., & Ramayah, T. (2014). New product development and

performance in the banking industry. Asia-Pacific Journal of Management

Research and Innovation, 10, 305-321. doi:10.1177/2319510X14553700

Francioni, B., Musso, F., & Cioppi, M. (2015). Decision-maker characteristics and

international decisions for SMEs. Management Decision, 53, 2226-2249,

doi:10.1108/MD-03-2015-0094

Franzosi, R., Doyle, S., McClelland, L. E., Rankin, C. P., & Vicari, S. (2013).

Quantitative narrative analysis software options compared: PC-ACE and

CAQDAS (ATLAS. ti, MAXqda, and NVivo). Quality & Quantity, 47, 3219-

3247. doi:10.1007/s11135-012-9714-3

Fraser, S., Bhaumik, S. K., & Wright, M. (2015). What do we know about entrepreneurial

finance and its relationship with growth? International Small Business Journal,

33(1), 70-88. doi:10.1177/0266242614547827

139

Frels, R. K., & Onwuegbuzie, A. J. (2013). Administering quantitative instruments with

qualitative interviews: A mixed research approach. Journal of Counseling &

Development, 91(2), 184-194. doi:10.1002/j.1556-6676.2013.00085.x

Freeman, M. D. (2014). Preservation of Texas’s public records, a vital work in progress.

Information & Culture: A Journal of History, 49(1), 90-107.

doi:10.1353/lac.2014.0002

Fuji, K. T., Abbott, A. A., & Galt, K. A. (2015). A qualitative study of how patients with

Type 2 diabetes use an electronic stand-alone personal health record.

Telemedicine and E-Health, 21, 296-300. doi:10.1089/tmj.2014.0084

Gadde, L. E., & Wynstra, F. (2018). Purchasing management and the role of uncertainty.

IMP Journal, 12, 127-147. doi:10.1108/IMP-05-2017-0030

Ghiassi, M., Lio, D., & Moon, B. (2016). Pre-production forecasting of movie revenues

with a dynamic artificial neural network. Expert Systems with Applications 42,

3176-3193. doi:10.1016/B978-0-08-097086-8.99039-1

Gibson, W., Webb, H., & Lehn, V. D. (2014). Analytic affordance: Transcripts as

conventionalised systems in discourse studies. Sociology, 48, 780-794.

doi:10.1177/0038038514532876

Gituku, G. W., & Kagiri, A. (2015). Effects of competitive strategies on performance of

middle level colleges in Thika sub-county. International Academic Journal of

Human Resource and Business Administration, 1, 83-106. Retrieved from

http://www.iajournals.org/

Ghosal, V., & Ye, Y. (2015). Uncertainty and the employment dynamics of small and

140

large businesses. Small Business Economics, 44, 529-558. doi:10.1007/s11187-

014-9614-0

Granlund, M., & Lukka, K. (2017). Investigating highly established research paradigms:

Reviving contextuality in contingency theory based management accounting

research. Critical Perspectives on Accounting, 45, 63-80.

doi:10.1016/j.cpa.2016.11.003

Graue, C. (2015). Qualitative data analysis. International Journal of Sales and

Marketing, 4(9), 5-14. Retrieved from http://www.ijsrm.com

Green, C., Duan, N., Gibbons, R., Hoagwood, K., Palinkas, L., & Wisdom, J. (2015).

Approaches to mixed methods dissemination and implementation research:

Methods, strengths, caveats, and opportunities. Administration and Policy in

Mental Health and Mental Health Services Research, 42, 508-523.

doi:10.1007/s10488-014-0552-6

Groesser, S. N., & Jovy, N. (2016). Business model analysis using computational

modeling: A strategy tool for exploration and decision-making. Journal of

Management Control, 27(1), 61-88. doi:10.1007/s00187-015-0222-1

Guetterman, T. C. (2015). Descriptions of sampling practices within five approaches to

qualitative research in education and the health sciences. Forum Qualitative

Sozialforschung/Forum: Qualitative Social Research, 16(2), 1-23.

doi:10.17169/fqs-16.2.2290

Gunaydin, S., & McCusker, K. (2015). Research using qualitative, quantitative or mixed

methods and choice based on the research. Perfusion, 30, 537-542.

141

doi:10.1177/0267659114559116

Gupta, A., Zhu, S., Paradice, D., & Sankar, C. (2017). Impact of Immersion on Task

Performance, Satisfaction, Complexity and Knowledge Acquisition in Business

Analytics Context. Retrieved from

http://aisel.aisnet.org/amcis2017/DataScience/Presentations/22/

Gwadabe, U. M., & Amirah, N. A. (2017). Entrepreneurial competencies: SMEs

performance factor in the challenging Nigerian economy. Academic Journal of

Economic Studies, 3, 55-61. Retrieved from

https://www.ceeol.com/search/article-detail?id=592291

Haidar, A. D. (2016). Construction program management: Decision making and

optimization techniques. Zurich, Switzerland: Springer.

Haltiwanger, J., Jarmin, R. S., & Miranda, J. (2013). Who creates jobs? Small versus

large versus young. Review of Economics & Statistics, 95, 347-361.

doi:10.1162/REST_a_00288

Hansson, S. O. (2005). Decision theory. A brief introduction. Royal Institute of

Technology. (KTH) Stockholm, Sweden.

Haron, N., Yahya, S. & Haron, M. H. (2014). Cash flow information and small

enterprises’ performance [Special issue]. International Journal of Organizational

Innovation, 7, 7-17. Retrieved from http://www.ijoi-online.org/

Harvey, L. (2015). Beyond member checking: A dialogic approach to the research

interview. International Journal of Research & Method in Education, 38, 23-38.

doi:10.1080/1743727X.2014.914487

142

Hazudin, S. F., Kader, M. A. R. A., Tarmuji, N. H., Ishak, M., & Ali, R. (2015).

Discovering small business start-up motives, success factors and barriers: A

gender analysis. Procedia Economics and Finance, 31, 436-443.

doi:10.1016/s2212-5671(15)01218-6

Healy, P., Serafeim, G., Srinivasan, S., & Yu, G. (2014). Market competition, earnings

management, and persistence in accounting profitability around the world. Review

of Accounting Studies, 19, 1281-1308. doi:10.1007/s11142-014-9277-8

Hermanowicz, J. C. (2013). The longitudinal qualitative interview. Qualitative Sociology,

36, 189-208. doi:10.1007/s11133-013-9247-7

Hitt, M. A., Xu, K., & Carnes, C. M. (2016). Resource based theory in operations

management research. Journal of Operations Management, 41(1), 77-94.

doi:10.1016/j.jom.2015.11.002

Hofer, P., Eisl, C., & Mayr, A. (2015). Forecasting in Austrian companies: Do small and

large Austrian companies differ in their forecasting processes? Journal of Applied

Accounting Research, 16, 359-382. doi:10.1108/JAAR-10-2014-0113

Hohenthal, J., Johanson, J., & Johanson, M. (2014). Network knowledge and business-

relationship value in the foreign market. International Business Review, 23(1), 4-

19. doi:10.1016/j.ibusrev.2013.08.002

Hoon, C. (2013). Meta-synthesis of qualitative case studies: An approach to theory

building. Organizational Research Methods, 16, 522-556.

doi:10.1177/1094428113484969

Hoque, Z., Covaleski, M. A., & Gooneratne, T. N. (2013). Theoretical triangulation and

143

pluralism in research methods in organizational and accounting research.

Accounting, Auditing & Accountability Journal, 26, 1170-1198.

doi:10.1108/AAAJ-May-2012-01024

Houghton, C., Casey, D., Shaw, D., & Murphy K. (2013). Rigour in qualitative case-

study research. Nurse Research, 20(4), 12-17.

doi:10.7748/nr2013.03.20.4.12.e326

Hoyland, S., Hollund, J. G., & Olsen, O. E. (2015). Gaining access to a research site and

participants in medical and nursing research: A synthesis of accounts. Medical

Education, 49, 224-232. doi:10.1111/medu.12622

Hsu, Y., & Wang, Q. (2017). Statistical analysis of firm interdependence using duration

data—parametric approach. Communications in Statistics-Simulation and

Computation, 46, 1292-1301. doi:10.1080/03610918.2014.999089

Huang, D., Markovitch, D. G., & Strijnev, A. (2015). Exploring the small movie

profitability puzzle. Marketing Letters, 26, 43-55. doi:10.1007/s11002-013-9266-

Huang, A., Xu, W., Li, Z., Xie, L., Sarrafzadeh, M., Li, X., & Cong, J. (2014). System

light-loading technology for mHealth: Manifold-learning-based medical data

cleansing and clinical trials in WE-CARE project. IEEE Journal of Biomedical

and Health Informatics, 18, 1581-1589. doi:10.1109/jbhi.2013.2292576

Huang, M. C., Yen, G. F., & Liu, T. C. (2014). Reexamining supply chain integration and

the supplier's performance relationships under uncertainty. Supply Chain

Management: An International Journal, 19, 64-78. doi:10.1108/SCM-04-2013-

144

0114

Hutahayan, B. (2020). The mediating role of human capital and management accounting

information system in the relationship between innovation strategy and internal

process performance and the impact on corporate financial performance.

Benchmarking: An International Journal. 27, 1289-1318. doi:10.1108/BIJ-02-

2018-0034

Hyett, N., Kenny, A., & Dickson-Swift, V. (2014). Methodology or method? A critical

review of qualitative case study reports. International Journal of Qualitative

Studies on Health and Well-being, 9, 1-13. doi:1010.3402/qhw.v9.23606

Ibrahim, A. B. (2015). Strategy types and small firms’ performance: An empirical

investigation. Journal of Small Business Strategy, 4(1), 13-22. Retrieved from

http://www.jsbs.org/

Jacobs, H., Müller, S., & Weber, M. (2014). How should individual investors diversify?

An empirical evaluation of alternative asset allocation policies. Journal of

Financial Markets, 19, 62-85. doi:10.1016/j.finmar.2013.07.004

Jamshed, S. (2014). Qualitative research method-interviewing and observation. Journal

of Basic and Clinical Pharmacy, 5, 87-88. doi:10.4103/0976-0105.141942

Jasim, Y. A., & Raewf, M. B. (2020). Information Technology's Impact on the

Accounting System. Cihan University-Erbil Journal of Humanities and Social

Sciences, 4(1), 50-57. doi:10.24086/cuejhss.v4n1y2020.pp50-57

Jezovita, A. (2015). Designing the model for evaluating financial quality of business

operations – Evidence from Croatia. Management Journal of Contemporary

145

Management Issues, 20(1), 101-129. Retrieved from

https://www.efst.hr/management/

Johnson, J. S. (2015). Qualitative sales research: An exposition of grounded theory.

Journal of Personal Selling & Sales Management, 35, 262-273.

doi:10.1080/08853134.2014.954581

Johnson, E. I., & Esterling, B. A. (2015). Coping with confinement: Adolescents’

experiences with parental incarceration. Journal of Adolescent Research, 30, 244-

267. doi:10.1177/0743558414558593

Johnson, M., O’Hara, R., Hirst, E., Weyman, A., Turner, J., Mason, S., … Siriwardena,

A. N. (2017). Multiple triangulation and collaborative research using qualitative

methods to explore decision making in pre-hospital emergency care. BMC

medical research methodology, 17(1), 1-11. doi:10.1186/s12874-017-0290-z

Kara, H., & Pickering, L. (2017). New directions in qualitative research ethics.

International Journal of Social Research Methodology, 20(3), 239-241.

doi:10.1080/13645579.2017.1287869

Karadag, H. (2015). Financial management challenges in small and medium-sized

enterprises: A strategic management approach. Emerging Markets Journal, 5, 26-

40. doi:10.5195/emaj.2015.67

Kasemsap, K. (2017). The role of business analytics in performance management. In

Decision Management: Concepts, Methodologies, Tools, and Applications (pp.

1224-1243). IGI Global. doi:10.4018/978-1-5225-1837-2.ch056

Kaspina, R. G., Molotov, L. A., & Kaspin, L. E. (2015). Cash flow forecasting as an

146

element of integrated reporting: An empirical study. Asian Social Science, 11(11),

89. doi:10.5539/ass.v11n11p89

Katehakis, M. N., Melamed, B., & Shi, J. J. (2015). Cash-flow based dynamic inventory

management. Production and Operations Management, 25, 1558-1575.

doi:10.1111/poms.12571

Kauffman, R. J., Liu, J., & Ma, D. (2015). Technology investment decision-making under

uncertainty. Information Technology and Management, 16, 153-172.

doi:10.1007/s10799-014-0212-2

Kaur, M. (2016). Application of mixed method approach in public health research. Indian

Journal of Community Medicine, 41, 93-97. doi:10.4103/0970-0218.173495

Kern, F. G. (2018). The trials and tribulations of applied triangulation: Weighing

different data sources. Journal of Mixed Methods Research, 12(2), 1-16.

doi:10.1077/1558689816651032

Kim, H., Hoskisson, R. E., & Lee, S. (2015). Why strategic factor markets matter: 'New'

multinationals' geographic diversification and firm profitability. Strategic

Management Journal, 36, 518-536. doi:10.1002/smj.2229

Klingebiel, R., & Rammer, C. (2014). Resource allocation strategy for innovation

portfolio management. Strategic Management Journal, 35, 246-268.

doi:10.1002/smj.2107

Knepp, M. M. (2014). Personality, sex of participant, and face-to-face interaction affect

reading of informed consent forms. Psychological Reports, 114, 297-313.

doi:10.2466/17.07.PR0.114k13w1

147

Knight, S. L., Nolan, J., Lloyd, G., Arbaugh, F., Edmondson, J., & Whitney, A. (2013).

Quality teacher education research: How do we know it when we see it? Journal

of Teacher Education, 64, 114-116. doi:10.1177/0022487112469941

Koens, K., & Thomas, R. (2015). Is small beautiful? Understanding the contribution of

small businesses in township tourism to economic development. Development

Southern Africa, 32, 320-332. doi:10.1080/0376835x.2015.1010715

Korstjens, I., & Moser, A. (2018). Series: Practical guidance to qualitative research. Part

4: Trustworthiness and publishing. European Journal of General Practice, 24,

120-124. doi:10.1080/13814788.2017.1375092

Kowal, S., & O'Connell, D. (2014). Transcription as a crucial step of data analysis. In U.

Flick (Ed.), The Sage handbook of qualitative data analysis (pp. 64-79). London,

United Kingdom: Sage Publications. doi:10.4135/9781446282243.n5

Krainz, K. D. (2015). Enhancing wellbeing of employees through corporate social

responsibility context. Megatrend Review, 12(2), 137-154.

doi:10.5937/megrev1502137d

Kroes, J. R., & Manikas, A. S. (2014). Cash flow management and manufacturing firm

financial performance: A longitudinal perspective. International Journal of

Production Economics, 148, 37-50. doi:10.1016/j.ojpe.2013.11.008

Krohwinkel, A. (2014). A configurational approach to project delays: Evidence from a

sequential mixed methods study. Journal of Mixed Methods Research, 9, 335-331

doi:10.1177/1558689814522709

Lakhani, S., & Kleiner, B. H. (2014). Improving business forecasting. Industrial

148

Management, 56, 26-30. Retrieved from

https://www.iienet2.org/Details.aspx?id=652

Länsiluoto, A., Varamäki, E., Laitinen, E. K., Viljamaa, A., & Tall, J. (2015).

Management Control Systems in Small Business Transfers—A Resource-Based

View. Journal of Enterprising Culture, 23, 449-471.

doi:10.1142/S0218495815500156

Lapsley, I., & Rekers, J. V. (2017). The relevance of strategic management accounting to

popular culture: The world of West End Musicals. Management Accounting

Research, 35, 47-55. doi:10.1016/j.mar.2017.01.001

Lavia López, O., & Hiebl, M. R. (2014). Management accounting in small and medium-

sized enterprises: Current knowledge and avenues for further research. Journal of

Management Accounting Research, 27(1), 81-119. doi:10.2308/jmar-50915

Leedy, P. D., & Ormrod, J. E. (2013). Practical research: Planning and design (10th

ed.). Upper Saddle River, NJ: Pearson Education.

Leitner, S. (2014). A simulation analysis of interactions among intended biases in costing

systems and their effects on the accuracy of decision-influencing information.

Central European Journal of Operations Research, 22(1), 113-138.

doi:10.1007/s10100-012-0275-2

Leung, L. (2015). Validity, reliability, and generalizability in qualitative research.

Journal of Family Medicine and Primary Care, 4, 324-327. doi:10.4103/2249-

4863.161306

Levitt, D. H., Farry, T. J., & Mazzarella, J. R. (2015). Counselor ethical reasoning:

149

Decision-making practice versus theory. Counseling and Values, 60(1), 84-99.

doi:10.1002/j.2161-007x.2015.00062.x

Lewis, S. (2015). Qualitative inquiry and research design: Choosing among five

approaches. Health Promotion Practice, 16, 473-475.

doi:10.1177/1524839915580941

Leza, T., Rajan, S., & Kuma, B. (2017). Determinants of product diversification among

micro and small enterprises in Wolaita zone, Ethiopia: An econometric analysis.

Global Journal of Human-Social Science Research, 16(4), 1-15. Retrieved from

https://socialscienceresearch.org/index.php/GJHSS/article/view/1902

Lin, H. E., Hsu, I. C., Hsu, A. W., & Chung, H. M. (2020). Creating competitive

advantages: Interactions between ambidextrous diversification strategy and

contextual factors from a dynamic capability perspective. Technological

Forecasting and Social Change, 154, 1-11. doi:10.1016/j.techfore.2020.119952

Lingens, B., Winterhalter, S., Krieg, L., & Gassmann, O. (2016). Archetypes and basic

strategies of technology decisions: Understanding the likely impact of a new

technology and the uncertainty associated with it can help managers determine the

most efficient, effective approach to decision making. Research-Technology

Management, 59(2), 36-46. doi:10.1080/08956308.2015.1137192

LinkedIn. (2017). Company directory. Retrieved from

http://www.linkedin.com/directory/companies

Lishner, D. A. (2015). A concise set of core recommendations to improve the

dependability of psychological research. Review of General Psychology, 19(1),

150

52-68. doi:10.1037/gpr0000028

Liu, Z., Beaver, K., & Speed, S. (2014). Being healthy: A grounded theory study of help

seeking behavior among Chinese elders living in the UK. International Journal of

Qualitative Studies on Health and Well-Being, 9, 413-418.

doi:10.3402/qhw.v9.24820

Lomas, J. R., Asaria, M., Bojke, L., Richardson, G., & Walker, S. (2016). Which costs

matter? Costs included in economic evaluation and their impact on decision

uncertainty: the example of acute myocardial infarction. Value in Health, 19(7),

A363. doi:10.1016/j.jval.2016.09.098

López-Cabarcos, M. Á., Göttling-Oliveira-Monteiro, S., & Vázquez-Rodríguez, P.

(2015). Organizational capabilities and profitability: The mediating role of

business strategy. SAGE Open, 5(4), 1-13. doi:10.1177/2158244015616852

Lub, V. (2015). Validity in qualitative evaluations: Linking purposes, paradigms, and

perspectives. International Journal of Qualitative Methods, 14(5), 1-8.

doi:10.1177/1609406915621406

Lueg, R., Malinauskaite, L., & Marinova, I. (2014). The vital role of business processes

in a business model: The case of a startup company. Problems and Perspectives in

Management, 12, 213-220. Retrieved from https://businessperspectives.org/

Luoma, J., Ruutu, S., King, A. W., & Tikkanen, H. (2017). Time delays, competitive

interdependence, and firm performance. Strategic Management Journal, 38, 506-

525. doi:10.1002/smj.2512

Mahnaz, S., Bahramnezhad, F., Fomani, F. K., Mahnaz, S., & Cheraghi, M. A. (2014).

151

Ethical challenges of researchers in qualitative studies: The necessity to develop a

specific guideline. Journal of Medical Ethics and History of Medicine, 7, 1-6.

Retrieved from http://www.jmehm.tums.ac.ir/index.php/jmehm/index

Malterud, K., Siersma, V. D., & Guassora, A. D. (2016). Sample size in qualitative

interview studies: Guided by information power. Qualitative health research, 26,

1753-1760. doi:10.1177/1049732315617444

Mangani, A., & Tarrini, E. (2017). Who survives a recession? Specialization against

diversification in the digital publishing industry. Online Information Review,

41(1), 19-34. doi:10.1108/OIR-09-2015-0310

Manrai, R., Rameshwar, R., & Nangia, V. K. (2014). Does diversification influence

systematic risk and corporate performance? An analytical and comprehensive

research outlook. Global Business and Management Research, 6, 93-111.

Retrieved from http://www.gbmr.ioksp.com/

Marouan, K. (2020). Do firms have a target diversification ratio? Evidence from the

Tunisian context. International Journal of Advanced and Applied Sciences, 7, 15-

31. doi:10.21833/ijaas.2020.06.003

Márquez-Chamorro, A. E., Resinas, M., Ruiz-Cortés, A., & Toro, M. (2017). Run-time

prediction of business process indicators using evolutionary decision rules. Expert

Systems with Applications, 87, 1-14. doi:10.1016/j.eswa.2017.05.069

Marshall, B., Cardon, P., Poddar, A., & Fontenot, R. (2013). Does sample size matter in

qualitative research? A review of qualitative interview in is research. Journal of

Computer Information Systems, 54(1), 11-22. Retrieved from

152

http://www.iacis.org/jcis/jcis.php

Marshall, C., & Rossman, G. B. (2014). Designing qualitative research. Thousand Oaks,

CA: Sage.

Marshall, C., & Rossman, G. B. (2016). Designing qualitative research (6th ed.).

Thousand Oaks, CA: Sage.

Martins, J. M., & Fernandes, M. T. (2015). Too small to innovate? Creating value with

fewer resources. Journal of Business Strategy, 36(2), 25-33. doi:10.1108/JBS-02-

2014-0014

Massa, L., Farneti, F., & Scappini, B. (2015). Developing a sustainability report in a

small to medium enterprise: Process and consequences. Meditari Accountancy

Research, 23(1), 62-91. doi:10.1108/MEDAR-02-2014-0030

Matamonasa-Bennett, A. (2015). ‘‘A disease of the outside people’’: Native American

men’s perceptions of intimate partner violence. Psychology of Women Quarterly,

39(1), 20-36. doi:10.1177/0361684314543783

Mayer, I. (2015). Qualitative research with a focus on qualitative data analysis.

International Journal of Sales and Marketing, 4(9), 53-67. Retrieved from

http://www.ijsrm.com

Mazzarol, T. (2014). Research review: A review of the latest research in the field of small

business and entrepreneurship: Financial management in SMEs. Small Enterprise

Research, 21(1), 2-13. doi:10.1080/13215906.2014.11082073

McLaren, J., Appleyard, T., & Mitchell, F. (2016). The rise and fall of management

accounting systems: A case study investigation of EVA™. The British

153

Accounting Review, 48, 341-358. doi:10.1016/j.bar.2016.02.001

Mehta, N., Hall, D., & Byrd, T. (2014). Information technology and knowledge in

software development teams: The role of project uncertainty. Information &

Management, 51, 417-429. doi:10.1016/j.im.2014.02.007

Mendoza-Abarca, K. I., & Gras, D. (2019). The performance effects of pursuing a

diversification strategy by newly founded nonprofit organizations. Journal of

Management, 45(3), 984-1008. doi:10.1177/0149206316685854

Mengel, S., & Wouters, M. (2015). Financial planning and control in very small start-up

companies: Antecedents and effects on company performance. International

Journal of Entrepreneurship and Small Business, 26(2), 191-216.

doi:10.1504/IJESB.2015.071824

Merriam, S. B. (2014). Qualitative research: A guide to design and implementation. San

Francisco, CA: John Wiley & Sons.

Metcalfe, K., Collins, T., Abernethy, K. E., Boumba, R., Dengui, J. C., Miyalou, R., ...

Tilley, D. (2017). Addressing uncertainty in marine resource management;

combining community engagement and tracking technology to characterize

human behavior. Conservation Letters, 10, 460-469. doi:10.1111/conl.12293

Mick, S.S.F., & Shay, P.D. (2016). Accountable care organizations and transaction cost

economics. Medical Care Research and Review, 73, 649-659.

doi:10.1177/1077558716640411

Moghaddam, K. S. (2015). Fuzzy multi-objective model for supplier selection and order

allocation in reverse logistics systems under supply and demand uncertainty.

154

Expert Systems with Applications, 42, 6237-6254.

doi:10.1016/j.eswa.2015.02.010

Moon, C. (2015). The (un)changing role of the researcher. International Journal of

Market Research, 57(1), 15-16. doi:10.2501/ijmr-2015-002

Morris, J., Webster, M., & Reilly, J. (2016). Electricity investments under technology

cost uncertainty and stochastic technological learning. Retrieved from

http://hdl.handle.net/1721.1/111000

Morse, J. M. (2015). "Data were saturated..." Qualitative Health Research, 25, 587-588.

doi:10.1177/1049732315576699

Motoyama, Y., & Hui, I., (2015). How do business owners perceive the state business

climate? Using hierarchical models to examine the business climate perceptions,

state rankings, and tax rates. Economic Development Quarterly 29, 262-274.

doi:10.1177/0891242415589025

Moustakas, C. (1994). Phenomenological research methods. Thousand Oaks, CA: Sage

Publications.

Moylan, C., Derr, A., & Lindhorst, T. (2015). Increasingly mobile: How new

technologies can enhance qualitative research. Qualitative Social Work, 14(1), 36-

47. doi:10.1177/1473325013516988

Muhonen, T., Hirvonen, S., & Laukkanen, T. (2017). SME brand identity: Its

components, and performance effects. Journal of Product & Brand Management,

26, 52-67. doi:10.1108/JPBM-01-2016-1083

Naia, A., Baptista, R., Januario, C., & Trigo, V. (2014). Entrepreneurship education

155

literature in the 2000s. Journal of Entrepreneurship Education, 17, 118-142.

Retrieved from http://www.readperiodicals.com

Nalchigar, S., & Yu, E. (2020). Designing business analytics solutions. Business &

Information Systems Engineering, 62, 61-75. doi:10.1007/s12599-018-0555-z

Neagu, C. (2016). The importance and role of small and medium-sized businesses.

Theoretical & Applied Economics, 23(3), 331-338. Retrieved from

http://www.ectap.ro/

Nemkova, E., Souchon, A. L., Hughes, P., & Micevski, M. (2015). Does improvisation

help or hinder planning in determining export success? Decision theory applied to

exporting. Journal of International Marketing, 23(3), 41-65.

doi:10.1509/jim.14.0071

Nicolò, D. (2020). Blockchain and management accounting systems based on

information sharing. Economic and Policy Implications of Artificial Intelligence,

288, 23-29. doi:10.1007/978-3-030-45340-4_3

Nielsen, S. (2015). The impact of business analytics on management accounting. Social

Science Research Network, 1-21. doi:10.2139/ssrn.2616363

Nielsen, L. B., Mitchell, F., & Nørreklit, H. (2015). Management accounting and decision

making: Two case studies of outsourcing. In Accounting Forum, 39(1), 64-82.

doi:10.1016/j.accfor.2014.10.005

Nielsen, E. H., Nielsen, E. H., Jacobsen, A., & Pedersen, L. B. (2014). Management

accounting and business analytics. Dan. J. Manag. Bus, 78, 31-44. Retrieved from

https://www.djoef-forlag.dk/services/djm/ledelsedocs/2014/2014_3-

156

4/DJoMB_vol78_no3-4_3.pdf

Ng, F., Harrison, J. A., & Akroyd, C. (2013). A revenue management perspective of

management accounting practice in small businesses. Meditari Accountancy

Research, 21(2), 92-116. doi:10.1108/MEDAR-07-2012-0023

Noble, H., & Smith, J. (2014). Qualitative data analysis: A practical example. Evidence

Based Nursing, 17(1), 2-3. Retrieved from http://www.ebn.bmj.com

Noble, H., & Smith, J. (2015). Issues of validity and reliability in qualitative research.

Evidence-Based Nursing, 18(2), 34-35. doi:10.1136/eb-2015-102054

Nwobu, O., Faboyede, S. O., & Onwuelingo, A. T. (2015). The role of accounting

services in small and medium scale businesses in Nigeria. Journal of Accounting,

Business & Management, 22(1), 55-63. Retrieved from http://www.stie-mce.ac.id

Nyhan, B. (2015). Increasing the credibility of political science research: A proposal for

journal reforms. Political Science & Politics, 48(1), 78-83.

doi:10.1017/s1049096515000463

Obeidat, B. Y., Masa‟deh, R, & Abdallah, A. B. (2014). The relationships among human

resource management practices, organizational commitment, and knowledge

management processes. A structural equation modeling approach. International,

Journal of Business and Management 9, 9-26. doi:10.5539/ijbm.v9n3p9

Odar, M., Kavcic, S., & Jerman, M. (2015). The role of a management accounting system

in the decision-making process: Evidence from a post-transition economy.

Engineering Economics, 26(1), 84-92. doi:10.5755/j01.ee.26.1.4873

O’Leary, Z. (2014). The essential guide to doing your research project (2nd ed.).

157

Thousand Oaks, CA: Sage Publications, Inc.

O’Nyumba, T., Wilson, K., Derrick, C. J., & Mukherjee, N. (2018). The use of focus

group discussion methodology: Insights from two decades of application in

conservation. Methods in Ecology and Evolution, 9(1), 20-32. doi:10.1111/2041-

210X.12860

Onwuegbuzie, A. J., & Hwang, E. (2014). Interviewing successfully for academic 127

positions: A framework for candidates for asking questions during the interview

process. International Journal of Education, 6, 98-113. doi:10.5296/ije.v6i2.4424

Orobia, L. A., Padachi, K., & Munene, J. C. (2016). Why some small businesses ignore

austere working capital management routines. Journal of Accounting in Emerging

Economies, 6(2), 94-110. doi:10.1108/JAEE-08-2013-0039

O’Sullivan, D. (2015). Voicing others’ voices: Spotlighting the research as narrator.

International Electronic Journal of Elementary Education, 8, 211-222. Retrieved

from http://www.iejee.com

Ortiz-de-Urbina-Criado, M., Angel Guerras-Martin, L., & Montoro-Sánchez, Á. (2014).

The choice of growth method: Strategies and resources. Academia Revista

Latinoamericana de Administración, 27(1), 30-45. doi:10.1108/ARLA-07-2013-

0094

Otley, D. T. (1980). The contingency theory of management accounting: Achievement

and prognosis. Accounting, Organizations and Society, 5, 413-428.

doi:10.1016/0361-3682(80)90040-9

Otley, D. (2016). The contingency theory of management accounting and control:1980-

158

2014. Management Accounting Research, 31, 45-62.

doi:10.1016/j.mar.2016.02.001

Oltmann, S. M. (2016). Qualitative interviews: A methodological discussion of the

interviewer and respondent contexts. Forum: Qualitative Social Research

Sozialforschung, 17(2), 1-16. doi:10.17169/fqs-17.2.2551

Othman, Z., & Rahman, R. A. (2014). Attributes of ethical leadership in leading good

governance. International Journal of Business and Society, 15, 359-372.

Retrieved from http://www.ijbs.unimas.my/

Owens, A., De Weck, O. L., Stromgren, C., Goodliff, K., & Cirillo, W. (2017).

Accounting for Epistemic Uncertainty in Mission Supportability Assessment: A

Necessary Step in Understanding Risk and Logistics Requirements. Retrieved

from https://ntrs.nasa.gov/search.jsp?R=20170007489

Oz, I. O., & Yelkenci, T. (2015). The generalizability of financial distress prediction

models: Evidence from Turkey. Accounting & Management Information Systems,

14, 685-703. Retrieved from http://econpapers.repec.org/article/amijournl/

Palinkas, L. A., Horwitz, S. M., Green, C. A., Wisdom, J. P., Duan, N., & Hoagwood, K.

(2013). Purposeful sampling for qualitative data collection and analysis in mixed

method implementation research. Administration and Policy in Mental Health and

Mental Health Services Research, 42, 533-544. doi:10.1007/s10488-013-0528-y

Patten, R. J., & Patten, C. D. (2014). Some financial measures for the busy small business

owner. The Review of Business Information Systems (Online), 18(2), 53.

doi:10.19030/rbis.v18i2.8977

159

Paut, R., Sabatier, R., & Tchamitchian, M. (2020). Modelling crop diversification and

association effects in agricultural systems. Agriculture, Ecosystems &

Environment, 288, 1-13. doi:10.1016/j.agee.2019.106711

Pedroso, E., & Gomes, C. F. (2020). The effectiveness of management accounting

systems in SMEs: A multidimensional measurement approach. Journal of Applied

Accounting Research, 21(3), 497-515. doi:10.1108/JAAR-05-2018-0059

Penrose, E. G. (1959). The theory of the growth of the firm. New York, NY: John Wiley.

Pérez‐Luño, A., Saparito, P., & Gopalakrishnan, S. (2016). Small and medium‐sized

enterprise's entrepreneurial versus market orientation and the creation of tacit

knowledge. Journal of Small Business Management, 54(1), 262-278.

doi:10.1111/jsbm.12144

Peters, K., & Halcomb, E. (2015). Interviews in qualitative research. Nurse Researcher,

22(4), 6-7. doi:10.7748/nr.22.4.6.s2

Pietrzak, Ż. (2014). Traditional versus activity-based budgeting in non-manufacturing

companies. Social Sciences, 82(4), 26-37. doi:10.5755/j01.ss.82.4.6604

Post, C., & Byron, K. (2015). Women on boards and firm financial performance: A

metaanalysis. Academy of Management Journal, 58, 1546-1571.

doi:10.5465/amj.2013.0319

Postholm, M. B., & Skrovset, S. (2013). The researcher reflecting on her own role during

action research. Educational Action Research, 21, 506-518.

doi:10.1080/09650792.2013.833798

Prajogo, D., Oke, A., & Olhager, J. (2016). Supply chain processes: Linking supply

160

logistics integration, supply performance, lean processes and competitive

performance. International Journal of Operations & Production Management,

36(2), 220-238. doi:10.1108/IJOPM-03-2014-0129

Prajogo, D., & Sohal, A. (2013). Supply chain professionals: A study of competencies,

use of technologies, and future challenges. International Journal of Operations &

Production Management, 33, 1532-1554. doi:10.1108/IJOPM-08-2010-0228

Qiu, T. (2014). Product diversification and market value of large international firms: A

macro environmental perspective. Journal of International Marketing, 22(4), 86-

107. doi:10.1509/jim.14.0049

Ramanathan, R., Philpott, E., Duan, Y., & Cao, G. (2017). Adoption of business analytics

and impact on performance: A qualitative study in retail. Production Planning &

Control, 28, 985-998. doi:10.1080/09537287.2017.1336800

Rashid, M., Caine, V., & Goez, H. (2015). The encounters and challenges of ethnography

as a methodology in health research. International Journal of Qualitative

Methods, 14(5), 1-16. doi:10.1177/1609406915621421

Redshaw, C. H., & Frampton, I. (2014). Optimising Inter-Disciplinary Problem-Based

Learning in Postgraduate Environmental and Science Education:

Recommendations from a Case Study. International Journal of Environmental

and Science Education, 9, 97-110. doi:10.12973/ijese.2014.205a

Relich, M., & Pawlewski, P. (2018). A case-based reasoning approach to cost estimation

of new product development. Neurocomputing, 272, 40-45.

doi:10.1016/j.neucom.2017.05.092

161

Renfree, A., Martin, L., & Micklewright, D. (2014). Application of decision-making

theory to the regulation of muscular work rate during self-paced competitive

endurance activity. Sports Medicine, 44(2), 147-158. doi:10.1007/s40279-013-

0107-0

Resnik, D. R. (2015). Paternalism and utilitarianism in research with human participants.

Health Care Anal, 23(1), 19-31. doi:10.1007/s10728-012-0233-0

Rizzo, D. B., & Blackburn, M. R. (2016). Use of Bayesian networks for qualification

planning: Early results of factor analysis. Procedia Computer Science, 95, 408-

417. doi:10.1016/j.procs.2016.09.354

Roach, C.M.L. (2016). An application of principal-agent theory to contractual hiring

arrangements within public sector organizations. Theoretical Economics Letters,

6(1), 28-33. doi:10.4236/tel.2016.61004

Robinson, O. C. (2014). Sampling in interview-bases qualitative research: A theoretical

and practical guide. Qualitative Research in Psychology, 11(1), 25-41.

doi:10.1080/14780887.2013.801543

Rowe, F., Besson, P., & Hemon, A. (2017). Socio-technical inertia, dynamic capabilities

and environmental uncertainty: Senior management views and implications for

organizational transformation. Association for Information Systems, 27, 405-420.

Retrieved from http://aisel.aisnet.org/ecis2017_rp/27/

Rule, N. O., & Tskhay, K. O. (2014). The influence of economic context on the

relationship between chief executive officer facial appearance and company

profits. The Leadership Quarterly, 25, 846-854. doi:10.1016/j.leaqua.2014.01.001

162

Ryu, H.-S., & Lee, J.-N. (2016). Innovation patterns and their effects on firm

performance. The Service Industries Journal, 36, 81-101.

doi:10.1080/02642069.2016.1155114

Salmador, M. P., & Florín, J. (2013). Knowledge creation and competitive advantage in

turbulent environments: A process model of organizational learning. Knowledge

Management Research & Practice, 11, 374-388. doi:10.1057/kmrp.2012.33

Sato, T. (2014). Risk-based project value - The definition and applications to decision

making. Procedia - Social and Behavioral Science, 119, 152-161.

doi:10.101/j.sbspro.2014.03.019

Schneider, G. P., Jun, D., Janvrin, D. J., Ajayi, K., & Raschke, R. L. (2015). Infer,

predict, and assure: Accounting opportunities in data Analytics. Accounting

Horizons, 29, 719-742. doi:10.2308/acch-51140

Schoenberg, R., Collier, N., & Bowman, C. (2013). Strategies for business turnaround

and recovery: A review and synthesis. European Business Review, 25. 243-262.

Retrieved from https://dspace.lib.cranfield.ac.uk/index.jsp

Schutt, R. K. (2015). Investigating the Social World: The Process and Practice of

Research, 8th ed. Thousand Oaks, CA: SAGE Publications.

Schutt, R. K. (2018). Investigating the social world: The process and practice of research

ed.). Thousand Oaks, CA: Sage Publications.

Seddon, P. B., Constantinidis, D., Tamm, T., & Dod, H. (2017). How does business

analytics contribute to business value? Information Systems Journal, 27(3), 237-

269. doi:10.1111/isj.12101

163

Shahian, D. M., He, X., Jacobs, J. P., Rankin, J. S., Peterson, E. D., Welke, K. F., &

O'Brien, S. M. (2013). Issues in quality measurement: Target population, risk

adjustment, and ratings. The Annals of thoracic surgery, 96(2), 718-726.

doi:10.1016/j.athoracsur.2013.03.029

Shamsudin, A., & Kamaluddin, A. (2015). Impending Bankruptcy: Examining cash flow

pattern of distress and healthy firms. Procedia Economics and Finance, 31, 766-

774. doi:10.1016/S2212-5671(15)01166-1

Sharma, R., Mithas, S., & Kankanhalli, A. (2014). Transforming decision-making

processes: A research agenda for understanding the impact of business analytics

on organizations. European Journal of Information Systems, 23, 433-441.

doi:10.1057/ejis.2014.17

Shepherd, D. A., Williams, T. A., & Patzelt, H. (2015). Thinking about entrepreneurial

decision making: Review and research agenda. Journal of Management, 41(1),

11-46. doi:10.1177/0149206314541153

Shields, J., & Shelleman, J. M. (2016). Management accounting systems in micro-SMEs.

Journal of Applied Management and Entrepreneurship, 21(1), 19-31.

doi:10.9774/GLEAF.3709.2016.ja.00004

Shukla, P. K., & Shukla, M. P. (2014). Small business survival index traction and

movement in rankings of states (2000-2013). Journal of Business & Economics

Research (Online), 12(2), 153-158. Retrieved from

http://www.cluteinstitute.com/journals/journal-of-business-

economicsresearchjber/

164

Sniezek, J. A. (2014). Cognitive processes of decision making. Salem Press Encyclopedia

of Health. Retrieved from http://eds.a.ebscohost.com.ezp.waldenulibrary.org

Sonenshein, S. (2014). How organizations foster the creative use of resources. Academy

of Management Journal, 57, 814-848. doi:10.5465/amj.2012.0048

St. Pierre, E. A., & Jackson, A. Y. (2014). Qualitative data analysis after coding.

Qualitative Inquiry, 20, 715-719. doi:10.1177/1077800414532435

Stage, F. K., & Manning, K. (2015). Research in the college context: Approaches and

methods (2nd ed.). New York, NY: Routledge.

Starr, M. A. (2014). Qualitative and mixed-methods research in economics: Surprising

growth, promising future. Journal of Economic Surveys, 28, 238-264.

doi:10.1111/joes.12004

Stuckey, H. (2015). The second step in data analysis: Coding qualitative research data.

Journal of Social Health and Diabetes, 3(1), 7-10. doi:10.4103/2321-

0656.140875

Su, S., Baird, K., & Schoch, H. (2015). The moderating effect of organizational life cycle

stages on the association between the interactive and diagnostic approaches to

using controls with organizational performance. Management Accounting

Research, 26, 40-53. doi:10.1016/j.mar.2014.09.001

Su, W., & Tsang, E. W. (2015). Product diversification and financial performance: The

moderating role of secondary stakeholders. Academy of Management Journal, 58,

1128-1148. doi:10.5465/amj.2013.0454

Suter, R. S., Pachur, T., Hertwig, R., Endestad, T., & Biele, G. (2015). The neural basis

165

of risky choice with affective outcomes. Plos One, 10(4), e0122475.

doi:10.1371/journal.pone.0122475

Swink, M., & Schoenherr, T. (2015). The effects of cross‐functional integration on

profitability, process efficiency, and asset productivity. Journal of Business

Logistics, 36(1), 69-87. doi:10.1111/jbl.12070

Teshuva, K., Borowski, A., & Wells, Y. (2016). The lived experience of providing care

and support services for holocaust survivors in Australia. Qualitative Health

Research, 27, 1104-1114. doi:10.1177/1049732316667702

Teitcher, J. F., Bockting, W. O., Bauermeister, J. A., Hoefer, C. J., Miner, M. H., &

Klitzman, R. L. (2015). Detecting, preventing, and responding to 'fraudsters' in

internet research: Ethics and tradeoffs. Journal of Law, Medicine & Ethics, 43(1),

116-133. doi:10.1111/jlme.12200

Teti, E. (2013). The dark side of the movie: The difficult balance between risk and return.

Management Decision, 51(4), 730-741. doi:10.1108/00251741311326536

Theron, P. M. (2015). Coding and data analysis during qualitative empirical research in

practical theology. In die Skriflig, 49(3), 1-9. doi:10.4102/ids.v49i3.1880

Thomas, D. R. (2017). Feedback from research participants: Are member checks useful

in qualitative research? Qualitative Research in Psychology, 14(1), 23-41.

doi:10.1080/14780887.2016.1219435

Truglio-Londrigan, M. (2013). Shared decision-making in home-care from the nurse's

perspective: Sitting at the kitchen table - a qualitative descriptive study. Journal

of Clinical Nursing, 22, 2883-2895. doi:10.1111/jocn.1207

166

Turner, J. R., & Danks, S. (2014). Case Study Research: A Valuable Learning Tool for

Performance Improvement Professionals. Performance Improvements, 53(4), 24-

31. doi:10.1002/pfi.21406

Ungureanu, S. (2014). Costs calculations of target costing method. SEA: Practical

Application of Science, 2(2), 425-431. Retrieved from

http://spas.seaopenresearch.eu/

Urbancová, H. (2013). Competitive advantage achievement through innovation and

knowledge. Journal of Competitiveness, 5(1), 82-96. doi:10.7441/joc.2013.01.06

Uriely, N. (2014). Deviance and risk on holiday: An ethnography of British tourists in

Ibiza by Daniel Briggs. American Journal of Sociology, 120, 996-997.

doi:10.1177/0038038514526323

U. S. Census Bureau. (2015). Statistics of U.S. Businesses. 2013-2014 SUSB Employment

Change Data Tables. Retrieved from

https://www.census.gov/data/tables/2014/econ/susb/2014-susb-employment.html

U.S. Census Bureau. (2017). 2014 Business dynamics statistics. Retrieved from

http://www.census.gov/ces/dataproducts/bds/data_firm.html

U.S. Department of Health and Human Services. (1979). The Belmont Report. Retrieved

from http://www.hhs.gov/ohrp/humansubjects/guidance/belmont.html

U.S. Department of Health and Human Services. (2014). Informed consent information

sheet. Retrieved from http://www.hhs.gov

U.S. Small Business Administration. (2015). Resource guide for small business.

Retrieved from

167

https://www.sba.gov/sites/default/files/files/resourceguide_national.pdf

Vahlne, J. E., Hamberg, M., & Schweizer, R. (2017). Management under uncertainty–the

unavoidable risk-taking. Multinational Business Review, 25, 91-109.

doi:10.1108/MBR-03-2017-0015

van Dijk, J., Vervoort, S., van Wijck, A., Kalkman, C., & Schuurmans, M. (2016).

Postoperative patients' perspectives on rating pain: A qualitative study.

International Journal of Nursing Studies, 53, 260-269.

doi:10.1016/j.ijnurstu.2015.08.007

Van Helden, J., & Uddin, S. (2016). Public sector management accounting in emerging

economies: A literature review. Critical Perspectives on Accounting, 41, 34-62.

doi:10.1016/j.cpa.2016.01.001

Veledar, B., Gadžo, A., & Lalić, S. (2020). Cost and management accounting in budget-

funded organizations in Bosnia and Herzegovina. Interdisciplinary Description of

Complex Systems, 18, 299-311. doi:10.7906/indecs.18.2.16

Vidgen, R., Shaw, S., & Grant, D. B. (2017). Management challenges in creating value

from business analytics. European Journal of Operational Research, 261(2), 626-

639. doi:10.1016/j.ejor.2017.02.023

Vieregger, C., Larson, E. C., & Anderson, P. C. (2017). Top management team structure

and resource reallocation within the multibusiness firm. Journal of Management,

43, 2497-2525. doi:10.1177/0149206316678452

von Unger, H. (2016). Reflexivity beyond regulations: Teaching research ethics and

qualitative methods in Germany. Qualitative Inquiry, 22(2), 87-98.

168

doi:10.1177/1077800415620220

Waldman, D. A., & Bowen, D. E. (2016). Learning to be a paradox-savvy leader.

Academy of Management Perspectives, 30, 316-327. doi:10.5465/amp.2015.0070

Wang, J. (2014). Encyclopedia of business analytics and optimization. Hershey: Business

Science Reference Publication. doi:10.1163/187197306779173194

Wang, S. (2015). Exploring a research method-interview. Advances in Social Sciences

Research Journal, 2(7), 161-165. doi:10.14738/assrj.27.1270

Wang, Y., & Byrd, T. A. (2017). Business analytics-enabled decision-making

effectiveness through knowledge absorptive capacity in health care. Journal of

Knowledge Management, 21(3), 517-539. doi:10.1108/JKM-08-2015-0301

Wang, S., & Huang, G. H. (2015). A multi-level Taguchi-factorial two-stage stochastic

programming approach for characterization of parameter uncertainties and their

interactions: An application to water resources management. European Journal of

Operational Research, 240(2), 572-581. doi:10.1016/j.ejor.2014.07.011

Wei, R., & Yao, S. (2020). Transformation from financial accounting to management

accounting: A study of the offshore oil enterprises. Journal of Coastal Research,

107, 9-12. doi:10.2112/JCR-SI107-003.1

Weltin, M., Zasada, I., Franke, C., Piorr, A., Raggi, M., & Viaggi, D. (2017). Analysing

behavioural differences of farm households: An example of income

diversification strategies based on European farm survey data. Land use policy,

62, 172-184. doi:10.1016/j.landusepol.2016.11.041

Williams, P. F., & Ravenscroft, S. P. (2014). Rethinking decision usefulness.

169

Contemporary Accounting Research, 32, 763-788. doi:10.1111/1911-3846.12083

Wolcott, H. F. (2010). Ethnography lessons: A primer. Walnut Creek, California: Left

Coast Press, Inc.

Wolcott, H. F. (2014). Writing up qualitative research better. Qualitative Health

Research, 12(1), 91-103. doi:10.1177/1049732302012001007

Wu, K. J., Tseng, M. L., Chiu, A. S., & Lim, M. K. (2017). Achieving competitive

advantage through supply chain agility under uncertainty: A novel multi-criteria

decision-making structure. International Journal of Production Economics, 190,

96-107. doi:10.1016/j.ijpe.2016.08.027

Xesha, D., Iwu, C. G., & Slabbert, A. (2014). Business relationships as a driver of

success for small, medium, and micro enterprises (SMMEs) in South Africa.

Journal of Economics, 5, 37-43. Retrieved from http://www.krepublishers.com

Xia, J., Ma, X., Lu, J. W., & Yiu, D. W. (2014). Outward foreign direct investment by

emerging market firms: A resource dependence logic. Strategic Management

Journal, 35, 1343-1363. doi:10.1002/smj.2157

Yang, C. L., Huang, K. P., Huang, C. L., & Huang, R. H. (2016). Integration of corporate

social responsibility into new product development. International Journal of

Management, Economics and Social Sciences, 5, 14-34.

doi:10.2139/ssrn.2764236

Yilmaz, K. (2013). Comparison of quantitative and qualitative research traditions:

Epistemological, theoretical, and methodological differences. European Journal

of Education, 48(2), 311-325. doi:10.1111/ejed.12014

170

Yin, R. K. (2015). Qualitative research from start to finish (2nd ed.). New York, NY:

The Guilford Press.

Yin, N. (2016). Application of AHP-Ansoff matrix analysis in business diversification:

The case of Evergrande Group. MATEC Web of Conferences, EDP Sciences. 44,

1-5. doi:10.1051/matecconf/20164401006

Yin, R. K. (2017). Case study research and applications: Design and methods (6th ed.).

Thousand Oaks, CA: Sage.

Yu, H., Abdullah, A., & Saat, R. M. (2014). Overcoming time and ethical constraints in

the qualitative collection process: A case of information literacy research. Journal

of Librarianship and Information Science, 46(3), 243-257.

doi:10.1177/096100061456610

Zachariadis, M., Scott, S., & Barrett, M. (2013). Methodological implications of critical

realism for mixed-methods research. MIS Quarterly, 37, 855-879. Retrieved from

http://www.misq.org/

Zafar, F., Khan, A., Suhail, S., Ahmed, I., Hameed, K., Khan, H. M., & ... Anjum, A.

(2017). Trustworthy data: A survey, taxonomy and future trends of secure

provenance schemes. Journal of Network & Computer Applications, 94,50-68.

doi:10.1016/j.jnca.2017.06.003

Zaleha, A. R., Ruhana Isa, C., & Khairuzzaman, W. I. (2014). Management accounting

systems, enterprise risk management and organizational performance in financial

institutions. Asian Review of Accounting, 22, 128-144. doi:10.1108/ARA-03-

2013-0022

171

Zamawe, F. C. (2015). The implication of using NVivo Software in qualitative data

analysis: Evidence-based reflections. Malawi Medical Journal, 27(1), 13-15.

doi:10.4314/mmj.v27i1.4

Zauszniewski, J. A., Lekhak, N., Burant, C. J., Underwood, P. W., & Morris, D. L.

(2016). Resourcefulness training for dementia caregivers: Establishing fidelity.

Western journal of nursing research, 38, 1554-1573.

doi:10.1177/0193945916655798

Zhang, S., Zhang, Y., Liu, X., Zhang, H., & Liu, D. (2013). On the reliability of DNA

sequences of ophiocordyceps sinensis in public databases. Journal of Industrial

Microbiology & Biotechnology, 40(3), 365-378. doi:10.1007/s10295-012-1228-4

Ziebland, S., & Hunt, K. (2014). Using secondary analysis of qualitative data of patient

experiences of health care to inform health services research and policy. Journal

of Health Services Research & Policy, 19(3), 177-182.

doi:10.1177/1355819614524187

Zulu-Chisanga, S., Boso, N., Adeola, O., & Oghazi, P. (2016). Investigating the path

from firm innovativeness to financial performance: The roles of new product

success, market responsiveness, and environment turbulence. Journal of Small

Business Strategy, 26(1), 51-67. Retrieved from http://www.jsbs.org/

172

Appendix: Interview Protocol

Introduction: Welcome the participant and explain that the scope of the interview is to

collect data regarding the main research question and sub-questions.

1. Introduce self to participant(s).

2. Present consent form, go over contents, and answer questions and concerns

of participant(s).

3. Give participant copy of consent form.

4. Turn on recording device.

5. Follow procedure to introduce participant(s) with pseudonym/coded

identification; note the date and time.

6. Begin interview with question #1; follow through to final question.

7. Follow up with additional questions.

8. End interview sequence; discuss member-checking with participant(s).

9. Thank the participant(s) for their part in the study. Reiterate contact numbers

for follow up questions and concerns from participants.

10. End protocol.

Main Research Question: What MAS strategies do leaders of ancillary service providers

use for business diversification?

Interview Questions:

1. What MAS strategies do you use to increase business diversification?

2. What contingent factors contributed towards formation of an effective MAS?

3. What MAS practices do you use to mitigate external environment challenges

to business diversification?

173

4. What information technology control systems do you use for efficient

management accounting?

5. How do you use MAS to manage information uncertainty?

6. How do you use MAS to foster interaction amongst decisions makers for

business diversification?

7. How do you use MAS as a tool for decision-making for diversification?

8. How can business leaders use MAS to increase business growth?

9. What more can you add regarding this study?