Business Research Methods top-up

The impact on companies and customers when a company does false accounting
 
CHAPTER 1: INTRODUCTION
According to Ball (2006), the success of organizations depends on the ability of the finance department to provide accurate financial reporting based on accepted financial standards. The same analysis is also provided by Alawiye-Adams, Oluwafemi and Ibitoye (2013) when they stated that effective financial accounting will steer an organization into high profitability levels through reducing unscrupulous money laundering avenues. However, despite the advantages associated with effective and transparent accounting practices, many organizations continue to engage in false accounting practices that have threatened the effective operations of organizations. Moreover, as postulated by Sikka (2015), engaging in false accounting practices places an organization at the brink of collapse due to reduced profitability and low brand loyalty. Additionally, according to Ferrell and Ferrell, O. C. (2014) increased engagement in false accounting practices tarnishes the brand name of an organization and leads to reduced consumer trust in the organization. For example, the false accounting practices that were witnessed at Enron, Tesco and WorldCom did negatively affect the operations of the companies in terms of profitability, consumer trust, brand loyalty, and competitive advantage.
The research that was undertaken aimed at evaluating the impacts of false accounting on consumers, organizations and the market, a case study of Enron, Tesco and WorldCom. Additionally, the research that was undertaken was aimed at evaluating the early warning indicators of false financial accounting and the various intervention strategies that can be adopted in order to minimize false accounting practices in an organization.
Significance of undertaking the research
Undertaking the research was of vital importance in the sense that it gave an insight in understanding the early warning indicators of false accounting, the intervention strategies and impacts of false accounting on the organization, customers and the market. From an organization perspective, undertaking the research was of vital importance in the sense that it enables organizations to understand the negative impacts of false accounting and how to intervene on the impacts in order to enhance higher levels of profitability, brand loyalty, and competitive advantage. On the other hand, undertaking the research was of vital importance to consumers in the sense that consumers will be able to get excellent consumer services and feel value for their money. Regarding the market parameter, undertaking the study was of vital importance in the sense that it provided insights into how the market can be stabilized through effective financial practices which in essence will minimize the probability of financial crises occurring as a result of destabilized market.
Research aim
To investigate the various impacts of false accounting on customers, the market and the organization and the intervention strategies that can be adopted in order to reduce the negative impacts of false accounting.
Research objectives
i. To determine the early warning indicators of false accounting practices in an organization
ii. To investigate the various negative impacts false accounting practices have on customers, market and the organization
iii. To determine the various intervention strategies that can be employed by organizations in order to minimize the negative impacts of false accounting.
 
CHAPTER TWO: LITERATURE REVIEW
Introduction
The literature review section critically evaluated the empirical studies that have been undertaken in the past regarding the concept of false accounting and the impacts of false accounting in organizations. Additionally, the literature review was based on analysing various theoretical underpinnings regarding the research concept with the aim of evaluating common themes in various researches that have been undertaken in the past regarding the research question.
Theoretical framework
The research that was undertaken was based on the theory of false accounting as stipulated in the Passas theory of false accounting. For instance, according to Passas (2001), “It is very troubling that accounting frauds are committed by respected and influential professionals – lawyers, accountants, and top-level managers”. For instance, according to the Committee of Sponsoring Organizations (COSO) approximately 83% of participants in fraudulent financial reporting are Chief Financial Officers (CFO) or the company’s Chief Executive Officer (CEO). This implies that most financial frauds in organizations are instigated by the organization top management Hansen, L. L. (2009). Moreover, Passas (2001) continues to state that, false accounting practices in an organization do negatively affect consumers and investors who in most cases are uninformed. Additionally, Passas continues to state that, the market is also affected by false accounting practices in an organization. According to the Passas theory, false accounting practices has diverse negative impacts such as bankruptcy to massive unemployment, delisting of company shares from the stock exchange and damage to domestic and international markets.
False accounting practices
There are various perceptions and dimensions that have been postulated regarding the concept of false accounting (Georgiou & Jack, 2011). For instance, as postulated by Gottschalk (2010), false accounting basically refers to the various practices that are undertaken by the organization with the aim of representing the financial statements of an organization. Moreover, in another definition postulated by Kuznetsova and Kuznetsov (2014), false accountings are unscrupulous management accounting practices undertaken by an organization and aimed at misrepresentation of financial statements and figures with the aim of obtaining financial gains in a fraudulent manner. The same analysis is also stated by Firth, Rui and & Wu (2011). As postulated by Firth et al (2011), false accounting practices in an organization involve those practices and processes that are aimed at falsifying the financial statements and figures in order to obtain undue monetary advantages. The same analysis is also depicted in studies undertaken by Ball (2009) and Feng, Ge, Luo and Shevlin (2011). According to Feng et al (2011), false accounting involves organizational procedures and processes that are aligned towards misrepresentation of financial information. The same information is also provided by Ball (2009) when they stated that financial fraud entails the process of giving false financial information through misrepresentation of financial statements and figures.
From the above analysis of what constitutes false accounting, it is evident that most of the literature points out to the fact that false accounting constitutes the organizational processes and practices that are aimed at misrepresentation of financial statements and figures with the aim of obtaining undue financial gains. The definition of false accounting is replicated in the false accounting practices that were undertaken at Enron, Tesco and WorldCom. For instance, regarding the Enron case study, Li (2010) states that the government deregulation that allowed Enron executives to maintain an agency over the earnings financial reports that were released to employees and investor did lead to the false accounting scandal at Enron. The deregulation allowed the Chief Executive officers at Enron to alter the company’s financial statements and provide false information to investors and consumers. The misrepresentation of false financial information to consumers and investors led to increased consumer and investor confidence in the company, yet the company was on the verge of collapse due to false accounting practices (Li, 2010). The misrepresentation of financial figures and statements as false accounting is also replicated in the false accounting scandal that was witnessed at WorldCom. For instance, as postulated by Dennis (2003), the false accounting at WorldCom involved false accounting revenues as well as overstating of revenues. Moreover, the concept of misrepresentation of false statements and figures is depicted in the financial fraud that at Tesco. Tesco was engaged in the misrepresentation of figures through exaggerating the expected profits in the first half of last year from £250M, in 2014. The false accounting practices at Tesco were discovered after an audit that was undertaken by The Financial Reporting Council (FRC), which found that Tesco had artificially inflated profits exceeding £263M (Sarah, 2015).
There are various reasons as to why the top management and other stakeholders are engaged in false accounting practices (Weißenberger & Angelkort, 2011). For example according to Zona, Minoja and Coda (2013), most of the false accounting scandal have been escalated by the greed of the top management. For example, in the Enron case, the false accounting scandal was escalated by the greed of the Chief Executive Officers who were driven by the desire to swindle the company and gain undue financial gains from misrepresentation of figures. Moreover, Tillman (2009) ratifies the idea that false accounting is instigated by corrupt and greedy organizations. According to Tillman (2009) greedy and corrupt powerful individuals in an organization and key decision makers are the instigators of false accounting scandals in an organization.
Secondly, according to Low, Davey and Hooper (2008), another main reason as to why false accounting practices are undertaken in organizations is the increased need for organization to stay competitive and win consumer and investor confidence. Low et al (2008) states that, the need to increase investor and consumer confidence leads organizations to engaging in false accounting practices such as misrepresentation of figures in order to lure unsuspecting investors and consumers. For example, regarding the Enron case study, misrepresentation of financial statements and figures was undertaken by the chief executives in order to attract more customers, and investors. Additionally, the same scenario was replicated in the TESCO scandal in which the Company exaggerated the profits in order to win consumer and investor confidence. On the other hand, WorldCom overstated the revenues in order to lure more investors and increase the consumer confidence in the company. Additionally, in line with increasing consumer and investor confidence, another reason why organizations engage in false accounting practices is to enhance competitive advantage of an organization. As postulated by Henning (2009), most organizations engage in false accounting practices in order to obtain a competitive advantage by misrepresenting the organization as a profitable organization. The same analysis is also provided by Gottschalk (2010). According to Gottschalk (2010), the need to be seen as a profitable organization has led many organizations to misrepresent figures in order to maintain a brand identity. This is replicated in the TESCO scandal in which the company misrepresented the financial figures in order to maintain its identity as a reputable and profitable company.

Impacts of false accounting practices
There are various impacts that false accounting practices pose to the organization, consumers and the market as well. For instance, according to Norwani, Zam and Chek (2011), engaging in false accounting practices leads to an organization being bankrupt. The same analysis is depicted in a study that was undertaken by Crawford and Weirich (2011). According to Crawford and Weirich (2011), engagement in false accounting practices leads an organization into a state of credit in which the company cannot be able to meet its financial obligations. Moreover, as postulated by Jonada and Aliaj (2014), engagement of an organization in false accounting practices can render an organization into a state of bankruptcy. Moreover, as postulated by Lee (2013), engaging in false accounting practices plunges an organization into a state of bankruptcy through increased losses. In line with the same, engaging in false accounting leads to low profitability levels in an organization in the sense that it leads to a reduction in the stock prices of a company which in turn translates to low profitability levels (Cascini & DelFavero, 2011). The low levels of profitability among companies that engage in false accounting may eventually lead to market instability as postulated by Bhasin (2013). Bhasin states that increased engagement in false accounting practices leads to collapse of big companies which in essence may lead to global financial crisis. For example, as postulated by Jones (2011), the financial crisis that was witnessed in 2008 was a result of false accounting practices among financial institutions which led to collapse of big financial institutions.
Secondly, another impact of false accounting on organizations is the aspect of tarnished reputation and brand name. According to Ball (2009) organizations that engage in false accounting practices eventually suffer from a tarnished brand name and reputation. The same analysis is also provided by Greyser (2009) when they stated that engaging in false accounting practices leads to a bad brand reputation.
Thirdly, with respect to consumers, one of the impacts of false accounting practices in an organization is that it leads low levels of consumer trust and satisfaction. For instance, as postulated by Spathis and Constantinides (2004), false accounting practices in an organizations leads to low levels of consumer satisfaction in the sense that consumers get dissatisfied with the operations of the business. Moreover, according to Melecky and Rutledge (2011), false financial practices in an organization imply that organizations are not able to meet their obligation and mandate of providing excellent consumer experiences. This eventually leads to low levels of consumer satisfaction due to poor consumer experiences. The same analysis is also provided by Jones (2011). According to Jones (2011), false accounting practices leads to an organization being declared bankrupt which in turn affects the capability of the organization in providing consumers with excellent consumer experiences. Moreover, another impact of false accounting practices in an organization is that it leads to unemployment. This is underpinned by the fact that, through false accounting, organizations are rendered bankrupt and eventually collapse. The collapse of such organizations leads to unemployment for most of the employees working in the organization (Greve, Palmer & Pozner, 2010).
Legislative interventions on false accounting
In response to the various false accounting scandals, various legislative interventions were developed. For instance, some of the legislative interventions that were developed in response to the false accounting scandals are the Theft Act 1968 S17 and the Sarbanes-Oxley Act. According to Ryder and Harrison (2013), section 17 of The Theft Act 1968 stipulates what constitutes false accounting as well as the various punitive measures that can be undertaken in cases where an organization engages in false accounting. For instance, as postulated in the Theft Act of 1968, “when a person dishonestly, with a view to gain for himself or another or with intent to cause loss to another,-
a) Destroys, defaces, conceals or falsifies any account or any record or document made or required for any accounting purpose.
b) in furnishing information for any purpose produces or makes use of any account, or any such record or document as aforesaid, which to his knowledge is or may be misleading, false or deceptive in a material particular;
He shall, on conviction on indictment, be liable to imprisonment for a term not exceeding seven years” (Theft Act, 1968). Another legislative intervention that was undertaken in response to false accounting practices was the development of the Sarbanes-Oxley Act. The Sarbanes-Oxley Act stipulates various guidelines that organizations need to follow in order to promote effective accounting practices in an organization.
Literature review summary
From the above literature review, it is evident that false accounting encompasses all the practices involved in misrepresentation of financial information and statements with the aim of gaining undue financial advantage. Additionally, from the literature review analysis, it is evident that false financial accounting is motivated by a number of factors which include the following; the greed of corrupt individuals in an organization as well and the need to enhance an organization profitability reputation in order to attract investors and win consumer confidence. However, false accounting is characterized with various negative impacts which include; tarnishing of brand name and reputation of an organization, poor customer experiences, increased unemployment, losses, and market instability. The research that was undertaken expanded on the negative impacts of false accounting practices on the organization, shareholders, consumers and employees as well as evaluating organization based strategies that can be deployed in order to mitigate false accounting practices in organizations through identification of early warning indicators.

CHAPTER THREE: RESEARCH DESIGN
Introduction
Chapter three critically evaluates the research design that was employed in the undertaking of the research in order to evaluate the research questions. Specifically, the section addresses constructs that are related to the research design, the research philosophy, research instruments used, data analysis and research ethics.
Research design
There are two research designs that a researcher can employ in undertaking a research. They are the quantitative and the qualitative research design. According to Johnson and Onwuegbuzie (2004), quantitative research design is that research design that emphasizes on objective and collection of quantifiable data while qualitative research design emphasizes on subjectivity. The research that was undertaken was based on the use of both qualitative and quantitative research design in which data was collected through the use of questionnaires and interviews. The use of a mixed method design was based on the idea that a researcher can employ the use of both research designs in order to leverage on the advantages associated with both the qualitative and quantitative designs (Johnson & Onwuegbuzie, 2004). For instance, as postulated by Neuman (2005), some of the advantages associated with quantitative designs include the following; quantitative research designs are more appropriate when collecting data from a large number of research participants, quantitative designs are appropriate methods for theory and hypothesis testing, emphasizes on reliability and objectivity, provide summarized numerical data and are most appropriate in determining cause and effect. On the other hand, as postulated by Lewis (2015), some of the advantages associated with qualitative research design include the following; enables a researcher to collect data that is based on the personal experiences of the participants, enables a researcher to undertake the study of the phenomenon in a detailed manner, are responsive to any changes that might occur in the process of undertaking the research and that qualitative research designs are effective in undertaking cross case analysis. However, as postulated by (Van Zomeren, Postmes & Spears, 2008), there are some disadvantages that are associated with the use of qualitative and quantitative research designs. For instance, as postulated by Van et al (2008), some of the disadvantages associated with quantitative research designs include the following; quantitative research designs are based on hypothesis testing as opposed to development of hypothesis which leads to confirmation bias, quantitative research designs are characterized with general and abstract knowledge, and that quantitative research designs do not give a researcher an opportunity to evaluate the participants in their natural setting. On the other hand, as postulated by Opdenakker (2006), some of the disadvantages associated with qualitative research designs include the following; qualitative research designs are quite complex and difficult to undertake in cases where the research participants are many, knowledge obtained from qualitative research designs cannot be applied to certain specific scenarios and that qualitative research designs are quite difficult in testing hypothesis. However, blending the advantages associated with the mixed research design did offset the disadvantages associated with the use of qualitative and quantitative research designs.
Research philosophy
As postulated by Leitch, Hill & Harrison (2009), there are two main research philosophies that a researcher can employ in undertaking a research. They are the positivist and the phenomenological research paradigms. The positivist research philosophy is the research paradigm that emphasizes on objectivity in undertaking the research. According to Easterby-Smith, Thorpe and Jackson (2012), most quantitative research employ the positivist research philosophy in the sense that quantitative research designs are characterized with objectivity. On the other hand, as postulated by Finlay (2012), the phenomenological research philosophy is that research paradigm that emphasizes on subjectivity. Finlay (2012) continues to state that most qualitative research designs employ the phenomenological research philosophy. The research that was undertaken employed the use of both the positivist and the phenomenological research philosophy. This is underpinned by the fact that the research employed the use of both qualitative and quantitative research designs.
Sampling procedures
The research that was undertaken employed a total of 105 research participants. The 105 research participants were recruited from three companies including Tesco. Of the 105 research participants 100 were required to fill in a semi-structured questionnaire while the remaining 5 were interviewed. The participants were recruited through the use of simple random sampling. The use of simple random sampling was selected in the sense that as postulated by Montgomery, Runger and Hubele (2009) simple random sampling is a fast, cost effective and simple form of probability sampling. Moreover, simple random sampling is characterized with minimal selection bias in the sense that every participant has the same probability chances of being selected into the final sample population (Montgomery et al, 2009).
Research instruments
The research that was undertaken employed the use of primary and secondary data sources. As postulated by O’Leary (2013), primary data sources encompasses all the data collection instruments that are aimed at collecting data from the participants while secondary data sources involves those instruments that have been published. According to Bowen (2009) questionnaires, interviews and observations are primary data sources while secondary data sources include instruments such as printed books, journal articles, publications and reports. Primary data was collected through the use of questionnaires and interviews while secondary data was collected through the use of printed materials and company reports regarding the research questions.
Primary sources
The major primary sources of data that were employed in the undertaking of the research were questionnaires and interviews. A total of 100 participants were required to fill in the questionnaire that was distributed in order to determine the participants’ responses regarding the research questions. For instance, questionnaires were selected in the sense that questionnaires are characterized with a number of advantages which include the following; questionnaire are convenient instruments in collecting data from a large group of participants in the sense that questionnaires can be distributed to different participants at a time and can be collected later or on the same day , questionnaires are objective due to high levels of standardization, and that data collected from questionnaire is easy to analyse statistically (Belk, 2006). Moreover, other advantages associated with questionnaires are that questionnaires are easy to use and are more cost effective compared, and that questionnaires are also characterized with reduced biasness from the researcher (Kuiper & Clippinger, 2012). However, despite the advantages associated with the use of questionnaires, there are some disadvantages associated with questionnaires. For example, as postulated by Belk (2006), one of the major problems associated with questionnaires is that consumers tend to forget some vital information when filling questionnaires and that questionnaire are difficult to design. In order to counteract the disadvantages associated with questionnaires, a short but very inclusive questionnaire was deployed in in the undertaking of the research (Kuiper & Clippinger, 2012).
To supplement the use of questionnaires, interviews were also used as primary data collecting instrument. Face to face interviews were employed as a data collection method in order to provide firsthand information regarding the interview questions. A total of 5 interviews were undertaken with key managers at the identified organizations in order to provide their responses regarding the research questions (Kuiper & Clippinger, 2012). In undertaking the interviews, both the interviewer and the interviewee were able to clarify on issues of the research that was being undertaken. This helped the interviewer obtain viable and authentic information that was well elaborated and authentic (Belk, 2006). The choice of interviews was based on the fact that there are various advantages associated with interviews. For instance, some of the advantages associated with interviews include the following; Interviews are considered to be a flexible data collection tool and that interviews enable a researcher to gain firsthand information from the participants based on their natural experiences. Moreover, other advantages associated with interviews is that interviews allows a researcher to learn about things and facts that cannot be observed directly and that interviews adds internal viewpoints to outward behaviours (Kuiper & Clippinger, 2012).
However, despite the advantages associated with interviews, Kuiper & Clippinger (2012) states that, interviews are a slow method of collecting data because the process calls for interviewing one person at a time, interviews cannot fully trace events and trends that occurred in the past, interviews are an expensive tool to use, interviews are subject to respondent and interviewer bias.
Interview schedule
A table indicating the interview schedule
Interviewee Date of interview
CEO- Company 1
CEO- Company 1
CEO- Company 1
General Manager – company 1
General Manager – company 1

Secondary data sources
In addition to primary data that was collected, secondary data sources were also employed in the undertaking of the research. Secondary data sources that were employed included published journal articles, books and company reports (Vartanian, 2011). Secondary data sources are instrumental in supporting primary data sources such as interviews and questionnaires (Patzer, 1995).
Data analysis
Data that was collected was analyzed in SPSS version 20.0 through the use of one sample t-test analysis as well as thematic analysis. The responses from the questionnaires were analyzed using one sample t-test in order to determine the statistical significance of the participants’ responses. The one sample t-test analysis was used to determine the mean value of the participants’ responses and the values of t and p. The adoption or the rejection of the null hypothesis will be based on the values of p and t obtained and the mean value of the participants’ responses. On the other hand, the responses from the interviews will be analyzed through the use of thematic analysis in which the responses of the participants will be analyzed in order to determine common themes.  
Research ethics
As a good research practice, several ethical considerations were undertaken in order to conform to the ethical guidelines of undertaking a research involving data collection from the research participants. The following ethical considerations were undertaken (Guillemin & Gillam, 2004):
 The participation in the research undertaking was based on a voluntary basis in the sense that no solicitation was advanced and awarded to the participants in order to solicit their participation in the research undertaking. The participation of the participants in the research undertaking was based on a voluntary basis and the participants were also allowed to terminate their participation in the research at any stage of the research without any notice whatsoever.
 The participants were also guaranteed data privacy in the sense that, the data that was collected from the research undertaking was used for the intended purposes and no data was made available to third parties.
 The participants were also informed of the duration of the research, the overall purpose of the research and the objectives of the research that was undertaken. This enabled the participants’ to complete the tasks in due time and also made sure that the participants’ were aware of the purpose of the study.
 
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