Decreasing Animal Euthanasia Free Essays

string(64) " where you can enter your zip code to find places close to you\." Animal Euthanasia is looked at in many different aspects and can be seen as a beneficial act or completely evil. Some may need to euthanize their animal for health issues, while others are just euthanizing their animal because they can’t take care of them and nobody is willing to adopt. Euthanasia occurs daily, with innocent animals losing their lives because of our local animal shelters being over-crowded. We will write a custom essay sample on Decreasing Animal Euthanasia or any similar topic only for you Order Now Why is this? Well, many adopters are not responsible enough to take care of their animals in general, along with getting them spayed and neutered. Approximately 5 to 7 millions animals enter animal shelters annually, and about 3 to 4 million end up euthanized. (ASPCA, n. d. ) This is a prime example of a huge issue that needs to be paid attention to. These animals are having to lose their lives not because they are cruel, dangerous animals, but simply that our shelters are not big enough, and our adoption rates aren’t high enough, and adoptive families aren’t being forced to get their pets spayed and neutered to slow down the animal population. Spaying and neutering your pet will decrease the amount of euthanasia occurring in not only our hometown shelters, but throughout the United States as well. Adoptive families have the normal application along with reference checks and landlords if they are current renters. But is this enough to really know if someone is able to take care of an animal? Shouldn’t there be a much more guided policy with strict enforcement on who adopts along with a signature to make sure at the right age, if applicable, they spay or neuter their newest addition to the family? We need to make a stand against how many animals go in and out of shelters and homes, then end up being killed because of a humans actions. It just isn’t fair. Animal euthanasia occurs nationwide. Do you have an animal at home? Do you consider your pet a family member, or companion that you would be ashamed to lose? If you feel that way, its best to Decreasing Animal Euthanasia Page 3 be sure you spay and neuter your loved pets because if not, their liters could end up in the hands of wrong families, maybe not intentionally, but to families that may end up realizing they can’t handle that pet, and bringing it to the shelter. Though it’s only recommended that orphan animals stay a minimum of 5 days, before or after those 5 days that animal could be euthanized solely because of the caretaker, not that the animal was harmful or ill. (How Long.. Sleep? , n. d. ) According to the ASPCA, 60% of animals entering shelters in the United States are euthanized and around 4 million are euthanized simply because of shelter overcrowding. (Shelter, September, 2011. ) We have a huge issue here. This is the same as the homeless people we have on the streets today, its only going to progress! We need to take a stand and make shelter for these animals. We need to expand our shelters, and if not, maybe start spay and neuter clinics for a very low cost so more people can willingly come get their animals fixed to slow down the population of animals born each day. With almost 5,000,000 pets being destroyed annually, 13,700 daily, 570 hourly, and 10 animals each minute, within the time it took just to read part of this paper, multiple animals have been euthaniased. Animal League, n. d. ) Now think, if majority of those animals or at least half had been spayed and neutered, that would have led those numbers to be split in half, all because of a simple spay and neuter process that adoptive families are slacking to accomplish out of lack of concern. If the plan is to not spay or neuter your animal, plan to treat that animal as your own blood. When that animal ends up pregnant, the responsbility comes back on you. Same as the pregnancies today. Females take a birth control to avoid unwanted pregnancies, thats the pet owners responsibility to keep their animal from pregnancy as they can’t go to the vet and pay to get it done themselves! After doing some research I have found that there are other supporters other than myself trying to make an end to this animal euthanasia for innocent animals. Fosterspot. com is a website that was Decreasing Animal Euthanasia Page 4 designed for stopping euthanasia to healthy animals and making this website a nation-wide network of fostering families. I thought this was a great idea because of the fact that some adoptive families are picky for what type of cat or dog for example they are looking for. On this website, people not only from our hometown would know what we have at our local shelters, but anyone interested in certain types of animals could see where they were available! Not only can we just simply adopt to stop euthanasia and its daily occurrences, we could also try to have a local fundraiser or charity fund to expand our local shelter. We would speak to the president of the animal shelter and work together with the shelter on this. If expansion wasn’t a possibility, we could also help by spreading the word of adoption, along with being a volunteer at your local shelter if time permits. Any help in the humane society field would help! Also, helping fund/collect animal food so the shelter can put more money towards expansion or other plans that are more costly. Another big issue and something to promote, is getting adoptive families to spay and neuter their animals. Yes, its true that spay and neutering your animals is not cheap, though many people don’t know that there are alternatives and ways to receive low-cost spaying and neutering. The Humane Society of The United States promotes a low cost alternative on their website where you can enter your zip code to find places close to you. You read "Decreasing Animal Euthanasia" in category "Papers" (Humane Society of The United States, n. d) Luckily, our community of Waterville in Maine has our local humane society that offers low-cost spaying and neutering prices! If we could get the word out there on how crucial it is for families to bring their pets in for this procedure, not only would this help euthanasia statistics, but also the adoptive families in the long run of dealing with a pregnant female dog or cat in their household! They then would have to deal with a liter and getting rid of them, which isn’t always as easy as people presume it to be! Spaying and neutering household pets not only keeps away from unwanted pregnancies, but has Decreasing Animal Euthanasia Page 5 other benefits as well! This keeps animals alive longer, have a healthier life, along with saving the adoptive family from frustration as well. Things like breast cancer or dangerous uterine infections in females or testicular cancer in males can be reduced or eliminated all together. Also, messy heat cycles in female animals aren’t a very joyous experience. Yet many people complain of the cost of getting animals spayed and neutered but getting pets spayed and neutered will eliminate that extra expence for food or vet services in the event of an unexpected liter of kittens or puppies. So whats more worth it? Finding a low cost clinic and getting pets spayed and neutered or waiting for pregnancy to happen which in turn can be ten times the amount of a simple spay and neuter procedure! Following spaying and neutering household pets, its also important to make sure the animal can be identified because sometimes animals stray away and end up not coming home, which in turn either the foster family looks for the animal and calls local shelters if the animal has been found, or they just aren’t concerned. This in turn also causes overcrowding in shelters, due to lack of care on the families end. Making sure that these pets are wearing an identification tag, including the foster families name, address and phone number would eliminate that part of the animals being put in shelters. Also, don’t assume that indfoor pets don’t need tags because many strays in shelters actually are told to be indoor animals that escaped. (Animal Shelter Euthanasia) One thing that I think I will always wonder if why animal euthanasia is legal, but human euthanasia is not. We don’t take our homeless population and kill them because there is no place for them to go. Euthanizing an animal who is suffering and should be put out of misery is fine, but a human is not? If someone is suffering so much no matter from what the circumstances may be, we are either drugging the patient up to not feel the pain as much, or just letting them deal with it everyday. Euthanasia in humans is not permitted, even in the most extreme cases, though animals are being euthanized for simply having no place to stay, or being cramped in a kennel. It makes me think of Decreasing Animal Euthanasia Page 6 something like suicide and how people have to suffer to end their lives, or suffer simply in a hospital bed getting infused with all kinds of drugs. Whats the point of life when you’ve reached those limits? If animal euthanasia is permitted, I believe human euthanasia should too. Working in the medical field and pursuing my degree as a registered nurse, I see many patients suffer and their lives being just a miserable mess, along with the family dealing with seeing their loved ones suffer. Sure, some people have to suffer in order to get better, and then they can be back to normal some day, though others may not ever be able to communicate again, to walk again. I think with our freedom we have today, we should have the right to be euthanized if we are in severe sufferage and prefer to just go on to the after life. We are the voice for these animals though. We are their protectors and we are the ones who have to make their decisions. Euthanizing an animal simply because it would cause crowding in shelters, or because of adoptive families not following through on getting the pet spayed and neutered is just disturbing. I think that if we take these steps together, along with having others proceed on this issue with us, there will be more awareness and more information put out there. It truly is the only way to really get something across is to spread the word, and never give up on your beliefs and your goals and achievements. These innocent animals deserve a life just as you or I do. We all have one precious life, and once its taken, we never can get it back. People may not look at animals as an importance, but they are here for reasons, just as we as humans are. Animal euthanasia is immoral and wrong and I know that if you feel as strongly about animals as I do, you will do whats in your will power to help decrease animal euthanasia in your community. Wither you can make a big impact, or small, it really all balances out and everyone matters. It’s about coming together and making a change for the better. So today is the day to take a stand and make a change. Go and get your pet spayed and neutered along with spreading the word and letting others know the importance of this matter. In the end it benefits more than just the Decreasing Animal Euthanasia Page 7 animal, but also yourself as you can be rest assured you made your impact on this issue. Reference Page Animal Shelter Euthanasia. (n.d.). Retrieved from http://www.americanhumane.org/animals/stop-animal-abuse/fact-sheets/animal-shelter-euthanasia.html ASPCA | Pet Statistics. (n.d.). Retrieved from http://www.aspca.org/about-us/faq/pet-statistics.aspx How Long Do Animal Shelters Keep Animals Before Putting Them to Sleep? | eHow. (n.d.). Retrieved from http://www.ehow.com/facts_7404543_long-animals-before-putting-sleep_.html Reducing Euthanasia – North Shore Animal League America. (n.d.). Retrieved from http://www.animalleague.org/about-us/how-we-help/reducing-euthanasia.html Shelter Animal Euthanasia Could End With Help From National Foster Home Network — CYPRESS, Texas, Sept. 14, 2011 /PRNewswire/ –. (n.d.). Retrieved from http://www.prnewswire.com/news-releases/shelter-animal-euthanasia-could-end-with-help-from-national-foster-home-network-129786818.html You Can Afford to Have Your Pet Spayed or Neutered : The Humane Society of the United States. (n.d.). Retrieved from http://www.humanesociety.org/issues/pet_overpopulation/tips/afford_spay_neuter.html How to cite Decreasing Animal Euthanasia, Papers

Global Marketing Management Business Relationship

Question: Discuss about the Global Marketing Management for Business Relationship. Answer: Why do relationships in Asia differ from relationships in North Americaand Europe? The difference in culture can be best observed in any business arena. It is important to note that the cultural believes and practices of Asian people differ from that of the North American and European people. The cultural differences are the major factor that leads to variation in the relationships in Asia and North America. First of all, Asian people believe in Collectivism practices in which the emotion plays an active role in building a relationship. In case of the Americans, they act as individualist thinking of own interest and benefits. There is a lack of emotional touch among the western people. In Asia, individuals treat each other well and portray humility. But in the case of Western culture, they primarily focus on self promotion (Katsikeas, 2016). People from Asia are attached to their personal life while doing businesses, whereas people from western culture are not much influenced by their personal life. Hence, there is a need of competitive international marketing stra tegy that must be flexible enough to help the company adopt to the factor influencing the business in a particular market with difference in culture. What is the significance of this for developing a competitive international marketing strategy? A competitive international marketing strategy plays an important role in seeking growth on the global platform. It is important for the management to keep in mind the cultural differences while planning the international competitive marketing strategy. In order to seek success with the marketing strategy there is a need to consider the concept of relationship marketing that helps to develop better bonding with the customers (Katsikeas, 2016). A flexible marketing strategy with easy adaptability according to the market variances in respect to relationship differences can be helpful in developing a competitive international marketing strategy. Hence, it is important for any organisation to consider the cultural difference and relationship factors while developing a competitive international marketing strategy to operate in different nations of the world. How do networks relate to customer relationship management (CRM) ineffective international marketing? The theory of globalisation, effective international marketing can be ensured through efficient customer relationship management (CRM). In order to identify the networks relate to CRM, traditional networking behaviour of a certain market must be identified through market research. Through the identification of traditional networking behaviours, a firm can enforce online marketing concept to build customer relationship management and support system for the customers perspective. The client's orientation in a different market will be evident for extreme development in CRM in context to effective international marketing. The online support system and CRM will bring new clients to the business producing new interest to the customers (Keegan and Green, 2012). Furthermore, networks have been identified as a motivator in effective international marketing to increase the standards of CRM. The foreign market commitments have been fulfilled through the networking systems creating maximum benef its. Meanwhile, SMEs can identify the role of formal and informal customer relationship entities following optimised networks. In addition to that, networks have recognised the social, ethical and environmental recital of a foreign market. Accordingly, international CRM tactics will be considered on the basis of the observations. Such efficient networking strategy can eventually benefit the global marketing providing support to the foreign clients via strategic CRM. What do you consider are the main factors needed to ensure effectiveness of CRM in overseas markets? In order to promote successful cross-border trade, effective CRM in overseas market has been the key. First of all, the purchasing trajectory of the foreign market clients must be judged on the basis of the purchasing style and social conformity. In the case of Calleija Jewellers, British market and its publics buying concepts have become a serious issue for effective CRM. Following the cultural and societal preferences of the target market, traditional PR campaigns and offline advertisements must be promoted to ensure effective CRM (Keegan and Green, 2012). In this way, a business organisation can create formal linkage to the customers. Apart from that, commitment to the customers must be retained in order to help firms progression. Such tactics will create a positive frame of mind among the target demographics that will motivate the buyers to select the items of the firm. Precisely, network theories can be applied to this regard to ensure effective CRM strategies of firms internati onalisation. Such factors can ultimately increase the effectiveness of CRM to support the business in the foreign territory. What were the key challenges faced by Calleija in internationalisation to the United Kingdom market and how were these key challenges overcome? Internationalisation has several benefits as well as brings different issues to the business organisation expanding on a global platform. In the same way, Calleija also faces various key challenges while expanding to the United Kingdom market. The key challenges and ways to used by Calleija to overcome the challenges are discussed herein below: Legal obligations: The differences in the rules and regulations of the UK government and the Australia government make it important for Calleija to consider the legal obligations while entering the UK market. In order to understand the legal differences, Calleija has contacted the Austrade to make them aware of the differences in legal obligations that must be considered while establishing business in the UK market. Brand Awareness: Being a SME, Calleija faces problems regarding brand awareness in the UK market. Brand awareness is required to seek growth in the new market with new products. The company has employed local marketing consultancy firms to carry on its PR activities. Hence, it will help the company to overcome the challenges of brand awareness. High level of competition: Calleija has established the store in a core location that has different multinational jewellery shows with good reputation in the market. In order to differentiate the product, Calleija focus on differentiating the product using pink diamonds that are mainly found in Australia. Hence, the company will overcome the challenges of high level of competition using product differentiation and various online and offline marketing strategies. Country of origin: Another key challenge that is faced by Calleija is the country of origin. It can be seen that the British people will prefer local products as compared to the products sold by Calleija. Hence, the company needs a support of local companies to seek growth in the UK market (Kotabe and Helsen, 2008). Hence, Calleija has gone for a strategic alliance with Aston Martin to enter the new market of the United Kingdom. 4: What is country of origin and how does country of origin pose an issue for a small Australian jewellery firm? Country of Origin (COO) is precisely a label that indicates the country of production, or manufacture of an item or product. The COO label signifies the origin country of an item. There are distinct laws, and international agreements may apply to define the country of origin of a product (Tadajewski and Hewer, 2012). Meanwhile, the label was designed in the United States of America, but it was manufactured in China. Understandably, COO has indicated a buyer about the country where the product or item has been shipped and produced. Country of origin can be recognised as one of the unique information to impress the purchasers as most of the buyers have their preferences. Being a small Australian jewellery firm, Calleija Jewellers has faced significant issues and challenges due to the country of origin in exporting and marketing their diamonds in the United Kingdom. Herein, the preconceived notion of COO has created two significant challenges for Calleija Jewellers entering in the vast UK market. First of all, the diverse cultural background of the public of the city of London has established significant issues to the small Australian diamond merchants. The British heritage and pride of the domestic public have provoked the customers to buy original British-manufactured jewellery items. Therefore, the country of origin of the products of Calleija Jewellers has provided issues in product selling (Tadajewski and Hewer, 2012). The negative perception of the British customers of Australian jewels has created problems in the business for Calleija Jewellers. Hence, the organisation has to spend a lot of money and time in the PR campaigns to establish the br and identity in the UK market. Secondly, the distinct cultural and social norms of the local public have been an issue for the growth in business. To maintain a relationship with the clients, Calleija Jewellers has to facilitate the customers according to the demand of the social tactics. Moreover, the country of origin has cost too much to Calleija Jewellers to make it through in the British business environment. References Katsikeas, C. (2016). Global marketing of industrial products: Contemporary developments and future directions.Industrial Marketing Management, 35(5), pp.540-544. Keegan, W. and Green, M. (2012).Global marketing management. Upper Saddle River, N.J.: Prentice Hall. Kotabe, M. and Helsen, K. (2008).Global marketing management. New York: J. Wiley. Tadajewski, M. and Hewer, P. (2012). Global contributions to marketing management.Journal of Marketing Management, 28(9-10), pp.1015-1020.

Positive Accounting Theory Essay Example

Positive Accounting Theory Essay We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact [emailprotected] org. American Accounting Association is collaborating with JSTOR to digitize, preserve and extend access to The Accounting Review. http://www. jstor. org THE ACCOUNTING REVIEW Vol. 65, No. 1 January 1990 pp. 131-156 Positive A Accounting Year Theory: Ten Perspective Ross L. Watts and Jerold L. Zimmerman University of Rochester ABSTRACT: This paper reviews and critiques the positive accounting literature following publication of Watts and Zimmerman (1978, 1979). The 1978 paper helped generate the positive accounting literature which offers an explanation of accounting practice, suggests the importance of contracting costs, and has led to the discovery of some previously unknown empirical regularities. The 1979 paper produced a methodological debate that has not been very productive. This paper attempts to remove some common misconceptions about methodology that surfaced in the debate. It also suggests ways to improve positive research in accounting choice. The most important of these improvements is tighter links between the theory and the empirical tests. A second suggested improvement is the development of models that recognize the endogeneity among the variables in the regressions. A third improvement is reduction in measurement errors in both the dependent and independent variables in the regressions. T is more than a decade since our two papers, Towards a Positive Theory of the Determination of Accounting Standards and The Demand for and Supply of Accounting Theories: The Market for Excuses were published in The Accounting Review. We will write a custom essay sample on Positive Accounting Theory specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Positive Accounting Theory specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Positive Accounting Theory specifically for you FOR ONLY $16.38 $13.9/page Hire Writer The intervening time allows us to look back on these papers and the ensuing literature with some perspective. The two papers were controversial ten years ago and remain so today. The papers (primarily Watts and Zimmerman 1978) contributed to a literature that has uncovered empirical regularities in accounting practice (Christie forthcom ing; Holthausen and Leftwich 1983; Leftwich forthcoming; Watts and Zimmer man 1986). The empirical regularities have been replicated in different settings I Financial support was provided by the John M. Olin Foundation and the Bradley Policy Research Center at the University of Rochester. The comments of Ray Ball, James Brickley, Andrew Christie, Linda DeAngelo, Robert Hagerman, S. P. Kothari, Richard Leftwich, Tom Lys, Clifford Smith, Jerold Warner, and Greg Whittred are gratefully acknowledged. We thank William Kinney for encouraging us to pursue this project. An earlier version of this paper was presented at the Accounting Association of Australia and New Zealand, July 4, 1989, Melbourne, Australia. Manuscript received May 1989. Revision received September 1989. Accepted September 1989. 131 132 The Accounting Review, January 1990 (Christie forthcoming) and it is clear there is a relation between firms accounting choice and other firm variables, such as leverage and size and the signs of the relations are mostly consistent across studies. Positive accounting research guided the search for the empirical regularities and provided explanations for them. To date, there are no systematic alternative sets of explanations for those regularities articulated and tested in the literature. Further, the literature has moved beyond the first simple exposition of the theory in the 1978 paper. The explanation for accounting choice is now richer and more sophisticated. Our first objective in this paper is to convey our perspective on the evolution and current state of positive accounting theory and to summarize the evidence on systematic empirical regularities in accounting (Section I). The second objective is to evaluate the research methods and the methodology used to document the empirical regularities. We discuss criticisms of the original papers and of the subsequent positive accounting literature in Section II. While the positive accounting literature has explained some accounting practice, much remains unexplained. Our third objective is to provide our views about future directions for positive accounting literature (Section III). I. Evolution and State of Positive Evolution Accounting Theory Modern positive accounting research began flourishing in the 1960s when Ball and Brown (1968), Beaver (1968), and others introduced empirical finance methods to financial accounting. The subsequent literature adopted the assumption that accounting numbers supply information for security market investment decisions and used this information perspective to investigate the relation between accounting numbers and stock prices. The information perspective has taught us much about the markets use of accounting numbers. But, except for the choice of inventory methods, the information perspective has not provided hypotheses to predict and explain accounting choices. The information perspective has not provided hypotheses to explain why entire industries switch from accelerated to straight-line depreciation without changing their tax depreciation methods. An important reason that the information perspective failed to generate hypotheses explaining and predicting accounting choice is that in the finance theory underlying the empirical studies, accounting choice per se could not affect firm value. Information is costless and there are no transaction costs in the Modigliani and Miller (1958) and capital asset pricing model frameworks. Hence, The information perspective views accounting data (usually earnings, dividends, and cash flows) as providing information on inputs to valuation models (e. g. , discounted cash flows) and tests for associations between accounting disclosures and stock prices or returns. In the contracting approach adopted in the literature and discussed in this paper, accounting methods are primarily determined by the use of accounting numbers in contracts between parties to the firm. Under this approach accounting disclosures directly affect parties (including stockholders) contractual claims and, hence, the values of those claims (including stock prices). To the extent accounting disclosures are correlated with attributes investors use in valuing securities, these disclosures contain information and affect stock prices. Thus, under both an information perspective and a contracting perspective, accounting disclosures have the potential to alter securities prices (Holthausen forthcoming). Watts and Zimmerman-Positive Accounting Theory 33 if accounting methods do not affect taxes they do not affect firm value. In that situation there is no basis for predicting and explaining accounting choice. Accounting is irrelevant. To predict and explain accounting choice accounting researchers had to introduce information and/or transactions costs. The initial empirical studies in conaccounting choice used positive agency costs of debt and compensation tracts and positive info rmation and lobbying costs in the political process to generate value effects for and, hence, hypotheses about accounting choice. Finance researchers had introduced costs of debt that increase with the debt/equity ratio (Jensen and Meckling 1976) to explain (in combination with differential taxes) how optimal capital structures could vary across industries. The debt costs first introduced were bankruptcy and agency costs. The agency costs were of particular interest to accountants because accounting appeared to play a role in minimizing them. Debt contracts apparently aimed at reducing dysfunctional behavior use accounting numbers (Smith and Warner 1979; Leftwich 1983). Accounting researchers recognized the implications for accounting choice and began using the accounting numbers in debt contracts to generate hypotheses about accounting choice (Watts 1977). 2 contracts Accounting numbers also are used in managers compensation and it is hypothesized that such use again minimizes agency costs (Smith and Watts 1982). This use of accounting numbers in bonus plans suggested the possibility that accounting choice could affect wealth and so accounting researchers began employing that use to explain accounting choice. Watts and Zimmerman (1978) is an early example of this approach. Borrowing from the industrial organization literature in economics (Stigler 1971; Peltzman 1976) which assumes positive information costs and lobbying costs, accounting researchers postulated that the political process generated costs for firms. These political costs are a function of reported profits. Thus, incentives are created to manage reported accounting numbers. Information and lobbying costs are part of the costs of contracting in the political process. The extent and form of the wealth transfers created by the political process (such as the tax code) are affected by these contracting costs. While the early literature concentrated on using debt and compensation contracts and the political process to explain and predict accounting choice, the theory underlying the empirical work was more general and had its foundation in an economic literature on the theory of the firm. Since the 1970s, economists have strived to develop a theory of the firm by attempting to explain the organizational structure of the firm (e. g. , choice of corporate form, structure of The centralization-decentralization). ompensation, contracts, management underlying notion (Alchian 1950) is that competition among different forms of institutions leads to the survival of those forms most cost-effective in supplying goods and services. Productive activity can occur via the marketplace or by the inclusion of several activities within a firm (Coase 1937; Alchian and Demsetz 1972). In the marketplace, direction of productive activity and cooperation is by 2 Prior to that time other studies investigate accoun ting choice without explicit recognition of contracting effects (e. g. , Gordon 1964; Gordon et al. 1966; Sorter et al. 1966; Gagnon 1967). 34 The AccountingReview,January 1990 market prices; within the firm alternative mechanisms such as standard costs are used (Ball 1989). Which productive activities are carried out by markets and which by firms depends on which arrangement is cost effective. 3 In competition among firms, those that organize themselves to minimize contracting costs are more likely to survive (Fama and Jensen 1983a, 1983b). It was a short step to suggest that accounting methods affect the firms organizational costs and so the accounting methods that survive are the result of a similar economic equilibrium (Watts 1974, 1977). Accounting researchers have recently returned to using that notion of an efficient set of accounting methods to explain accounting choice (Zimmer 1986). As noted above, the agency costs associated with debt and management contracts and the agen cy, information, and other contracting compensation costs associated with the political process provided the hypotheses tested in the early empirical accounting choice studies (bonus plan, debt/equity, and political cost hypotheses). However, the more general approach suggested agency and other costs associated with other contracts (e. g. , sales contracts) could lso affect accounting choice. 5 This potential for many contracts to play a role in explaining organizational choice (including accounting choice) and the fact that agency costs used to explain the contracts often arise in contractual scenarios that differ from those of the standard agency problem led researchers to start to use the term contracting costs instead of agency costs (Klein 1983; Smith 1980). The concept of contracting costs and the notion of accounting methods as part of efficient organizational technology play key roles in contemporaneous positive accounting theory. Contemporaneous Positive Accounting Theory Contracting costs arise in (1) market transactions (e. g. , selling new debt or equity requires legal fees and underwriting costs), (2) transactions internal to the firm (e. g. , a cost-based transfer price scheme is costly to maintain and can produce dysfunctional decisions), and (3) transactions in the political process (e. g. , securing government contracts or avoiding government regulation requires lobbying costs). Contracting costs consist of transaction costs (e. g. , brokerage I Coase (1937) suggests that economies of scale in long-term contracting are what cause activity to be organized in firms. Alchian and Demsetz (1972) point out that those economies are not sufficient since market arrangements could achieve the same economies (e. g. , contracting consultants). What is necessary is some unique advantage of firm organization over market arrangements. Alchian and Demsetz suggest it is the advantage firms have in metering inputs to team production that generates firms. Monitors meter individual inputs and the monitors incentive problem is solved by giving them the residual claim to the firm (hence, the firm structure). Klein et al. (1978) suggest firms emerge to solve post contractual opportunism associated with specialized assets. Meckling and Jensen (1986) suggest that firms have an advantage in generating information by aggregating data and using that information. Difficulties in capturing the informations benefits in the market result in the firm being the optimal form of organization. 4Watts adopted such a view in Accounting Objectives which he presented to the Annual Congress of the N. S. W. branch of the Institute of Chartered Accountants in Australia in 1974. The paper was later substantially revised given Jensen and Meckling (1 976) andjoint work with Zimmerman and published in Watts (1977). The influence of sales contracts on accounting choice is considered by Watts and Zimmerman (1986, 207) and by Zimmer (1986) and joint venture contracts by Zimmer (1986). Further, Ball (1989) suggests intrafirm transactions affect internal accounting choice (e. g. , the basis for transfer prices). Watts and Zimmerman-Positive Accounting Theory 135 fees), agency costs (e. g. , monitoring costs, bonding costs, and the residual loss from dysfunctional decisions), information costs (e. g. , the costs of becoming informed), renegotiation costs (e. g. the costs of rewriting existing contracts because the extant contract is made obsolete by some unforeseen event), and bankruptcy costs (e. g. , the legal costs of bankruptcy and the costs of dysfunctional decisions). Throughout this paper, we use the term contracting costs to incorporate this wide variety of costs. The term contracting parties is meant to include all parties to the firm including internal employees and managers and external parties, such as suppliers, claim holders, and customers. 6 The existence of contracting costs is crucial to models of both the organization of the firm and accounting choice. Meckling and Jensen (1986) suggest that within the firm the lack of a market price is replaced by systems for allocating decisions among managers, and measuring, rewarding, and punishing managerial performance. Accounting plays a role in these systems and so appears to be part of the firms efficient contracting technology. Trying to predict and explain the organization of the firm with zero contracting costs is pointless (Coase 1937; Ball 1989). How the firm is organized, its financial policy, and its accounting methods, are as much a part of the technology used to produce the firms product as are its production methods. Hence, modelling accounting choice while assuming zero contracting costs is not productive. The extent to which accounting choice affects the contracting parties wealth depends on the relative magnitudes of the contracting costs. For example, assume accounting-based debt agreements have higher renegotiation costs than bonus plans. Then, mandatory changes in accounting proceaccounting-based dures by the FASB impose greater relative costs on firms with debt agreements than on firms with bonus plans, ceteris paribus. And, firms with debt agreements will conduct more lobbying and undertake more (costly) accounting, financing, and production changes to undo the effects of the mandatory change than firms with only bonus plans. Thus, developing a positive theory of accounting choice requires an understanding of the relative magnitudes of the various types of contracting costs. Contracts that use accounting numbers are not effective in aligning managers and contracting parties interests if managers have complete discretion over the reported accounting numbers. If managers know (or can determine) which accounting methods best motivate subordinates, then the contracting parties want managers to have some discretion over the accounting numbers. Hence, we expect some restrictions on managers discretion over accounting numbers, but some discretion will remain. When managers exercise this discretion it can be because (1) the exercised discretion increases the wealth of all contracting parties, or (2) the exercised discretion makes the manager better off at the expense of some other contracting party or parties. If managers elect to exercise discretion to their advantage ex post, and the discretion has wealth redistributive effects among the contracting parties, then we say the managers acted opportunistically. 6 See Watts (1974) for an earlier and Ball (1989) for a later discussion than capital suppliers and managers. of contracting parties other 136 The Accounting Review, January 1990 Ex ante, the set of accounting choices restricted by the contracting parties is determined by efficiency reasons (to maximize firm value). One cost of allowing managers more rather than less discretion is the ncreased likelihood of some ex post managerial opportunism (i. e. , wealth transfers to managers) via accounting procedures. However, ex ante the contracting parties expect some redistributive effects and reduce the price they pay for their claims. Ex post, wealth is redistributed by managerial opportunism, but ex ante some redistribution was expected and the parties price protected themselves. Price pr otection does not eliminate the incentive to act opportunistically nor does price protection eliminate the dead weight costs of managers taking opportunistic actions. The extent to which contracts can be written ex ante to preclude such ex post behavior that causes dead weight costs increases the chance the firm will survive in a competitive environment (Klein 1983, fn. 2). The set of accounting procedures within which managers have discretion is called the accepted set. It is voluntarily determined by the contracting parties. Managerial discretion over accounting method choice (i. e. , the accepted set ) is predicted to vary across firms with the variation in the costs and benefits of restrictions. These restrictions produce the best or accepted accounting principles even without mandated accounting standards by government. The restrictions are enforced by external auditors. Reacting to the incentive of managers to the accepted set includes discretion opportunistically, exercise accounting conservative (e. g. , lower of cost or market) and objective (e. g. , verifiable) accounting procedures (Watts and Zimmerman 1986, 205-206). Figure 1 represents the concept of the accepted set of accounting methods as a Venn diagram. A l denotes the accepted set of methods for firm 1. Ex ante, the accepted set is determined jointly by the contracting parties to maximize the value of the firm (e. g. , set A 1 vs. A 2 in Fig. 1). Managers have discretion to choose any method within the accepted set (e. g. , Xl). Also, managers in firm 2 are constrained ex ante to the set A2 and choose X2 ex post. For example, within the accepted set of procedures used for bonus plans managers might select the method that maximizes their utility, even if it comes at another contracting partys expense. Managers ex post choice can either increase the wealth of all contracting parties or redistribute wealth among the parties. Empirically, it is difficult to separate ex ante from ex post. Contracts are continually being written. , rewritten, and revised. Variations across sets of accepted accounting procedures (e. g. , Al and A2 in Fig. 1) explain some cross-sectional variation in accounting choice (e. g. , managers in firm 2 cannot choose method Xl). For example, Zimmer (1986) argues Australian real estate development firms are restricted by accepted practice from capitalizing interest except for cost plus contracts that allow interest as a cost. His evidence is consistent with that hypothesis. choice studies assume managers choose accounting Most accounting methods to transfer wealth to themselves at the expense of another party to the firm because they can take the firms observed contracts as given and then determine managers incentives for accounting choice. Some research studies assume accounting methods are chosen for efficiency reasons (i. e. , they increase the pie available being shared among all parties to the firm (Watts 1974, 1977; Leftwich Watts and Zimmerman-Positive Accounting Theory 137 Figure 1 Relation Between the Accepted Set of Accounting Methods and the Choice of Method from within the Accepted Set All Feasible Accounting Methods Al X2~~~~ Al A2 X1 X2 denotes denotes denotes denotes the the the the set of accepted methods for firm l set of accepted methods for firm 2 choice of method from within the accepted set by firm 1 choice of method from within the accepted set by firm 2 et al. 1981; Zimmer 1986; Whittred 1987; Ball 1989; Malmquist forthcoming; Mian and Smith forthcoming). However, no study to date has explained both the ex ante choice of the accepted set and the ex post choice of accounting method from within the accepted set. Most studies that assume opportunistic choice of accounting methods do not control for the fact that managers in different firms likely are choosing accounting methods from different constrained accepted sets. The accepted set of accounting methods is one part of the firms implicit and explicit contracts including the firms capital structure, compensation plans, and ownership structure. All the contracting provisions (including the accounting policies) are endogenous. Capital structure choice is related to compensation policy and to accounting policy. But, the relation is not necessarily causal. Capital structure changes do not cause changes in the accepted set of accounting methods. Rather, some exogenous event, such as a new invention or government deregulation occurs and this causes changes in the contracting variables including accounting methods (Ball 1972; Smith and Watts 1986). 138 Evidence on the Theory The AccountingReview,January 1990 Two types of tests of the theory have been conducted: stock price tests and accounting choice tests. The stock price tests have been reviewed extensively elsewhere (Foster 1980; Ricks 1982; Holthausen and Leftwich 1983; Lev and Ohlson 1982; Watts and Zimmerman 1986; Bernard 1989). Stock price tests of the theory reveal some price reactions to mandatory accounting changes, especially involving oil and gas accounting (Lys 1984). 7 Stock price studies are probably relatively weak tests of the theory (Watts and Zimmerman 1986). The more promising ones are accounting choice studies. Most accounting choice studies attempt to explain the choice of a single accounting method (e. g. the choice of depreciation) instead of the choice of combinations of accounting methods. Focusing on a single accounting method reduces the power of the tests since managers are concerned with how the combination of methods affects earnings instead of the effect on just one particular accounting method (Zmijewski and Hagerman 1981). Some studies seek to explain accounting accruals (the difference between operatin g cash flows and earnings). Accounting accruals aggregate into a single measure the net effect of all accounting choices (Healy 1985; DeAngelo 1986, 1988a; Liberty and Zimmerman 1986). But use of accruals as a summary measure of accounting choice suffers from a lack of control of what accruals would be without managerial accounting discretion. Most accounting choice studies use combinations of three sets of variables: variables representing the managers incentives to choose accounting methods under bonus plans, debt contracts, and the political process. Bonus plan and debt contract variables are used because theyre observable. The three particular hypotheses most frequently tested are the bonus plan hypothesis, the debt/ equity hypothesis, and the political cost hypothesis. The literature has tended to The state each of these hypotheses as managers behaving opportunistically. are more likely bonus plan hypothesis is that managers of firms with bonus plans to use accounting methods that increase current period reported income. Such selection will presumably increase the present value of bonuses if the compensation committee of the board of directors does not adjust for the method chosen. The choice studies to date find results generally consistent with the bonus plan hypothesis (Watts and Zimmerman 1986, chap. 11; Christie forthcoming). Using Lys own calculations, Frost and Bernard (1989, 20) and Bernard (1989, 14) conclude Lys evidence is inconsistent with a link between stock price reactions to mandated oil and gas accounting and the violation of debt covenants. However, that conclusion is unwarranted. Lys estimates the average cost of violations as 2. 5 percent of the stock value, the same order of magnitude as the stock price reactions observed. Fros t and Bernard argue that given an average cost of violation of 2. 5 percent, the average stock price reaction should be much less since according to Foster (1980) very few firms have a debt covenant violation as result of the mandated accounting change. There are at least three problems with the Frost and Bernard argument. First, the Lys point estimates are likely to have large standard errors. Second, to obtain an estimate of the stock price reaction, the estimated cost of a violation has to be weighted not by the relative frequency of violation but by the change in the likelihood of violation. While few firms violated covenants, many firms probability of violation likely increased substantially. Third, Malmquist (forthcoming) suggests Fosters description of oil and gas firms covenants is incorrect. Frost and Bernard (1989) also use their own empirical studys results to argue that there is no link between the stock price reaction and debt covenants. Because of selection biases, however, their study provides little evidence on the issue (Begley forthcoming). Watts and Zimmerman-Positive Accounting Theory 139 The early tests of the bonus hypothesis are not very powerful tests of the theory because they rely on simplifications of the theory that are not appropriate in many cases. For example, a bonus plan does not always give managers incentives to increase earnings. If, in the absence of accounting changes, earnings are below the minimum level required for payment of a bonus, managers have incentive to reduce earnings this year because no bonuses are likely paid. Taking such an earnings bath increases expected profits and bonuses in future years. By using bonus plan details to identify situations where managers are expected to reduce earnings, Healys (1985) tests encompass more kinds of manipulation. His results are consistent with managers manipulating net accruals to affect their bonuses. The debt/equity hypothesis predicts the higher the firms debt/equity ratio, the more likely managers use accounting methods that increase income. The higher the debt/equity ratio, the closer (i. e. , tighter) the firm is to the constraints in the debt covenants (Kalay 1982). The tighter the covenant constraint, the greater the probability of a covenant violation and of incurring costs from technical default. Managers exercising discretion by choosing income increasing accounting methods relax debt constraints and reduce the costs of technical default. The evidence is generally consistent with the debt/equity hypothesis. The higher firms debt/equity ratios, the more likely managers choose income increasing methods. Press and Weintrop (forthcoming) and Duke and Hunt (forthcoming) find that debt/equity ratios are correlated with closeness to bond covenants as assumed in the debt/equity hypothesis. 9 Some studies, however, have avoided using the debt/equity ratio as a proxy variable for closeness to the covenant constraint by using more direct tests. For example, Bowen et al. (1981) examine whether accounting choice varies with tightness of the dividend constraint as specified in the debt covenant and measured by unrestricted retained earnings. The association between leverage and accounting method choice is an empirical regularity unknown prior to the positive accounting studies. The political cost hypothesis predicts that large firms rather than small firms are more likely to use accounting choices that reduce reported profits. Size is a proxy variable for political attention. Underlying this hypothesis is the assumption that it is costly for individuals to become informed about whether accounting profits really represent monopoly profits and to contract with others in the political process to enact laws and regulations that enhance their welfare. Thus, rational individuals are less than fully informed. The political process is no different from the market process in that respect. Given the cost of information and monitoring, managers have incentive to exercise discretion over accounting profits and the parties in the political process settle for a rational amount of ex post opportunism. of no association between 8 Holthausen (1981) and Healy (1985) fail to reject the null hypothesis leverage and accounting method choice (see Christie forthcoming, table 1). etween how close the firm is to a given covenant con9 Researchers are beginning to distinguish straint versus the existence of the covenant. For example, Press and Weintrop (forthcoming) find the existence of a covenant has additional explanatory power in a model predicting accounting choice after including a leverage variable. 140 The Accounting Review, January 1990 The evidence is consistent with the political cost hypothesis. However, the result only appears to hold for the largest firms (Zmijewski and Hagerman 1981) and is driven by the oil and gas industry (Zimmerman 1983). Difficulties with using firm size to proxy for political costs, including the likelihood that it can proxy for many other effects, such as industry membership, are discussed in Ball and Foster (1982). The interesting finding is the consistency of the sign of the relation between size and accounting choice across a variety of studies. The largest firms tend to use income decreasing accounting methods. Presently, there is no alternative theory for the empirical regularity between firm size and accounting choice other than the political cost hypothesis. Bonus plan, debt contract, and political process variables other than bonus plan existence, leverage, and size have also been found to be associated with accounting choice. Christie (forthcoming) aggregates test statistics across the various studies and concludes . . . six variables common to more than one study have explanatory power. These variables are managerial compensation, leverage, size, risk, and interest coverage and dividend constraints. Another conclusion is that the posterior probability that the theory taken as a whole has explanatory power is close to one. While bonus, debt, and political process variables tend to be statistically significant (p-values smaller than . 10), in many studies the explanatory power (RI ) of the models is low. In Zmijewski and Hagerman (1981), the model of crosssectional choice of accounting methods is not significantly better than picking although Press and Weintrop (forthcoming) the most common combination, achieve slightly improved explana tory power. The alternative predictive model is that each firm uses the most common combination of accounting methods, a model with little explanatory appeal. The alternative model begs the question of what determines the majority accounting choice. Many accounting teachers would be uncomfortable with the explanation that managers choose their accounting procedures based on what most other firms are doing. The real issue is the lack of an alternative model with grea

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