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iạr Cli CONG TiMt FACTORS AFFECTING THE IMPLEMENTATION OF MANAGEMENT ACCOUNTING IN STARTUPS IN HO CHI MINH CITY • TRAN NGOC HUNG* - NGUYEN HUYEN TRANG ABSTRACT: This study aims to find out and measure the factors affecting the applicability of management accounting techniques in startups located in Ho Chi Minh City The study used a mixed research approach consisting of quantitative and qualitative research methods The study’s results show that there are five factors affecting the applicability of management accounting techniques in Ho Chi Minh City’s startups These factors are firm size, chief executive officers (CEOs), business strategy, investors, culture The applicability of management accounting techniques in a startup mainly depends on the role of its major investors, followed by its CEO’s skills and perceptions Keywords: management accounting, affecting factors, stamps JEL Classification Code: M40, M41, M14 Introduction Nowadays, entrepreneurship has become a familiar concept in Vietnam The start-up wave in Vietnam has been developing rapidly, because Vietnam has a generation of creative young people who are eager to start an innovative business, with a startup culture and a spirit of failure accepting In addition, most recent years, the Government had promulgated policies to facilitate and support startups Therefore, the number of startups has been increasing firmly According to Echelon, Singapore the largest online magazine about startup in Southeast Asia - by August 2018, Vietnam had about 3,000 startups, nearly double the numbers in 2016 Moreover, according to the Nguoi Lao Dong Newspaper, in June 2018, Ho Chi Minh City (HCMC) has several startups accounting for about 348 So 14-Tháng 6/2021 46% of the number of startups in the country This said that Ho Chi Minh City is leading startup trending in the country However, according the statistics, stamps have always challenged with so dificulties and beared the high risk of failure, uo to 92% within first 3-year beginning, and sometimes they could not survive until the second year (Huyen L.T, 2018) In order to lower business risks, applying the innovative management tools has been considered relavant solutions for startups And management accounting is one way of providing relevant infomation to make desicions timely and effectively, help managers to improve the competitiveness and viability of startups The aim of this study is to provide important insights into the factors that impact to the acceptance and adoption of MA in the stamps in HCMC More importantly, this study has KÊ TOÁN-KIỂM TOÁN opened possibilities for further research into MA adoption in the starups in Vietnam and worldwide Literature Review and Hypotheses In the world, the expansion to the management accounting definition coming from three major accounting bodies: The Institute of Management Accountants (IMA); the Chartered Institute of Management Accounting (CIMA); and the International Federation of Accountants (IFAC) In 1981, IMA has issued its first definition of management accounting basing on the change of accounting information due to the demands by businesses; but in its latest concern, IMA has redefined management accounting as “ a profession that involves partnering in management decision making, devising planning and performance management systems, and providing expertise in (financial reporting and control to assist management in the formulation and implementation of an organization’s strategy” (Anthony A.Atkinson et al., 2012) In the new revision, management accountants not focus on transaction and compliance orientation role (as reflected in the existed definition) but refer to the role as sưategic business partner In new definition, because the business ehvữonment have had great change, management accountants should help the organizations to evaluate performance management, doing planning and budgeting activities; cooperating governance processes, risk management as well as internal control, financial reporting activities and cost management (IMA, 2008) For CIMA, its definition hao been released in 1986 in which management accounting role had been mentioned as the provision of information required by management in order to formulate business policies; plan and control business activities; make decisions on alternative courses of action; release disclosure to entity’s external parties (shareholders and others) and its employees; and safeguard assets But after that, in process of its revised version of management accounting terminology, CIMA had moved forward the role of management accounting to a broader one Management accounting had been redefined as the application of the principles of accounting and financial management to create, protect, preserve and increase value for the stakeholders of for-profit and non-profit enterprises in the public and private sectors CIMA (2005) further elaborated the defini|tion of management accounting to emphasize that management accounting is an integral part of management, which requứes the identification, generation, presentation, interpretation and use of relevant information CIMA’s changed definitions show that management accounting has moved closer to senior management concerns with a focus on efficiency, strategic planning and value creation And since 2015, the new definition about management account of CIMA is only simple as “Management accounting combines accounting, finance and management with the leading-edge techniques needed to drive successful businesses” (CIMA, 2015) In 1989, IFAC defined management accounting as “the process of identification, measurement, accumulation, analysis, preparation, interpretation, and communication of information (both financial and operating) used by management to plan, evaluate, and control within an organization and to assure use of and accountability for its resources” (IFAC, 1989) This definition was similar to the one defined by IMA However, only nine years later the scope had widened considerably in new definition, in which management accounting was viewed as an activity that is interwoven in the management processes of all organizations Management accounting refers to that part of the management process which is focused on adding value to organizations by attaining the effective use of resources by people, in dynamic and competitive contexts And till to 2002, management accounting was redefined as “ refers to the process and techniques that focus on effective and efficient use of organizational resources, to support managers in theứ task of enhancing both customer value and shareholder value” (Langfield-Smith et al., 2009,6) 2.1 Firm size, CEOs, business strategy and MA practices According to the CIMA’s research (Michael Lucas et al., 2013) about the management accounting practices of UK SMEs has indicated that in small enterprises the management accounting was usually done by owner-manager/enttepreneur Meanwhile, with theừ power, large enterprises usually organize independent management accounting department, including specific human resources, so the performance is usually better The lack of resource not only impact to the management accounting human resources but also impact to the data system It leads to the lack of complicated SỐ 14 - Tháng 6/2021 349 TẠP CHÍ CŨNG THƯƠNG process in management accounting or lack of ERP in providing data for accounting activities As a result, the information provided to managers is not adequate to make decisions, so its value is low in supportive making-decision for planning and controlling Besides, lack of professional advices can lead to making financial decisions basing on individual experiences (Michael Lucas et al., 2013) The lack of resource also leads to lack of dừection about strategy or following up the process of deployment strategy Because of limitation on size, capability so SMEs usually tend to focus on daily activities and ignore their long-term dữection So it leads to inevitable results that investment decisions are always made by managers’ experiences They also ignore long-term budgets, and this action will cause to damage to long-term survival (Daniela Wiedemann, 2014) Other problem of implementing management accounting in SMEs is the aware/knowledge of owners about contribution of management accounting to the success of SMEs Many owners just want to keep back their control to their enterprises, so they not want to hire professional management accountants They want to analysis by themselves because they consider that management accountant’s report may be so summary and will not reflect the comprehensive business activities of enterprises In addition, when implementing management accounting in SMEs, there always exits the doubt from both managers and employees It comes from the feeling being losing control, or sometimes they feel not happy when receive more jobs without bonus etc (Michael Lucas et al., 2013) Hl: The firm size will have a positive impact on the possibility of implementing of MA in startups in HCMC H2: The CEOs will have a positive impact on the possibility of implementing of MA in startups in HCMC H3: The business strategy will have a positive impact on the possibility of implementing of MA in startups in HCMC 2.2 Corporate culture and MA practices When studying the impact of corporate culture factors on the application of management accounting, Alper Erserim (2012) pointed out that the types of corporate culture such as: supportive culture; culture of improvement and culture of management according to objectives have an impact 350 SỐ 14 - Tháng 6/2021 on the application of management accounting H4: The corporate culture will have a positive impact on the possibility of implementing of MA in startups in HCMC 2.3 Major investors and MA practices When investing in startups, venture capital funds have always chosen on adopting of management accounting (Davila et al., 2012) Their study also pointed out that enterprises which receiving capital from venture capital funds had trending of applying MA practices than others This was explained by a reason coming from venture capitalists who always bear much more experience about management challenges, and it leads them to give higher emphasis (or demand) on adopting MA control systems Managers of venture capital-backed enterprises always wish to achieve positive cashflow/profitability at the earliest possible stage As a result, MA techniques are viewed as key tools for achiving this goal Besides, other major shareholders such as institutions also have the same above requừement when doing theứ investment H5: The major investors will have a positive impact on the possibility of implementing of MA in startups in HCMC Based on the hypotheses above, the conceptual framework of this study is depicted in Figure Figure 1: Research model Source: Author (2020) Research Methods 3.1 Research Model In general, based on previous research and some theories, the model is as below: POSSi = a+ffFS, + faCEi + p3BSị + fi4IVi + p5CU- + e With: POSSi: the possibility of implementing management accounting in Startup in HCMC; a: constant term; Pp coefficient of variables; c: Residual KÊ TOÁN-KIỂM TOÁN The variables FS, CE, BS, IV, CL are respectively: firm size (FS), CEO (CE), business strategy (BS), investor (IV), cultural (CL) in stamps inHCMC 3.2 Data Collection During the research process, data was collected using both quantitative and qualitative methods First, in general, research, the qualitative methodology is applied to find out factors (variables) that can impact the possibility of implementing MA in start-ups in HCMC, and then the researchers adjust and add more factors from group discussion and interviews of experts Second, in detailed research, all variables are measured using a quantitative method by collecting data through sampling and sending questionnaires Using the software SPSS 26.0, the researchers check the research model, theoretical model, and hypotheses with the EFA 350 questionnaires were sent to automobile enterprise managers and only 236 Table KMO and Bartlett testing for the scale of independent variables Kaiser-Meyer-Olkin Measure of Sampling Adequacy .823 Approx Chi-Square 1431.048 df 136 Sig .000 Bartlett's Test of Sphericity Source: Author (2020) questionnaừes met the criteria for data analysis The study used a mixed research design approach- a procedure for collecting, analyzing, and “mixing” both quantitative and qualitative research and methods in a single study to understand the research problem Results The test results in Table show that KMO = 0.823> 0.5, and Bartlett test is statistically significant with P-value 50%) of change in the factors is explained by the observed variables Hence, we can conclude that the factor analysis model (EFA) is suitable and the scale is accepted Using 17 observed variables, to achieve the reliability of the factors of independent variables, the researchers perform a factor analysis test (EFA), and the results are shown in Table Factor analysis results (EFA) for independent variables of the rotation factor matrix (Table 3) show that all factor loading of the observed variables satisfy the condition (that is values are greater than 0.5) and the number of factors created in factor analysis is This is consistent with the initial hypothesis of the corresponding measurement variables for each factor The results in Table showed that adjusted R2 coefficient = 67.4%> 50%, at the same time, the F- Table Table of variance extracted for the scale of independent variables Total Variance Explained Rotation Sums of Squared Loadings Component Extraction Sums of Squared Loadings Total %of Variance Cumulative % Total %of Variance Cumulative % Total %of Variance Cumulative % 4.966 29.210 29.210 4.966 29.210 29.210 3.085 18.149 18.149 2.252 13.246 42.456 2.252 13.246 42.456 2.572 15.131 33.280 1.559 9.172 51.628 1.559 9.172 51.628 2.187 12.866 46.146 1.383 8.137 59.765 1.383 8.137 59.765 2.100 12.352 58.498 1.361 8.006 67.771 1.361 8.006 67.771 1.576 9.273 67.771 619 3.638 71.409 Initial Eigenvalues Extraction Method: Principal ComponentAnalysis Source: Author (2020) So 14 - Tháng 6/2021 351 TẠP CHÍ CƠNG TIƯ0NG Table Matrix of rotational factors explained 67.4% of the change in the dependent variable POSS The balance Rotated Component Matrix9 32.9% is explained by factors that are not Component considered in the model From the results in the regression weight table (Table 6), the regression CE4 786 equation is determined as follows: POSSị = 0.393CE + 0.105FS CE1 779 + 0.193CU + 0.112BS + 0.490IV CE3 755 Discussions and conclusion CE2 750 The above sections mention that the role of investors, including angel investors CE5 708 and other major investors such as BS1 805 institutions have the most significant influence on the possibility of 771 BS5 implementing MA practices, followed by BS3 766 leading from enterprises’ CEOs due to BS2 738 their skill, perception, ect Because almost of startups need the enormous financial 841 CU1 sources for the 1st stage of starting-up, so 837 CU2 the investment coming from strong and stable investors can help them to CU3 798 overcome difficulties and also follow their 823 FS2 targets in long run In addition, with the 782 FS1 professional services, major investors are able to help startups to reach the updated 765 FS3 management techniques, and MA 876 IV1 practices should be one of their choices Besides, the CEOs - who play the vital role 864 IV2 in any enterprises - should be the one who Extraction Method: Principal ComponentAnalysis encourages and makes decision on Rotation Method: Varimax with Kaiser Normalization choosing MA practices These results are consistent with prior research such as a Rotation converged in iterations Davila and Foster (2007) Moreover, the Source: Author (2020) more flexible the business strategy, the more startup need to apply management test in the ANOVA table (Table 5) showed that this accounting techniques for obtaining appropriate and value was statistically significant for Sig