6. CONTRIBUTIONS
6.1 Theoretical Contribution
This study provides clearly understanding the relationships among six dimensions of best modern managerial accounting practice and ongoing firm stability of corporate governance awarded firms in Thailand via information advantage diversity, valuable unique decision making, operational management well-roundedness, dynamic organization survival and sustainable business growth, under the moderating effects of business circumstance understanding and organizational adaptation competency that influences these relationships. Furthermore, this study determines executive creativity mindset, corporate resource readiness, employee learning experience and competitive market challenge as the antecedents of best modern managerial accounting practice. The study is intended to expand the theoretical contribution on previous knowledge and literature of best modern managerial accounting practice. Moreover, two theories, namely, knowledge-based theory of the firm and contingency theory are applied to explain the overall association of variables in this model. Interestingly, the advancing contribution of theoretical is the new dimension of best modern managerial accounting practice creation and empirically testing with antecedent and consequence constructs which only a few researches have studied in this management accounting discipline. Another contribution is the form of the identification of six dimensions of best modern managerial accounting practice for empirical study which provides an important theoretical contribution expanding on some dimensions that are positively related to information advantage diversity, valuable unique decision making, operational management well-roundedness, dynamic organization survival, sustainable business growth and ongoing firm stability.
6.2 Managerial Contribution
This study helps accounting executives identify and justify key support of the six dimensions of best modern managerial accounting practice that may be more critical in severe market competition. Accounting executives should thoroughly understand, manage and utilize best modern managerial accounting practice (allocation accuracy awareness, segmentation responsibility efficiency, management technique integration and performance appraisal achievement) to provide information advantage diversity, valuable unique decision making, operational management well-roundedness. Also, valuable unique decision making and operational management well-roundedness influence on dynamic organization survival, sustainable business growth and lead to ongoing firm stability. Thus, accounting executives must put more emphasis on allocation accuracy awareness, segmentation responsibility efficiency, management technique integration and performance appraisal achievement than other variables. Furthermore, to maximize the benefits of best modern managerial accounting practice, accounting executives should provide necessary resources, especially employee learning experience to support it effectiveness and expanding the opportunities for competition.
7. LIMITATION AND SUGGESTION FOR FUTURE RESEARCH
This study reveals both future research and limitations. According to the results of this study, the need for further research is apparent. Because this study finds that some dimensions of best modern managerial accounting practice do not associate with its antecedents and consequences. Then, future research is needed to conceptualize the measurement some of the dimensions of best modern managerial accounting practice. Furthermore, there are very few studies showing positive significance of both business circumstance understanding and organization adaptation competency as the moderating effect on the relationships among dimensions of best modern managerial accounting practice, antecedents and consequences. Future research should consider seeking to study on other potential moderating variables. Nevertheless, the questionnaires were used to collect the data and the self administration may lead to bias and halo effect, other methods may apply in the future such as in-depth interviews, case studies, experiments. Moreover, the results of this study are derived only from 83 corporate governance awarded firms in Thailand, thus future research may attempt to study in a comparative population in order to verify the generalizability of the study in order to increase the level of reliability. Finally, this study investigated the specific context of management accounting only, thus, future research should be combined with other context to make the results more clearly.
8. CONCLUSION
This study investigates the impacts of the best modern managerial accounting practice and its antecedents and consequence of corporate governance awarded firms in Thailand. This study examines each dimensions of best modern managerial accounting practice, namely, financial disclosure quality, allocation accuracy awareness, segmentation responsibility efficiency, environmental reporting effectiveness, management technique integration and performance appraisal achievement, which influence information advantage diversity, valuable unique decision making and operational management well-roundedness. Obviously, those associations are positively significant and partially supported. Moreover, valuable unique decision making and operational management well-roundedness have a potential positive impact on dynamic organization survival and sustainable business growth. Likewise, dynamic organization survival and sustainable business growth has a potential positive influence on ongoing firm stability as well. With respect to antecedent variables, executive creativity mindset, employee learning experience, competitive market challenge and dimensions of best modern managerial accounting practice are positively significant except that corporate resource readiness. Surprisingly, there are very few studies showing positive significance of both business circumstance understanding and organizational adaptation competency as the moderating effect on the relationships among dimensions of best modern managerial accounting practice, antecedents and consequences. This study suggests new theoretical framework that examined in the corporate governance awarded firms in Thailand. Specially, further study is needed to conceptualize the measurement of some dimensions of best modern managerial accounting practice that are not significant in other context. Finally, future work may use qualitative research for more clearly understanding of best modern managerial accounting practice.