Grays framework is an extension of Hofstedes societal values

Grays framework is an extension of Hofstedes societal values Culture is said to be an identifying mark of any group of persons. The impact of this identifying mark is felt in everything that is done in that environment such that it is reflected in their daily and operational activities. In explaining the impact of culture on activities, Hofstede (1980: 26) defined culture as the collective programming of mind that distinguishes the members of one group from another. This distinguishing factor belies characteristics that are distinct to that particular group and can be found in all aspects of life. One aspect that is not left out is the field of accounting, the impact of culture is felt such it is reflected in the accounting practices of particular environments and it defines the systems that guide the practices done in that environment. This results in huge differences in international accounting practices even though the definition of accounting has one aim- to provide decision useful information to users and to give evidence of stewardship. Outside the culture factor, other reasons have been put forth to explain the differences in accounting systems where they include legal, tax, financing system (Nobes, 2006), political ideology ( Ezzamel et al, 2007). However, Gray argues that cultural values can better explain the differences in accounting system and he bases his argument on Hofstedes theory. Going by his argument, if cultural values as posited by Hofstede are reflected in societal activities, then there should be an existing relationship such that a close pattern that between these societal values and the accounting systems practiced in those environments can be identified. He puts forward four significant accounting concepts/values (professionalism, uniformity, conservatism and secrecy) that he links with Hofstedes societal value constructs (individualism, power distance, uncertainty avoidance and masculinity/femininity). In other words, the accounting values as given by Gray can be seen as a connective point betwe en Hofstedes societal values and accounting practices. In explaining these links, he put forward four hypotheses. This paper seeks to assess the validity of the accounting concepts as put forward by Gray, seeking to establish their relationships with Hofstedes societal constructs. Grays Theoretical Reasoning. It is a well known fact that the strength of a building lies in its foundation, where the foundation is faulty, then the building itself cannot be said to be strong. Applying this fact to Grays hypotheses means that the strength of his hypotheses lays on its basis which is the Hofstedian societal value constructs. Though Hofstede collected his data over the period of 1967 to 1973, giving him enough time to incorporate changes in what he terms societal values, it has undergone criticisms in research papers. These criticisms weaken in turn weaken Grays accounting values. Some of these criticisms include the fact that the Hofstedian value framework is outdated and a weak basis on which to base the accounting values framework (Jones, 2007). In addition to this, there is the issue of measurability of the societal value constructs, the equation of national states with cultures, status of the observer, cultural homogeneity and political influences ( Baskervillle, 2003; Jones, 2007) Based on the fact that Grays framework is an extension of Hofstedes societal values, it can be said that the above criticisms apply to his accounting value theory as well, weakening the validity of his theory. Patterned after Hofstedes two dimensional societal value constructs, Gray put forward two dimensional accounting concepts as both ends of a continuum. He argues that a link exists between these concepts and each of Hofstedes societal values, where Hofstedes values are -Individualism vs Collectivism, Large power distance vs Small power distance, Strong vs Weak uncertainty avoidance and Masculinity vs femininity. The fundamental issues as regards these constructs are the degree of interdependence maintained in a society, human inequalities and relationships with authority, reaction to uncertainties and role differentiation of gender respectively. As an extension of these values, Gray puts forward these accounting values-Professionalism vs statutory control, Uniformity vs Flexibil ity, Conservatism vs Optimism and Secrecy vs Transparency where the fundamental issues in these concepts are individual judgements as opposed to statutory judgements, consistency in reporting standards as opposed to optioned standards, cautious measurements as opposed to optimistic measurements and a cautious approach to disclosure respectively. Critique of Grays Hypotheses All of Grays hypotheses imply that accounting values have a stationary nature as is also implied by Hofstedes societal values and just as Hofstede used nations to equate culture, Gray used countries as a basis for comparison, thereby generalizing as country based on accounting values that can be subject to change. Baskerville (2003) notes that the use of nation states as units for comparison is wrong, stating that this has been the case in international accounting research. A further analysis of Grays hypotheses is given below to assess its validity. Hypothesis One Gray hypothesized that the higher a country ranked in terms of individualism and the lower it ranked in terms of uncertainty avoidance and power distance then the more likely it is to rank highly in terms of professionalism. Though empirical studies carried out on this hypothesis have found support for it (Salter and Niswander, 1995 and Sudarwan and Fogarty, 1996), it can be argued that this hypothesis does not hold fully, especially when cognizance is given to the constant changes that occur even in these environments with distinguishable cultural values. In addition to this, empirical studies focused on the relationship that exist between the value construct picked out by Gray, but considering that the values given by Hofstede are two dimensional, it is also possible that the relationship posited by Gray to exist between professionalism and weak uncertainty avoidance can also exist between professionalism and strong uncertainty avoidance. This argument is based on the fact that the fundamental concept of uncertainty avoidance as given by Hofstede to be reaction to uncertainties and ambiguities. Strong uncertainty avoidance societys deal with uncertainties through the established and rigid rules and it can be argued that high levels of professionalism can be found in such societies. An example is Indonesia. Though the country is among the group classed as collectivist, strong uncertainty avoidant and large power distanced, Askary (2006) finds that Indonesia tops the list for professionalism in his study of developing countries. In the case of Germany, Heidhues and Patel (2011) finds that the Grays proposed relationship between low uncertainty avoidance and high professionalism does not hold. This is because Germany is seen a medium uncertainty avoidant country but it scores high on professionalism. This means that Grays accounting values and Hofstedes societal values can hold on some countries but not in some and this limits the generalizability of hypothesis one. In addition, going by the definition of professionalism which means independent judgement, the findings of Braun and Rodriguez (2008) does not support this hypothesis. Earnings management which requires independent judgement is meant to be related to professionalism but in their study, it is related to statutory control. Hypothesis Two The higher a country ranks in terms of uncertainty avoidance and power distance and the lower it ranks in terms of individualism then the more likely it is to rank highly in terms of uniformity. Empirical studies on Grays argument for this hypothesis are mixed in that not all the purported values given by Gray can be linked to uniformity. The issue of applicability limits this hypothesis. Gray defined uniformity as a preference for uniform accounting practices and countries in the western world are said to have a preference for flexible standards according to their perceived needs. However, the strength of this hypothesis is invalidated when the accounting standards used in the developed countries are considered. Though they are classed as countries that prefer flexible standards, the countries tend to use uniform standards in the name of enhancing their comparability. In addition to this, there is the issue of global reporting standards, which the UK and the US are founding members. The desire by both countries for a uniform accounting standards via global reporting standards reflects the weakness of the Hofstede-Gray framework. In line with this argument, Roberts and Salter (1999) test the relationships on the big 6 at that time and find that uncertainty avoidance (reaction to ambiguities) is not positively related to uniformity. The strength of any given hypothesis is in the positive relationships of all variables used in forming the hypothesis. Given that one of the relationships for this hypothesis does not hold, it can be argued that there are other values which result in uniformity of accounting practices. This means that not all of the relationships as hypothesized by Gray hold. Gray states that both hypotheses are most relevant to the authority and enforcement, however, the definition of the terms limits the extent of relevance that can be established. Gray defines the accounting values as a preference and not an exact activity carried out by accountants (Baydoun and Willett, 1995; Heidhues and Patel, 2011). For example, professionalism is defined as a preference for individual professional judgement and how this preference relates to the exercise of authority is not clear. Who exercises the authority? How many authoritative sources are there? Given the fact that professionalism belies opinionated judgement, this could refer to a number of individuals. Hypothesis Three The higher a country ranks in terms of uncertainty avoidance and the lower it ranks in terms of individualism and masculinity then the more likely it is to rank highly in terms of conservatism. Empirical studies support Grays reasoning on this hypothesis (Salter and Niswander, 1995; Sudarwan and Fogarty, 1996, Doupnik and Ritcher, 2004) especially for the strong link but I would argue that the fact that a country dislikes ambiguous situations does not mean that it would be highly conservative, this is based on the fact that situations change and changing situations bring about a change in accounting methods used. This is a fact that the Grays framework does not take into consideration. In line with this argument, Arnold et al (2001) finds that an increase in uncertainty avoidance leads to an increase in materiality estimates. This supports the fact that changes in situations are incorporated into accounting activities and that a country that is highly conservative today would not nec essarily be conservative the next day. Regarding the relationship between conservatism and individualism, masculinity and uncertainty avoidance, it can be argued that these relationships are also subject to change. Going by the definition of masculinity, a high desire for quality of life can also lead to flexibility in accounting standard. Along this line of thought, Sudarwan and Fogarty (1996) found no relationship between masculinity and conservatism. This means that the accounting value of conservatism as defined by Gray limits the extent of connection that can be made between the relationships. For example, the word cautious approach can be seen to be a little muddy. Is it possible for the level of cautiousness taken by accountants to be placed on a continuum such that the varying levels can be used to seek for a matching relationship between the variables? Hypothesis Four The higher a country ranks in terms of uncertainty avoidance and power distance and the lower it ranks in terms of individualism and masculinity then the more likely it is to rank in terms of secrecy. Empirical support for this hypothesis is inconclusive; Sudarwan and Fogarty (1996) find that the relationship between uncertainty avoidance and secrecy is negative and a non significant relationship between power distance and secrecy (Salter and Niwander, 1995). This can be viewed as rendering the practicability of Grays argument as quite unfit and therefore invalidates the hypothesis. The relationships as argued by Gray is vague and can be argued to have a different meaning. Gray states that hypotheses three and four relate to measurement and disclosure. As noted in the first two hypotheses, the relationship between the conservatism and measurement or secrecy and disclosure remains unclear. Baydoun and Willett (1995) argue that the interpretation of this relationship is tenable owing to the fact that secrecy can be seen as a social characteristic and that its importance in determining accounting values is not evident. Other problems with Grays theory include measuring the terms used in the hypotheses, the fact that it applicable in some countries and not in others as well as the implied presence of other values in determining accounting practices (Baydoun and Willett, 1995; Doupnik and Tsakumis, 2004; Heidhues and Patel, 2011). Applicability of Grays Theory in the Use of IFRS Grays theory can be seen as a contribution to the literature on the harmonization of accounting and the essence of most literature in that line of research aim to help the easy adoption and increasing use of the international financial reporting standards. Furthermore, a lot of countries are adopting the international financial reporting standards (herein after referred to as IFRS) despite the differences in culture. The successful adoption and implementation of the IFRS in countries means that Grays theory of cultural influences is outdated in that culture is no longer deemed to be a barrier to international accounting systems. However, to assess the usefulness of Grays theory in assisting with the increasing use of IFRS, Spain will be used to check the applicability of Grays theory. Spain is a country whose accounting system is defined as that of a Continental European standard, this is as a result of the fact that its legal system is Roman law and that its accounting laws are embe dded in its legislation. Going by Hofstedes classification, Spain has a medium individualist culture, medium power distance, low masculinity and high uncertainty avoidance. Using Grays framework to classify their accounting systems places them as a country with more emphasis on uniformity, more emphasis on conservatism, less emphasis on professionalism and less emphasis on secrecy. Going by Grays framework, one major problem with Spains accounting systems is the preference for conservative measurements and reporting as opposed to the true and fair value methods of the IFRS. Moreover, the adoption of IFRS is meant to improve the quality of financial information, enhance comparability, and strengthen the integration and competitiveness of capital markets (Zeghal and Mhedhbi, 2006). Though the country has adopted IFRS, it has come across a few problems. Callao et al (2007) notes that the adoption of IFRS in Spain has not improved comparability of accounts, it has worsened it. They also find out relevance of financial information has not improved. This invalidates Grays theory in that the cultural differences in accounting systems as identified by his framework, though logical, it seems to have been ignored by the International Accounting Standards Board. An application of Grays hypotheses is tabulated for Spain to check its overall validity and practicability. Societal/ Accounting Values Medium Individualism Medium Power Distance Low Masculinity High Uncertainty Avoidance Strength of the Hypotheses Professionalism ns ns Pos. Weak Uniformity ns ns Pos. Weak Conservatism ns Pos Pos Semi- strong Secrecy ns ns Pos Pos Semi-strong Where ns: no relationship and pos. : positive relationship From this table, the practicability of Grays theory is not strong. Hofstedes values make room for moderating along the continuum as can be seen from Spain been a medium individualist culture. Gray did make provision for countries like Spain who fall in the middle of the continuum. Splitting Grays hypotheses into bits shows the weaknesses of his framework and implies an impracticability of the framework. This also implies that Grays theory is country specific and as noted by Heidhues and Patel (2011), the values were constructed using the US and the UK as a base. Conclusion The practicability of Grays hypotheses has been argued above; the problems have been highlighted alongside the impact of the framework for the applicability of IFRS. As noted above, there is room for improvement if the theory is to be valid. In addition to this, Heidhues and Patel (2011) note that Grays framework was accepted in the academic world without criticism and they point to the fact that this might be as a result of his being seen as one of the leading international accounting researchers. The impact of changes was not incorporated into the framework and this is very important considering that societal dynamism is constant. This alone reduces the reasonability behind Grays framework.

Penfolds Grange Brand Prism

It was released in 1951 and kept it position for more than 50 years. But in 2009, Pinfold's launched a special bottle, it was considered as a wrong action of it because that reduced the value of Grange. That is the reason our marketing plan is revitalization Grange, which will be launched in 2014. Before making a detail MIMIC plan, I will create the brand identity for Pinfold's Grange relying on the brand identity prism of Seafarer (2008). ‘Brand identity prism' is a diagrammatically analysis to identify one brand which is presented by a hexagonal prism.It illustrates that brand identify has six facets which are Physique, Personality, Culture, Relationship, Reflection and Self-image. Fanfold Grange is a vintage wine which is recognizable with a strong, distinctive, individual style record for cellaring performance. It is seen as an authentic voice of Australian fine wine and the strength of Pinfold's winemaking culture and heritage. A brand has physique, according Keller, combi nes of either salient objective features (brand awareness) or emerging ones. Physique is not only backbone of brand but also its tangible added value.It may include product features, brand attributes and benefits. Simply, brand physique are basic things relying on it, customer can recognize and aware of the brand. The Pinfold's Grange displays unique character and style and reflects the essence of Pinfold's winemaking philosophy and provenance. It utilizes fully-ripe, intensely-favored and textured Shirrs grapes. It has an interesting history, an unbroken line of production since the very first vintage, consistent quality in each vintage, worldwide claim, longevity and limited production.Pinfold's Grange is still loyal with the dark color, the design is quite simple and original but elegant with the sign of Pinfold's which is the red Pinfold's signature. Two main colors are white and red of the label which is not only for Grange but also or all lines of Pinfold's and the early Grang e label looked like a postage stamp – an attractive one. Although Pinfold's is famous with many kinds of wine lines, Grange is still Australia's most famous red wine regarded as Australia icon which most people have heard of or at least in passing. It was released in 1951 and kept it position for more than 50 years.This is a wonderfully opulent and a magic vintage. The Grange style is the original and most powerful expression of Pinfold's multinational, multi- district, blending philosophy. Pinfold's are the masters at understanding the power f an iconic sub-brand delivering a positive halo over the full brand range. Every year when the new vintage is released it becomes a media event of significant proportions. Pinfold's Grange once again graced the prestigious Top 100 list of the US magazine ‘Wine Spectator', having already been named in their Millennium edition as one of the ‘Top 100 wines' of the 20th century.Granges have won 111 gold medals in shows, 63 silve rs and 33 bronzes, 26 trophies and six championship awards, maybe seven or eight now. There are three Jimmy Watson trophies, in 1964, 1966 and 1968. All of these things make Grange's reputation that every people can recall about it whenever they heard about it and it will be long lasting over the years. A brand has a personality. Personality is about what kind of person Grange would be if it were human including character and attitude. The human personality traits that are relevant for Pinfold's Grange which are sophisticated, classic, elegant and reliable.Pinfold's Grange is truly a unique brand from the first day it was released until now. A brand is a culture which takes a holistic view of the organization, its origins and the value it stands for. Every brand should have its own culture which is not only a concrete representation but also a means of communication and it is no doubt that Pinfold's Grange really did it. Grange is the product of Australian culture regarded as the pr ide of Australian about one of the most famous wine in the world.If Frenchman is proud of their Champagne, to Australians, that is Grange-the Australia's icon. Grange is not Just a symbol of luxury red wine in Australia, it is Australian image in the international wine market. Pinfold's and Grange in particular is always representative of Australia now and in the future. Limited production and Just lease in a period of time also make the culture of Grange. The Grange fruit is from particular area, here is the grapes from Grange vineyard at Magical, South Australia. This is also a factor that makes Grange become special and have its own culture.Because Pinfold's Grange is known as a luxury red wine line, the cultural facet is more meaningful in differentiating its brand which refers to its fundamental ideals and to its sets of values. A brand is a relationship: the strength of the relationship between the brand and customer. The Wall Street Journal has even published a DOD Jones Gran ge Index; the accompanying text was, ‘Wine lovers remember their first Grange the way they remember their first kiss! ‘. Pinfold's' advertisements carry the slogan â€Å"To those who do things for love not money' and it's also adapted to Grange.The relationship between Pinfold's Grange and its customers are trust, consistent, dependability and exclusiveness. This is reflected by the loyalty of customers to their favorite wine brand. Grange was first released in 1951, but until now it is still the most famous wine and attract amount of number wine lovers who are willing wait for its new line ear by year despite the price rises and supply tensions, even promote this brand among others. It means that Fanfold Grange has built the trust and strong consistent in its customers' mind by its quality and reputation themselves.Although Grange was launched in the market for more than five decades, it still has strong sales. The relationship between Pinfold's Grange and its customer s is also stronger because Pinfold's always envelop its users with the image they want to signal to their social surroundings. A brand is a customer reflection. When mentioning about brand reflection, it is about he customer should be reflected as he or she wishes to be seen as a result of using a brand. Pinfold's Grange is the sort of wine language for people who have deep pockets need to hear.Target segment of Pinfold's is the customers who fall in medium and high disposable income, general from business background, have an average age of 35 plus, and are very loyal to a brand and aware of the wines in the market. In addition, these customers demand high quality wines with taste and texture. That is the reason why prestige, discerning and high social status are the thoughts of others to Grange lovers when they drink this wine. In addition, person who drinks Pinfold's wine seems to be successful and looks like enjoying her/his successful life.A brand speaks to our self-image. Diffe rent from reflection which is how others see the brand's users, self-image is the feeling of users themselves when they use the brand. Pinfold's lovers in general and Grange in particular, feel confident and sophisticated when they drink this wine due to they are enjoying one of the most luxury and the highest quality in the world. Moreover, they feel special because we all know that with its luxurious and high-cost wine label, Pinfold's Grange would push their grandmothers over for.And â€Å"it's clearly cemented itself as a gift worthy of someone who's Just been elected premier of Australia's most populous state†. A customer might see himself fabulous and capable of drinking Pinfold's Grange. Customers wish to display themselves that they are a part of community in which people have social approval, they are elegant, sophisticated and successful when they choose Pinfold's Grange. In conclusion, this brand identity prism is a helpful tool in positioning Pinfold's Grange in t he wine market at the current time which help our group come up with a MIMIC plan for the release event of Grange in next October.

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Corporate Social Responsibility By Porter And Kramer Essay

Shared value is a business strategy which focuses on creating overall value while addressing social problems. This concept of management strategy was expressed in the â€Å"Creating Shared Value† article by Porter and Kramer. Shared value is not just an aspect of a company’s growth strategy or general business operations. It is well integrated in the way a company operates along with what their goals are as an organization. The value created for a company’s targeted end user also has some sort of social impact which benefits their company purpose. Creating social impact is a company goal and success is measured through creating a shared value network. Porter believes that â€Å"The ability to address social issues is integral to profit maximization instead of treated as outside the profit model.† He is addressing that profits are not measured by impact not just monetary gains for the company, we can change our mindset to think of profit in a different way. Profit can be a benefit or some sort of added value. In this approach Porter argues that â€Å"Corporate social responsibility encompasses not only what companies do with their profits, but also how they make them.† This relationship is the driving force for a company’s development and future growth, and it goes beyond corporate strategy it also incorporates investments and key stakeholders for each company. Quantifying a monetary figure and amount for social impact may be extremely difficult, however it has progressed with awareness andShow MoreRelatedThe Link Between Corporate Social Responsibility And The Competitive Advantage Of A Company1332 Words   |  6 PagesIntroduction The purpose of this essay is to show that the link between Corporate Social Responsibility the competitive advantage of a company is often viewed to be positive if environmental limits, social needs corporate interests are all coordinated within the given framework (Porter Kramer, 2011). 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