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• Cover Page
• Title
• Copyright
• Contents
• Preface
• SECTION I: The Control Function of Management
• 1 Management and Control
• Management and control
• Causes of management control problems
• Characteristics of good management control
• Control problem avoidance
• Control alternatives
• Outline of this book
• Notes
• Leo’s Four-Plex Theater
• Wong’s Pharmacy
• Private Fitness, Inc.
• Atlanta Home Loan
• SECTION II: Management Control Alternatives and Their Effects
• 2 Result Controls
• Prevalence of result controls in decentralized organizations
• Elements of result controls
• Conditions determining the effectiveness of result controls
• Result controls and the control problems
• Conclusion
• Notes
• Office Solutions, Inc.
• Puente Hills Toyota
• Kooistra Autogroep
• 3 Action, Personnel, and Cultural Controls
• Action controls
• Action controls and the control problems
• Prevention vs. detection
• Conditions determining the effectiveness of action controls
• Personnel controls
• Cultural controls
• Personnel/cultural controls and the control problems
• Effectiveness of personnel and cultural controls
• Conclusion
• Notes
• Witsky and Associates, Inc.
• The Rancho View Knolls Land Deal
• EyeOn Pharmaceuticals, Inc.
• Axeon N.V.
• 4 Control System Tightness
• Tight result controls
• Tight action controls
• Tight personnel/cultural controls
• Conclusion
• Notes
• Controls at the Bellagio Casino Resort
• PCL: A Breakdown in the Enforcement of Management Control
• 5 Control System Costs
• Direct costs
• Indirect costs
• Adaptation costs
• Conclusion
• Notes
• Philip Anderson
• Sunshine Fashion: Fraud, Theft, and Misbehavior among Employees
• Better Beauty, Inc.
• Fit Food, Inc.
• Atlantis Chemical Industries
• 6 Designing and Evaluating Management Control Systems
• What is desired and what is likely
• Choice of controls
• Choice of control tightness
• Adapting to change
• Keeping a behavioral focus
• Notes
• Diagnostic Products Corporation
• Game Shop, Inc.
• Family Care Specialists Medical Group, Inc.
• SECTION III: Financial Result Control Systems
• 7 Financial Responsibility Centers
• Advantages of financial result control systems
• Types of financial responsibility centers
• Choice of financial responsibility centers
• The transfer pricing problem
• Conclusion
• Notes
• Kranworth Chair Corporation
• Zumwald AG
• Global Investors, Inc.
• 8 Planning and Budgeting
• Purposes of planning and budgeting
• Planning cycles
• Target setting
• Planning and budgeting criticisms
• Conclusion
• Notes
• Royal Wessanen NV
• The Stimson Company
• Multiple Versions of the Plan
• Vitesse Semiconductor Corporation
• VisuSon, Inc.: Business Stress Testing
• 9 Incentive Systems
• Purposes of incentives
• Monetary incentives
• Incentive system design
• Criteria for evaluating incentive systems
• Group rewards
• Conclusion
• Notes
• Harwood Medical Instruments plc
• Giroux Glass, Inc. – Bonus Plan
• Superconductor Technologies, Inc.
• Raven Capital, LLC
• SECTION IV: Performance Measurement Issues and Their Effects
• 10 Financial Performance Measures and Their Effects
• Value creation
• Market measures of performance
• Accounting measures of performance
• Investment and operating myopia
• Return-on-investment measures of performance
• Residual income measures as a possible solution to the ROI measurement problems
• Conclusion
• Notes
• Behavioral Implications of Airline Depreciation Accounting Policy Choices
• Las Ferreterías de México, S.A. de C.V.
• Industrial Electronics, Inc.
• Haengbok Bancorp
• Corbridge Industries, Inc.
• King Engineering Group, Inc.
• Berkshire Industries plc
• 11 Remedies to the Myopia Problem
• Pressures to act myopically
• Reduce pressures for short-term profit
• Control investments with preaction reviews
• Extend the measurement horizon (use long-term incentives)
• Measure changes in value directly
• Improve the accounting measures
• Measure a set of value drivers
• Conclusion
• Notes
• Catalytic Solutions, Inc.
• Dortmunder-Koppel GmbH
• Johansen’s: The New Scorecard System
• Mainfreight
• Statoil
• 12 Using Financial Result Controls in the Presence of Uncontrollable Factors
• The controllability principle
• Types of uncontrollable factors
• Controlling for the distorting effects of uncontrollables
• Other uncontrollable factor issues
• Conclusion
• Notes
• To Adjust or Not to Adjust Bonus Payouts?
• Olympic Car Wash
• Beifang Chuang Ye Vehicle Group
• Hoffman Discount Drugs, Inc.
• Howard Building Corporation, Inc.
• Bank of the Desert (A)
• Bank of the Desert (B)
• Fine Harvest Restaurant Group (A)
• Fine Harvest Restaurant Group (B)
• SECTION V: Objectives Beyond Profit Maximization
• 13 The Broader Goal of Stakeholder Welfare Maximization
• Challenges in managing with a broader corporate purpose
• Designing management control strategies fit for CSR
• Multiple challenges
• Notes
• Meta Platforms, Inc.
• Alpha Controls, Inc.
• Western AgriTech, Inc.
• Microsoft Corp: CSR Execution
• 14 Management Control in Not-for-Profit Organizations
• Key differences between for-profit and not-for-profit organizations
• Goal ambiguity and conflict
• Difficulty in measuring and rewarding performance
• Accounting differences
• External scrutiny
• Employee characteristics
• Conclusion
• Notes
• SCI Ontario: Achieving, Measuring, and Communicating Strategic Success
• University of Southern California: Responsibility Center Management System
• SECTION VI: Corporate Governance, Important Control-Related Roles, and Ethics
• 15 Corporate Governance and Boards of Directors
• Laws and regulations
• The Sarbanes-Oxley Act
• Boards of directors
• Nominating/governance committees
• Audit committees
• Compensation committees
• Conclusion
• Notes
• Arrow Motorcar Corporation
• Golden Parachutes?
• Pacific Sunwear of California, Inc.
• Entropic Communications, Inc.
• Bio/Precise Medical Devices, Inc.
• 16 Controllers and Auditors
• Controllers
• Auditors
• Conclusion
• Notes
• Carillion plc and its Auditors: Anatomy of a Corporate Collapse
• Dorothy Rishiek: Experiences of a Controller/CFO
• Desktop Solutions, Inc. (A): Audit of the St. Louis Branch
• Desktop Solutions, Inc. (B): Audit of Operations Group Systems
• Andrew G. Scavell, Chief Risk Officer
• 17 Management Control-Related Ethical Issues
• Conducting ethical analyses
• Why do people behave unethically?
• Some common management control-related ethical issues
• Spreading good ethics within an organization
• Conclusion
• Notes
• Two Budget Targets
• Conservative Accounting in the General Products Division
• Education Food Services at Central Maine State University
• The “Sales Acceleration Program”
• The Expiring Software License
• Wired plc
• Mean Screens USA, Inc.
• Ethics@Cisco
• Index
• Publisher’s acknowledgements