An Experimental Psychological Study of Investment Decision-Making in Management Accounting

2023 Fiscal Year Final Research Report

• Project/Area Number: 20K02032
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Review Section: Basic Section 07100:Accounting-related
• Research Institution: Gifu University (2021-2023); Hokkaido University (2020)
• Principal Investigator: Shinoda Tomonari 岐阜大学, 社会システム経営学環, 教授 (50378428)
• Project Period (FY): 2020-04-01 – 2024-03-31
• Keywords: 会計学 / 管理会計 / 投資意思決定 / 心理学

Outline of Final Research Achievements

This study focuses on the cognition of decision-makers in investment decision-making, analyzing various aspects from the perspective of management accounting while incorporating psychology as the foundational theory.
It was found that merely providing management accounting information, such as budgets, does not effectively mitigate the sunk cost effect; however, the ability to interpret and utilize this information can potentially suppress it. Additionally, it was revealed that rational judgment in investment decisions by managers is significantly influenced by their proactive attitude towards investments, and the presence of accounting knowledge does not necessarily contribute to rational decision-making. Furthermore, it was demonstrated that a management control system that balances psychological safety and interactive control is crucial for fostering innovation and generating new investments.

Free Research Field

会計学

Academic Significance and Societal Importance of the Research Achievements

本研究の学術的意義は、投資意思決定における意思決定者の心理的要因に注目して、心理学を基礎理論として援用しながら、管理会計研究の拡張を図った点にある。特に、サンクコスト効果の抑制における管理会計情報の有効性や、経営者の投資判断に対する会計知識の影響を示すことができた。
社会的意義としては、企業経営において合理的な投資判断を促進し、サンクコスト効果などの心理的バイアスを抑制するための新しい視点を提供している点が挙げられる。また、経営管理における心理的安全性と対話型コントロールの重要性を示し、イノベーションを促進する実践的な示唆を与えている。