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Comparing the investment decisions of accounting practitioners and students: an empirical study on the adequacy of student surrogates

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  • Gregory A. Liyanarachchi
  • Markus J. Milne

Abstract

The use of students as surrogates for non-students has been a controversial issue in behavioural accounting research. However, the empirical evidence on student surrogates suggests that students can be adequate surrogates for practitioners in decision-making tasks. This present paper seeks to examine the adequacy of accounting students as surrogates for their practising counterparts in an investment decision task. For this purpose, an experimental decision task used in Milne and Patten [Acc., Audit. Acc. J. 15 (3) (2002) 372] is replicated using student subjects. The results indicate that, in general, students’ short-term and long-term investment decisions compare well with those of the practitioners. These findings encourage more empirical investigations into the adequacy of students as surrogates for accounting practitioners.

Suggested Citation

  • Gregory A. Liyanarachchi & Markus J. Milne, 2005. "Comparing the investment decisions of accounting practitioners and students: an empirical study on the adequacy of student surrogates," Accounting Forum, Taylor & Francis Journals, vol. 29(2), pages 121-135, June.
    • Handle: RePEc:taf:accfor:v:29:y:2005:i:2:p:121-135
    DOI: 10.1016/j.accfor.2004.05.001
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    Cited by:

    1. de Villiers, Charl & van Staden, Chris J., 2010. "Shareholders’ requirements for corporate environmental disclosures: A cross country comparison," The British Accounting Review, Elsevier, vol. 42(4), pages 227-240.
    2. Mortensen, Tony & Fisher, Richard & Wines, Graeme, 2012. "Students as surrogates for practicing accountants: Further evidence," Accounting forum, Elsevier, vol. 36(4), pages 251-265.
    3. Lei Wang & Brad Tuttle, 2014. "Using corporate social responsibility performance to evaluate financial disclosure credibility," Accounting and Business Research, Taylor & Francis Journals, vol. 44(5), pages 523-544, October.
    4. Yuan Ding & Thomas Jeanjean & Cédric Lesage & Hervé Stolowy, 2009. "An Experiment in the Economic Consequences of Additional Disclosure: The Case of the Fair Value of Unlisted Equity Investments," Post-Print halshs-00458950, HAL.
    5. Belvedere, Valeria & Goodwin, Paul, 2017. "The influence of product involvement and emotion on short-term product demand forecasting," International Journal of Forecasting, Elsevier, vol. 33(3), pages 652-661.
    6. David S Murphy & Scott Yetmar, 2015. "Student Perceptions of Auditor Responses to Evidence of Suspicious Activities: An Experimental Assessment," International Journal of Business and Social Research, LAR Center Press, vol. 5(11), pages 48-59, November.
    7. Stefan Linder, 2016. "Fostering strategic renewal: monetary incentives, merit-based promotions, and engagement in autonomous strategic action," Journal of Management Control: Zeitschrift für Planung und Unternehmenssteuerung, Springer, vol. 27(2), pages 251-280, May.
    8. Jochen Theis & Kristina Yankova & Marc Eulerich, 2012. "Information order effects in the context of management commentary—initial experimental evidence," Metrika: International Journal for Theoretical and Applied Statistics, Springer, vol. 23(2), pages 133-150, November.
    9. Lorenz Graf-Vlachy, 2019. "Like student like manager? Using student subjects in managerial debiasing research," Review of Managerial Science, Springer, vol. 13(2), pages 347-376, April.
    10. Singh, Bharati, 2021. "A Bibliometric Analysis of Behavioral Finance and Behavioral Accounting," American Business Review, Pompea College of Business, University of New Haven, vol. 24(2), pages 198-230, November.
    11. David S Murphy & Scott Yetmar, 2015. "Student Perceptions of Auditor Responses to Evidence of Suspicious Activities: An Experimental Assessment," International Journal of Business and Social Research, MIR Center for Socio-Economic Research, vol. 5(11), pages 48-59, November.
    12. Linda Espahbodi & Reza Espahbodi & Norma Juma & Amy Westbrook, 2019. "Sustainability priorities, corporate strategy, and investor behavior," Review of Financial Economics, John Wiley & Sons, vol. 37(1), pages 149-167, January.
    13. Kuruppu, Sanjaya & Milne, Markus J., 2010. "Dolphin deaths, organizational legitimacy and potential employees’ reactions to assured environmental disclosures," Accounting forum, Elsevier, vol. 34(1), pages 1-19.
    14. Duxbury, Darren, 2012. "Sunk costs and sunk benefits: A re-examination of re-investment decisions," The British Accounting Review, Elsevier, vol. 44(3), pages 144-156.
    15. Claus Holm & Pall Rikhardsson, 2008. "Experienced and Novice Investors: Does Environmental Information Influence Investment Allocation Decisions?," European Accounting Review, Taylor & Francis Journals, vol. 17(3), pages 537-557.
    16. Evangeline Elijido‐Ten & Louise Kloot & Peter Clarkson, 2010. "Extending the application of stakeholder influence strategies to environmental disclosures," Accounting, Auditing & Accountability Journal, Emerald Group Publishing Limited, vol. 23(8), pages 1032-1059, October.

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