Accounting, Accountability, Social Media and Big Data - Revolution or Hype PDF
Accounting, Accountability, Social Media and Big Data - Revolution or Hype PDF
Accounting, Accountability, Social Media and Big Data - Revolution or Hype PDF
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AAAJ
30,4 Accounting, accountability,
social media and big data:
revolution or hype?
762 Michela Arnaboldi
Department of Management, Economics and Industrial Engineering,
Politecnico di Milano, Milan, Italy
Cristiano Busco
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Abstract
Purpose – The purpose of this paper is to outline an agenda for researching the relationship between
technology-enabled networks – such as social media and big data – and the accounting function. In doing so,
it links the contents of an unfolding area research with the papers published in this special issue of
Accounting, Auditing and Accountability Journal.
Design/methodology/approach – The paper surveys the existing literature, which is still in its infancy,
and proposes ways in which to frame early and future research. The intention is not to offer a comprehensive
review, but to stimulate and conversation.
Findings – The authors review several existing studies exploring technology-enabled networks and highlight
some of the key aspects featuring social media and big data, before offering a classification of existing research
efforts, as well as opportunities for future research. Three areas of investigation are identified: new performance
indicators based on social media and big data; governance of social media and big data information resources;
and, finally, social media and big data’s alteration of information and decision-making processes.
Originality/value – The authors are currently experiencing a technological revolution that will fundamentally
change the way in which organisations, as well as individuals, operate. It is claimed that many knowledge-based
jobs are being automated, as well as others transformed with, for example, data scientists ready to replace even
the most qualified accountants. But, of course, similar claims have been made before and therefore, as
academics, the authors are called upon to explore the impact of these technology-enabled networks further. This
paper contributes by starting a debate and speculating on the possible research agendas ahead.
Keywords Accounting, Big data, Social media, Management control
Paper type Conceptual paper
1. Introduction
The use of new social media, such as Facebook, Twitter, YouTube and blogs has exploded
in the last few years, with most of the population (especially, those aged under 30) using one
or more technology-enabled networks in their day-to-day life, at home, on the go or in the
workplace. The importance of these technology-enabled networks, as well as of the data
they generate, is visible also at the financial level, with the entrance of social media owners
in the share market. For example, Facebook’s market cap rose $40 billion to $340 billion
during the first quarter of 2016.
The key characteristic of social media technology is the possibility to connect with other
Accounting, Auditing &
users worldwide and to access, post and share information on a regular and continuous
Accountability Journal basis. Millions of users are now connected locally and globally thanks to the rapid spread of
Vol. 30 No. 4, 2017
pp. 762-776
© Emerald Publishing Limited This paper forms part of the Accounting, Accountability, Social Media and Big Data: Revolution or
0951-3574
DOI 10.1108/AAAJ-03-2017-2880 Hype? Special issue.
these technologies and their ease of use. One effect of the explosion in the adoption of social Social media
media technologies has been the growth of so-called “big data”. Companies and other and big data
users can collect, collate and analyse the mass of information made available on social
networks with the aim of improving business performance across a wide range of corporate
functions (ranging from marketing, innovation, personnel searches to risk management and so
on). Recently, for example, Accenture (2016, p. 2) has published the results of surveys among
practitioners emphasising the need to invest in big data and the results already achieved: 763
[…] big data is taking off. Users that have completed at least one project are very satisfied with
their initial forays into big data. The vast majority who have completed their projects report that
they are satisfied with business outcomes and that their big data initiative is meeting their needs.
[…] big data is definitely disruptive, potentially transformational. The consensus is clear: big data
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impressively high volume for large and international groups. Velocity is not new either,
considering the need for monitoring real-time finance trends, for example, for commodity risk
control. Variety is part of the accounting tradition, due to the presence, in the majority of
accounting systems, of balanced scorecard and dashboards, where there are financial and non-
financial indicators coming from different sources. Finally value and veracity have been always a
matter of accounting in its quest for information reliability and significance for decision making.
Aiming to understand the implications for accounting practice, we propose a focus that is
less concerned with the attributes of “data” and more a comprehensive consideration of big
data and its connections with social media. Taken together, these technology-enabled
networks raise interesting questions for accounting in terms of externality, abductivity and
inexhaustibility. While these are not an exhaustive set of dimensions, we see these as
important characteristics for exploring and speculating on the accounting-relevant concerns
of social media and big data.
Externality relates to the origin of information and data. Many of the new sources included
in big data come from the internet source and physical devices (e.g. GPS on cars, cameras,
phone signals), which are fed by individuals or organisations outside the company. This
externality has a first major implication for accounting because contrary to data usually
adopted in accounting and control, big data includes information that is not generated
specifically for business uses (Constantiou and Kallinikos, 2015). Thinking, for instance, of
images on social media, data are produced by users in one moment and then accessed by
others searching for commonalities or patterns in response to business/research interests
(Zhou et al., 2014; Yanai, 2015). This post-access causes difficulties in setting the context in
which images have been produced and therefore in interpretation. A second consequence of
externality is the lack of total ownership or control over data. This raises concerns linked to
privacy, reputation, stability and scalability. Furthermore, although everyone can participate
in big data through the democratic internet, the true ownership of data and data mining
is in the hands of a few giants that have created a sort of “oligopoly” (Sun et al., 2015).
The second characteristic that we highlight is abductivity. It is related to change in the
decision-making process as a result of the availability of big data. As noted above,
traditionally information used in decision making within organisations was collected on
purpose and based on a deductive approach (Constantiou and Kallinikos, 2015). In contrast,
big data relies on an inductive approach where a broad business/research question is set, data
screened, gathered, modelled and then interpreted. Yet, during this process the initial question
is refined in return, entailing a hybrid between deductive and inductive thinking – abductive
thinking (Lukka, 2014). This circular process affects data, which becomes more fluid than
traditional data. Abductivity emphasises the active role of the data scientist in shaping data as
a resource and its characteristics. The desire to capture always new information may lead to
greater fluidity and revision of procedures and processes may conflict with innate desires,
especially in accounting and audit, to set stable rules and structures.
Finally, inexhaustibility concerns the “representativeness” of information and data. Social media
Contained within the “promise” of big data is the notion that big data allows organisations and big data
to strive “to capture entire populations or systems (n ¼ all)” (Kitchin, 2014a, p. 1) rather than
samples. This is relevant to the conceptualisation of big data for accounting scholars.
For example, Twitter allows the possibility to download data through the public
Application Programming Interface; however, despite the widespread use of this data there
are doubts as to its robustness in terms of representativeness of the entire population. 765
First the population is variable in time, but most importantly Twitter does not guarantee
that the amount of data downloaded is the entire population available of tweeters. Few
studies have addressed this problem, and to the best of our knowledge only Morstatter et al.
(2013) have explicitly highlighted the drawbacks of public data in term of representation.
These three characteristics affect (to varying extents) the conceptualisation of the
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interplays between social media, big data and accounting. It is to this that we now turn.
3.1 New performance indicators based on social media and big data indicators
Practitioners want to use big data to know more about, and control, other things. This has
implications for accounting considering big data as a resource and as a process. To discuss
these implications, we use cities as a reference point, as this is an area that has been seen
as having potential for big data (see, e.g. Mattern, 2015; Kitchin, 2014b). Cities are a hub of a
wide range of data: signals from diverse sources, geo-referenced social media data, mobile
phone data, Wi-Fi data, traditional data and many others.
A first major challenge is that accounting practitioners tend not to see big data as a
resource. As we will see later in our paper, several studies in this special issue of Accounting,
Auditing and Accountability Journal show that accountants timidly observe big data at a
distance without taking the lead as expected by accounting associations (such as the Chartered
Institute of Management Accountants, and the Institute of Management Accountants).
Accountants may be reluctant because of pressing deadlines linked to the financial close process
land and space (Frias-Martinez and Frias-Martinez, 2014; Shelton et al., 2015).
There is also significant interest in new indicators based on user/customer engagement,
which encompasses communication, marketing, customer care and even innovation. This use
goes beyond social media data, as it is elaborated and triangulated with other data, often
stimulating the exploration of further external sources. Although the interest in indicators
originated in practitioner literature, there are now scholarly papers, mostly outside accounting
journals, that address this issue. A first stream of papers explores the metrics for measuring
the effectiveness of social media in responding to client and user requests (Burton and
Soboleva, 2011; Coulter and Roggeveen, 2012; Bonson and Ratkai, 2013; Rohm et al., 2013).
These studies usually focus on owned sources (i.e. sources owned by organisations) and paid
sources (i.e. sources acquired externally by payment, see Hanna et al., 2011).
A second stream of research has developed and experimented with indicators on
network dynamics (user, information flows). Researchers here have developed metrics about
the level and speed of diffusion of information across social networks (Kazama et al., 2012;
Bakshy et al., 2011; Malthouse et al., 2013). These also extend to users’ influence on company
brands, products and services through web sources, for example, Twitter, Facebook, blogs,
fora and so on (Bakshy et al., 2011; Phang et al., 2013; Flanagin and Metzger, 2013;
Campo-Avila et al., 2013). Despite the mounting number of contributions on specific aspects,
so far there is a lack of research addressing the use of these indicators inside organisations.
Recent papers have addressed the “systematisation” of metrics from an accounting
perspective (e.g. Agostino and Sidorova, 2016; Arnaboldi et al., 2017). These articles propose
classifications distinguishing the source of information ( paid, owned and erased) and the
nature of the indicator, distinguishing between punctuated and text derived. Punctuated,
refer to metrics built on numbers of specific events related to the network (transaction,
access, post), while text-derived metrics are built on the processing of text obtained from
digital sources (Sidorova et al., 2016).
These contributions offer insights to reflect on big data as an object. Notwithstanding, several
issues remain unexplored. One area in need of further investigation, and with a more critical view,
is predictive analytics. Consultancy firms are currently focussing on this, envisioning automatic
systems capable of predicting future performance and the need to move from forecasting to
“nowcasting”. The literature to date is narrowly focussed on experimentation, overlooking the
organisational and decision-making implications of these applications.
Another important element for accounting involves the form of these new performance
indicators and the communication of information. This element is a promising research
path, leveraging on the accounting tradition of visualisation, and going back to the
contribution of the balanced scorecard (Kaplan and Norton, 1992). More recent studies in
accounting have explored how the visual aspects of reporting have a “powerful” role in data
communication (e.g. Quattrone et al., 2016; Busco and Quattrone, 2015; Cuganesan and
Dumay, 2009).
Accounting research has examined the role of visualisation and how narratives can be Social media
transformed into numbers and visualisation to make the relationships between intangible and big data
resources and organisational value visible (e.g. Cuganesan and Dumay, 2009). More recently,
Busco and Quattrone (2015) portrayed the balanced scorecard and its multi-dimensional set of
analytics as a “rhetorical machine”, that is, an organising and mediating platform that helps
users to invent new solutions and create new managerial knowledge. In doing so, they suggest
that, through rhetorical machines, order and knowledge can be continuously classified and 767
questioned, different interests can be accommodated through regular processes of
interrogation and re-invention, and engagement can be sustained through participation in a
series of recurrent activities. Rhetorical machines such as dashboards and scorecards have a
crucial spatial connotation as they help knowledge classification and invention through the
use of visual and spatially based schemas, and allow “representations” to be open to
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interpretation, appropriation and translation, beyond any stable and ultimate form of
objective and unequivocal truth (Busco and Quattrone, 2015).
Big data has stimulated the development of new visualisation tools that sometimes
privilege aggregate views over detailed numbers. However, there is also a dark side to this
abstraction process – the move away from the local and the particular that may be relevant
for organisational action and the recognition of important heterogeneity (Cuganesan and
Dumay, 2009). How communication modes of social media and big data information – be
these visual, numerical or narrative – enable or constrain organisational actions is an
important avenue for future research.
approaches and management control mechanisms influence the assurance, protection and
subsequent use of social media and big data.
The presence of these benefits and problems opens space for both accounting practitioner
and researchers. Accounting practitioners have a long tradition in fitting and checking data to
achieve business value (Ma and Tayles, 2009), and therefore may seize the opportunity to
balance enthusiasm and rigour in using big data. At the academic level, several patterns are
visible. There is a need to have more empirical evidence on how organisations are using big
data, and how this might become a resource. The possibility to frame new ways for assessing
big data as a resource is also another important opportunity ahead.
An additional area in need of further exploration concerns the way in which big data as
an object is transforming the relations between accounting and other organisational
functions. Further research is needed to establish which functions own big data and how
they are interconnected across the organisation and with accounting functions? Are there
new calculative centres, which may reshape organisational power related to information
management? Is there a role for accountants and finance professionals to work with IT, data
scientists and business leaders to extract value from data more effectively? Do accountants
and finance professionals play any role in leading or orchestrating the integration,
interpretation, and usage of these multiple sets of data? Do accountants and finance
professionals require new expertise and forms of training? Recent accounting research
observes the presence of professional boundaries that limit accounting practices
(Kurunmaki and Miller, 2011) but equally accounting may be used to bring together
professional groups through enabling shared understandings of the value and potential
usability of social media and big data resources.
3.3 Social media and big data’s alteration of information and decision-making processes
The exploration of big data as a resource opens prompts discussion of the impact on
process related to its collection and analysis. Here, it is important that research takes a
non-positivistic stance, investigating how big data, algorithms and social media are
leveraged to augment the already persuasive power of accounting numbers. One of the
consequences of this process is the reduced space left to human judgement, which seems to
be increasingly confined to the very last part of the relationship between the construction of
knowledge and the actions that follows (Quattrone, 2015).
Accelerated and widened by the digital revolution, the fine line that unites the
enabling power of accounting (Ahrens and Chapman, 2004) and the ambiguity and
incompleteness of its representations (e.g. Dambrin and Robson, 2011) has been investigated
by accounting and organisation scholars for some time. The literature has emphasised how
accounting constructs realities (Hines, 1988), constitutes a technology of government and
governmentality (Miller, 1990), and is a key element for the rationalisation of organisations,
societies and whole economies (e.g. Miller and O’Leary, 1987; Suzuki, 2003a, b). Accounting
acts as an instrument for legitimising organisational and social behaviour thanks to the Social media
apparent rationality of its calculations (Meyer, 1986; Carruthers and Espeland, 1991). and big data
Therefore, accounting, as much as finance, is performative, that is, the data they produce,
and engage with, are engines within markets and organisations (McKenzie, 2006).
The performative role of accounting and big data creates and sustains a paradox
in practice. It increases the belief in the possibility of improving rational decision
making through better measurement and representation – a dream of full control where 769
distance is cancelled, and databases and statistical models are relied upon to enhance
transparency, predict individuals’ wishes and steer future actions. Simultaneously,
it augments uncertainty through the spurious correlations and incomplete connections
that may emerge from the large amount of data that organisations collect and store
(Quattrone, 2015).
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organisations. Empirically, the authors observe new performance indicators in their case
study of a telecommunications company, comprising domain rankings, sentiment scores,
reach, engagement and influencer measures. By following how these indicators impact how
customers and organisations seek to act upon each other, the authors show how the
boundary between inside and outside becomes blurred and how social media contributes to a
reshaping of organisational-customer relationships. Specifically, social media allows
organisations to access novel visualisations of the customer at the same time as the customer
gains influence over the organisation. Concurrently, the blurring of inside and outside is
problematic. Agostino and Sidorova (2017) also discuss how the “open” nature of social media
might limit the possibilities for organisational action through difficulties that centres of
calculation might have in building cycles of knowledge accumulation and connecting “outside”
and “inside” notions of the customer. Through their study, the authors highlight the need to
explore how social media and big data reshape calculative practices and relationships between
those that might engage in, and be the subject of, these practices.
The next two papers discuss the governance of social media. Brivot et al. (2017) engage
with our second theme, centring upon governance in their study of how social media might
impact reputational risk and threaten reputation capital. As the authors note, while social
media and big data are sometimes seen as offering new possibilities for organisations in their
dealings with customers and other stakeholders there is also a “dark side”, such as risk to the
reputation of an organisation through social media which, in turn, requires governance and
control actions. Consistent also with our suggestion to examine how social media and big data
reshape relationships between organisational experts and specialists (including accountants),
Brivot et al. (2017) examine how various actors construct organisational control at the
intersection of social media and corporate reputational risk through a longitudinal qualitative
analysis comprising interviews and various textual analysis.
Their study reveals four frames of the meanings and ideas regarding organisational
control in social media, namely, beyond control, surveillance, de-territorialisation,
re-territorialisation. In all cases managers, consultants or “gurus”, look at social media
and big data as an object to be (or not) controlled. The paper shows an unstable situation in
which actors use their personal and professional thinking to frame and convince others.
Although accounting is central to the notion of control, accountants frame the control
problem in “re-territorialisation” terms through big accounting firms as consultants or
through claims made by professional association. However, accountants are almost absent
within the organisation where, instead, the field is taken by marketing and communication
managers and ICT officers.
Similarly, Arnaboldi et al. (2017) also focus on governance of social media and big data as
objects and how this might reshape relationships between organisational actors, with the
focus in this paper on functional specialists within organisations. Through a multiple case
study analysis, the authors investigate the governance of social media as an opportunity for
organisational actors to change their occupational boundaries. The authors find that Social media
accountants appear to be in the background while other actors, such as digital officers and and big data
marketing and communication managers enter the territory of performance measurement,
constructing through social media information boundary objects, which are capable of
connecting and engaging with such technology-enabled networks.
Reflecting the inter-relationships across the three areas of our framework, this paper also
contributes to our understandings of how social media and big data alter information and 771
decision-making processes within organisations. Arnaboldi et al. (2017) illustrate how
governance imperatives are intertwined with the development of various social media
artefacts that operate as hybridised boundary objects that condense and translate
knowledge from different organisational areas. Collectively, Brivot et al. (2017) and
Arnaboldi et al. (2017) highlight the shifting nature of how relationships are framed between
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social media and organisational concerns, such as governance and control, and how this
affects, and is affected by, the interactions between organisational experts and functional
specialists both within and outside organisations.
The last two papers in the special issue of Accounting, Auditing and Accountability
Journal are concerned predominantly with social media and big data’s alteration of
information and decision-making processes. Al-Htaybat and Alberti-Alhtaybat (2017) focus
on the impact of big data on corporate reporting and how this is understood by accountants
and non-accountants. Through interviews with experts and analysis of textual and video
material, the authors identify potentialities for big data to reshape the reporting of corporate
information and the role that accountants may play in the process. Al-Htaybat and Alberti-
Alhtaybat (2017) complement this with a focus on the paradoxes created by the process of
harnessing technology to alter corporate reporting through big data. The authors label these
paradoxes empowerment vs enslavement, fulfilling vs creating needs, reliability vs
timeliness and simplicity vs complexity, and highlight how they require careful attention
and navigation if the potentiality of big data for corporate reporting is to be realised.
Reflections on communication and its directionality are also at the centre of the next
paper by Bellucci and Manetti (2017). Motivated by the potential for social media to
enable dialogic accounting practices that are pluri-vocal in nature, the authors examine
how philanthropic foundations utilise social media and Facebook specifically in their
communications, conversations and engagement with stakeholders. Studying the official
Facebook pages of the 100 biggest US philanthropic foundations, the researchers analyse in
detail the contents of messages as well as the way in which organisations are capable of
creating and engaging in a dialogue, and around which issues these dialogues occur.
Findings reveal a heterogeneous situation, but also nascent dialogic practices whereby some
organisations utilise Facebook to both present and accommodate multiple representations
of the organisation and how it should operate. Indeed, both Al-Htaybat and Alberti-
Alhtaybat (2017) and Bellucci and Manetti (2017) highlight how social media and big data
can alter information and decision-making processes between firms and their external
constituents. As these authors highlight, there is significant potential for social media and
big data to result in different information possibilities, more pluri-vocal forms of
“accounting”, and a reshaping of relationships between organisations and their stakeholders
who conventionally performed the roles of producers and consumers of accounts, respectively.
However, as these two papers also acknowledge, there are a number of tensions that require
navigation if such potential is to be realised.
5. Final remarks
If many commentators – among consultants, professionals and academics – are to be
believed, we are currently in the midst of a technological revolution that will fundamentally
change the way in which organisations, as well as individuals, operate and make decisions.
AAAJ Hence, the importance of this special issue of Accounting, Auditing and Accountability
30,4 Journal, in exploring the impact of technology-enabled networks, such as social media and
big data on the discipline and the professions in an attempt to separate the hype from
reality. The paper contained within raises important question for the profession of
accounting and how it embraces (or not) the changing organisational landscape, the new
calculative possibilities that might arise and the extent to which these are used for
772 mangerialist and/or broader societal value purposes. There are also important issues to
consider from a policy and regulatory perspective, especially in relation to the practice of
organisational communication and reporting and the extent to which social media and big
data can be harnessed for enhanced transparency and capital allocation decision making.
We aim contribute to the setting of an agenda for researching the intertwined
relationship between technology-enabled networks and the accounting function and
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Acknowledgements
The authors wish to acknowledge the helpful comments of the reviewers. These have greatly
improved the quality of the manuscript and the arguments contained within. In addition, the
authors would like to thank Gloria Parker and Rainbow Shum for their expert help in liaising
with Emerald and working through Scholar One. The authors are also appreciative of the effort
and support of the authors who submitted papers to the special issue and reviewers who
devoted their time and effort to the refereeing process. Finally, the authors are immensely
grateful for Professor James Guthrie for his practical support intellectual encouragement, and
wise counsel as the authors brought this special issue to fruition.
Note
1. www.gartner.com/it-glossary/big-data/
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