Abstract
In accounting, decision is an important aspect but prone to bias in its making process. Limitation in decision making that lead to bias is driven by some bound. This study aims to enunciate some bounds and identify bias determinant in decision making process. Literature review is employed to analyze thirty-four articles since 1986 until 2018 from renown journal publisher such as science direct, emerald, & Jstor regarding decision making in business field. The results shows that there are 9 bias determinant in decision making process such as task complexity, information presentation format, quality and quantity of information/data, situation/environment, competency, method, experience, personality trait and motivation. This article contribute to body of literature and decision makers by provide gap on decision making on the context of judgment bias and bias determinant that should take in to account before making a decision for better result.
Highlights
Decision making is an interesting topic to be studied in more depth from the standpoint of behavioral accounting disciplines
A decision may has gone through a series of systematic and logical processes, but not necessarily the decision or opinion given is completely free of bias
The quality of information must be a priority aspect of each decision made by the accountants/auditors of the financial statements so decisions taken by users are precise and free of bias
Summary
Decision making is an interesting topic to be studied in more depth from the standpoint of behavioral accounting disciplines. A decision may has gone through a series of systematic and logical processes, but not necessarily the decision or opinion given is completely free of bias This bias can arise due to cognitive factors inherent in human interactions, for example interactions between manager (as auditee) and auditors who audit financial statement. The quality of information must be a priority aspect of each decision made by the accountants/auditors of the financial statements so decisions taken by users are precise and free of bias. This article discusses the study of cognitive factors that bound decision making In this regard, this article presents a review of various published international journals about decision making in business fields. The contribution of this article is twofold It gives insight for future research on decision making in the context of judgment bias. The fourth section presents future research opportunities and the closing remarks
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