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Abstract
The research tried to investigate as to whether a wealthy developing country such as the UAE will have the ability to develop national accounting standards that considers the collectivistic environment in the region. To explore this possibility, the study present an experiment designed to show how an individualistic vs. collectivistic orientation can influence the creativity of national people in the UAE.
The study findings revealed that the UAE citizens have positive low self-rating, moderate individualism, and high collectivism perspectives. Further, they have less level of superiority and exhibitionism. In addition, the evidence exists that UAE citizens have significantly higher positive collectivism perspectives than individualism and have significantly higher level of superiority than exhibitionism. The study findings show some significant positive correlations between self-rating, individualism, collectivism, and superiority. The paired samples t-test revealed significant differences between the ratings on the five measures. Gender found of significant difference on individualism, collectivism, and superiority measure in favor of males who was higher on these three constructs. The regression models showed that individualism can predict the self-rated of cognitive performance, meanwhile, collectivism can predict the actual test score. On the other hand, Self-perceived superiority and exhibitionism can predict the self-estimate of test score.
The present study provides consistent evidence for the proposition that individualism is a cultural determinant of self-rating leniency, while collectivism does not necessarily lead to rating modesty. As illuminated in this study, the UAE respondents differed greatly in their cultural values, personality traits, and self-rating behavior, with some of them exhibiting individualistic values and behaviors.
UAE is now encouraging local and foreign investments in order to achieve a more, opened, and accessible economy. In order to achieve reliable accounting information that are required by foreign investors, the International Financial Reporting Standards (IFRSs) that were developed based on the western culture were adopted. The adoption of those standards could be the best alternative available since people in the UAE like any other people in developing countries have a low level of self rating which may has its effect in their ability to produce national accounting standards. At the same time, and in order to satisfy local needs, a modification for the international standards could be made and the Saudi Arabia efforts to consider the environmental factors through the modification of the International and American Standards should be considered as a model and should be supported as the best alternative for Middle East countries to achieve their economic objectives.
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