Central European Management Journal Vol. 31 Iss. 1 (2023) ISSN:2336-2693 | E-ISSN:2336-4890 Big Data Tools and Techniques in Developing Accounting Practices and the Impact of their Analysis on the Financial Performance 1*Dr. Majdi Wael Alkababji, 2*Dr. Bahaa Sobhi Awwad Associate Professor of Accounting, Head of Accounting Department, Faculty of Administrative and Economic Sciences, Al-Quds Open University- Palestine, Orcid: https://orcid.org/0000-0001-5619-3866 Associate Professor in financial management, Department of Computerized Banking and Finance Sciences, Palestine Technical University - Kadoorie Orcid: https://orcid.org/0000-0001-6356-9956. ABSTRACT The study aimed to identify the role of big data tools and techniques in developing accounting practices. The researchers meant to shed light on the accounting opportunities, challenges, and obstacles that Palestinian public shareholding industrial companies face in light of the big data environment and the reflection of its advantages, cost, and analysis on the financial performance of those companies. The study sample included (50) employees of the financial and accounting departments in (13) Palestinian public shareholding industrial companies. A descriptive, analytical method was used and a questionnaire was designed by the researchers to examine the hypotheses of the study and achieve its objectives. The study findings showed the existence of a statistically significant role for the accounting opportunities, challenges, and obstacles facing companies in light of the big data environment. The results also showed that the development of accounting practices and the advantages of big data and its analytics had a positive impact on the financial performance of industrial companies in Palestine. However, the researchers found a role for the high cost and complexity of big data analysis in its adoption by public shareholding industrial companies in Palestine. This paper contributes to the literature related to big data tools and techniques and their role in developing accounting practices and their reflection on financial performance with the possibility of understanding the accounting opportunities, challenges, and obstacles in light of this environment. It provides a better picture of big data analytics and its costs so that companies can effectively adopt it. Moreover, this investigation aims to improve the financial performance of Palestinian industrial enterprises by leveraging the benefits of big data. Keywords: Big Data, Accounting Practices, Financial Performance, Palestinian Public Shareholding Industrial Companies. 1 Introduction The world today is witnessing tremendous developments in the business environment as a result of the outbreak of what is known as the fourth industrial revolution led by big data technologies that arose as a result of technological development, the spread of social networks, the spread of the Internet, and the transition to the world of automation. The term big data is one of the modern terms that has emerged as a recent trend in describing the huge flow of data. As it is noted, companies produce a huge amount of digital data daily from various devices and tools that they deal with and are being recorded, It is usually stored in the cloud in various available applications and programs, but the biggest challenge lies in how to analyze this huge amount of data, so what is known as the science of big data has recently emerged (Ibrahim, 2021; Gepp et al., 2018). The increase in the volume and diversity of data in the current business environment - especially by industrial companies - has led to the emergence of two points of view: either ignore these data or start gradually adapting to it to understand and benefit from it Daniel (2015). Accounting is definitely one of these areas that can benefit from this. Throughout history and with technological progress, accounting records have evolved over time from handwritten books, to bookkeeping software, to cloud computing systems. Besides, big data is another technical model that is very likely to change the business environment and accounting practices (Perkhofer, Peter, Conny, Thomas & Jetter, 2019). 10.57030/23364890.cemj.31.1.65 618 | P a g e Central European Management Journal Vol. 31 Iss. 1 (2023) ISSN:2336-2693 | E-ISSN:2336-4890 Big data impacts accounting through privileged ownership of data, handling of changing and conflicting data, its inclusion in accounting disclosure, its ability to formulate, store and analyze new performance measures, and its ability to use big data to increase the transparency of financial reporting Mcafee and Brynjolfsson (2012). It has been argued that big data is rich in information of direct and indirect financial nature, which helps accountants and executives to make effective decisions in a timely manner Bhimani and Willcocks (2014), and achieve profitability and growth, which is the main goal of any organization, and thus maximizing its market value and increasing the wealth of owners in various ways that lead to improving their financial performance, increasing their profits, and ensuring their continuity in an era characterized by competition and technological and knowledge development. When big data are analyzed and used efficiently and effectively, they have become one of the most important assets of industrial companies. On the other hand, dealing with big data in accounting and its impact on the financial performance of companies is still at an early stage Elkmash et al., (2022); therefore, it is necessary to research the importance of developing accounting practices and evaluating financial performance in light of the big data environment. 1.1. Statement of the Problem: Big data is considered as one of the most pressing challenges in recent times in all fields, especially accounting to the extent that companies and business organizations may face difficulties in adopting it because processing big data requires the use of advanced and new analytical techniques in extracting hidden patterns from a set of raw information to make the right decisions, and increase productivity. Because big data is rich in information of direct and indirect financial nature, which helps accountants and executives to make effective decisions in a timely manner, previous studies have found that industrial companies benefit from the adoption of Big Data Analytics (BDA) in business evaluation because it improves their performance. However, extracting valuable knowledge and information from big data remains a complex and costly activity. Lack of understanding and limited resources related to big data among industrial companies are also major barriers to adopting big data analytics. Therefore, industrial companies in developing countries are lagging behind in adopting big data analytics, even though it is the key to their economy. Based on the foregoing, the following are the most significant research questions to keep an eye on: What is the role of big data tools and techniques in developing accounting practices and the impact of their analysis on the financial performance of public shareholding industrial companies in Palestine? This question raises the following issues: 1) In light of the big data environment, what are the accounting possibilities, problems, and barriers confronting industrial companies? 2) How does developing accounting practices affect financial performance? 3) What are the benefits of big data and how does it affect financial performance? 4) How do the high cost and complexity of big data analysis affect its adoption in businesses? 5) What role does big data analysis play in the financial performance of Palestinian publicly traded industrial companies? 1.2. The study's significance and objectives: The significance of the study is in raising awareness of the necessity to stay up with technological changes in order to improve the efficiency and efficacy of big data and associated technologies in the business environment. In this regard, the 2016 (Business First) magazine predicted that by 2020, (1.7) megabytes of big data will be generated for every second and every person on Earth, and that through searches, there will be (6.1) billion smartphone users by 2025, and that globally (643) exabytes of data will be generated daily (Desjardins, 2019). As a result, the study is significant because of the role that big data can play in the development of accounting practices within the accounting framework, as well as its impact on the financial performance of industrial organizations and effective decision-making in a timely way (Maroufkhani, Tseng, Iranmanesh, Ismail, and Khalid, 2020). It is the responsibility of banks, administrators, and those in charge of accounting procedures to take great care in integrating various data into accounting information systems, which necessitates improving their skills and capacities to deal with and evaluate this vast amount of available data (Youssef, 2018). 2 Theoretical background and review of literature: Accountants have dealt with paper data, or through computers, and advanced technologies and technological development in recording, classifying and presenting financial information and communicating it to the variable of 10.57030/23364890.cemj.31.1.65 619 | P a g e Central European Management Journal Vol. 31 Iss. 1 (2023) ISSN:2336-2693 | E-ISSN:2336-4890 decisions. The internal and external auditors also used the data to ensure the integrity of financial reports, compliance with generally accepted accounting principles, and applicable accounting standards and rules, using a variety of traditional and primary techniques, including comprehensive audit programs, and continuous auditing that can review all company transactions (Diane & Marcia, 2017). According to the Association of Chartered Certified Accountants (ACCA), Big Data is a broad set of data that is steadily collected using tools and technology, such as debit cards, the Internet, social media, e-tags, and more. Most of the data collected are unstructured. Based on the IBM report, the Pennsylvania Institute of Certified Public Accountants stated that (2.5) billion bytes (Quintillion bytes daily) of data are generated daily (IBM, 2020). Big data can improve the efficiency of aggregate data analytics, including descriptive, diagnostic, and predictive analytics, and these analyzes can provide descriptive statistics on all individuals, provide broader and more complete audit evidence, build links between financial data and actual business processes, and identify potential red flags. (early warning signals), and internal audits can also benefit from big data by using more information and non-financial risk control (Perkhofer, Walchshofer, & Hofer, 2020; Tang &karim, 2017). Neil White, Deloitte’s Global Audit Risk Manager, has stated that “The ability to pull disparate data sources together, perform simple and complex analysis, join and append data sets and leverage larger sets of external and institutional data is a vital skill.” Because the internal audit may lack the material and human resources to do so, an analytical strategy must be developed with a vision of the end state jointly developed by senior management and the internal audit, and this may be followed by a gap analysis to determine the capabilities required from the perspective of individuals, technology and processes, and the team can then develop a project plan to address those gaps over a long period, so that there is a structured approach to moving from basic skills to more advanced analytical skills, with a clear plan in place for the internal audit function to move forward often with a quick and surprising response. According to the study by Mohammad (2015), the accounting information system is affected by dealing with big data, which increases challenges and opportunities, and affects the accounting measurement. Three elements that affect measurement have been identified: the nature of data, accounting standards that deal with software in the field of accounting, and the nature of providing information. The Securities and Exchange Commission has contracted to add software to analyze big data and detect illegal activities as part of its regulatory oversight in the stock market, through a multi-year contract with a software company to keep pace with changes in the financial markets business environment. Big data are characterized by the mechanism of obtaining them, their diversity, and the diversity of their sources of access. This is because they are not easily prepared for use, and some of them may be useless. Also, these data can be of benefit when they are included in the bank’s data system (Hilbert 2015). These characteristics affect accounting, as the big data environment contributes to the use of data processing software to obtain various trends and patterns of information. Furthermore, companies usually use various large data processing programs to obtain areas of interest in their operational processes, as well as conduct studies on the effectiveness and efficiency of those processes. The Securities Supervisory Authority (SCA) in the securities sector requires continuous monitoring of that sector with a very large and complex field using big data tools that can more quickly detect illegal activity through commercial records and other available data, such as complaints and potentially illegal behavior. It can also emphasize and focus on accounting fraud, insider trading, and appropriate data-toinformation conversion for further analysis of its operational processes (Almeida & Choy, 2021; Zabihollah & Jim 2017). Also, big data can significantly develop accounting standards. Accounting standards were issued for the first time during a period of high costs of data acquisition and analysis, difficulty in obtaining them, and slow access to the required data (William & John, 2015). 2.1. Related previous studies: As a result of what the world is witnessing now in terms of an explosion in the amount of available digital data and the massive digital revolution in various fields and organizations’ efforts to benefit from that big data, many studies have contributed to analyzing the role of big data in enhancing the activity of institutions. The study by Amirhem (2021) aimed to analyze the impact of Big Data on the financial and operational performance of business organizations. The study results showed that business organizations achieve many advantages when analyzing big data. These include contributing to giving a comprehensive view of the organization, increasing the understanding of organizations’ activities, and improving the financial and operational performance of those organizations. As for the study by Al-Qanbari’s (2020) the researcher intended to shed light on the modern technologies produced by the Fourth Industrial Revolution and its effects on accounting and auditing, by using the documentary descriptive approach to review and analyze the available documents from research, literature and publications, and draw conclusions that answer the research questions. One of the most important conclusions was that Fourth Industrial 10.57030/23364890.cemj.31.1.65 620 | P a g e Central European Management Journal Vol. 31 Iss. 1 (2023) ISSN:2336-2693 | E-ISSN:2336-4890 Revolution techniques are working to bring about changes in the concepts and principles of designing accounting information systems, and improving the quality of financial reports, reducing the issuance of personal judgments and preparing accounting estimates, and the occurrence of fundamental changes in the organization and planning of the audit process, risk assessment and analytical review procedures, and the emergence of new areas such as auditing by exception and automatic auditing, and financial analysis of big data. The study by Younes (2019) carried out to deal with big data and its impact on the accounting profession and the roles of accountants in the Saudi environment. The study revealed the prominent role of importance of big data analysis in improving the quality of accounting information through the concept and tools of big data analysis and the characteristics of the quality of accounting information. The study recommended the necessity of holding workshops and training courses for researchers and academics and introducing them to the importance of analyzing big data and how to process, store, manage and use it in the financial and accounting field. Another study conducted by Dimitris (2021); it confirmed that big data and its analysis will inevitably change the role of accountants, as financial accountants need to transcend the bookkeeping process and become a major provider of information to decision-makers; as a result, the role of accountants becomes advisory and increases their ability to think strategically and provide critical assistance in taking and/ or making administrative decisions to make the relationship between managers and management accountants closer and more effective. The study by Rashwan’s (2019) also carried out to identify the role of big data analysis in rationalizing financial and administrative decision-making in Palestinian universities. The results of the study proved that the collection, processing and storage of large data all help in obtaining accurate information on the basis of which administrative decisions are made within Palestinian universities. Thus, the study recommended the development of a comprehensive and detailed strategy and plan for managing big data and working on analyzing it to benefit from it in strengthening decision-making in Palestinian universities. The study by Al-Shawabkeh (2018) confirmed that the level of awareness of employees who work in the Library of the University of Jordan of the concept of big data, its characteristics, challenges and areas of benefit from it was high. Therefore, libraries in Arab universities should pay special attention to the issue of big data, focusing on the importance of downloading big data, unconventional download tools, and other data mining tools and software, especially open source, and explore the relationship between big data and information specialists who deal with this data and their role in analyzing them in order to support the decision-making process. On the other hand, the study by Al-Salmi’s (2018) sought to define the recent trends in big data and the skills needed to benefit from it professionally. Professional institutions will need data experts to deal with this big data, while educational institutions need to understand this science in order to create experts capable of using this data in strategic planning. The results of the study indicated the important and growing role of big data in guiding the decisions of large companies and institutions and their positive role in developing production and increasing the efficiency and profits of these companies; the study also indicated that the success of the shift towards the use of big data depends mainly on the organization’s vision of success and the presence of a leadership that has a positive vision about the importance of big data in the strategic planning and decision-making process. The study by Hamdan's (2014) also sought to know the role and importance of developing accounting information systems in improving financial performance in hotel establishments. The study results showed that the development of accounting systems contributes to developing the level of administrative performance in the facility and helps in providing workers with new skills at work and contributes to people’s rewards and increases their salaries, thus raising the efficiency of the organization’s performance and facilitating the process of making strategic decisions while improving the effectiveness of the administrative process (planning, organizing, leadership control). To assess the importance of developing accounting in light of the big data environment, the study by Youssef (2018) focused on three main elements: - Developing accounting standards, developing curricula and academic courses and the most important skills that should be included in those courses, and developing the quality characteristics of accounting information. The results, using the Fuzzy Comprehensive Evaluation, confirmed the importance of the big data environment in general for accounting and considered it highly significant from the point of view of both experts in the use of big data and financial report preparers. The results were related to each of the three assessment elements and were as follows: (60 %) for the importance of big data for developing accounting standards, (23%) for the importance of big data for developing curricula and curricula, and (17%) for the characteristics of the quality of accounting information. According to the study by Maroufkhani, Iranmanesh, and Ghobakhloo (2022) the adoption of big data analysis (BDA) is a change in the rules of the game in the current industrial environment in order to make accurate decisions and achieve optimal performance, and the results confirmed the strong impact of adopting business 10.57030/23364890.cemj.31.1.65 621 | P a g e Central European Management Journal Vol. 31 Iss. 1 (2023) ISSN:2336-2693 | E-ISSN:2336-4890 performance assessment in small and medium-sized enterprises. It also helps to understand the drivers of Big Data Analytics (BDA) adoption for managers to employ appropriate and critical initiatives and evaluate business performance as well as determine why and when investments in big data sources enhance company performance. Based on Resource-Based Supply (RBV), Suoniemi et al. (2020) study results indicated that Big data resources primarily improve company performance by enhancing market-oriented capabilities. In addition, companies that seek differentiation strategy rather than cost leadership benefit more from big data resources in their investments and these resources represent (13%) of the variance in the performance of companies seeking to achieve a differentiation plan. The study by Dubey et al., (2020) aimed at investigating big data analytics, artificial intelligence and machine learning to improve operational performance, and direct entrepreneurship based on the presentation of the dynamic capabilities of companies and on the theory of contingency. The study results indicated that data analysis enables organizations to exploit and explore the capabilities of artificial intelligence and achieve superior operational performance. The study results also showed that entrepreneurship is more related to Artificial Intelligence capabilities and operational performance in terms of using and examining the interactive visualization of big data for Austrian companies. The study by Raguseo (2018) also carried out a study that aimed to identify the benefits and risks of big data technologies and the adoption of these technologies in companies in a way that helps managers to understand the most important benefits and strategic and informational risks as well as the impact of these data investments on their operations and strategies for medium and large-sized French industrial companies. The results of the study showed that the adoption of big data technologies achieves many benefits such as improving the operational factors of companies while reducing the severity of risks related to their use. Another study was done by Cockcroft and Russell (2018); the researchers meant to emphasize the importance of analyzing big data and its various effects and identifying the gaps in the accounting literature. The study also presented research opportunities for the use of big data in the field of accounting, finance and information systems. The result of the analysis showed that previous research in big data is classified into six domains including risks, security, data visualization, predictive analytics, data management, and data quality. The study by Deniz et al., (2018) meant to explain the opportunities and challenges associated with big data in the audit profession due to the fact that the emergence of big data in addition to the increasing use of business analytics in the external audit process provides new opportunities and challenges, in contrast to the traditional role that focuses only on ratio analysis and sampling. The study extrapolated (301) research papers that discussed the use of analytical procedures in the review process. The previous literature was classified and examined according to the stage of review and analytical technique. The study was concluded by establishing a proposed general framework for the procedures of the external audit process, where the auditors should focus on implementing the following methods: Analysis Percentages for the reviewed lists, text review, visualization, regression, decision trees, probability models, expert systems, and descriptive statistics. The study recommended the need to use extended analyzes in the external audit, and to determine the impact of information technology on management accounting and management accountants in iron and steel companies operating in Turkey. The study by Saban (2012) examined the technological developments that led to changes in management accounting and the extent of these changes. The study concluded that management accounting was affected by technological developments in many aspects, whether directly or indirectly, and enabled information technology management accountants to obtain new skills and change their roles at work. The researcher also found that other departments outside accounting are now able to obtain information without the need to refer to the accountant. Based on the previous reviewed literature, the current study hypotheses can be formulated as follows: 1. There is a statistically significant role for the opportunities, challenges, and obstacles in the accounting practices facing companies in light of the big data environment in the Palestinian public shareholding industrial companies at the statistical significance level (α ≤ 0.05). 2. There is a statistically significant role for developing accounting practices on the financial performance of public shareholding industrial companies in Palestine at the level of statistical significance (α ≤ 0.05). 3. There is a statistically significant role for companies' awareness of the advantages of big data on the financial performance of public shareholding industrial companies in Palestine at the level of statistical significance (α ≤ 0.05). 4. There is a statistically significant role for companies to know the high cost and complexity of analyzing big data based on their adoption and adoption in their environment at the level of statistical significance (α ≤ 0.05). 5. There is a statistically significant role in analyzing big data on the financial performance of public shareholding industrial companies in Palestine at the level of statistical significance (α ≤ 0.05). 10.57030/23364890.cemj.31.1.65 622 | P a g e Central European Management Journal Vol. 31 Iss. 1 (2023) 3 ISSN:2336-2693 | E-ISSN:2336-4890 Study methodology: In this study, the two researchers used the descriptive approach, which depends on the study of the phenomenon at present and as it is in reality, which is the appropriate and best approach for such studies. 3.1. Study population and sample: The study population consisted of employees in the financial and accounting departments of public shareholding industrial companies in Palestine. (13) industrial companies listed on the Palestine Stock Exchange within the industrial sector (Palestine Exchange, 2021) and the sample consisted of (50) employees. Whereas the industrial sector in the Palestine Stock Exchange is one of (5) other sectors, and the stock market in Palestine is an emerging market, so the number of traded shares during the year (2021) for the industrial sector only is (13961753) shares, and the value of The trading value of the industrial sector is equal to ($35064014), and the market capitalization of the industrial sector only is ($466290810) (Capital Market Authority, 2021). Employees working in the financial and accounting departments of public shareholding industrial companies in Palestine were studied; these industrial companies (n= 12) are all listed on the Palestine Stock Exchange in the industrial sector (Palestine Exchange, 2021). (50) employees were included in the study sample. The industrial sector is one of five other sectors on the Palestine Stock Exchange, and the stock market in Palestine is an emerging market. The number of traded shares in the industrial sector during the year (2021) was only (13961753) shares, the trading value of the industrial sector was ($35064014), and the industrial sector's market capitalization was only ($466290810) (Capital Market Authority, 2021) 3.2. Study tool: The research tool was designed in the form of a questionnaire, with (32) items measuring the role of big data tools and techniques in developing accounting practices and the impact of their analysis on financial performance. The validity of the study tool was confirmed by presenting it to a group of specialized arbitrators (the arbitrators' validity), and the reliability was calculated by the method of internal consistency and by calculating the reliability equation Cronbach's alpha, where the value of the reliability was (0.90), indicating that the questionnaire has a very good degree of stability and can be used to achieve the objectives. Tables (1) and (2) show the results of the study. Table No. (1): Results of Cronbach's alpha coefficient for the stability of the study instrument Statement N Number of items/ paragraphs Alpha value Reliability of study tool 50 32 0.90 Means 2.33-1.00 3.67-2.34 5.00-3.68 10.57030/23364890.cemj.31.1.65 Table No. (2): Correction keys Degree Low Medium High 623 | P a g e Central European Management Journal Vol. 31 Iss. 1 (2023) ISSN:2336-2693 | E-ISSN:2336-4890 3.3. Study Model Independent variables: Big data tools and techniques` Opportunities, challenges and obstacles in the development of accounting practices Dependent variable: Financial performance Source: Authors work 4 Study results and analysis: 4.1. Answering study questions The first question: What are the accounting opportunities, challenges, and obstacles facing industrial companies in light of the big data environment? To answer the previous question, means and standard deviations were extracted to measure the extent of the accounting opportunities, challenges, and obstacles facing industrial companies in light of the big data environment, as shown in Table (3). Table No. (3): Means standard deviations of the factors affecting the extent of opportunities, challenges and accounting obstacles facing industrial companies in light of the big data environment Domain Means Standard Deviation Degree Lack of personnel specialized in big data analysis. 3.92 0.87 High Lack of skills and competencies for internal big Medium data analysis. 3.84 0.97 The speed of the flow of big data affects the Medium rationalization of decision-making. 3.62 1.06 There is difficulty in dealing with the huge amount Medium 3.54 0.93 of data even though it is available. It is difficult to view analyzes associated with big Medium 3.52 1.14 data. There is difficulty in transmitting, storing and Medium 3.51 1.07 processing large, fast-growing and flowing data. There is a violation of the privacy and credibility of Medium 3.42 0.85 big data and dealing with it in illegal ways Total degree 3.62 0.61 Medium In light of the big data environment, industrial companies faced medium-sized accounting opportunities, challenges, and obstacles, as shown in the previous table, where the arithmetic average was (3.62) and the standard deviation was (0.61). The second question: What impact does expanding accounting standards have on a company's financial performance? To respond to the previous question, the means and standard deviations for the extent of the impact of evolving accounting practices on financial performance are presented in Table (4). Table (4): Means and standard deviations of the extent of the impact of the development of accounting practices on financial performance, ranked in order of importance 10.57030/23364890.cemj.31.1.65 624 | P a g e Central European Management Journal Vol. 31 Iss. 1 (2023) Domain The development of accounting practices contributes to facilitating the process of making executive and operational decisions. The development of accounting practices contributes to raising the efficiency of the performance of the establishment The development of accounting practices helps in developing the facility's capabilities for proper planning to achieve high productivity. The development of accounting practices in financial performance helps in providing employees in the facility with new skills at work to improve performance The development of accounting practices helps reduce costs in the enterprise The development of accounting practices helps to set clear and achievable goals within the specified time. Total degree ISSN:2336-2693 | E-ISSN:2336-4890 Means Standard Deviation 4.34 0.79 Degree High High 4.34 0.71 High 4.32 0.71 High 4.18 0.66 High 4.08 0.87 3.96 4.34 0.75 0.79 Medium High We can see from the previous table that the impact of evolving accounting standards on financial performance was significant, with a mean of (4.21) and a standard deviation of (0.54); the most significant paragraphs (there is a clear vision for the company) had a mean of (4.41) and a standard deviation of (0.73), and the least significant paragraphs (decisions are based on the will of a particular family group.) had arithmetic mean of (3.91). The third question: What are the advantages of big data and its impact on financial performance? To answer the previous question, the arithmetic means and standard deviations of the advantages of big data and their impact on financial performance were extracted, as shown in Table (5). Table No. (5): Means and standard deviations of the advantages of big data and their impact on financial performance, arranged in order of importance Domain Means Standard Deviation Degree The development of accounting practices contributes to Medium facilitating the process of making executive and operational 4.22 0.78 decisions. The development of accounting practices contributes to Medium 4.14 0.61 raising the efficiency of the performance of the establishment The development of accounting practices helps in developing Medium the facility's capabilities for proper planning to achieve high productivity. 4.08 0.63 The development of accounting practices in financial Medium performance helps in providing employees in the facility with 4.02 0.76 new skills at work to improve performance The development of accounting practices helps reduce costs Medium in the enterprise 3.96 0.85 The development of accounting practices helps to set clear Medium and achievable goals within the specified time. 3.76 0.82 Total degree 4.03 0.51 Medium The previous table shows that the benefits of big data and their influence on financial performance reached a high level, with an arithmetic mean of (4.03) and a standard deviation of (0.51). The fourth question: What is the role of the high cost and complexity of big data analysis on its adoption in industrial companies? To answer the previous question, the arithmetic averages and standard deviations of the role of high cost and the complexity of analyzing big data for adoption in companies were extracted, as shown in Table (6). 10.57030/23364890.cemj.31.1.65 625 | P a g e Central European Management Journal Vol. 31 Iss. 1 (2023) ISSN:2336-2693 | E-ISSN:2336-4890 Table No. (6): Means and standard deviations of the role of high cost and the complexity of analyzing big data on their adoption in companies, arranged in order of importance Domain Means Standard Deviation Degree The rising costs of hiring professionals with expertise in big High 4.32 0.68 data analysis The costs of hiring companies specialized in technical High 4.28 0.67 consultancy and maintenance contracts. The rising costs of switching to the use of big data and new High 4.26 0.69 technologies The high costs of processing and maintaining big data tools High 4.21 0.75 and systems. Increase in training and development costs for employees. 4.18 0.84 High Big data analysis is difficult to understand when presented to High users. 4.01 1.16 Total degree 4.21 0.56 High We note from the previous table that the impact of the high cost and complexity of big data analysis on its adoption in companies came to a high degree, where the arithmetic mean was (4.21) with a standard deviation of (0.54). The fifth question: What is the role of big data analysis on financial performance? To answer the previous question, the arithmetic means and standard deviations of the role of big data analysis on financial performance were extracted, as shown in Table (7). Table No. (7): Means and standard deviations of the role of big data analysis on financial performance, arranged in order of importance Domain Means Standard Deviation Degree Big data analysis contributes to providing financial High information that is useful in predicting the financial failure of an organization 4.26 0.72 Big data analysis contributes to increasing sales and High supporting innovation in production processes. 4.14 0.67 Big data analysis improves risk management in an High organization. 4.12 0.68 Big data analysis increases the value of the organization and High provides better services to customers. 4.11 0.71 Big data analysis affects accounting and data management, High and the preparation and review of financial statements. 4.11 0.76 Big data analysis supports increased customer satisfaction High and business efficiency. 4.06 0.76 Big data analysis helps rationalize costs and discover revenue-generation opportunities 3.94 0.79 Total degree 4.11 0.51 High 4.2. Testing study hypotheses: The first hypothesis is that opportunities, challenges, and obstacles play a role in the accounting practices that businesses face in light of the big data environment. The One-Sample Test was used to test this hypothesis, and the results are shown in Table (8). Table No. (8): Results of the One-Sample Test of the role of opportunities, challenges, and obstacles in accounting practices faced by businesses in the context of the big data environment. Variable t-test Degrees of freedom Sig. 10.57030/23364890.cemj.31.1.65 626 | P a g e Central European Management Journal Vol. 31 Iss. 1 (2023) The role of opportunities, challenges, and obstacles in accounting practices faced by businesses in the context of the big data environment. ISSN:2336-2693 | E-ISSN:2336-4890 18.011 49 0.000 Table (8) shows that the value of (t) for the total score (18,011) and the level of statistical significance amounted to (0.000), which is less than the level of statistical significance (0.05). This indicates the existence of a role for opportunities, challenges, and accounting obstacles confronting businesses in the context of the big data environment. The researchers attribute this to the fact that the process of gathering information, storing it, and then transferring it may jeopardize data privacy and confidentiality. It is difficult to monitor the use of this data and protect it from penetration and leakage, or to ensure that it is not used for illegal or devious purposes. It is difficult to handle this due to the volume of large data and its complex and changing nature. As a result, it must face those challenges and obstacles. It is also possible to create specialized and independent data protection bodies that are interested in developing an integrated framework to protect data security and privacy, and data privacy rules and principles can be issued. The current study's findings agreed with previous research (Al-Qanbari, 2020; Al-Shawabkeh, 2018; Dimitris, 2021; Younes, 2019; Raguseo, 2018) in demonstrating the importance and benefits of big data analysis in improving accounting information quality, reducing personal judgments, and preparing accounting estimates. The challenges are in raising workers' awareness of the concept of big data, its characteristics, challenges, and areas of benefit from it, and that big data technologies achieve many benefits that improve company operational factors and reduce the severity of risks associated with its use. The second hypothesis: There is a role for developing accounting practices on the financial performance of industrial public shareholding companies in Palestine. To test this hypothesis, the (One-Sample Test) was used and the results are shown in Table (9). Table No. (9): Results of the One-Sample Test of the role of developing accounting practices on the financial performance of industrial public shareholding companies in Palestine. Variable t-test Degrees of freedom Sig. The role of developing accounting practices on the financial performance of industrial public shareholding companies in 15.724 49 0.000 Palestine. Table (9) shows that the value of (t) for the total score (15,724) and the level of statistical significance amounted to (0.000), which is less than the level of statistical significance (0.05), indicating that developing accounting practices has a role to play in the financial performance of industrial companies in Palestine. The two researchers attribute this to the fact that big data analysis leads to a better understanding and analysis of the content of accounting information, providing appropriate, objective, and valuable information, improving understanding of financial reports and enhancing operational efficiency, all of which have a direct impact on the economic unit's financial performance by forecasting future profits and risks and improving corporate performance evaluation. Industrial companies in Palestine must stay current on developments in the accounting profession and accounting practices, as well as develop their accountants' knowledge and skills. The current study's findings are consistent with those of previous studies (e.g., Maroufkhani, Iranmanesh, and Ghobakhloo, 2022; Hamdan, 2014; Youssef, 2018;) in which the development of accounting systems contributes to the development of administrative performance in the facility and aids in providing workers with new skills, such as the concept and importance of big data for businesses. It also improves the quality characteristics of accounting information and the performance of departments in underperforming facilities. The third hypothesis: There is a role for companies’ awareness of the benefits of big data on the financial performance of industrial companies in Palestine. To test this hypothesis, the (One-Sample Test) was used and the results are shown in Table (10) Table No. (10): Results of the One-Sample Test of the role of companies’ awareness of the benefits of big data on the financial performance of industrial companies in Palestine. Variable t-test Degrees of freedom Sig. 10.57030/23364890.cemj.31.1.65 627 | P a g e Central European Management Journal Vol. 31 Iss. 1 (2023) The role of companies’ awareness of the benefits of big data on the financial performance of industrial companies in Palestine. ISSN:2336-2693 | E-ISSN:2336-4890 14.272 49 0.000 Table (10) shows that the value of (t) for the total score (14.272) and the level of statistical significance amounted to (0.000), which is less than the level of statistical significance (0.05), indicating that the benefits of big data play a role in the financial performance of Palestinian industrial companies. The two researchers highlight the benefits of big data, which include speed, which is a critical factor in decision-making, honesty, which indicates the dependability of the extracted data, diversity of those data, and value, which indicates the contribution of data to making a sound decision in a timely manner. It is also necessary to raise managers' and accountants' awareness and knowledge of the benefits of big data, which may provide the ability to predict financial failures, crises, and risks in a timely manner. The current study's findings agreed with the study (Dubey et al., 2020; Suoniemi et al.,2020) due to the fact that adopting the use of big data improves the company's financial performance by enhancing market-oriented capabilities, as well as the company's operational performance. The fourth hypothesis: There is a role for companies in Palestine in understanding the high cost and complexity of big data analysis on their selection and adoption in the industrial company environment. To test this hypothesis, the (One-Sample Test) was used and the results are shown in Table (11). Table No. (11): Results of the One-Sample Test of the role of companies in understanding the high cost and complexity of big data analysis on their adoption in the industrial company environment. Variable t-test Degrees of freedom Sig. The role for companies in understanding the high cost and complexity of big data analysis on their adoption in the industrial 15.048 49 0.000 company environment. Table (11) shows that the value of (t) for the total score (15.048) and the level of statistical significance amounted to (0.000), which is less than the level of statistical significance (0.05), indicating that there is a role of high cost and complexity of big data analysis to be adopted in Palestinian industrial companies. The researchers attribute this to the fact that big data necessitates large storage spaces as well as a significant investment to develop new tools for analysis and processing. Aside from the costs of training analysts and specialists in this field, the science of data analysis and study has emerged as one of the most important global scientific trends at the moment due to its importance in developing and improving the future. Companies should also provide training courses to develop the skills of managers, accountants, and employees, as well as provide them with the knowledge and ability to analyze data and deal with it, in order to reduce the costs that they may incur in exchange for analyzing that data in private companies or hiring specialists for that purpose. The current study's findings are consistent with the previous study's findings (Al-Salmi, 2018; Deniz et al., 2018; Hamdan, 2014; Saban, 2012;). Industrial companies require data experts to deal with big data, which raises the cost of attracting experts and raises the cost of salaries; and that technological advancements and the emergence of big data contribute to changing traditional tasks and functions in companies, as well as promote the increasing use of business analytics. The fifth hypothesis: There is a role for big data analysis in the financial performance of industrial companies in Palestine. To test this hypothesis, the (One-Sample Test) was used and the results are shown in Table (12). Table No. (12): Results of the One-Sample Test for the role of big data analysis on the financial performance of industrial companies in Palestine Variable t- test Degrees of freedom Sig. The role of big data analysis on the financial performance of 15.057 49 0.000 industrial companies in Palestine. Table (12) shows that the value of (t) for the total score (15.057) and the level of statistical significance amounted to (0.000), which is less than the level of statistical significance (0.05), indicating that big data analysis plays a role in the financial performance of Palestinian industrial companies. The two researchers attribute this to the fact that big data analysis plays an important role in supporting production processes and increasing sales, which leads to 10.57030/23364890.cemj.31.1.65 628 | P a g e Central European Management Journal Vol. 31 Iss. 1 (2023) ISSN:2336-2693 | E-ISSN:2336-4890 improving the nature of the various operations in the economic unit and improving understanding of the unit's overall strategic performance. Also, in light of the tremendous growth that is occurring in the field of data, we must keep pace with this growth and seek to invest in that data; it is also necessary to educate and direct students and graduates toward this field, as well as attract and encourage investors, to develop and develop this field. The current study's findings are consistent with those of (Amirhem, 2021; Cockcroft & Russell, 2018; Rashwan, 2019; Suoniemi et al., 2020), in which big data plays a role in improving institutional activity by increasing understanding of organizational activities and improving financial and operational performance. organizations, and assists in obtaining accurate information on which financial and administrative decisions in businesses are made. 5 Discussion of findings and recommendations: The study sought to demonstrate the role of big data tools and techniques in the development of accounting practices, as well as the impact of their analysis on the financial performance of publicly traded industrial companies in Palestine. The study finding showed that developing accounting practices, as well as the benefits of big data and big data analysis on financial performance, played a significant role. The high cost and complexity of big data analysis also played a significant role in its adoption in businesses. According to the study, industrial companies benefit from big data technologies in a variety of ways, including providing a comprehensive view of the organization, increasing understanding of its activities, developing its strategies and business model, achieving a high competitive advantage, and improving the quality of accounting information. With several challenges confronting industrial companies when analyzing big data, perhaps the most important of them is a lack of specialized staff, the high costs of hiring professionals with experience in analyzing big data, in addition to bearing additional costs in attracting experts, and the speed of big data flow affects rationalizing decisionmaking. As a result, the study recommends that senior management in Palestinian public shareholding industrial companies directly supervise the development of accounting systems to determine the extent of commitment to them and strive to develop financial and administrative systems in public shareholding industrial companies in accordance with big data methods, which will lead to improved financial and operational performance. Increasing opportunities and lowering the accounting challenges and obstacles that companies face in the face of the big data environment, as well as holding workshops and training courses for employees to introduce them to the importance of analyzing big data and how to process, store, manage and use it in the financial and accounting fields. 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