Journal of Economic and Financial Sciences最新文献_第3页

Regulation and valuation of non-International Financial Reporting Standards disclosures 非《国际财务报告准则》披露内容的监管和估值

Journal of Economic and Financial Sciences Pub Date : 2023-11-23 DOI: 10.4102/jef.v16i1.885

Sadhir Issirinarain, Micheal Adelowotan, Marybeth Rouse

{"title":"Regulation and valuation of non-International Financial Reporting Standards disclosures","authors":"Sadhir Issirinarain, Micheal Adelowotan, Marybeth Rouse","doi":"10.4102/jef.v16i1.885","DOIUrl":"https://doi.org/10.4102/jef.v16i1.885","url":null,"abstract":"Orientation: Globally, non-International Financial Reporting Standards (non-IFRS) disclosures have gained prominence. The International Accounting Standards Board (IASB) is in the process of deciding on the appropriate degree of regulation over such disclosures.Research purpose: This study investigated the value relevance and the extent of regulation required for non-IFRS disclosures.Motivation for the study: Non-IFRS disclosures may be prone to opportunistic use.Research approach/design and method: This study used panel regression to compare two categories of non-IFRS disclosures: voluntary disclosures and disclosures required by regulations other than accounting standards (mandatory disclosures), with the equivalent IFRS disclosures. This study was limited to the mining sectors that were identified as the most significant contributors to non-IFRS disclosures. Earnings disclosures were used as a proxy because of their prominence in the market.Main findings: All forms of disclosures, IFRS, voluntary and mandatory disclosures, were found to be value relevant. The empirical findings further suggest that voluntary disclosures were the most value relevant of these disclosures.Practical/managerial implications: This study supports a careful approach to further regulation over voluntary disclosures so as not to impair its value relevance. There is, however, an opportunity for reporting jurisdictions to implement local regulatory measures based on the identification of common voluntary disclosures among companies within the same sector.Contribution/value-add: This study contributes towards the future standard setting of voluntary disclosures and uniquely compares the value relevance of IFRS earnings disclosures and non-IFRS earnings disclosures from a South African perspective.","PeriodicalId":32935,"journal":{"name":"Journal of Economic and Financial Sciences","volume":"47 ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-11-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139244447","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Acknowledgement to reviewers 审稿人致谢

Journal of Economic and Financial Sciences Pub Date : 2023-11-14 DOI: 10.4102/jef.v16i1.920

Editorial Office

引用次数: 0

Determinants of South African agricultural exports to African markets 南非农产品出口到非洲市场的决定因素

Journal of Economic and Financial Sciences Pub Date : 2023-10-31 DOI: 10.4102/jef.v16i1.898

Thembalethu M. Seti

{"title":"Determinants of South African agricultural exports to African markets","authors":"Thembalethu M. Seti","doi":"10.4102/jef.v16i1.898","DOIUrl":"https://doi.org/10.4102/jef.v16i1.898","url":null,"abstract":"Orientation: The ‘Africa we want, 2063 Agenda’ is slowly becoming a reality. On 01 January 2021, business operations of the African continental free trade area officially took off. Member states are currently negotiating concessions and are in the process of fully eliminating trade barriers to allow duty-free access into their markets. Research purpose: The purpose of this study is to clearly identify constraints that could potentially jeopardise the long-run success of the free trade area by exploring the fundamental constraints limiting increased intra-African agricultural trade. Motivation for the study: Results of the study will help South Africa to better leverage the African free trade area and take advantage of export market opportunities. Research approach/design and method: Using panel data that span from 2000 to 2021, the study estimated an augmented gravity model to evaluate the influence of selected explanatory variables on South African agricultural exports to African markets. Main findings: The results of the fixed effect model revealed that South African agricultural exports are directly proportional to gross domestic product (of both the importer and exporter) and inversely proportional to geographic distance. The results also showed that dummy variables such as infrastructure and participating in the same regional bloc play an important role in exacerbating export-led growth. Practical/managerial implications: In practice, when structural policies are put in place to address issues such as infrastructure development, countries will experience increased export participation. Contribution/value-add: The study seeks to contribute to knowledge by identifying the main determinants of greater intra-African trade.","PeriodicalId":32935,"journal":{"name":"Journal of Economic and Financial Sciences","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135809281","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The value relevance of EBITDA and book values: Evidence from the Johannesburg Stock Exchange EBITDA和账面价值的价值相关性:来自约翰内斯堡证券交易所的证据

Journal of Economic and Financial Sciences Pub Date : 2023-09-27 DOI: 10.4102/jef.v16i1.844

Ronald Nhleko, Daniel P. Schutte, Merwe Oberholzer

{"title":"The value relevance of EBITDA and book values: Evidence from the Johannesburg Stock Exchange","authors":"Ronald Nhleko, Daniel P. Schutte, Merwe Oberholzer","doi":"10.4102/jef.v16i1.844","DOIUrl":"https://doi.org/10.4102/jef.v16i1.844","url":null,"abstract":"Orientation: This paper stems from Ohlson’s valuation framework, where residual income as a variable was substituted by the non-Generally Accepted Accounting Practices (GAAP) measure of earnings before interest, taxes, depreciation and amortisation (EBITDA). Research purpose: The primary purpose was to determine whether EBITDA, together with the book value of equity (BV), could be shown to be value relevant by means of an intrinsic equity evaluation model. Secondary hereto was to focus on the value relevance of the residual between EBITDA and traditional bottom-line earnings, namely interest, taxes, depreciation and amortisation (ITDA). Motivation for the study: The concern is that the current evidence value relevance of EBITDA offered in the literature has been premised on relative valuation approaches, meaning they are primarily anecdotal. Research approach/design and method: Cross-sectional ordinary least square regression analyses were applied from the top 100 largest companies listed on the JSE, from 1995 to 2017. Main findings: The results demonstrated that EBITDA, ITDA and BV accounted for significant variations in equity share prices when controlling for the confounding effects of scale, growth and the incidence of reported accounting losses. Practical/managerial implications: Ultimately, these findings should be seen to confirm the validity of EBITDA as an alternative input to bottom-line earnings in the valuation of equity shares. Contribution/value add: The study extends the debate by providing an alternative perspective based upon Ohlson’s residual income valuation framework, in respect of which there has currently been a paucity of evidence.","PeriodicalId":32935,"journal":{"name":"Journal of Economic and Financial Sciences","volume":"427 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135535371","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Factors that motivate millennial accountancy professionals in industry to become academics 激励行业千禧一代会计专业人士成为学者的因素

Journal of Economic and Financial Sciences Pub Date : 2023-09-06 DOI: 10.4102/jef.v16i1.872

Christi Leonard, J. Moolman, C. Shuttleworth

{"title":"Factors that motivate millennial accountancy professionals in industry to become academics","authors":"Christi Leonard, J. Moolman, C. Shuttleworth","doi":"10.4102/jef.v16i1.872","DOIUrl":"https://doi.org/10.4102/jef.v16i1.872","url":null,"abstract":"Orientation: Exploring the reasons why millennial chartered accountants choose to pursue a career in academia is fundamental to the future and advancement of the accountancy profession.Research purpose: This article examines the factors that could motivate a millennial accountancy professional to join academia and to describe the lived experiences of accountancy academics in the context of career identity and situational circumstances from London’s theory of career motivation.Motivation for the study: Tertiary accountancy education holds a national interest, which elevates the importance of attracting and retaining suitably qualified accountancy lecturers.Research approach/design and method: As part of interpretative phenomenological analysis, semi-structured face-to-face interviews were conducted with 14 current and former open distance learning accountancy academics in South Africa.Main findings: The research showed that flexible work schedules, the opportunity to teach, work in an autonomous environment and the desire to improve society were significant drivers for professional accountants to join academia. Research ranked as an insignificant motivating factor to join academia, although their retrospective views show the importance for those hoping to remain in academia to embrace it.Practical/managerial implications: This study may be useful to current and aspiring millennial accountancy academics, at universities offering accountancy or chartered accountancy programmes and to their human resource practitioners.Contribution/value-add: The research clarified the prospective perceptions and multi-layered motivational factors that could influence millennial accountancy professionals to join academia as well as the retrospective views from the lived experiences of accountancy lecturers in the context of London’s theory of career motivation.","PeriodicalId":32935,"journal":{"name":"Journal of Economic and Financial Sciences","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42814214","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Demystifying the use of corporate social responsibility terminology in the investment context 揭开企业社会责任术语在投资领域使用的神秘面纱

Journal of Economic and Financial Sciences Pub Date : 2023-08-25 DOI: 10.4102/jef.v16i1.850

Kara Nel, Pierre D. Erasmus, Nadia Mans-Kemp

{"title":"Demystifying the use of corporate social responsibility terminology in the investment context","authors":"Kara Nel, Pierre D. Erasmus, Nadia Mans-Kemp","doi":"10.4102/jef.v16i1.850","DOIUrl":"https://doi.org/10.4102/jef.v16i1.850","url":null,"abstract":"Orientation: Interest in corporate social responsibility (CSR) is escalating in the 21st century. Globally, companies are increasingly attempting to enhance their reporting on sustainability concerns, given that terminology can noticeably affect the attitudes and behaviours of investors and other key stakeholders.Research purpose: A growing number of responsible investors incorporate sustainability considerations when making investment decisions. Therefore, it is important to determine the relevant CSR definitions and dimensions based on the breadth of existing research on CSR in the investment context.Motivation for the study: As investors incorporate companies’ reporting on a range of financial and sustainability performance metrics when making investment decisions, it is necessary to clarify sustainability-related terminology from an investor perspective.Research approach/design and method: A systematic literature review was performed to explore sustainability terminology in the investment context with a particular focus on CSR. Content and thematic analyses were conducted on 94 articles.Main findings: The findings confirm that although concepts such as sustainability and corporate citizenship have been used interchangeably with CSR by previous scholars, referral to CSR has remained relevant in the investment context. Eight key dimensions were identified to describe CSR in an investment context, namely, social concerns, stakeholders, economic factors, environment, action, voluntarism, ethics, and sustainability.Practical/managerial implications: The identification of context-specific CSR dimensions provides a foundation for developing CSR measurement tools for investors and corporate decision makers.Contribution/value-add: Eight core dimensions of CSR were identified and combined in a comprehensive, context-specific definition applicable to the investment context.","PeriodicalId":32935,"journal":{"name":"Journal of Economic and Financial Sciences","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43408927","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Day labouring in Southern Africa after the global economic and financial crisis: The case of Pretoria and Windhoek 全球经济和金融危机后南非的日工:比勒陀利亚和温得和克的案例

Journal of Economic and Financial Sciences Pub Date : 2023-05-31 DOI: 10.4102/jef.v16i1.825

Anton van Wyk, P. Blaauw, C. Schenck

{"title":"Day labouring in Southern Africa after the global economic and financial crisis: The case of Pretoria and Windhoek","authors":"Anton van Wyk, P. Blaauw, C. Schenck","doi":"10.4102/jef.v16i1.825","DOIUrl":"https://doi.org/10.4102/jef.v16i1.825","url":null,"abstract":"Orientation: The global economic and financial crisis (GEFC) represented a large asymmetric shock, impacting on informal economic activity (for example day labouring) in Southern African countries such as Namibia and South Africa.Research purpose: The aim was to compare pre- and post-GEFC labour market outcomes of day labourers in Windhoek (Namibia) and Pretoria (South Africa).Motivation for the study: Evidence of the micro-economic impact of exogenous shocks on informal labour markets is scarce, despite the informal sector often enduring most of the impact of such shocks.Research approach/design and method: A comparative case study using a mixed-method design was used to conduct fieldwork in Pretoria in 2015 and Windhoek in 2017. Results were compared with data obtained prior to the GEFC.Main findings: Real earnings of day labourers in Pretoria and Windhoek have stagnated since the GEFC. Infrequent levels of employment renders ‘bad months’ as the reality for most day labourers – leaving day labourers structurally more vulnerable than before the GEFC.Practical/managerial implications: The results question the theoretical shock absorber function often ascribed to the informal sector in time of financial strife. Governments are urged to rethink the depth and level of support afforded to the informal sector in such times.Contribution/value-add: This study enhances the understanding of the structural vulnerability of the informally wage-employed in Southern Africa. Furthermore, it provides initial signs of the possible presence of long-term hysteresis unemployment within the informal labour markets as a result of a shock such as the GEFC.","PeriodicalId":32935,"journal":{"name":"Journal of Economic and Financial Sciences","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49139497","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Living annuity satisfaction 生活年金满意度

Journal of Economic and Financial Sciences Pub Date : 2023-05-22 DOI: 10.4102/jef.v16i1.841

Jeannie De Villiers-Strijdom, Niel Krige

{"title":"Living annuity satisfaction","authors":"Jeannie De Villiers-Strijdom, Niel Krige","doi":"10.4102/jef.v16i1.841","DOIUrl":"https://doi.org/10.4102/jef.v16i1.841","url":null,"abstract":"Orientation: As a standard practice, retirement capital is converted into either an immediate life annuity (annuitisation), affording significant protection against longevity risk or a living annuity (self-annuitisation), exposing capital to volatile investment returns.Research purpose: This article presents a number of exploratory factors (based on annuity puzzle literature) that associate with retirees’ satisfaction levels, with respect to the eventual outcome of their living annuity choice.Motivation for the study: Reticence among retirees to protect themselves against longevity risk is an annuity puzzle that has been the subject of vigorous academic debate.Research approach and method: A quantitative research approach was followed by performing an ordinary least squares (OLS) linear multiple regression analysis in order to ascertain which factors associate with the satisfaction levels of living annuitants.Main findings: The most interesting conclusion is that, although one would expect active involvement in managing retirement capital among living annuitants to contribute to satisfaction levels, the desire to control and manage living annuity capital in the pursuance of capital growth, actually significantly contributes to retiree discontentment or dissatisfaction.Practical implications: Financial education and counselling with respect to optimal annuity decision-making could restore the promise of retirement income security.Contribution: Identifying the annuity puzzle factors (previously mainly reserved for immediate life annuities) that are associated with living annuitant satisfaction levels, serve as the basis for the contribution of this study.","PeriodicalId":32935,"journal":{"name":"Journal of Economic and Financial Sciences","volume":"191 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-05-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135429477","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

COVID-19 and the financial well-being and personal finances of South African households 2019冠状病毒病与南非家庭的财务状况和个人财务状况

Journal of Economic and Financial Sciences Pub Date : 2023-05-05 DOI: 10.4102/jef.v16i1.830

J. Fouché

引用次数: 0

Do fiscal deficits influence private savings in South Africa? An empirical note 财政赤字会影响南非的私人储蓄吗?经验性说明

Journal of Economic and Financial Sciences Pub Date : 2023-04-28 DOI: 10.4102/jef.v16i1.809

J. Marire

{"title":"Do fiscal deficits influence private savings in South Africa? An empirical note","authors":"J. Marire","doi":"10.4102/jef.v16i1.809","DOIUrl":"https://doi.org/10.4102/jef.v16i1.809","url":null,"abstract":"Orientation: The neoclassical loanable funds theory predicts that fiscal deficits reduce the pool of available savings in the economy, but heterodox scholarship disputes the claim.Research purpose: The paper sets out to test the relationship between fiscal deficits and private savings.Motivation for the study: Scholars are divided on whether corporate South Africa is building up excess savings, with some arguing that it is not and others arguing that it is because of mistrust of government and uncertainty largely. The trends of net private savings and fiscal deficits suggest that something contrary to the postulation of the neoclassical loanable funds theory could be happening in the South African context.Research approach/design and method: The paper used data for the period 1960–2021 within the Toda-Yamamoto vector autoregressive modelling framework.Main findings: The results show that fiscal deficits increase savings but reduce interest rates in line with the heterodox view that the financial asset creation effect of debt-financed deficits improves savings and reduces interests through the liquidity channel.Managerial/practical implications: The lesson for policy is that fiscal deficits are healthy for the economy. However, the government must manage them at some reasonable level to maintain a constant flow of net financial assets to the private sector, thus bolstering savings. An unhealthy pursuit of fiscal surpluses can shift deficits to households and firms, and breed systemic financial instability.Contribution/value-added: The paper contributed to a nuanced understanding of the role of fiscal deficits in expanding savings, which runs counter to the theoretical underpinnings of fiscal conduct that pursues budget surpluses.","PeriodicalId":32935,"journal":{"name":"Journal of Economic and Financial Sciences","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-04-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48002616","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1