Oblik i finansi最新文献

{"title":"Moderating Effect of Tactical Asset Allocation on the Risk-Return Relationship in the Nigerian Stock Market","authors":"Yusuf Olatunji Oyedeko, Olusola Segun Kolawole, R. Samson, O. Voloshyna","doi":"10.33146/2307-9878-2023-2(100)-83-91","DOIUrl":"https://doi.org/10.33146/2307-9878-2023-2(100)-83-91","url":null,"abstract":"Before making investment decisions, the investor must find out the risk-return characteristics of investments with the help of investment strategies. These investment strategies, including drawdown, tactical asset allocation and short selling, are used by investors and fund managers to improve portfolio performance by maximizing returns and minimizing risks. This study aims to examine the moderating effect of tactical asset allocation on the risk-return relationship in the Nigerian stock market. The study sample is 90 stocks that are consistently traded in the Nigerian stock market within the period of sixteen years on a monthly basis. The study employed time series data which were extracted from the NGX website, annual financial statement, and CBN statistical bulletin. This study's data collection and analysis framework was based on the methodology of Fama and French (2015) using FamaMacbeth's two-step regression. The study used the difference between the logarithmic present value of the price and the previous value of the price to compute the return. Evidence from the result revealed that tactical asset allocation is not significantly priced under the CoFF5F and HMFF5F in the Nigerian stock market. Also, introducing tactical asset allocation as the moderating variable does not improve the relationship between risk and return in the Nigerian stock market. In light of this, the study concluded that tactical asset allocation could not be used to improve the relationship between risk and return through the minimization of risk and maximization of return in the Nigerian stock market. The study recommends that other investment strategies, such as drawdown, short selling etc., can be used by investors to improve the relationship between risk and return in the Nigerian stock market.","PeriodicalId":33375,"journal":{"name":"Oblik i finansi","volume":"124 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77351774","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}

{"title":"The Impact of Deferred Tax and Tax-to-Book Ratio on Financial Performance of the Sharia Commercial Banks in Indonesia","authors":"Busra Busra, Yulia Anisah, Yeni Irawan, S. Syarifudin, H. Nufus","doi":"10.33146/2307-9878-2023-2(100)-147-152","DOIUrl":"https://doi.org/10.33146/2307-9878-2023-2(100)-147-152","url":null,"abstract":"Measuring financial performance by analyzing factors affecting profit is an important component of financial management. The role of profit in Sharia banking is not only limited to determining good or bad financial performance but also determines how much tax must be paid by bank to the state. Taxes for the government are a source of income but for Sharia bank a tax expenditure is a cost that will reduce the profit account in the income statement. This study aims to determine the effect of deferred tax and tax-to-book ratio on financial performance of the Sharia Commercial Banks in Indonesia. 10 Sharia Commercial Banks represented the sample in this study and were purposefully selected based on consideration of the following criteria: a) bank has published annual financial reports for the 2014-2020 period; b) bank has the recognition of deferred tax expenses and benefits and has an explanation of taxation in the notes to the financial statements; c) bank reported the value of net income and total assets by publishing the audited financial statements. The panel data used for the analysis covers the period 2014-2020. Before testing the model, the assumption tests performed were the normality test, multicollinearity test, and heteroscedasticity test. The data analysis technique uses panel data regression analysis with the selected model – Fixed Effect Model with the Hausman test approach. The results of this study show that the deferred tax variable has a negative and significant effect on financial performance (ROA). In contrast, the tax-to-book ratio does not influence financial performance. This situation is caused by the Sharia Commercial Banks in Indonesia experiencing the burden of deferred tax. In addition, due to the amount of deferred tax expense that Sharia Commercial Banks must issue, this will reduce net profit. As a result, the banks' financial performance decreases as measured by return on assets. Thus, management of the Sharia commercial banks in Indonesia should consider that the imposition of tax payable has implications for reducing financial performance.","PeriodicalId":33375,"journal":{"name":"Oblik i finansi","volume":"13 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86938959","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}

{"title":"Income Tax: Economic Essence as an Object of Accounting and Its Role in the Economy","authors":"M. Prodanchuk, Hanna Kovtseniuk","doi":"10.33146/2307-9878-2023-2(100)-92-100","DOIUrl":"https://doi.org/10.33146/2307-9878-2023-2(100)-92-100","url":null,"abstract":"The profitable activity of enterprises has economic, fiscal, and social significance within the boundaries of an individual enterprise and the state as a whole because it directly affects the revenue part of the budget due to fluctuations in income tax revenues. The purpose of the article is to clarify the economic content of the concepts of “income tax” and “profit” and to reveal their role in the country's economy based on the analysis of the theoretical views of scientists. The economic essence of the income tax was revealed. Since profit is considered one of the most ambiguous economic categories, the complexity of its definition is due to the variety of interests it covers. It was found that the income tax is: a) a direct tax that enterprises pay to the state budget from the profit received from operational, financial and investment activities; b) a specific fee of the business entity to the state budget for the use of natural, labour, socio-economic resources of the country. It has been established that the social purpose of the income tax is expressed not in the implementation of each of its functions separately but only in the aggregate of all its functions (i.e. regulatory, fiscal, control, economic and social function). Income tax has a dualistic nature, as it is formed in the accounting system based on its principles and methods and tax legislation. It acts as one of the tools for forming a balanced budget for the country and ensuring the efficiency of the development of the country's economy and the activities of enterprises. As an indicator of the efficiency of business activity, profit is subject to income tax. Taxation of enterprises should perform not only fiscal and regulatory but also social and economic functions, act as a means of state support and stimulation of production.","PeriodicalId":33375,"journal":{"name":"Oblik i finansi","volume":"62 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76825047","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}

{"title":"Accounting & Reporting: On the Way to EU and NATO","authors":"Serhii Holov","doi":"10.33146/2307-9878-2023-2(100)-16-22","DOIUrl":"https://doi.org/10.33146/2307-9878-2023-2(100)-16-22","url":null,"abstract":"The European integration course of further development of Ukraine determines the relevance of research on the implementation of EU legislation. This fully concerns the improvement of legislation in accounting and reporting. The article aims to define and substantiate the directions of further development of accounting and reporting in Ukraine in the context of the prospect of joining the EU and NATO. It was established that the requirements of the European directive on financial reporting apply only to joint-stock companies and limited liability companies. Taking this into account, an important direction for the further improvement of domestic enterprises' financial reporting is its compliance with EU legislation and a balanced differentiation of requirements for reporting enterprises of various forms of business. In particular, it is appropriate to reduce the amount of financial reporting for enterprises whose members have unlimited liability. Reunification of financial reporting requires corresponding changes in the statistics system. In the future, using financial statements for statistical generalizations will be inappropriate. It is also necessary to consider the changes made to the EU legislation in connection with adopting the directive on reporting on sustainable development. As a result, it is necessary to make appropriate amendments and additions to the Law of Ukraine “On Accounting and Financial Reporting in Ukraine” regarding the content and presentation of the management report and to carry out and publish an official translation of the European standards for reporting on sustainable development after they enter into force in the EU. The article reviews the principles of adaptation of International Public Sector Accounting Standards (IPSAS), considering the specifics of the activities of NATO entities. Considering the perspective of financing the post-war reconstruction of Ukraine and the course for joining NATO, it was proposed to gradually transition the public sector directly to International Standards (IPSAS). The provided proposals and recommendations contribute to the optimization of Ukraine's accounting and reporting system, in line with the country's integration into European economic and political structures.","PeriodicalId":33375,"journal":{"name":"Oblik i finansi","volume":"44 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81656575","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}

{"title":"The Influence of Islamic Corporate Governance and Islamic Corporate Social Responsibility on Financial Performance of Islamic Commercial Banks in Indonesia","authors":"Alfiah Permatasari, Ahmad Syathiri, L. Fuadah","doi":"10.33146/2307-9878-2023-1(99)-115-121","DOIUrl":"https://doi.org/10.33146/2307-9878-2023-1(99)-115-121","url":null,"abstract":"Islamic banks in Indonesia must implement good corporate governance and adhere to the principles of corporate social responsibility to have good financial performance and gain customers' trust. This study aims to determine the impact of Islamic Corporate Governance (ICG) and Islamic Corporate Social Responsibility (ICSR) on financial performance based on the Islamic Performance Index of Indonesian Islamic Banks from 2015-2019. The study population included Islamic commercial banks registered with the Financial Services Authority (OJK) from 2015-2019. The sample size was determined by targeted sampling to obtain 9 Islamic banks. This study used a descriptive quantitative approach. The descriptive analysis aims to demonstrate that the ICG, ICSR and financial performance data are relevant and valid concerning the development of the Islamic banking industry from 2015-2019. Quantitative analysis to justify the proposed hypothesis uses the multiple linear regression method. The results show that (1) Islamic corporate governance (ICG) has a positive and significant impact on the financial performance of Indonesian Islamic banks; (2) Islamic Corporate Social Responsibility (ICSR) has a positive and significant impact on the financial performance of Indonesian Islamic Banks. Implementing the principles of good corporate governance, including transparency and openness, following sharia principles helps to increase the financial performance of Islamic banks in Indonesia. Sharia theory of corporations suggests that social responsibility is a form of human accountability to God. The primary goal of disclosing information to corporate stakeholders can minimize information asymmetries about the extent to which an institution is fulfilling its obligations to all stakeholders.","PeriodicalId":33375,"journal":{"name":"Oblik i finansi","volume":"28 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81263805","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}

{"title":"Impact of Non-Performing Loans on the Growth of the Banking Sector in Bangladesh","authors":"Momtaj Parvin, Merajul Islam, L. Vdovenko","doi":"10.33146/2307-9878-2023-1(99)-79-90","DOIUrl":"https://doi.org/10.33146/2307-9878-2023-1(99)-79-90","url":null,"abstract":"The banking system of a country is a predictor of its economic prosperity. However, the financial sector has experienced contradictory reactions. The rise of non-performing loans is a notable feature of the banking industry's financial crisis. According to Bangladesh Bank, state-owned banks are prone to substantial collapses, which have a knock-on effect on the entire commercial banking sector. The aim of the study is to determine the impact of non-performing loans on the growth of the banking system in Bangladesh. The paper is mostly an investigative desk study that prioritizes secondary data. Nonetheless, primary data was used, such as in-person interviews with bank personnel and staff, as well as casual conversations with clients. Secondary sources for this article include Bangladesh Bank bulletins, current newspapers and periodicals, some published and unpublished research reports, various websites, and a large number of peer-reviewed publications. The paper incorporates multiple regression analysis to assess the impact of non-performing loans on banking sector growth from 2012 to 2021. The findings revealed a highly significant inverse correlation among NPL, CRAR, and ROE, as well as a significant but negative relationship among NPL, ROA, NIM, and SLR. However, the alternative hypothesis is accepted, whereas the null hypothesis is rejected. Therefore, NPLs have a severe effect on banking advancement since they worsen banks' liquidity issues, lower profitability, trigger capital constraints, and even jeopardize the financial system’s stability and viability.","PeriodicalId":33375,"journal":{"name":"Oblik i finansi","volume":"25 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82596587","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}

{"title":"Financial Performance and Firm Value: A Mediating Role of Profitability","authors":"A. Wijaya, Matondang Elsa Siburian, Enda Novianty Simorangkir","doi":"10.33146/2307-9878-2023-2(100)-153-160","DOIUrl":"https://doi.org/10.33146/2307-9878-2023-2(100)-153-160","url":null,"abstract":"Firm value reflects the performance and prosperity of the company through the share prices – the higher the stock price of a company so, the higher value of the company. The firm value is the result of the influence of many factors. This study aims to analyze the cash turnover, receivables turnover and inventory turnover as factors affecting the firm value, considering profitability as a mediating variable. The sample for this study is 10 food and beverage subsector companies listed on the Indonesia Stock Exchange. This study is quantitative descriptive research. For analysis, the authors use quantitative secondary data, i.e. data obtained not directly from the object or research subject. Such data is information from financial reports of food and beverage sub-sector companies publicly available on the idx.co.id website and companies' websites for 2012-2021. The study's analytical model is Structural Equation Modeling with Partial Least Square (SEM-PLS). The results of this study showed that the factors selected by the authors, such as cash turnover, receivable turnover, and inventory turnover, do not significantly influence profitability in IDX-listed food and beverage sub-sector companies for 2012-2021. The situation with firm value is somewhat different. In particular, inventory turnover positively and significantly influences firm value in IDX-listed food and beverage sub-sector companies for 2012-2021. However, the impact of cash and receivable turnover on firm value is negative. At the same time, profitability negatively and significantly influences firm value in IDX-listed food and beverage sub-sector companies for 2012-2021. However, profitability does not mediate the influence of cash turnover, receivable turnover, and inventory turnover on firm value in food and beverage sub-sector companies. Thus, investors who invest solely to obtain dividends should consider other variables than those analyzed in this study.","PeriodicalId":33375,"journal":{"name":"Oblik i finansi","volume":"22 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74783427","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}

{"title":"The Constitutional Role of Accounting in Ensuring the Implementation of Innovative Activities of the Enterprise","authors":"V. Makarovych","doi":"10.33146/2307-9878-2023-2(100)-29-37","DOIUrl":"https://doi.org/10.33146/2307-9878-2023-2(100)-29-37","url":null,"abstract":"In post-Soviet countries, the perception of accounting as a service tool that performs a service function is still widespread. However, today accounting not only satisfies information needs but also ensures the formation, ordering and construction of organizational and social processes by forming a new social and organizational order. The purpose of the article is to assess the constitutive role of accounting in the activities of organizations and society, as well as to identify and analyze the directions of the constitutive influence of accounting on the innovative activity of the enterprise. Methods of comparison, analogy, modelling and historical analysis were used to achieve the goal. The methodological basis of the research is the position of the organizational theory. The historical features of the development of the views of scientists regarding the formation of the proactive and constitutive role of accounting in the functioning of socioeconomic institutions have been analyzed. It was determined that based on its constitutive role, accounting ensures the formation and ordering of organizational and social processes and constructs them through changing social and organizational relations. Using the example of improving the system of accounting rules in IFRS 16 “Leases”, an example of the implementation of the constitutive role of accounting in achieving social goals has been analyzed. Two main approaches to understanding the role of accounting in the functioning of socioeconomic institutions have been identified and analyzed. The possibility of improving the innovative activity of enterprises by changing the current method of accounting and reporting on the elements of the innovative capital of the enterprise (expenditure on research and development, internally created intangible assets) has been substantiated. The constitutive role of calculative practices in promoting the prospects for developing innovative activities of enterprises at the tactical and strategic levels has been disclosed. The constitutive influence of certain calculative practices on the innovative activity of the enterprise has been characterized by the determination of the effectiveness of innovative activity and individual innovative initiatives and projects.","PeriodicalId":33375,"journal":{"name":"Oblik i finansi","volume":"32 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80716832","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}

{"title":"Audit of the Tourist Rent Existence","authors":"S. Bardash, O. Sherstiuk","doi":"10.33146/2307-9878-2023-1(99)-5-16","DOIUrl":"https://doi.org/10.33146/2307-9878-2023-1(99)-5-16","url":null,"abstract":"The article describes the methodological aspects of the audit of tourist rent, which is one of the sources of income for tourist enterprises. The article aims to develop a method of identifying tourist rent by the subject of financial and economic activity auditing. In order to achieve it, regulatory documents, acts of professional regulation of auditors' activities, and information on the performance of tasks to provide confidence to users of financial statements by independent specialists were used. The specified information was processed by applying such research methods as bibliographic analysis, regulatory analysis, observation, and data systematization. It was found that the emergence and existence of tourist rent are determined by the presence of a tangible or intangible asset used by a tourism industry enterprise. Taking this into account, the audit of the existence of tourist rent involves audit evidence obtaining both the existence of actual rent cash flows and the presence of related assets. The main parameters for which evidence should be obtained are characteristics that allow identification of the asset itself, cash flows that have signs of tourist rent, as well as their mutual identification. For this purpose, taking into account the recommendations of the International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements, the audit procedures that can be applied are defined, and their direction is specified in the context of performing the audit tasks of the availability of tourist rent. The need to physically inspect assets, document and record inspection, external confirmation, inquiry, and analytical procedures was substantiated. The study results allow for optimization of the auditor's work based on the ratio of the costs of resources required to perform the procedures and ensuring the necessary level of trust in the audit results on the part of information users.","PeriodicalId":33375,"journal":{"name":"Oblik i finansi","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84900435","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}

{"title":"Withdrawal of Tax Restrictions for 3rd Group Taxpayers of Single Tax under Martial Law to Activate Business","authors":"V. Synchak","doi":"10.33146/2307-9878-2023-1(99)-97-107","DOIUrl":"https://doi.org/10.33146/2307-9878-2023-1(99)-97-107","url":null,"abstract":"In martial law conditions, one of the tasks of the state is to minimize the recession and restore the level of entrepreneurial activity of business entities through tax regulation tools. The article aims to reveal the peculiarities of taxation and tax restrictions, as well as to determine their combined impact on the entrepreneurial activity of taxpayers of the single tax of the third group under martial law. Scientific approaches to revealing the essence of entrepreneurial activity were summarized. The Global Report 2021/2022 “Opportunity Amid Disruption” results by the global research program on entrepreneurial activity were elaborated. The increased possibilities of entrepreneurial activity in martial law conditions were emphasized. The author's concept of “entrepreneurial activity” was substantiated. The terminological origin and essence of the term “peculiarities of taxation” were revealed. The concept of “peculiarities of taxation” was introduced into terminological circulation. The need to refer to the term “peculiarities of taxation” to the group of additional elements of the tax has been proven. Three types of tax restrictions were distinguished according to the classification feature “by groups of single taxpayers’. An analysis of changes in tax legislation regarding the removal of tax restrictions for payers of the single tax of the third group under martial law was carried out. Differences in using tax restrictions in peacetime and during martial law were shown. It was revealed that removing tax restrictions on the income and the number of employees for taxpayers of the third group of single tax was timely and appropriate. It was proposed to spread the experience gained in removing tax restrictions for taxpayers of the single tax for the post-war period. Changes in the structure of third-group single taxpayers in the Khmelnytskyi region were analyzed. A deviation in the registration number among entrepreneurs and legal entities of the mixed group of taxpayers of the third group of single tax was revealed. The conceptual direction of regulation of tax restrictions in Ukraine was substantiated.","PeriodicalId":33375,"journal":{"name":"Oblik i finansi","volume":"73 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86150869","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}