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The effect of board characteristics on earnings management in different sized European firms 董事会特征对不同规模欧洲公司盈余管理的影响
International Journal of Corporate Finance and Accounting Pub Date : 2022-01-01 DOI: 10.4018/ijcfa.301459
{"title":"The effect of board characteristics on earnings management in different sized European firms","authors":"","doi":"10.4018/ijcfa.301459","DOIUrl":"https://doi.org/10.4018/ijcfa.301459","url":null,"abstract":"The effectiveness and the monitoring potentials of the board are crucial parameters for the management in the decision-making process. This study investigates the effect of board characteristics on the level of earnings management in EU listed firms. The findings indicate that the oversized boards function as a restricting determinant to the level of real and accrual-based manipulations. Also, the average board tenure is negatively correlated with real earnings management measures. An additional research query of this research is whether the effect of the board characteristics is diverse in different sized firms. In smaller firms, the board size impacts the accrual-based measures positively, while in the bigger firms, there is a positive association only with real earnings management measures. Furthermore, in smaller firms, an increase in board tenure seems to facilitate the manipulations using accounting policies and limit the manipulations of real activities. Finally, the results demonstrate that CEO-chairman duality is negatively related to the level of real earnings management.","PeriodicalId":339744,"journal":{"name":"International Journal of Corporate Finance and Accounting","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127463197","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
Does Share Price of Banking Industry Follow Stock Valuation Model? Bangladesh Setting 银行业股价是否遵循股票估值模型?孟加拉国设置
International Journal of Corporate Finance and Accounting Pub Date : 2022-01-01 DOI: 10.4018/ijcfa.301462
{"title":"Does Share Price of Banking Industry Follow Stock Valuation Model? Bangladesh Setting","authors":"","doi":"10.4018/ijcfa.301462","DOIUrl":"https://doi.org/10.4018/ijcfa.301462","url":null,"abstract":"Many factors and actors affect the market value of shares but this study is to investigate whether the share price of banking industry of Bangladesh follows any stock valuation models. Data were collected from the annual reports of selected 18 commercial banks listed in Dhaka Stock Exchange over the period of 2014-2018. Some stock valuation models such as ‘Variable Growth Model’, ‘Price Earnings Multiple Model’ and ‘Book Value Model’ have been applied to calculate the value of the share. Besides, ‘Gordon Model’ has been applied to calculate the ‘Require Rate of Return’ of equity. Moreover, ‘Kruskal-Wallis’ test has been applied to test whether the market value of share follow any stock valuation models. The study finds that the share price of banking industry of Bangladesh follows ‘Price Earnings Multiple Model’ as well as ‘Book Value Model’ but does not follow ‘Variable Growth Model’. On the basis of the findings, the study suggests that investors should consider stock valuation models to calculate value of the share before investing in banking sector.","PeriodicalId":339744,"journal":{"name":"International Journal of Corporate Finance and Accounting","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127629008","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
Co-Working Spaces in Greece During the COVID-19 Era COVID-19时代希腊的联合办公空间
International Journal of Corporate Finance and Accounting Pub Date : 2022-01-01 DOI: 10.4018/ijcfa.313040
Angelos Papavasileiou, R. Mitoula, P. Kaldis, Aristidis Papagrigoriou
{"title":"Co-Working Spaces in Greece During the COVID-19 Era","authors":"Angelos Papavasileiou, R. Mitoula, P. Kaldis, Aristidis Papagrigoriou","doi":"10.4018/ijcfa.313040","DOIUrl":"https://doi.org/10.4018/ijcfa.313040","url":null,"abstract":"The organization of space and working time, especially their location and geography, is a significant concern to researchers and politicians. However, in today's globalized economy and online age, the way we work and the workplace's whole location and geography are being redefined and researched. This paper investigates the current situation of co-working spaces in Greece, and the authors further analyse the case study of the Athens municipality. They examined views on new workplaces satisfaction and the benefits of the location. The research also explored the factors influencing ‘co-working spaces' satisfaction and views on the location's benefits. Finally, there is a detailed record of the areas in question throughout the territory, and they are scattered and concentrated in certain areas. Their characteristics are then explored, and policies and actions are proposed for their operation and development in the post-COVID-19 era.","PeriodicalId":339744,"journal":{"name":"International Journal of Corporate Finance and Accounting","volume":"81 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124653852","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 Existence of an Anomaly in the City Indices in Borsa Istanbul 伊斯坦布尔市区城市指数异常现象的存在
International Journal of Corporate Finance and Accounting Pub Date : 2021-07-01 DOI: 10.4018/ijcfa.2021070102
Hakan Altin
{"title":"The Existence of an Anomaly in the City Indices in Borsa Istanbul","authors":"Hakan Altin","doi":"10.4018/ijcfa.2021070102","DOIUrl":"https://doi.org/10.4018/ijcfa.2021070102","url":null,"abstract":"The aim of the study is to reveal the existence of an abnormal return in the city indices in Borsa Istanbul. Three important calculations were made for the detection of an abnormal return. The first was the calculation of adjusted returns. The second was the calculation of beta coefficients for city indices. The third was the determination of the relationship of each city index to the market. According to the findings obtained, there was an abnormal return in the city indices. In other words, each of the city indices made a profit on market returns. However, these returns were almost equal to market returns. When the beta coefficients were analyzed, it was seen that the coefficients were equal to the theoretically-expressed average market beta coefficient. Thus, the city indices and the market are moving in the same direction, and the results are statistically significant.","PeriodicalId":339744,"journal":{"name":"International Journal of Corporate Finance and Accounting","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124257741","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
Performance Aspirations and Corporate Tax Avoidance 业绩期望与企业避税
International Journal of Corporate Finance and Accounting Pub Date : 2021-07-01 DOI: 10.4018/ijcfa.2021070104
Tim Lukas
{"title":"Performance Aspirations and Corporate Tax Avoidance","authors":"Tim Lukas","doi":"10.4018/ijcfa.2021070104","DOIUrl":"https://doi.org/10.4018/ijcfa.2021070104","url":null,"abstract":"The current study examines whether performance discrepancy from the aspiration level affects corporate tax avoidance. Prior studies show that performance discrepancies from the aspiration level significantly affect firms' behavior; thus, it is important to examine whether such discrepancies affect corporate tax avoidance. Based on the behavioral theory of the firm (BTOF), this study posits that firms performing below the aspiration levels avoid more taxes in the subsequent period than other firms. Empirical findings using data from a sample of U.S. firms for the period covering 1993-2016 support the hypothesis. The findings also show that, while there is a difference among firms meeting or beating the aspiration level, there is no statistically significant difference in tax avoidance level among firms performing short of their aspiration level. The study contributes to the existing literature by providing additional evidence extending the scope of literature in BTOF and tax avoidance areas.","PeriodicalId":339744,"journal":{"name":"International Journal of Corporate Finance and Accounting","volume":"64 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125440496","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
Tax Avoidance and Transfer Pricing 避税和转让定价
International Journal of Corporate Finance and Accounting Pub Date : 2021-07-01 DOI: 10.4018/ijcfa.2021070103
N. Eriotis, S. Missiakoulis, Ioannis G. Dokas, Marios Tzavaras, D. Vasiliou
{"title":"Tax Avoidance and Transfer Pricing","authors":"N. Eriotis, S. Missiakoulis, Ioannis G. Dokas, Marios Tzavaras, D. Vasiliou","doi":"10.4018/ijcfa.2021070103","DOIUrl":"https://doi.org/10.4018/ijcfa.2021070103","url":null,"abstract":"Globalization has led multinational companies, beyond intensifying their competitiveness, to seek ways to maximize profits through tax avoidance. The international character enables them to transfer profits to tax havens or seek transactions that will enable them to avoid, postpone, or pay lower taxes. Although the previous allegations have been hypothesized by researchers, tax audits, and governments, it is difficult to prove due to the chaotic data and the causal relationship between variables. The present study compared the tax burden of 971 multinationals and 1,160 independent companies for the years 2010-2017 in Greece, using data from the Amadeus Tp-Catalyst database and confirmed previous research on significant differences in terms of profits and tax burdens. To the authors' knowledge, there has not been attempted such an extensive analysis for Greece in the past.","PeriodicalId":339744,"journal":{"name":"International Journal of Corporate Finance and Accounting","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132139054","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
Has the Composition of the Greek Banking Sector Investment Portfolio Contributed to the Greek Economy Financial Crisis? 希腊银行业投资组合的构成是否导致了希腊经济金融危机?
International Journal of Corporate Finance and Accounting Pub Date : 2021-07-01 DOI: 10.4018/ijcfa.2021070101
N. Eriotis, K. Kollias, Theodoros Kounadeas
{"title":"Has the Composition of the Greek Banking Sector Investment Portfolio Contributed to the Greek Economy Financial Crisis?","authors":"N. Eriotis, K. Kollias, Theodoros Kounadeas","doi":"10.4018/ijcfa.2021070101","DOIUrl":"https://doi.org/10.4018/ijcfa.2021070101","url":null,"abstract":"The banking sector in Greece met a large growth and provided the Greek economy with a vital push after the credit release. The galloping increase of private, business, and public loans reinforced business activity and offered high incomes for a few years. However, this push that the Greek economy experienced was based on consumption and not on the development of financial sectors that could constantly produce income for the economy and the state. The research examines the Greek banking investment portfolio from 2003 until 2017 based on the portfolio theory of Markowitz. Furthermore, it evaluates its differentiation and examines whether or not has contributed to the financial crisis that the domestic economy faced the previous decade. The findings point out that the negative portfolio returns during the span of seven out of 15 reviewed years and their covariances highlight that the portfolio diversification was not successful according to Markowitz's theory.","PeriodicalId":339744,"journal":{"name":"International Journal of Corporate Finance and Accounting","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115382466","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
Dividend Policy and Smoothening Behavior of the Southeast Asian Countries Including Japan 包括日本在内的东南亚国家的股利政策与平滑行为
International Journal of Corporate Finance and Accounting Pub Date : 2020-07-01 DOI: 10.4018/ijcfa.2020070104
F. Khan
{"title":"Dividend Policy and Smoothening Behavior of the Southeast Asian Countries Including Japan","authors":"F. Khan","doi":"10.4018/ijcfa.2020070104","DOIUrl":"https://doi.org/10.4018/ijcfa.2020070104","url":null,"abstract":"This study examines the dividend policy and smoothening behavior of major Southeast Asian countries including Japan. The study uses firm specific variables including corporate governance measures as independent variables. The results indicated financial leverage, return on equity, asset tangibility, Tobin Q, market concentration (HHI), and life cycle are the main determinants of dividend policy for the Southeast Asian region. In addition to this, the corporate governance measures (board composition, audit quality, and ownership structure) are also found as significant determinants of dividend policy of the selected economies. However, the results for cash flow and business risk are found to be contradictory due to their insignificant impacts on dividend policy in some economies. Thus, the study concludes that most determinants of dividend policy are similar within the regions. The study also used probit model in order to find probable factors that may influence the dividend policy and the results show similarity between determinants of dividend policy and probability factors that influence dividend policy. The probable factors are the same as the determinants of dividend policy. In addition to this, the study also tested the application of Lintner model, and the results clearly depicted that last year dividend as well as the current year earnings are the main factors that impact dividend policy of the firms within the region. More so, focusing on the speed of adjustment and target payout ratio of the firms, the study unties that firms have moderate speed of adjustment, and management is reluctant to cut dividends. Lastly, the target payout ratios of the firms also suggest that firms do have moderate target payout ratio except for Singapore with target payout ratio almost equal to 1. Conclusively, the study reveals that the determinants of dividend policy for the Southeast Asian countries are quite similar, firms do follow smooth dividend policy, and management is reluctant to cut dividends in the long run.","PeriodicalId":339744,"journal":{"name":"International Journal of Corporate Finance and Accounting","volume":"77 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124989649","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 Effect of Leverage on Investment, Dividends, and Company Value on the Real Estate Industry in Indonesia 杠杆对印尼房地产行业投资、股利和公司价值的影响
International Journal of Corporate Finance and Accounting Pub Date : 2020-01-01 DOI: 10.4018/ijcfa.2020010104
D. Atmanto
{"title":"The Effect of Leverage on Investment, Dividends, and Company Value on the Real Estate Industry in Indonesia","authors":"D. Atmanto","doi":"10.4018/ijcfa.2020010104","DOIUrl":"https://doi.org/10.4018/ijcfa.2020010104","url":null,"abstract":"The purpose of this study is to examine and explain the effect of leverage on the value of real estate companies listed on the Stock Exchange in Indonesia, with investment and dividend as mediators. This study is explanatory research. Explanatory is research conducted with the intention to explain an influence of variables through testing hypotheses. The population in this study is all real estate companies listed on the Indonesia Stock Exchange. The total population was as many as 44 companies. The results of this study indicate that high dividend payments will cause decrease in value of company. First, market considers that at present condition of company has opportunity to grow, so the company should focus on funding investment activities. With the intense competition in real estate sector, companies to survive in industry must have product innovations. Empirically, previous research examining the interaction between leverage, investment, dividends, and company value has produced inconsistencies in research results (gaps).","PeriodicalId":339744,"journal":{"name":"International Journal of Corporate Finance and Accounting","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123855578","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
Cloud TV 云电视
International Journal of Corporate Finance and Accounting Pub Date : 2020-01-01 DOI: 10.4018/ijcfa.2020010103
G. Dede, G. Loupatatzis, D. Grigoropoulos, Georgios Chatzithanasis, T. Kamalakis, C. Michalakelis
{"title":"Cloud TV","authors":"G. Dede, G. Loupatatzis, D. Grigoropoulos, Georgios Chatzithanasis, T. Kamalakis, C. Michalakelis","doi":"10.4018/ijcfa.2020010103","DOIUrl":"https://doi.org/10.4018/ijcfa.2020010103","url":null,"abstract":"Cloud TV is a cloud-based live television streaming program or app, allowing the user to watch high definition (HD) TV channels without the requirement of a TV box or aerial but only a stable internet connection. As the number of Cloud TV channels continuously increases, so does the need for a techno-economic evaluation and analysis, which constitutes the aim of this paper. The analysis aims to provide an assessment of the required investment for a new Pay TV operator, using Cloud TV technology in the internet of things (IoT) era. The adopted methodology includes demand forecasting and cash flows calculations and important economic indicators, for a time period of 10 years and different diffusion scenarios. Evaluation of the methodology was based on statistics obtained from one of the larger telecom providers in Greece. Results indicate that investing on Cloud TV technology in Greece is feasible for the technologies of over-the-top (OTT), IPTV, and Smart TV. A sensitivity analysis is also performed, studying the case of a new entry for a Pay TV operator in the local market with emphasis on OTT services, which gains a significant percentage of customers.","PeriodicalId":339744,"journal":{"name":"International Journal of Corporate Finance and Accounting","volume":"19 3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130401408","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
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