International Journal of Accounting & Finance Review最新文献

THE ROLE OF INVESTOR SENTIMENT ON PRICING EFFECT OF PROFITABILITY RISK FACTOR IN KENYA 投资者情绪对肯尼亚盈利风险因子定价效应的作用

International Journal of Accounting & Finance Review Pub Date : 2022-01-26 DOI: 10.46281/ijafr.v10i1.1569

{"title":"THE ROLE OF INVESTOR SENTIMENT ON PRICING EFFECT OF PROFITABILITY RISK FACTOR IN KENYA","authors":"","doi":"10.46281/ijafr.v10i1.1569","DOIUrl":"https://doi.org/10.46281/ijafr.v10i1.1569","url":null,"abstract":"Emerging stock markets are characterized by strong investor sentiment and rapid fluctuations in returns. However, the role of investor sentiment on asset pricing has not been explored in these markets. This study sought to establish if the effect of the profitability risk factor on stock returns would vary with the level of investor sentiment at the Kenyan equity market. A quantitative causal time-series design was adopted to analyze the cause-effect relationship among the study variables. The study utilized monthly equity return data on 60 firms listed at the Nairobi Securities Exchange (NSE) from 2011 to 2019. Test portfolios were constructed following the Fama-French five-factor model framework. Auto-Regressive Distributed Lag (ARDL) and Vector Error Correction (VEC) estimation techniques show that profitability risk factor is a significant predictor of stock returns at a 5% level. Overall, though not consistent with valuation theory, the coefficient on profitability risk factor is negative, implying a high exposure to profitability risk results in low returns. Further, adding sentiment variables to the main effects model would enhance the significance of the profitability risk factor at the NSE. The evidence presented contributes to establishing investment strategies, estimating the required rate of return and assessing portfolio performance of collective investments.","PeriodicalId":358779,"journal":{"name":"International Journal of Accounting & Finance Review","volume":"97 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-01-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129391735","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

SUSTAINABILITY REPORTING AND FINANCIAL PERFORMANCE OF LISTED INDUSTRIAL GOODS SECTOR IN NIGERIA 尼日利亚上市工业品部门的可持续发展报告和财务业绩

International Journal of Accounting & Finance Review Pub Date : 2021-12-31 DOI: 10.46281/ijafr.v9i1.1541

Ismail Alhassan, Shariful Haque

{"title":"SUSTAINABILITY REPORTING AND FINANCIAL PERFORMANCE OF LISTED INDUSTRIAL GOODS SECTOR IN NIGERIA","authors":"Ismail Alhassan, Shariful Haque","doi":"10.46281/ijafr.v9i1.1541","DOIUrl":"https://doi.org/10.46281/ijafr.v9i1.1541","url":null,"abstract":"The aim of this paper is to examine how sustainability reporting affects the performance of listed industrial goods companies in Nigeria. For a period of ten years, from 2011 to 2020. This study used time-series and cross-sectional analysis of selected listed industrial goods companies on the Nigerian Stock Exchange. Ex-Post Facto research was used in this study. Data were gathered from secondary sources such as fact books and financial statements of the companies in Nigeria. Using E-View 9.0 statistical software, the data were statistically analyzed using Pearson correlation coefficient and multiple regression analysis. The findings of this study demonstrated that, at a 5% level of significance, sustainability reporting (as measured by economic, environmental, and social performance indices) has a positive significant effect on return on assets, return on equity and earnings per share. The study proposes, among other things, that a standardized Sustainability Index be adopted, since this will assist to put pressure on firms to pay greater attention to their environment and take sustainable development issues more seriously.","PeriodicalId":358779,"journal":{"name":"International Journal of Accounting & Finance Review","volume":"217 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115785711","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: 2

FAMILY FIRMS: COVID-19 CHALLENGES AND FUTURE OUTLOOK 家族企业:新冠肺炎挑战与未来展望

International Journal of Accounting & Finance Review Pub Date : 2021-12-05 DOI: 10.46281/ijafr.v9i1.1477

Dr. Anandi Banerjee

引用次数: 1

INTERNATIONAL FINANCIAL REPORTING STANDARDS ADOPTION, INVESTOR PROTECTION, AND FOREIGN PORTFOLIO INVESTMENT: A REVIEW 采用国际财务报告准则、投资者保护与外国证券投资:综述

International Journal of Accounting & Finance Review Pub Date : 2021-11-21 DOI: 10.46281/ijafr.v9i1.1449

Md. Kamrul Hasan Shovon

{"title":"INTERNATIONAL FINANCIAL REPORTING STANDARDS ADOPTION, INVESTOR PROTECTION, AND FOREIGN PORTFOLIO INVESTMENT: A REVIEW","authors":"Md. Kamrul Hasan Shovon","doi":"10.46281/ijafr.v9i1.1449","DOIUrl":"https://doi.org/10.46281/ijafr.v9i1.1449","url":null,"abstract":"This paper aims to analyze the impacts of International Financial Reporting Standards (IFRS) adoption on foreign portfolio investment (FPI) in relation to investor protection based on existing empirical literature. This study uses a historical approach and focuses on thirty-six relevant articles published in accounting and finance journals. The author provides a theoretical groundwork of the association between IFRS adoption and FPI and summarizes the results. The findings are critically analyzed by employing developed vs. developing country lens. The review study reveals that the effects of IFRS adoption on FPI significantly differ between developed and developing countries. Although the positive impact of IFRS adoption on FPI is documented in existing literature, not all countries (particularly developing countries), firms, and users have benefited or equally benefited from IFRS adoption regarding FPI. In addition, the positive impacts of IFRS adoption on FPI are associated with the country's regulatory environment, such as level of investor protection. The findings of the study suggest that developing countries should ensure a proper regulatory environment to reap the full benefits of IFRS adoption. This review contributes to the existing literature by providing a comparative analysis of IFRS adoption effect on FPI between developed and developing countries while also suggests future research avenues.","PeriodicalId":358779,"journal":{"name":"International Journal of Accounting & Finance Review","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-11-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114727830","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 SHAPING CAPITAL STRUCTURE: EVIDENCE FROM PRIVATE COMMERCIAL BANKS IN BANGLADESH 影响资本结构的因素:来自孟加拉国私人商业银行的证据

International Journal of Accounting & Finance Review Pub Date : 2021-11-20 DOI: 10.46281/ijafr.v9i1.1447

A. Shahriar, M. Alam

{"title":"FACTORS SHAPING CAPITAL STRUCTURE: EVIDENCE FROM PRIVATE COMMERCIAL BANKS IN BANGLADESH","authors":"A. Shahriar, M. Alam","doi":"10.46281/ijafr.v9i1.1447","DOIUrl":"https://doi.org/10.46281/ijafr.v9i1.1447","url":null,"abstract":"This study investigates how various determinants shape the capital structure of commercial banks in Bangladesh, employing panel data, structured from available secondary sources, covering 22 banks as samples from 61 scheduled banks for the period of 2011 to 2020, conducting Feasible Generalized Least Squared (FGLS) Regression Model. Several diagnostic tests have been conducted to ensure the robustness and stability of the model. The study results reveal that return on assets, earnings per share, asset growth, asset structure, investment structure, cost per loan assets, and loan loss provisioning considerably influence the capital structure or the leverage of commercial banks. On the contrary, the authors find no explicit evidence that bank size, liquidity, capital adequacy, and non-performing loan ratio have significant impacts on the capital structure of the banking industry of Bangladesh. The findings of this study advocate that return on assets, earnings per share, asset structure, and cost per loan assets as the dominant explanatory factors of capital structure. Besides, asset growth, investment structure, and loan loss provisioning affect less significantly on determining the capital structure of the banking industry. This study also brings the academicians, researchers, and analysts with corroborating new routes for exploring further research in this field.","PeriodicalId":358779,"journal":{"name":"International Journal of Accounting & Finance Review","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-11-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127730358","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

IMPACTS OF EARNINGS MANAGEMENT ON CORPORATE FAILURE: A CASE STUDY OF WIRECARD 盈余管理对企业失败的影响:以wirecard为例

International Journal of Accounting & Finance Review Pub Date : 2021-11-01 DOI: 10.46281/ijafr.v8i1.1411

M. Azim

{"title":"IMPACTS OF EARNINGS MANAGEMENT ON CORPORATE FAILURE: A CASE STUDY OF WIRECARD","authors":"M. Azim","doi":"10.46281/ijafr.v8i1.1411","DOIUrl":"https://doi.org/10.46281/ijafr.v8i1.1411","url":null,"abstract":"The purpose of this study is to find out whether earnings management has impacts on bankruptcy risk based on the data of Wirecard Company. The M-score of Beneish's (1999) model has been used to detect the probability of earnings management. On the other hand, the Z\"-Score of Altman's (1968) model has been applied to detect Corporate Failure. Both the models are widely used models in their respective fields. The data from 2002 to 2019 were collected from the annual reports of the Wirecard Company. The result of M-Score indicates that earnings management has a significant impact on the corporate failure (Z-Score) of the company. This finding specifies that a financially distressed firm adopts earnings manipulations. The finding also implies that earnings manipulations harm the financial health of a firm. According to the findings, it can be suggested that to know the financial aspects of a company, both the (Beneish M-model and Altman Z-score model) models could be used concurrently. Beneish M-model is for detecting earnings management and the Altman Z-score model is for determining corporate failure. The novelty of the study is that no study was done on Wirecard Company focusing on the association between earnings management & bankruptcy risk.","PeriodicalId":358779,"journal":{"name":"International Journal of Accounting & Finance Review","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114355096","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

LIQUIDITY MANAGEMENT AND FINANCIAL PERFORMANCE OF LISTED OIL AND GAS COMPANIES IN NIGERIA 尼日利亚上市石油和天然气公司的流动性管理和财务绩效

International Journal of Accounting & Finance Review Pub Date : 2021-09-29 DOI: 10.46281/ijafr.v8i1.1364

Ismail Alhassan

{"title":"LIQUIDITY MANAGEMENT AND FINANCIAL PERFORMANCE OF LISTED OIL AND GAS COMPANIES IN NIGERIA","authors":"Ismail Alhassan","doi":"10.46281/ijafr.v8i1.1364","DOIUrl":"https://doi.org/10.46281/ijafr.v8i1.1364","url":null,"abstract":"The purpose of this paper is to figure out the link between liquidity and profitability, as well as the impact of liquidity on profitability. Ten listed companies with a bigger market share in the oil and gas sector of the Nigerian economy were subjected to a fixed panel regression study. Secondary data was gathered for ten years, from 2011 to 2020, from their published annual reports. Profit after tax (PAT), Return on Asset (ROA), and Return on Equity (ROE) were used to determine profitability (ROE). Internal liquidity variables such as equity, debt, and sales were utilized to determine the behavior of the dependent variable, but external elements such as lending interest rate and exchange rate were employed to further explain profitability behavior. The data were analyzed using a multiple regression approach. The findings reveal that debt has a significant negative impact on companies' profitability. Similarly, equity capital, as well as retained earnings, are more beneficial to firms than the debt financing of the oil and gas sector. The study, therefore, recommends that oil and gas firms should boost their equity capital, improve their revenues, increase their retain earnings, and reduce debt financing to enable them to generate more wealth for shareholders.","PeriodicalId":358779,"journal":{"name":"International Journal of Accounting & Finance Review","volume":"51 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116776632","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: 3

USING ERP SYSTEM TO TEACH ACCOUNTING COURSES 运用erp系统讲授会计课程

International Journal of Accounting & Finance Review Pub Date : 2021-09-23 DOI: 10.46281/ijafr.v8i1.1352

Dr. Benjamin Bae

引用次数: 3

THE EFFECT OF ADOPTION OF IFRS BASED ACCOUNTING STANDARDS: INDIAN EVIDENCES OF ENHANCED VALUE RELEVANCE AND UNIFORMITY 采用基于国际财务报告准则的会计准则的影响:印度价值相关性和一致性增强的证据

International Journal of Accounting & Finance Review Pub Date : 2021-09-23 DOI: 10.46281/ijafr.v8i1.1353

Somnath Banerjee

引用次数: 1

EXECUTIVE COMPENSATION AND FINANCIAL REPORTING QUALITY OF NIGERIAN FINANCIAL SERVICE INDUSTRY 尼日利亚金融服务业高管薪酬与财务报告质量

International Journal of Accounting & Finance Review Pub Date : 2021-08-29 DOI: 10.46281/ijafr.v7i1.1310

Adeoye Ebunoluwa, O. AkinkoyeEbenezer, Ayoola Tajudeen, Inneh Godwin, Agelebe Glory

{"title":"EXECUTIVE COMPENSATION AND FINANCIAL REPORTING QUALITY OF NIGERIAN FINANCIAL SERVICE INDUSTRY","authors":"Adeoye Ebunoluwa, O. AkinkoyeEbenezer, Ayoola Tajudeen, Inneh Godwin, Agelebe Glory","doi":"10.46281/ijafr.v7i1.1310","DOIUrl":"https://doi.org/10.46281/ijafr.v7i1.1310","url":null,"abstract":"The study evaluated the effect of executive compensation on financial reporting quality in Nigerian financial service industry for the period covered. These were with a view to providing information on the effect of executive compensation and financial reporting quality in Nigeria. The study employed a secondary source of data collection. The population for the study consisted of 22 quoted deposit money banks listed and whose stocks are actively traded on the Nigerian Stock Exchange (NSE) market for the period 2006-2017.The sample size of 14 was determined using purposive sampling method. Secondary data were collected on variables executive compensation, non-performing loan, loan loss provision, total loan, residual term all obtained from the audited Annual reports of the selected deposit money banks, fact book published by Nigerian Stock Exchange, and the Central Bank of Nigeria. Data collected were analyzed using Robust Regression. The results showed executive compensation (coef. =-0.139, p˂0.004) has a negative significant relationship with financial reporting quality. This study concluded that executive compensation has a negative significant effect on financial reporting quality.","PeriodicalId":358779,"journal":{"name":"International Journal of Accounting & Finance Review","volume":"83 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114188816","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