International Journal of Banking, Accounting and Finance最新文献

{"title":"DETERMINANTS OF WORKING CAPITAL “EVIDENCE FROM PRODUCTION AND SERVICE SECTOR OF PAKISTAN”","authors":"Fazal Safia","doi":"10.47604/IJFA.1147","DOIUrl":"https://doi.org/10.47604/IJFA.1147","url":null,"abstract":"Purpose: Basic purpose of this study is to explore the factors or determinants of working capital. The effect of this research is threefold as its first aim is to explore the determinants of working capital in the service sector, second is to find the determinant of working capital in the production sector and third is to make a comparison between the findings of both sectors. Research Methodology: Quantitative technique of data collection has been used under explanatory research method and working capital has been taken as dependent variable while return on assets, return on equity, leverage, sales growth, firm size of total assets and firm size of total sales have been taken as independent variables from production and services sector of Pakistan. A sample of 34 companies listed at KSE for 5 years (2007-2011) has been selected with a total observation of 170. Data were collected from balance sheets of these companies from official site of State Bank of Pakistan. Findings: The finding of this research shows that the same selected variables are not a significant predictor of working capital in both sectors. In the service sector, all selected variables are significant predictor or working capital except for short term debt to total assets variable. However, in the production sector, only sales growth and return on assets is a significant predictor of working capital requirement. Unique contribution to theory, practice and policy: In a developing country like in Pakistan, very little work has been done on working capital determinants. In developed countries and other developing countries, enough work has been done in that area, however, not previously study covers the comparison of the diverse sectors to determine working capital. This study will add a new dimension to the existing literature and cover the gaps in existing literature by adding the comparison of diverse nature sectors into the existing literature. Key variable: Working Capital, Determinants of working capital, Profitability, Leverage, Firm size International Journal of Finance and Accounting ISSN 2513-4311X (online) Vol.5 Issue 1, No.5. pp. 67 78, 2020 www.iprjb.org 68 1.0 INTRODUCTION In an enterprise working capital is the availability of net current assets used to run the business operations. It is the disparity of current assets and current liabilities. Due to increase credit risk, financial crises, and low convenience to bank loans it is immense important for organizations to manage the requirement of working capital. (Rehan & Nasir, 2007). Working capital is the financial necessities that are needed to fulfill the day to day operations of an enterprise (Sulemain & Abidi,2012). In financial management, working capital is the most important area as it involves the maturity of less than one-year assets and liabilities. More particularly it affects the profitability and liquidity of the firm. Firms engage in long productions chain usually take time, in that manufacturing process ","PeriodicalId":53549,"journal":{"name":"International Journal of Banking, Accounting and Finance","volume":"140 1","pages":"67"},"PeriodicalIF":0.0,"publicationDate":"2020-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77759389","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":"Effect of Control Functions on the Financial Performance of Saccos in Meru County","authors":"Ann Kinya Nyumoo, Felix Mwambia, N. Rintari","doi":"10.47941/ijf.429","DOIUrl":"https://doi.org/10.47941/ijf.429","url":null,"abstract":"Purpose: To examine the effect of control functions on the financial performance of Saccos in Meru County. Methodology: The study adopted a cross-sectional mixed design method. The study targeted a sample size of 96 respondents arrived by multiplying 4 respondents in the 24 Saccos as a basis of analysis who were operation managers, senior risk managers, internal auditors and accountants in the 24 Saccos selected Saccos in Meru County. Data was collected through use of closed-ended questionnaires and the output presented descriptively by use of mean and standard deviation. Inferential statistics such as correlation coefficient β, coefficients of determination R and P-values was used from a multiple regression equation to measure the direction, strength and significance of the relationship between control activities and financial performance of Saccos. ANOVA was utilized to verify the goodness of fit of the model. Results: The study indicated that there was significant relationship between control functions and financial performance of Saccos in Meru County. Unique contribution to theory, policy and practice: The study contributed uniquely that there was a positive effect of control functions on the financial performance of Sacco banks in Meru County. The control functions should be readily available and continually updated by Sacco managers as they are the heart of the Saccos. If the functions are not working then it means the operations will eventually be paralyzed. This can be achieved by ensuring the guiding policies and guidelines are always available at the disposal of the user. Reviews should also be done regularly by Sacco regulators such as SASRA so as to ensure they are not outdated and to match the changing needs of the market and functional requirements. It is also recommended that physical control should always be done by operations heads in Saccos to avoid laxity from the operations. The approach of contingency theory to the study explained how the design and function of organizations are affected by conditional factors such as technology, organization customs, and the external environments. Different organizations have different organizational structure and their effectiveness is determined by a blend of the right type of organizational structure, organization size, environmental volatility, and technology. When the functions are well controlled by Sacco boards, updated performance of the entire system is enhanced.","PeriodicalId":53549,"journal":{"name":"International Journal of Banking, Accounting and Finance","volume":"86 26 Pt 1 1","pages":"32-43"},"PeriodicalIF":0.0,"publicationDate":"2020-08-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84023179","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":"Did removing prudence from the conceptual framework impact accounting conservatism","authors":"E. Conway","doi":"10.1504/ijbaaf.2020.10028860","DOIUrl":"https://doi.org/10.1504/ijbaaf.2020.10028860","url":null,"abstract":"","PeriodicalId":53549,"journal":{"name":"International Journal of Banking, Accounting and Finance","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-04-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44423903","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 Re-Engineering and Financial Performance of Saccos","authors":"Emily Esokomi, W. Otuya","doi":"10.47604/ijfa.1069","DOIUrl":"https://doi.org/10.47604/ijfa.1069","url":null,"abstract":"Purpose: The current study sought to establish the trends in financial re-engineering and financial performance of SACCOs and present existing knowledge gaps that need to be filled based on studies done in other contexts. \u0000Methodology: The study adopted a desktop literature review method (desk study). This involved an in-depth review of studies related to financial re-engineering and its effects on financial performance of SACCOs. Three sorting stages were implemented on the subject under study that is financial reengineering and financial performance of SACCOs, in order to determine the viability of the subject for research. After an in-depth search into the top key words (financial strategies, financial innovation, financial reengineering and financial performance of SACCOs), the researcher arrived at 15 articles that were suitable for analysis. \u0000Results: The study noted that from the survey, majority of the studies were based and cited most between the year 2012 and 2018, implying the relevance of the subject in the current decade. From the analysis, most of the publications on financial reengineering and financial performance of SACCOs, were from the renowned Journal published under various journal platforms. This is an indication of the credibility of the subject under review by many scholars. In addition, the survey provides evidence as to why the subject under review is of importance in the African context since majority of the studies under review were from the European and Asian regions.  A trend analysis was conducted indicating that over the period the studies were researched. Financial reengineering and performance subject have been receiving the concerns by various authors. This was drawn from the upwards increasing trend in the subject of the study since 2012 to 2019. The survey likewise found that descriptive research design was the trending technique to survey studies on financial reengineering and performance. Majority of the studies from the analysis revealed a positive relationship between financial reengineering and financial performance of SACCOs. \u0000Unique contribution to theory, practice and policy: Based on the survey findings, the study recommended that financial reengineering effect on financial performance in SACCOs is a maiden study that other authors from other parts can use to base future studies on. Findings from this study may be used to shape policy in the area of managing financial performance in SACCOs. Currently, the existing financial strategies are weak, not standard and not competitive since the competition from other related financial institutions is stiff. The findings would help to further develop an adaptive strategy for to step up in the competition in the financial sector.","PeriodicalId":53549,"journal":{"name":"International Journal of Banking, Accounting and Finance","volume":"17 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-04-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80510917","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":"Managerial overconfidence and M&A performance: evidence from China","authors":"Jie (Michael) Guo, Qian He, Jiayuan Xin, Jia Liu","doi":"10.1504/IJBAAF.2020.10028269","DOIUrl":"https://doi.org/10.1504/IJBAAF.2020.10028269","url":null,"abstract":"We examine the extent to which managerial overconfidence creates value to acquirers in successful \u0000M&As undertaken by Chinese listed firms in the period of 2006–2012. The empirical results show that Chinese acquirers gain value in both the short run and the long run after the M&A announcement. Our study provides new evidence that the market responds favorably to M&A \u0000deals undertaken by acquirers with more managerial overconfidence in both the short run and the long run. Our multivariate analyses, however, show that managerial overconfidence has a minimal role in explaining the stock price movement. In addition, we find that firm size is an important determinant for the relationship between overconfidence and market reaction to merger deals. \u0000Taken together, we conclude that managerial overconfidence has little effect in driving merger and \u0000acquisition deals in China.","PeriodicalId":53549,"journal":{"name":"International Journal of Banking, Accounting and Finance","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-04-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43859418","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":"Determinants of CSR disclosure in Mexico","authors":"Claudia Arena, Yanira Petrides, Petros Vourvachis","doi":"10.1504/IJBAAF.2020.10028266","DOIUrl":"https://doi.org/10.1504/IJBAAF.2020.10028266","url":null,"abstract":"This paper investigates corporate social (and environmental) responsibility (CSR) disclosure practices in Mexico. By analysing a sample of Mexican companies in 2010, it utilises a detailed manual content analysis and identifies corporate-governance-related determinants of CSR disclosure. The study shows a general association between the governance variables and both the content and the semantic properties of CSR information published by Mexican companies. Although an increased international influence on CSR disclosure is noted, the study reveals the symbolic role of CSR committees and the negative influence of foreign ownership on community disclosure, suggesting that improvements in business engagement with stakeholders are needed for CSR to be instrumental in business conduct.","PeriodicalId":53549,"journal":{"name":"International Journal of Banking, Accounting and Finance","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47703804","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 effect of government involvement and payment method on merger and acquisition performance: the case of China","authors":"M. Nnadi, E. Volokitina, Daniel Aghanya","doi":"10.1504/ijbaaf.2020.10028272","DOIUrl":"https://doi.org/10.1504/ijbaaf.2020.10028272","url":null,"abstract":"This paper applies a sample of 842 to investigate the effect of government involvement and payment methods on merger and acquisition of Chinese listed firms for the period 1993-2015. The study employs market model as benchmark to estimate expected returns for several event windows. We find that Chinese acquirer shareholders experience higher returns from the acquisitions in firms with no government involvements than those where government is involved. Our study demonstrates that stock-financed acquisitions maximise the wealth gains of shareholders than cash-backed acquisitions. Our finding further shows that using cash to finance government backed acquisitions yields extra wealth for investors on the announcement date whilst the market experience higher abnormal returns when stocks are used to finance the acquisition of privately held targets. The result of this paper has significant policy implications for both M&A financing decisions and government involvements in merger deals.","PeriodicalId":53549,"journal":{"name":"International Journal of Banking, Accounting and Finance","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45831604","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":"Working capital management and financial performance of UK listed firms: a contingency approach","authors":"Ishmael Tingbani, V. Tauringana, Isaac Sakyi Damoah, W. B. Sha'ven","doi":"10.1504/IJBAAF.2020.106708","DOIUrl":"https://doi.org/10.1504/IJBAAF.2020.106708","url":null,"abstract":"Existing empirical research findings generally suggest that working capital management (WCM) affects and the firms' financial performance. This paper adopts contingency theory framework to investigate how the relationship between WCM and financial performance is affected by the firms' environment, resources and management capability. Our sample consist of an unbalanced panel of 802 firms listed on the London Stock Exchange (LSE) from 2004 to 2014 on which a dynamic panel data analysis was performed using a series of interactive models to estimate the relationship. The findings suggest that the impact of WCM on financial performance changes to reflect number contingency variables such as environmental, resources and management capabilities of the firm. These findings are significant because they demonstrate for the first time how the firms' ability to enhance performance through investment in working capital is influenced by contingent factors such as environmental, resource and management capabilities of the firm. Our results are also important as they show that contingency theory helps to provide an understanding on the conditions under which investment in working capital can be an effective tool in enhancing financial performance and the relevant contingencies.","PeriodicalId":53549,"journal":{"name":"International Journal of Banking, Accounting and Finance","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1504/IJBAAF.2020.106708","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45718572","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 dividend puzzle: testing the signalling hypothesis in a European context","authors":"Júlio Lobão, L. Pacheco, Tiago Lajas","doi":"10.1504/IJBAAF.2020.10028049","DOIUrl":"https://doi.org/10.1504/IJBAAF.2020.10028049","url":null,"abstract":"Dividend policy continues to puzzle researchers in the discipline of finance. In this paper we test the signalling effects of the dividend payout for a set of European firms that had sustained earnings growth for a minimum period of five years with a decline in the last year. To the best of our knowledge this is the first paper to run and compare the results of several different models including the recently created simultaneous-equation model in its linear and nonlinear forms alongside a simple OLS-based estimation. Our results show that managers change dividends to signal equity-scaled earnings prospects instead of asset-scaled earnings. We also find evidence that managers change dividends for signalling previous earnings changes and may distribute dividends to reduce agency costs. These findings suggest that managers identify shareholders as the accepters of dividends and the most direct targets to signalling information.","PeriodicalId":53549,"journal":{"name":"International Journal of Banking, Accounting and Finance","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49580779","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":"Split credit ratings of banks in times of crisis","authors":"Surraya Rowe","doi":"10.1504/IJBAAF.2020.10028051","DOIUrl":"https://doi.org/10.1504/IJBAAF.2020.10028051","url":null,"abstract":"This paper analyses whether opacity of bank creditworthiness increases during crisis periods and if the conservativeness of CRAs changes through business cycles. Univariate and multivariate methodologies are used: data from Moody's and S&P on credit ratings and watch status for 133 commercial banks across 17 developed countries from 2007 to 2015 is employed. The univariate analysis is a unique technique that provides a new perspective to assess whether splits between CRAs are defined as permanent or temporary. The evidence demonstrates that Moody's and S&P frequently disagree. S&P is shown to be the more conservative CRA overall, however, the extent to which Moody's issues higher ratings decreases over time until it becomes the more conservative CRA. The paper is the first of its kind to establish that the conservativeness of Moody's and S&P changes throughout business cycles, which should impact on the strategic decision making of investors.","PeriodicalId":53549,"journal":{"name":"International Journal of Banking, Accounting and Finance","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46802811","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}