Template-Type: ReDIF-Article 1.0
Author-Name: Mohammad Delwar Hussain
Author-X-Name-First: Mohammad Delwar
Author-X-Name-Last: Hussain
Author-Name: Mohiuddin Muhammad
Author-X-Name-First: Mohiuddin
Author-X-Name-Last: Muhammad
Author-Name: Iftekhar Ahmed
Author-X-Name-First: Iftekhar
Author-X-Name-Last: Ahmed
Author-Name: Md. Tareq Bin Hossain
Author-X-Name-First: Md. Tareq Bin
Author-X-Name-Last: Hossain
Title: Impact of stakeholders as board members on sustainability and social outreach of microfinance institutions in developing markets
Abstract:
The purpose of this study is to explore how stakeholders on the board contribute to sustainability and outreach of microfinance institutions (MFI). Stakeholders as board members can influence the social outreach and sustainability of microfinance institutions (MFIs). By applying a multi-theoretical approach to a longitudinal dataset from a developing country perspective, this study analyses stakeholder involvement on the MFI board and its impact on double-bottom-line performance. The results suggest that independent directors on the board have significantly positive effects on achieving microfinance institutions' dual missions: sustainability and outreach. However, some stakeholders have produced mixed results. Employees, donors, and female board members play significant roles, although their impacts are moderated by the age and size of MFIs. CEO duality contributes to MFI sustainability but inversely affects outreach. The results support the stakeholder, stewardship, and resource dependence theories. This study recommends the appointment of an independent board member as a social director to widen the range of stakeholders' involvement in the boards of MFIs and contribute to achieving its objectives in a developing market context.
Journal: Int. J. of Managerial and Financial Accounting
Pages: 26-49
Issue: 1
Volume: 15
Year: 2023
Keywords: governance; microfinance institutions; MFIs; stakeholders.
File-URL: http://www.inderscience.com/link.php?id=127523
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Handle: RePEc:ids:injmfa:v:15:y:2023:i:1:p:26-49

Template-Type: ReDIF-Article 1.0
Author-Name: Kiki Khoifin
Author-X-Name-First: Kiki
Author-X-Name-Last: Khoifin
Author-Name: Marziana Madah Marzuki
Author-X-Name-First: Marziana Madah
Author-X-Name-Last: Marzuki
Author-Name: Chatrudee Jongsureyapart
Author-X-Name-First: Chatrudee
Author-X-Name-Last: Jongsureyapart
Title: Reshaping gender quotas in the boardroom: women's participation and accounting conservatism in Indonesia
Abstract:
In Indonesia, a woman's role is often referred to as a wife, a mother, and a housewife instead of a career position. Thus, women's participation in the boardroom is low. The board gender diversity exhibits advantages such as providing good financial reporting quality. Therefore, this study examines accounting conservatism as a good financial reporting quality and explores the association between women's participation, firm-specific controls, and accounting conservatism in Indonesian manufacturing companies. The study finds that Indonesian manufacturing companies are not conservative in financial reporting. The result demonstrates that hiring more women in the boardroom can enhance accounting conservatism. Hence, reshaping gender quotas - to include more women in the boardroom should be imposed. The result also highlights that in the absence of the conservatism principle, risk disclosure can be a substitute for conservatism, especially in the case of firms' higher profits.
Journal: Int. J. of Managerial and Financial Accounting
Pages: 1-25
Issue: 1
Volume: 15
Year: 2023
Keywords: board gender diversity; accounting conservatism; manufacturing company; Indonesia.
File-URL: http://www.inderscience.com/link.php?id=127525
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Handle: RePEc:ids:injmfa:v:15:y:2023:i:1:p:1-25

Template-Type: ReDIF-Article 1.0
Author-Name: Vasiliοs-Christos Naoum
Author-X-Name-First: Vasiliοs-Christos
Author-X-Name-Last: Naoum
Author-Name: Dimitrios Ntounis
Author-X-Name-First: Dimitrios
Author-X-Name-Last: Ntounis
Author-Name: Orestes Vlismas
Author-X-Name-First: Orestes
Author-X-Name-Last: Vlismas
Title: Strategy, intellectual capital and operating performance
Abstract:
This study explores the relationship between intellectual capital (IC) and future operating performance under the prism of different strategic orientations (i.e., prospectors versus defender) and explanations (i.e., investing versus signalling). Our data sample consists of 11,085 firm-year observations of US listed firms for the period 2000-2019. We employed organisational capital and R%D capital as measures of a firm's IC intensity. It seems that strategy affects the likelihood of a firm to be classified as a low or high IC intensive. Organisational capital improves future operating performance across firms with the same or with different strategic orientations. R%D capital affects primarily prospectors' future operating performance. Depending on the measure of IC intensity or operating performance, the positive relationship between IC and future operating performance can be explained because either the IC expenditures operate as investments that improve future performance or expectations for improved future operating performance trigger increased IC expenditures.
Journal: Int. J. of Managerial and Financial Accounting
Pages: 50-87
Issue: 1
Volume: 15
Year: 2023
Keywords: strategy; intellectual capital; operating performance.
File-URL: http://www.inderscience.com/link.php?id=127526
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Handle: RePEc:ids:injmfa:v:15:y:2023:i:1:p:50-87

Template-Type: ReDIF-Article 1.0
Author-Name: Caner Akbaba
Author-X-Name-First: Caner
Author-X-Name-Last: Akbaba
Author-Name: Cemal İbiş
Author-X-Name-First: Cemal
Author-X-Name-Last: İbiş
Author-Name: Serhat Yanık
Author-X-Name-First: Serhat
Author-X-Name-Last: Yanık
Author-Name: Yusuf Aytürk
Author-X-Name-First: Yusuf
Author-X-Name-Last: Aytürk
Title: Disclosure quality of goodwill impairment testing: evidence from Turkey
Abstract:
Goodwill-related disclosure quality is an emerging research question that needs to be investigated. In practice, audit firms control the disclosures in financial reports by using a checklist that results in a boilerplate reporting format of insufficient information. This study examines possible determinants of goodwill-related disclosure quality in Turkey. We use a unique hand-collected panel dataset of listed Turkish non-financial companies for the period between 2014 and 2018 and calculate a disclosure index. Our results show that firm-specific variables of size, ownership structure, and level of debt are related to disclosure quality of goodwill impairment testing and the magnitude of the goodwill reported is positively linked to disclosure quality. More important, our results indicate that auditor size improves the disclosure quality and boilerplate goodwill-related disclosures are prevalent among Turkish public companies.
Journal: Int. J. of Managerial and Financial Accounting
Pages: 88-111
Issue: 1
Volume: 15
Year: 2023
Keywords: goodwill impairment; disclosure quality; auditor size; Turkey.
File-URL: http://www.inderscience.com/link.php?id=127527
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Handle: RePEc:ids:injmfa:v:15:y:2023:i:1:p:88-111

Template-Type: ReDIF-Article 1.0
Author-Name: Biswajit Prasad Chhatoi
Author-X-Name-First: Biswajit Prasad
Author-X-Name-Last: Chhatoi
Author-Name: Munmun Mohanty
Author-X-Name-First: Munmun
Author-X-Name-Last: Mohanty
Title: Discriminants of risk tolerance among Indian investors: a dichotomous discriminant approach
Abstract:
Financial risk tolerance is dynamic in nature, differs across demographic considerations and depends on time horizon and is considered as the most vital factor of sustainable investment decision. The volatility of FRT poses major challenge for the investment industry in designing a suitable portfolio and advising an investor to invest in it based on the risk-taking ability to fulfil investment objective at micro-level. The existing study emphasises identification of causes of risk discrimination. Data source are primary and cross-sectional in nature, and collected from 552 investors selected from small cities. To assess the FRT classification dichotomous discriminant analysis was referred. The most striking finding of the study is the conforming discriminating factors for male and female. The discriminating factor classifying the males into risk taker or risk avoider was found to be the understanding of risk whereas for the females it was the understanding of returns.
Journal: Int. J. of Managerial and Financial Accounting
Pages: 112-134
Issue: 1
Volume: 15
Year: 2023
Keywords: financial risk tolerance; discriminant analysis; risk taker; risk avoider; demographics.
File-URL: http://www.inderscience.com/link.php?id=127528
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Handle: RePEc:ids:injmfa:v:15:y:2023:i:1:p:112-134

Template-Type: ReDIF-Article 1.0
Author-Name: Ines Kateb
Author-X-Name-First: Ines
Author-X-Name-Last: Kateb
Author-Name: Olfa Nafti
Author-X-Name-First: Olfa
Author-X-Name-Last: Nafti
Author-Name: Nesrine Ben Salah
Author-X-Name-First: Nesrine Ben
Author-X-Name-Last: Salah
Title: Impact of corporate governance and audit quality on financial performance: listed vs. unlisted Tunisian companies
Abstract:
The paper aims to analyse the impact of governance mechanisms and external audit quality on the financial performance of listed and unlisted Tunisian companies in a post-revolutionary context. Using panel data econometric model, the results show that board size affects differently the performance of listed and unlisted firms. Institutional ownership affects positively listed firm performance, whereas the variables related to the audit affect only unlisted firm performance. These findings lead us to confirm that in a post-revolutionary context, listed companies have resorted to debt to mitigate losses incurred by economic instability. The political uncertainties and the fragility of the judicial system that characterised Tunisia during the period of democratic transition have negatively affected investors' confidence in auditors. Consequently, Tunisian listed companies substitute external audit quality with other governance mechanisms like board size and institutional ownership. However, post-revolutionary context doesn't affect the impact of audit quality on the unlisted firms' financial performance characterised principally by family ownership. The study results could guide future regulatory initiatives in developing appropriate mechanisms to improve performance in Tunisia and countries having similar political and economic environments.
Journal: Int. J. of Managerial and Financial Accounting
Pages: 185-210
Issue: 2
Volume: 15
Year: 2023
Keywords: governance mechanisms; audit quality; financial performance; listed and unlisted companies.
File-URL: http://www.inderscience.com/link.php?id=129839
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Handle: RePEc:ids:injmfa:v:15:y:2023:i:2:p:185-210

Template-Type: ReDIF-Article 1.0
Author-Name: Thi-Kim-Tuyen Nguyen
Author-X-Name-First: Thi-Kim-Tuyen
Author-X-Name-Last: Nguyen
Author-Name: Pham Tuan Anh
Author-X-Name-First: Pham Tuan
Author-X-Name-Last: Anh
Title: Board characteristics, assurance auditing services role and earning management: evidence from Vietnam
Abstract:
The study examines the effect of corporate governance and assurance auditing services on earnings management in the case of Vietnam. We investigate that higher earnings manipulation is associated with higher board meeting frequencies and CEO/board chair position separation. Moreover, the qualified assurance auditing service insignificantly negatively affects earnings management. This finding suggests that pre-eminent perspectives of corporate governance systems from developed economies may not be a good fit for emerging markets like Vietnam. Generally, our paper emphasises the importance of the Vietnam policymaker's role in building effective monitoring mechanisms in the capital market by disciplining and supervising listed companies' current corporate governance applications. In addition, it is essential that the quality of assurance auditing services need to be enhanced to improve the transparency level in the capital market.
Journal: Int. J. of Managerial and Financial Accounting
Pages: 211-230
Issue: 2
Volume: 15
Year: 2023
Keywords: earning management; board meeting; auditing services; CEO duality; Vietnam.
File-URL: http://www.inderscience.com/link.php?id=129843
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Handle: RePEc:ids:injmfa:v:15:y:2023:i:2:p:211-230

Template-Type: ReDIF-Article 1.0
Author-Name: Mahender Yadav
Author-X-Name-First: Mahender
Author-X-Name-Last: Yadav
Author-Name: Mohit Saini
Author-X-Name-First: Mohit
Author-X-Name-Last: Saini
Title: Environmental, social and governance literature: a bibliometric analysis
Abstract:
This article aims to illustrate the evolution of academic research and future research goals in the environmental, social, and governance (ESG) domain of business and management. A quantitative systematic review was conducted using a contemporary technique, 'bibliometric analysis', in which the study examined the most significant articles, authors, journals, institutions, and nations in ESG research and identified current topics by reviewing publications on the Web of Science database. The findings reveal that ESG research has been steadily rising in recent years. Most of the study was conducted in industrialised nations such as the USA, the UK, and Australia. By separating research themes using a bibliographic coupling, this paper highlights future research agendas that research scholars may undertake in further studies. The contribution of this publication is to study the diffusion trend and map the intellectual structure of ESG research by bibliometric tools, which makes it unique.
Journal: Int. J. of Managerial and Financial Accounting
Pages: 231-254
Issue: 2
Volume: 15
Year: 2023
Keywords: environmental; social; and governance; ESG; environmental; social; governance; bibliometric analysis; Web of Science; disclosures.
File-URL: http://www.inderscience.com/link.php?id=129844
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Template-Type: ReDIF-Article 1.0
Author-Name: Ibrahim Khalifa Elmghaamez
Author-X-Name-First: Ibrahim Khalifa
Author-X-Name-Last: Elmghaamez
Title: The causes and effects of IFRS adoption speed: diffusion of innovation theory perspective
Abstract:
This study investigates the drivers and economic benefits of adopting international financial reporting standards (IFRS) by applying the classification proposed by the diffusion of innovation theory. By employing multiple linear regression and a series of cumulative logistic regression for a large sample spanning 1995-2014, this paper shows that countries with Anglo-Saxon culture and substantial protection rights tend to accelerate their IFRS adoption decision to maintain their legal legitimacy. This paper also indicates that countries with lower governance indicators are more prone to hasten their IFRS adoption to improve the quality of their political systems. This research reports that countries with higher educational attainment and literacy rates but lower education quality levels are more likely to hasten their IFRS adoption to enhance their education systems quality. Results indicate a positive relationship between four economic indicators (i.e., economic growth, FDI, GDP and interest rates) and the rapid IFRS adoption speed.
Journal: Int. J. of Managerial and Financial Accounting
Pages: 135-184
Issue: 2
Volume: 15
Year: 2023
Keywords: IFRS adoption speed; diffusion of innovation theory; causes; economic benefits.
File-URL: http://www.inderscience.com/link.php?id=129862
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Template-Type: ReDIF-Article 1.0
Author-Name: Ranjit Tiwari
Author-X-Name-First: Ranjit
Author-X-Name-Last: Tiwari
Title: Intellectual capital and firm performance: the role of institutional ownership
Abstract:
Prior studies have looked at how intellectual capital affects firm performance without taking institutional ownership into account. This study aims to investigate the potential moderating effects of institutional ownership on the association between intellectual capital and firm performance. The results of the panel generalised method of moments (GMM) using data for 767 manufacturing firms from 2010 to 2019 showed that the two components of intellectual capital that consistently affect firm performance are the human capital coefficient and structural capital coefficient. In addition, institutional ownership is seen to moderate the effect of the human capital coefficient on firm performance rather than having a direct impact on it. Furthermore, the influence of the human capital coefficient on firm performance is moderated by the promoter institutional ownership.
Journal: Int. J. of Managerial and Financial Accounting
Pages: 442-482
Issue: 4
Volume: 15
Year: 2023
Keywords: intellectual capital; institutional ownership; firm performance; interaction effects; generalised method of moment; GMM.
File-URL: http://www.inderscience.com/link.php?id=133777
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Handle: RePEc:ids:injmfa:v:15:y:2023:i:4:p:442-482

Template-Type: ReDIF-Article 1.0
Author-Name: Issa Dawd
Author-X-Name-First: Issa
Author-X-Name-Last: Dawd
Author-Name: Lanouar Charfeddine
Author-X-Name-First: Lanouar
Author-X-Name-Last: Charfeddine
Title: The impact of terrorism and institutional quality on cost of debt: an analysis on developing countries
Abstract:
This study examines the impact of terrorism and institutional quality on the cost of debt. Considering all observed incidents in 35 countries over the period 1998-2019. Our main finding is that terrorist activity has a positive and significant effect on the cost of debt. We also find that improved institutional quality help to reduce the cost of debt. Our analysis also suggests that the response of the cost of debt to shocks on terrorism and quality institutions lasts between one and eight years. However, there is evidence of a bidirectional Granger causality between the cost of debt and the global terrorism index and between institutional quality and the cost of debt in the case of the global terrorism index. The policy implications of the empirical findings have been discussed.
Journal: Int. J. of Managerial and Financial Accounting
Pages: 483-506
Issue: 4
Volume: 15
Year: 2023
Keywords: terrorism impact; institutional quality; cost of debt; VAR analysis; developing countries.
File-URL: http://www.inderscience.com/link.php?id=133780
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Handle: RePEc:ids:injmfa:v:15:y:2023:i:4:p:483-506

Template-Type: ReDIF-Article 1.0
Author-Name: Md Jahidur Rahman
Author-X-Name-First: Md Jahidur
Author-X-Name-Last: Rahman
Author-Name: Hu Jiaying
Author-X-Name-First: Hu
Author-X-Name-Last: Jiaying
Author-Name: Md Moazzem Hossain
Author-X-Name-First: Md Moazzem
Author-X-Name-Last: Hossain
Author-Name: Shyamapada Biswas
Author-X-Name-First: Shyamapada
Author-X-Name-Last: Biswas
Author-Name: Moutushi Tanha
Author-X-Name-First: Moutushi
Author-X-Name-Last: Tanha
Author-Name: Tarek Rana
Author-X-Name-First: Tarek
Author-X-Name-Last: Rana
Title: Financial statement fraud: US and Chinese case studies
Abstract:
This research aims to compare financial statement fraud in China and the USA. This research conducted data analyses from 20 companies between 2016 and 2020, specifically, ten US companies and ten Chinese companies. The ten companies have financial disclosure problems and are limited liability companies. The findings of the study show that senior management, CPAs, and auditors are mainly responsible for the financial statement fraud in both countries. In addition, weak internal controls and irresponsibility are the motivations or factors that facilitate financial statement fraud. Consistent with prior literature, the senior management and other individuals are more responsible for the financial statement fraud in the US companies compared with in the Chinese companies. Moreover, the hiring of independent directors with local political connections to prevent financial statement fraud may not be applicable to US companies. Findings provide a better understanding between the financial statement fraud and the various factors connected to the financial statement fraud in China and the USA. The results have theoretical, managerial, and practical implications to the regulators and policymakers.
Journal: Int. J. of Managerial and Financial Accounting
Pages: 413-441
Issue: 4
Volume: 15
Year: 2023
Keywords: perpetrators; methods; motivations and factors; detection; outcomes; prevent; financial statement fraud.
File-URL: http://www.inderscience.com/link.php?id=133781
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Handle: RePEc:ids:injmfa:v:15:y:2023:i:4:p:413-441

Template-Type: ReDIF-Article 1.0
Author-Name: Hussain Muhammad
Author-X-Name-First: Hussain
Author-X-Name-Last: Muhammad
Author-Name: Stefania Migliori
Author-X-Name-First: Stefania
Author-X-Name-Last: Migliori
Title: Board gender diversity and firm risk-taking: the moderating role of board size
Abstract:
This paper provides new insights into the relationship between board gender diversity and firm risk-taking by examining whether board size (BS) alters the influence of gender diversity on firm risk-taking. This study employs a quantitative method with a sample of 192 non-financial listed firms in Italy from 2016 to 2020. Based on our results, board gender diversity does not exert a consistent influence on firm risk-taking. Instead, its effect is contingent upon BS. Given that larger and smaller boards differ in building and employing their strategic decisions, we find that smaller boards are willing to ratify risky policy choices aligned with the shareholder's interest. Notwithstanding, we failed to find any significant gender diversity's effect on risk-taking in firms with smaller boards. On the other hand, larger boards are found to be less discrete and more inclined to form middle-ground, moderate, and safe decisions to reduce firm risk-taking. Our results reveal that larger boards accentuate the risk reduction effect of gender diversity, showing that Italian non-financial firms are better off with larger and gender-diverse boards. Larger boards with more female members enhance problem-solving and market insights, facilitate adherence to the government or regulatory policies and help reduce the firm's risk.
Journal: Int. J. of Managerial and Financial Accounting
Pages: 346-371
Issue: 3
Volume: 15
Year: 2023
Keywords: board gender diversity; board size; BS; firm risk-taking; agency theory; resource dependency theory; non-financial firms; Italy.
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Handle: RePEc:ids:injmfa:v:15:y:2023:i:3:p:346-371

Template-Type: ReDIF-Article 1.0
Author-Name: KwangJoo Koo
Author-X-Name-First: KwangJoo
Author-X-Name-Last: Koo
Title: Pay ratio and operational efficiency
Abstract:
Using a comprehensive US sample over the period 1995-2010, we examine the effects of CEO-to-employee pay ratios on operational efficiency. We have found evidence that the pay ratio is negatively associated with firm efficiency. This means that employees perceive higher pay ratios as an inequitable outcome that discourages their collaborations and leads to dissatisfaction with their working environments. We conduct a battery of tests to alleviate the endogenous nature of pay ratios and a variety of other sensitivity tests. We also find that the association is more pronounced when collaborative working environments are better, as in cases of: 1) firms with lower default risk; 2) firms with lower financial analysts' attention; 3) firms with stronger less severe risk-aversion. Our paper provides significant evidence for the ongoing policy debate over pay inequality on firm operations.
Journal: Int. J. of Managerial and Financial Accounting
Pages: 507-533
Issue: 4
Volume: 15
Year: 2023
Keywords: pay ratio; social comparison; tournament theory; firm efficiency.
File-URL: http://www.inderscience.com/link.php?id=133792
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Template-Type: ReDIF-Article 1.0
Author-Name: Dante Baiardo C. Viana Jr.
Author-X-Name-First: Dante Baiardo C. Viana
Author-X-Name-Last: Jr.
Author-Name: Isabel Lourenço
Author-X-Name-First: Isabel
Author-X-Name-Last: Lourenço
Author-Name: Marília Ohlson
Author-X-Name-First: Marília
Author-X-Name-Last: Ohlson
Author-Name: Gerlando Augusto S.F. de Lima
Author-X-Name-First: Gerlando Augusto S.F. de
Author-X-Name-Last: Lima
Title: National culture and earnings management in emerging markets: the role of IFRS mandatory adoption
Abstract:
This study investigates the association between national culture and earnings management in emerging markets and analyses the role of International Financial Reporting Standards (IFRS) mandatory adoption in dampening the influence of national culture on earnings management. Based on a sample of 12,209 firm-year observations from 14 emerging markets and using several proxies for both accrual-based earnings management (AEM) and real earnings management (REM), we provide empirical evidence that firms from countries with higher levels of uncertainty avoidance, power distance, and long-term orientation, and firms from countries with lower levels of indulgence and masculinity, are associated with higher levels of earnings management. Furthermore, the empirical findings suggest that the IFRS mandatory adoption (associated with a better financial reporting system) moderates the association between cultural factors and earnings management by dampening the influence of national culture on either AEM or REM.
Journal: Int. J. of Managerial and Financial Accounting
Pages: 316-345
Issue: 3
Volume: 15
Year: 2023
Keywords: national culture; earnings management; emerging countries; International Financial Reporting Standards; IFRS; accrual-based earnings management; AEM; real earnings management; REM.
File-URL: http://www.inderscience.com/link.php?id=131755
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Handle: RePEc:ids:injmfa:v:15:y:2023:i:3:p:316-345

Template-Type: ReDIF-Article 1.0
Author-Name: Reena Kumari
Author-X-Name-First: Reena
Author-X-Name-Last: Kumari
Author-Name: G. Naresh
Author-X-Name-First: G.
Author-X-Name-Last: Naresh
Title: Adoption of International Financial Reporting Standards and its effect on quality of financial reporting - a bibliometric study
Abstract:
International Financial Reporting Standards (IFRS) research productivity has been examined in this study using bibliometric analysis on 403 articles from the Scopus database covering the period of 2005-2021. This study gives a holistic view of the IFRS research journey. Bibliometrix (RStudio) and VOSviewer software are used for the analysis. It examines the extant global literature on IFRS with co-citation analysis, publication trend analysis, keyword analysis to identify the influential research networks, intellectual structure and gaps in this area. The major key themes which emerged based on keyword frequency and analysis are 'corporate governance', 'accounting quality', 'earnings management', 'earnings quality' and 'audit quality'. IFRS adoption led to better financial reporting quality and reduced information asymmetry. IFRS implementation largely depends on the strength of law enforcement in nations. It gives a comprehensive view of IFRS research to policymakers, regulators and new researchers and further guides them to identify relevant areas which need further investigation.
Journal: Int. J. of Managerial and Financial Accounting
Pages: 255-281
Issue: 3
Volume: 15
Year: 2023
Keywords: International Financial Reporting Standards; IFRS; financial reporting; accounting quality; GAAP; accounting standards; bibliometric analysis; VOSViewer; RStudio.
File-URL: http://www.inderscience.com/link.php?id=131760
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Handle: RePEc:ids:injmfa:v:15:y:2023:i:3:p:255-281

Template-Type: ReDIF-Article 1.0
Author-Name: Maisha Marium Rahim
Author-X-Name-First: Maisha Marium
Author-X-Name-Last: Rahim
Author-Name: Md. Sharif Hassan
Author-X-Name-First: Md. Sharif
Author-X-Name-Last: Hassan
Author-Name: Muhammad Mohiuddin
Author-X-Name-First: Muhammad
Author-X-Name-Last: Mohiuddin
Title: Impacts of profitability and growth on stock returns of the listed manufacturing companies at Dhaka stock exchange in Bangladesh
Abstract:
The study aimed to examine the impact of profitability and growth on the adjusted stock return of the listed manufacturing companies at the Dhaka stock exchange, Bangladesh. The study included 198 manufacturing companies operating in 14 sectors. The combination of cross-sectional and time-series data has constituted panel data. We hypothesise the positive and significant relationship between profitability and growth, and stock returns, pooled OLS multiple regression model, fixed effect regression model, and random effect regression model has been developed. The findings showed that all the independent variables except for the operating profit margin (OPM) positively impact the stock return. The variables did not influence the investor's stock investment decision, except for the net profit growth (NPG) measure. The positive connection between other profitability ratios and the stock return has not turned out to be robust and significant mainly because of the speculative and non-analytical investment decision-making by individual-level investors.
Journal: Int. J. of Managerial and Financial Accounting
Pages: 372-392
Issue: 3
Volume: 15
Year: 2023
Keywords: gross profit margin; GPM; operating profit margin; OPM; net profit margin; NPM; ROA; ROE; gross profit growth; GPG; net profit growth; NPG; adjusted stock return; panel data analysis.
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Template-Type: ReDIF-Article 1.0
Author-Name: Rafik Harkati
Author-X-Name-First: Rafik
Author-X-Name-Last: Harkati
Author-Name: Fekri Ali Shawtari
Author-X-Name-First: Fekri Ali
Author-X-Name-Last: Shawtari
Author-Name: Abdelkader Laallam
Author-X-Name-First: Abdelkader
Author-X-Name-Last: Laallam
Title: MESDAQ and ACE markets through the lens of performance: has the 2009 transformation paid off?
Abstract:
On 29th July 2009, Bursa Malaysia developed a new board structure, the main and second boards were merged as one unified board called the main market, whereas MESDAQ market had a name change as ACE market, whereby firms other than technology-based are permitted to list on ACE market. This study seeks to investigate the effectiveness of this restructuring in enhancing the performance of the ACE market firms and alleviating liquidity constraints. The study employs unconsolidated data of 126 companies operating in ACE market for the period 2004-2018, generalised method of moments (GMM) and ratios' analysis techniques are employed in the investigation. The findings revealed that, it is size, equity, and sales growth that mainly drive performance in the ACE market. Leverage is to be determined with caution based on the core business of the firm and the sort of investment. While financial constraints have been alleviated, further actions are recommended to enhance this market as performance post-2009 transformation is not up to expectations. Setting the optimal capital structure and choosing between long-term and short-term financing should be the primary concerns of the company.
Journal: Int. J. of Managerial and Financial Accounting
Pages: 282-315
Issue: 3
Volume: 15
Year: 2023
Keywords: access, certainty, efficiency ACE market; Malaysian exchange of securities dealing and automated quotation; MESDAQ market; performance; 2009 transformation.
File-URL: http://www.inderscience.com/link.php?id=131764
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Handle: RePEc:ids:injmfa:v:15:y:2023:i:3:p:282-315

Template-Type: ReDIF-Article 1.0
Author-Name: Alexios Kythreotis
Author-X-Name-First: Alexios
Author-X-Name-Last: Kythreotis
Author-Name: Milad Soltani
Author-X-Name-First: Milad
Author-X-Name-Last: Soltani
Title: Relevance and faithful representation (reliability) of annual and semi-annual financial statements; a trade-off?
Abstract:
This study aims to shed light on the inconclusiveness of attaining attributes of relevance and reliability of reported accounting information in financial statements. For this reason, the degree of relevance and reliability of annual and semi-annual financial statements is examined. The sample consists of 321 manufacturing companies in the form of panel data from 2012 to 2019. The study shows a trade-off between relevance and reliability between annual and semi-annual financial statements. It is the first effort to detect any trade-off in relevance and reliability between semi-annual and annual financial statements. Additionally, this study measures the quality dimensions as presented in the conceptual framework of IFRS and highlights the conflict between existing methods measuring reliability with the IFRS conceptual framework's rationality.
Journal: Int. J. of Managerial and Financial Accounting
Pages: 393-412
Issue: 3
Volume: 15
Year: 2023
Keywords: relevance; faithful representation; reliability; conceptual framework; annual and semi-annual financial statements.
File-URL: http://www.inderscience.com/link.php?id=131779
File-Format: text/html
File-Restriction: Open Access
Handle: RePEc:ids:injmfa:v:15:y:2023:i:3:p:393-412