Forthcoming articles


International Journal of Managerial and Financial Accounting


These articles have been peer-reviewed and accepted for publication in IJMFA, but are pending final changes, are not yet published and may not appear here in their final order of publication until they are assigned to issues. Therefore, the content conforms to our standards but the presentation (e.g. typesetting and proof-reading) is not necessarily up to the Inderscience standard. Additionally, titles, authors, abstracts and keywords may change before publication. Articles will not be published until the final proofs are validated by their authors.


Forthcoming articles must be purchased for the purposes of research, teaching and private study only. These articles can be cited using the expression "in press". For example: Smith, J. (in press). Article Title. Journal Title.


Articles marked with this shopping trolley icon are available for purchase - click on the icon to send an email request to purchase.


Articles marked with this Open Access icon are freely available and openly accessible to all without any restriction except the ones stated in their respective CC licenses.


Register for our alerting service, which notifies you by email when new issues of IJMFA are published online.


We also offer RSS feeds which provide timely updates of tables of contents, newly published articles and calls for papers.


International Journal of Managerial and Financial Accounting (8 papers in press)


Regular Issues


  • Non-linear Relationship between Institutional investors Ownership and Capital Structure: Evidence from Iranian firms   Order a copy of this article
    by Majid Ashrafi 
    Abstract: The main objective of this study is to examine how institutional investors and different types of them influence the firms capital structure. Using a panel data including 240 the main market Iranian firms from 2012 to 2016, the results of this study show that there is a non-linear relationship between institutional ownership and capital structure. First, we look for a quadratic relationship but we did not find any evidence to support it. Further, we test for a cubic association in the next stage. The results reveal a cubic relationship between institutional ownership and capital structure but this association is different for different types of institutional investors. Pressure-sensitive institutions have positive, negative and again positive influence; while inversely pressure-insensitive institutions have a negative, positive and again negative impact on debt ratio in different levels of their ownership.
    Keywords: Capital structure; institutional investors; nonlinear relationship; Tehran Stock Exchange.

  • An empirical investigation of determinants of firm dividend payouts in Egypt: An agency perspective   Order a copy of this article
    by Abdelmohsen Desoky, Gehan Mousa 
    Abstract: This empirical study aims primarily to examine determinants of the firm dividend payouts (FDP). A number of independent variables namely ownership concentration, institutional shareholding, firm cash flows, investment opportunity, firm growth and firm risk are used as determinants of the FDP of the most active firms listed on the Egyptian Exchange (EGX) after statistically controlling for four control variables which are firm profitability, firm leverage, firm industry and firm size. This investigation uses a sample of 408 firm-year observations during a three-year period (2015 2017). Person correlation and Hierarchical Multiple Regression are employed to investigate the impact of the independent variables on FDP. Descriptive statistics shows that across the sampled firms over the three years, the average FDP is 7.6 percent. Further, excessive variation in the FDP is found across sampled firms over the time period. A number of significant relations between FDP and three independent variables (ownership concentration, institutional shareholding and firm growth) are found. HMR finding support results obtained from Person correlation.
    Keywords: Agency theory; emerging markets; firm dividend payouts; investments opportunities; the Egyptian Exchange (EGX).

  • Effective audit committee, audit quality and earnings management: Evidence from the Ghana Stock Exchange.   Order a copy of this article
    by Ben Agyei-Mensah, Michael Yeboah 
    Abstract: Purpose - The purpose of this paper is to investigate the influence of audit committee effectiveness and audit quality (auditor size) on earnings management by firms listed on the Ghana Stock Exchange (GSE). rnMethod/Approach: The study uses 180 firm-year observations for the period 2013-2017 for firms listed on the Ghana Stock Exchange. Descriptive analysis was performed to provide the background statistics of the variables examined. This was followed by regression analysis, which forms the main data analysis.rnFindings The results of multivariate regression analysis indicated that audit committee financial expertise, audit committee prior experience, audit committee size and audit quality have significant negative relationship with discretionary accruals as a proxy for earnings management. On the other hand, no significant relationship was found between audit committee independence and audit committee meeting and the level of discretionary accruals. rnPractical implications: This paper is important because it offers useful information that is of great value to policy makers, academics and other stakeholders.rnOriginality/value: This study is one of the few to measure the influence of audit committee effectiveness and audit quality (auditor size) on earnings management rn
    Keywords: Audit Committee Effectiveness; Audit Quality; Earnings Management; Financial reporting quality; Ghana.

  • Changes in Liquidity Associated with Removal of Companies from the FTSE 100 Index.   Order a copy of this article
    by Ahmed Aboud, Malin Karlsen 
    Abstract: This study investigates changes in liquidity associated with removal of companies from the FTSE 100 index during the time period 2008-2016. Using an event study methodology, we document significant negative abnormal returns that are more negative in the period prior to removal and a significant decrease in trading volume once a company is removed from the index. Moreover, regression analysis supports the liquidity hypothesis and document a significant increase in the spread after removal after controlling for financial crisis impact. Overall, the results report support that changes in liquidity can explain the negative abnormal returns. These findings contribute the theoretical debate regarding the liquidity effects associated with changes in the composition of the FTSE 100 index.
    Keywords: FTSE 100 index,abnormal returns,liquidity effects.

  • Ownership Structure, Corporate Risk Disclosure and Firm Value: A Malaysian Perspective   Order a copy of this article
    by Siti Aisyah Kamaruzaman, Mazurina Mohd Ali, Erlane K. Ghani, Ardi Gunardi 
    Abstract: This study examines the ownership structure, corporate risk disclosure and firm value of public listed companies in Malaysia. Specifically, this study examines the relationship between ownership structure namely, managerial ownership, institutional ownership, family ownership and corporate risk disclosure. This study also examines the relationship between corporate risk disclosure and firm value. Using content analysis on the annual reports of 200 top public listed firms over a two year period, this study shows that institutional ownership influences corporate risk disclosure. This study also shows that corporate risk disclosure influences firm value but in a negative way. One possible reason could be due to reporting cost which outweighs the benefits in preparing the information. The findings in this study provide some understanding for the supervisory bodies in evaluating the level of compliance related to corporate risk reporting practices. In addition, the findings in this study could also assist investors to consider ownership structure of a prospect firm as one of the criteria in making investment decision.
    Keywords: corporate risk disclosure; firm value; ownership structure; family ownership; institutional ownership.

  • Auditors Knowledge and Firms' Investment Decisions in MENA Countries: Evidence from Tunisian Context   Order a copy of this article
    by Asma Masrouki 
    Abstract: We investigate whether audit quality is associated with firm-level investment efficiency for Tunisian listed firms, after controlling for firms overall level of financial reporting quality. We find that audit quality is positively associated with investment efficiency. The association between audit quality and investment efficiency seems to be independent of firms financial reporting quality. Overall, our findings indicate that audit enhances the process of information production and through its insurance and/or assurance roles, provide investors with confidence which, in turn, causes managers to better allocate firm resources, and ultimately resulting in increased investment efficiency.
    Keywords: auditor’knowledge ; auditor reputation; Big 4; auditor industry expertise; capital investment efficiency; MENA market.

  • The Association between Accounting Disclosures and Stock Market Price An Empirical Study on Jordanian Commercial Banks   Order a copy of this article
    by Mohammad Aladwan, Yasar Shatnawi 
    Abstract: The main aim of the study is to provide empirical evidence about the association between accounting disclosures and market value of stock price. The study uses a sample of the accounting disclosures for a number of commercial banks listed in Amman Stock Exchange (ASE). These disclosures include; the market value of stock price (MVP) that represents the dependent variable, whereas other disclosures; Return on Assets (ROE), Debt Ratio (DR), Dividends Yield (DY), Price Earnings Ratio (PER), Trading Volume (TV), and Change in Customers Deposits (CD) represent the independent variables. The studys methodology follows a quantitative approach using multiple regression method. The data were collected from the annual reports of the selected banks from 2012 to 2015. The results show that ROE, PER, and CD are positively correlated to market value of stock price, while the other variables; DR, DY and TV were found negatively correlated to market value of stock price. However, these findings generally indicate that accounting disclosures have a significant impact and associated with market value of stock price for Jordanian financial sector particularly the commercial banks.
    Keywords: Accounting Disclosures; Return on Assets; Stock Market Price; Debt Ratio; Price Earnings Ratio; Trading Volume; Jordan.

  • Tax Management and Tax Fraud: Evidence from Tunisian companies   Order a copy of this article
    by Hakim Ines, Mohamed Ali Brahim Omri 
    Abstract: There are many evidence and competing arguments on whether firms that exhibit more or less tax management and tax fraud in their financial reporting. Our study contributes to resolving this issue by analyzes the relationship between management tax reporting and the tax fraud. rnThe research is based upon a sample of 51 companies, 31 are considered noncompliance tax and 20 companies compliance tax during the 2004-2012 periods. We find that tax management Tunisian companies are less likely to commit tax fraud. This negative effect is a manner consistent with a non complementary relationship between tax management and tax fraud.
    Keywords: Tax management; tax fraud; Tunisian firms.