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 Articles will not be published until the final proofs are validated by their authors.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 (14 papers in press)


Regular Issues


  • Financial management of publicly funded research activities: an explorative study   Order a copy of this article
    by Marco Romano, Melita Nicotra, Armando Papa, Emilia Castello 
    Abstract: This research deals with the analysis of financial , with a specific focus on cash flows, within in-house publicly controlled companies operating in high-technology sectors and characterized by the relevant participation in research projects financed by the European Structural Funds. To this end, three research questions were formulated relating to the liquidity cycle of such organizations. They focus respectively on the risk and return trade-off, on the variability of their cash flows and on the relation between the liquidity and the yields of the financial tools owned. A public‒private consortium was the subject of analysis to answer the research questions. Specifically, the Miller‒Orr model was applied to the consortiums cash flows to provide managerial recommendations for the future and a course of action.
    Keywords: Financial management ; In-house public controlled companies; Publicly-funded Research.
    DOI: 10.1504/IJMFA.2018.10011746
  • Organizational Influences on Management Accounting Toolkits in Chinese Enterprises: An Exploratory Study   Order a copy of this article
    by Rolf Ritsert, Robert Rickards 
    Abstract: The purpose of this paper is to investigate Chinese management accounting practice regarding the question whether enterprises use a common set of management accounting instruments. In addition, the study explores the influence of selected organizational variables on the adoption of specific management accounting practices (MAPs). It utilizes a Mandarin-language online survey of key actors and evaluates selected information from personal interviews with CFOs in Mainland China. The research finds no evidence of a common mix of management accounting tools in the sample of Chinese enterprises under investigation. Moreover, the study demonstrates that organizational variables have a significant impact on specific management accounting tools.
    Keywords: management accounting; China; state-owned enterprises; privately-owned enterprises; organizational factors.

  • Undertaking of Environmental Accounting Responsibility to Achieve Sustainable Development Evidence from Jordanian Chemical and mining companies   Order a copy of this article
    by Mohammad Aladwan 
    Abstract: This study is aimed discuss and review the concept of environmental accounting and its contribution to sustainable development. Community started to practice more pressure on government and companies to sustain their national resources and their environment. Therefore, almost all Companies started to work alongside with governments to solve the side effects of environmental problems through adopting the necessary accounting standard and necessary legislations that guide company actions to meet its social requirements. This study used a sample of Jordanian chemical and mining companies the most dominant type to investigate the study issue. A structured questionnaire distributed to the staff of these companies to examine their opinions about availability of environmental accounting in companies systems. The general findings of the study revealed that Jordanian companies committed to environment legislations; environment accounting concept and methods in addition to their commitment for social responsibility as a part of sustainable development. The study finally discussed some of the difficulties for implementing environmental accounting and provided the proper solutions and recommendations for the success of implementing environmental accounting methodologies.
    Keywords: Environmental accounting; social responsibility; sustainable development; Jordan; industrial companies.

  • Equities issues and long term firms performances in Tunisian Stock Market   Order a copy of this article
    by Wissem Daadaa, Hatem Mansali 
    Abstract: This paper investigates the long-run performance of SEO firms in Tunisia. We use event time and calendar time approach to measure the long-run performance of SEO firms. The results suggest that SEO firms underperform in the long-run, and this underperformance is robust according to alternative measures. In the cross-section, we show that the runup, market runup and the proceeds from SEO are significant determinants of the underperformance of SEO firms. These results are in accordance with both behavioral theories and real options theory. To distinguish between these two theories, we analyze the average systematic risk dynamics around SEO. The results suggest that there is an increase in risk before the offering, and a significant decrease of risk after the offering. The behavior of risk around SEO appears consistent with real options predictions.
    Keywords: equities issues; abnormal return; market reaction; shares prices.

  • Does R&D investment affect export intensity? The moderating effect of ownership   Order a copy of this article
    by Mario Ossorio 
    Abstract: The present work aims to highlight the relationship between R&D investment and firms internationalization degree and to investigate whether family ownership and state ownership exert a moderating role on the abovementioned relationship. Based on a sample of 106 Italian listed firms during the period 2010-2013, this study finds that R&D investment has a positive impact on the ratio of sales in foreign countries to total sales. Furthermore, family ownership positively influences the relationship between R&D investment and firms internationalization degree because of patient capital and family owners' altruism. Conversely, the findings show that state ownership negatively affects the relationship under examination because state-owned enterprises operate in domestic protected markets and are characterized by severe agency conflicts and low competitiveness.
    Keywords: R&D investment; Internationalization; Export intensity; Family ownership; State ownership.

  • The Impact of Firm-Specific Characteristics on Earnings Management: Evidence from GCC Countries   Order a copy of this article
    by Bahaaeddin Alareeni 
    Abstract: This study aims to decide whether listed companies in GCC countries practice Earnings Management (EM). Further, effect of a set of firm-specific characteristics on EM practices is examined. The study sample consists of 332 listed companies during the period 2010-2015. The study estimates the discretionary accruals (DA) using the Modified Jones (1995) model as a proxy for EM to reveal EM activities. Multiple regression analysis is used to test the study hypotheses and achieve the study aims. The results reveal that companies are engaged in EM practices except for Oman and they are practicing downward EM activities (income-decreasing). The results show that the company size and leverage have an insignificant impact on EM practices in GCC countries. Companys losses affect EM for GCC countries except for Bahrain. This is further evidence confirms that most GCC countries are engaged in EM and practice EM through income-decreasing discretionary accruals.
    Keywords: Firm-Specific Characteristics; Earnings Management; the Modified Jones (1995) Model; Firm Size; Leverage; Losses.

  • What Causes Abrupt and Massive Change in the Top Management of a Successful Entity in an Emerging Economy   Order a copy of this article
    by Mamunur Rashid 
    Abstract: The paper examines the leading causes of abrupt and massive changes in the top management in a successful entity in an emerging economy-Islami Bank Bangladesh Limited. The paper is based on an extensive case study method. The study uses both primary and secondary sources of data. Primary data include direct conversation with various stakeholders of the bank using unstructured questionnaire. The data were collected before and after the changes in the top management. The study found the leading causes of reshuffle in top management including chairman, vice-chairman, and Chief Executive Officer are: pressure from government, involvement of a political party with the bank management-Bangladesh Jamaat-e-Islami- an opposition to the present government, lacks of transparency of corporate social responsibility expenditures, and pressure of foreign investors. However, no negative impacts were seen within the first month of the change on stock prices of the bank in the countrys two stock markets.
    Keywords: Corporate Governance; Islami Bank; Bangladesh; Massive Change; Board of Directors; Politics; Turnover; Top Management; Government; Private Bank.

  • Board compositions and social reporting: Malaysian evidence   Order a copy of this article
    by Ridzwana Mohd-Said, Teck Shen Lim, Hairul Suhaimi Nahar, Rosmila Senik 
    Abstract: Corporate social responsibility (CSR) and corporate governance (CG) are important elements of any firms business strategy in ensuring corporate success and sustainability. The interface of CG and CSR is a subject of growing research agenda academically given the availability of diverse structures and variables in governance knowledge repertoire. This study adds to the mosaic of knowledge regarding the influence of selected CG attributes on CSR reporting in the Malaysian context. Applying the hierarchical multiple regression analysis to data sourced from Malaysian listed firms, the results are arguably informative for various strategic policy recommendations. Specifically, the results indicate that female directors are unique governance determinant of enhanced CSR disclosure, systematically adding credence to the gender based argument of having more female board representation.
    Keywords: Board compositions; corporate social responsibility disclosure; Malaysia.

  • Factors Influencing Integrated Reporting Practices among Malaysian Public Listed Real Property Companies: A Sustainable Development Effort   Order a copy of this article
    by Erlane K. Ghani, Jauharoh Jamal, Evita Puspitasari, Ardi Gunardi 
    Abstract: One of the elements in sustainable development is the inclusiveness of stakeholders engagement by providing comprehensive reporting such as integrated reporting. Integrated reporting promotes a cohesive and efficient approach that draws on different reporting strands and communicates a full range of variables that can affect the ability of a company in creating its value and at the same time, enhances accountability. However, there is a lack of study that has examined integrated reporting practices particularly in a developing country, thus motivating this study to examine the integrated reporting practices among the public listed companies in Malaysia particularly the real property companies. Specifically, this study examines the level of integrated reporting disclosure among the property companies in Malaysia. In addition, this study also examines whether company structure, performance structure and market structure influence integrated reporting disclosure among the real property companies listed in the Bursa Malaysia. Using content analysis on the annual reports of a three year period, this study shows that although the level of integrated reporting disclosure among the real property companies has increased over the three year period, the level of integrated reporting practices among the real property companies is still low. This study also shows that only company structure and market structure significantly influence the level of integrated reporting practices among the real property companies in Malaysia. These findings would be of interest to the policy makers and regulators on understanding the factors that influence integrated reporting in the real property listed companies and subsequently, strategize ways in improving this practice to support the sustainable development goals.
    Keywords: Sustainable development; accountability; integrated reporting; property companies; Malaysia.

  • An Integrated Network Model for performance management: a focus on healthcare organizations   Order a copy of this article
    by Gabriella Marcarelli 
    Abstract: Multricriteria methods provide the decision maker with a tool to analyze complex problems involving several conflicting factors and stakeholders. This paper highlights the advantages of a multicriteria approach, paying a specific attention to the Analytic Network Process (ANP), for performance management. The ANP may support the manager of an organization to evaluate performances by taking into account all the perspectives typical of the Balanced Scorecard (BSC) approach and providing a mathematical model to manage performance. The use of ANP and BSC in an Integrated Network Model (INM), beyond the determination of the weights to assign to perspectives, objectives and metrics, allows to evaluate the cause-effect relationships between these elements, derive performance indices for the elements of the network, analyze the effect of a decision and prioritize the areas requiring improvement.rnIn particular, this paper focuses on the application of the INM to a public Healthcare Organization.
    Keywords: Performance Management; Analytic Network Process; Balanced Scorecard; Multicriteria Decision Making; Healthcare organization.

  • Does corporate retrenchment gain value? A Study from Malaysia.   Order a copy of this article
    by L.I.K. JING UNG, Rayenda Brahmana, Chin Hong Puah 
    Abstract: This paper explores the rarely investigated strategy, namely, defensive strategy. It investigates the performance of defensive strategy by gauging further the ownership structure and identity. It follows prior research in the value of diversification such Lins and Servaes (2002), Fauver et al (2004), or Lee et al (2012), but with different strategy perspective which is the retrenchment strategy. This research aims to investigate the relationship between firm value and retrenchment strategy for a sample of 596 listed firms in Malaysia over 2008-2013. From the results, we document a positive association between the excess value of retrenchment cost. We also examine a special moderator variable for ownership expropriation that captures the ownership structure. Our findings show that there is a negatively significant relationship between ownership structures and excess value, where foreign and government underperformed in imposing retrenchment strategy. However, our research further indicates that ownership concentration does not play a significant role on the association between excess value and retrenchment cost. The implication of this research lies in two main points. Firstly, it adds to the body of knowledge by showing the effectiveness of retrenchment strategy in value creation, and the role of corporate governance in that relationship. Secondly, it provides valuable insight to regulators and policymakers by demonstrating that retrenchment strategy might have a beneficial to create value. In summary, this research implies that retrenchment strategy might bring value to certain types of firms and certain levels of ownership.
    Keywords: Retrenchment; Excess Value; Ownership Expropriation; Corporate Strategy.

  • Do Book to market and size explain stock returns of banks? An empirical investigation from MENA economies   Order a copy of this article
    by Monia BEN LTAIFA 
    Abstract: The aim of this study is to examine empirically the determinants of stock returns of banks in the MENA countries. Methodologically, we use the capital asset pricing model (CAPM) and the three-factor model of Fama and French (1993) for a sample of 30 banks during the period from March 31, 2004 to March 18, 2014. From the empirical findings, we can show that the firms with big size and with high book to market (BH) produce higher average stock returns than big firms during all periods of study (before the crisis, during the financial crisis of 2007 and after the financial crisis). In addition, we find that the size, the book to market and the market risk premium have very strong importance to explain the volatility of the expected returns. The results show, also, that the market risk (Mkt) has a positive impact on market profitability of banks except for the SM and BH portfolios in the case of the CAPM and Fama and French models. The risk associated with the size (SMB) has a positive impact on small banks and a negative impact on banks with big sizes. Finally, the risk related to the market value (HML) has a positive impact on small and large banks.
    Keywords: Conventional banks; CAPM; Fama and French (1993); stock returns.

Special Issue on: Advances in Managerial and Financial Accounting, Theory and Practice Managing the Intangible and Disclosing the Business Performance in Emerging and Traditional Markets

  • Determinants of mandatory goodwill disclosure: The case of impairment testing in Germany   Order a copy of this article
    by Laurent Lazar, Patrick Velte 
    Abstract: Goodwill accounting standards, according to International Financial Reporting Standard 3 (IFRS 3) and International Accounting Standard 36 (IAS 36), oblige firms to describe the circumstances that form the basis of the annual impairment testing. We observe that managers interpretation or application of the IFRS is associated with the information content disclosed in financial statements. The use of boilerplate instead of firm-specific information decreases the information quality. This study investigates the disclosure quality of goodwill impairment testing under the IFRS of German listed companies between 2010 and 2015. Our results provide evidence that firm performance and goodwill impairment losses are positively linked to the quality of goodwill impairment disclosure. Furthermore, the results show that the magnitude of reported goodwill is negatively associated with the disclosure quality. Our findings are robust to additional tests and make several contributions to further research, regulation, and practice.
    Keywords: impairment only approach; IAS36; disclosure quality; goodwill.
    DOI: 10.1504/IJMFA.2018.10011457
  • IFRS and IPO Underpricing: Evidence from Italy   Order a copy of this article
    Abstract: This study examines the impact of the IFRS adoption on IPO underpricing; the latter is, as known, the positive spread between the first day of trading closing price and the offer price of a newly issued share. The underpricing phenomenon is usually associated with the information asymmetry among the actors involved in the process of listing. Some scholars suppose that IPO firms usage of the IFRS, rather than the domestic GAAP, affects IPO underpricing through two mechanisms: (1) the quality, and (2) the comparability of the financial reports. Our study is the first research that studies the impact of the IAS/IFRS on the IPOs underpricing in the Italian stock market. We find that the IFRS adoption is not associated with a decrease in IPO underpricing and that the trend of the financial market is the only factor associated with this phenomenon. Referring to the Italian stock market, our results suggest that the IFRS adoption does not reduce information asymmetries among investors, probably due to the lax of enforcement which seems to characterize the Italian environment.
    Keywords: IPO; International Financial Resporting Standards; Underpricing; Performance; Financial market;.