Forthcoming Articles

International Journal of Accounting and Finance

International Journal of Accounting and Finance (IJAF)

Forthcoming articles have been peer-reviewed and accepted for publication 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 Articles will not be published until the final proofs are validated by their authors.

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International Journal of Accounting and Finance (4 papers in press)

Regular Issues

  • Empirical implications of the fundamental theorem of accounting   Order a copy of this article
    by Jonathan Ross, David Ziebart 
    Abstract: Using quarterly data, we measure the divergence between a firms accounting rate of return and the firms market rate of return in period t for all firms in the CRSP/Compustat merged database over the time period 19752021. We find that a firms quarterly market rate of return is more likely to be greater than the rate of return on assets implied by the accounting of that firm. We document several empirical implications of this result. Our empirical results support the main point of the fundamental theorem of accounting. Namely, the double-entry system of accounting contains the information sufficient to value the firm and there is empirical evidence that the market fails to incorporate this into its valuation. Empirically, the market consistently misses the usefulness of the return on assets and is in a constant state of correction to better align its expectations with those implied by the underlying accounting information.
    Keywords: fundamental theorem of accounting; predicting market returns; accounting information; return on assets; post-earnings announcement drift.
    DOI: 10.1504/IJAF.2026.10079146
     
  • Financing SMEs: performance ranking of Canadian financial lenders   Order a copy of this article
    by Avninder Gill 
    Abstract: Small and medium enterprises (SMEs) significantly contribute to the national and world economies and are the major vehicles of economic growth. Most financial lenders consider it a part of their social stewardship to support SMEs, but SMEs still face some challenges in securing debt finance from lending institutions. This paper applies the discriminatory power of grey relational analysis (GRA) and utilises data driven entropy weights to address subjectivity in the decision-making process to develop a ranking system that captures the SMEs access to debt financing and ranks the financial institutions based on eight criteria. SMEs can utilise such ranking systems to approach some financial institutions confidently while with others, SMEs are likely to experience a random success rate. The paper also reviews the relevant literature on SME debt finance and provides concluding remarks.
    Keywords: SME finance ; debt financing; grey relational analysis.
    DOI: 10.1504/IJAF.2026.10079774
     
  • IPO aftermarket operating performance in the banking industry: the case of banks listed on the West African economic and monetary unions stock exchange (BRVM)   Order a copy of this article
    by Daouda Lawa Tan Toe 
    Abstract: This research seeks to assess the effect of IPOs on banks operating performance. A series of tests are used for more robust results. The first test is a regression of banks characteristic variables on three performance indicators (ROE, ROA, and deposit growth). The second test attempts to understand the significance of the difference in performance between listed and unlisted banks (Mann-Whitney test). Finally, the last test (Wilcoxon signed ranks test) examines whether banks post-IPO performance differs from their pre-IPO performance. The results suggest that the banks IPO has a positive effect on its operating performance. Moreover, the Mann Whitney test yields contrasting results depending on which indicator is used to measure performance. IPO has negative effect on ROE for large banks. These results suggest that banks should move toward the BRVM stock market as the operating performance of listed banks improves after the IPO
    Keywords: IPO; banks; operating performance; WAEMU; BRVM.
    DOI: 10.1504/IJAF.2026.10080529
     
  • Why do Indian non-government non-financial large companies deleverage?   Order a copy of this article
    by Kiranjit Sett, Debabrata Mukhopadhyay 
    Abstract: Indian large companies have been found to be deleveraging. This study aims to identify the causes of deleveraging among large Indian non-government, non-financial public limited companies. Time series data on selected variables for the period 19812019 were analyzed and found to be integrated of order 1. Johansens cointegration test indicates that the debt-equity ratio, asset tangibility, profitability, volatility in returns on the BSE Sensex, and average annual returns on the BSE Sensex are cointegrated. The deleveraging of these companies appears to be driven by a decline in asset tangibility, an increase in profitability, and a decrease in the cost of equity capital.
    Keywords: financial leverage; asset tangibility; profitability; net tax advantage of debt; cost of equity share capital; cointegration.
    DOI: 10.1504/IJAF.2026.10080735
     

 

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