Forthcoming and Online First 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 Articles will not be published until the final proofs are validated by their authors.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 (3 papers in press)

Regular Issues

  • Applying ESG-based arbitrage with ETFs   Order a copy of this article
    by Gerasimos Rompotis 
    Abstract: We assess the expenses, ESG score, return, risk and tracking error of 35 paired UK and US ETFs written on the same benchmarks during the period 2016-2020. The results indicate that, even though the ETF pairs track the same indexes, there are statistically significant differences in return, risk and tracking error of these ETFs. Going further, we built a blended portfolio of 35 UK and US ETFs with the highest ESG ratios and compare its return, risk, expense ratio and tracking error to the individual UK and US ETF portfolios. The comparison reveals that the blended portfolio can outperform the country portfolios shouldering, at the same time, investors with a lower risk. Significant difference also exist in expense ratios and tracking errors between the blended and the country ETF portfolios.
    Keywords: ESG; arbitrage; performance; risk; tracking error.

  • Enabling management control systems in service organisations: an exploratory case study   Order a copy of this article
    by Kalinga Jagoda, Ruoyi Wang, Rafik Kurji 
    Abstract: Management control is a tool to assist organisations to attain their goals and objectives. Over the past four decades, management control theories and applications have been developed extensively. However, there are still some discussions regarding the nature of management control systems (MCS) and how exactly they would add value to an organisation. This paper investigates how managers in a car rental company use various management control tools to achieve their objectives. We tested two previous models of management control systems and proposed a revised model to be applied to the service industry. This paper aims to provide an understanding of how MCS would assist any organisation in strategic planning, operational controls and financial control. The revised model proposed in this paper would also constitute as an aid to policy makers, researchers, and entrepreneurs.
    Keywords: management control; control systems; management accounting; performance management; service organisation; car rental company.

  • A revisit to firm profitability-size relationship in the presence of firm financial leverage   Order a copy of this article
    by Zhixin Kang, Edwin Mensah, Rebecca Gonzalez-Ehnes 
    Abstract: Existing literature reports that in one industry sector a firms profitability rate declines when it gets to a larger size and points to firm financial leverage as a possible causing factor. However, in our knowledge, no subsequent studies provide further evidence on this hypothesis. This study fills this void by revisiting firm profitability-size relationship in the presence of firm financial leverage. Using quarterly panel data, which covers 326 publicly listed US firms in eight industries with data observations spanning from Q1 of 1984 to Q1 of 2021, we split financial leverage into different regimes in an econometric approach and study the impacts of financial leverage on firm profitability-size relationship in each regime. We find the evidence that in the different regimes of financial leverage, the sensitivity of firm profitability to size remarkably exhibits heterogeneous patterns. Furthermore, when financial leverage moves from a low-ratio to high-ratio regime, the contributing strength of firm size to firm profitability weakens. Our study reveals a nonlinear pattern in the firm profitability-size relationship in the presence of financial leverage.
    Keywords: firm profitability-size relationship; financial leverage; regime switching; panel data.