Forthcoming and Online First Articles

International Journal of Managerial and Financial Accounting

International Journal of Managerial and Financial Accounting (IJMFA)

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International Journal of Managerial and Financial Accounting (12 papers in press)

Regular Issues

  • Two Minds of Credit Professionals: Accrual vs. Cash Accounting Information   Order a copy of this article
    by Harri Seppanen, Timo Teinilä 
    Abstract: To explore in what ways and what elements of financial statement information is important for credit practitioners, we employ a survey method to obtain new evidence. We ask if there is evidence on the existence of two different types of views to accounting information, namely accrual accounting and cash accounting emphasis. The two views come out robustly throughout our analysis, and they are consistently linked both to credit professionals experience, and task complexity. We infer our evidence to be consistent with the explanations for co-existence of differential information preferences advanced in behavioral accounting literature related to individuals cognitive constraints in use of accounting information. We discuss the implications of our results for credit professionals, accounting standard setters, and researchers.
    Keywords: financial statements; credit professionals; cash accounting; accrual accounting; accounting information; behavioral; rational inattention; limited attention; information preferences; experience; task complexity; survey.

  • Managing SMEs internationalisation process. A Delphi approach for identifying antecedent factors.   Order a copy of this article
    by Jamshid Alinasab, Seid Mohammad Reza Mirahmadi, Hassan Ghorbani, Francesco Caputo 
    Abstract: Entering in the international market to increase sales presents challenges, problems, and various factors that must be considered to make an effective decision. Nevertheless, the nature of companies scale is also an essential parameter, which is inherently limited in small and medium-sized enterprises compared to large corporations. The studys primary objective is to use the Delphi method to determine the factors that influence small and medium-sized enterprises decision to enter the international market. A non-randomized, purposeful judgmental approach was employed in sampling to choose experts in the Delphi procedure, and 39 experts eventually participated in this investigation. Finally, 18 factors and 72 sub-factors were verified after three stages.
    Keywords: Internationalisation; International Market Entry; Delphi Approach; Small and medium sized enterprises (SMEs); Decision Making.

  • Managerial Compensation, Family Firms, and Firms Innovation: Evidence from Indonesia   Order a copy of this article
    by Elshabyta Auditya Bintarto, Mohammad Nasih, Imran Haider, Iman Harymawan, Fajar Kristanto Gautama Putra 
    Abstract: The purpose of this paper is to examine the impact of executive compensation, family firm concentration, and their association to firm innovation (proxied by R&D activities and intangible assets). Research and development intensity levels imply the firm's long-term commitment to the innovation and development of the firm. Management compensation is one of the fundamental incentives to motivate investing in R&D activities and products of innovation. Our sample consists of 988 Indonesian listed companies for the period of 2013-2017. Overall, the results indicate that the managerial compensation is positively related, whereas family firm concentration is negatively related to firms' innovation (proxied by R&D investment and intangible assets). Findings suggest that total compensation given to executives and commissioners motivates them to invest more in their R&D activities and innovation product. We contribute to the literature on managerial compensation and firm innovation in Indonesian settings. This study provides insight as it uses several proxies and endogeneity tests which confirms the prior studies' result.
    Keywords: managerial compensation; family firms; innovation; R&D investment; intangible assets.

  • Managerial discretion and the choice of capital budgeting techniques   Order a copy of this article
    by Zahida Sarwary, Timur Uman 
    Abstract: The purpose of this study is to apply Hambrick and Finkelsteins (1987) framework of managerial discretion to the field of Capital budgeting techniques (CBT). This study uses a qualitative method based on semi-structured interviews with 12 CFOs in Swedish high-growth small and medium-sized firms (SMEs). The findings indicate that the choice of CBTs is largely enabled by individual forces and mainly disabled by environmental and organisational forces. The study contributes with managerial implications discussing how the choice of CBT is beneficial for communication, negotiating for resources, and maintaining good relationships with stakeholders. Being aware of how to use the choice of CBT as a communication tool could give firms a competitive advantage.
    Keywords: Capital budgeting techniques; Theory-practice gap; Managerial discretion; Qualitative method; First North.

  • Conventional vs Islamic Debt-Equity Portfolio Swaps   Order a copy of this article
    by Issam Tlemsani 
    Abstract: This conceptual paper investigates debt-equity portfolio swaps as a solution to post-SARS-CoV-2 pandemic public and private debt. The emphasis in the paper is the need to be less reliant on a debt-based system. The findings indicate that the replications of a conventional portfolio into an Islamic portfolio are compatible with the regulatory standard, sharia boundaries, and professional practices developed from investment theory. Data was collected monthly from 2016 to 2021, and the result confirmed that the Islamic portfolios have a higher return and less risk than conventional portfolios. The implications of this research are to provide a road map to the regulators, policymakers, governments and the financial industry on how to rearrange some of the public and private debt. A likely remedy is the incorporation of Islamic financial instrument principles through the equitisation of public and private debt.
    Keywords: portfolio replication; debt-equity swaps; Islamic portfolio; debt; equity system.
    DOI: 10.1504/IJMFA.2022.10043437
    by Obiajulu Chibuzo Okeke, Wisdom Okere, Chinnan Francis Dafyak, Mary-Fidelis Chidoziem Abiahu 
    Abstract: This study analysed inventory management emphasis and its possible effect on financial sustainability of Nigerian quoted manufacturing firms. The study made use of the research design, ex-post facto. The study focused on manufacturing firms and ten were purposely sampled from the Nigerian Stock Exchange. Secondary data were obtained from the annual financial reports of the selected manufacturing firms over a ten year period, 2008 to 2017. Descriptive statistics and inferential statistics (panel regression) were the analyses conducted for the study. The findings which emanated from the analysis indicated inventory turnover having a significant positive effect on financial sustainability. The conclusion of the study was that inventory management influences financial sustainability significantly. It also recommended that management of companies should develop and implement policies that will ensure good inventory management and also consider the policies of their suppliers and customers purchase pattern in order to have sustainable financial performance.
    Keywords: inventory management; inventory turnover; ITO; financial sustainability; return on asset; ROA; debt to equity; earning capacity; relative solvency ratio; RSR.
    DOI: 10.1504/IJMFA.2022.10043940
  • Nexus between carbon emission and financial performance moderated by environmental sensitivity: evidence from emerging economy   Order a copy of this article
    by Avani Raval, Rajesh Desai, Kedar Bhatt 
    Abstract: Though the impact of carbon emission on financial performance has been studied widely, it has not been explored much in emerging economies. The present study aims to examine the relationship between carbon emission and financial performance (accounting as well as market-based) of Indian companies along with the moderating effect of environmental sensitivity on this relationship. Using panel least square regression analysis, we found negative but insignificant impact of carbon emissions on financial performance. However, environmental sensitivity was found to have a strong positive moderating effect on this relationship, indicating that negative impact of carbon emission is more intense for environmentally sensitive firms. The robustness of results has been validated through change in method, controlling for self-selection bias, and endogeneity issues. The findings of the present study will assist managers, government, and policy makers in decision making on emission management by considering the nature of the industry.
    Keywords: carbon emission; financial performance; sustainability; environmental sensitivity; moderation.
    DOI: 10.1504/IJMFA.2021.10044553
  • Studding relationship between bitcoin, exchange rate and financial development: a panel data analysis   Order a copy of this article
    by Tarek Sadraoui, Ahlem Nasr, Nidhal Mgadmi 
    Abstract: Our innovative collaboration of our research work is to study and test the effects of exchange rates/USD and economic factors such as financial openness (Kopen), inflation rate, internet penetration and rate of economic growth on the bitcoin price of developing countries, during 2010-2017. The rise of the new phenomena of crypto currency in the world raises questions about the importance of bitcoin prices compared to the exchange rate and financial openness. Using panel data, we show that the exchange rate has a positive and statistically significant impact on the price of bitcoin and financial openness has exerted a negative and significant effect on bitcoin price. Specifically, we determine the causal relationship between the bitcoin price and its factors using Granger causality test.
    Keywords: bitcoin; exchange rate; Kopen; virtual currency.
    DOI: 10.1504/IJMFA.2021.10044557
  • Risk attitude, information selection, and information use in capital budgeting decisions   Order a copy of this article
    by Ute Vanini, Robert Rieg 
    Abstract: Studies reveal that risk attitude influences risk-taking behaviour such as capital budgeting decisions. Management accountants provide information to facilitate these decisions. However, the impact of risk attitude on decision-makers' information activities during decision-making is still unclear. Therefore, we apply a quasi-experimental approach to examine the impact of individual risk attitude on information selection and use in capital budgeting decisions. Consistent with information economics theory, risk-averse decision-makers select and use more information than risk-seekers. However, they also select and use irrelevant information. Although this information slack may reduce the procedural rationality of decision-making, it contributes to an increase of post-decisional, subjective decision certainty, especially for risk-averse decision-makers. The selection and use of relevant information are driven by the familiarity with the information and decision context. Our study contributes to the debate on effective information provision. Information providers such as management accountants should reduce information slack and improve management's familiarity with the decision context.
    Keywords: risk attitude; information selection and use; capital budgeting; decision certainty; information slack; quasi-experimental study.
    DOI: 10.1504/IJMFA.2021.10044559
  • Economic performance of Italian plastic manufacturers between the two international crises   Order a copy of this article
    by Veronica De Blasio, Guido Migliaccio 
    Abstract: The current article examines the evolution of the economic performance of Italian plastic producers in the decade characterised by the effects of the global financial crisis and the restrictions related to the environmental effect that derive from plastic. The study highlights the increase in profitability after the economic and financial crisis (2008), despite the lower values recorded in the years 2012-2013 in which the crisis, in Italy, had a revival. On the other hand, this situation is homogeneous throughout the country, in fact the statistical tests ANOVA and Tuckey Kramer do not reveal significant differences between macro-geographical areas. The growing profitability could encourage the self-financing needed for the restructuring that will be induced by the recent European legislation aimed at eliminating many plastic products considered harmful to the ecological environment.
    Keywords: analysis of financial statements; ratios; profitability; performance; crisis; plastic market policies.
    DOI: 10.1504/IJMFA.2021.10044561
  • Innovations and firm performance: a study of the global airline industry   Order a copy of this article
    by Jayalakshmy Ramachandran, Mamunur Rashid, Mohan V. Avvari 
    Abstract: The International Air Transport Association (IATA) reports that the impact of COVID-19 translates into a $630 billion reduction in tourism and travel related GDP and over 26 million job loss. This study examines how innovation influences company performance within the global airline industry covering the periods 2000 to 2020. Several fixed and random effect models and system-GMM approaches were employed. The findings indicate that higher investment in innovation helps increase profit margin and return on equity but reduces return on assets. Higher return from product development expenses (higher product development expenses) increases (decreases) profitability and efficiency of the company. Also, higher product development expense and profitability nexus indicates that companies may have to rely heavily on internal capital while financing for research and development (R&D). While national bailouts, mergers, climate change related sustainability agendas will be issues as airlines get back on slowly with the gradual opening of economies and vaccine miracle, the findings reported in this paper will bear significant policy implications for the sector overall.
    Keywords: innovation; performance; airlines; return on equity; ROE; return on assets; ROAs; profit margin; agency; managerial efficiency; profitability; global; fixed and random effects.
    DOI: 10.1504/IJMFA.2021.10044562
  • Mobile banking: a study on adoption stages using government adoption model and the role of demographic moderators   Order a copy of this article
    by Rui Gonçalves, Inês Cabrita, Leandro Pereira, Renato Lopes Da Costa, Álvaro Dias, Rui Vinhas Da Silva 
    Abstract: The present study's objective was to find the most relevant factors for adoption of mobile banking in Portugal at each service stage, using the GAM model, and to understand the role of demographic moderators. The research contributes to fulfil the gap in the literature of factors affecting mobile banking adoption according to adoption stages, being the first study to address the role of moderators in the described context. It was found that perceived functional benefit is the most relevant predictor at static and transaction stages, and availability of resources is the most relevant in the interaction stage. Regarding demographic moderators, only the relation between perceived awareness and mobile banking at the static stage was significantly moderated by gender.
    Keywords: mobile banking adoption; service stages; path analysis; GAM model; moderation analysis.
    DOI: 10.1504/IJMFA.2022.10043070