International Journal of Managerial and Financial Accounting
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International Journal of Managerial and Financial Accounting (6 papers in press)
Nexus between carbon emission and financial performance moderated by environmental sensitivity: Evidence from emerging economy 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. Present study aims to examine the relationship between carbon emission and financial performance (accounting as well as market-based) of Indian companies along with 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 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.
Studding relationship between Bitcoin, exchange rate and financial development: A panel data analysis 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 on 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.
Risk attitude, information selection, and information use in capital budgeting decisions 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 managements familiarity with the decision context. Keywords: risk attitude; information selection and use; capital budgeting; decision certainty; information slack; quasi-experimental study.
Economic Performance of Italian Plastic Manufacturers between the two International Crises by Veronica De Blasio, Guido Migliaccio Abstract: The current article examines the evolution of the economic performance of Italian plastic producers in the decade characterized by the effects of the global financial crisis and about recent environmental demands that attribute numerous problems ecological to 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.
Innovations and firm performance: A Study of the global airline industry by Jayalakshmy Ramachandran, Mamunur Rashid, Mohan V. Avvari Abstract: The International Air Transport Association (IATA) reports that impact of COVID-19 translates into $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; Return on Assets; Profit margin; Agency; Managerial efficiency; Profitability; Global; Fixed and random effects.
Two Minds of Credit Professionals: Accrual vs. Cash Accounting Information 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.