Accounting Finance

This paper examines the effects of industry specialization (city-level, nationallevel, and joint-level) on audit pricing in the Australia. By using Australian Stock Exchange (ASX) listed companies, this study documents that auditors who are industry specialists at both city-and national-level charge significantly higher audit fees compare to those auditors who are specialists either only at city-level or only at national-level industry specialist. However, in further analysis, this study documents that firms who are city-level industry specialists they charge relatively higher audit fees than nationallevel industry specialists, which is consistent with prior research on audit fee premiums studies concentrated in Australia. The greater audit fees charged by city-level industry specialists auditors are possibly attributed to recent changes in accounting regulations environment in Australia (e.g., mandatory adoption of IFRS). Such a significant shift in financial reporting environment ...

This study aims at testing the weak form of efficient market hypothesis in the Nigerian capital market. The scope of the study consist of all securities traded on the floor of the Nigerian Stock Exchange and the month end value of the All Share Index from 2001 -2010 constitute the data analyzed. The serial correlation technique of data analysis was used to test for independence of successive price movement and the distributive pattern while runs test was used to test for randomness of share price movement. The result of the serial correlation shows that the correlation coefficients did not violate the two-standard error test. Furthermore, the Box-Ljung statistic shows that none of the serial correlation coefficients was significant and the Box pierce Q statistics shows that the overall significance of the serial correlation test was poor while the result of the distribution pattern shows that stock price movements are approximately normal. on the basis of this findings ,we conclude that successive price changes of stocks traded on the floor of the Nigerian Capital Market are independent and random therefore, the Nigerian Capital Market is efficient in the weak-form.

The thesis aims to explore and explain how Social Media impacts the B2B-Business Development process in a global software environment. Mixed-methods uncover the leading media platforms applied in the Business Development process cycle. The thesis produced a model, illustrating two dimensions of Social Media Business Usage, four critical Business Development process phases, and their impact on Performance mediated by Social Capital. To extend generalizability, future research may focus on testing the model for New Business Development exclusively. Significant contributions are classifying relevant Social Media platforms, distilling the process phases with the greatest impact on performance. The creation of new indices advances the performance discussion, and the typology of Business Developers capitalises on optimising the process sequence.

ekonomi Indonesia ditandai menggunakan kuantitas bisnis yang bergerak di berbagai sektor, salah satunya adalah pengembagan UMKM. UMKM merupakan salah satu bisnis yang berperan krusial dalam pembangunan serta pertumbuhan ekonomi Indonesia. Keberadaan Usaha Kecil dan Menengah (UMKM) mampu memberikan kesempatan kerja bagi rakyat, menaikkan penghasilan, mengurangi besaran pengangguran di Indonesia. Bisnis tersebut merupakan bisnis yang sangat patut dipunyai kelompok dan punya pribadi, sebagaian besar dimiliki oleh komunitas yang lebih luas. Peran UMKM diakui tidak sekedar pada negara berkembang tetapi juga pada negara maju. Baik pada negara maju atau berkembang, UMKM sangat krusial karena melakukan sebagian besar pekerjaan dibandingkan dengan AFILIASI Akuntansi, Fakultas Ekonomi dan Bisnis, Universitas Wahid Hasyim

The aim of this paper is to calculate ruin probabilities using Monte Carlo method for two models: i) classical risk model with claim amounts are homogeneous Markov chains; ii) generalized risk models with premiums amounts, claim amounts are homogeneous Markov chains. The sequence of random variables in the article is considered as a series of Markov dependent random variables. The main results of this paper are Lemma 3.1, Lemma 3.2 and Lemma 3.3, which have built mathematical formulas for the simulation of the probability of insurance models considered in this paper. From those lemmas, we build algorithms to simulate ruin probability for insurance models considered in this paper. From these algorithms, we build numerical results illustrating the problems posed in the paper. These results all show that when the initial capital increases, the ruin probability will decrease, and when the time increases, the ruin probability will increase. This result is consistent with the theory of the risk problem in insurance.

This study investigates the effect of auditor type (private vs. state) and increased competition in an audit market on audit report lag (ARL). This is the first study to provide evidence regarding the effect of audit market competition on ARL. Utilising structure–conduct–performance theory, we predict that competition pressures private auditors to be more efficient and to have less reporting lag than state auditors. We also predict that competition among auditors after a liberalisation period forces auditors to be more efficient and to record less ARL than before. We use a unique data set in Iran, whereby the audit market liberalisation (an audit market where services were previously provided primarily by a state entity) has resulted in both state and private auditors simultaneously providing audit services. The findings are consistent with the following hypothesis, that is ARL is shorter for private auditors than it is for state auditors, and ARL decreases as competition increases ...

The present paper examines changes in risk characteristics of a firm when it issues convertible bonds by studying the change in beta before and after the issuance of convertible bonds. Using a sample of 149 firms, strong evidence was found of change in beta, along with significant heterogeneity across firms. On average, the beta of a firm issuing convertible bonds declines, although 40 per cent of firms showed an increase in beta. A cross-sectional regression shows that after controlling for the reversion-to-mean phenomenon, the change in beta is significantly related to potential dilution of equity as well as to increase in debt, but is not significantly related to either the change in bond rating of a firm or to the stated use of funds from issuance.

Objective -The purpose of this study is to examine the effects of audit firm characteristics on the financial reporting quality of listed consumer goods firms in Nigeria. Methodology/Technique -This was explained using the agency theory as the underpinning theory. Audit firm characteristics were measured by auditor opinion, independence, tenure, audit quality and audit rotation while financial reporting quality was measured by discretionary accrual (Kothari, 2005). Correlational research design was employed and purposive sampling technique was used to sample 12 out of 21 consumer goods firms listed on the Nigerian Exchange Group as at December 2020. Data collected covered 15 years (2006 to 2020). Findings -Multiple regression analysis results revealed that auditor opinion, audit tenure and audit rotation have positive significant effects on financial reporting quality. On the other hand, auditor independence and audit quality show insignificant effects. The study therefore, concludes that, auditors' opinion, tenure and rotation are the determinants of financial reporting quality among consumer goods firms in Nigeria. Novelty -The results are useful to corporate regulators, policy makers, shareholders, lenders, etc. Type of Paper: Empirical.

a Department of Accounting and Management, Faculty of Arts and Social Sciences, Nigerian Defence Academy, Kaduna, Kaduna State, Nigeria, [email protected] b Department of Accounting and Management, Faculty of Arts and Social Sciences, Nigerian Defence Academy, Kaduna, Kaduna State, Nigeria. c Department of Accounting and Management, Faculty of Arts and Social Sciences, Nigerian Defence Academy, Kaduna, Kaduna State, Nigeria. d Department of Accountancy, School of Management Studies, Kogi State Polytechnic, Lokoja, Kogi State, Nigeria.

this study was conducted to determine the effect of independency and the application of Computer-Aided Audit techniques (TABK) on the effectiveness of investigative Audit in detecting fraud. This study uses qualitative methods with literature review in previous research journals. Sources of data obtained from journals and the internet relating to independence, the application of computer-aided audit techniques, and the effectiveness of investigative audits in detecting fraud. The results showed that the independence and application of computer-aided audit techniques (TABK) have a positive effect on the effectiveness of investigative audit in detecting fraud

This study examines the impact of Non-Performing Loans (NPL), Size (SZ), Liquidity (LQ), and Management Efficiency (ME) on the financial performance of commercial banks in Pakistan, with Return on Assets (ROA) as the dependent variable. The study employs secondary data sourced from the annual financial statements of 16 selected commercial banks operating in Pakistan from 2011 to 2020. A quantitative approach is used, and data is analyzed through various statistical techniques, including regression analysis, correlation, and descriptive statistics, using Stata software. The findings reveal that NPL and bank size have a significant impact on ROA, while management efficiency and liquidity do not exhibit a statistically significant influence. The results suggest that higher non-performing loans negatively affect bank profitability, whereas larger banks tend to achieve better financial performance due to economies of scale. These findings provide valuable insights for bank managers and policymakers in formulating strategies to improve asset quality and optimize bank size for better financial stability. Future research could enhance reliability by expanding the dataset to include other financial institutions in Pakistan, enabling a broader perspective on the factors influencing profitability across the financial sector. This study contributes to the existing literature on banking performance and financial stability.

Corporate Governance (C.G) is not an abstract goal. However, it exists to serve the Bank's purpose by giving a framework through which investors, directors, and the top management can efficiently follow the banks' objectives. Subsequently, it boosts the financial performance of the Bank for its shareholders. This paper explores and analyzes C.G and its impacts on financial performance from the evidence collected from selected commercial banks (C.B) in China. The data sample for this research comprises selected C.Bs in China for the period from 2008 to 2019. Applying selection standards provides us a data sample of 17 C.Bs. We employ the generalized method of moments (GMM) regression model construct on one hundred seventy observations to identify the variables' relationship. Our findings show that female independent directors positively and significantly affect bank financial performance. Despite the literature review, we found that female directors' existence alone does not positively and significantly improve banks' financial performance. The finding suggests that female directors are more efficient when they are selected as an independent director. The findings show that CEO duality affects bank financial performance positively and significantly. CEO duality strengthens the financial performance of C.Bs because of the solidarity of the order it presents. The results also show that CEO shareholding and financial performance of Chinese C.Bs have a positively significant bond with each other. This result suggests that a blend of C.G instruments is more impressive than depending on one component of C.G.

Even though most previous research studies suggest that the relationship between common financial ratios and stock returns is linear, recent studies by Mramor and Mramor‐Kosta (1997), and Mramor and Pahor (1998) show that such a linear relationship might not generally exist. In this study, we model the relationships between common financial ratios and stock returns from 1996 to 2000 using linear and non‐linear forms for a sample of 46 Egyptian firms. Our empirical findings suggest that non‐linear relationships exist and are more descriptive of the behavior of stock returns.

PurposeThe purpose of this paper is to examines empirically whether national and international investors in the Egyptian stock market perceive accounting information based on the Egyptian Accounting Standards to be useful in stock valuation.Design/methodology/approachUsing a sample of all available listed firms in the emerging market data base from 1998 to 2002, evidence of the value relevance of accounting information in Egypt was obtained, based on both return and price models.FindingsThe results suggest that stock prices in Egypt are less information about the future value of the firm than is accounting information. It is perhaps unreasonable to conclude that accounting information has higher value relevance in Egypt because financial reporting is of higher quality. It might, however, imply that competing information sources such as earnings forecasts, firm research by financial analysts, management conference calls, etc. are far less relevant in Egypt.Originality/valueThis study...

This study investigates the financial management practices of TI, which include processes such as planning and budgeting, collection, payment, recording, and reporting. The research was conducted on 58 TI located in Selangor. The participants involved in the study were personnel responsible for the financial matters of the TI, including management and administrative staff. In general, among the five criteria evaluated, the payment status of TI which included payment records with proper supporting documents and details, on time and segregation of duties throughout the payment process. demonstrated an excellent performance with an overall mean score exceeding 4.0 (on a scale of 1 to 5, with 5 being the highest). Following payment, the performance rankings were collection, recording, reporting, planning, and budgeting. The weak performance in reporting, planning, and budgeting mirrors the situation observed and proven empitically in other non-profit organizations (NPOs) and small and medium enterprises (SMEs) literatures. These entities often lack expertise in these areas due to insufficient staff, the absence of guidelines, and lack of awareness regarding the importance of financial management components. While payment, collection, and recording represent the core operations of TI, deficiencies in these areas can adversely impact its day-to-day functioning. Nevertheless, all aspects of financial management (FM) are crucial for TI's sustainability and survival. By establishing sound FM practices, these TI can enhance their chances of maintaining quality standards and avoiding future financial shortfalls. TI as part of the NPO which resources depending on the donation from others really need a good FM to ensure their sustainability and their uninterrupted operation.

The initial public offering (IPO) is a critical milestone in a company’s transition from private to public ownership, offering increased capital access and liquidity. However, the long-term performance of IPOs remains debated, with many firms underperforming market benchmarks over extended periods. While initial IPO returns often reflect investor enthusiasm which highlights consistent underperformance over three to five years, attributed to over-optimism, information asymmetry, and risks inherent in young firms. Sector-specific dynamics also play a role, with technology and biotech sectors experiencing higher volatility, while more established industries like financial services and utilities show stable, yet slower growth. Timing and market conditions further influence IPO outcomes, with firms launched in "hot markets" facing long-term corrections. Firm-specific factors, such as governance and insider ownership, also impact performance. This study examines the long-term IPO performance across various sectors, focusing on key industries and identifying factors driving success or failure, offering insights for investors and policymakers navigating IPO challenges and opportunities.

he motivation for this paper stems from the crucial role that government expenditure plays in driving economic growth, especially in developing economies like Nigeria. This paper specifically investigates the long-run impact of federal government service capital expenditure on economic growth in Nigeria between 1986 and 2022. The paper examines how different components of capital expenditure—administrative services, economic services, and social and community services—affect economic growth over time. Using the Autoregressive Distributed Lag model, the methodology facilitates the exploration of both short- and long-term relationships between the dependent and independent variables. The findings revealed that while certain components like social and community services significantly contribute to economic growth, others, such as total federal services, have a negative impact. This outcome underscores the need for a more targeted and efficient allocation of resources in capital expenditures. Based on these findings, the paper recommends that government agencies and departments enhance the efficiency of capital outlays in sectors that directly impact economic growth, such as infrastructure, while minimizing inefficiencies and focusing on productive expenditures to drive sustainable development in Nigeria.

This study has investigated mandatory disclosure requirements of financial instruments. A first-time adoption compliance review has been undertaken for the FTSE 100 non-financial IFRS 7 compliant firms. In contrast to prior studies, the results reveal that disclosure levels were high, and in some cases firms produce more disclosure than mandatorily required. As recent reviews of disclosure have shown, extant research lacks a coherent definition of quality that links to the original motivations for financial reporting. An argument has been built for adopting compliance levels as an appropriate proxy for the quality of disclosure. This study tests this definition via key stakeholders’ views both ex-ante and ex-post. A combination of content analysis of comment letters, survey data and semi-structured interviews was adopted. Though there is some evidence to the contrary, by and large, it seems that this definition of quality carries a level of integrity. Following this, a determinants ...

This paper examines the effects of audit firm mergers on market concentration, competitiveness and audit pricing in the UK. Our results indicate that the large audit firms increased their market,share between,1985 and 2002 by merging and expanding into new sectors. However, contrary to popular belief, the significant fee discounting

This study examined the effect of equity financing on return on asset of deposit money banks in Nigeria. Ex-post facto research design was employed for the study. The purposive sampling technique adopted was selected deposit money banks from the population. Consequently, five (5) deposit money banks quoted on Nigeria stock exchange out of the 16 quoted banks will be selected as sample. The reason behind this is that only the banks with international license are taken into consideration in this study. Data were obtained from published annual reports of the sampled companies. The data were analyzed using descriptive and inferential (Regression) statistics. However, the results of the descriptive analysis showed negative minimum values of the performance indices, indicating that some banks made losses. The result of the regression analysis showed the positive effect of Equity Financing (EF) on Return on Assets (ROA) of selected deposit money banks in Nigeria (β1=1.03>0, t= 6.94, P=0. 000, R 2 = 0.13). EF has positive effect on ROA. This result is consistent with a priori expectations that Return on Asset have positives effect on EF (β1=22.58>0, t=1.41, P=0.19, R 2 = 0.07.). The study concluded that among the independent variables revealed by the regression estimates, EF have a positive effect on ROA. However, the study recommended that investors and other stakeholders should be cognizance of the negative impact of returned on asset on share price.

This paper examines the effect of capital structure on the firms’ performance. The study collected data from seventeen firms listed on the Ghana Stock Exchange from 2009 to 2018. A quantitative research technique is used to collect data to test two hypotheses. Panel data regression is employed to determine the effect of capital structure on firms’ performance. The study revealed that short-term debt and total debt accounted for 67% and 76.3% respectively of capital used to finance the operations for the period. Furthermore, the study revealed that there is significant and negative relationship between capital structures and firms’ performance. The study concludes that firms should minimise the use of debt capital and rather concentrate on equity capital to finance their operations. The study recommends that firms should increase sales and invest in tangible assets to maximise the firms’ performance. 

In this paper, we assess the existing archival research on audit partners and provide recommendations for future research. Our empirical analyses suggest that the audit partner characteristics with the biggest impact are industry specialisation and client importance. We demonstrate that audit partner studies may suffer from omitted variable bias if they study audit partner characteristics in isolation, as they have often done. We also show that, for most audit partner characteristics, there is little within-company and within-partner variation. We therefore caution against routinely including company and audit partner fixed effects in audit partner studies. We also examine the importance of properly adjusting for dependence in the data in audit partner studies and suggest to cluster standard errors at the client firm level. Finally, we provide detailed descriptive information at the audit partner level in order to demonstrate how researchers could improve the reporting of audit partner level data.

Prior experimental research has documented a potential impact of auditor gender on audit judgement, auditor behaviour and decision making. Using a unique data set of 10 286 firmyear observations of auditor gender, this study examines whether a particular characteristic of the auditor-the auditor's gender -affects audit quality. Audit quality is measured by the propensity to issue modified opinions, first-time going-concern opinions, and going-concern opinions for financially distressed companies. The results show that the female auditors are less likely to issue modified opinions, first-time going-concern opinions, and going-concern opinions for financially distressed companies. Consistent wit prior literature, this study also confirms that modified opinions, first-time going-concern opinions, and going-concern opinions for financially distressed companies are consistently negatively associated with the size of the client firm, and positively associated with the prior year audit opinion and whether the company reported a loss. The findings provide evidence of differential audit outcomes when auditor is a female. The finding of this study has potential practical implications for accounting firms and professions in terms of assignment of personnel to audit engagements, training, decision aids, and the audit review process. The results are robust in various sensitivity analyses.

We examine the association between female participation in strategic decision‐making roles and corporate social responsibility (CSR) performance using a sample of United States firms from 2001 to 2018. Female participation in strategic decision‐making roles is measured using: (i) the female presence in different positions on the board of directors, such as female board member, independent board member, chairperson and audit committee member; and (ii) the female presence in top management roles, such as chief executive officer (CEO) and chief financial officer (CFO). We find that female participation in strategic decision‐making roles is positively associated with CSR performance. In investigating the ‘tokenism’ aspect of female participation on the board, our results contradict the ‘tokenism’ argument for appointing females to boards, instead supporting their real influence on CSR performance. These findings are important to regulators, policy makers, company management and other st...

This study examines how institutional shareholding affects the relationship between financial slack and corporate investment in innovation for Chinese A‐share listed companies. We find that financial slack significantly increases corporate innovation investment. Pressure‐resistant institutions do not moderate the relation but pressure‐sensitive institutions do moderate the relation negatively. We further find that financial slack affects beneficially results because of the employment of slack resources after an exogenous negative shock like COVID‐19/Global Financial Crisis. Our findings contribute to the literature on the cross‐sectional variation on the relationship between companies’ strategies and accounting choices in China.

In this paper, we assess the existing archival research on audit partners and provide recommendations for future research. Our empirical analyses suggest that the audit partner characteristics with the biggest impact are industry specialisation and client importance. We demonstrate that audit partner studies may suffer from omitted variable bias if they study audit partner characteristics in isolation, as they have often done. We also show that, for most audit partner characteristics, there is little within‐company and within‐partner variation. We therefore caution against routinely including company and audit partner fixed effects in audit partner studies. We also examine the importance of properly adjusting for dependence in the data in audit partner studies and suggest to cluster standard errors at the client firm level. Finally, we provide detailed descriptive information at the audit partner level in order to demonstrate how researchers could improve the reporting of audit part...

The aim of this paper is to demonstrate the fundamental requirements for building an Islamic Venture Capital. There is an extremely high youth unemployment rate in Islamic Countries. This is due to few numbers of SME companies and inability of governmental sector to offer jobs for all youth. Also Conventional banks finance big companies with long history of operation and refuse to finance new companies. So this new companies do not have any institution to support them. Islamic banks have inability to make a lot an adequate profit and loss sharing (PLS) financing, because the nature of Islamic banks as depository institutions. There is a need for different type of institutions that can play this role and offer PLS financing on a wide scale. The Western practice of VC had some violation to Shariah, so we have to develop a model of venture capital that is fully compliant with the Shariah principles. The paper discusses Venture Capital Investments and its Compatibility with Islamic Principles of Investment. Also we discuss Similarities and difference between Islamic Banks and VC investments to confirm that Islamic bank can't be used as a replacement of VC investment. Moreover the paper explains the current financing methods Used by VC investments and their compatibility with Shariah Rules. We proposed structure for an Islamic Venture Capital Model. The paper highlighted the challenges facing VC in Islamic countries and providing an approach to overcome these challenges. Finally, the paper explores the importance of governmental support to VC investments in the Islamic countries.

Purpose -Recent high-profile corporate cases around the world have put the role of external auditors in helping to reduce earnings management under the microscope. The majority of the research on the topic of reducing earnings management has, however, concentrated on the audit committee, board of directors, CEO, and ownership structure. Since this change has occurred, the purpose of this research is to investigate the function of external auditors in minimizing earnings management. Design/methodology/approach -In order to investigate the connection between the external auditor and earnings management, we employ an ex-post facto research design to analyze data from 75 publicly quoted non-financial services companies in Nigeria between the years of 2012 and 2021. We used descriptive and inferential analysis to make sense of the information that we gathered from the companies' annual reports and financial statements. Also, the outcomes of regression diagnostics were factored into the development and testing of a multiple regression model. Findings -Earnings management appear to be positively correlated with auditor opinion, tenure, rotation (switching), and audit firm size, while auditor independence and quality are negatively correlated. We draw the following conclusions about the factors that influence earnings management among Nigeria's non-financial services firms: auditor opinion; auditor tenure; auditor rotation; auditor independence; auditor quality; and audit firm size. Originality/value -This research delves into the role that external auditors play in earnings management process. Also, special data gathered by hand is used to learn if earnings management reduction is contingent on the external auditor. This paper's findings on the strategic implications of earnings management over the long term should be of interest to investors, regulators, and analysts. The model, methods, variables, time period, and companies considered in the paper all act as constraints, as they do in most empirical studies. The sector could be expanded to include other industries, and future research could use a different metric of earnings management.

This research aims at identifying the reasons for the difference between the financial auditor and what is expected of him by the users of the results of his work or the community while preserving the assets of audit work in terms of economic, financial, accounting, legal and administrative. The researchers adopted on books, scientific journals and previous studies in order to achieve the theoretical side. A questionnaire was used to collect data and information for the formulation of research results. The research found that the reasons for this gap and this lack is the lack of clarity of the role of references and confusion between concepts, such as confusion between management and auditing in particular and shortcomings in the qualification of references and shortcomings in the role of organizations professional related. In general, the results of the research indicate that the practical and practical preparation of the auditor and ensuring its independence and transparency and the follow-up of the relevant organizations to develop it and its role in the organizations or accounting institutions will lead to a satisfactory convergence between the auditor and reasonable expectations of the users of the reports or financial statements. The auditor's ultimate objective is to ensure the correctness and integrity of the documentation and recording of the financial statements.

In economic enterprises, developmental (incremental) research maintains and improves economic conditions, market share and competitive advantage in the organization, which indicates the key position of this unit in organizations. The importance of this thinking is enough to destroy a commercial organization, to stop development research in it. Therefore, in this research, the impact of R&D intensity along with financial restrictions and dividend policy on the value of the company has been evaluated. In order to test the hypotheses according to the study of Kim et al. (2021), the panel data method has been used in 2011-2022 in 183 companies admitted to the Tehran Stock Exchange, according to the results obtained from the estimation of the specific research model. It was found that the intensity of research and development has a positive and significant effect on the value of selected companies of the Tehran Stock Exchange, financial restrictions have a negative and significant effect on the value of selected companies of the Tehran Stock Exchange, and the dividend policy has a negative effect on the value of selected companies of the Tehran Stock Exchange. and it is significant and the simultaneous effect of research and development intensity and profit sharing policy on the value of selected companies of Tehran Stock Exchange is positive and significant. Research  of innovation: Attention to the subject of research and development in companies causes the company's dynamism in future and long-term activities, and the company's planning horizon in expanding services quantitatively and qualitatively, along with superior knowledge in order to meet the needs of the market, reduces the limitations of Finance and increasing the company's assets and finally, despite the optimal structure of the company's capital, the company's value also grows and the interests of the shareholders are also provided.

Tunnelling (also known as self‐dealing transactions) is defined as non‐arm’s length transactions with related parties of controlling shareholders for their private benefit and at the cost of other shareholders. Tunnelling is a governance issue between controlling shareholders and minority shareholders in both developed and developing countries. However, most studies on tunnelling focus on developed countries with the few exceptions of studies on China, India and Mexico. Using Oliver Williamson’s Market and Hierarchy model, this paper analyses the suitability of the governance requirements on tunnelling in Bangladesh and reports on interviews with non‐independent directors, independent directors and audit committee members. The study thus identifies the limitations and factors that affect the implementation and effectiveness of the current governance requirements to constrain tunnelling in companies in Bangladesh.

This study examines the joint effect of carbon disclosure and greenhouse gas (GHG) emissions on firms’ implied cost of equity capital (COC). Based on 4655 firm‐year observations across 34 countries, we find firms’ GHG emission intensity to be positively associated with COC. However, we find also that the penalty linked with higher COC is moderated by extensive carbon disclosure. We provide evidence that the extent of carbon disclosure helps reduce the premium required by investors to compensate for poor carbon performance. Our study provides insights to policymakers, investors and managers on the combined effect of carbon disclosure, and emission intensity.

The Bank's mission is to serve the real
estate, business and financial needs of
customers in underserved urban
communities with a commitment
toexcellent service, profitability and
sustained growth The objective of this paper
is to find out the quality of mission
statements of the banks operating in
Bangladesh. For this, a comparative study
has been made on the state owned and
private commercial banks operating in
Bangladesh. To evaluate the quality of
mission statements, a Nine Point Scale
model given by Fred R. David has been
taken as benchmark. Besides, the study also
aims at counting the number of sentences
and words used in the respective bank’s
mission statements. After analysis, it has
been found that the scores obtained by state
owned banks are 63% and the scores of
private commercial banks are 59.45%. So, it
is evident that state owned bank’s mission
statements are in a better position than
private commercial banks. It is also evident
that both state owned and private
commercial banks have less concern for
markets and self-concept. The average
length of the mission statement of state
owned banks is 2.83(max. =10 and min. =1)
sentences and 54.17 (max.126 and min. 25)
words. On the other hand, the average
length of the mission statements of private
commercial banks is 4.35 (max. =12 and min. =1) sentences and 65.50 (max.235 and
min. 9) words.

There has been a huge and deluge of risk threatening industries at an unequalled magnitude in recent times. As such, the board of directors and senior executives are increasingly expected to manage their various organizations' risk portfolios, affecting their financial performance. This has led to the assigning of the risk assessment role to the audit committee. The board of directors and its audit committee play an essential function in Enterprise Risk Management (ERM) by building up the right condition or tone-at-the-top. Given the board's responsibilities for representing the interests of shareholders, it plays a vital role in overseeing management's approach to ERM. This study examined the relationship between audit committee characteristics and risk management of some selected listed firms in a developing country like Nigeria. The study used secondary data to describe the dependent variable (financial risk decomposed into credit risk and liquidity risk) and the expl...

It is popular among technical analysts to use high trading volume as a positive sele<:lioll or filter criteria. Yellhe findings in the finance literature are no! clear on the predictive validity or even the diroction of the impact of tratling volume on stock returns. One stream of finance research finds that high changes in lrading volume are associmcd with information asymmetry or differences in beliefs between traders, suggesting stock price reversals and return variances are higher with high trading volume. A secoml stream of research finds Ihal high trading volume is attributed to mfomled trading, suggesting stock price reversals and return variances are lower wilh high trading VOllilllC, A third stream of research, modem portfolio theory, rejects the predictive validity of using past infonnalion. In this study, an alternative hypothesis is developed using an intuitive market demand and supply model. supporting the hypothesis that large price reactions coupled with nonnal tmd...

This study examined the effect of risk management committee attributes on earnings quality of listed deposit money banks in Nigeria. The study covered period of 13 years from 2010 to 2022 and descriptive research design was adopted. 10 banks out of 14 listed deposit money banks in Nigeria were selected as sample and the data were extracted from the financial reports of the sampled banks for the period of the study and analysed using descriptive statistics, correlation matrix and multiple regressions using GLS. This study adopted the Chang, Shen and Fang (2008) model for measuring earnings quality in the banking industry. In order to assess the validity of the data, fixed and random effects were utilised with Hausman specification test which recommended fixed effect as preferred tool of analysis. However, because of the problem of heteroskedasticity, panel corrected standard error was applied. The study documents that risk committee meeting has significant impact on earnings quality of listed deposit money banks in Nigeria. Furthermore, the study found that other explanatory variables (risk committee financial expertise, independence, size and gender diversity) have no significant influence on earnings quality of listed deposit money banks in Nigeria. The study therefore recommended that more emphasis should be placed on the risk committee meeting due to its significant role played in reducing the discretionary loan loss provision leading to improvement in earnings quality of listed deposit money banks in Nigeria. The study also recommended that regulators such as SEC and CBN should define and review the standard financial expertise, independence, size and gender diversity required of the risk management committee members of companies in Nigeria with a view to improving the earnings quality.

Financial inclusion is recognized as a key driver of economic growth in an economy. The objective of this study is to assessing the role of Financial Institutions i.e., Islami bank and Conventional bank with real GDP growth and also to analyzing Financial Inclusion. We used the time series data of banks from the period 2018 to 2022.We also used secondary data for this paper. But there are more to go. Our recommendation is that making financial system more accessible through adopting new technologies can accelerate economic growth/development in Bangladesh. Consequently, the study suggests that policymakers and the central bank of Bangladesh, being the primary authority of the financial system, should actively promote financial inclusion initiatives to foster sustainable economic growth.

In the context of integration, Vietnam has held increasing attraction for investors in many fields including that of providing financial services from Vietnamese commercial banks. Therefore, the commercial banking system needs to be prepared for competition as the number of foreign banks investing in Vietnam is on the rise. In particular, with the implementation of the international commitments in the financial sector, the commercial banking system in Vietnam will have a lot of opportunities as well as challenges. The purpose of this study is to propose opportunities, challenges and some recommendations for sustainable development of the commercial banking system in Vietnam.

Research and development (R&D) investments reduce current-period earnings while the benefits associated with the investments occur in the future. This problem implies an earnings management tool to boost short-term performance. While there is much evidence regarding managerial discretion through R&D capitalization, empirical studies that directly examine managerial discretion through R&D expenditure adjusting have not been widely provided in the European context. This paper seeks to determine if earnings targets influence R&D investment by encouraging R&D cuts after IFRS adoption. Focusing on a French setting, where companies invest heavily in R&D, results show that managers tend to cut the R&D expenditures in order to achieve earnings target. Studying two earnings management incentives: avoidance of losses (positive earnings target) and earnings decreases (positive earning growths target), findings support thresholds assumption and provide evidence on real earnings management through R&D expensing. This empirical research contributes to the literature by providing further evidence that post-FRS, R&D cut is a strategic decision influenced by earnings management to boost performance.

The pricing of IPO's in the short-term has been analyzed by several theoretical and empirical studies referring to the world's major stock markets. Studies have also observed that IPOs cause increase in price considerably on the first day of trading and provide huge returns to investors who buy at the initial offer price and sell immediately in the secondary market. This research presents the results of the analysis related to the short-term performance of the Indian IPOs under study. Event study methodology is used to analyze the short term performance of IPOs from January 2016 to December 2022 issued in Bombay Stock Exchange (BSE), India. The average positive return on the listing day is 18.5 percent which indicates that the IPOs are underpriced.

This paper extends the empirical evidence on stock returns after preceding price innovations using data from Central and Eastern European (CEE) markets. In contrast to many previous papers, we find no evidence of either overreaction effects or rational adjustments to increased risk after large preceding price movements. We do, however, see strong evidence of trends in the data with price falls(rises) of all sizes being followed by subsequent price falls(rises).

Socially responsible investing (SRI) continues to be a popular topic for both practitioners and academicians as the demands for these funds increased sharply during the last decade. This study provides additional evidence on performance of SRI funds. The empirical findings provide mixed evidence as SRI funds experience lower average returns relative to various benchmarks and provide higher risk adjusted returns relative to some of the benchmarks. Among the subgroups analyzed, SRI Fixed Income funds offer the highest risk adjusted returns to investors while SRI Global funds provide the lowest returns. Finally, using Jensen's alpha for individual funds, we find that about half of the funds experience negative alphas and 18 percent of SRI funds have statistically significant negative alphas compared to 7 percent of funds with that of positive alphas. Overall, the findings show mixed evidence concerning SRIs performance.

Purpose: The study aims at identifying the factors affecting the use of instruments of financial derivatives such as (administrative factors, financial and accounting factors, and legal factors) in the Jordanian commercial banking sector. To achieve the objective of the study, a questionnaire was distributed to the financial managers of the sample under examination and analysis, in addition to finding the descriptive variables, correlations and regression through using the SPSS and E-views software. The study adopted the analytical descriptive approach. A questionnaire was designed and distributed to a number of directors and heads of sections of commercial banks of Jordan, which their number reached 13 banks. One of the most important findings of the study is that there is an impact of each of the administrative, financial, accounting and legal factors on the use of the financial derivatives' instruments.

This study aims at measuring the impact of economic stability represented by (Inflation rate, Economic growth) and remittances of overseas workers on bank deposits in Jordan during the period (2000)(2001)(2002)(2003)(2004)(2005)(2006)(2007)(2008)(2009)(2010)(2011)(2012)(2013)(2014)(2015). The study used the multiple linear regression method by the (E-views) program to study the impact of the independent variables on the dependent variables. Statistical analysis showed the presence of a statistically significant, positive correlation for both the rate of inflation and workers' remittances on current deposits, saving deposits and time deposits. The statistical analysis also showed that there is a statistically significant, negative correlation between economic growth rate on current deposits, saving deposits and time deposits. The study reached a number of recommendations, most important is: the need for local banks administration to take into consideration the economic factors and variables, including inflation, economic growth and remittances of overseas workers, which directly affect the bank deposits in Jordan, study their evolution and forecast their future value to take various measures that will be positively reflected on the growth of bank deposits. Another recommendation is the need for local banks administration to attract more remittances of overseas workers, through genuine and honest programs that provide benefits for overseas workers and the bank alike.

Purpose: The study aims at identifying the factors affecting the use of instruments of financial derivatives such as (administrative factors, financial and accounting factors, and legal factors) in the Jordanian commercial banking sector. To achieve the objective of the study, a questionnaire was distributed to the financial managers of the sample under examination and analysis, in addition to finding the descriptive variables, correlations and regression through using the SPSS and E-views software. The study adopted the analytical descriptive approach. A questionnaire was designed and distributed to a number of directors and heads of sections of commercial banks of Jordan, which their number reached 13 banks. One of the most important findings of the study is that there is an impact of each of the administrative, financial, accounting and legal factors on the use of the financial derivatives' instruments.

This study aims at measuring the impact of economic stability represented by (Inflation rate, Economic growth) and remittances of overseas workers on bank deposits in Jordan during the period (2000-2015).The study used the multiple linear regression method by the (E-views) program  to study the impact of the independent variables on the dependent variables. Statistical analysis showed the presence of a statistically significant, positive correlation for both the rate of inflation and workers' remittances on current deposits, saving deposits and time deposits. The statistical analysis also showed that there is a statistically significant, negative correlation between economic growth rate on current deposits, saving deposits and time deposits.The study reached a number of recommendations, most important is: the need for local banks administration to take into consideration the economic factors and variables, including inflation, economic growth and remittances of overseas workers,...