International Journal of Accounting & Finance Review 2020-06-02T20:28:02+06:00 Associate Professor K. M. Anwarul Islam Open Journal Systems International Journal of Accounting & Finance Review (IJAFR),Accounting & Finance Review,Accounting, Finance Impacting the B2B-Business Development Process: Social Media Usage within a Global Software Environment 2020-06-02T20:28:02+06:00 Werner Krings <p>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.</p> 2020-01-06T01:04:13+06:00 ##submission.copyrightStatement## Testing Multi-Factor Models in ADRs: Emerging Market vs. Developed Market 2020-06-02T20:28:01+06:00 Tingting Que Wai Yin Mok Kit Yee Cheung <p style="text-align: justify;">This paper tests whether the Carhart four-factor model and the Fama-French five-factor model can explain variation in returns of 1,230 ADRs originating from six developed markets and five emerging markets. We aim to compare emerging market ADRs with developed market ADRs in terms of traditional risk factors significance, model fitness and the existence of abnormal returns. Overall, we find that substantial variations exist among ADRs by their origin-of-market. First, both models show that most of the positive abnormal returns we document accrue to emerging market ADRs, mainly Chinese ADRs. Among the risk factors, market risk premium is found to be most prevalent in both emerging and developed markets. Although we find some difference in the presence of particular risk factors employed in the four-factor vs. five-factor model, overall, there are no significant differences in the explanation power between the two models. Lastly, the low <em>R</em><sup>2 </sup>values imply that both models do not work very well with the international market ADRs.&nbsp;</p> 2020-02-21T10:48:02+06:00 ##submission.copyrightStatement## Literature Review on the Association between Earnings Management and Corporate Social Responsibility 2020-06-02T20:28:01+06:00 Ruksana Parvin Md. Sohel Rana Shahpar Shams <p>This paper aims to give an overview of the existing literature on the Earnings Management (EM) and Corporate Social Responsibility (CSR) relationship in different countries. This paper reviews preceding studies concerned about EM, CSR and their relationship. Out of 23 works of literature, 11 studies found a negative relationship, 6 studies found a positive relationship, 2 studies found blended relationships in case of different situations and 4 studies found no connection between CSR and EM. Most of the results demonstrated that probably the socially responsible organizations have a negative correlation with EM practice. The types of the relationship depend on cause-effect relationship, information asymmetry, how can a company use resources, awareness on environmental issues, awareness on ethical issues, tax avoidance tendency, corporate governance practice, nature of the firm, political environment, opportunistic incentive, and stakeholder capital, manager's psychology, etc. Relationships between EM and CSR influence on earnings quality, firm performance, and firm value.&nbsp;</p> 2020-02-25T22:55:16+06:00 ##submission.copyrightStatement## Oil Sector Spillover Effects to the Kuwait Stock Market under Uncertainty 2020-06-02T20:28:01+06:00 Yousef M. Abdulrazaq Shekar Shetty <p>The purpose of this paper is to identify the connection between oil prices and the performance of oil and gas, industry and services sectors. The paper is supported by the granger causality and Engle and Granger cointegration tests. The research findings do not support a long-run association between Brent oil prices excluding the case of the Oil and Gas sector index; however, short-run dynamics were recognized. There is no unidirectional causality found in any case. The outcomes of the GARCH model show stable results for all three sectors.</p> 2020-02-28T00:00:00+06:00 ##submission.copyrightStatement## Modeling Stock Market Monthly Returns Volatility Using GARCH Models Under Different Distributions 2020-06-02T20:28:00+06:00 Rama Krishna Yelamanchili <p>This papers aims to uncover stylized facts of monthly stock market returns and identify adequate GARCH model with appropriate distribution density that captures conditional variance in monthly stock market returns. We obtain monthly close values of Bombay Stock Exchange’s (BSE) Sensex over the period January 1991 to December 2019 (348 monthly observations). To model the conditional variance, volatility clustering, asymmetry, and leverage effect we apply four conventional GARCH models under three different distribution densities. We use two information criterions to choose best fit model. Results reveal positive Skewness, weaker excess kurtosis, no autocorrelations in relative returns and log returns. On the other side presence of autocorrelation in squared log returns indicates volatility clustering. All the four GARCH models have better information criterion values under Gaussian distribution compared to <em>t</em>-distribution and Generalized Error Distribution. Furthermore, results indicate that conventional GARCH model is adequate to measure the conditional volatility. GJR-GARCH model under Gaussian distribution exhibit leverage effect but statistically not significant at any standard significance levels. Other asymmetric models do not exhibit leverage effect. Among the 12 models modeled in present paper, GARCH model has superior information criterion values, log likelihood value, and lowest standard error values for all the coefficients in the model.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p> <p>&nbsp;</p> 2020-03-18T00:08:50+06:00 ##submission.copyrightStatement## Distributed Leadership in Transformation Initiatives: The Emergence of Network Leadership 2020-06-02T20:28:00+06:00 Nawaf H Al-Ghanem Ashley Braganza Esra Aldhean <p style="text-align: justify;">Several research studies investigated organizational transformation in particular to examine various leadership theories and styles that emerged during different chronological evolution of leadership theories. In similar context, attention has been given recently to collective/team leadership theories that depend on more collective approach to leadership. Examining organizational transformation literature and leadership theory literature is expected to lead to identifying an intersection between these important topics. This paper intends to bridge distributed leadership theory and organizational transformation theory in achieving efficient and optimal results when implementing large scale organizational transformational initiatives and examining the notion of network leadership by overlaying social network theory to the characteristics of distributed leadership, which is expected to add to the current knowledge and use by scholars and policy makers while practicing leadership in a organizations going through transformation.</p> 2020-03-26T16:35:33+06:00 ##submission.copyrightStatement## Sovereign Credit Rating Announcements and Liquidity Shocks in the Lebanese Daily Foreign Exchange Market 2020-06-02T20:28:00+06:00 Samih Antoine Azar <p style="text-align: justify;">Sovereign credit rating announcements are usually unexpected events that can affect local financial markets either favorably or detrimentally. In Lebanon, the credit outlook witnessed a deteriorating trend since the mid of the year 2016. The major hypothesis of this paper is that the reaction to the bad credit rating announcements is statistically significant, although ephemeral, delimited to just a few days. It is through the liquidity channel that these announcements create uncertainty and affect the economy. There are two related hypotheses: (1) illiquidity shocks impact undesirably the financial markets, and (2) credit rating announcements are accompanied by a surge in illiquidity. Since the impact of these announcements is ephemeral it should be assessed by high-frequency data, or at most by daily financial data. The domestic foreign exchange market is an ideal place to study this impact. Fortunately, the central bank of Lebanon has lately made available daily foreign exchange rates for six major currencies beginning in 2010. This defines six multiple regressions that are constructed to differentiate between the short-run and the long-run responses to illiquidity. The empirical results show that the above two hypotheses are strongly supported. Moreover, it matters little whether the event window is 3, 4 or 5 days.</p> <p style="text-align: justify;"><strong>JEL Classification</strong><strong>: </strong>G14, F31, C58, C38.</p> 2020-04-08T10:36:52+06:00 ##submission.copyrightStatement## CFO’s Working as The Board Secretary Concurrently and Corporate Disclosure Quality: Based on Empirical Evidence of Listed Companies in Shenzhen Stock Exchange 2020-06-02T20:27:59+06:00 Xiang Rui Qian Xing <p>This paper took the selected data listed companies in Shenzhen Stock Exchange in 2008-2015 as samples to study the relationship between the CFO’s working as the Board Secretary concurrently and corporate disclosure quality, and also to examine the impact of different government intervention levels and nature of property rights. The results indicate that the CFO’s doubling as the Board Secretary can distinctly improve the quality of corporate disclosure in listed companies; the CFO’s holding concurrently the post of the Board Secretary can improve noticeably the disclosure quality of listed companies in regions with a high degree of government intervention; the CFO’s also serving as the Board Secretary can improve the disclosure quality of non-state-owned listed companies. Moreover, this paper presents a reasonable explanation for the phenomenon that increasingly more CFOs are serving as the Board Secretaries simultaneously via empirical study. Lastly, conclusions of this study can provide empirical evidence for the appointment of the Board Secretary in listed companies.</p> 2020-05-13T00:00:00+06:00 ##submission.copyrightStatement##