International Journal of Accounting & Finance Review
type: channel
description: International Journal of Accounting & Finance Review (IJAFR),Accounting & Finance Review,Accounting, Finance
publisher: American Accounting & Finance Society [Affiliated Societies]
language: en
publication name: International Journal of Accounting & Finance Review
issn: 2576-1285
items: RISK-BASED AUDITING IN PRACTICE: A SYSTEMATIC REVIEW OF IMPLEMENTATION AND IMPACT
items: FORENSIC ACCOUNTING AND CORPORATE SUSTAINABILITY IN BANGLADESHI COMPANIES: AN EMPIRICAL STUDY
items: INVESTMENT DIVERSIFICATION AND FINANCIAL PERFORMANCE OF COMMERCIAL BANKS IN KENYA: CONTROLLING ROLE OF BANK SIZE
items: BOARD CHARACTERISTICS AND FINANCIAL PERFORMANCE OF LISTED DEPOSIT MONEY BANKS IN NIGERIA
items: EFFECT OF QUALITY COST ON PROFITABILITY OF LISTED HEALTHCARE MANUFACTURING FIRMS IN NIGERIA
items: EFFECT OF FINANCIAL RISK ON PROFITABILITY OF DEPOSIT MONEY BANKS IN NIGERIA
items: DETERMINANTS OF RENTAL INCOME TAX COMPLIANCE AMONG RENT INCOME EARNERS IN GHANA
items: FIRM CHARACTERISTICS AND PROFITABILITY OF LISTED INDUSTRIAL GOODS COMPANIES IN NIGERIA: THE MODERATING EFFECT OF FIRM SIZE
items: REVEALING THE ROLE OF FINANCIAL MANAGEMENT IN THE ANTECEDENT OF AUDIT QUALITY IN THE AUTOMOTIVE SECTOR IN INDONESIA
items: SUSTAINABILITY REPORTING AND SHAREHOLDERS’ INVESTMENT DECISIONS IN AFRICA
items: MODERATING EFFECT OF BOARD INDEPENDENCE ON THE RELATIONSHIP BETWEEN FIRM ATTRIBUTES AND TAX AGGRESSIVENESS: EMPIRICAL EVIDENCE FROM THE NIGERIAN BANKS
items: MODERATING EARNINGS MANAGEMENT IN NIGERIA: HARNESSING FREE CASH FLOW, INSTITUTIONAL OWNERSHIP AND AUDIT COMMITTEE INDEPENDENCE
items: TESTING WEAK-FORM EFFICIENCY FOR THE SAUDI PARALLEL MARKET (NOMU)
items: AN ANALYSIS OF THE FACTORS AFFECTING THE IMPLEMENTATION OF CAMBODIAN FINANCIAL REPORTING STANDARD FOR NOT-FOR-PROFIT ENTITIES
items: THE IMPACTS OF CHARACTERISTICS OF HOMETOWN CONNECTEDNESS BETWEEN AUDITORS AND EXECUTIVES ON AUDIT QUALITY: EVIDENCE FROM CHINA
items: ROLE OF INTERNAL AUDITORS AND SUSTAINABILITY REPORTING: MEDIATING EFFECTS OF AUDIT COMMITTEE PERFORMANCE
items: IMPACT OF SOCIAL RESPONSIBILITY DISCLOSURE ON THE INTEGRATION OF GREEN ACCOUNTING AND CORPORATE GOVERNANCE ON HIGHLY POLLUTED INDUSTRIES IN INDIA
items: INTERNATIONALIZATION AND FINANCIAL STABILITY OF DEPOSIT MONEY BANKS IN NIGERIA
items: IMPACT OF FINANCIAL LITERACY ON INVESTORS: A SYSTEMATIC LITERATURE REVIEW USING PRISMA PROTOCOL
items: BEHAVIORAL FACTORS INFLUENCING INVESTMENT DECISIONS: A SYSTEMATIC REVIEW USING PRISMA
items: INVESTMENT BEHAVIOR OF CORPORATE PROFESSIONALS TOWARDS MUTUAL FUNDS IN INDIA
items: MEASURING AWARENESS ABOUT MUTUAL FUNDS: A STUDY ON BANK EMPLOYEES IN TRIPURA
items: WHAT CAUSES NON-PERFORMING LOANS? EVIDENCE FROM THE ISLAMIC BANKING SECTOR OF BANGLADESH
items: INFLUENCE OF MACROECONOMIC VARIABLES ON EXCHANGE RATE: A STUDY ON BANGLADESH
items: TESTING WEAK FORM OF EFFICIENT MARKET HYPOTHESIS ON SOCIALLY RESPONSIBLE INDICES: COMPARATIVE STUDY BETWEEN DEVELOPED AND EMERGING MARKETS
items: FINANCIAL CRISES AS A THREAT TO CORPORATE SUSTAINABILITY: EVALUATING THE IMPLICATIONS OF ASSET DEVALUATION AND DEBT DEFLATION IN THE PURSUIT OF SUSTAINABLE DEVELOPMENT
items: THE ROLE OF A FIRM’S NEGATIVE MEDIA COVERAGE OF CORPORATE SOCIAL RESPONSIBILITY PRACTICES IN PREDICTING THE SUPPLY OF CASH FLOW FORECASTS
items: A BIBLIOMETRIC ANALYSIS FOR AUDIT RESEARCH: EVIDENCE FROM ALGERIAN SCIENTIFIC JOURNALS PLATFORMS (ASJP)
items: ASSOCIATION OF ELECTRICITY CONSUMPTION, ECONOMIC GROWTH AND FDI IN INDIA
items: IMPACT OF INTELLECTUAL CAPITAL ON PROFITABILITY, MARKET VALUE, AND PRODUCTIVITY OF THE LISTED BANKS: EVIDENCE FROM BANGLADESH

RISK-BASED AUDITING IN PRACTICE: A SYSTEMATIC REVIEW OF IMPLEMENTATION AND IMPACT
type: item
description: As companies look to align audit processes with risk exposure rather than solely with compliance, risk-based auditing (RBA) has become increasingly important in contemporary auditing. Nevertheless, despite its theoretical advantages, RBA's actual application remains uneven, and its efficacy varies across industries and audit settings. This study's objective is to methodically investigate the practical application of RBA and assess its quantifiable effects on audit performance using the available empirical data. This study screens peer-reviewed journal papers published between 2010 and 2024 using a systematic literature review process that adheres to PRISMA principles. To evaluate implementation tactics, operational difficulties, and quantitative results about RBA adoption, a total of 23 qualifying papers were examined. The findings show that RBA implementation is rising worldwide, especially among regulated businesses, public bodies, and financial institutions. Improvements in audit effectiveness and operational efficiency are demonstrated by quantitative evidence from the reviewed studies, including quantifiable reductions in audit time reported in 7 studies, increases in risk-prioritization accuracy in 9 studies, and improvements in audit resource-allocation efficiency documented in 6 studies. Compared with conventional audit techniques, several studies also demonstrate improved identification of high-risk audit concerns. The main conclusions show that RBA adoption strengthens audit decision-making, increases assurance quality, and improves alignment between audit operations and organizational risk exposure. However, the data also show that differences in organizational preparedness, audit maturity, and training quality affect performance and implementation outcomes. JEL Classification Codes: M42, M48, G32, C83.
subject: Research Paper/Theoretical Paper/Review Paper/Short Communication Paper
  topic: section
subject: Risk-Based Auditing, Internal Audit, Audit Practices, Audit Challenges, PRISMA, Implementation
  topic: keywords
creator: Ebrahim Mohammed Ahmed
creator: Gurudutta P. Japee
rights: Copyright (c) 2025 Ebrahim Mohammed Ahmed , Gurudutta P. Japee http://creativecommons.org/licenses/by/4.0
date: 2025-11-30
publication date: 2025-11-30
starting page: 9
ending page: 14
doi: 10.46281/ijafr.v16i1.2737

FORENSIC ACCOUNTING AND CORPORATE SUSTAINABILITY IN BANGLADESHI COMPANIES: AN EMPIRICAL STUDY
type: item
description: Sustainable corporate governance plays a vital role in enhancing transparency, accountability, and long-term organizational performance, particularly in emerging economies such as Bangladesh, where governance vulnerabilities remain persistent. Despite growing recognition of forensic accounting as a tool for strengthening internal controls and reducing financial misconduct, empirical evidence on its influence within Bangladeshi listed companies is limited. This study investigates the impact of forensic accounting on sustainable corporate governance. Data were collected via a structured questionnaire administered to professionals employed by listed companies, yielding 225 valid responses. Sustainable corporate governance was assessed using three core components: the Board of Directors (BOD), Audit Risk Committee (ARC), and Nomination and Remuneration Committee (NRC). Structural Equation Modeling (SEM) was utilized to examine the relationship between forensic accounting practices and sustainable corporate governance. The results reveal that forensic accounting has a significant positive effect on sustainable corporate governance, demonstrated by a path coefficient of 0.090, a standard error of 0.023, a t-value of 3.888, and a significance level of p < 0.01, thereby confirming the proposed hypothesis (H1). The findings indicate that applying forensic accounting enhances sustainable governance structures among Bangladeshi listed companies. Improvements were observed across the BOD, ARC, and NRC indicators, demonstrating that forensic accounting significantly strengthens decision-making processes, reinforces risk oversight, and enhances committee-level governance. Overall, the study provides empirical evidence that forensic accounting plays a measurable role in supporting the key structural components of sustainable corporate governance among Bangladesh's listed firms. JEL Classification Codes: M42, M14, Q56.
subject: Research Paper/Theoretical Paper/Review Paper/Short Communication Paper
  topic: section
subject: Sustainable Corporate Governance, Forensic Accounting, Fraud, Public Listed Companies In Bangladesh
  topic: keywords
creator: Tarun Sen
creator: Md Raihan Ahmed Raju Raju
rights: Copyright (c) 2025 Tarun Sen, Md Raihan Ahmed Raju Raju http://creativecommons.org/licenses/by/4.0
date: 2025-11-28
publication date: 2025-11-28
starting page: 1
ending page: 8
doi: 10.46281/ijafr.v16i1.2579

INVESTMENT DIVERSIFICATION AND FINANCIAL PERFORMANCE OF COMMERCIAL BANKS IN KENYA: CONTROLLING ROLE OF BANK SIZE
type: item
description: This study examines the connection between diversification of investments and the financial outcomes of commercial banks in Kenya, moderated by Bank size. It addresses critical issues related to portfolio diversification roadmaps within the banking sector, mainly focusing on mitigating various classes of risk. The findings aim to provide insights into best practices for risk management and strategic investment, contributing to a more resilient banking industry in Kenya. The target population for this study includes the 38 commercial banking institutions that held official licenses from the Central Bank of Kenya as of December 2023. The paper employs an analysis of unbalanced secondary panel data, which comprises both time series and cross-sectional data. Data was sourced from the Kenya National Bureau of Statistics, the World Bank, the Central Bank of Kenya, and the published financial statements of all 38 licensed commercial banks in Kenya. The data covers the period from 2013 to 2023. Investment diversification has a significant positive impact on financial performance. The study suggests that an investment portfolio is a key factor in determining the financial performance of commercial banks in Kenya. The findings indicate that diversification of investment portfolios among Kenyan banks encompasses various asset classes, including placements, shares, and government securities, as well as alternative investments, with a notable preference for government securities. Kenyan banks should actively diversify their investment portfolios by including placements, government securities, and shares to enhance their financial performance. By emphasizing the importance of strategic investment choices, particularly in government securities and shares, banks can achieve significant improvements in their overall financial outcomes. JEL Classification Codes: G32, F65, L66, L25, M41.
subject: Research Paper/Theoretical Paper/Review Paper/Short Communication Paper
  topic: section
subject: Investment Diversification; placements; shares; government securities; alternative investments; Dynamic Panel Model; Fixed Effects; Financial Performance
  topic: keywords
creator: Stephen Githaiga Ngware
rights: Copyright (c) 2025 Stephen Githaiga Ngware http://creativecommons.org/licenses/by/4.0
date: 2025-07-16
publication date: 2025-07-16
starting page: 33
ending page: 46
doi: 10.46281/ijafr.v16i1.2512

BOARD CHARACTERISTICS AND FINANCIAL PERFORMANCE OF LISTED DEPOSIT MONEY BANKS IN NIGERIA
type: item
description: While global literature has established that board characteristics can influence firm performance, empirical evidence in the context of emerging markets like Nigeria remains inconclusive and often contradictory. This study examines the influence of some specific board characteristics on the financial performance of listed deposit money banks (DMBs) in Nigeria, incorporating audit quality as a control variable. The study is underpinned by the resource dependence theory, owing to the relationship between board characteristics and returns on equity which the study uses to proxy financial performance. Utilizing secondary data from thirteen listed deposit money banks in Nigeria, covering 2014 to 2023, the study employs a robust pooled regression for data analysis. The findings indicate that both board size and board independence exert a significant positive influence on the financial performance of Nigerian deposit money banks. Additionally, audit quality is found to have a significant positive effect on financial performance of deposit money banks in Nigeria. However, gender diversity does not have any effect on the financial performance of these banks. The findings of this study suggest that the ratio of independent directors to the total board size should be enhanced as a policy guideline to be instituted by the Central Bank of Nigeria. The findings also suggest that the regulator should mandate adequate board sizes to be maintained by banks. Furthermore, the findings suggest urging the shareholders to mandate a higher number of independent directors on boards during their annual general meetings. JEL Classification Codes: G21, G34, O16.
subject: Research Paper/Theoretical Paper/Review Paper/Short Communication Paper
  topic: section
subject: Board Characteristics, Financial Performance, Deposit Money Banks, Returns on Equity
  topic: keywords
creator: Akinlolu Adekunle Akinwumi
creator: Lucky Onmonya
rights: Copyright (c) 2025 Akinlolu Adekunle Akinwumi , Lucky Onmonya http://creativecommons.org/licenses/by/4.0
date: 2025-07-15
publication date: 2025-07-15
starting page: 24
ending page: 32
doi: 10.46281/q8jz8e82

EFFECT OF QUALITY COST ON PROFITABILITY OF LISTED HEALTHCARE MANUFACTURING FIRMS IN NIGERIA
type: item
description: The achievement of operational efficiency and profitability in manufacturing firms depends on proper quality cost management techniques. Quality costs made of prevention costs together with appraisal costs and internal failure costs determine financial performance in organizations. The financial consequences of quality cost elements remain unclear because studies about these elements are rare in the Nigerian healthcare manufacturing industry. Several researchers disagree about how much quality cost management affects profitability, which demonstrates the necessity for additional investigations in this field. The research examines how quality costs affect profitability across the Nigerian healthcare manufacturing companies that are listed on the Nigeria Exchange Group from 2012 to 2021. A correlational research approach served the study through the examination of the entire population, which consisted of all healthcare manufacturing firms listed in Nigeria. The researcher utilized stratified sampling to obtain secondary data from audited annual financial reports published on the Nigerian Exchange Group (NGX) website. STATA Version 13 software conducts multiple regression analysis that depends on panel data. Prevention cost demonstrates a positive relationship to profitability while being statistically significant according to the research results, therefore highlighting that strategic quality management investments lead to superior financial outcomes. Profitability demonstrates no significant association with appraisal cost and internal failure cost. Prevention cost emerges as the key element among all quality cost components for achieving profitability in Nigerian listed healthcare manufacturing firms. The findings presented by this research serve to strengthen knowledge about how strategic quality cost management enhances financial outcomes for Nigerian healthcare manufacturing companies. JEL Classification Codes: M11, M41, L15, L33, O55.
subject: Research Paper/Theoretical Paper/Review Paper/Short Communication Paper
  topic: section
subject: Prevention Cost, Appraisal Cost, Internal Failure Cost, Proactive Quality Management, Return on Assets
  topic: keywords
creator: Lateef Olumide Mustapha
creator: Yahaya Ahmed Onumoh
creator: Abdulrazak Mohammed Aliyu
creator: Jimkuta Daniel Dauda
rights: Copyright (c) 2025 Lateef Olumide Mustapha , Yahaya Ahmed Onumoh, Abdulrazak Mohammed Aliyu , Jimkuta Daniel Dauda http://creativecommons.org/licenses/by/4.0
date: 2025-03-07
publication date: 2025-03-07
starting page: 18
ending page: 23
doi: 10.46281/ijafr.v16i1.2203

EFFECT OF FINANCIAL RISK ON PROFITABILITY OF DEPOSIT MONEY BANKS IN NIGERIA
type: item
description: Financial risks have significantly impacted the profitability of deposit money banks (DMBs), particularly through operational and solvency risks. Traditional operational pitfalls, coupled with challenges in compliance and environmental disturbances, contribute to operational risks that jeopardize the stability of the banking system. Solvency risks pose a threat to the sustainable operation of commercial banks when they are unable to meet their debt obligations. These financial risks lead to a decline in financial performance, as they result in increased costs, reduced revenues, and a loss of stakeholder trust. Addressing these issues is crucial for improving the financial returns of Nigerian DMBs and maintaining strong foundations in their evolving financial sector. This research investigates the impact of financial risks on the profitability of Nigerian-listed deposit money banks. Return on assets is used as the measure of profitability, while operating risk and solvency risk serve as proxies for financial risk. The study employs an ex post facto research design and gathers data from the audited annual financial reports of 11 listed deposit money banks from 2014 to 2023. The results show that operating risk has a positive and statistically significant effect on profitability, highlighting the importance of effective operational risk management. In contrast, solvency risk shows an insignificant effect on profitability. The findings suggest that effective financial risk management is essential for safeguarding profitability and ensuring sustainable operations for Nigerian DMBs within a competitive and turbulent economic environment. JEL Classification Codes: G21, G32, G15, E44, L25.
subject: Research Paper/Theoretical Paper/Review Paper/Short Communication Paper
  topic: section
subject: Financial Risk, Operating Risk, Profitability, Solvency Risk
  topic: keywords
creator: Abdulrazak Mohammed Aliyu
creator: Yahaya Ahmed Onumoh
creator: Nurjahan Akter Monira
creator: Lucky Onmonya
creator: Ayuba Zakka Dangs
rights: Copyright (c) 2025 Abdulrazak Mohammed Aliyu, Yahaya Ahmed Onumoh, Nurjahan Akter Monira, Lucky Onmonya, Ayuba Zakka Dangs
date: 2025-01-31
publication date: 2025-01-31
starting page: 1
ending page: 6
doi: 10.46281/ijafr.v16i1.2279

DETERMINANTS OF RENTAL INCOME TAX COMPLIANCE AMONG RENT INCOME EARNERS IN GHANA
type: item
description: Rent tax compliance has been a major problem in many developing countries but Ghana's case is worse as successive governments have failed to enhance rent tax compliance. Rental taxation is economically significant, yet a substantial portion of landlords and developers fail to meet their tax obligations. This issue is particularly prevalent in Ghana, where rental income tax compliance remains low despite its potential to contribute significantly to national revenue. This study focuses on identifying the factors influencing compliance, specifically examining the roles of compliance costs, tax rate/structure, tax knowledge and education, and fines and penalties. Utilizing a quantitative research design, data was gathered from 260 rent income earners through questionnaires, out of a targeted sample size of 272. Descriptive statistics and a multiple regression model were employed to analyse the data and identify relationships between the studied variables and rental income tax compliance. The analysis identified a noteworthy positive association between the cost of compliance and tax rate/structure and rental income tax compliance. The results imply that tax compliance costs and the tax rate are significant determinants of rent tax compliance in Ghana. Conversely, tax knowledge and education, as well as fines and penalties, showed an insignificant negative effect on compliance. The study results imply that a proactive approach to reducing compliance costs and enhancing tax structures positively influences compliance among rental income earners. Educational efforts and penalties, however, may require alternative strategies to be effective. JEL Classification Codes: H24, H25, H26, K42.
subject: Research Paper/Theoretical Paper/Review Paper/Short Communication Paper
  topic: section
subject: Rental Income Tax, Tax Compliance, Rent Income Earners, Theory of Planned Behaviour, Ghana
  topic: keywords
creator: Charles Ayariga
creator: Marshall Wellington Blay
creator: Alhassan Musah
creator: Nurjahan Akter Monira
rights: Copyright (c) 2024 Charles Ayariga, Marshall Wellington Blay, Alhassan Musah, Nurjahan Akter Monira
date: 2024-12-20
publication date: 2024-12-20
starting page: 9
ending page: 17
doi: 10.46281/ijafr.v15i2.2277

FIRM CHARACTERISTICS AND PROFITABILITY OF LISTED INDUSTRIAL GOODS COMPANIES IN NIGERIA: THE MODERATING EFFECT OF FIRM SIZE
type: item
description: Corporate success is measured by profitability, an important metric, influenced by various factors, including the firm’s size, with multiple effects. The firm’s size, however, as a moderating factor, adds complexity, potentially altering the relationship between firm characteristics and profitability, especially within Nigeria's industrial goods sector. This study examined the impact of firm characteristics and profitability of listed industrial goods companies in Nigeria. As a moderating factor, firm characteristics were represented by liquidity, leverage, and firm age, while the return on assets measured profitability. The study data was collected from ten listed industrial goods firms that had consistently published their audited annual financial reports from 2013 to 2022. The panel-corrected standard error for the random effect model was used to analyze the data. The results show that liquidity has a negative and significant effect on profitability. Conversely, leverage and firm age have a positive and insignificant impact on profitability. In evaluating the moderating effect of firm size, the panel regression results conclude that firm age can reduce profitability. However, the analysis also revealed that liquidity has a positive and insignificant effect on profitability when moderated by firm size while leverage has a negative and insignificant result on profitability. On the other hand, firm size significantly moderates the relationship between firm characteristics and profitability. The findings of this study recommend that younger listed industrial goods firms should not be discouraged by the negative effect of their age on profitability rather they may be profitable as they grow old. JEL Classification Codes: D2, D22, D220.
subject: Research Paper/Theoretical Paper/Review Paper/Short Communication Paper
  topic: section
subject: Firm Size, Liquidity, Leverage, Profitability, Return on Assets.
  topic: keywords
creator: Abraham Momoh Idogho
creator: Celestine Chukwutem Ebogbue
creator: Lucky Onmonya
creator: Yemisi Funmilayo Bosun-Fakunle
rights: Copyright (c) 2024 Abraham Momoh Idogho, Celestine Chukwutem Ebogbue, Lucky Onmonya, Yemisi Funmilayo Bosun-Fakunle
date: 2024-12-16
publication date: 2024-12-16
starting page: 1
ending page: 8
doi: 10.46281/ijafr.v15i2.2269

REVEALING THE ROLE OF FINANCIAL MANAGEMENT IN THE ANTECEDENT OF AUDIT QUALITY IN THE AUTOMOTIVE SECTOR IN INDONESIA
type: item
description: Audit quality, as an important element to maintain investor trust, is influenced by financial management factors such as financial ratios, intellectual capital, and dividend policy. However, empirical research examining the influence of these factors on audit quality in the Indonesian automotive sector is still limited. This study aims to analyze the relationship between financial ratios, intellectual capital, and dividend policy on audit quality in automotive companies listed on the Indonesia Stock Exchange during the period 2013–2021. Secondary data used include financial information, dividend policy, intellectual capital (measured by the number of employees, level of innovation, and research and development activities), and audit quality based on external auditor assessments. This study uses a quantitative approach with the logistic regression method to test the significant effect of the three variables on audit quality, considering control variables such as company size and operational complexity. The results show that financial ratios, intellectual capital, and dividend policy contribute significantly to audit quality. These findings provide significant implications for investors, capital market authorities, regulators, and company management. For investors, the results of this study can be used as a guide in assessing the audit quality of automotive companies, thus impacting their investment decisions. Meanwhile, for company management, these results are an encouragement to improve the quality of financial reporting. Thus, improvements in corporate governance and oversight mechanisms will contribute to the creation of a more transparent, accountable, integrity-based, and sustainable business environment, which not only improves the company's reputation but also supports the long-term growth of the Indonesian automotive industry in the global market. JEL Classification Codes: C12, G320, M42, N65.
subject: Research Paper/Theoretical Paper/Review Paper/Short Communication Paper
  topic: section
subject: Audit Quality, Financial Management, Financial Ratios, Solvency, Profitability.
  topic: keywords
creator: Etty Indriani
creator: Yenni Khristiana
creator: Ika Swasti Putri
creator: Yosephine Angelina
rights: Copyright (c) 2024 Etty Indriani, Yenni Khristiana, Ika Swasti Putri, Yosephine Angelina
date: 2024-11-29
publication date: 2024-11-29
starting page: 20
ending page: 29
doi: 10.46281/ijafr.v15i1.2258

SUSTAINABILITY REPORTING AND SHAREHOLDERS’ INVESTMENT DECISIONS IN AFRICA
type: item
description: Shareholders’ investment decisions are fraught with several challenges that undermine their optimality and pose detrimental effects to firms on the long run. Sustainability reporting by firms is advanced as a mechanism that drives the efficacy of investors’ decisions. This study investigates the effect of sustainability reporting on shareholders’ investment decisions in Africa. Quantitative research was employed using panel data sourced from the year end reports and financial statements of the sampled firms for a period of 20 years spanning 2004-2023. Descriptive and inferential statistics was deployed to test the collated data and multiple regression was used to estimate the model. The measures of sustainability reporting used are environmental sustainability performance disclosure, social sustainability performance disclosure and governance sustainability disclosure. Shareholders’ investment decisions was proxied by dividend payout ratio and return on equity. Management quality was adopted as a moderating variable. The findings of the study reveal that environmental sustainability performance disclosure and governance sustainability performance disclosure have insignificant positive effect on return on equity, social sustainability performance disclosure has insignificant negative effect while management quality has significant negative effect on return on equity. Environmental Performance Disclosure has insignificant positive effect on dividend payout ratio, social performance disclosure has insignificant negative effect on dividend payout ratio, and governance performance disclosure has significant positive effect while management quality has significant negative effect. The results depict that the measures of sustainability reporting jointly have significant effect on return on equity and dividend payout ratio in models 1 & 2 respectively. The findings demonstrate that sustainability reporting is a significant factor that enhances shareholders’ investment decis…
subject: Research Paper/Theoretical Paper/Review Paper/Short Communication Paper
  topic: section
subject: Dividend Payout Ratio, Environmental Sustainability, Governance Sustainability, Management Quality, Return On Equity, Social Sustainability.
  topic: keywords
creator: Chinanu Emmanuel
creator: Akande Folorunsho
creator: Olabamiji Atanda
creator: Ishola Rufus Akintoye
rights: Copyright (c) 2024 Chinanu Emmanuel, Akande Folorunsho, Olabamiji Atanda, Ishola Rufus Akintoye
date: 2024-11-29
publication date: 2024-11-29
starting page: 10
ending page: 19
doi: 10.46281/ijafr.v15i1.2257

MODERATING EFFECT OF BOARD INDEPENDENCE ON THE RELATIONSHIP BETWEEN FIRM ATTRIBUTES AND TAX AGGRESSIVENESS: EMPIRICAL EVIDENCE FROM THE NIGERIAN BANKS
type: item
description: Despite increased evidence of the critical role of corporate governance in shaping business behaviour, there is still a lack of understanding of how board independence moderates the relationship between firm qualities and tax aggression, particularly in the context of Nigerian banks. This study examines the moderating effect of board independence on firm attributes and tax aggressiveness relationship in Nigerian banks spanning 2012 to 2022. The firm attribute was proxy as firm size, profitability, leverage, and board independence, while tax aggressive was proxy as the effective tax rate. The data was collected from eleven listed commercial banks in Nigeria. Data analysis were performed using random effects based on the Hausman test. The study concludes that larger banks tend to engage less in tax aggressive strategies than smaller banks. Also, boards with more independent directors tend to be less aggressive in tax activities. In addition, the study concludes that highly leveraged firms have a greater interest in minimising taxes to enhance cash flows available for debt service. Furthermore, when the moderating effect of board independence is introduced, the study concludes that the relationship between profitability and tax aggressiveness was insignificant. Furthermore, larger banks engage in tax aggressiveness when independent directors are involved. More so, the moderating effect of board independent directors will cause a reduction in tax aggressiveness as leverage increases. The study suggest that banks management be encouraged to conduct benchmarking exercises and peer comparisons to assess their tax practices to industry standards. This can help identify outliers and promote a more standardised and responsible approach to tax planning. JEL Classification Codes: M4, M41, M480.
subject: Research Paper/Theoretical Paper/Review Paper/Short Communication Paper
  topic: section
subject: Board Independence, Firm Size, Profitability, Leverage, Tax Aggressiveness.
  topic: keywords
creator: Kolawole Ebire
creator: Anthony Ahmed Musa
creator: Lucky Onmonya
rights: Copyright (c) 2024 Kolawole Ebire, Anthony Ahmed Musa, Lucky Onmonya
date: 2024-02-06
publication date: 2024-02-06
starting page: 1
ending page: 9
doi: 10.46281/ijafr.v15i1.2184

MODERATING EARNINGS MANAGEMENT IN NIGERIA: HARNESSING FREE CASH FLOW, INSTITUTIONAL OWNERSHIP AND AUDIT COMMITTEE INDEPENDENCE
type: item
description: Free cash flow in the Nigerian non-financial firm is related to earnings management (EMT), which has been identified as one of the main culprits leading to catastrophic fraudulent and financial reporting scandals, resulting in huge losses that shareholders can suffer in billions of Naira and dollars. This study examines the Moderating impact of institutional ownership and audit committee independence on the relationship between FCF and EMT of listed non-financial companies in Nigeria. The analysis relies on balanced panel data of seventy-six (76) from 2012 to 2022 and uses purposeful sampling to arrive at a sample of 39. The study's findings suggested that FCF is a resource that triggers managers to engage in EMT. Still, interacting with IWN and ACI has a significant positive impact on EMTs. This implies that the presence of IWN and ACI can reduce the EMT. Thus, the Study recommended that authorities like IFRS, CBN, FRCN, NDIC, SEC, and NSE encourage the manager to invest FCF in projects with net present value. Institutional investors should encourage financial analysts to expose FCF so that investors can make optimal decisions. ACI should use its position to discourage corporate executives from opportunistic behavior. IWN and ACI should monitor the managers to ensure that accounting numbers in the financial statement are correctly calculated and reported in their disclosure. JEL Classification Codes: M1, M4, A1, G3, G4, L2.
subject: Research Paper/Theoretical Paper/Review Paper/Short Communication Paper
  topic: section
subject: Institutional Ownership, Audit Committee Independence, Free Cash Flow, Earnings Management, Transient Shareholders
  topic: keywords
creator: Rabo Ishaku
creator: Nurjahan Akter Monira
creator: Amos Bukar
rights: Copyright (c) 2025 Rabo Ishaku , Nurjahan Akter Monira , Amos Bukar http://creativecommons.org/licenses/by/4.0
date: 2025-01-31
publication date: 2025-01-31
starting page: 7
ending page: 17
doi: 10.46281/ijafr.v16i1.2181

TESTING WEAK-FORM EFFICIENCY FOR THE SAUDI PARALLEL MARKET (NOMU)
type: item
description: Market efficiency is essential for a thriving stock exchange and has a substantial impact on capital investments, particularly in emerging markets. This article examines the weak-form efficiency of Nomu, the Saudi Arabian parallel stock exchange. The study employed various statistical tests on the collected closing values of the Nomu index from May 1, 2019, to May 31, 2023. The return normality and stationarity were investigated using the Jarque-Bera, Augmented Dickey-Fuller (ADF), and Phillips-Perron (PP) tests. The Variance Ratio (VR) test was used to assess autocorrelation, while the Wald-Wolfowitz Runs (WWR) test was utilized to examine random walk behavior. While the Runs test indicated some randomness, all other tests rejected their null hypotheses, indicating that the Nomu market is inefficient according to the weak-form model. This inefficiency suggests that historical trading data may predict future prices, which could discourage foreign capital inflows, thereby limiting Nomu's growth and investment appeal. The significance of these findings for regulators and policymakers in formulating market regulations and policies aimed at enhancing Nomu's efficiency and investor appeal cannot be overstated. This paper, with its robust methodology, is believed to be the first to evaluate the Nomu market's weak-form efficiency since its inception, contributing to a better understanding of market dynamics in emerging stock exchanges. JEL Classification Codes: C12, G14, F21.
subject: Research Paper/Theoretical Paper/Review Paper/Short Communication Paper
  topic: section
subject: Emerging Markets, Random Walk Theory, Unit Root Test, Autocorrelation Test, Variance Ratio Test.
  topic: keywords
creator: Mazin Alahmadi
rights: Copyright (c) 2023 Mazin Alahmadi
date: 2023-12-23
publication date: 2023-12-23
starting page: 48
ending page: 58
doi: 10.46281/ijafr.v14i2.2157

AN ANALYSIS OF THE FACTORS AFFECTING THE IMPLEMENTATION OF CAMBODIAN FINANCIAL REPORTING STANDARD FOR NOT-FOR-PROFIT ENTITIES
type: item
description: The adoption of the Cambodia Financial Reporting Standard (CFRS) for Not-For-Profit Entities (NFPEs) is crucial for both the entities themselves and the Accounting and Auditing Regulator (ACAR). Despite the large number of registered not-for-profit entities in Cambodia, not all of them have embraced the use of CFRS. This study aims to analyze the factors that influence the likelihood of adopting CFRS for NFPEs through a logit regression model. Six factors are identified, including three observed variables (entity size, fear of penalties, and ease of accessing funds) and three latent variables (valuation of accounting items, entities' readiness, and consistency with tax regulations). Data was collected from 109 entities. The empirical findings reveal that five out of the six factors are statistically significant in explaining the likelihood of entities adopting CFRS for NFPEs. However, the entities' readiness to adopt CFRS was found to be statistically insignificant. The estimated parameter values for the significant factors align with expectations. The Pseudo-R2 suggests that approximately 61.8 percent of the variation in the dependent variable can be attributed to the independent variables. It is important for not-for-profit entities and the ACAR to consider these significant factors when promoting the adoption of CFRS for NFPEs. Future research could further investigate the reasons behind the lack of significance in the entities' readiness factor and explore additional factors that may influence the likelihood of CFRS adoption. JEL Classification Codes: M10, M40, M41, M48.
subject: Research Paper/Theoretical Paper/Review Paper/Short Communication Paper
  topic: section
subject: Cambodian Financial Reporting Standard for Not-For-Profit-Entities, Logit Regression Model, Exploratory Factor Analysis, Maximum Likelihood Estimation.
  topic: keywords
creator: Siphat Lim
creator: Edman Padilla Flores
rights: Copyright (c) 2023 Siphat Lim, Edman Padilla Flores
date: 2023-12-03
publication date: 2023-12-03
starting page: 37
ending page: 47
doi: 10.46281/ijafr.v14i2.2133

THE IMPACTS OF CHARACTERISTICS OF HOMETOWN CONNECTEDNESS BETWEEN AUDITORS AND EXECUTIVES ON AUDIT QUALITY: EVIDENCE FROM CHINA
type: item
description: Quality audit depends on the qualified audit team. Hometown connectedness affects audit quality among executives and auditors. Higher auditor-executive hometown connectivity degrades audit quality more. The present study aimed to analyse and test the influence of the strength and density of auditors-managers hometown connectedness on audit quality. Panel data research methods were employed here. The data is analyzed using the Regression model, including the Logit regression model and OLS regression model, Pearson correlation coefficients, χ2 grouping test and Heckman two-step regression, by using 3674 observations of the Chinese Stock markets from 2008 to 2020 and from the perspective of sociology and economics that were reserved over 15 different industries and the auditor-manager hometown connectivity involved 25 different provinces. The present study reveals that the auditors-manager's hometown connectedness has a negative effect on audit quality. The influence degree increases along with the strength of the auditors-manager's hometown connectedness. Secondly, the influence degree increases along with the density of auditors-managers hometown connectedness. Finally, some suggestions related to audit quality supervision are put forward. The above findings are still valid after controlling for potential endogenous problems. The research on the relationship between auditors-managers' hometown connectedness and audit quality is extended and deepened. The present study's findings apply to auditors and executives in that a bias-free relationship is essential to carry out an influence-free audit process. Audit organizations and business organizations can benefit from this research. JEL Classification Codes: D73, F65, G32, H54, L32, M41.
subject: Research Paper/Theoretical Paper/Review Paper/Short Communication Paper
  topic: section
subject: Hometown Connectedness, Strength of Relationship, Density of Relationship, Audit Quality
  topic: keywords
creator: Deli Yuan
creator: Md. Abu Issa Gazi
creator: Guangrui Liu
creator: Xiaolin Chen
creator: Mohammad Nurul Alam
rights: Copyright (c) 2023 Deli Yuan, Md. Abu Issa Gazi, Guangrui Liu Liu, Xiaolin Chen Chen, Mohammad Nurul Alam
date: 2023-11-11
publication date: 2023-11-11
starting page: 25
ending page: 36
doi: 10.46281/ijafr.v14i2.1072

ROLE OF INTERNAL AUDITORS AND SUSTAINABILITY REPORTING: MEDIATING EFFECTS OF AUDIT COMMITTEE PERFORMANCE
type: item
description: This study examines the relationship between the role of internal auditors and practices of sustainability reporting in the organization. Moreover, this study also examined the mediating relationship between the audit committee’s performance in relation to the role of internal auditors and practices of sustainability reporting. To fulfill this objective, data collection (325 responses) has been done from financial institutions of Bangladesh, which covers 85% of the total population. Standards of International Professional Practice Framework suggest two important roles of internal auditors, assurance and consulting, which are considered exogenous constructs in this study. The direct and indirect effects of exogenous and endogenous constructs are determined by using SmartPLS-4. The Results revealed that internal auditors' assurance and consulting roles have a positive and statistically significant relationship with the practice of sustainability reporting. Moreover, the results also reported that audit committee performance has also mediating relationship in both two roles of internal auditors and sustainability reporting. The result of this study support to influence the understanding level of policy maker, regulators, and different stakeholders about the role of internal auditors and audit committee in relation to the practice of sustainability reporting of a financial institution in the perspective of developing countries. JEL Classification Codes: M40, M41, M42, H83, F65.
subject: Research Paper/Theoretical Paper/Review Paper/Short Communication Paper
  topic: section
subject: Role of Internal Auditors, Audit Committee, Sustainability Reporting.
  topic: keywords
creator: Md Gulam Sharoar Hossain Khan
rights: Copyright (c) 2023 Md Gulam Sharoar Hossain Khan
date: 2023-02-28
publication date: 2023-02-28
starting page: 67
ending page: 76
doi: 10.46281/ijafr.v14i1.2039

IMPACT OF SOCIAL RESPONSIBILITY DISCLOSURE ON THE INTEGRATION OF GREEN ACCOUNTING AND CORPORATE GOVERNANCE ON HIGHLY POLLUTED INDUSTRIES IN INDIA
type: item
description: Fulfilment of environmental and social obligations is required for sustainable development. Green accounting integrates all environmental consequences into corporate accounting accounts. Disclosure of Corporate social responsibility is a component of accounting performance tied to the social, economic, and environmental aspects of a company's programme that can be vital in cultivating stakeholders. The current research aims to investigate the effect of social responsibility disclosure on integrating green accounting and corporate governance of highly polluting industries in India. The study employed a descriptive study design and qualitative research methods in accordance with the interpretative research philosophy and collected the sample data from 52 highly polluted industries from Central Pollution Board in India. The study employs a structural model, descriptive statistics, and F-test analysis. The result reveals that green accounting and firm characteristics significantly enhance the selected firms' social responsibility disclosure. Furthermore, it was discovered that corporate governance and social responsibility disclosure impact the chosen firms' performance and value. However, it has been determined that green accounting does not affect the profitability or market value of the selected firms. Also, this work concludes that a good firm gives its surroundings and surrounding community enough consideration in addition to its pursuit of profit. As the research is based on 52 industries, the generalized result can not bed determined. The knowledge of the respondent also impacts the research. JEL Classification Codes: M49, M14, G30, Q56.
subject: Research Paper/Theoretical Paper/Review Paper/Short Communication Paper
  topic: section
subject: Green Accounting, Corporate Governance, Corporate Social Responsibility, Environmental Sustainability.
  topic: keywords
creator: Jyoti Tanwar
creator: NVM Rao
rights: Copyright (c) 2023 Jyoti Tanwar, NVM Rao
date: 2023-06-21
publication date: 2023-06-21
starting page: 13
ending page: 24
doi: 10.46281/ijafr.v14i2.2027

INTERNATIONALIZATION AND FINANCIAL STABILITY OF DEPOSIT MONEY BANKS IN NIGERIA
type: item
description: This study aims to examine the effect of internationalization on the financial stability of deposit money banks in Nigeria. The study is crucial, as financial stability is significant in the effective functioning of all other sectors of the Nigerian economy. The data for the study were extracted from the financial statements of the deposit money banks listed on the Nigerian Exchange Group as of 2ist December 2021. The validity and reliability of data were premised on their certification financial statements by statutory auditors. Descriptive and panel data analysis were employed for the data analysis. The findings demonstrate that foreign assets to total assets and foreign taxes to total taxes have insignificant effects, while foreign profits and total profits and cross-border banking activities have significant effects. However, the joint statistics further reveal that internationalization has a positive effect on the financial stability of deposit money banks in Nigeria. The result suggests that managers at the foreign operations of the banks should review operational strategies to ensure adequate support and improve foreign banking operations performance towards contributing to the financial stability of the banks. JEL Classification Codes: G50, P45, F23, B17.
subject: Research Paper/Theoretical Paper/Review Paper/Short Communication Paper
  topic: section
subject: Financial Stability, Foreign Assets to Total Assets, Foreign Profits to Total Profits, Internationalization, Offshore Banking.
  topic: keywords
creator: Egbule Chukwuka
creator: Rufus Ishola Akintoye
creator: Theophilus Anaekenwa Aguguom
rights: Copyright (c) 2023 Egbule Chukwuka, Rufus Ishola Akintoye, Theophilus Anaekenwa Aguguom
date: 2023-05-11
publication date: 2023-05-11
starting page: 1
ending page: 12
doi: 10.46281/ijafr.v14i2.2004

IMPACT OF FINANCIAL LITERACY ON INVESTORS: A SYSTEMATIC LITERATURE REVIEW USING PRISMA PROTOCOL
type: item
description: Financial literacy is the potential to understand and productively use different financial skills such as managing finance, budgeting and investing. FL has been considered one of the most important factors to improve the growth of investors and the economy as a whole. This study’s main purpose is to present a Systematic Literature Review (SLR) on FL and Investment between 2012 and 2021. The Systematic Literature Review analysis has been performed based on the PRISMA to analyse 26 related articles obtained from the Web of Science, Taylor and Francis and Jstor database. The review of the paper has been categorised based on publication year, a journal list, publication by authors number, features of review articles, tools and techniques applied, variables, findings and practical implications and outcomes of the area of study. The outcomes of this paper provide an understanding of the publication criteria of financial literacy and investment along with that it also offers possible approaches for further publications. The findings of the study also analyse the impact of financial literacy on investors. The study will provide an in-depth understanding of the concepts of Financial Literacy. The study suggests that future researchers initiate further research on financial literacy and investment and also diversify the broader study period. This paper is the first of its kind to identify the impact of investment preference on investors. JEL Classification Codes: G50, G51, G52, G53.
subject: Research Paper/Theoretical Paper/Review Paper/Short Communication Paper
  topic: section
subject: Financial Literacy, Investment, Investors, PRISMA, Systematic Literature Review, Financial Management.
  topic: keywords
creator: Ritika Maurya
creator: Anu Mohta
creator: V Shunmugasundaram
rights: Copyright (c) 2023 Ritika Maurya, Anu Mohta, V Shunmugasundaram
date: 2023-02-28
publication date: 2023-02-28
starting page: 53
ending page: 66
doi: 10.46281/ijafr.v14i1.1975

BEHAVIORAL FACTORS INFLUENCING INVESTMENT DECISIONS: A SYSTEMATIC REVIEW USING PRISMA
type: item
description: The purpose of this systematic review is to analyze the previous study made in the past related to an association between behavioral biases and investment decisions. This systematic review article identified 21 distinct biases affecting the investment decisions made by investors. Data were collected from 3 databases (Scopus, Taylor and Francis, and Web of Science) using PRISMA guidelines. The inclusion criteria for this systematic review were (i) publication date 2012 to 2022 (ii) published in the English language (iii) open access articles (iv) all types of documents except review articles etc. The findings of the study support that there is a significant relationship between 21 distinct behavioral biases and investment decisions. The study found there is a lack of female participants to male participants. There is a sampling bias found in many studies i.e., the studies employed non-probability techniques to collect samples. This study extends the current knowledge about the previous study being researched related to an association between behavioral biases and investment decisions. This systematic review provides a clear picture of the gaps in the previous literature. This study is helpful for researchers and academicians in understanding the biases investors undergo while making investment decisions and addressing the gaps identified related to different types of behavioral biases and areas of study that need to be explored more in near future. JEL Classification Codes: D91, G10, G4, G11, G41.
subject: Research Paper/Theoretical Paper/Review Paper/Short Communication Paper
  topic: section
subject: Behavioral Biases, Behavioral Factors, Investment Decisions, Behavioral Finance, Cognitive Biases.
  topic: keywords
creator: Aashna Sinha
creator: V Shunmugasundaram
rights: Copyright (c) 2023 Aashna Sinha, V Shunmugasundaram
date: 2023-02-28
publication date: 2023-02-28
starting page: 40
ending page: 52
doi: 10.46281/ijafr.v14i1.1968

INVESTMENT BEHAVIOR OF CORPORATE PROFESSIONALS TOWARDS MUTUAL FUNDS IN INDIA
type: item
description: Investors today have access to a wide variety of investment opportunities thanks to the increasingly competitive nature of the market. Mutual funds, out of the many other investment options available, are the one that are best suited for the average person since they provide the ability to invest in a portfolio that is both diversified and managed by professionals at a fee that is relatively modest. A mutual fund is a type of investment instrument that allows investors to pool their capital for the purpose of purchasing a diverse portfolio of securities. The present research study aims to understand the investment behavior of corporate professionals and also to study the various factors which influence the investment behavior of corporate professionals towards mutual funds. The research study is based on the primary data gathered from 175 different respondents through the use of a structured questionnaire. Convenience sampling, a non-probability sampling was used to identify respondents for the research study. Exploratory Factor Analysis, often known as EFA, was used to identify various factors that influence the investment behavior of corporate professionals with regard to mutual fund investments. The present research study stood effective in elucidating seven significant factors that influence the investment behavior of corporate professionals with regard to mutual fund investments. JEL Classification Codes: E30, E44, E62, D14.
subject: Research Paper/Theoretical Paper/Review Paper/Short Communication Paper
  topic: section
subject: Investment Behavior, Mutual Funds, Exploratory Factor Analysis.
  topic: keywords
creator: Kunal Gaurav
creator: Aishwarya Suraj Ray
creator: Aditya Pradhan
rights: Copyright (c) 2023 Kunal Gaurav, Aishwarya Suraj Ray, Aditya Pradhan
date: 2023-02-25
publication date: 2023-02-25
starting page: 30
ending page: 39
doi: 10.46281/ijafr.v14i1.1961

MEASURING AWARENESS ABOUT MUTUAL FUNDS: A STUDY ON BANK EMPLOYEES IN TRIPURA
type: item
description: This paper aims to find out bank employees' awareness level towards mutual funds and their impact on investment in the mutual fund. The study was conducted using a simple random sampling design of 262 employees working in different banks in Tripura, India. The size of the population was 815 employees. The data was collected using a structured questionnaire. Ordinal logistic regression analysis and chi-square test were used to assess the impact of employees' awareness on investment in mutual funds. It was found that the overall level of awareness of bank employees in Tripura towards mutual funds was high, and the level of awareness and volume of investment in the mutual fund are directly related. We conducted a preliminary evaluation study on the awareness level of mutual funds of bank employees using ten multiple questions having one option correct. This study will provide a complete informative summary to the policymaker, bank employees, and non-bank employees to make decisions for investment. It will help to take all necessary steps to spread updated awareness about mutual funds among investors. The study consists of several vital inputs which will be useful to the academician to go for further study in detail. Further research may be done in this field by taking another variable factor that needs to be considered to measure the employees' awareness level. JEL Classification Codes: G11, G14, G24, G38, N25.
subject: Research Paper/Theoretical Paper/Review Paper/Short Communication Paper
  topic: section
subject: Bank Employees, Awareness Level, Investment Behavior, Mutual Fund Investment.
  topic: keywords
creator: Sujit Deb
creator: Ranjit Singh
creator: Lata kumari Pandey
creator: Vibha Yadav
creator: Sankha Subhra Deb
rights: Copyright (c) 2023 Sujit Deb, Ranjit Singh, Lata kumari Pandey, Vibha Yadav, Sankha Subhra Deb
date: 2023-02-08
publication date: 2023-02-08
starting page: 22
ending page: 29
doi: 10.46281/ijafr.v14i1.1929

WHAT CAUSES NON-PERFORMING LOANS? EVIDENCE FROM THE ISLAMIC BANKING SECTOR OF BANGLADESH
type: item
description: This study aims to investigate the impact of bank-specific and macroeconomic factors on non-performing loans (NPLs), also known as irregular loans, in Islamic banks in Bangladesh. The study is crucial, as the NPL has become a growing concern for Bangladesh's banking sector, which is affecting the country's economy. The data of banks specific factors were collected from the annual reports of the sample. In contrast, macroeconomic factors were gathered from the World Development Indicators covering the period from 2007 to 2018. Different diagnostic tests, including correlations, heteroskedasticity, and VIF (Variance Inflation Factor), were run to confirm that the results from OLS are accurate and reliable. The study further runs fixed effect and random effect models to check the robustness of the findings. The findings indicate that bank-specific factors such as loan growth, loan-to-asset ratio, and net interest margin significantly reduce NPLs. Moreover, macroeconomic factors like GDP growth and inflation significantly influence NPLs under all models. While we divide the samples into some sub-samples, we found almost similar results, confirming the robustness of the findings. The findings suggest banks' management, regulatory bodies, and other stakeholders have necessary initiatives on how to reduce the NPLs. JEL Classification Codes: F65, G21, G32, H81.
subject: Research Paper/Theoretical Paper/Review Paper/Short Communication Paper
  topic: section
subject: Bank-Specific Determinants, Islamic Banks, Macroeconomic Variables, Non-Performing Loans.
  topic: keywords
creator: Md. Asad Iqbal Chowdhury
creator: Mohammad Shamsu Uddin
creator: Habib Ullah
creator: Monir Ahmmed
creator: Md Jafar Shadek
rights: Copyright (c) 2023 Md. Asad Iqbal Chowdhury, Mohammad Shamsu Uddin, Habib Ullah, Monir Ahmmed, Md Jafar Shadek
date: 2023-02-03
publication date: 2023-02-03
starting page: 11
ending page: 21
doi: 10.46281/ijafr.v14i1.1926

INFLUENCE OF MACROECONOMIC VARIABLES ON EXCHANGE RATE: A STUDY ON BANGLADESH
type: item
description: Exchange rate plays an imperative role in international trade of the country. The exchange rate is an important macroeconomic variable used as parameter for determining international competitiveness and indicates the global position of economy of the country. The development of the country is closely related with its foreign exchange system. The construction of this study is to determine the influential macroeconomic variables of the exchange rate by considering 20 years, from 2002 to 2021, data of Bangladesh. Pearson’s correlation and multiple linear regression are used to analyse the data. The results indicate that current account balance, foreign exchange reserve, remittances, and GDP growth rate has a significant positive correlation with the exchange rate. However, interest rate and current account balance have no statistically significant relationship with the exchange rate. Therefore, current account balance, foreign exchange reserve, remittances, and GDP growth rate are the most influential factors in determining the exchange rate. Therefore, this research concludes that policymakers can change these influential factors to get the best exchange rate for the benefit of the growing economy of Bangladesh. JEL Classification Codes: B22, O24.
subject: Research Paper/Theoretical Paper/Review Paper/Short Communication Paper
  topic: section
subject: Exchange Rate, Bangladesh, GDP, FDI, Remittance, Foreign Exchange Reserve, Macroeconomic Factors.
  topic: keywords
creator: Shaikh Masrick Hasan
creator: Roushanara Islam
rights: Copyright (c) 2023 Shaikh Masrick Hasan, Roushanara Islam
date: 2023-02-01
publication date: 2023-02-01
starting page: 1
ending page: 10
doi: 10.46281/ijafr.v14i1.1923

TESTING WEAK FORM OF EFFICIENT MARKET HYPOTHESIS ON SOCIALLY RESPONSIBLE INDICES: COMPARATIVE STUDY BETWEEN DEVELOPED AND EMERGING MARKETS
type: item
description: The study attempts to identify the presence of randomness in the socially responsible indices (SRI) of the stock markets of developed and emerging economies. 9 developed and 5 emerging economies were considered for the test of randomness on daily, weekly, monthly, quarterly and semiannual return of socially responsible and their benchmark indices. The Shapiro-Wilk test is used to test the data's normality, whereas the runs test and Augmented Dickey-Fuller test are used to find the randomness of the data. It has been observed that the market could be more efficient and random for all time durations. Most of the non-randomness is seen in daily and weekly returns. However, inefficiency disappears as the time frame increases. The combination of runs and ADF tests show that South Africa, Singapore, and South Korea show randomness for all time durations, whereas the same randomness pattern for Brazil, Australia, Japan, Singapore, and South Korea. Arab, Austria, Germany, Nordic, and USA are not present in daily return and randomness for all other durations for both the test combinations. India and Egypt show non-randomness in daily and weekly returns and randomness for all other durations under the first test combination. It is also observed that most socially responsible investment indices resonate with the randomness patterns of benchmark indices. Socially responsible investors such as pension funds may find the article resourceful in identifying socially responsible investment destinations and diversifying their portfolios. JEL Classification Codes: G32, F65, L66, L25, M41.
subject: Research Paper/Theoretical Paper/Review Paper/Short Communication Paper
  topic: section
subject: Weak Form of Efficient Market, Socially Responsible Indices, Developed And Emerging Markets.
  topic: keywords
creator: Sabyasachi Mondal
creator: Ranjit Singh
creator: Vibha Yadav
rights: Copyright (c) 2022 Sabyasachi Mondal, Ranjit Singh, Vibha Yadav
date: 2022-12-08
publication date: 2022-12-08
starting page: 20
ending page: 34
doi: 10.46281/ijafr.v13i1.1853

FINANCIAL CRISES AS A THREAT TO CORPORATE SUSTAINABILITY: EVALUATING THE IMPLICATIONS OF ASSET DEVALUATION AND DEBT DEFLATION IN THE PURSUIT OF SUSTAINABLE DEVELOPMENT
type: item
description: In the past few years, economic efforts and policies of nations and businesses have been geared towards achieving sustainability. However, the general price level and other economic factors have not been so favorable for businesses over these years, especially in recent times, thus raising many questions in the area of sustainability of operations. Consequently, we examined the extent to which financial crises (measured by asset devaluation and debt deflation) threaten corporate survival using the case of selected Nigerian manufacturing companies. This descriptive study's population was 83 operations staff of selected manufacturing firms. Data for the study were gathered from 69 respondents who formed the study's sample. Pearson Product Moment Correlation was used as the procedure for data analyses, and evidence showed that asset devaluation and debt deflation significantly threaten firm liquidity and re-investment capabilities of manufacturing firms. This paper, thus, concluded that financial crises pose a significant threat to corporate sustainability. As a way forward, corporate organizations, especially those in the manufacturing business, should endeavor to maintain moderate capital and debt ratio while striving for survival to avoid the threats to liquidity and earnings re-investments; at the same time, national and state governments are encouraged to urgently institute measures to cushion the business effects of the financial crises as a further move to sustainable development. JEL Classification Codes: G01, Q01, G12, F31, F41.
subject: Research Paper/Theoretical Paper/Review Paper/Short Communication Paper
  topic: section
subject: Asset Devaluation, Debt Deflation, Liquidity.
  topic: keywords
creator: Happiness Chibuzor Goodluck
creator: Rachael Okwudili Iliemena
creator: Md. Mohidul Islam
rights: Copyright (c) 2022 Happiness Chibuzor Goodluck, Rachael Okwudili Iliemena, Md. Mohidul Islam
date: 2022-12-08
publication date: 2022-12-08
starting page: 35
ending page: 41
doi: 10.46281/ijafr.v13i1.1854

THE ROLE OF A FIRM’S NEGATIVE MEDIA COVERAGE OF CORPORATE SOCIAL RESPONSIBILITY PRACTICES IN PREDICTING THE SUPPLY OF CASH FLOW FORECASTS
type: item
description: Analysts seek to provide investors with an accurate picture of firm value using tangible and intangible criteria. Researchers use one intangible measure, corporate social responsibility (CSR), to proxy for the firm’s relationship with its stakeholders. The purpose of this paper is to advance research in two ways. First, we examine cash flow forecasts because they are less subjective than earnings forecasts. Second, we focus on a firm’s corporate social irresponsibility (CSIR) reputation formed through negative media coverage of environmental, social, and governance practices. Our paper posits that analysts are less likely to provide cash flow forecasts for a firm with a poor CSIR reputation. We conducted a study with 50,365 firm-year observations over twelve years. We support our hypothesis after controlling for endogeneity: The likelihood of analyst cash flow forecast issuance is associated negatively with firm negative media coverage. Additional analyses show that numerous firm and industry-related variables moderate this effect. This decrease in cash flow forecast issuance likelihood occurs, even if the poor CSIR reputation is from as long ago as three years prior or is due to environmental, social, or governance issues. Furthermore, increases in cash flow volatility and capital intensity positively moderate the likelihood of issuing a cash flow forecast, while increases in ROA and Tobin’s q negatively moderate the likelihood of issuing a cash flow. JEL Classification Codes: M14, M40, M41.
subject: Research Paper/Theoretical Paper/Review Paper/Short Communication Paper
  topic: section
subject: Cash Flow, Forecasts, Corporate Social Irresponsibility, Media Coverage, Risk.
  topic: keywords
creator: Meiying Hua
creator: Christopher Groening
rights: Copyright (c) 2022 Meiying Hua, Christopher Groening
date: 2022-11-17
publication date: 2022-11-17
starting page: 1
ending page: 19
doi: 10.46281/ijafr.v13i1.1830

A BIBLIOMETRIC ANALYSIS FOR AUDIT RESEARCH: EVIDENCE FROM ALGERIAN SCIENTIFIC JOURNALS PLATFORMS (ASJP)
type: item
description: Addressing the increase of auditing in the current era, this study examines hotspots in auditing, research trends, and practical core works shaping this topic in Algeria since studies have yet to be conducted on the issue according to our specific orientation. By adopting a bibliometric analysis approach and searching with the keyword ''audit'' and its synonyms by different languages in the available cell allocated to the title within the database, Data(manuscripts) were automatically collected by author names, years of publication, titles, journals, abstracts and keywords up to 31st December 2021. The study input relies on 390 papers published in The Algerian Scientific Journals Platform (ASJP) from 2008 to 2021. The findings have shown a rapid increase in the number of publications, with a peak of 84 articles in 2021. The language commonly used was Arabic in (72 %) of the papers, and researchers performed their empirical contributions in sixteen countries, but the prevailing majority was in Algeria. Furthermore, The scientific landscape of auditing within accounting research is found to be fragmented into general classes: firstly, external audit (30%), secondly, internal audit (23%), while the scientific collaboration among authors was feeble and applied at (8.05%). However, the research with a specialized audit theme must be systematically adopted and developed in Algeria. JEL Classification Codes: M42, C55, C81.
subject: Research Paper/Theoretical Paper/Review Paper/Short Communication Paper
  topic: section
subject: Audit, Bibliometrics Analysis, ASJP.
  topic: keywords
creator: Abbar Mohammed
creator: Tahri El-aid
creator: Mahmoudi Houcine
creator: Roucham Benziane
rights: Copyright (c) 2022 Abbar Mohammed, Tahri El-aid, Mahmoudi Houcine, Roucham Benziane
date: 2022-11-17
publication date: 2022-11-17
starting page: 47
ending page: 57
doi: 10.46281/ijafr.v12i1.1829

ASSOCIATION OF ELECTRICITY CONSUMPTION, ECONOMIC GROWTH AND FDI IN INDIA
type: item
description: India is one of the largest producer and consumer of electricity in the world owing to being one of the most populous country in the world signifying the demand for electricity is only set to grow further. World has witnessed an era of economic growth aided pertinently by electricity consumption and growing demand. With FDI indorsed downright to this vital utilities sector, it becomes imperative to cognize the relationship of Electricity Consumption, Economic Growth and FDI in India. In this study we investigate the causal direction of relationship among Foreign Direct Investment, Electricity Consumption and Economic Growth in India by using time-series data for the period 1986–2021 and employing econometric models. We find two uni-directional causalities running from Electricity Consumption to Economic Growth and Economic Growth to FDI and a bi-directional causality between Electricity Consumption and FDI. The results of the study provide a novel perspective for policy makers while formulating policies related to the power sector and foreign direct investments in India. The focus of Policy makers should be on enabling electricity service providers to offer best services to commercial and non-commercial participants as it aids in Economic growth of the country. For enhanced economic growth a country like India must have good and world-class infrastructure, efficient and effective regulatory mechanism equitable for all stakeholders, an improved living standard for people of all economic strata and a stable, healthy business friendly environment coupled with policy stability through stable government. JEL Classification Codes: Q43, Q47, O4.
subject: Research Paper/Theoretical Paper/Review Paper/Short Communication Paper
  topic: section
subject: Electricity Consumption, Economic Growth, FDI, India.
  topic: keywords
creator: Godekere Panchakshara Murthy Girish
creator: Sweta Singh
creator: Bharath Supra
rights: Copyright (c) 2022 Godekere Panchakshara Murthy Girish, Sweta Singh, Bharath Supra
date: 2022-10-08
publication date: 2022-10-08
starting page: 30
ending page: 34
doi: 10.46281/ijafr.v12i1.1805

IMPACT OF INTELLECTUAL CAPITAL ON PROFITABILITY, MARKET VALUE, AND PRODUCTIVITY OF THE LISTED BANKS: EVIDENCE FROM BANGLADESH
type: item
description: This study examined the impact of intellectual capital and its elements (e.g., human capital, structural capital, and capital employed) on the profitability, market value, and productivity of all 30 publicly traded banks listed on the Dhaka Stock Exchange in Bangladesh. The study used unbalanced panel data with 146 observations for the period 2016–2020. Data was collected from the annual reports and the websites of the corresponding banks, as well as from the website of the Dhaka Stock Exchange. Multiple panel data regression models were employed to test the hypotheses studied. Intellectual capital was measured by the value-added intellectual coefficient (VAIC). This study found that banks with higher intellectual capital generated higher profits but lowered productivity; however, intellectual capital did not contribute to enhancing market value. Regarding the impact of subcomponents of intellectual capital, the study revealed that the human capital of the banks being examined enhanced profits but lowered productivity, with no impact on market value. Surprisingly, banks with higher structural capital had lower profitability but no influence on their market value or productivity during the study period. While capital employed was not found to affect the profitability, market value, or productivity of the sample banks in Bangladesh. The findings of the study suggest that the listed banks in Bangladesh failed to exploit intellectual capital well enough to gain a competitive advantage. JEL Classification Codes: E22, G32, O34, O16.
subject: Research Paper/Theoretical Paper/Review Paper/Short Communication Paper
  topic: section
subject: Intellectual Capital, Profitability, Market Value, Productivity, VAIC Model.
  topic: keywords
creator: Mohammad Kamal Hossain
creator: Md. Abdus Salam
creator: Md Moslahur Reza
creator: Md. Tamim Hasan
rights: Copyright (c) 2022 Mohammad Kamal Hossain, Md. Abdus Salam, Md Moslahur Reza, Md. Tamim Hasan
date: 2022-10-24
publication date: 2022-10-24
starting page: 35
ending page: 46
doi: 10.46281/ijafr.v12i1.1812