Audit is a fundamental accounting concept in contemporary corporate environments. This research examines into the prevalent expectation gap that exists between the auditing profession and the broader public. In the context of a developing nation like Sri Lanka, characterized by an evolving financial market, audited financial reports assume paramount significance for stakeholders seeking to make informed investment decisions. Hence, this study primarily seeks to investigate the correlation between the audit expectation gap and the decision-making processes of investors in publicly listed companies operating in Sri Lanka. Within this study, independent variables were identified as the auditor's responsibilities, the reliability factor, the nature and significance of audit report communications, and audit independence. The central thrust of this investigation revolves around examining the audit expectation gap within publicly listed firms and discerning distinctions between shareholder expectations concerning audited financial reports and the auditors' perceptions of their roles. Thus, responsibility factors, reliability factors, nature and meaning of audit report messages and independence factors contributed towards the audit expectation gap in the public listed companies. The correlation analysis shows that there is a positive correlation between audit expectation and investment decision making. This basically explains the hypothesis of how shareholders will have a look on the audited financial statement to allocate their investment resources. Keywords: Audit, Audit expectation Gap, Investment Decision Making DOI: 10.7176/RJFA/14-17-03 Publication date: September 30 th 2023
{"title":"Audit Expectation Gap and Its Implication on Investment Decision-Making of Public Listed Companies","authors":"","doi":"10.7176/rjfa/14-17-03","DOIUrl":"https://doi.org/10.7176/rjfa/14-17-03","url":null,"abstract":"Audit is a fundamental accounting concept in contemporary corporate environments. This research examines into the prevalent expectation gap that exists between the auditing profession and the broader public. In the context of a developing nation like Sri Lanka, characterized by an evolving financial market, audited financial reports assume paramount significance for stakeholders seeking to make informed investment decisions. Hence, this study primarily seeks to investigate the correlation between the audit expectation gap and the decision-making processes of investors in publicly listed companies operating in Sri Lanka. Within this study, independent variables were identified as the auditor's responsibilities, the reliability factor, the nature and significance of audit report communications, and audit independence. The central thrust of this investigation revolves around examining the audit expectation gap within publicly listed firms and discerning distinctions between shareholder expectations concerning audited financial reports and the auditors' perceptions of their roles. Thus, responsibility factors, reliability factors, nature and meaning of audit report messages and independence factors contributed towards the audit expectation gap in the public listed companies. The correlation analysis shows that there is a positive correlation between audit expectation and investment decision making. This basically explains the hypothesis of how shareholders will have a look on the audited financial statement to allocate their investment resources. Keywords: Audit, Audit expectation Gap, Investment Decision Making DOI: 10.7176/RJFA/14-17-03 Publication date: September 30 th 2023","PeriodicalId":21150,"journal":{"name":"Research Journal of Finance and Accounting","volume":"2013 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135640297","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Variance, Estimation Intervals and Foreign Exchange Market: COVID-19 Induced Evidence from Nigeria","authors":"","doi":"10.7176/rjfa/14-16-09","DOIUrl":"https://doi.org/10.7176/rjfa/14-16-09","url":null,"abstract":"","PeriodicalId":21150,"journal":{"name":"Research Journal of Finance and Accounting","volume":"17 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78165270","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Cooperative Governance Moderates Liquidity’s Relationship with Credit Risk, Working Capital, and Internal Control","authors":"","doi":"10.7176/rjfa/14-16-02","DOIUrl":"https://doi.org/10.7176/rjfa/14-16-02","url":null,"abstract":"","PeriodicalId":21150,"journal":{"name":"Research Journal of Finance and Accounting","volume":"14 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84370795","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Working Capital Management and Profitability of Banks in Zambia","authors":"","doi":"10.7176/rjfa/14-16-06","DOIUrl":"https://doi.org/10.7176/rjfa/14-16-06","url":null,"abstract":"","PeriodicalId":21150,"journal":{"name":"Research Journal of Finance and Accounting","volume":"49 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80135929","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
: This study examined the relevance of accounting information on investors’ decision in turbulence times: evidence from manufacturing firms in Nigeria. This research work was necessitated by the fact that manufacturing firms on the Nigerian Stock Exchange has undergone many turbulent times caused by the outbreak of Coronavirus disease 2019 (COVID-19) around the world, causing an unprecedented global public and economic crisis. The pandemic has created an unprecedented crisis with momentous challenges on investors in quoted manufacturing firms with volatile stock prices. This study therefore adopted an ex-post facto research design as it relied on secondary source of data extracted from the annual reports of five quoted manufacturing firms and daily stock prices for these companies were sourced from the Nigerian Stock Exchange for the stated period. The population for this study was the manufacturing firms listed on the Nigerian Stock Exchange. Data from the annual report were basically drawn from the statement of comprehensive income and statement of financial position. The data collected for this study were analyzed using multiple regression analysis to test the research relationships. The results of cross section fixed effect model show that accounting information has a strong positive significant impact on stock price and earnings per share. It was therefore concluded that since poor accounting information has been found as one of the causes of stock price volatility, it is therefore the responsibility of management to ensure proper preparation and presentation of accounting information to enable potential investors make economic and investment decisions, as this will lead to less volatile stock price. This study recommends that proper regulation of accounting information should be put into place as accounting information has the ability to cause either an increase or decrease in the stock price of a company.
{"title":"Relevance Of Accounting Information on Investors Decision in Turbulence Times: Evidence From Manufacturing Firms In Nigeria","authors":"Olalekan Adebola, Kolawole","doi":"10.7176/rjfa/14-16-08","DOIUrl":"https://doi.org/10.7176/rjfa/14-16-08","url":null,"abstract":": This study examined the relevance of accounting information on investors’ decision in turbulence times: evidence from manufacturing firms in Nigeria. This research work was necessitated by the fact that manufacturing firms on the Nigerian Stock Exchange has undergone many turbulent times caused by the outbreak of Coronavirus disease 2019 (COVID-19) around the world, causing an unprecedented global public and economic crisis. The pandemic has created an unprecedented crisis with momentous challenges on investors in quoted manufacturing firms with volatile stock prices. This study therefore adopted an ex-post facto research design as it relied on secondary source of data extracted from the annual reports of five quoted manufacturing firms and daily stock prices for these companies were sourced from the Nigerian Stock Exchange for the stated period. The population for this study was the manufacturing firms listed on the Nigerian Stock Exchange. Data from the annual report were basically drawn from the statement of comprehensive income and statement of financial position. The data collected for this study were analyzed using multiple regression analysis to test the research relationships. The results of cross section fixed effect model show that accounting information has a strong positive significant impact on stock price and earnings per share. It was therefore concluded that since poor accounting information has been found as one of the causes of stock price volatility, it is therefore the responsibility of management to ensure proper preparation and presentation of accounting information to enable potential investors make economic and investment decisions, as this will lead to less volatile stock price. This study recommends that proper regulation of accounting information should be put into place as accounting information has the ability to cause either an increase or decrease in the stock price of a company.","PeriodicalId":21150,"journal":{"name":"Research Journal of Finance and Accounting","volume":"2 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89277866","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The aim of this study is to investigate the determinants of success factors of Public Private Partnerships in the health sector in Zambia. This study was descriptive. A questionnaire survey was used as the main research instrument to obtain relevant data from participants who have played key roles in the implementation of PPP projects from public and private sectors. This was preceded by a rigorous literature review to investigate the current status of the implementation of PPP procurement system in the health sector in Zambia. The questionnaire was divided into two major parts. Part A was on the information about the respondent and part B is on the overall success variables for PPP projects in Zambia and health sector in particular. The respondents were requested to rate the PPP success variables using a five-point Likert scale in part B. The rating systems for the importance of each variable in the questionnaire using the 1 to 5 scale were adopted. Score 1 represents not important, score 2 represents fairly important, score 3 represents important, score 4 represents very important, and score 5 represents highly important. A total of 255 questionnaires were distributed by hand delivery and a total of 184 completed questionnaires were completed and returned. This survey achieved a response rate of 72 per cent and this high response rate was achieved because the researcher was making necessary follow up which motivated the respondents to complete the questionnaires and return them in time. . Variable analysis was used as a statistical data analysis method for the identification and grouping of relatively small numbers of variables that have some things in common. It is a multivariate method that shows the relationships among correlated variables difficult to interpret This is a method that can be used to try to identify patterns in fairly large sets of data with substantial numbers of variables as the case was with this study. This procedure gives opportunity for making meaningful deductions from the large set of variables in the process of interpreting the outcomes of the questionnaire survey during data analysis and interpretations. Bartlett's Test of Sphericity was used which tests whether the correlation coefficients are all 0. The test computes the probability that the correlation matrix has significant correlations among at least some of the variables in a dataset, a prerequisite for factor analysis to work. Further, Kaiser-Meyer-Olkin Measure (KMO), and Measures of Sampling Adequacy (MSA) and variable extraction were also applied in the analysis. The results of variable analysis identified seven critical success variables as follows: projects feedback, leadership focus, risk allocation and economic policy, good governance and political support, short construction period, favourable socio-economic variables, and delivering publicly needed service. This study shows that more developmental projects could be delivered through PPP if the governm
本研究的目的是调查赞比亚卫生部门公私伙伴关系成功因素的决定因素。这项研究是描述性的。问卷调查是主要的研究工具，从公共和私营部门在PPP项目实施中发挥关键作用的参与者那里获得相关数据。在此之前，我们进行了严格的文献综述，以调查赞比亚卫生部门实施PPP采购系统的现状。问卷分为两大部分。A部分是关于被访者的信息，B部分是关于赞比亚公私伙伴关系项目的总体成功变量，特别是卫生部门。受访者被要求使用b部分的李克特五点量表对PPP成功变量进行评级。采用1至5级量表对问卷中每个变量的重要性进行评级。1分代表不重要，2分代表相当重要，3分代表重要，4分代表非常重要，5分代表非常重要。通过手工发放问卷255份，完成并回收问卷184份。这项调查达到了72%的回复率，这一高回复率是实现的，因为研究人员正在进行必要的跟进，这促使受访者完成问卷调查，并及时返回。变量分析是一种统计数据分析方法，用于识别和分组相对较少的具有某些共同点的变量。这是一种多变量方法，显示了难以解释的相关变量之间的关系。这是一种方法，可以用来尝试识别具有大量变量的相当大的数据集中的模式，就像本研究的情况一样。在数据分析和解释问卷调查结果的过程中，这一过程为从大量变量中做出有意义的推论提供了机会。采用巴特利特球性检验，检验相关系数是否均为0。该测试计算相关矩阵在数据集中至少一些变量之间具有显著相关性的概率，这是因子分析工作的先决条件。此外，还采用了KMO (Kaiser-Meyer-Olkin Measure)、MSA (Measures of Sampling Adequacy)和变量提取方法。变量分析的结果确定了七个关键的成功变量:项目反馈、领导重点、风险分配和经济政策、良好的治理和政治支持、较短的建设周期、有利的社会经济变量和提供公众需要的服务。这项研究表明，如果政府在实施过程中能够关注这些主要变量，就可以通过PPP交付更多的发展项目。研究结果将影响PPP政策的制定，并指导合作伙伴开展PPP项目。关键词:发展中国家，赞比亚，采购，公私合作伙伴关系，ppp关键成功变量，CSF，采样充分性测量，MSA, Kaiser-Meyer-Olkin测量，KMO Bartlett球形度检验DOI: 10.7176/RJFA/14-15-04出版日期:2023年8月31日
{"title":"Determinants of Public-Private Partnership Success in The Health Sector in Zambia: Key Success Variables Analysis","authors":"","doi":"10.7176/rjfa/14-15-04","DOIUrl":"https://doi.org/10.7176/rjfa/14-15-04","url":null,"abstract":"The aim of this study is to investigate the determinants of success factors of Public Private Partnerships in the health sector in Zambia. This study was descriptive. A questionnaire survey was used as the main research instrument to obtain relevant data from participants who have played key roles in the implementation of PPP projects from public and private sectors. This was preceded by a rigorous literature review to investigate the current status of the implementation of PPP procurement system in the health sector in Zambia. The questionnaire was divided into two major parts. Part A was on the information about the respondent and part B is on the overall success variables for PPP projects in Zambia and health sector in particular. The respondents were requested to rate the PPP success variables using a five-point Likert scale in part B. The rating systems for the importance of each variable in the questionnaire using the 1 to 5 scale were adopted. Score 1 represents not important, score 2 represents fairly important, score 3 represents important, score 4 represents very important, and score 5 represents highly important. A total of 255 questionnaires were distributed by hand delivery and a total of 184 completed questionnaires were completed and returned. This survey achieved a response rate of 72 per cent and this high response rate was achieved because the researcher was making necessary follow up which motivated the respondents to complete the questionnaires and return them in time. . Variable analysis was used as a statistical data analysis method for the identification and grouping of relatively small numbers of variables that have some things in common. It is a multivariate method that shows the relationships among correlated variables difficult to interpret This is a method that can be used to try to identify patterns in fairly large sets of data with substantial numbers of variables as the case was with this study. This procedure gives opportunity for making meaningful deductions from the large set of variables in the process of interpreting the outcomes of the questionnaire survey during data analysis and interpretations. Bartlett's Test of Sphericity was used which tests whether the correlation coefficients are all 0. The test computes the probability that the correlation matrix has significant correlations among at least some of the variables in a dataset, a prerequisite for factor analysis to work. Further, Kaiser-Meyer-Olkin Measure (KMO), and Measures of Sampling Adequacy (MSA) and variable extraction were also applied in the analysis. The results of variable analysis identified seven critical success variables as follows: projects feedback, leadership focus, risk allocation and economic policy, good governance and political support, short construction period, favourable socio-economic variables, and delivering publicly needed service. This study shows that more developmental projects could be delivered through PPP if the governm","PeriodicalId":21150,"journal":{"name":"Research Journal of Finance and Accounting","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135053377","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Financial Literacy and Financial Inclusion Increasing Financial Resilience: A Literature Review","authors":"","doi":"10.7176/rjfa/14-16-07","DOIUrl":"https://doi.org/10.7176/rjfa/14-16-07","url":null,"abstract":"","PeriodicalId":21150,"journal":{"name":"Research Journal of Finance and Accounting","volume":"48 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86827839","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Effects of Cash Flow Management on the Financial Performance of Listed Manufacturing Firms in Ghana","authors":"","doi":"10.7176/rjfa/14-16-05","DOIUrl":"https://doi.org/10.7176/rjfa/14-16-05","url":null,"abstract":"","PeriodicalId":21150,"journal":{"name":"Research Journal of Finance and Accounting","volume":"51 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85865072","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Impact Investing and Sustainable Livelihoods of Dairy Farmers at Githunguri Sub County, Kiambu County in Kenya","authors":"","doi":"10.7176/rjfa/14-16-03","DOIUrl":"https://doi.org/10.7176/rjfa/14-16-03","url":null,"abstract":"","PeriodicalId":21150,"journal":{"name":"Research Journal of Finance and Accounting","volume":"81 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72960964","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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