Pub Date : 2024-04-23DOI: 10.5296/ajfa.v16i1.18977
Nelson Lajuni, Mathew Kevin Bosi, Mohd Noor Azli bin Ali Khan, Melissa Della Joy
As the world economy undergoes a rapid digital transformation, Internet financial reporting (IFR) has evolved into an important platform for the dissemination of information to investors. It has also been a central topic of discussion among practitioners and researchers due to the lack of rigorous regulations to govern IFR practices, resulting in disclosures of financial reports varying across listed companies. This study aims to assess the level of compliance with the qualitative characteristics of IFR for companies listed on Bursa Malaysia. This study involves adopting 34 constructed index items based on prior literature and the use of a 5-point Likert scoring scale anchored from "very poor" (1) to "excellence" (5) to measure the fundamentals and enhance the qualitative characteristics of IFR, which is also in line with the "Revised Conceptual Framework for Financial Reporting" issued by the Malaysian Accounting Standards Board (MASB) in 2018. Non-probability purposive sampling was employed to select the companies from 11 relevant industries, comprising 160 listed companies from the main market of Bursa Malaysia. Annual reports and corporate governance statements were extracted from corporate websites for 2018. Findings suggest that most corporations that are listed in the main market of Bursa Malaysia have yet to fully comply with the MASB’s financial reporting framework, notably timeliness, which requires urgent improvement. Without strict IFR regulations, managers may also be free to act opportunistically by planning their IFR disclosure in a way that benefits both the company's reputation and their interests. This research enriches the body of literature on IFR and provides a measuring mechanism that can gauge the level of compliance with the qualitative characteristics of IFR. It acknowledges the importance of collective efforts from regulatory bodies to implement accounting reforms and the best IFR governance practices to harness information's usefulness in the Industrial Revolution era. 4.0.
{"title":"Measuring Qualitative Characteristics of Internet Financial Reporting: Evidence from Malaysia","authors":"Nelson Lajuni, Mathew Kevin Bosi, Mohd Noor Azli bin Ali Khan, Melissa Della Joy","doi":"10.5296/ajfa.v16i1.18977","DOIUrl":"https://doi.org/10.5296/ajfa.v16i1.18977","url":null,"abstract":"As the world economy undergoes a rapid digital transformation, Internet financial reporting (IFR) has evolved into an important platform for the dissemination of information to investors. It has also been a central topic of discussion among practitioners and researchers due to the lack of rigorous regulations to govern IFR practices, resulting in disclosures of financial reports varying across listed companies. This study aims to assess the level of compliance with the qualitative characteristics of IFR for companies listed on Bursa Malaysia. This study involves adopting 34 constructed index items based on prior literature and the use of a 5-point Likert scoring scale anchored from \"very poor\" (1) to \"excellence\" (5) to measure the fundamentals and enhance the qualitative characteristics of IFR, which is also in line with the \"Revised Conceptual Framework for Financial Reporting\" issued by the Malaysian Accounting Standards Board (MASB) in 2018. Non-probability purposive sampling was employed to select the companies from 11 relevant industries, comprising 160 listed companies from the main market of Bursa Malaysia. Annual reports and corporate governance statements were extracted from corporate websites for 2018. Findings suggest that most corporations that are listed in the main market of Bursa Malaysia have yet to fully comply with the MASB’s financial reporting framework, notably timeliness, which requires urgent improvement. Without strict IFR regulations, managers may also be free to act opportunistically by planning their IFR disclosure in a way that benefits both the company's reputation and their interests. This research enriches the body of literature on IFR and provides a measuring mechanism that can gauge the level of compliance with the qualitative characteristics of IFR. It acknowledges the importance of collective efforts from regulatory bodies to implement accounting reforms and the best IFR governance practices to harness information's usefulness in the Industrial Revolution era. 4.0.","PeriodicalId":344590,"journal":{"name":"Asian Journal of Finance & Accounting","volume":"133 3","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-04-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140668999","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}
Pub Date : 2023-06-07DOI: 10.5296/ajfa.v15i1.18970
M. Dash, R. S.
There are hundreds of mutual funds in the market, each offering different returns. The investors always look at funds which give high returns and have low risk. Thus while making a portfolio the asset management company should make investment allocations where returns are definite and to give justified returns for every rupee the investors pay, considering the different risks. The objective of the study was to find the short-term effects of portfolio allocation on the performance of mutual funds. The data for the study was consisted of the portfolio allocations and the performance statistics of one hundred and fifty-nine open-ended mutual funds, of which fifty were diversified debt/ income funds and one hundred and nine were diversified equity funds. These funds were further classified into different mutual fund schemes. Each of the mutual funds had a different portfolio and investments were made in different instruments like bonds, certificates of deposit, commercial papers, etc. (in case of debt) and in different sectors like technology, chemicals, services, etc. (in case of equity). The findings from the study indicate that, for debt funds, allocation in bonds and government securities tend to impact the performance of the fund, while for equity funds, allocation in engineering, energy, and service sector stocks tend to impact the performance of the fund. Keywords: asset management company, portfolio allocations, returns, performance, debt funds, equity funds.
{"title":"A Study on the Effect of Portfolio Allocation on Mutual Funds","authors":"M. Dash, R. S.","doi":"10.5296/ajfa.v15i1.18970","DOIUrl":"https://doi.org/10.5296/ajfa.v15i1.18970","url":null,"abstract":"There are hundreds of mutual funds in the market, each offering different returns. The investors always look at funds which give high returns and have low risk. Thus while making a portfolio the asset management company should make investment allocations where returns are definite and to give justified returns for every rupee the investors pay, considering the different risks. \u0000 \u0000The objective of the study was to find the short-term effects of portfolio allocation on the performance of mutual funds. The data for the study was consisted of the portfolio allocations and the performance statistics of one hundred and fifty-nine open-ended mutual funds, of which fifty were diversified debt/ income funds and one hundred and nine were diversified equity funds. These funds were further classified into different mutual fund schemes. Each of the mutual funds had a different portfolio and investments were made in different instruments like bonds, certificates of deposit, commercial papers, etc. (in case of debt) and in different sectors like technology, chemicals, services, etc. (in case of equity). \u0000 \u0000The findings from the study indicate that, for debt funds, allocation in bonds and government securities tend to impact the performance of the fund, while for equity funds, allocation in engineering, energy, and service sector stocks tend to impact the performance of the fund. \u0000 \u0000Keywords: asset management company, portfolio allocations, returns, performance, debt funds, equity funds.","PeriodicalId":344590,"journal":{"name":"Asian Journal of Finance & Accounting","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129074105","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}
Pub Date : 2023-06-07DOI: 10.5296/ajfa.v15i1.18968
Md. Moniruzzaman, Dr. Sha’ari Abd Hamid, Dr. Abu Sofian Yaacob, Dato’ Dr. Mohd Padzil Hashim
A large amount of money in the economy remains in the form of trade receivables that are created from the business to business (B2B) transactions among the firms. There are 7.818 million firms in Bangladesh and 99% of them are in the categories of cottage, micro, small, and medium enterprises (CMSMEs). They supply the raw materials, semi-finished goods, and services on credit to the large and blue-chip corporate manufacturers. CMSMEs generally wait for a period of 30 days, 60 days, 90 days and so on for the payment. During this period, CMSMEs suffer from the lack of working capital that remains tied in trade receivables against their credit sales to the corporate buyers. The study provides a financing solution through trade receivable exchange (TRX) to release the fund into cash from the investment locked into trade receivables. The study presents the concept and modus operandi of TRX. It shows the global practice of TRX. It assesses the application of TRX in the context of Bangladesh and in doing so; it has explored market space, readiness, FinTech industry, and stakeholders related to TRX. The academic research on TRX in Bangladesh is rare that presents a research gap for the study. Here, around 51% CMSMEs close their business for the shortage of working capital. The study addresses this working capital problem through TRX that brings a novelty and significance for the research.
{"title":"Financing by the Encashment of Trade Receivables through Trade Receivable Exchange in Bangladesh","authors":"Md. Moniruzzaman, Dr. Sha’ari Abd Hamid, Dr. Abu Sofian Yaacob, Dato’ Dr. Mohd Padzil Hashim","doi":"10.5296/ajfa.v15i1.18968","DOIUrl":"https://doi.org/10.5296/ajfa.v15i1.18968","url":null,"abstract":"A large amount of money in the economy remains in the form of trade receivables that are created from the business to business (B2B) transactions among the firms. There are 7.818 million firms in Bangladesh and 99% of them are in the categories of cottage, micro, small, and medium enterprises (CMSMEs). They supply the raw materials, semi-finished goods, and services on credit to the large and blue-chip corporate manufacturers. CMSMEs generally wait for a period of 30 days, 60 days, 90 days and so on for the payment. During this period, CMSMEs suffer from the lack of working capital that remains tied in trade receivables against their credit sales to the corporate buyers. The study provides a financing solution through trade receivable exchange (TRX) to release the fund into cash from the investment locked into trade receivables. The study presents the concept and modus operandi of TRX. It shows the global practice of TRX. It assesses the application of TRX in the context of Bangladesh and in doing so; it has explored market space, readiness, FinTech industry, and stakeholders related to TRX. The academic research on TRX in Bangladesh is rare that presents a research gap for the study. Here, around 51% CMSMEs close their business for the shortage of working capital. The study addresses this working capital problem through TRX that brings a novelty and significance for the research. \u0000 ","PeriodicalId":344590,"journal":{"name":"Asian Journal of Finance & Accounting","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130908343","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}
Pub Date : 2023-02-11DOI: 10.5296/ajfa.v15i1.18963
Davidia Zucchelli
Financial inclusion refers to people’s ability to hold a current account with a bank. The degree of financial inclusion is measured by the share of individuals and businesses that use the financial services offered by banks and other financial institutions. Financial inclusion has become extremely relevant among financial sector operators and supervisory authorities as a mean to evaluate both growth and development potential and to guarantee adequate controls to safeguard the stability of the system. Interest in this topic has also been growing because it is included in the UN’s sustainable development goals (the 2030 Agenda for Sustainable Development). This note intends to identify where countries currently stand in relation to the inclusion target, with a focus on Central, South and Eastern European (CESEE) countries, by using the new data from Global Findex, updated by the World Bank in July 2022. The Global Findex is a vital source of data that is only partially used here to evaluate the degree of diffusion of accounts and basic banking services (deposits and credit) in the CESEE sample. Financial inclusion had improved further by 2021. In many countries, it has become very high and is now at the level of major high-income countries. Most of the unbanked are still concentrated in a few Asian countries. Digital payments strengthened in all regions, especially in Asia. However, the gap between ownership and utilisation of credit and debit cards remained large in 2021, suggesting there is a need to further incentivise use. Customers often have an account but still prefer to use cash. Ownership is not utilisation. The UN’s Sustainable Development Goal could realistically be reached by 2030, but now it is necessary to improve financial education and digital literacy to encourage more effective and extensive use of financial accounts. Nevertheless, the ample diffusion of financial inclusion can be reached mainly with a more even income distribution, in all countries and in all the different development models which are spreading in the world.
{"title":"Financial Inclusion is Rapidly Growing but the Access to Financial Services Remains Modest","authors":"Davidia Zucchelli","doi":"10.5296/ajfa.v15i1.18963","DOIUrl":"https://doi.org/10.5296/ajfa.v15i1.18963","url":null,"abstract":"Financial inclusion refers to people’s ability to hold a current account with a bank. The degree of financial inclusion is measured by the share of individuals and businesses that use the financial services offered by banks and other financial institutions. Financial inclusion has become extremely relevant among financial sector operators and supervisory authorities as a mean to evaluate both growth and development potential and to guarantee adequate controls to safeguard the stability of the system. Interest in this topic has also been growing because it is included in the UN’s sustainable development goals (the 2030 Agenda for Sustainable Development). This note intends to identify where countries currently stand in relation to the inclusion target, with a focus on Central, South and Eastern European (CESEE) countries, by using the new data from Global Findex, updated by the World Bank in July 2022. The Global Findex is a vital source of data that is only partially used here to evaluate the degree of diffusion of accounts and basic banking services (deposits and credit) in the CESEE sample. Financial inclusion had improved further by 2021. In many countries, it has become very high and is now at the level of major high-income countries. Most of the unbanked are still concentrated in a few Asian countries. Digital payments strengthened in all regions, especially in Asia. However, the gap between ownership and utilisation of credit and debit cards remained large in 2021, suggesting there is a need to further incentivise use. Customers often have an account but still prefer to use cash. Ownership is not utilisation. The UN’s Sustainable Development Goal could realistically be reached by 2030, but now it is necessary to improve financial education and digital literacy to encourage more effective and extensive use of financial accounts. Nevertheless, the ample diffusion of financial inclusion can be reached mainly with a more even income distribution, in all countries and in all the different development models which are spreading in the world.","PeriodicalId":344590,"journal":{"name":"Asian Journal of Finance & Accounting","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-02-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133233717","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}
Pub Date : 2022-11-20DOI: 10.5296/ajfa.v14i2.18959
Anna Paola Micheli, Anna Maria Calce, Elisa Cafolla
This paper proposes an analysis of the factors that most influence the corporate value of 64 European listed companies surveyed through Amadeus Bureau van Dijk's database over the 2020 period. Following the prevailing literature, for our study we adopt the multiple linear regression model with ROE, as dependent variable explicative of value, and LIQUID, LEVERAGE, SIZE, CFTA, DATA as explanatory variables. The result of our model indicates that value is positively affected by all explanatory variables except the SIZE variable.
本文通过Amadeus Bureau van Dijk的数据库，对2020年期间64家欧洲上市公司的企业价值影响因素进行了分析。根据现有文献，本研究采用多元线性回归模型，以ROE作为解释价值的因变量，以LIQUID、LEVERAGE、SIZE、CFTA、DATA为解释变量。我们的模型结果表明，除了SIZE变量外，所有的解释变量都对价值有正向影响。
{"title":"The Variables That Influence Value: An Analysis of European Listed Companies","authors":"Anna Paola Micheli, Anna Maria Calce, Elisa Cafolla","doi":"10.5296/ajfa.v14i2.18959","DOIUrl":"https://doi.org/10.5296/ajfa.v14i2.18959","url":null,"abstract":"This paper proposes an analysis of the factors that most influence the corporate value of 64 European listed companies surveyed through Amadeus Bureau van Dijk's database over the 2020 period. Following the prevailing literature, for our study we adopt the multiple linear regression model with ROE, as dependent variable explicative of value, and LIQUID, LEVERAGE, SIZE, CFTA, DATA as explanatory variables. The result of our model indicates that value is positively affected by all explanatory variables except the SIZE variable.","PeriodicalId":344590,"journal":{"name":"Asian Journal of Finance & Accounting","volume":"37 6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-11-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129689590","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}
Pub Date : 2022-10-31DOI: 10.5296/ajfa.v14i2.18956
M. Elewa, Yasmin Abdel Aal
This study attempts to identify some of the firm specific factors that might have an impact on lessor financial performance after the application of EAS 49 and the Financial Leasing and Factoring Act (Law 176 of 2018). Numerical data were collected for five years during 2016-2020 from financial reports obtained from the Egyptian Financial Regulatory Authority (FRA). Study sample comprised 43 observations. The dependent variable is the firm financial performance signified by total debt/total equity, earnings per share EPS, return on equity ROE, asset turn over, return on capital employed ROCE, current ratio, return on assets ROA, and total debt/total assets. The independent variables are sales, financial liabilities, EBIT/operating profit or loss, and financial leased fixed assets. The study used pooled model, fixed effect model, and random effect model. Results indicate the sales, financial liabilities, EBIT/operating profit or loss, and financial leased fixed assets have an effect on lessor financial performance after the application of both IFRS 16 equivalent of EAS 49 and the Egyptian Financial Leasing and Factoring Act (Law 176 of 2018). The data is accurate and complete. The length of the study period makes it possible to track progress of lessor firms. This study tries to identify the impact of some firm specific factors on lessor financial performance after application of EAS 49 and Financial Leasing and Factoring Act (Law 176 of 2018). Thus, this study is a modest contribution to better decision making of investors, creditors, lessors, and lessees.
{"title":"The Effect of Firm Specific Factors on Lessor Financial Performance in Egypt (panel analysis)","authors":"M. Elewa, Yasmin Abdel Aal","doi":"10.5296/ajfa.v14i2.18956","DOIUrl":"https://doi.org/10.5296/ajfa.v14i2.18956","url":null,"abstract":"This study attempts to identify some of the firm specific factors that might have an impact on lessor financial performance after the application of EAS 49 and the Financial Leasing and Factoring Act (Law 176 of 2018). Numerical data were collected for five years during 2016-2020 from financial reports obtained from the Egyptian Financial Regulatory Authority (FRA). Study sample comprised 43 observations. The dependent variable is the firm financial performance signified by total debt/total equity, earnings per share EPS, return on equity ROE, asset turn over, return on capital employed ROCE, current ratio, return on assets ROA, and total debt/total assets. The independent variables are sales, financial liabilities, EBIT/operating profit or loss, and financial leased fixed assets. The study used pooled model, fixed effect model, and random effect model. Results indicate the sales, financial liabilities, EBIT/operating profit or loss, and financial leased fixed assets have an effect on lessor financial performance after the application of both IFRS 16 equivalent of EAS 49 and the Egyptian Financial Leasing and Factoring Act (Law 176 of 2018). The data is accurate and complete. The length of the study period makes it possible to track progress of lessor firms. This study tries to identify the impact of some firm specific factors on lessor financial performance after application of EAS 49 and Financial Leasing and Factoring Act (Law 176 of 2018). Thus, this study is a modest contribution to better decision making of investors, creditors, lessors, and lessees.","PeriodicalId":344590,"journal":{"name":"Asian Journal of Finance & Accounting","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133984511","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}
Pub Date : 2022-07-29DOI: 10.5296/ajfa.v14i2.18952
Stefan Tanevski
The aim of this paper will be achieved through analysis of data for the 8-year period from 2009 to 2016 for all 30 companies listed on the Dow Jones Industrial Average (DJIA). The analysis utilizes eight indicators aiming to provide information regarding four areas of a company’s operations i.e profitability ratios: return on assets (ROA) and return on equity (ROE); liquidity ratios (Current Ratio); Leverage Ratio (Debt to Equity) and Market-based ratios earnings per share (EPS), dividend per share (DPS), price to book ratio (P/B), price-earnings ratio (P/E). The results from our model indicate that fundamental analysis is weak given that results designate insignificant relationship between most of the explanatory variables and the stock returns.
{"title":"Fundamental analysis and its predictive power in forecasting stock returns: evidence from Dow Jones Industrial Average (DJIA)","authors":"Stefan Tanevski","doi":"10.5296/ajfa.v14i2.18952","DOIUrl":"https://doi.org/10.5296/ajfa.v14i2.18952","url":null,"abstract":"The aim of this paper will be achieved through analysis of data for the 8-year period from 2009 to 2016 for all 30 companies listed on the Dow Jones Industrial Average (DJIA). The analysis utilizes eight indicators aiming to provide information regarding four areas of a company’s operations i.e profitability ratios: return on assets (ROA) and return on equity (ROE); liquidity ratios (Current Ratio); Leverage Ratio (Debt to Equity) and Market-based ratios earnings per share (EPS), dividend per share (DPS), price to book ratio (P/B), price-earnings ratio (P/E). \u0000The results from our model indicate that fundamental analysis is weak given that results designate insignificant relationship between most of the explanatory variables and the stock returns.","PeriodicalId":344590,"journal":{"name":"Asian Journal of Finance & Accounting","volume":"39 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-07-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123024644","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}
Pub Date : 2022-06-22DOI: 10.5296/ajfa.v14i1.18946
Ben Moussa Mohamed Aymen
Capital and liquidity are two important variables in banking industry. Capital is needed to allow a bank to cover any losses with its own funds. Also liquidity is fundamental to achieve the financial requirements of bank activity. The aim of this article is to determine the impact of capital on bank liquidity. We used a sample of 11 banks in Tunisia between (2005….2020). By applying a method of panel static (fixed effects) we found that capital has a positive effect on bank liquidity.
{"title":"The Impact of Capital on Bank Liquidity: Case of Tunisia","authors":"Ben Moussa Mohamed Aymen","doi":"10.5296/ajfa.v14i1.18946","DOIUrl":"https://doi.org/10.5296/ajfa.v14i1.18946","url":null,"abstract":"Capital and liquidity are two important variables in banking industry. Capital is needed to allow a bank to cover any losses with its own funds. Also liquidity is fundamental to achieve the financial requirements of bank activity. The aim of this article is to determine the impact of capital on bank liquidity. We used a sample of 11 banks in Tunisia between (2005….2020). By applying a method of panel static (fixed effects) we found that capital has a positive effect on bank liquidity.","PeriodicalId":344590,"journal":{"name":"Asian Journal of Finance & Accounting","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126446928","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}
Pub Date : 2022-05-31DOI: 10.5296/ajfa.v14i1.18945
Mihir Dash, Rita Samikannu
Indian financial markets have witnessed very high levels of volatility in recent months, with a sharp decline in the BSE-SENSEX from a peak of around 21,000 points to a nadir below 11,000 points, with as much as a 700-point fall on one single day. Indian economic conditions have also seemed to stagnate, with an overall slow-down in economic growth, along with the pressures of increasing crude oil prices and increasing inflation. In fact, the overall global scenario has also been quite bleak, especially with the onset of recession in the US. Mutual fund investments, which are generally considered to be less risky than other financial instruments such as shares and debentures, have also suffered in the general atmosphere of volatility. The present study investigates the effect of macroeconomic variables on mutual fund schemes, in terms of returns and volatility. The study uses the Granger causality test to analyze these effects. The results of these causality tests would identify the specific macroeconomic factors which affect the returns and volatility of particular mutual fund schemes, which, on the one hand, would enable fund managers to manage the risk profiles of their portfolios more effectively; and, on the other hand, would enable investors to understand the specific risk factors affecting their investments, so that they can take more informed investment decisions pertaining to mutual funds. The data to be used in the study were the weekly returns and volatilities of different macroeconomic variables, such as market returns (calculated from the BSE-SENSEX), USD/INR and EURO/INR exchange rates, interest rates (Mumbai Inter-Bank Offer rates), inflation rates, and crude oil prices, over the period October ‘06 - June ‘08. The weekly returns and volatilities of a sample of major mutual fund schemes over the same period would be considered for the analysis.
{"title":"A Study on the Effect of Macroeconomic Variables on Indian Mutual Funds","authors":"Mihir Dash, Rita Samikannu","doi":"10.5296/ajfa.v14i1.18945","DOIUrl":"https://doi.org/10.5296/ajfa.v14i1.18945","url":null,"abstract":"Indian financial markets have witnessed very high levels of volatility in recent months, with a sharp decline in the BSE-SENSEX from a peak of around 21,000 points to a nadir below 11,000 points, with as much as a 700-point fall on one single day. Indian economic conditions have also seemed to stagnate, with an overall slow-down in economic growth, along with the pressures of increasing crude oil prices and increasing inflation. In fact, the overall global scenario has also been quite bleak, especially with the onset of recession in the US. Mutual fund investments, which are generally considered to be less risky than other financial instruments such as shares and debentures, have also suffered in the general atmosphere of volatility. \u0000 \u0000The present study investigates the effect of macroeconomic variables on mutual fund schemes, in terms of returns and volatility. The study uses the Granger causality test to analyze these effects. The results of these causality tests would identify the specific macroeconomic factors which affect the returns and volatility of particular mutual fund schemes, which, on the one hand, would enable fund managers to manage the risk profiles of their portfolios more effectively; and, on the other hand, would enable investors to understand the specific risk factors affecting their investments, so that they can take more informed investment decisions pertaining to mutual funds. \u0000 \u0000The data to be used in the study were the weekly returns and volatilities of different macroeconomic variables, such as market returns (calculated from the BSE-SENSEX), USD/INR and EURO/INR exchange rates, interest rates (Mumbai Inter-Bank Offer rates), inflation rates, and crude oil prices, over the period October ‘06 - June ‘08. The weekly returns and volatilities of a sample of major mutual fund schemes over the same period would be considered for the analysis. \u0000 ","PeriodicalId":344590,"journal":{"name":"Asian Journal of Finance & Accounting","volume":"1100 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116049698","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}
Pub Date : 2022-04-01DOI: 10.5296/ajfa.v14i1.18939
Nidhal Al Shanti
This research investigates the impact of auditor experience, auditor education, client’s internal controls, and audit procedures performed on audit quality in the UAE. An online Likert scale-based questionnaire was distributed to auditors with financial audit experience in the UAE. Multiple regression analysis was adopted to analyze data since more than one independent variable was investigated. The results demonstrate that auditor experience and auditor education are significantly and positively associated with audit quality, while client’s internal controls and audit procedures are not associated with audit quality.
{"title":"Determinants of Audit Quality","authors":"Nidhal Al Shanti","doi":"10.5296/ajfa.v14i1.18939","DOIUrl":"https://doi.org/10.5296/ajfa.v14i1.18939","url":null,"abstract":"This research investigates the impact of auditor experience, auditor education, client’s internal controls, and audit procedures performed on audit quality in the UAE. An online Likert scale-based questionnaire was distributed to auditors with financial audit experience in the UAE. Multiple regression analysis was adopted to analyze data since more than one independent variable was investigated. The results demonstrate that auditor experience and auditor education are significantly and positively associated with audit quality, while client’s internal controls and audit procedures are not associated with audit quality.","PeriodicalId":344590,"journal":{"name":"Asian Journal of Finance & Accounting","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115351469","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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