Pub Date : 2019-12-18DOI: 10.5772/intechopen.86104
Elya Nabila Abdul Bahri, Nor Hakimah Haji Mohd Nor
This chapter examines the role of financial development on foreign direct investment (FDI) inflows in ASEAN-5 countries over the period of 1980–2017. The ASEAN-5 countries include Malaysia, Thailand, Indonesia, Singapore, and the Philippines. The panel cointegration of second generation is used in order to address the existence of economic integration among ASEAN-5 as proven in cross-sectional dependency test. The results from fully modified ordinary least square (FMOLS) and cross-sectional dependency autoregressive distributed lag (CS-ARDL) consistently shows that the financial development has a nonlinear relationship with FDI of U-shape, whereby the financial development will benefit the FDI after it beyond the threshold point at 70% of total GDP. Investors will make decision based on the financial status as shown in the financial accounting report, whereby the quality of financial accounting representing transparent information that leads on reducing asymmetric information between investor and the financial institutions in host countries. In addition, the causality analysis based on panel vector error correction model (VECM) confirms the presence of both long-run relationship and short-run dynamic among FDI, financial development, consumer price index, and real gross domestic product per capita.
{"title":"Nonlinear Effect of Financial Development and Foreign Direct Investment in Integration Economies Among ASEAN-5 Countries Following IFRS Adoption","authors":"Elya Nabila Abdul Bahri, Nor Hakimah Haji Mohd Nor","doi":"10.5772/intechopen.86104","DOIUrl":"https://doi.org/10.5772/intechopen.86104","url":null,"abstract":"This chapter examines the role of financial development on foreign direct investment (FDI) inflows in ASEAN-5 countries over the period of 1980–2017. The ASEAN-5 countries include Malaysia, Thailand, Indonesia, Singapore, and the Philippines. The panel cointegration of second generation is used in order to address the existence of economic integration among ASEAN-5 as proven in cross-sectional dependency test. The results from fully modified ordinary least square (FMOLS) and cross-sectional dependency autoregressive distributed lag (CS-ARDL) consistently shows that the financial development has a nonlinear relationship with FDI of U-shape, whereby the financial development will benefit the FDI after it beyond the threshold point at 70% of total GDP. Investors will make decision based on the financial status as shown in the financial accounting report, whereby the quality of financial accounting representing transparent information that leads on reducing asymmetric information between investor and the financial institutions in host countries. In addition, the causality analysis based on panel vector error correction model (VECM) confirms the presence of both long-run relationship and short-run dynamic among FDI, financial development, consumer price index, and real gross domestic product per capita.","PeriodicalId":374142,"journal":{"name":"Accounting and Finance - New Perspectives on Banking, Financial Statements and Reporting","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129470157","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 : 2019-12-18DOI: 10.5772/intechopen.90190
R. Ahangar, Can Öztürk
{"title":"Introductory Chapter: Some Current Issues on Accounting and Finance","authors":"R. Ahangar, Can Öztürk","doi":"10.5772/intechopen.90190","DOIUrl":"https://doi.org/10.5772/intechopen.90190","url":null,"abstract":"","PeriodicalId":374142,"journal":{"name":"Accounting and Finance - New Perspectives on Banking, Financial Statements and Reporting","volume":"55 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126086208","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 : 2019-10-23DOI: 10.5772/intechopen.85395
Oliver Neoh, M. Nnadi
This study examines the survivorship of technology firms listed on the NASDAQ market during the immediate and post-2008 global financial crisis period. Underpinned by contingency theory, this study demonstrates the varying roles of accounting valuation and earnings management metrics in the technology industry. Findings in this chapter show during the global financial crisis periods, technology firms have greater survivorships when they are undervalued, and possess a lesser degree of discretionary earnings (DA). The DA factor is a double-edged sword for technology firms since it has positive and negative effects on the returns and survivorships, respectively. The research and development (R&D) variable remains a positive component for both returns and survivorships of these firms.
{"title":"The Roles of Accounting Valuations and Earnings Management in the Survivorship of Technology Firms during the Global Financial Crisis","authors":"Oliver Neoh, M. Nnadi","doi":"10.5772/intechopen.85395","DOIUrl":"https://doi.org/10.5772/intechopen.85395","url":null,"abstract":"This study examines the survivorship of technology firms listed on the NASDAQ market during the immediate and post-2008 global financial crisis period. Underpinned by contingency theory, this study demonstrates the varying roles of accounting valuation and earnings management metrics in the technology industry. Findings in this chapter show during the global financial crisis periods, technology firms have greater survivorships when they are undervalued, and possess a lesser degree of discretionary earnings (DA). The DA factor is a double-edged sword for technology firms since it has positive and negative effects on the returns and survivorships, respectively. The research and development (R&D) variable remains a positive component for both returns and survivorships of these firms.","PeriodicalId":374142,"journal":{"name":"Accounting and Finance - New Perspectives on Banking, Financial Statements and Reporting","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115339538","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 : 2019-06-04DOI: 10.5772/INTECHOPEN.86688
M. Baldarelli
The objective of the chapter is to analyse the impact that CSR (corporate social responsibility) training had on non-financial information that is contained in financial statements following the EU directive 2014/95/EU and the Italian law: 254/2016. Literature review is based on institutional theory and social and environmental accounting as emancipatory tool to ameliorate the quality of life. The case analysed is the territory of Rimini, Italy. The case has been chosen because Rimini represents one of the most important concentrations within the hospitality and tourism industry in Europe. Another reason is that in the area of Rimini, 13 years ago, CSR training courses had been promoted for profit-making enterprises by the Chamber of Commerce along with public and private organisations. These training courses created a very important background for collocating the new EU directive regarding non-financial information that must necessarily be contained within the financial statements of enterprises. The objective of the chapter is to analyse the impact that the CSR training had on non-financial information that is contained in financial statements following the EU directive 2014/95/EU and Italian law: 254/2016.
{"title":"CSR Training and Financial Statement “Disclosure”: The Case of Italy","authors":"M. Baldarelli","doi":"10.5772/INTECHOPEN.86688","DOIUrl":"https://doi.org/10.5772/INTECHOPEN.86688","url":null,"abstract":"The objective of the chapter is to analyse the impact that CSR (corporate social responsibility) training had on non-financial information that is contained in financial statements following the EU directive 2014/95/EU and the Italian law: 254/2016. Literature review is based on institutional theory and social and environmental accounting as emancipatory tool to ameliorate the quality of life. The case analysed is the territory of Rimini, Italy. The case has been chosen because Rimini represents one of the most important concentrations within the hospitality and tourism industry in Europe. Another reason is that in the area of Rimini, 13 years ago, CSR training courses had been promoted for profit-making enterprises by the Chamber of Commerce along with public and private organisations. These training courses created a very important background for collocating the new EU directive regarding non-financial information that must necessarily be contained within the financial statements of enterprises. The objective of the chapter is to analyse the impact that the CSR training had on non-financial information that is contained in financial statements following the EU directive 2014/95/EU and Italian law: 254/2016.","PeriodicalId":374142,"journal":{"name":"Accounting and Finance - New Perspectives on Banking, Financial Statements and Reporting","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132093566","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 : 2019-04-08DOI: 10.5772/INTECHOPEN.82470
Maximo Paulino T. Sison
The debate concerning reforms in sovereign debt restructuring (SDR) ranges from those which maximize flexibility (e.g. adoption of clauses in debt contracts) to those which maximize uniformity and predictability (e.g. enacting a fixed framework similar to a domestic bankruptcy regime). This paper proposes that the principles of SDR in the United Nations General Assembly Resolution 69/319 be broadly codified into a treaty. This includes the principle of sustainability which emphasizes “inclusive growth and sustainable development” of stakeholders in SDR. In the current unsystematized regime of SDR, this proposal seeks to bridge the value of flexibility in ex post negotiations and the values of uniformity and predictability in ex ante rules under fixed bankruptcy regimes.
{"title":"Sustainability in Indebtedness: A Proposal for a Treaty-Based Framework in Sovereign Debt Restructuring","authors":"Maximo Paulino T. Sison","doi":"10.5772/INTECHOPEN.82470","DOIUrl":"https://doi.org/10.5772/INTECHOPEN.82470","url":null,"abstract":"The debate concerning reforms in sovereign debt restructuring (SDR) ranges from those which maximize flexibility (e.g. adoption of clauses in debt contracts) to those which maximize uniformity and predictability (e.g. enacting a fixed framework similar to a domestic bankruptcy regime). This paper proposes that the principles of SDR in the United Nations General Assembly Resolution 69/319 be broadly codified into a treaty. This includes the principle of sustainability which emphasizes “inclusive growth and sustainable development” of stakeholders in SDR. In the current unsystematized regime of SDR, this proposal seeks to bridge the value of flexibility in ex post negotiations and the values of uniformity and predictability in ex ante rules under fixed bankruptcy regimes.","PeriodicalId":374142,"journal":{"name":"Accounting and Finance - New Perspectives on Banking, Financial Statements and Reporting","volume":"2005 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-04-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128782795","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 : 2019-03-08DOI: 10.5772/INTECHOPEN.82534
Y. Zaychenko, M. Zgurovsky, Galib Hamidov
The problem of banks bankruptcy risk forecasting under uncertainty is considered. For its solution, the application of computational intelligence methods fuzzy neural networks ANFIS and TSK and inductive modeling method FGMDH was suggested and explored. Experimental investigations were carried out and estimation of the efficiency of the suggested methods was performed at the problems of bankruptcy risk forecasting for Ukrainian and leading European banks. The efficiency comparison with classic statistical methods such as ARMA, logit, and probit models was fulfilled. The comparative experiments with rating system CAMELS and matrix method were carried out. In general, the comparative analysis had shown that fuzzy forecasting methods and techniques give better results than conventional crisp methods for forecasting bankruptcy risk. On the whole, the conclusions of experiments with European banks completely confirmed the conclusions of experiments with Ukrainian banks. But at the same time, the crisp methods are more simple in implementation and demand less time for their adjustment. The set of informative bank financial factors for bankruptcy risk forecasting was determined and estimated.
{"title":"Banks Financial State Analysis and Bankruptcy Risk Forecasting with Application of Fuzzy Neural Networks","authors":"Y. Zaychenko, M. Zgurovsky, Galib Hamidov","doi":"10.5772/INTECHOPEN.82534","DOIUrl":"https://doi.org/10.5772/INTECHOPEN.82534","url":null,"abstract":"The problem of banks bankruptcy risk forecasting under uncertainty is considered. For its solution, the application of computational intelligence methods fuzzy neural networks ANFIS and TSK and inductive modeling method FGMDH was suggested and explored. Experimental investigations were carried out and estimation of the efficiency of the suggested methods was performed at the problems of bankruptcy risk forecasting for Ukrainian and leading European banks. The efficiency comparison with classic statistical methods such as ARMA, logit, and probit models was fulfilled. The comparative experiments with rating system CAMELS and matrix method were carried out. In general, the comparative analysis had shown that fuzzy forecasting methods and techniques give better results than conventional crisp methods for forecasting bankruptcy risk. On the whole, the conclusions of experiments with European banks completely confirmed the conclusions of experiments with Ukrainian banks. But at the same time, the crisp methods are more simple in implementation and demand less time for their adjustment. The set of informative bank financial factors for bankruptcy risk forecasting was determined and estimated.","PeriodicalId":374142,"journal":{"name":"Accounting and Finance - New Perspectives on Banking, Financial Statements and Reporting","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-03-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132687982","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 : 2019-02-21DOI: 10.5772/INTECHOPEN.84585
G. Rodríguez-Lozano
The banking sector is that sector of the modern economy that is primarily called upon to play the important role of intermediation between the surplus agents and the deficit agents. Based on this fact, this research presents and analyzes the behavior of banks in Colombia since 2002 and up to 2016 (15 years) through the application of data envelopment analysis, a nonparametric methodology of advanced linear programming, which generates a single efficiency indicator for each unit studied in each period, optimizing multiple resources (inputs) and multiple products (outputs). One aspect of the results shows that for the year 2014, 71% of the banks were efficient, this being the highest result within the period studied.
{"title":"The Colombian Banking Sector: Analysis from Relative Efficiency","authors":"G. Rodríguez-Lozano","doi":"10.5772/INTECHOPEN.84585","DOIUrl":"https://doi.org/10.5772/INTECHOPEN.84585","url":null,"abstract":"The banking sector is that sector of the modern economy that is primarily called upon to play the important role of intermediation between the surplus agents and the deficit agents. Based on this fact, this research presents and analyzes the behavior of banks in Colombia since 2002 and up to 2016 (15 years) through the application of data envelopment analysis, a nonparametric methodology of advanced linear programming, which generates a single efficiency indicator for each unit studied in each period, optimizing multiple resources (inputs) and multiple products (outputs). One aspect of the results shows that for the year 2014, 71% of the banks were efficient, this being the highest result within the period studied.","PeriodicalId":374142,"journal":{"name":"Accounting and Finance - New Perspectives on Banking, Financial Statements and Reporting","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-02-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123455845","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 : 2019-02-15DOI: 10.5772/INTECHOPEN.84364
B. Sabuncu
This study describes the accounting standards being implemented in Turkey. Uniform Accounting System and Uniform Chart of Accounts, Turkish Financial Reporting Standards (TFRS), and Financial Reporting Standards for Large- and Medium-Sized Enterprises (FRS for LMEs) are simultaneously applied in Turkey. TFRS are a direct translation of the International Financial Reporting Standards (IFRS). Enterprises that are subject to independent audit apply TFRS. FRS for LMEs is a financial reporting framework that is subject to independent audit and is valid for financial statements presented to general assemblies of enterprises that do not apply the TFRS. Enterprises that are not subject to independent audit apply Uniform Accounting System. Uniform Chart of Accounts is used by all these businesses. Despite these new practices, a revision has not been carried out in Uniform Chart of Accounts. Because of these applications, it is necessary to define the new accounts needed and to review Uniform Chart of Accounts. Banks, insurance and pension companies, finance companies, financial leasing and factoring companies, and asset management companies are required to use a different account plan despite the application of TFRS.
{"title":"National Accounting Standards in Turkey","authors":"B. Sabuncu","doi":"10.5772/INTECHOPEN.84364","DOIUrl":"https://doi.org/10.5772/INTECHOPEN.84364","url":null,"abstract":"This study describes the accounting standards being implemented in Turkey. Uniform Accounting System and Uniform Chart of Accounts, Turkish Financial Reporting Standards (TFRS), and Financial Reporting Standards for Large- and Medium-Sized Enterprises (FRS for LMEs) are simultaneously applied in Turkey. TFRS are a direct translation of the International Financial Reporting Standards (IFRS). Enterprises that are subject to independent audit apply TFRS. FRS for LMEs is a financial reporting framework that is subject to independent audit and is valid for financial statements presented to general assemblies of enterprises that do not apply the TFRS. Enterprises that are not subject to independent audit apply Uniform Accounting System. Uniform Chart of Accounts is used by all these businesses. Despite these new practices, a revision has not been carried out in Uniform Chart of Accounts. Because of these applications, it is necessary to define the new accounts needed and to review Uniform Chart of Accounts. Banks, insurance and pension companies, finance companies, financial leasing and factoring companies, and asset management companies are required to use a different account plan despite the application of TFRS.","PeriodicalId":374142,"journal":{"name":"Accounting and Finance - New Perspectives on Banking, Financial Statements and Reporting","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121750063","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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