Hendryan Marudut Tua Purba, Adler Haymans Manurung, Jhonni Sinaga
Residual Income Model (RIM) is an accounting approach introduced and used by Feltham and Ohlson to measure firm value using future income based on most current information. The surplus relation applying firm earning and book value is used to forecast with consistent manner. This research uses RIM to valuate the pharmaceutical companies’ stocks listed on the Indonesia Stock Exchange (IDX) for the year of 2010-2019 to be able to estimate the intrinsic or fair values of the companies’ shares for the year of 2020-2023, compared to their current market values and used as the basis to make decisions. Macro economy information of Indonesia that strongly relate to the pharmaceutical companies are applied to forecast the future values of the companies and the stock market information to determine the market values and the investment interest rates. The stock intrinsic values of DVLA, INAF, KAEF, KLBF, MERK and PYFA are confirmed below the market values for the year of 2020-2023. But, the stock intrinsic values of SCPI are above the market values. Thus, the stock intrinsic values of TSPC are fair. There are 6 (six) company stocks overvalued or expensive, 1 (one) company stock is undervalued or cheap, and another is fair.
{"title":"Valuate Stock Based on Accounting Approach Using Feltham and Ohlson Model","authors":"Hendryan Marudut Tua Purba, Adler Haymans Manurung, Jhonni Sinaga","doi":"10.11114/afa.v9i1.5970","DOIUrl":"https://doi.org/10.11114/afa.v9i1.5970","url":null,"abstract":"Residual Income Model (RIM) is an accounting approach introduced and used by Feltham and Ohlson to measure firm value using future income based on most current information. The surplus relation applying firm earning and book value is used to forecast with consistent manner. This research uses RIM to valuate the pharmaceutical companies’ stocks listed on the Indonesia Stock Exchange (IDX) for the year of 2010-2019 to be able to estimate the intrinsic or fair values of the companies’ shares for the year of 2020-2023, compared to their current market values and used as the basis to make decisions. Macro economy information of Indonesia that strongly relate to the pharmaceutical companies are applied to forecast the future values of the companies and the stock market information to determine the market values and the investment interest rates. The stock intrinsic values of DVLA, INAF, KAEF, KLBF, MERK and PYFA are confirmed below the market values for the year of 2020-2023. But, the stock intrinsic values of SCPI are above the market values. Thus, the stock intrinsic values of TSPC are fair. There are 6 (six) company stocks overvalued or expensive, 1 (one) company stock is undervalued or cheap, and another is fair. ","PeriodicalId":91655,"journal":{"name":"Applied finance and accounting","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-03-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43171138","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}
Francis Osei-Kuffour, Williams Kwasi Peprah, Dickson Marfo Sarfo, Bright Osei Yeboah
The corona virus (COVID-19) pandemic brought both negative and positive impacts on all sectors of world economies since its inception in the early 2020s. Profit and not-for-profit institutions have had their levels of effects as a result of the world-wide crises. Lockdown measures imposed by governments around the world to curb the spread of the virus had various repercussions on various activities, including churches. Effects of the pandemic on businesses, education, agriculture and tourism, among others, have received massive highlights in literature. Given this phenomenon, this study sought to ascertain the impact of COVID-19 on church cash inflows. The study used quantitative research approach. Research instrument consisted of self-constructed questionnaire. The study made use of descriptive correlational design. Data collected from Unions and Conferences of the Seventh-day Adventist Church in Ghana were statistically analyzed. Results showed positive significant impact of COVID-19 on church cash inflows. There was significant moderating effect of location profile on church cash inflows during the period of the pandemic. The findings have implications for diversification of income sources through church projects to achieve stable to moderate cash inflows in the events of unpredictable new normal. This study concludes that the longevity of the pandemic will continually cause church cash inflows to decline.
{"title":"COVID-19 Impact on Church Cash Inflows in Ghana as Moderated by Location Profile","authors":"Francis Osei-Kuffour, Williams Kwasi Peprah, Dickson Marfo Sarfo, Bright Osei Yeboah","doi":"10.11114/afa.v8i1.5736","DOIUrl":"https://doi.org/10.11114/afa.v8i1.5736","url":null,"abstract":"The corona virus (COVID-19) pandemic brought both negative and positive impacts on all sectors of world economies since its inception in the early 2020s. Profit and not-for-profit institutions have had their levels of effects as a result of the world-wide crises. Lockdown measures imposed by governments around the world to curb the spread of the virus had various repercussions on various activities, including churches. Effects of the pandemic on businesses, education, agriculture and tourism, among others, have received massive highlights in literature. Given this phenomenon, this study sought to ascertain the impact of COVID-19 on church cash inflows. The study used quantitative research approach. Research instrument consisted of self-constructed questionnaire. The study made use of descriptive correlational design. Data collected from Unions and Conferences of the Seventh-day Adventist Church in Ghana were statistically analyzed. Results showed positive significant impact of COVID-19 on church cash inflows. There was significant moderating effect of location profile on church cash inflows during the period of the pandemic. The findings have implications for diversification of income sources through church projects to achieve stable to moderate cash inflows in the events of unpredictable new normal. This study concludes that the longevity of the pandemic will continually cause church cash inflows to decline.","PeriodicalId":91655,"journal":{"name":"Applied finance and accounting","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-10-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47156907","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}
Williams Kwasi Peprah, Reynaldo P. Abas Jr., A. Ampofo
Blockchain technologyis a distributed, unchangeable ledger that makes recording transactions and managing assets in a business network much easier and nowa type of accountingsoftwareconcernedwith the transfer of assetownership and the maintenanceof anaccuratefinancial ledger. Despitethenumerousbenefits ofblockchaintechnology,there is no study on theapplicability of blockchain technologytothenormalaccountingcycle in emerging economies in Africa.Thus,thispaperprovidesgeneralinsightsonhowblockchaintechnologymaybeusedinthenormalaccountingcycle in West Africa.Thestudyadoptedaqualitativeresearchmethodandcontentanalysisresearchdesigntounderstand the extent to which business leaders in West Africa are aware, understand, and utilize blockchain technology in the processing of accounting transactions to the preparation of financial statements.Results indicatethat West African business leaders are well aware, understand and applyblockchaintechnologyapplicationsinthenormalaccountingcycle,anditprovidescostsavings,digitalidentity,andsecurity.Thestudyrecommendsfurtherinvestigationsintohowtoaddressscalabilitywhen dealingwith recurrent and large transactions.
{"title":"Applicability of Blockchain Technology to The Normal Accounting Cycle","authors":"Williams Kwasi Peprah, Reynaldo P. Abas Jr., A. Ampofo","doi":"10.11114/afa.v8i1.5492","DOIUrl":"https://doi.org/10.11114/afa.v8i1.5492","url":null,"abstract":"Blockchain technologyis a distributed, unchangeable ledger that makes recording transactions and managing assets in a business network much easier and nowa type of accountingsoftwareconcernedwith the transfer of assetownership and the maintenanceof anaccuratefinancial ledger. Despitethenumerousbenefits ofblockchaintechnology,there is no study on theapplicability of blockchain technologytothenormalaccountingcycle in emerging economies in Africa.Thus,thispaperprovidesgeneralinsightsonhowblockchaintechnologymaybeusedinthenormalaccountingcycle in West Africa.Thestudyadoptedaqualitativeresearchmethodandcontentanalysisresearchdesigntounderstand the extent to which business leaders in West Africa are aware, understand, and utilize blockchain technology in the processing of accounting transactions to the preparation of financial statements.Results indicatethat West African business leaders are well aware, understand and applyblockchaintechnologyapplicationsinthenormalaccountingcycle,anditprovidescostsavings,digitalidentity,andsecurity.Thestudyrecommendsfurtherinvestigationsintohowtoaddressscalabilitywhen dealingwith recurrent and large transactions.","PeriodicalId":91655,"journal":{"name":"Applied finance and accounting","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-02-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42174585","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}
Applied Finance and Accounting [AFA] would like to acknowledge the following reviewers for their assistance with peer review of manuscripts for this issue. Many authors, regardless of whether AFA publishes their work, appreciate the helpful feedback provided by the reviewers. Their comments and suggestions were of great help to the authors in improving the quality of their papers. Each of the reviewers listed below returned at least one review for this issue.Reviewers for Volume 7, Number 2Adina Criste, “Victor Slavescu” Centre for Financial and Monetary Research, Romanian Academy, RomaniaAnastasia Kopaneli, University of Patras, GreeceDapeng Zhu, Shanghai Lixin University of Accounting and Finance, ChinaFabio Rizzato, University of Turin, ItalyHaitham Nobanee, Abu Dhabi University, UAEHajar Jahangard, Central Bank of Iran(CBI), IranHassan Rkein, Al Maaref University , LebanonJayendra S. Gokhale, Embry-Riddle Aeronautical University, USAMawih Kareem Alani, Dhofar University, OmanVolodymyr Vysochansky, Uzhhorod National University, UkraineZi-Yi Guo, Wells Fargo Bank, N.A., USA Angelia EvelynEditorial AssistantOn behalf of,The Editorial Board of Applied Finance and AccountingRedfame Publishing9450 SW Gemini Dr. #99416Beaverton, OR 97008, USAURL: http://afa.redfame.com
{"title":"Reviewer Acknowledgements","authors":"Angelia Evelyn","doi":"10.11114/afa.v7i2.5309","DOIUrl":"https://doi.org/10.11114/afa.v7i2.5309","url":null,"abstract":"Applied Finance and Accounting [AFA] would like to acknowledge the following reviewers for their assistance with peer review of manuscripts for this issue. Many authors, regardless of whether AFA publishes their work, appreciate the helpful feedback provided by the reviewers. Their comments and suggestions were of great help to the authors in improving the quality of their papers. Each of the reviewers listed below returned at least one review for this issue.Reviewers for Volume 7, Number 2Adina Criste, “Victor Slavescu” Centre for Financial and Monetary Research, Romanian Academy, RomaniaAnastasia Kopaneli, University of Patras, GreeceDapeng Zhu, Shanghai Lixin University of Accounting and Finance, ChinaFabio Rizzato, University of Turin, ItalyHaitham Nobanee, Abu Dhabi University, UAEHajar Jahangard, Central Bank of Iran(CBI), IranHassan Rkein, Al Maaref University , LebanonJayendra S. Gokhale, Embry-Riddle Aeronautical University, USAMawih Kareem Alani, Dhofar University, OmanVolodymyr Vysochansky, Uzhhorod National University, UkraineZi-Yi Guo, Wells Fargo Bank, N.A., USA Angelia EvelynEditorial AssistantOn behalf of,The Editorial Board of Applied Finance and AccountingRedfame Publishing9450 SW Gemini Dr. #99416Beaverton, OR 97008, USAURL: http://afa.redfame.com","PeriodicalId":91655,"journal":{"name":"Applied finance and accounting","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-07-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45979326","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 paper examines the relation between share pledging and cash holdings of Chinese A-share listed-firms. We find that during the years 2005 through 2015, the level of share pledging is negatively associated with cash holdings. We establish causality through a variety of econometric techniques, including a difference-in-differences approach based on a regulatory change that permits security companies to lend money to borrowers pledging their shares as collaterals. In addition, we find that the main effect is more prominent for financial constrained firms, and share pledging is associated with lower cash/investment-cash flow sensitivities and more cash dividend payouts. Overall, our findings indicate that share pledging can alleviate financial constraints of listed firms and reduce their tendencies of holding cash for precautionary motives.
{"title":"Share Pledging and Firm Cash Holdings: Evidence from Chinese A-share Listed Firms","authors":"Hongmei Xu","doi":"10.11114/AFA.V7I2.5303","DOIUrl":"https://doi.org/10.11114/AFA.V7I2.5303","url":null,"abstract":"This paper examines the relation between share pledging and cash holdings of Chinese A-share listed-firms. We find that during the years 2005 through 2015, the level of share pledging is negatively associated with cash holdings. We establish causality through a variety of econometric techniques, including a difference-in-differences approach based on a regulatory change that permits security companies to lend money to borrowers pledging their shares as collaterals. In addition, we find that the main effect is more prominent for financial constrained firms, and share pledging is associated with lower cash/investment-cash flow sensitivities and more cash dividend payouts. Overall, our findings indicate that share pledging can alleviate financial constraints of listed firms and reduce their tendencies of holding cash for precautionary motives.","PeriodicalId":91655,"journal":{"name":"Applied finance and accounting","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47760108","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}
Manufacturing sector is a vibrant sector that spurs growth in every other sector of the economy. Despite this, macroeconomic environment in the country has not made this desire materialized. Therefore, the study examined the determinants and sustainability of manufacturing sector performance in Nigeria from 1994-2019. The data used include manufacturing sector output, interest rate, real exchange rate, tax rate, money supply and trade openness. Also, Error Correction Model (ECM) and Pairwise Granger Causality(PGC) techniques were used for the formulated objective. The unit root test confirmed stationarity of interest rate at level; while other were integrated of order one (D = 1). The Johansen co-integration established a long-run relationships. The ECM corrected the disequilibrium at an annual rate of 77.5%. Also, real exchange rate, tax rate and trade openness had a direct and significant effect on manufacturing sector output. While, interest rate and money supply were non-significance. The PGC result revealed a bi-directional causality between real exchange rate and manufacturing sector and tax rate and manufacturing sector output. It was concluded that increase in consumption tax, real exchange rate and liberation of the economy were the determinants of manufacturing sector performance, while appreciation of nigeria’s currency (naira) and increase in tax rate with proportional improvement in infrastructural facilities are needed to sustain it. Therefore, recommended that the financial institutions especially the apex bank should eliminate different bench-mark of exchange rate policy by allowing the market force of demand and supply to depict the real value of naira.
{"title":"Determinants and Sustainability of Manufacturing Sector Performance in Nigeria: The Roles of Selected Macroeconomic Variables","authors":"Falade Abidemi Olufemi Olusegun","doi":"10.11114/AFA.V7I2.5302","DOIUrl":"https://doi.org/10.11114/AFA.V7I2.5302","url":null,"abstract":"Manufacturing sector is a vibrant sector that spurs growth in every other sector of the economy. Despite this, macroeconomic environment in the country has not made this desire materialized. Therefore, the study examined the determinants and sustainability of manufacturing sector performance in Nigeria from 1994-2019. The data used include manufacturing sector output, interest rate, real exchange rate, tax rate, money supply and trade openness. Also, Error Correction Model (ECM) and Pairwise Granger Causality(PGC) techniques were used for the formulated objective. The unit root test confirmed stationarity of interest rate at level; while other were integrated of order one (D = 1). The Johansen co-integration established a long-run relationships. The ECM corrected the disequilibrium at an annual rate of 77.5%. Also, real exchange rate, tax rate and trade openness had a direct and significant effect on manufacturing sector output. While, interest rate and money supply were non-significance. The PGC result revealed a bi-directional causality between real exchange rate and manufacturing sector and tax rate and manufacturing sector output. It was concluded that increase in consumption tax, real exchange rate and liberation of the economy were the determinants of manufacturing sector performance, while appreciation of nigeria’s currency (naira) and increase in tax rate with proportional improvement in infrastructural facilities are needed to sustain it. Therefore, recommended that the financial institutions especially the apex bank should eliminate different bench-mark of exchange rate policy by allowing the market force of demand and supply to depict the real value of naira.","PeriodicalId":91655,"journal":{"name":"Applied finance and accounting","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46913785","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}
There is an increasing trend for researchers in the social sciences to draw causal conclusions from correlational data. Even researchers who use relatively causally neutral language in describing their findings, imply causation by including diagrams with arrows. Moreover, they typically make recommendations for intervention or other applications in their discussion sections, that would make no sense without an implicit assumption that the findings really do indicate causal pathways. The present manuscript commences with the generous assumption that regression-based procedures extract causation out of correlational data, with an exploration of the surprising effects of unreliability on causal conclusions. After discussing the pros and cons of correcting for unreliability, the generous assumption is questioned too. The conclusion is that researchers should be more cautious in interpreting findings based on correlational research paradigms.
{"title":"The Underappreciated Effects of Unreliability on Multiple Regression and Mediation","authors":"D. Trafimow","doi":"10.11114/AFA.V7I2.5292","DOIUrl":"https://doi.org/10.11114/AFA.V7I2.5292","url":null,"abstract":"There is an increasing trend for researchers in the social sciences to draw causal conclusions from correlational data. Even researchers who use relatively causally neutral language in describing their findings, imply causation by including diagrams with arrows. Moreover, they typically make recommendations for intervention or other applications in their discussion sections, that would make no sense without an implicit assumption that the findings really do indicate causal pathways. The present manuscript commences with the generous assumption that regression-based procedures extract causation out of correlational data, with an exploration of the surprising effects of unreliability on causal conclusions. After discussing the pros and cons of correcting for unreliability, the generous assumption is questioned too. The conclusion is that researchers should be more cautious in interpreting findings based on correlational research paradigms.","PeriodicalId":91655,"journal":{"name":"Applied finance and accounting","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-07-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46026106","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}
Applied Finance and Accounting [AFA] would like to acknowledge the following reviewers for their assistance with peer review of manuscripts for this issue. Many authors, regardless of whether AFA publishes their work, appreciate the helpful feedback provided by the reviewers. Their comments and suggestions were of great help to the authors in improving the quality of their papers. Each of the reviewers listed below returned at least one review for this issue.Reviewers for Volume 7, Number 1Aderaw Gashayie Ayaliew, Higher institution, EthiopiaAnastasia Kopaneli, University of Patras, GreeceAndrey Kudryavtsev, The Max Stern Yezreel Valley Academic College, IsraelFahri ÖZSUNGUR, Adana Science and Technology University, TurkeyGheorghe Morosan, Stefan Cel Mare University Suceava Romania, RomaniaHaitham Nobanee, Abu Dhabi University, UAEHajar Jahangard , Central Bank of Iran(CBI), IranJayendra S. Gokhale, Embry-Riddle Aeronautical University, USAMarco Muscettola, Independent researcher, ItalyMawih Kareem Alani, Dhofar University, OmanShahram Fattahi, Razi University,, IranYu Peng Lin, University of Detroit Mercy, USA Angelia EvelynEditorial AssistantOn behalf of,The Editorial Board of Applied Finance and AccountingRedfame Publishing9450 SW Gemini Dr. #99416Beaverton, OR 97008, USAURL: http://afa.redfame.com
{"title":"Reviewer Acknowledgements","authors":"Angelia Evelyn","doi":"10.11114/afa.v7i1.5178","DOIUrl":"https://doi.org/10.11114/afa.v7i1.5178","url":null,"abstract":"Applied Finance and Accounting [AFA] would like to acknowledge the following reviewers for their assistance with peer review of manuscripts for this issue. Many authors, regardless of whether AFA publishes their work, appreciate the helpful feedback provided by the reviewers. Their comments and suggestions were of great help to the authors in improving the quality of their papers. Each of the reviewers listed below returned at least one review for this issue.Reviewers for Volume 7, Number 1Aderaw Gashayie Ayaliew, Higher institution, EthiopiaAnastasia Kopaneli, University of Patras, GreeceAndrey Kudryavtsev, The Max Stern Yezreel Valley Academic College, IsraelFahri ÖZSUNGUR, Adana Science and Technology University, TurkeyGheorghe Morosan, Stefan Cel Mare University Suceava Romania, RomaniaHaitham Nobanee, Abu Dhabi University, UAEHajar Jahangard , Central Bank of Iran(CBI), IranJayendra S. Gokhale, Embry-Riddle Aeronautical University, USAMarco Muscettola, Independent researcher, ItalyMawih Kareem Alani, Dhofar University, OmanShahram Fattahi, Razi University,, IranYu Peng Lin, University of Detroit Mercy, USA Angelia EvelynEditorial AssistantOn behalf of,The Editorial Board of Applied Finance and AccountingRedfame Publishing9450 SW Gemini Dr. #99416Beaverton, OR 97008, USAURL: http://afa.redfame.com","PeriodicalId":91655,"journal":{"name":"Applied finance and accounting","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-02-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42600490","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}
Applied Finance and Accounting [AFA] would like to acknowledge the following reviewers for their assistance with peer review of manuscripts for this issue. Many authors, regardless of whether AFA publishes their work, appreciate the helpful feedback provided by the reviewers. Their comments and suggestions were of great help to the authors in improving the quality of their papers. Each of the reviewers listed below returned at least one review for this issue.Reviewers for Volume 6, Number 2Anastasia Kopaneli, University of Patras, GreeceAndrey Kudryavtsev, The Max Stern Yezreel Valley Academic College, IsraelAnna Viktorovna Kravchuk, Academy of the State Penitentiary Service, UkraineAnthony Okafor, University of Louisville, USADapeng Zhu, Shanghai Lixin University of Accounting and Finance, ChinaFabio Rizzato, University of Turin, ItalyGheorghe Morosan, Stefan Cel Mare University Suceava Romania, RomaniaJayendra S. Gokhale, Embry-Riddle Aeronautical University, USALuca Sensini, University of Salerno, ItalyLuo Yongli, Houston Baptist University, United StatesMarco Muscettola, Independent researcher, ItalyMohammad Sami Ali Al-Dahrawi, Zarqa University, JordanNicoleta Radneantu, Romanian – American University, RomanianRui Fernandes, Porto Accounting and Business School, PortugalShahram Fattahi, Razi University, Iran Angelia EvelynEditorial AssistantOn behalf of,The Editorial Board of Applied Finance and AccountingRedfame Publishing9450 SW Gemini Dr. #99416Beaverton, OR 97008, USAURL: http://afa.redfame.com
《应用财务与会计》[AFA]感谢以下审稿人对本期稿件的同行评审提供的帮助。许多作者，不管AFA是否发表他们的作品，都感谢审稿人提供的有用的反馈。他们的意见和建议对作者提高论文质量有很大的帮助。下面列出的每个审稿人都至少对本期发表了一篇评论。第6卷第2期审稿人anastasia Kopaneli，希腊帕特雷大学，andrey Kudryavtsev，以色列Max Stern Yezreel Valley学院，anna Viktorovna Kravchuk，乌克兰国家监狱服务学院，anthony Okafor，美国路易斯维尔大学，中国上海立新会计与金融大学，中国，abio Rizzato，意大利都灵大学，gheorghe Morosan, Stefan Cel Mare大学，罗马尼亚，罗马尼亚，ajayendra S. Gokhale，美国安柏瑞德航空大学aluca Sensini，意大利萨莱诺大学罗永利，美国休斯顿浸会大学marco Muscettola，独立研究员，意大利mohammad Sami Ali Al-Dahrawi，约旦Zarqa大学annicoleta Radneantu，罗马尼亚-美国大学，罗马尼亚人rui Fernandes，波尔图会计与商学院，葡萄牙Razi大学shahram Fattahi，伊朗Angelia evely编辑助理代表，应用财务和会计redfame出版社编辑委员会9450 SW双子座博士#99416比弗顿，OR 97008，美国网址:http://afa.redfame.com
{"title":"Reviewer Acknowledgements","authors":"Angelia Evelyn","doi":"10.11114/afa.v6i2.4985","DOIUrl":"https://doi.org/10.11114/afa.v6i2.4985","url":null,"abstract":"Applied Finance and Accounting [AFA] would like to acknowledge the following reviewers for their assistance with peer review of manuscripts for this issue. Many authors, regardless of whether AFA publishes their work, appreciate the helpful feedback provided by the reviewers. Their comments and suggestions were of great help to the authors in improving the quality of their papers. Each of the reviewers listed below returned at least one review for this issue.Reviewers for Volume 6, Number 2Anastasia Kopaneli, University of Patras, GreeceAndrey Kudryavtsev, The Max Stern Yezreel Valley Academic College, IsraelAnna Viktorovna Kravchuk, Academy of the State Penitentiary Service, UkraineAnthony Okafor, University of Louisville, USADapeng Zhu, Shanghai Lixin University of Accounting and Finance, ChinaFabio Rizzato, University of Turin, ItalyGheorghe Morosan, Stefan Cel Mare University Suceava Romania, RomaniaJayendra S. Gokhale, Embry-Riddle Aeronautical University, USALuca Sensini, University of Salerno, ItalyLuo Yongli, Houston Baptist University, United StatesMarco Muscettola, Independent researcher, ItalyMohammad Sami Ali Al-Dahrawi, Zarqa University, JordanNicoleta Radneantu, Romanian – American University, RomanianRui Fernandes, Porto Accounting and Business School, PortugalShahram Fattahi, Razi University, Iran Angelia EvelynEditorial AssistantOn behalf of,The Editorial Board of Applied Finance and AccountingRedfame Publishing9450 SW Gemini Dr. #99416Beaverton, OR 97008, USAURL: http://afa.redfame.com","PeriodicalId":91655,"journal":{"name":"Applied finance and accounting","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-08-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46098220","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 reviews the accounting literature which investigates the effects of International Financial Reporting Standards (IFRS) on firms’ financial performance to answer a debating question of how effective are the accounting standards in affecting financial performance and to provide guidance for future studies. The focus of the review is three primary streams, first, reasons and evidence of differences between countries in accounting practices; second, theories justifying the transition from local Generally Accepted Accounting Principles (GAAP) to IFRS; Third, the effect of accounting standards on firms’ financial performance regarding three broad groups: (1) Common law countries (2) Civil law countries, and (3) Middle East and North Africa (MENA) region countries affected by both sharia law and civil law. The review demonstrates that the transition from local GAAP to IFRS has been successful in affecting firms’ financial performance measures in less shareholder-oriented civil law and MENA region countries. This was attributed to the IFRS fair value orientation, which causes volatility in the statement of financial position and financial performance figures. These impacts, however, usually vary between countries, depending on the pre-transition differences between local GAAP and IFRS. The more the difference, the more volatile the financial performance measures, particularly the profitability ratios. This review’s findings have implications for other jurisdictions, particularly developing countries, where IFRS adoption is already underway. In addition, managers, investors, practitioners, and standard setters can use this review to identify the factors that have been found to influence firm performance, especially in a globalized economy that is increasingly cross-listed.
{"title":"The International Financial Reporting Standards and Firm Performance: A Systematic Review","authors":"Wafaa Salah","doi":"10.11114/afa.v6i2.4851","DOIUrl":"https://doi.org/10.11114/afa.v6i2.4851","url":null,"abstract":"This study reviews the accounting literature which investigates the effects of International Financial Reporting Standards (IFRS) on firms’ financial performance to answer a debating question of how effective are the accounting standards in affecting financial performance and to provide guidance for future studies. The focus of the review is three primary streams, first, reasons and evidence of differences between countries in accounting practices; second, theories justifying the transition from local Generally Accepted Accounting Principles (GAAP) to IFRS; Third, the effect of accounting standards on firms’ financial performance regarding three broad groups: (1) Common law countries (2) Civil law countries, and (3) Middle East and North Africa (MENA) region countries affected by both sharia law and civil law. The review demonstrates that the transition from local GAAP to IFRS has been successful in affecting firms’ financial performance measures in less shareholder-oriented civil law and MENA region countries. This was attributed to the IFRS fair value orientation, which causes volatility in the statement of financial position and financial performance figures. These impacts, however, usually vary between countries, depending on the pre-transition differences between local GAAP and IFRS. The more the difference, the more volatile the financial performance measures, particularly the profitability ratios. This review’s findings have implications for other jurisdictions, particularly developing countries, where IFRS adoption is already underway. In addition, managers, investors, practitioners, and standard setters can use this review to identify the factors that have been found to influence firm performance, especially in a globalized economy that is increasingly cross-listed.","PeriodicalId":91655,"journal":{"name":"Applied finance and accounting","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-06-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46326307","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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