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 1Adina Criste, “Victor Slavescu” Centre for Financial and Monetary Research, Romanian Academy, RomaniaAnastasia Kopaneli, University of Patras, GreeceAndrey Kudryavtsev, The Max Stern Yezreel Valley Academic College, IsraelAnthony Okafor, University of Louisville, USAAugustine Akhidime, Benson Idahosa University, NigeriaDesti Kannaiah, James Cook University, SingaporeFeng Jui Hsu, National Taichung University of Science and Technology, TaiwanGheorghe Morosan, Stefan Cel Mare University Suceava Romania, RomaniaHajar Jahangard , Central Bank of Iran(CBI), IranJayendra S. Gokhale, Embry-Riddle Aeronautical University, USALektore Oltiana Muharremi, University of Vlora, AlbaniaMarco Muscettola, Independent researcher, ItalyMawih Kareem Alani, Dhofar University, OmanMohammad Sami Ali Al-Dahrawi, Zarqa University, JordanNicoleta Radneantu, Romanian – American University, RomanianNikolay Patonov, European Polytechnical University, BulgariaNoriaki Okamoto, Rikkyo University, JapanRui Fernandes, Porto Accounting and Business School, PortugalShahram Fattahi, Razi University,, IranVolodymyr 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
应用金融与会计[AFA]感谢以下审稿人对本期稿件的同行评审。许多作者，无论AFA是否出版他们的作品，都很欣赏审稿人提供的有益反馈。他们的意见和建议对作者提高论文质量有很大帮助。下面列出的每个评审员都至少返回了一篇关于此问题的评审。第6卷第1期Dina Criste，“Victor Slavescu”金融和货币研究中心，罗马尼亚科学院，罗马尼亚阿纳斯塔西亚·科帕内利，帕特拉斯大学，GreeceAndrey Kudryavtsev，Max Stern Yezreel Valley学术学院，以色列Anthony Okafor，路易斯维尔大学，美国奥古斯丁·阿克希迪姆，本森·伊达霍萨大学，尼日利亚Desti Kannaiah，詹姆斯·库克大学，新加坡国立台中科技大学的Feng Jui Hsu、台湾的Gheorghe Morosan、罗马尼亚苏切瓦的Stefan Cel Mare大学、伊朗中央银行的Romania Hajar Jahangard、伊朗Embry Riddle航空大学的IranJayendra S.Gokhale、美国Vlora大学的Oltiana Muharremi，Dhofar大学、阿曼Mohammad Sami Ali Al Dahrawi、Zarqa大学、JordanNicoleta Radneantu、罗马尼亚-美国大学、罗马尼亚Nikolay Patonov、欧洲工业大学、保加利亚Noriaki Okamoto、Rikkyo大学、Japan Rui Fernandes、波尔图会计与商学院、Portugal Shahram Fattahi、Razi大学、IranVolodymyr Vysochansky、Uzhhorod国立大学，UkraineZi Yi Guo，美国富国银行，N.A.Angelia Evelyn编辑助理代表《应用金融与会计》编委会Redfame Publishing9450 SW Gemini Dr.#99416Beaverton，OR 97008，USAURL：http://afa.redfame.com
{"title":"Reviewer Acknowledgements","authors":"Angelia Evelyn","doi":"10.11114/afa.v6i1.4735","DOIUrl":"https://doi.org/10.11114/afa.v6i1.4735","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 1Adina Criste, “Victor Slavescu” Centre for Financial and Monetary Research, Romanian Academy, RomaniaAnastasia Kopaneli, University of Patras, GreeceAndrey Kudryavtsev, The Max Stern Yezreel Valley Academic College, IsraelAnthony Okafor, University of Louisville, USAAugustine Akhidime, Benson Idahosa University, NigeriaDesti Kannaiah, James Cook University, SingaporeFeng Jui Hsu, National Taichung University of Science and Technology, TaiwanGheorghe Morosan, Stefan Cel Mare University Suceava Romania, RomaniaHajar Jahangard , Central Bank of Iran(CBI), IranJayendra S. Gokhale, Embry-Riddle Aeronautical University, USALektore Oltiana Muharremi, University of Vlora, AlbaniaMarco Muscettola, Independent researcher, ItalyMawih Kareem Alani, Dhofar University, OmanMohammad Sami Ali Al-Dahrawi, Zarqa University, JordanNicoleta Radneantu, Romanian – American University, RomanianNikolay Patonov, European Polytechnical University, BulgariaNoriaki Okamoto, Rikkyo University, JapanRui Fernandes, Porto Accounting and Business School, PortugalShahram Fattahi, Razi University,, IranVolodymyr 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":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43078376","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 article, based on a performance audit focused on the principle of effectiveness, aims at analyzing the impact resulting from the adoption of private textbooks for the primary school network of a municipality located in South of Brazil. For this, an assessment methodology known as difference-in-differences has been applied to data from the Brazilian Basic Education Assessment System, revealing the impact, on the municipality schools grades, for the use of textbook material other than those provided free of charge by the Federal government.
{"title":"Performance Audit: Applying the Principle of Effectiveness in a Case Study","authors":"L. G. M. Mury","doi":"10.11114/afa.v6i1.4682","DOIUrl":"https://doi.org/10.11114/afa.v6i1.4682","url":null,"abstract":"This article, based on a performance audit focused on the principle of effectiveness, aims at analyzing the impact resulting from the adoption of private textbooks for the primary school network of a municipality located in South of Brazil. For this, an assessment methodology known as difference-in-differences has been applied to data from the Brazilian Basic Education Assessment System, revealing the impact, on the municipality schools grades, for the use of textbook material other than those provided free of charge by the Federal government.","PeriodicalId":91655,"journal":{"name":"Applied finance and accounting","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-01-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44301158","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}
UNESCO defines cultural goods as consumer products that spread ideas, symbols, and lifestyles. Cultural goods provide information and entertainment, which in turn form group identity and influence cultural behavior. The low energy dissipation, high added value and the property of value transmission of the cultural industry have made the cultural goods' status in the global trade higher annually. Meanwhile, the contribution made by cultural goods trade to the national economy has become increasingly prominent. This article provides accessible research directions and path for the follow-up study of Chinese cultural goods trade by reviewing the existing empirical research on the trade of cultural goods.
{"title":"A Literature Review of Empirical Research on Trade of Cultural Goods","authors":"Yanfen Wang","doi":"10.11114/afa.v6i1.4609","DOIUrl":"https://doi.org/10.11114/afa.v6i1.4609","url":null,"abstract":"UNESCO defines cultural goods as consumer products that spread ideas, symbols, and lifestyles. Cultural goods provide information and entertainment, which in turn form group identity and influence cultural behavior. The low energy dissipation, high added value and the property of value transmission of the cultural industry have made the cultural goods' status in the global trade higher annually. Meanwhile, the contribution made by cultural goods trade to the national economy has become increasingly prominent. This article provides accessible research directions and path for the follow-up study of Chinese cultural goods trade by reviewing the existing empirical research on the trade of cultural goods.","PeriodicalId":91655,"journal":{"name":"Applied finance and accounting","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-11-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41419634","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}
We conduct the Discounted Cash Flow (DCF) valuation of two nonprofit organizations: Syracuse University and Indiana University. We transform nonprofits to for-profits by converting nonprofit social benefit to net earnings and by adopting for-profit cost of equity and tax rate. These adjustments attempt to capture considerable hidden value to equityholders. We find that in the best scenario, the net worth (market value of equity) could be about 2 times the book equity for both universities in June 2017.
{"title":"DCF Valuation of Nonprofit Universities","authors":"Yan He, F. Long","doi":"10.11114/afa.v6i1.4553","DOIUrl":"https://doi.org/10.11114/afa.v6i1.4553","url":null,"abstract":"We conduct the Discounted Cash Flow (DCF) valuation of two nonprofit organizations: Syracuse University and Indiana University. We transform nonprofits to for-profits by converting nonprofit social benefit to net earnings and by adopting for-profit cost of equity and tax rate. These adjustments attempt to capture considerable hidden value to equityholders. We find that in the best scenario, the net worth (market value of equity) could be about 2 times the book equity for both universities in June 2017.","PeriodicalId":91655,"journal":{"name":"Applied finance and accounting","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-11-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45941988","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 5, Number 2Adina Criste, “Victor Slavescu” Centre for Financial and Monetary Research, Romanian Academy, RomaniaAndrey Kudryavtsev, The Max Stern Yezreel Valley Academic College, IsraelAnna Viktorovna Kravchuk, Academy of the State Penitentiary Service, UkraineFabio Rizzato, University of Turin, ItalyFeng Jui Hsu, National Taichung University of Science and Technology, TaiwanFlorin Peci, University of Peja, KosovoGheorghe Morosan, Stefan Cel Mare University Suceava Romania, RomaniaHajar Jahangard, Central Bank of Iran (CBI), IranIoan Bogdan Robu, Alexandru Ioan Cuza University of Iasi, RomaniaJayendra S. Gokhale, Embry-Riddle Aeronautical University, USALingesiya Kengatharan, University of Jaffna, Sri LankaLuca Sensini, University of Salerno, ItalyLuo Yongli, Houston Baptist University, United StatesMarco Muscettola, Independent researcher, ItalyMawih Kareem Alani, Dhofar University, OmanMohamed Jalloh, Economic Community of West African States (ECOWAS), NigeriaNicoleta Radneantu, Romanian – American University, RomanianNikolay Patonov, European Polytechnical University, BulgariaNoriaki Okamoto, Rikkyo University, JapanPeibiao Zhao, Nanjing University of Science and Technology, ChinaShahram Fattahi, Razi University,, IranVineet Chouhan, Sir Padampat Singhania University, IndiaVolodymyr Vysochansky, Uzhhorod National University, UkraineYu Peng Lin, University of Detroit Mercy, USAZi-Yi Guo, Wells Fargo Bank, N.A., USA
{"title":"Reviewer Acknowledgements","authors":"Angelia Evelyn","doi":"10.11114/afa.v5i2.4480","DOIUrl":"https://doi.org/10.11114/afa.v5i2.4480","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 5, Number 2Adina Criste, “Victor Slavescu” Centre for Financial and Monetary Research, Romanian Academy, RomaniaAndrey Kudryavtsev, The Max Stern Yezreel Valley Academic College, IsraelAnna Viktorovna Kravchuk, Academy of the State Penitentiary Service, UkraineFabio Rizzato, University of Turin, ItalyFeng Jui Hsu, National Taichung University of Science and Technology, TaiwanFlorin Peci, University of Peja, KosovoGheorghe Morosan, Stefan Cel Mare University Suceava Romania, RomaniaHajar Jahangard, Central Bank of Iran (CBI), IranIoan Bogdan Robu, Alexandru Ioan Cuza University of Iasi, RomaniaJayendra S. Gokhale, Embry-Riddle Aeronautical University, USALingesiya Kengatharan, University of Jaffna, Sri LankaLuca Sensini, University of Salerno, ItalyLuo Yongli, Houston Baptist University, United StatesMarco Muscettola, Independent researcher, ItalyMawih Kareem Alani, Dhofar University, OmanMohamed Jalloh, Economic Community of West African States (ECOWAS), NigeriaNicoleta Radneantu, Romanian – American University, RomanianNikolay Patonov, European Polytechnical University, BulgariaNoriaki Okamoto, Rikkyo University, JapanPeibiao Zhao, Nanjing University of Science and Technology, ChinaShahram Fattahi, Razi University,, IranVineet Chouhan, Sir Padampat Singhania University, IndiaVolodymyr Vysochansky, Uzhhorod National University, UkraineYu Peng Lin, University of Detroit Mercy, USAZi-Yi Guo, Wells Fargo Bank, N.A., USA","PeriodicalId":91655,"journal":{"name":"Applied finance and accounting","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-08-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47157054","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study examined the relationship between liquidity and profitability of manufacturing firms in Nigeria. The study specifically analyzed the effect of cash ratio, current ratio and quick ratio on profit after tax of the manufacturing firms in Nigeria. Secondary data were collected from annual reports of sampled firms over a period of ten years (2007-2016) and were analyzed using panel data estimators such as pooled OLS estimator, fixed effect estimator, random effect estimator, Hausman test, panel co-integration and pooled granger causality tests. The findings revealed that financial liquidity proxy in terms of quick ratio (QR) had a negative and insignificant impact on profit after tax with coefficient estimate of -0.094121 (p=0.2247 > 0.05). Financial liquidity measured in terms of Cash ratio (CR) exert positive and significant impact on profit after tax with coefficient estimate of 0.379774 (p=0.0121< 0.05). Result also showed that financial liquidity measured in terms of Current ratio (CNR) exert insignificant negative impact on profit after tax with coefficient estimate of -0.024989 (p=0.1163 > 0.05). Meanwhile the study revealed that quick ratio (QR), cash ratio (CR) and current ratio (CNR) has 0.581533 (58.1%) variation in profit after tax (PAT). Result further revealed that that there is no long-run relationship between liquidity and profitability of manufacturing firms in Nigeria. The study concluded that financial liquidity has helped to improve financial performance selected manufacturing firms in Nigeria. Also, that cash ratio has positive and significant effect on the profitability of manufacturing Firms in Nigeria. Thus, firms in the manufacturing industry should objectively try to reduce their bill receivable, so as to guide against waiting longer to collect from customers, for the purpose of increasing their profitability.
{"title":"Liquidity and The Profitability of Manufacturing Firms in Nigeria","authors":"G. Akinleye, J. Ogunleye","doi":"10.11114/afa.v5i2.4477","DOIUrl":"https://doi.org/10.11114/afa.v5i2.4477","url":null,"abstract":"This study examined the relationship between liquidity and profitability of manufacturing firms in Nigeria. The study specifically analyzed the effect of cash ratio, current ratio and quick ratio on profit after tax of the manufacturing firms in Nigeria. Secondary data were collected from annual reports of sampled firms over a period of ten years (2007-2016) and were analyzed using panel data estimators such as pooled OLS estimator, fixed effect estimator, random effect estimator, Hausman test, panel co-integration and pooled granger causality tests. The findings revealed that financial liquidity proxy in terms of quick ratio (QR) had a negative and insignificant impact on profit after tax with coefficient estimate of -0.094121 (p=0.2247 > 0.05). Financial liquidity measured in terms of Cash ratio (CR) exert positive and significant impact on profit after tax with coefficient estimate of 0.379774 (p=0.0121< 0.05). Result also showed that financial liquidity measured in terms of Current ratio (CNR) exert insignificant negative impact on profit after tax with coefficient estimate of -0.024989 (p=0.1163 > 0.05). Meanwhile the study revealed that quick ratio (QR), cash ratio (CR) and current ratio (CNR) has 0.581533 (58.1%) variation in profit after tax (PAT). Result further revealed that that there is no long-run relationship between liquidity and profitability of manufacturing firms in Nigeria. The study concluded that financial liquidity has helped to improve financial performance selected manufacturing firms in Nigeria. Also, that cash ratio has positive and significant effect on the profitability of manufacturing Firms in Nigeria. Thus, firms in the manufacturing industry should objectively try to reduce their bill receivable, so as to guide against waiting longer to collect from customers, for the purpose of increasing their profitability.","PeriodicalId":91655,"journal":{"name":"Applied finance and accounting","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-08-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44032183","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 focuses on optimal investment strategies under cumulative prospect theory (CPT). Considering transaction costs, we investigate CPT investors multi-period optimal portfolios. Our main contributions relative to previous work are expanding a single-period optimization problem to a multi-period optimization problem and investigating the impact of transaction costs on optimal portfolio selections. In a numerical analysis that applied original data on four stocks from the NASDAQ, we examine the effects of different risks on the optimal portfolio. Moreover, in contrast with the results without transaction costs, we come to conclusion that the optimal strategy with transaction costs is less sensitive to risk.
{"title":"Multi-period Investment Strategies with Transaction Costs Under Cumulative Prospect Theory","authors":"Liurui Deng, Lan Yang, Bolin Ma","doi":"10.11114/AFA.V5I2.4432","DOIUrl":"https://doi.org/10.11114/AFA.V5I2.4432","url":null,"abstract":"This paper focuses on optimal investment strategies under cumulative prospect theory (CPT). Considering transaction costs, we investigate CPT investors multi-period optimal portfolios. Our main contributions relative to previous work are expanding a single-period optimization problem to a multi-period optimization problem and investigating the impact of transaction costs on optimal portfolio selections. In a numerical analysis that applied original data on four stocks from the NASDAQ, we examine the effects of different risks on the optimal portfolio. Moreover, in contrast with the results without transaction costs, we come to conclusion that the optimal strategy with transaction costs is less sensitive to risk.","PeriodicalId":91655,"journal":{"name":"Applied finance and accounting","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46393391","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}
Management of working capital is a fundamental aspect of finance. This is because it affects the church's liquidity and financial sustainability. The study sort of establishing the relationship between working capital and financial sustainability for selected Christian denominations in Ghana. Using bivariate correlation application in SPSS 23, the financial statements from 2013 to 2017 of 15 Christian Council of Ghana denominational members conveniently sampled and analyzed. Working capital is represented by liquidity ratios of current ratio, and cash ratio and financial sustainability are epitomized by self-support. The study revealed that there was a positive relationship between working capital and financial sustainability among Christian denomination in Ghana. In a detailed outcome, there was a statistically small positive significant relationship between self-support and cash ratio and statistically large positive significant relationship between self-support and current ratio. The study recommends to churches in Ghana to seek an enhancing relationship between their working capital and financial sustainability to prevent a possible closure of the church. Not-for-profit organizations must seek self-support through income generation and diversification to improve their Liquidity. Again, not-for-profit organizations must have a positive relationship between working capital and financial sustainability in that churches exist because of liquidity.
{"title":"The Relationship between Working Capital Management and Financial Sustainability of Selected Christian Denominations in Ghana","authors":"Williams Kwasi Peprah, Isaac Anowuo, D. A. Ameyaw","doi":"10.11114/AFA.V5I2.4410","DOIUrl":"https://doi.org/10.11114/AFA.V5I2.4410","url":null,"abstract":"Management of working capital is a fundamental aspect of finance. This is because it affects the church's liquidity and financial sustainability. The study sort of establishing the relationship between working capital and financial sustainability for selected Christian denominations in Ghana. Using bivariate correlation application in SPSS 23, the financial statements from 2013 to 2017 of 15 Christian Council of Ghana denominational members conveniently sampled and analyzed. Working capital is represented by liquidity ratios of current ratio, and cash ratio and financial sustainability are epitomized by self-support. The study revealed that there was a positive relationship between working capital and financial sustainability among Christian denomination in Ghana. In a detailed outcome, there was a statistically small positive significant relationship between self-support and cash ratio and statistically large positive significant relationship between self-support and current ratio. The study recommends to churches in Ghana to seek an enhancing relationship between their working capital and financial sustainability to prevent a possible closure of the church. Not-for-profit organizations must seek self-support through income generation and diversification to improve their Liquidity. Again, not-for-profit organizations must have a positive relationship between working capital and financial sustainability in that churches exist because of liquidity.","PeriodicalId":91655,"journal":{"name":"Applied finance and accounting","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-07-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46977068","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}
We examine whether the quality of information in earnings reports, as indicated by the earnings response coefficient (ERC) decreases when the measurement and disclosure of government subsidy has been changed by revising accounting standards. According to the old accounting standards in China, the gains from government subsidy should be reflected in “non-operating” income. However, the newly revised accounting standards regulates that a part of government subsidy can be reflected in the report item of “other income” in under the operating income item. We use 2017 revisions of accounting standards in China as an instrument to capture a change in the position of financial statements where the government subsidy is revealed. Employing a difference-in-differences design and exploiting the adoption of the new accounting standards, we find a statistically and economically significant decrease in ERC for treated firms relative to controlled firms. Our findings represent the first empirical evidence that the change of government disclosures can negatively affect the information content of earnings report.
{"title":"Revisions about Government Subsidy Disclosures and Investors’ Response to Earnings Reports: Evidence from the 2017 Government Subsidy Disclosures","authors":"Xiaoyu Hu, Jinying Tang, Qun Wang","doi":"10.11114/AFA.V5I2.4411","DOIUrl":"https://doi.org/10.11114/AFA.V5I2.4411","url":null,"abstract":"We examine whether the quality of information in earnings reports, as indicated by the earnings response coefficient (ERC) decreases when the measurement and disclosure of government subsidy has been changed by revising accounting standards. According to the old accounting standards in China, the gains from government subsidy should be reflected in “non-operating” income. However, the newly revised accounting standards regulates that a part of government subsidy can be reflected in the report item of “other income” in under the operating income item. We use 2017 revisions of accounting standards in China as an instrument to capture a change in the position of financial statements where the government subsidy is revealed. Employing a difference-in-differences design and exploiting the adoption of the new accounting standards, we find a statistically and economically significant decrease in ERC for treated firms relative to controlled firms. Our findings represent the first empirical evidence that the change of government disclosures can negatively affect the information content of earnings report.","PeriodicalId":91655,"journal":{"name":"Applied finance and accounting","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-07-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46685657","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The paper analyzes influencing factors of the world food price by using the data from 1964 to 2013. There is cointegration relationship between the world food price, world agricultural productivity, world food production, food consumption, food inventory, world oil prices, and the exchange rate of dollar. The world agricultural productivity, world food production and the exchange rate of dollar have significantly negative effect on the world food price. The world food consumption has significantly positive impact on the word food price. The impact of the world food stock and the world crude oil price on world food prices is not statistically significant. The elasticity of world food production on the world food price is less than the elasticity of world food consumption. To improve the agricultural productivity, increase food production is the key measure to stabilize the world food prices.
{"title":"An Analysis on the Influencing Factors of the World Food Price","authors":"Fang Min","doi":"10.11114/AFA.V5I2.4412","DOIUrl":"https://doi.org/10.11114/AFA.V5I2.4412","url":null,"abstract":"The paper analyzes influencing factors of the world food price by using the data from 1964 to 2013. There is cointegration relationship between the world food price, world agricultural productivity, world food production, food consumption, food inventory, world oil prices, and the exchange rate of dollar. The world agricultural productivity, world food production and the exchange rate of dollar have significantly negative effect on the world food price. The world food consumption has significantly positive impact on the word food price. The impact of the world food stock and the world crude oil price on world food prices is not statistically significant. The elasticity of world food production on the world food price is less than the elasticity of world food consumption. To improve the agricultural productivity, increase food production is the key measure to stabilize the world food prices.","PeriodicalId":91655,"journal":{"name":"Applied finance and accounting","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-07-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44797016","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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