The objective of the study is to examine the relationship between environmental accounting audit decision and firm＇s profitability in Nigeria. Specifically, the authors hypothesize that profitability is a determinant...The objective of the study is to examine the relationship between environmental accounting audit decision and firm＇s profitability in Nigeria. Specifically, the authors hypothesize that profitability is a determinant of company＇s decision to disclose quantitative environmental information for external audits. The population of this research is made up of both quoted and non-quoted companies. The sample size for this study was selected using the simple random sampling technique. The selected companies included companies from the following sectors： agriculture, automobile and tyre, breweries, building materials, chemical and paints, conglomerates companies, food/beverages and tobacco, construction, healthcare, industrial/domestic products, packaging, printing and publishing, textiles, petroleum marketing companies, banking, insurance, and others. A sample of 160 companies with audited final accounts for 2009 financial year was eventually selected. The binary logit regression technique was utilized as the data analysis method. The finding reveals that profitability is a positive and significant determinant in evaluating the probability that a firm includes environmental information for external audits. The study concludes that finn-specific factors may provide incentives for corporate environmentalism in Nigeria.展开更多
This study computes the durability of Return on Assets （ROA） in small and medium enterprises from different sample datasets. Utilizing information from the Financial Statements Statistics of Corporations by Industry...This study computes the durability of Return on Assets （ROA） in small and medium enterprises from different sample datasets. Utilizing information from the Financial Statements Statistics of Corporations by Industry, it verifies the precision of correlation coefficients using the Non-iterative Bayesian-based Imputation （NIBAS） and multiple imputation method for all combinations of common variables with auxiliary files. The following are the three important findings of this paper. First, statistical matching estimates of higher precision can be obtained using key variable sets with higher canonical correlation coefficients. Second, even if the key variable sets have high canonical correlation coefficients, key variables that are correlated extremely strongly with target variables and have high kurtosis should not be used. Finally, using auxiliary flies can improve the precision of statistical matching estimates. Accordingly, the durability of ROA in small and medium enterprises is computed. The author finds that the series of ROA correlation fluctuates for smaller enterprises compared to larger ones, and thus, the vulnerability of ROA in small and medium enterprises can be clarified via statistical matching.展开更多
Earnings management has attracted lots of academicians towards the research due to the emerging frauds and downfall of great corporate giants of the world. Mainly earnings measurement is based on the accounting estima...Earnings management has attracted lots of academicians towards the research due to the emerging frauds and downfall of great corporate giants of the world. Mainly earnings measurement is based on the accounting estimates which managers can easily manipulate for their self-interest. The study investigates the relationship between cost of capital and the earnings measurement for the Indian firms. Measurement of earnings is mostly computed by taking either discretionary accruals （DAC） or non-discretionary accruals （NDAC）. Present study has used Dechow, Sloan, and Sweeney （1995） model for earnings measurement and for analyzing the results. Panel data regression has also been used. Findings of the study conclude that DAC has a significant influence on cost of capital, but NDAC has no influence.展开更多
This study examines the effect of audit quality （AQ） on the earnings response coefficient （ERC） based on a sample of 1,884 firm-year observations comprising 471 firms listed on the Bursa Malaysia from 2007 to 2010...This study examines the effect of audit quality （AQ） on the earnings response coefficient （ERC） based on a sample of 1,884 firm-year observations comprising 471 firms listed on the Bursa Malaysia from 2007 to 2010. This study tests whether AQ affects ERC after controlling the established determinants of ERC： beta, growth, earnings persistence, and size. Using reverse regression, the study confirms that Big 4 is significant and positive to ERC. Auditor switching from non-Big 4 to Big 4 indicates the same results; however, the switching of auditors among Big 4 is not significant. The study thus provides systematic and comprehensive additional evidence on the effect of AQ via the measurement of Big 4; and auditor switching from non-Big 4 to Big 4 and switching among Big 4 on ERC. This is an important contribution to the literature but especially so given that the evidence comes from Malaysia, an emerging economy, whereas the existing empirical literature relates mainly to the developed countries.展开更多
This paper presents empirical evidence on the financial characteristics of Chinese entrepreneurial SMEs, both state-owned and private enterprises, listed in the Chinese stock markets during 2006-2009. Building on exta...This paper presents empirical evidence on the financial characteristics of Chinese entrepreneurial SMEs, both state-owned and private enterprises, listed in the Chinese stock markets during 2006-2009. Building on extant literature and using a parametric approach on 359 sample SMEs for 2006-2009 period, the study examines the financial characteristics that are embedded in the financially healthy and unhealthy Chinese SMEs. The findings of the study suggest that financially healthy Chinese SMEs have strength in terms of liquidity, profitability, and leverage ratios as compared to financially unhealthy SMEs with the exception of a few cases in leverage and profitability. These findings are worth noting to understand the uniqueness of financial characteristics of the Chinese SMEs and useful for policy makers to deal with the issues related to financially distressed SMEs in China.展开更多
The Kenya dairy sub-sector has been undergoing developments since the 1980s in the areas of adoption of intensive dairy farming, especially zero grazing. There have been concerted efforts by the government and other d...The Kenya dairy sub-sector has been undergoing developments since the 1980s in the areas of adoption of intensive dairy farming, especially zero grazing. There have been concerted efforts by the government and other development partners to commercialize the sub-sector so as to make it more profitable to farmers, especially smallholder farmers, but the profitability in the sector continues to be variable with some smallholder farmers making losses. The causes of the varying profits have not been empirically established, with the influence of institutional arrangements and financial factors contributing to this inconsistency not fully established. This study dwelt on establishing the critical institutional arrangements and financial factors that constrain the profitability of smallholder dairy farmers in Nakuru County. A multi-stage sampling procedure was used to select respondents. Data were collected by structured interviews at the farm level. Data Envelopment Analysis （DEA） was used to come up with profit efficiency rankings among the farmers, and the Frontier Model was used to establish the factors that constrain profit efficiency. The mean efficiency according to the results was 86%. The farm and farmer characteristics that were significant in explaining profitability efficiency according to the frontier results were： feeding system, breed type, and gender. The financial characteristics included debt amount and debt asset ratio. Additionally, issues of trust were also found to have an effect on profitability, and they included trust in local buyer price, trust in unit of measurement of institutional buyer, and trust in unit of measurement of middlemen.展开更多
Last years the most profitable line of activity in agriculture is considered with milk production. The-effectiveness of this project depends primarily on the direct costs and the obtained of purchase price. Therefore ...Last years the most profitable line of activity in agriculture is considered with milk production. The-effectiveness of this project depends primarily on the direct costs and the obtained of purchase price. Therefore the aim of this work was to analyze the financial results of dairy farms in the east part of Mazovia region. Completing the research in 2010, to the owners of 36 farms were sent a questionnaire containing 18 questions. The obtained data were used to characterize the various research facilities. And then the whole population was devoted on the 6 production groups, depend on the number of physical units of dairy cows. Moreover, based on survey data, an analysis of the profitability of milk production was done. It was the following economic values： direct costs, revenue, gross margin and the index of production profitability. Also the statistical analysis by calculating the Pearson linear correlation coefficient （r） and coefficient of determination （R2） was done. The study showed that the highest annual yield of milk from a cow at the level of 7500 kg, reached the farmers with the area of l 9.7 ha of with the density of 1.82 BFU/ha and with 8 years of cow utilization. Respondents from this group also received the highest value of effectiveness index （184.60%）. In addition, the performed regression analysis showed significant positive correlation between the effectiveness index and the surface agricultural lands occurring in the farms, density of agricultural lands, and efficiency from a cow and the price of milk.展开更多
In this paper, we subdivide the sample of manufacturing companies listed in two stock exchanges in China from the year 2000 to 2009 into two categories： the firms which adopted the similar financial models and those ...In this paper, we subdivide the sample of manufacturing companies listed in two stock exchanges in China from the year 2000 to 2009 into two categories： the firms which adopted the similar financial models and those which did not. Then we use t-test and nonparametric test to explore the differences between the two sub-samples in cash management, assets and liabilities structures, assets turnover ratios, profitability, liquidity and growth rates. The results show that the former has shorter Cash Conversion Cycle （CCC）, quicker assets turnover, higher Debt Ratio （DR）, higher growth rate and thus has better profitability. In addition, the regression analysis results further demonstrate that Return on Invested Capital （ROIC） of similar-financial-model firms are positively related to Net Profit Margin （NPM） （p 〈 0.01）, and negatively to CCC （p 〈 0.01）, Interest Expense Ratio （IER） （p 〈 0.01）, the Ratio of Interest-Bearing Debt to Total Liabilities （IBDR） （p 〈 0.01） and the ratio of Net Receivables to Sales Revenue （NRSR） （p 〈 0.01）. Moreover, negative relationship between ROIC and dummy variable GROUP implies that the former has better profitability than the latter.展开更多
基金the National Natural Science Foundation of China(11471017)the Natural Science Foundation of Anhui Higher Education Institutions of China(KJ2018A0304,KJ2019A0488).
文摘The objective of the study is to examine the relationship between environmental accounting audit decision and firm＇s profitability in Nigeria. Specifically, the authors hypothesize that profitability is a determinant of company＇s decision to disclose quantitative environmental information for external audits. The population of this research is made up of both quoted and non-quoted companies. The sample size for this study was selected using the simple random sampling technique. The selected companies included companies from the following sectors： agriculture, automobile and tyre, breweries, building materials, chemical and paints, conglomerates companies, food/beverages and tobacco, construction, healthcare, industrial/domestic products, packaging, printing and publishing, textiles, petroleum marketing companies, banking, insurance, and others. A sample of 160 companies with audited final accounts for 2009 financial year was eventually selected. The binary logit regression technique was utilized as the data analysis method. The finding reveals that profitability is a positive and significant determinant in evaluating the probability that a firm includes environmental information for external audits. The study concludes that finn-specific factors may provide incentives for corporate environmentalism in Nigeria.
文摘This study computes the durability of Return on Assets （ROA） in small and medium enterprises from different sample datasets. Utilizing information from the Financial Statements Statistics of Corporations by Industry, it verifies the precision of correlation coefficients using the Non-iterative Bayesian-based Imputation （NIBAS） and multiple imputation method for all combinations of common variables with auxiliary files. The following are the three important findings of this paper. First, statistical matching estimates of higher precision can be obtained using key variable sets with higher canonical correlation coefficients. Second, even if the key variable sets have high canonical correlation coefficients, key variables that are correlated extremely strongly with target variables and have high kurtosis should not be used. Finally, using auxiliary flies can improve the precision of statistical matching estimates. Accordingly, the durability of ROA in small and medium enterprises is computed. The author finds that the series of ROA correlation fluctuates for smaller enterprises compared to larger ones, and thus, the vulnerability of ROA in small and medium enterprises can be clarified via statistical matching.
文摘Earnings management has attracted lots of academicians towards the research due to the emerging frauds and downfall of great corporate giants of the world. Mainly earnings measurement is based on the accounting estimates which managers can easily manipulate for their self-interest. The study investigates the relationship between cost of capital and the earnings measurement for the Indian firms. Measurement of earnings is mostly computed by taking either discretionary accruals （DAC） or non-discretionary accruals （NDAC）. Present study has used Dechow, Sloan, and Sweeney （1995） model for earnings measurement and for analyzing the results. Panel data regression has also been used. Findings of the study conclude that DAC has a significant influence on cost of capital, but NDAC has no influence.
文摘This study examines the effect of audit quality （AQ） on the earnings response coefficient （ERC） based on a sample of 1,884 firm-year observations comprising 471 firms listed on the Bursa Malaysia from 2007 to 2010. This study tests whether AQ affects ERC after controlling the established determinants of ERC： beta, growth, earnings persistence, and size. Using reverse regression, the study confirms that Big 4 is significant and positive to ERC. Auditor switching from non-Big 4 to Big 4 indicates the same results; however, the switching of auditors among Big 4 is not significant. The study thus provides systematic and comprehensive additional evidence on the effect of AQ via the measurement of Big 4; and auditor switching from non-Big 4 to Big 4 and switching among Big 4 on ERC. This is an important contribution to the literature but especially so given that the evidence comes from Malaysia, an emerging economy, whereas the existing empirical literature relates mainly to the developed countries.
文摘This paper presents empirical evidence on the financial characteristics of Chinese entrepreneurial SMEs, both state-owned and private enterprises, listed in the Chinese stock markets during 2006-2009. Building on extant literature and using a parametric approach on 359 sample SMEs for 2006-2009 period, the study examines the financial characteristics that are embedded in the financially healthy and unhealthy Chinese SMEs. The findings of the study suggest that financially healthy Chinese SMEs have strength in terms of liquidity, profitability, and leverage ratios as compared to financially unhealthy SMEs with the exception of a few cases in leverage and profitability. These findings are worth noting to understand the uniqueness of financial characteristics of the Chinese SMEs and useful for policy makers to deal with the issues related to financially distressed SMEs in China.
文摘The Kenya dairy sub-sector has been undergoing developments since the 1980s in the areas of adoption of intensive dairy farming, especially zero grazing. There have been concerted efforts by the government and other development partners to commercialize the sub-sector so as to make it more profitable to farmers, especially smallholder farmers, but the profitability in the sector continues to be variable with some smallholder farmers making losses. The causes of the varying profits have not been empirically established, with the influence of institutional arrangements and financial factors contributing to this inconsistency not fully established. This study dwelt on establishing the critical institutional arrangements and financial factors that constrain the profitability of smallholder dairy farmers in Nakuru County. A multi-stage sampling procedure was used to select respondents. Data were collected by structured interviews at the farm level. Data Envelopment Analysis （DEA） was used to come up with profit efficiency rankings among the farmers, and the Frontier Model was used to establish the factors that constrain profit efficiency. The mean efficiency according to the results was 86%. The farm and farmer characteristics that were significant in explaining profitability efficiency according to the frontier results were： feeding system, breed type, and gender. The financial characteristics included debt amount and debt asset ratio. Additionally, issues of trust were also found to have an effect on profitability, and they included trust in local buyer price, trust in unit of measurement of institutional buyer, and trust in unit of measurement of middlemen.
文摘Last years the most profitable line of activity in agriculture is considered with milk production. The-effectiveness of this project depends primarily on the direct costs and the obtained of purchase price. Therefore the aim of this work was to analyze the financial results of dairy farms in the east part of Mazovia region. Completing the research in 2010, to the owners of 36 farms were sent a questionnaire containing 18 questions. The obtained data were used to characterize the various research facilities. And then the whole population was devoted on the 6 production groups, depend on the number of physical units of dairy cows. Moreover, based on survey data, an analysis of the profitability of milk production was done. It was the following economic values： direct costs, revenue, gross margin and the index of production profitability. Also the statistical analysis by calculating the Pearson linear correlation coefficient （r） and coefficient of determination （R2） was done. The study showed that the highest annual yield of milk from a cow at the level of 7500 kg, reached the farmers with the area of l 9.7 ha of with the density of 1.82 BFU/ha and with 8 years of cow utilization. Respondents from this group also received the highest value of effectiveness index （184.60%）. In addition, the performed regression analysis showed significant positive correlation between the effectiveness index and the surface agricultural lands occurring in the farms, density of agricultural lands, and efficiency from a cow and the price of milk.
文摘In this paper, we subdivide the sample of manufacturing companies listed in two stock exchanges in China from the year 2000 to 2009 into two categories： the firms which adopted the similar financial models and those which did not. Then we use t-test and nonparametric test to explore the differences between the two sub-samples in cash management, assets and liabilities structures, assets turnover ratios, profitability, liquidity and growth rates. The results show that the former has shorter Cash Conversion Cycle （CCC）, quicker assets turnover, higher Debt Ratio （DR）, higher growth rate and thus has better profitability. In addition, the regression analysis results further demonstrate that Return on Invested Capital （ROIC） of similar-financial-model firms are positively related to Net Profit Margin （NPM） （p 〈 0.01）, and negatively to CCC （p 〈 0.01）, Interest Expense Ratio （IER） （p 〈 0.01）, the Ratio of Interest-Bearing Debt to Total Liabilities （IBDR） （p 〈 0.01） and the ratio of Net Receivables to Sales Revenue （NRSR） （p 〈 0.01）. Moreover, negative relationship between ROIC and dummy variable GROUP implies that the former has better profitability than the latter.
