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September 2015 (Journal of Accounting, Finance and Economics)

September

2015

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September 2015 (Journal of Accounting, Finance and Economics)

Total Articles - 9

Pages 1 – 9

Author: Khalid A. Alanzi, Mishari M. Alfraih and Faisal S. Alanezi

The aim of this study was to expose the impact of enrollment timing on the academic performance of students studying the first course in accounting. Correlation and t-test analyses using a sample of 339 students who passed the first course in accounting and were enrolled in one of the more advanced accounting courses during the 2014/2015 academic year at the College of Business Studies in Kuwait were used to test the study's hypotheses. The results indicate that there was a statistically significant and negative relationship between enrollment timing and students’ performance, which explained the superiority of the performance of freshmen students group over the performance of ongoing students group. The study concludes by considering the implications of these findings for the administration team of the College of Business Studies and for similar educational institutions, and suggests avenues for future research.

Pages 10 – 23

Author: A. F. M. Ataur Rahman and Ahsan Senan

Income inequality is one of the most discussed topics of development economics. Starting from Kuznets (1955) many studies have talked about the evolution pattern of inequality through human society. Political dimensions along with economic determinants are used in literature to explain variations of inequality. Among political issues some argue that free market economy and the declining strength of socialist arguments in policy making have meant income inequality continues to rise. In economic front issues like human capital (and education) and fertility rates are argued to be the key determinants of income inequality. However, other studies (Rahman and Senan, 2014) have found the incidence of education and fertility in developing countries to be an outcome of income inequality, and not the other way around. By starting off with homogenous families in terms of endowments, and varying in their preferences, this current paper will attempt to develop a theoretical model showing how income inequality may evolve in an otherwise equal society; and its implications; and the effect redistributive practices may have on the evolution of income inequality.

Pages 24 – 45

Author: Xin Zheng

This paper formulates a micro-founded and optimization based choice model where husband and wife make inter-temporal fertility decisions in a life cycle to optimize utilities and household’s wealth subjecting to financial and health constraints, specifically, husband and wife make rational and dynamic decisions about the number of children to produce and the expenditure on children to maximize household’s wealth over life span. Gender differences in decision making about fertility choice and wealth accumulation are captured by specifications of utility functions, preference parameters and income constraints. Hypothesis concerning whether husband and wife’s optimal fertility decisions differ in direction and magnitude due to heterogeneous utility functions, household income, inflation and child welfare policies is tested. The methodologies involve random utility discrete choice models governing a couple’s behavior from the theoretic perspective and linear regression estimation with parametric distributions of random coefficients from the empirical perspective. Panel data including Australian birth rates, household income, female/male earnings, maternity leave payment, mortality rate, child-care subsidies, education expenses, living costs indices and household expenditure on health are collected to test the theory empirically. The conclusions are that the optimal number of children and expenditure on children are jointly determined by risk aversion coefficients of utility functions, household income, child care expenses and subsidies. The choice to produce the first baby is a balanced outcome from the interaction among the dynamics of household income, number of marriages, maternity payment, difference in men and women’s earnings, mortality rate and the number of women who worked after child birth. The choice to produce multiple babies is influenced additionally by decreasing marginal child care cost and congestion cost in raising multiple children. The choice of expenditure on raising children is more flexible and dynamic, couples make a series of optimal choices in accordance with each period’s child-care subsidies, education expenses and living costs indices.

Pages 46 – 55

Author: Nurlan Orazalin, Monowar Mahmood and Keun Jung Lee

This paper explores relationship between ownership structures and operating performance of top Russian commercial banks. The findings revealed that foreign ownership has a positive impact on bank performance thus supporting the view that foreign investors bring best corporate governance practices to improve operating performance. However, it fails to find positive association between managerial ownership and operating performance. Similarly, the results show that state ownership is not related to operating performance. We believe that this study demonstrates that governance mechanisms utilized in transition markets related to ownership have some relevance and synergies to specific economies such as Russia.

Pages 56 – 73

Author: Ines Ben Salah, Houcem Smaoui, Daniel Coulombe and Suzanne Paquette

This paper examines the association between disclosed financial accounting data about defined benefit pension plans (DBPP, hereafter) and firm value while controlling for the effect of managerial discretion in the choice of actuarial assumptions used to calculate pension related numbers. Our study proposes a two-stage generalized least squares methodology to take into account the endogeneity of the choice of actuarial assumptions by management. Our findings suggest that investors value pension plan surplus as asset of the firm and pension plan deficits as liabilities of the firm. They further indicate that managers use their managerial discretion in the choice of actuarial assumptions and investors take into account this discretion, and adjust their valuation accordingly.

Pages 74 – 83

Author: Sami Diaf and Rachid Toumache

This article aims to study the scaling behavior of the Algerian Dinar-US Dollar exchange rate using multifractal time series analysis which stems from the fractal theory first implemented by Benoît Mandelbrot in early 1960. Investigating time series properties using this technique permits to shed light on important characteristics omitted by traditional time series analyses and highlight the usefulness of local Hölder exponents in predicting crash patterns, as well as identifying the nature of the evolving shocks affecting the series.

Pages 84 – 100

Author: George W. Blazenko, Andrey D. Pavlov and Wing Him Yeung

In this paper, we show that economic depreciation decreases value maximizing corporate hurdle rates to encourage both maintenance and growth investments. Economic depreciation without maintenance decreases the upside potential of future growth opportunities upon stochastically improved profitability. Deferred maintenance undertaken upon improved profitability requires scarce corporate resources at the expense of business expansion investments. Managers forestall this loss of growth option value with maintenance investments even with modest current business returns. While economic depreciation encourages both maintenance and growth for existing businesses, it impedes the start of new ventures in the first instance.

Pages 101 – 117

Author: Christine Adaobi Nwuche and Continue Anddison Eketu

This paper investigates the relationship between some career development (CD) practices and the incidence of destructive workplace deviance using Robinson and Bannett’s typology of workplace deviance. We hypothesized that the various CD practices would not be associated with reduction in the variants of workplace deviance used for the study. The study was a cross-sectional survey of some manufacturing firms in Port Harcourt, Rivers State, Nigeria. A purposive sampling technique was used to select a sample of 201 respondents from a population of 427 middle level and junior employees. Data generated by means of a questionnaire were analysed using SPSS version 20 and Spearman rank Order Correlation Coefficient (rho) was used to test the hypotheses. Results showed that organisations engage in CD and CD practices were, in varying degrees, associated with reduction in organisational deviance. We conclude that organisation managers may inadvertently be legitimating destructive deviance by their insufficient attention to employees needs and not ensuring fairness in CD practice. We recommend more widespread use of coaching and exposure of more employees to challenging job assignments.

Pages 118 – 135

Author: Merve Acar and Mustafa Omer Ipci

Extensive research have examined the role of loan loss provisions in capital and earnings management in banking sector. To date, no studies have explored this relationship in Turkey concept. Using a sample of 28 commercial banks for 2005-2011 period, this study investigates whether banks operating in Turkey use loan loss provisions to smooth their income streams by using panel data analysis. We also test whether loan loss provisions are used as a tool to signal managers‟ expectations about future bank profits to investors. The empirical evidence supports the income smoothing hypothesis for the Turkish Banking Sector but it disappears during the global financial sector crisis (2007-2009 period). It should also be noted that income smoothing behavior of the foreign banks are much more stronger than the domestic banks. Results also confirm the signaling hypothesis that bank managers use loan loss provisions to give some private information about their banks‟ favorable future prospects.

Total Articles- 9

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