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Iman Harymawan
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AJAR (Asian Journal of Accounting Research) (e-Journal)
Published by Universitas Airlangga
ISSN : 24599700     EISSN : 24434175     DOI : https://doi.org/10.1108/AJAR-11-2020-0107
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The Asian Journal of Accounting Research (AJAR) provides a forum for international researchers to publish original articles of high-quality research findings which contribute to academic literature and practice. AJAR welcomes a wide range of methodologies in all aspects of accounting and finance in developing countries, with a majority in Asia. The scope of AJAR includes, yet not limited to: - Accounting information system - Asset pricing - Auditing and financial accounting - Behavioral accounting and finance - Corporate finance and governance - Digital accounting and finance - Financial markets and institutions - International accounting and finance - Islamic accounting and finance - Management accounting - Market microstructure - Public sector accounting - Taxation The journal is administered by the Department of Accountancy, Faculty of Economics and Business, Universitas Airlangga, Indonesia. This journal is associated with the Airlangga Accounting International Conference (AAIC).
Arjuna Subject : -
Articles 111 Documents
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Malaysian evidence supporting theoretical integration of roles of non-executive directors Hairul Azlan Annuar
Asian Journal of Accounting Research Volume 3 Issue 1
Publisher : Emerald Publishing Limited

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.1108/AJAR-07-2018-0020

Abstract

The purpose of this paper is to investigate the role of independent non-executive directors (INEDs) in Malaysian public listed companies (PLCs), other than the control role prescribed by agency theory and reformatory documents such as the Malaysian Code of Corporate Governance.A qualitative research design, consisting of face-to-face interviews with 27 company directors of Malaysian-owned PLCs, was instigated.The interviews revealed that INEDs do more than just monitor their executive counterparts. Apart from the control role, INEDs of Malaysian companies provide a conduit for mitigating uncertainties in the environment and perform invaluable services to the host companies.This research utilized interviews. Generalizations may be an issue when interviews are used as the method of inquiry. Also, the sample is not random as access to many of the interviewed directors depended on recommendations. In addition, respondents were consciously selected in order to obtain various board positions that include independent and non-independent directors.There are limited studies using qualitative research design in investigating INEDs’ performing other roles apart from the control role of the board in developing countries. Many of previous studies and literature in this area of corporate governance were predominantly based upon experiences of western economies.
Role of working capital management in profitability considering the connection between accounting and finance Amer Morshed
Asian Journal of Accounting Research Volume 5 Issue 2
Publisher : Emerald Publishing Limited

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.1108/AJAR-04-2020-0023

Abstract

The study aims to explain the relationship between accounting and finance through measuring the effect of rational working capital management on profitability.Employing the methodology of semi-structured interviews with sixteen financial managers.The findings pointed out the relationship between accounting and finance is complementary, since it supports the accountant by the critical skills and information, like project evaluation, managing the company funding resources and working capital management. These skills put the accountant up to the financial manager stage. The working capital investment and financing policies have the most significant impact on profitability. These policies related to risk and return theory; since the conservative policy will reduce both the risk and return and the aggressive one will have the opposite impact.It recommends accountants to be in professional stage and increase the profitability of the company to grab both accounting and finance information and skills.
Spillover effects in the financial year cycle for Indian markets Parul Bhatia
Asian Journal of Accounting Research Volume 6 Issue 1
Publisher : Emerald Publishing Limited

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.1108/AJAR-03-2020-0019

Abstract

The stock market anomalies have been studied across the globe with intermingled results for individual markets. The present study has investigated the financial year effect for Indian stock markets by testing month-of-the-year-effect anomalies.The oldest stock exchange's index returns (Bombay Stock Exchange [BSE]) have been tested using ordinary least squares (OLS) and autoregressive conditional heteroskedasticity in mean (ARCH-M) models with Student's t and Student's t-fixed distributions for the period between 1991 and 2019. The Glosten, Jagannathan and Runkle-generalised autoregressive conditional heteroskedasticity (GJR-GARCH) model has been further used to find out existence of the leverage effect in returns.The findings indicated no evidence for anomalies in the Indian stock market which may be used by investors for making unusual returns. However, the volatility in returns has shown weak but significant results due to the financial year impact. The leverage effect has not been found in the financial year cycle change over. The Indian market may be said to be moving towards a state of efficiency, leaving no scope for investors to gauge bizarre profits.The study has incorporated the Indian context for testing anomalies during the start and end of the financial year cycle. The model may be extended further to developed and developing nations’ markets for testing efficiency in their stock markets during the same cycle.The paper may be the first of its kind to test for the financial year effect on standalone basis for Indian markets. The paper also adds to the existing literature on testing events’ effect.
Board characteristic and corporate environmental reporting in Nigeria Usman Shehu Aliyu
Asian Journal of Accounting Research Volume 4 Issue 1
Publisher : Emerald Publishing Limited

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.1108/AJAR-09-2018-0030

Abstract

The issue that revolves around corporate governance and corporate environmental reporting (CER) has always been an essential element deliberated upon globally. A good corporate governance mechanism instills an investor’s confidence and ensures a transparent process that facilitates more disclosures and quality reporting. Precisely, the purpose of this paper is to investigate the relationship between corporate governance variables, namely, board size, board independence, board meeting (BM), risk management committee composition and CER in Nigeria. This study utilized the data obtained from the annual reports of 24 non-financial public listed companies in the Nigeria Stock Exchange comprising three sectors, namely, industrial goods, natural resources and oil & gas for the period of 2011–2015. The model of this study is theoretically based on agency theory. In analyzing data, this study utilized panel data analysis. Based on the Hausman test, the random effect model was used to examine the effect of predictors on CER. The result indicates a positive significant relationship between board independence and CER. Similarly, a positive significant relationship between BM and CER is revealed in the study. However, there is no significant relationship between other hypothesis variables and CER. Finally, the study provides suggestions for future research and several recommendations for regulators, government and accounting professional bodies.The data was analysed using statistics.The result indicates a positive significant relationship between board independence and CER. Similarly, a positive significant relationship between BM and CER is revealed in the study. However, there is no significant relationship between other hypothesis variables and CER.There are no prior studies linking risk management committee with CER.
Agency costs, board structure and institutional investors: case of India Pankaj Chaudhary
Asian Journal of Accounting Research Volume ahead-of-print Issue ahead-of-print
Publisher : Emerald Publishing Limited

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.1108/AJAR-12-2020-0130

Abstract

The author examines the role of board structure and institutional investors in dealing with the agency issues for the Indian firms by taking the data of NSE-500 nonfinancial firms for the period 2010–2019.The author applies dynamic panel data methodology to deal with endogeneity concerns prevalent in corporate finance variables.The agency view is consistent with the board size in the context of India. The author observed that the board size has a harmful effect on agency cost. A larger board size may create a coordination problem, or CEO may find it easy to thrust his or her decisions on board. The author also noticed that firms should have sizeable institutional ownership, particularly pressure-insensitive investors, in equity as they can reduce agency-related issues.This study focuses on one of the largest emerging economies, i.e. India.
Stock return and financial performance as moderation variable in influence of good corporate governance towards corporate value Suhadak; Kurniaty; Siti Ragil Handayani; Sri Mangesti Rahayu
Asian Journal of Accounting Research Volume 4 Issue 1
Publisher : Emerald Publishing Limited

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.1108/AJAR-07-2018-0021

Abstract

The purpose of this paper is to evaluate how much influence good corporate governance (GCG) has on corporate value, as well as moderating effect of stock return and financial performance on the influence of GCG on corporate value.This study was an explanatory study. The unit of analysis was the companies listed in LQ45 in Indonesian Stock Exchange and the sources of data were ICMD, annual report and financial reports of the companies. Indonesian Stock Exchange was selected as the setting of the study since Indonesian Stock Exchange is one of trading places for various types of companies in Indonesia, and it provides complete information on company’s financial data and stock price. The population was 84 companies listed in LQ45 in Indonesian Stock Exchange between 2010 and 2016.The higher GCG, independent commissioners proportion, institutional managerial and public ownerships resulted in higher corporate value. MBE and PER stock return is a moderating variable in the influence of GCG on corporate value. Financial performance is moderating variable in the influence of GCG on corporate value.Based on the previous studies, it may be concluded that there is a gap between the influence of GCG on corporate value and the influence of stock return on financial performance, and moderating variable is needed to evaluate the influence of GCG on company performance, more particularly stock return and financial performance. This discrepancy creates opportunity for conducting an in-depth study on those variables. Its novelty is correlation between stock return and financial performance as moderation. Previous studies used these as mediating variables. This study is going to generate different finding as it is conducted in different setting (country where this study is conducted), type of industry, research period and using different method of analysis.
Empirically examining the impact of corporate social responsibility on financial performance: evidence from Indian steel industry Nripinder Kaur; Vikramjit Singh
Asian Journal of Accounting Research Volume 6 Issue 2
Publisher : Emerald Publishing Limited

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.1108/AJAR-07-2020-0061

Abstract

This paper aims to examine the impact of corporate social responsibility (CSR) on financial performance (FP) of Indian steel industry in terms of value-added (VAM), profitability (PM), market (MM) and growth measures (GM).It is an empirical study using secondary data of 40 companies for 14 years collected from CSR/annual reports/official websites of the companies and Prowess database. The panel regression analysis, MANOVA and univariate ANOVA have been conducted to examine the impact of CSR on FP.The result indicates a positive impact of CSR on FP in terms of VAM, PM and GM, thereby indicating that more investments in CSR will generate wealth for shareholders, enhance profitability and sales. Moreover, this study shows no noticeable relationship between CSR and MM.This study contributes to the literature on the CSR–FP relationship and also has implications for managers, investors and other stakeholders. Companies with higher CSR rating create a brand image, attract proficient employees, get greater profit, loyal customers and have less possibility of bribery and corruption. This study may result in being influential to companies confined not only to this sector but also reaching to the others, thus inspiring them to contribute their share of profit for the welfare of society.To the best of the authors' knowledge, it is the first comprehensive study to examine the impact of CSR on FP of Indian steel industry by considering four dimensions for measuring FP. It provides evidence about the relationship between CSR and FP.
Effect of intellectual capital disclosure on cost of equity capital: a study on Indian companies Amitava Mondal; Chiranjit Ghosh
Asian Journal of Accounting Research Volume 6 Issue 2
Publisher : Emerald Publishing Limited

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.1108/AJAR-08-2020-0069

Abstract

The impact of the intellectual capital disclosure (ICD) on the cost of equity capital (COEC) is not well established in the aspect of the Indian scenario. So the objective of this paper is to examine not only the overall effect of ICD but also the individual effect of human capital disclosure (HCD), relational capital disclosure (RCD) and structural capital disclosure (SCD) on COEC.This research work is conducted by regressing COEC, firm size, leverage, industry type and disclosure index. The disclosure index is prepared based on content analysis of disclosure made in the annual reports of a sample of 50 companies listed in the Nifty 50 index for the year 2018–2019. But in this paper 20 companies are eliminated due to their negative COEC and rest 30 companies are used as the sample companies for this study.The outcome of this study indicates a negative association between the disclosure of intellectual capital (IC) as a whole and the COEC. But a negative association only for two components (human capital and structural capital) with the COEC is found only when the association of COEC with the categories of ICD is considered.This is the first study that examines the nexus between the level of ICD and its impact on the COEC in India context.
Effect of insider trading on stock characteristics Sudipta Kumar Nanda; Parama Barai
Asian Journal of Accounting Research Volume 6 Issue 2
Publisher : Emerald Publishing Limited

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.1108/AJAR-09-2020-0089

Abstract

This paper investigates if investors consider legal insider trading data while making investment decisions. If any investment decision is based on insider transactions, then it will result in abnormal stock characteristics. The purpose of this paper is to investigate if insider trading affects stock characteristics like price, return and volume. The paper further investigates the effect on stock characteristics after the trade of different types of insiders and the relationship between abnormal return and abnormal volume.The study uses the event study method to measure the abnormal price, return and volume. Two-stage least square regression is used to investigate the relationship between abnormal return and abnormal volume.The insider trades affect price, return and volume. The results are identical for both buy and sell transactions. The trades of different types of insiders have diverse effects on stock characteristics. The trades of substantial shareholders give rise to the highest abnormal price and return, whereas the promoters' trades result in the highest abnormal volume. No relationship is detected between abnormal return and volume.A novel method to calculate the abnormal price is proposed. The effect of trading of all types of insiders on stock characteristics is analyzed. The relationship between abnormal return and abnormal volume, after an insider trade, is investigated.
Does privatization of public sector banks affect stock prices? An event study approach on the Indian banking sector stocks Varun Kumar Rai; Dharen Kumar Pandey
Asian Journal of Accounting Research Volume ahead-of-print Issue ahead-of-print
Publisher : Emerald Publishing Limited

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.1108/AJAR-06-2021-0078

Abstract

With a sample of 22 banks, this study examines the significance of the news contents about the privatization of two public sector banks in India. New information does impact the stock markets. This study provides evidence on how the privatization of public sector banks impacted the returns of the Indian banking sector.This study employs the standard event study methodology with the market model for estimating the normal returns.The statistical results indicate that while the private sector banks experienced positive average abnormal returns on the event day, the cumulative effect of the announcement is negatively significant for both private and public sector banks. The statistical results also provide evidence of information leakage, with significant results before the announcement date. The shorter event windows analysis exhibits significant positive returns in the 5-days [−2, +2] window for the private sector banks and the entire sample, signifying a positive short-term impact on the private sector banks.The event study literature captures the impacts of many events. However, to the best of our knowledge, the impacts of the privatization of the Indian public sector banks have never been examined using the event study methodology. Hence, this study anticipates being the first-ever study to fill this gap and extend the available literature in finance. In addition, although we provide Indian evidence, future studies may be oriented to capture cross-country impacts.

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