International Journal of Managerial and Financial Accounting (36 papers in press)

Regular Issues

• Examining Financial Ratios for Non-Financial Firms to Survive Currency Devaluation
  by Iman S. Youssef, Charbel Salloum, Mohamed Abonazel 
  Abstract: This research investigated into the efficiency indicators of 160 non-financial firms listed on the Egyptian stock exchange between 2012 and 2021, a period marked by notable price escalations and currency depreciation. Amid the challenges introduced by the floating exchange rate system, particularly high inflation rates, the research endeavoured to discern valuable insights into a firm’s financial standing through an analysis of financial ratios. Utilising dynamic panel data estimation methods, the study scrutinised the relationship between seven determinant variables and efficiency. Various analytical techniques, including OLS, fixed effects, random effects, and generalised method of moments (GMM), were employed in the data analysis phase. Results highlighted that with the exception of volatility, all variables had a considerably positive impact on efficiency. This research holds significance as it offers potential strategies to mitigate the economic challenges Egypt has grappled with in the recent decade, such as sudden currency value declines and concomitant inflation. It accentuates the crucial role of efficiency indicators in making informed decisions and bolstering financial stability, especially in economically tumultuous scenarios.
  Keywords: non-financial firms listed; efficiency; profitability; leverage; Egypt.
  DOI: 10.1504/IJMFA.2025.10060373
   
  
• Market Return Volatility Under Renewable Lease Contracting “Comparative Approach Between IFRS 16 and IAS 17”  
  by Mohammad Aladwan  
  Abstract: The current research is an attempt to donate for accounting standards framework by examining the contribution for adopting the new leasing standard IFRS 16 that replaced the previous IAS 17 for leasing. The study investigation centred on detailed comparison between firm’s performance results pre and post the inclusion of the new standard. The reported accounting information about stock market price, market value, net income, market to book value and market to cash flow were assessed before and after the adoption of the new leases standard through compare of means and regression variations to identify any changes if found. The findings of our inspection revealed significant economic consequences for IFRS 16 on the selected variables; thus a supportive evidence was established for the ability of emerging markets for imitate any changes in international accounting standards.
  Keywords: leases; IFRS 16; IAS 17; stock price; market value volatility; net income; M-BV; M-CF.
  DOI: 10.1504/IJMFA.2025.10061449
   
  
• Earnings Quality as a Predictor of Firm Performance: Empirical Analysis in the USA  
  by ADEL ALMASARWAH, Ahmed Al-Omush, Yahya Marei, Humoud Almutairi 
  Abstract: This study explores the link between firm performance and earnings quality in the USA, employing real earnings management (REM) and accruals earnings management (AEM) models. Through panel data robust regression analysis, we assess firm performance proxies, including return on assets, return on equity, operating cash flow, cash ratio, current ratio, and receivable accruals. Results highlight the significant impact of measures such as return on assets, return on equity, operating cash flow, cash ratio, current ratio, receivables accruals ratio, leverage, and firm industry on earnings quality. Notably, increasing liquidity and higher debt positively influence earnings quality, particularly in low-interest-rate environments. However, qualitative insights are essential for a comprehensive understanding of firm performance. Varied firm performance metrics exhibit distinct impacts on earnings quality, with return on assets and return on equity having the most significant effect. This research, integrating real and accrual earnings management, contributes original insights into corporate earnings management and firm performance in the USA context.
  Keywords: Firm Performance; Earning Quality; ROA; ROA and Operating Ratio.
  DOI: 10.1504/IJMFA.2025.10061654
   
  
• Financial Management Behaviour among Youth: Is Financial Literacy a Panacea?  
  by Chong Yang Sim, Chee Hua Chin, Ek Tee Ngian, Jackson Jung Wei Wong 
  Abstract: The COVID-19 pandemic’s impact on young Malaysians’ financial situation has led to repercussions in their financial management behaviour, affecting their lives. Financial literacy is seen as the panacea to addressing the challenges of youth’s financial management. Using partial least squares structural equation modelling (PLS-SEM) technique, this study aims to investigate the influence of money attitude, financial prudence, self-efficacy, financial avoidance, and financial literacy on the financial management behaviour of limited income youth in Sarawak, Malaysia. The study also examine how financial literacy moderates the relationship between these predictors and financial management behaviour. The findings revealed positive associations between financial avoidance, financial prudence, and financial literacy with financial management behaviour. Although financial literacy did not act as a moderator, it directly influenced financial management behaviour. Policymakers should prioritise financial literacy programs to enhance financial prudence and mitigate the risks associated with poor financial management behaviour among Malaysian youth, particularly those from limited income backgrounds.
  Keywords: financial literacy; financial management behaviour; low-income Malaysian; youth.
  DOI: 10.1504/IJMFA.2025.10061881
   
  
• ESG Measurement: An Interdisciplinary review using Scientometric Analysis  
  by Monica Singhania, Gurmani Chadha, Dimple Gupta 
  Abstract: The measurement of ESG has become essential for companies to determine the return on investment (ROI) of their ESG initiatives, and for stakeholders to assess companies’ commitment and hold them accountable. Despite approximately $30 trillion of professionally managed assets being subject to ESG criteria, comprehensive literature reviews encompassing this research domain is scarce. The present study conducted a scientometric analysis to systematically synthesise the extant research in the ESG measurement field using a corpus of 2,387 articles from WoS and Scopus, published between 1992-2021, employing CiteSpace software. Domain visualisations were created to identify co-authorship networks, subject categories, and country and institution analysis, and content analysis was performed to identify the significant research areas, trends, and patterns of ESG measurement research globally. The findings revealed exponential increase in publications on ESG measurements over the past three decades. Emerging research themes and implications for policymakers, society, managers, and academia have been detailed.
  Keywords: ESG measurement; sustainability metrics; sustainability indicators; bibliometric; scientometric; literature review; CiteSpace.
  DOI: 10.1504/IJMFA.2025.10062316
   
  
• The response of accounting educators in incorporating significant new accounting standards in the curriculum in Indonesia  
  by Aria Farah Mita, Sylvia Veronica Siregar 
  Abstract: Educators play a strategic role in the successful adoption and implementation of the IFRS due to their responsibility in preparing students for the profession. However, the dynamic nature of the IFRS poses a challenge. This research aims to examine the responses of educators in incorporating new and significant accounting standards into course materials. The study focuses on IFRS 9, IFRS 15, and IFRS 16 which differ significantly from previous standards. The 243 financial accounting educators from several universities in Indonesia were surveyed. The results show that most of the educators were late responders in incorporating the new accounting standards. A total of 49% were late for IFRS 16, 64% were late for IFRS 9, and 70% were late for IFRS 15. The study recommends that educators incorporate newly published standards before they become effective so that students can master them by the time they graduate and when those standards apply.
  Keywords: financial accounting; IFRS adoption; accounting education; accounting curriculum; Indonesia.
  DOI: 10.1504/IJMFA.2025.10062686
   
  
• Broadening the lens: capital structures and company performance in a new economy  
  by Peixuan Wu, Muhammad Irfan Khan, Imran Zaman, Saghir Ghauri, Miao Miao 
  Abstract: The paper aims to examine factors that influence capital structure decisions of sugar and cement sector firms of Pakistan. The research incorporates firms specific along with macro-economic determinants of capital structure. As a test case, 29 sugar sector and 17 cement sector firms, listed in Pakistan Stock Exchange (PSX), were selected. The data consists of ten years period, covering the years 2010-2021, using PLS technique. The results showed significant impact of GDP, INF, GO and PROF on capital structure decision of sugar sector firms whereas for cement sector, FS and PROF are significant factors. The results supported trade-off as well as pecking order theories, indicating that no single theory completely explains the situation of capital structure of Pakistan sugar and cement firms. Firms should consider the impact of selected variables while making capital structure decisions as ultimately it affects cost of capital which in result influences shareholders’ wealth.
  Keywords: capital structure; profitability; firm size; growth opportunity; earnings volatility; ownership concentration; GDP; inflation rate.
  DOI: 10.1504/IJMFA.2025.10062890
   
  
• A retrospective of earnings management research: charting the knowledge base, intellectual structure, and way forward  
  by Priyam Mendiratta, Smita Kashiramka, Surendra Singh Yadav 
  Abstract: Owing to the dearth of comprehensive synopses in the published literature, this study endeavours to uncover the knowledge base and intellectual structure of ‘earnings management’ research. Over 2000 to January 2021, 1,678 articles from peer-reviewed journals are examined. Bibliometric analysis is used to identify the most prominent years, countries, journals, authors, articles, and keywords. Citation network, co-authorship analysis, and keyword co-occurrence analysis uncover the knowledge base. Cluster analysis of 138 articles coupled with content analysis delineates the intellectual structure. The publication trend reveals that research on earnings management has gathered momentum from 2015-2016, with accounting journals being the most productive. Developed countries like the USA, Australia, the UK, and parts of Europe dominate the landscape, with China as an exception. Six major clusters emerge. Network analysis illustrates the evolution of clusters over time. Keyword analysis reveals the advancement of earnings management as a multidisciplinary field, with studies on corporate governance taking centre stage. The study helps scholars to gauge the current stock of literature and the way forward on earnings management research, enables governing bodies to make policy-oriented efforts, and sensitises managers in instituting accountability.
  Keywords: earnings management; managers; bibliometric analysis; intellectual structure; knowledge base.
  DOI: 10.1504/IJMFA.2025.10063179
   
  
• Impact of board attributes on corporate cash holdings: evidence from India  
  by Ruchi Moolchandani, Sujata Kar 
  Abstract: This paper examines the impact of board of director attributes on the cash holdings of Indian listed firms. The study uses a sample of non-financial firms listed on the S&P BSE 500 index from 2009 to 2019. This study focuses on five board of director attributes namely, board size, board independence, board busyness, women directors and duality to investigate their impact on cash holdings. The findings reveal that board size, women directors and duality significantly affect the cash holdings of Indian firms. However, board independence and board busyness are insignificant. Overall, the study advocates that board of directors play a monitoring role and prevent managers from accumulating and using cash reserves for personal benefits. Thus, this study empirically confirms that board of director attributes affect corporate cash holdings. This study enriches the literature on determinants of corporate cash holdings.
  Keywords: board of directors; corporate governance; agency conflicts; cash holdings; India.
  DOI: 10.1504/IJMFA.2025.10063541
   
  
• Usage of interest rate derivatives in risk management: an analysis  
  by Subhamoy Chatterjee, R.P. Mohanty 
  Abstract: Risk management is a component of business strategy across geographies and economies, often executed using derivatives. This study aims to undertake a bibliographic analysis, understand the evolving research through patterns and dimensionality, and elaborate on the significant learnings. This paper presents a bibliographic account of the usage of interest rate derivatives (IRDs). It covers the IRD subset of interest rate swaps by covering a range of sectors, geographies and disciplines. The analysis facilitated the categorisation of publications. This showed how research has evolved and the consequent gaps that must be filled to advance academic research in the community of practice. While there are multiple studies, this paper attempts to classify them and enables future researchers to access research work and realise the gap areas. Further, the study uses these research parameters to distinguish articles.
  Keywords: risk management; interest rate derivative; IRD; swap; fixed payor; floating payor; strategic finance; derivatives; regulations for derivatives.
  DOI: 10.1504/IJMFA.2025.10063577
   
  
• Corporate governance and international financial reporting standards compliance among Ghanaian-listed companies  
  by Musah Mohammed Saeed  
  Abstract: This study examines the impact of corporate governance on IFRS compliance in Ghana using board and audit committee characteristics as well as ownership structures as proxies. These results indicate that increased IFRS compliance, despite agency conflicts, promotes transparency. A compliance index, derived from a checklist based on prior research, was calculated for 26 listed firms over a decade, using data from annual reports. OLS estimation reveals an average IFRS compliance of approximately 97%, which is positively linked to board independence. Conversely, CEO duality and management ownership show a negative and insignificant relationship, whereas government ownership correlates positively and significantly with IFRS compliance. However, audit committee independence and size do not significantly influence compliance decisions in Ghana. This study suggests that policymakers create a framework emphasising board dynamics for improved corporate reporting, providing insights for future capital market regulations, and highlighting corporate governance’s crucial role in achieving comprehensive IFRS compliance.
  Keywords: corporate governance; CG; IFRS compliance; panel data; Ghana stock exchange; GSE; agency theory.
  DOI: 10.1504/IJMFA.2025.10063681
   
  
• The impact of accounting comparability on classification shifting: evidence from UK companies  
  by Wiem Dridi 
  Abstract: This study examines the impact of accounting comparability on classification shifting in UK public firms. Using De Franco et al.’s (2011) comparability measure and McVay’s (2006) classification shifting model, we address a gap in existing literature by investigating this relationship. Our findings demonstrate a positive association between accounting comparability and classification shifting, confirming that comparable firms may engage in the misclassification of the income statement items to meet expectations while minimising the risk of detection. Additionally, the results indicate a negative relationship between accounting comparability proxies and discretionary accruals, providing evidence that comparability reduces the likelihood of firms engaging in accruals-based earnings management. This research contributes to understanding how accounting comparability influences earnings management practices, offering insights for policymakers and stakeholders aiming to improve financial statement transparency and reliability.
  Keywords: accounting comparability; classification shifting; earnings management; core earnings; non-recurring expenses.
  DOI: 10.1504/IJMFA.2025.10063994
   
  
• Drivers of and barriers to management accounting change in a fragile state: evidence from a field study  
  by Nikhil Chandra Shil, Mahfuzul Hoque, Mahmuda Akter 
  Abstract: This research attempts to identify the drivers of and barriers to management accounting change. It also aims to develop a role profile of management accountants and identifies required skills in the context of a fragile state, Bangladesh. Based on a semi-structured questionnaire survey, we adopt a quantitative approach of research paradigm to highlight the research objectives from selected research filed. Management accounting practitioners have been categorially selected from legitimate professional databases to participate in the survey. The data are analysed using different descriptive and inferential statistics relevant to our research goals. In absence of any previous study in this selected area, this study considers this as a research gap to contribute. The study adds value to existing body of literature theoretically and practically. The findings of the study will be helpful to management accounting regulators, practitioners and researchers.
  Keywords: management accounting change; MAC; role; skill; change drivers; barriers; fragile state.
  DOI: 10.1504/IJMFA.2025.10064458
   
  
• Capital structure, cost of funding and bank performance: a managerial compendium  
  by Federico Beltrame 
  Abstract: Using discounted cash flow (DCF) models and the internal rate of return (IRR) criterion, the paper conceptualises: 1) equity financing’s stand-alone effect on banks’ overall cost of capital, following Modigliani and Miller’s (MM) (1963) and Miles and Ezzell’s (ME) (1980) debt policies; 2) capital requirements’ effect on bank performance. First, the simulations indicate that: 1) overall, leverage negatively influences weighted average cost of capital (WACC); 2) at the pre-tax WACC level, the value irrelevance principle is satisfied under the ME financial policy when the rating based cost of debt is used; 3) under the ME financial policy and high levels of risky debt the cost of funding (post-tax WACC calculated using the bank specific cost of debt) increases more than proportionally as equity increases. Second, with IRR fixed on a determined allocation of risk capital, additional requirements cause an increase in banks’ performance with a higher franchise value net of taxes.
  Keywords: banks; leverage; debt benefits; WACC; capital allocated.
  DOI: 10.1504/IJMFA.2025.10064543
   
  
• Analysis of bank-specific determinants of stressed and non-performing assets in commercial banks: A TISM-MICMAC approach  
  by Vijay Kumar Sharma, Harish Kumar 
  Abstract: The network of well-functioning commercial banks in a country ensures financial stability and accelerates economic growth. Due to increasing non-performing assets (NPAs) and bad loans, the profitability of commercial banks is declining continuously which results in lower revenue and interest income of banks, raising operational costs and loss of assets. The financial crisis resulted in loss of assets of banks, the decline in the value of business, customer dissatisfaction, and slow business growth. Therefore, it is necessary to control NPAs to improve the financial ability of the banking system. The study identifies determinants responsible for NPA problems in commercial banks. The research deploys multi-criteria decision making (MCDM) techniques ‘total interpretive structural modelling’ (TISM) and ‘cross-impact matrix multiplication applied to classification’ (MICMAC) to develop a hierarchical model and to study the cross inter-relationship among these factors. The study finds two crucial paths which explain how NPAs problem can be controlled through improving ‘credit efficiency’ and ‘operational efficiency’. The proposed novel hierarchical model would enable practicing managers, service providers, financial consultants to plan better to enhance the credit risk management efficiency of financial institutions.
  Keywords: non-performing assets; NPAs; bank failure; operational efficiency; financial system; total interpretive structural modelling; TISM and MICMAC; multi-criteria decision making; MCDM.
  DOI: 10.1504/IJMFA.2025.10064544
   
  
• Employee’s compensation satisfaction and turnover intention in readymade garment industry: which role associated to organisational commitment?  
  by Sudin Bag, Akhund Ahammad Shamsul Alam, Amina Omrane 
  Abstract: The present study investigates the relationship between pay satisfaction and turnover intention of employees who are engaging in the readymade industry in Bangladesh. In addition, the effect of organisational commitment as a mediator in this relationship is also examined. A total number of 151 junior executives from 32 conveniently selected readymade garment factories in Bangladesh took part in the study. Findings supported that pay satisfaction, organisational commitment (affective, normative and continuance), and employees’ turnover intention were significantly correlated to each other. Moreover, results of the regression analysis revealed that pay satisfaction influenced both organisational commitment and turnover intention of employees. It was also found that only affective commitment mediates the relationship between pay satisfaction and turnover intention; whereas normative and continuance commitment have no mediating effect. Therefore, Industry managers and entrepreneurs are called upon to increase the pay satisfaction of their employees to upgrade their retention inside their organisation.
  Keywords: compensation satisfaction; turnover intention; affective commitment; normative commitment; continuance commitment.
  DOI: 10.1504/IJMFA.2025.10065068
   
  
• International Financial Reporting Standards adoption and accounting quality in emerging economies  
  by Musah Mohammed Saeed , Manisha Kumari, Mahalakshmi Mudliar 
  Abstract: Our study examines the impact of mandatory IFRS adoption on accounting quality in two emerging economies, specifically Ghana and Kenya. We propose that higher IFRS compliance enhances transparency and disclosure amid agency conflict, thereby improving accounting quality. The nexus between variables using the explanatory design is tested with random OLS techniques for inferential analyses. The data is purposely collected from 495 firm-year observations from 2010-2020, specifically from listed non-financial firms. Our findings demonstrate a positive and significant effect of IFRS adoption on accounting quality in those two emerging economies. This research offers valuable insights for policymakers in emerging economies, facilitating informed decisions, reviews, and evaluations to enhance the financial reporting environment.
  Keywords: IFRS adoption; accounting quality; International Accounting Standards; IAS; agency theory; emerging economies; Ghana Stock Exchange; GSE; Nairobi Securities Exchange; NSE.
  DOI: 10.1504/IJMFA.2026.10065520
   
  
• Connecting realms: investigating the interplay of financial and social inclusion in India  
  by Kashif Iqbal Siddiqui, Taufeeque Ahmad Siddiqui 
  Abstract: Financial and social inclusion are emerging as critical facilitators of economic growth and development that significantly drive away poverty. The purpose of this paper is to model and quantify the link between financial and social inclusion. Data were collected, and the hypotheses of this study were analysed using PLS-SEM through SmartPLS software. The findings from the study showed that financial inclusion has a significant and positive effect on social inclusion. Given the limited existing research on this topic, this paper contributes by establishing connections between distinct dimensions of financial and social inclusion, offering guidance for future research. The insights gleaned from this study can assist financial service providers, policymakers, and regulators in crafting more effective financial products and social inclusion policies aimed at serving marginalised communities.
  Keywords: financial inclusion; India; SmartPLS; social inclusion; structural equation modelling.
  DOI: 10.1504/IJMFA.2025.10065619
   
  
• Auditor reputation, audit report lag, and audit fees: an empirical study in Thailand  
  by Muhammad Syukur, Dio Alfarago, Riska Damayanti 
  Abstract: This study examines the impact of auditor reputation and audit report lag on audit fees, investigating 1,372 observations from 196 Thai-listed companies over the period 2013-2019. Key variables include the auditor’s name, reporting date, and audit fees. The findings reveal that both independent variables (auditor reputation and audit report lag) and control variables (client’s risk, firm size, and profitability) significantly affect audit fees. Non-Big Four auditors receive significantly lower fees compared to Big Four auditors, with one particular audit firm setting notably lower fees among reputable auditors. This pioneering research on Thai audit fee determinants offers policy recommendations for mandatory fee disclosure in annual reports and highlights the implications of audit fees within management.
  Keywords: audit fees; auditor reputation; Big Four; audit report lag; Thailand.
  DOI: 10.1504/IJMFA.2026.10066323
   
  
• Unlocking financial peaks: board and audit roles in the GCC  
  by Hajer Jarrar, Charbel Salloum, Adel F. Al Alam, Mohamad Baker Hamieh 
  Abstract: This research explores the intricate relationship between the board of directors and audit committees, and the subsequent financial performances of companies listed within the Gulf Cooperation Council (GCC). The study unveils a pivotal correlation between the characteristics of a companys board of directors and its financial prosperity. A noteworthy finding is the negative correlation between board size and financial performance, while board independence is positively associated with financial outcomes. Furthermore, the investigation sheds light on a complex interaction between audit committees and boards of directors. Enhanced board independence positively impacts the dimensions of audit committees, whereas an increased board size appears to diminish audit committee autonomy. Additionally, the research emphasises the critical role of audit committee composition in financial performance, revealing that an audit committee with greater autonomy is congruent with enhanced financial results. This study not only contributes to the existing body of knowledge regarding corporate governance and financial performance but also provides practical insights for GCC-listed companies in structuring their boards and audit committees to optimise financial performance.
  Keywords: board of directors; audit committees; GCC-listed companies; financial performance.
  DOI: 10.1504/IJMFA.2026.10066465
   
  
• Unlocking the potential: investigating key factors in adopting digital reporting effectively  
  by Sanjay Gupta, Meenu Gupta, Anchal Arora, Nidhi Walia 
  Abstract: In the age of rapid technological progress, digital corporate reporting has emerged as a crucial tool, offering timely, transparent information that fosters trust and informed decision-making in todays business landscape. This research seeks to identify and prioritise the key criteria and sub-criteria influencing organisations’ decisions to embrace digital corporate reporting. We selected a panel of 25 experts from leading NIFTY 50 firms using purposive sampling. Employing an empirical and descriptive research approach, we utilised the fuzzy analytic hierarchy process (fuzzy-AHP) technique to rank criteria and sub-criteria associated with digital corporate reporting adoption. Our findings highlight the critical role of the technological context (global weight 27.67%) influencing the adoption of digital reporting practices. Furthermore, the firms information environment (global weight 18.21%) and organisational context (global weight 17.83%) emerged as significant factors, emphasising their impact on the adoption process. Additionally, top five influential sub-criteria affecting digital reporting adoption are compatibility (global weight 0.0867%), corporate infrastructure requirements (global weight 0.0836%), complexity (global weight 0.0709%), reduced cost of capital (global weight 0.0542%), and improvements in the firm’ s stock liquidity (global weight 0.0523%). These findings offer actionable insights for organisations to effectively address these factors, thereby increasing the likelihood of successful adoption.
  Keywords: digital corporate reporting; extensible business reporting language; XBRL; compatibility; corporate infrastructure requirements; adoption decision; fuzzy analytic hierarchy process; fuzzy-AHP.
  DOI: 10.1504/IJMFA.2026.10066631
   
  
• Integrated reporting and financial performance: evidence from Portugal and Spain  
  by Carolina Costa, Inês Lisboa, José Luis Martins 
  Abstract: This work aims to evaluate the level of adherence to the information suggested by the international integrated reporting structure of the International Integrated Reporting Council (IIRC), by analysing financial reports information. Moreover, it intends to analyse the impact of this adherence on firms’ financial performance, using an econometric model. For it integrated reports of Portuguese and Spanish firms between 2019 and 2021 are analysed. Results show that most of the firms in the sample disclose information suggested by the IIRC's international integrated reporting framework. However, the level of adherence does not directly impact financial performance. At an indirect level, the presence of external verification of non-financial information by a Big Four auditor positively influences financial performance. These results can be supported by legitimacy and institutional theories, as companies may publish non-financial information to obtain legitimacy for their activity from the society due to growing social, political, and economic pressures.
  Keywords: IIRC; integrated reporting; financial performance; level of adherence; financial report information; non-financial information; Portugal; Spain; external verification.
  DOI: 10.1504/IJMFA.2026.10066797
   
  
• Exploring integrated reporting: sustainability, transparency, and regulatory frameworks a comparative analysis  
  by Abdullah E. Alajmi, Rasheed Alrashidi 
  Abstract: In an age marked by increasing corporate complexity, global interdependence, and rising stakeholder expectations for transparency and sustainability, the importance of corporate governance is crucial. This study explores the transformative impact of the integrated reporting (IR) framework and its significant implications for corporate governance practices. Through a detailed comparative analysis, we examine how organisations that implement IR principles differ in their corporate governance effectiveness, stakeholder engagement, and financial performance compared to those using traditional reporting standards. Our research investigates how IR improves transparency, accountability, and long-term value creation. Additionally, it addresses the challenges, incentives, and regulatory influences affecting the adoption and effective implementation of IR in corporate governance frameworks. By providing a thorough evaluation of the IR framework’s impact, this study offers valuable insights for corporate leaders, regulators, investors, and academics navigating the evolving field of corporate governance and reporting.
  Keywords: integrated reporting; sustainability reporting; transparency; regulatory frameworks; comparative analysis.
  DOI: 10.1504/IJMFA.2026.10066819
   
  
• The moderating effect of firm size on the relationship between corporate governance and firm performance  
  by Chien-Van Nguyen  
  Abstract: The purpose of the study is to evaluate the moderating effect of firm size on the relationship between corporate governance and the financial performance of enterprises listed on the Vietnam Stock Exchange in the period 2007 to 2020. The study uses the panel data regression methods such as pooled OLS, FEM and REM, and the feasible generalised least squares (FGLS) for corrections of the defects; it is evident that the listed companies are generally influenced by the government’s policies, there is a possibility of cross-sectional relationship among enterprises, especially large-scale enterprises that are likely to significantly influence on smaller enterprises, the panel-corrected standard errors should be performed to evaluate this effect. The research results show that the positivity of the board of directors promotes the business to be financially efficient, and this effect increases in larger enterprises. Furthermore, board education has a positive effect on firm profitability, and this effect becomes larger in large firms and smaller in smaller firms. The study also confirms that enterprises in favouring of debt and inflation all have a negative impact on financial performance.
  Keywords: governance; performance; cross-sectional; moderating effect.
  DOI: 10.1504/IJMFA.2026.10066856
   
  
• Whether innovation focused companies invest more in working capital: evidence from India  
  by Kumar Sanjay Sawarni, Sivasankaran Narayanasamy , Naresh Gopal, Ankur Shukla 
  Abstract: This research explores the differences in working capital management (WCM) practices between companies with a high innovation focus (HIFCs) and those with a low innovation focus (LIFCs). It investigates the impact of innovation on WCM and its components, such as inventory, receivables, and payables management. Using independent samples t-tests, the study compares WCM differences between HIFCs and LIFCs, while fixed-effect regression assesses the impact of innovation on WCM. The analysis covers 2,968 firm-years of Indian companies. The findings reveal that HIFCs invest more in working capital and exhibit longer cash conversion cycles (CCC), inventory days (IND), receivable days (ARD), and payable days (APD) compared to LIFCs. The study further demonstrates that enhanced innovation activities lead to longer CCC, IND, ARD, and APD. These insights can help managers integrate these factors into financial planning and budgeting processes, facilitating the efficient management of the financial and operational challenges posed by innovation.
  Keywords: working capital management; WCM; cash conversion cycle; inventory days; IND; accounts receivable days; ARD; accounts payable days; innovation; research and development; R&D.
  DOI: 10.1504/IJMFA.2026.10066880
   
  
• The Nexus between ownership structure and firm performance: the role of Big4 as moderator. A further analysis. Saudi evidence  
  by Ebrahim Mohammed Al-Matari 
  Abstract: This study examines how ownership structure and company performance interact. Its goal is to investigate how the Big Four moderates the link between ownership structure and company performance. Using information from annual reports and DataStream, the study population consists of 1,393 company observations from financial and nonfinancial enterprises. The study used ordinary least squares regression to assess direct and non-direct correlations. The results reveal that the ownership structure has a significant relationship with firm performance. Moreover, this study found that Big4 has a significant moderating effect on the effectiveness of ownership structure and a significant relationship with firm performance. This study provides novel perspectives on the relationship between ownership structure and business performance, and the potential impact of Big4 monitoring on ownership structure within an emerging economy.
  Keywords: ownership structure; firm performance; Big4; Saudi market.
  DOI: 10.1504/IJMFA.2026.10067034
   
  
• Auditor industry expertise in Italy: evidence from Big 4 Partners  
  by Tatiana Mazza, Stefano Azzali 
  Abstract: Auditor industry expertise is investigated from three lines of research areas: 1) transfer of auditor expertise, 2) effects of mandatory audit firm rotations; 3) effects of the adoption of international financial reporting standards and of strengthens of internal controls over financial reporting. Interviewing Big 4 partners in Italy, we learn that the area-level of industry expertise, differently from common law countries, complements the national-level, allowing for the transfer of tacit and codified knowledge among offices where the mandatory audit firm rotation cycle reduces the useful life and quality of office-level industry expertise. We learn that recent regulatory actions have increased the demand for task expertise but not industry expertise. Results could have implications: for regulator of European Union countries in the implementation of the mandatory audit firm rotation rule; for manager of audit firms in the decision of localization of offices and in their employees’ organization to improve audit quality.
  Keywords: auditor industry expertise; Big 4; interviews; mandatory audit firm rotation; Italy.
  DOI: 10.1504/IJMFA.2026.10067035
   
  
• Materialism and corporate social responsibility: the moderating role of boards characteristics and industry type  
  by Majid Ashrafi 
  Abstract: Despite the important role of corporate social responsibility (CSR) in the decision-making, it has always been influenced by the boards’ behavioural characteristics. The purpose of this study is to investigate the impact of the boards’ materialism on the social responsibility of the firm. The statistical sample of the study includes 85 companies listed in the Tehran Stock Exchange during the years 2019 to 2022. Multivariate linear regression model and cross-sectional data are used to test the hypotheses. The findings show that the boards’ materialism has a negative and significant effect on CSR. In addition, we find that the boards’ education mitigates and the boards’ tenure intensifies the negative effect of materialism on CSR. Moreover, the type of industry moderates the relationship between materialism and CSR. In fact, the results show that the materialistic directors are less willing to provide a clear and complete report on the company’s social responsibility.
  Keywords: materialism; corporate social responsibility; CSR; industry; board of directors.
  DOI: 10.1504/IJMFA.2026.10067139
   
  
• Green growth through fintech innovation  
  by Hajer Jarrar, Charbel Salloum, Adel F. Al Alam, Jean-François Verdie 
  Abstract: This study explores the impact of financial technology (fintech) on sustainable economic development in the Middle East and North Africa (MENA) region. Employing a longitudinal design, the research examines how fintech infrastructures, such as automated teller machines (ATMs), Secure Internet Servers, and the Findex Index, influence the green growth index (GGI). The findings indicate that secure internet servers positively impact green growth, whereas ATMs have a nuanced effect, potentially hindering sustainability under specific conditions. The findex index, a composite measure of financial inclusion, shows a robust positive relationship with GGI, underscoring the importance of financial inclusivity in promoting sustainable development. These results extend the dynamic capabilities theory, illustrating fintech's role in fostering adaptability and innovation in the financial sector. The study's implications for policymakers in the MENA region emphasize the need for robust digital infrastructure, supportive regulatory frameworks, and education on fintech's benefits for achieving sustainability goals. Future research should expand the range of fintech-related variables, incorporate qualitative studies, conduct comparative regional analyses, and focus on longitudinal impacts to better understand fintech's potential in driving sustainable development.
  Keywords: fintech; sustainable development; MENA region; financial inclusion; green growth index; GGI.
  DOI: 10.1504/IJMFA.2026.10067324
   
  
• Institutional ownership and earnings management of listed deposit money banks: evidence from an emerging economy  
  by Bashir Tijjani, Suleiman Yahaya Umaru, Faisal Abdullah Al Hudithi 
  Abstract: This paper examined the impact of institutional ownership (IO) on earnings management (EM) of listed deposit money banks (DMBs) in Nigeria. The study comprised all the listed DMBs in Nigeria, covering a range of 10 years (2010 to 2019). The data were extracted from the yearly reports and accounts of the banks within the observed period. The study employed the ordinary least square method of panel regression and fixed and random effects. The results confirmed a non-significant adverse effect between IO and EM of the sampled DMBs. Further, this study found that the control variables, leverage and firm size, significantly and positively impacted EM, while liquidity was revealed to have an insignificant negative impact on the EM of the banks. The Central Bank of Nigeria and other policymakers can use the insights from this study to tailor regulations that address the specific dynamics between institutional ownership and earnings management by encouraging transparency, setting reporting standards, and ensuring that regulatory frameworks consider the role of institutional investors.
  Keywords: earnings management; EM; institutional ownership; IO; firm size; FSize; leverage; LEV; liquidity; LIQ; Nigeria.
  DOI: 10.1504/IJMFA.2026.10067325
   
  
• The impact of financial factors and advisory services on the viability of cotton, rice and maize crops in Greece
  by Alexandra Pavloudi, Maria Tsiouni, Georgios Kountios, Dario Siggia 
  Abstract: In Greece, maize, cotton, and rice industries play a vital role in the economy. Besides being important for human sustenance, it is also important for agricultural development. However, their production's economic viability and sustainability have been scrutinised. As a result of high production costs, the sector has been less competitive than other countries with more developed farming sectors. The purpose of this article is to discuss the economics of sustainable and viable farming. In order to determine the overall production cost, all economic factors are considered, principal component analysis was applied to the data. Results showed that by adopting sustainable practices, such as advisory services, the cotton, rice, and maize sectors in Greece can increase their competitiveness and viability.
  Keywords: financial factors; viability; cotton; rice; maize; advisory services.
  DOI: 10.1504/IJMFA.2025.10060463
   
  
• Banking dynamics in MENA: a study on profit catalysts
  by Iman S. Youssef, Charbel Salloum, Adel F. Al Alam 
  Abstract: This study aims to investigate the managerial determinants of publicly listed banks' performance in the Middle East and North Africa (MENA) region, specifically focusing on the distinction between oil-exporting and oil-importing countries. The research covers the period from 2011 to 2021 and includes selected countries such as Kuwait, Saudi Arabia, United Arab Emirates (oil-exporting), Egypt, Lebanon, and Morocco (oil-importing). By utilising dynamic panel data estimation techniques, two models are developed with return on assets (ROA) and net interest margin (NIM) as dependent variables. Bank-specific independent variables, including size, liquidity, credit risk, and capital adequacy, are analysed along with macroeconomic variables such as GDP and inflation. Data from Thomson Reuters Data Stream for 97 publicly listed banks in the MENA region are employed, and the pooled least squares (OLS), fixed effects (FEM), and random effects (REM) methods are used for data analysis. The empirical findings reveal significant variations in the relationship between selected variables and banks' profitability, indicating the importance of understanding the determinants of banks' performance for stakeholders and bank executives to make informed decisions.
  Keywords: performance; credit risk; capital adequacy; banks; Middle East and North Africa; MENA; return on assets; ROA; net interest margin; NIM.
  DOI: 10.1504/IJMFA.2025.10060102
   
  
• Firms' operating leverage and external shocks: does economic policy uncertainty matter?
  by Taher Hamza, Zeineb Barka 
  Abstract: This paper investigates the association between operating leverage and economic policy uncertainty based on a sample of French listed firms over 2002-2021. We provide robust evidence that firms tend to lower their operating leverage when economic policy uncertainty increases. This result continues to hold after controlling for endogeneity and conducting a series of robustness tests. Based on the real options theory framework, our results imply that, in an uncertain economic environment, firms may be inclined to cancel or defer their risky investment projects to avoid sunk costs. Our cross-sectional tests further demonstrate that the influence of economic policy uncertainty on operating leverage is less prominent in firms with high profitability and investment intensity. These pieces of evidence contribute to the scarce literature on the exogenous determinants of operating leverage and have practical implications for both investors and regulators.
  Keywords: economic policy uncertainty; operating leverage; firms profitability; investment intensity.
  DOI: 10.1504/IJMFA.2025.10060941
   
  
• Impact of changes in international financial reporting standards on company financial ratios
  by Kristina Rudžionienė, Aistė Tamonytė 
  Abstract: The objective of this study is to assess the impact of the changes of IFRS on the financial ratios of Lithuanian companies. This study analyses the impact of the introduction of IFRS 16, which is expected to be significant for the assets and liabilities of those entities that use operating leases. The results show that the adoption of IFRS 16 'Leases' increased the liabilities of Lithuanian companies relatively more than their assets. There was a significant increase in debt and long-term debt ratios, leverage and a decrease in the equity ratio and gross liquidity ratio. These changes in these ratios are more indicative of the financial position of companies, as increased leverage ratios are indicative of increased corporate risk. The changes in IFRS 16 led to the largest changes in the financial ratios of Lithuanian companies in the retail and telecommunications sectors.
  Keywords: International Financial Reporting Standards; IFRS; IFRS changes; impact; financial ratios; Lithuania.
  DOI: 10.1504/IJMFA.2025.10060786
   
  
• Accounting manipulations in public sector: an empirical analysis of European Union countries' accounts
  by Sandro Brunelli, Alessandro Giosi, Marco Caiffa, Riccardo Savio 
  Abstract: This paper detects whether and to what extent accounting manipulations take place during the reconciliation process from government accounts (GA) to national accounts (NA) when preparing the EDP tables required by the European Commission for each country. In the literature, different theories explain the 'why' of accounting manipulations and different models exist to detect 'how' accounting manipulations occur. However, there are scanty investigations aiming to measure the same phenomenon in the public sector. Investigating a period between 2002 and 2020, our findings show that accounting manipulations exist and have a wider diffusion across European countries. We feed the existing literature by highlighting the magnitude of accounting manipulations and to what extent existing differences between the GA and NA would automatically produce biased results. Finally, we design a new path towards selected fine tuning actions of GA and NA standards for the sake of a clearer European Union fiscal policy.
  Keywords: accounting manipulation; government accounting; GA; national accounting; NA; accrual accounting; earnings management; European fiscal policy; excessive deficit procedure; EDP.
  DOI: 10.1504/IJMFA.2025.10061006
   
  
• The impact of financial performance on the value relevance of GAAP and non-GAAP profitability measures: evidence from the Amman Stock Exchange
  by Tareq Z. Mashoka 
  Abstract: This paper aims to examine the impact of a firm's financial performance on the value relevance of both GAAP and non-GAAP profitability measures in determining its value. The study posits that the value relevance of these measures is influenced by the financial performance of the company. The paper examines the value relevance of the profitability metrics by regressing the market value of equity on the profitability measures for listed firms on the Amman Stock Exchange (ASE) in Jordan from 2001 to 2019. The results show that for firms with consistent financial performance, GAAP profitability measures are more value relevant for investors. However, when firms experience a decline in sales and/or earnings, the results indicate that non-GAAP profitability measures are more value relevant. This paper presents evidence highlighting the significant impact of a company's financial performance on the value relevance of GAAP and non-GAAP profitability measures in evaluating the firm's value.
  Keywords: non-GAAP measures; value relevance; financial performance.
  DOI: 10.1504/IJMFA.2025.10060815