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  • Effects of Short-Term Accruals on the Pricing of Audit Services | Hamid Salehi | Research Journal of Finance and Accounting
    investigates the relationship between short term accruals and pricing of audit services in the Tehran Stock Exchange during the period 2009 2014 will be discussed For this study the 90 companies listed in Tehran Stock Exchange for the period was determined To test study hypothesis by regression analysis using software integrated in all companies use EViews6 In this study to determine the audit fees were used for short term accruals The dependent variable pricing study audit services to assess which of the four criteria audit fees the natural logarithm effort the natural logarithm of the investment cost of the audit the natural logarithm was used to increase the selling price Also in this study the control variables of the current debt ratio of short term investments financial debt ratio return on assets long term financial leverage the rate of depreciation expense size and variable operating loss was ambivalent The findings suggest that short term accruals and effort spent on the remuneration of the auditors audit and the audit contract gross profit and significant positive impact but the impact on the auditor s fee when the investment is negative and significant In this study the control variables depreciation expense spent on

    Original URL path: http://www.iiste.org/Journals/index.php/RJFA/article/view/24340 (2016-05-01)
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  • Detecting Structural Breaks in Some Major Macroeconomic Variables in Ghana | Wiredu | Research Journal of Finance and Accounting
    Sampson Wiredu Alhassan Abdul Fatuwu Oforiwaa Patricia Abstract This research was conducted to detect structural breaks in some major macroeconomic variables using single and multiple breaks approaches The data used was obtained from the Central Bank of Ghana BoG and included monthly Consumer Price Index CPI 91 day Treasury bill 91 T bill Inflation rate Cocoa Price Cocoa P and Crude Oil Price Crude oil P spanning from January 2007 to December 2012 The study showed that all the macroeconomic variables were not normally distributed as they were platykurtic in nature with their standard deviations far from their means indicating volatility Using ADF test all the variables were not stationary at level but stationary after first differencing The Chow Quandt Likelihood Cumulative Sum test CUSUM Cumulative Sum Squared test CUSUMSQ and Bai and Perron multiple tests were used to check for structural breaks They all showed structural breaks in all the variables The observed variables were categorized into subgroups with smaller sizes of 72 24 12 and 6 months The number of breakpoints detected by the Bai and Perron multiple tests were six 6 in all the macroeconomic variables and in each subgroup too Detected breaks date from the CUSUM

    Original URL path: http://www.iiste.org/Journals/index.php/RJFA/article/view/24341 (2016-05-01)
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  • An investigation of intellectual capital impact on companies' market value and financial performace | Alipour | Research Journal of Finance and Accounting
    Ali Ghayouri Moghaddam Hamid Reza Hajeb Abstract The main objective of the present study is to measure intellectual capital and investigate its effect on market value and performance measures of 60 Iranian firms listed in Tehran Stock Exchange from three different industries including pharmaceutical products chemical products and automobile and parts manufacturing industries during the period of 2009 2012 The obtained results indicated that in pharmaceutical products and automobile and parts manufacturing industry market value is significantly and positively affected by IC and its components except for structural capital efficiency and moreover in chemical products industry IC has not any significant relationship with market value but some of its components including human capital efficiency and capital employed efficiency have significantly positive relationship with market value indicator Regarding IC effect on performance measures it is worth noting that two performance measures of return on asset ROA and return on equity ROE are significantly associated to IC and some of its components in all three types of industry especially pharmaceutical products and automobile and parts manufacturing industries Revenue growth GR as another performance measure is significantly affected by IC and its components only in automobile and parts manufacturing industry Accordingly it can

    Original URL path: http://www.iiste.org/Journals/index.php/RJFA/article/view/24342 (2016-05-01)
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  • THE EMPIRICAL RELATIONSHIP BETWEEN STOCKS RETURNS, TRADING VOLUME AND VOLATILITY: EVIDENCE FROM STOCK | Tabassum Riaz | Research Journal of Finance and Accounting
    market capitalization of the whole London Stock Exchange The five stocks which are under examination are traded on FTSE 100 belongs to different sectors The stocks are selected randomly by keeping in mind the fact that one from each sector The stocks are Royal bank of Scotland RBS Vodafone VOD Sainsbury SBRY British Petroleum BP and British American Tobacco BATS and their sectors are Banks Mobile telecommunication Food and Drug Retailers Oil and Gas Producers and Tobacco respectively The data was taken for the period ranging from 7 July 2010 to 7 July 2014 Only one measure of trading volume is used that obtained by taking log of the daily turnover This study does not use the de trended trading as done in previous studies Stationarity tests OLS estimation ARCH GARCH and VAR model was employed in order to investigate undermine relationship By considering individual stocks both positive and negative contemporary link found between the traded volume of stocks as well as their returns But indication of negative contemporary link between daily traded volume and returns in case of market index Evidence have been found that past return causes volume but no evidence that past volume causes returns so this

    Original URL path: http://www.iiste.org/Journals/index.php/RJFA/article/view/24343 (2016-05-01)
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  • Substitution of Risk Asset Allocation Role of Micro Financial Institutions in Positively Changing Market Structures | Helen. A | Research Journal of Finance and Accounting
    evidence from Nigeria changing market structures we examined how banks and other micro financial institutions concurrently respond in terms of lending to changes in market structures To have achieved this we purposively sampled 845 financial institutions which comprised 24 commercial banks and 821 Micro Finance Banks MFBs We made use of secondary data which were collected between 2001 and 2010 from the Central Bank of Nigeria Data Base We analyzed the data by multivariate regression analysis method The result shows that fall in bank loans to small businesses β 0 817 due to changes in bank size of merged commercial banks positively affected microfinance bank lending β 0 955 p value 0 086 MFBs increase their loans to small businesses by 0 955 for every 0 817 fall in banks loans Dynamic changes in bank equity affected commercial banks and MFBs propensities to supply loans to small businesses negatively β 0 699 and positively β 0 727 respectively This means that as increment in merged bank equity reduced banks credits to small business borrowers by 0 699 significantly p value 0 023 0 05 MFBs responded to the shortfall by increasing their loans by 0 727 although insignificantly p value 0 147 0 05 Moreover increases in bank deposits negatively but significantly affected credits commercial banks supply to small business borrowers β 0 725 p value 0 012 but positively although insignificantly affected MFBs loan to borrowers β 0 776 p value 0 107 implying that MFBs increase their loans by 0 776 for every 0 725 fall in commercial bank loans Finally changes in bank market share negatively and positively affected commercial banks and MFBs propensities to supply small credits β 0 018 and β 0 03 respectively implying that MFBs banks increase their loans by 0 03 for

    Original URL path: http://www.iiste.org/Journals/index.php/RJFA/article/view/24344 (2016-05-01)
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  • Tax Structure and Economic Growth in Nigeria: A Disaggregated Empirical Evidence (1986–2012) | Olugbenga | Research Journal of Finance and Accounting
    technique was used to ascertain the relationships between the variables in the model employed in this study The study finds a linear relationship between economic growth and tax revenue It suggests a tax and growth ranking of taxes confirming results from earlier literature but providing a more detailed disaggregation of taxes Petroleum Income Tax Corporate Income Tax are found to be most beneficial to growth in Nigeria On the contrary Personal Income Tax as well as the custom and excise duties do not promote growth as empirically examined in this study Revenue neutral growth oriented tax reform therefore is to shift part of the revenue base from Personal Income Tax as well as the Custom and Excise Duties to less distortive taxes aimed at inducing local consumption A major contribution of the study to knowledge is that it has been able justify empirically that taxation economic growth nexus is both per capital income and consumption induced in Nigeria This therefore closes the knowledge gap induced by inconclusive evidence on the growth effects of taxation composition which most often has resulted in situations where empirical findings of researches done in developed economies are generalized to developing countries It is therefore recommended

    Original URL path: http://www.iiste.org/Journals/index.php/RJFA/article/view/24561 (2016-05-01)
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  • The Role of Professionalism and Regulation of Financial Services Training on Improvement of Employee Competence in Kenya | Awuor | Research Journal of Finance and Accounting
    services training on improvement of employees competence The target population in this study comprised of persons working in the financial institutions in Kenya and more specifically the commercial banks This study surveyed bank employees only after taking into consideration that banks are the only institutions whose total workforce could be reliably estimated Population of bank employees in Kenya is in excess of 10 000 The size of the desired sample was therefore calculated using Fisher s formula based on prevalence of 5 per cent desired precision of 10 percent and 90 percent confidence interval The data was analyzed using both descriptive and inferential statistics Responses to closed questions were coded while those of open ended questions categorized and the categories coded Inferential and descriptive statistics were then used to analyze the findings using Statistical Package for Social Sciences SPSS that analyzes data statistics and generate descriptive statistics such as frequency percentages means and standard deviations The study concluded that industries and trades such as supply chain management accounting law engineering amongst others have used professionalism as a way of ensuring that practitioners have both technical and soft skills Failure to do so exposes those industries to financial and reputational losses

    Original URL path: http://www.iiste.org/Journals/index.php/RJFA/article/view/24562 (2016-05-01)
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  • Empirical Assessment of the Efficiency of the Nigerian Tax System | Bassey | Research Journal of Finance and Accounting
    investigated the efficiency of the Nigerian tax system In order to direct the job two research hypotheses were formulated The hypotheses were stated thus economic activities have no significant positive relationship on direct taxes proxied by the Petroleum Profit Tax PPT and economic activities have no significant positive relationship on the amount of money taken in indirect taxes mirrored by the Customs and Excise Duty DUTY of the Nigerian government Ex post facto research design was adopted for this study Secondary data on the major variables were collected from the various issues of statistical bulletin of the Central Bank of Nigeria CBN spanning from 1970 2013 Data collected were analyzed using Ordinary Least square multiple regression analysis Results of the findings revealed that there existed a significant difference between economic activities and direct taxes proxy PPT and there existed a significant relationship between economic activities and indirect taxes proxy customs and excise duties taxes It was therefore recommended that the government should withdraw from several economic activities that the private sector is able and willing to provide more efficiently There is also the need to streamline the quantum and sequencing of implementation of public sector projects Finally a significant reduction

    Original URL path: http://www.iiste.org/Journals/index.php/RJFA/article/view/24563 (2016-05-01)
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