Investment Management and Financial Innovations

ISSN 1810-4967 (print), 1812-9358 (online)
Publisher LLC “Consulting Publishing Company “Business Perspectives”
Issued from September 2004
Investment Management and Financial Innovations

The journal covers all aspects of investment activity management on both global and local levels, strategy and methods of investment purposes achievement, investment process participants, investment tools, monetary systems, financial markets, and financial innovations. It publishes articles, which are focused on financial management issues, financial innovations, modern trends and tendencies of investment activity management both on macro- and micro-levels. The journal is published quarterly in Ukraine.

Key topics:

  • financial and investment markets;
  • government policy and regulation;
  • information and market efficiency;
  • financial forecasting and simulation;
  • financial institutions: investment companies, investment funds, investment banks, hedge funds, private pension funds;
  • objects of real and financial investing;
  • financial instruments and derivatives;
  • efficiency of investment projects;
  • econometric and statistic methods in project management;
  • alternative investments;
  • ratings and rating agencies.

Starting January, 2017, Journal is open-access


LLC “СPС “Business Perspectives”
Hryhorii Skovoroda lane, 10, Sumy 40022, Ukraine
phone/fax: +38-0542-775771

Submission guidelines

Please send a soft copy of your paper as an MS Word .doc file (all versions accepted) and filled Cover letter form to the following e-mail:
Editorial Assistant -


Open Access Statement

Journal is committed to full open access for scholarly publications. All articles are available to all users immediately upon publication of the issue.
Benefits of the open access are:increased citation and usage;rapid publication; faster impact with permissive licenses; copyright retention by the author.
Authors can choose either of Creative Commons licenses (CC-BY 4.0 or CC-BY-NC 4.0). Find detailed information in the Copyright section.



Natalya (Natasha) V. Delcoure

Dean, Professor of Finance, College of Business Administration, Texas A&M University-Kingsville, USA.

Volodymyr Ponomarenko

Doctor of Economics, Professor, Corresponding Member of National Academy of Educational Sciences of Ukraine, Academic of Engineering Academy of Sciences of Ukraine, Rector of Simon Kuznets Kharkiv National University of Economics, Ukraine.

Kenichiro Miyamura

Professor of Finance, the Chairperson of the Accounting and Finance department, Faculty of Business Administration, Toyo University, Tokyo, Japan.

Advising Editors

Robert Brooks

Professor, Department of Econometrics and Business Statistics, Faculty of Business and Economics, Monash University, Australia.

Alnoor Bhimani

Professor of Management Accounting, Department of Accounting, London School of Economics and Political Science, UK.

Jo Danbolt

Professor, Baillie Gifford Chair in Financial Markets, Universit of Edinburgh Business School, UK.

Frank Skinner

Professor of Corporate Finance, Head of the Department of Economics and Finance, Brunel University London, UK.

Editorial Board

Benzion Barlev

Ph.D., Lev Academic Center and John Berg Professor Emeritus of Accounting, Jerusalem School of Business Administration, The Hebrew University of Jerusalem, Israel.

Earl Benson

Professor of Finance, Department of Finance and Marketing, Western Washington University, USA.

Agyenim Boateng

Professor of Finance and Banking, Department of Law, Economics, Accounting & Risk, Glasgow Caledonian University, United Kingdom.

Laurence Booth

Professor of Finance, CIT Chair in Structured Finance, Rotman School of Management, University of Toronto, Canada.

K.C. Chen

Ph.D., Chartered Financial Analyst, Theodore F. Brix Endowed Chair in Finance, Department of Finance and Business Law, California State University, Fresno, USA.

Mihir Dash

Associate Professor, Alliance School of Business, Alliance University, Bangalore, India.

Ahmad Etebari

Ph.D., Professor of Finance and Co-Chair of the Atkins Strategic Investment Center at the University of New Hampshire’s Peter T. Paul College, Durham, USA.

Christian-Oliver Ewald

Dr., Professor in Financial Economics, Head of the Subject Economics, Adam Smith Business School, University of Glasgow, United Kingdom.

Frank J. Fabozzi

Frank J. Fabozzi, Professor of Finance, EDHEC Business School and Senior Scientific Adviser at EDHEC-Risk Institute, France.

Pablo Fernandez

Ph.D., Professor of Financial Management, PricewaterhouseCoopers Chair of Corporate Finance, IESE Business School, University of Navarra, Spain.

Manfred Frühwirth

Dr., Associate Professor, Department of Finance, Accounting and Statistics, Institute for Finance, Banking and Insurance, Vienna University of Economics and Business; Academic Director – Professional MBA Finance, Austria.

Fazil Gokgoz

Ph.D., Professor, Vice Dean and Chair of Quantitative Methods Division of Faculty of Political Sciences, Ankara University, Turkey.

John A. Haslem

Ph.D., Professor Emeritus of Finance, Robert H. Smith School of Business, University of Maryland, USA.

Edward Lawrence

Full Professor of Finance, College of Business Administration, University of Missouri, USA.

Da-Hsiang Donald Lien

Ph.D., Richard S. Liu Distinguished Chair in Business Department of Economics, College of Business, University of Texas at San Antonio, USA.

Otto Loistl

Ph.D., Professor of Finance, Institute of Finance and Financial Markets, Department for Investment Banking and Catallactics, Wirtschaftsuniversitat Vienna (Vienna University of Economics and Business), Austria.

Cornelis A. Los

Ph.D., Professor of Finance, School of Management and Leadership, Alliant International University California; Paul Merage School of Business, University of California at Irvine, USA.

John J. McConnell

Burton D. Morgan Distinguished Chair of Private Enterprise (Finance), Purdue University, USA.

J. Austin Murphy

Full Professor of Finance, Oakland University, USA.

Michael Phillips

Ph.D., Professor of Finance, Real Estate and Insurance, David Nazarian College of Business and Economics, California State University, Northridge, USA.

Petr Polak

Ph.D., Associate Professor in Finance, Faculty of Business, Economics and Policy Studies, University of Brunei Darussalam, Brunei.

Sunil S. Poshakwale

Ph.D., Professor of International Finance, Finance and Accounting, Cranfield School of Management, Cranfield University, UK.

Atul Rai

Ph.D., Associate Professor and Jones Faculty Fellow in Corporate Governance, School of Accountancy Barton, School of Business, Wichita State University, USA.

Svetlozar (Zari) Rachev

Research Professor of Finance, Department of Applied Probability and Statistics, Stony Brook University, Stony Brook, NY, USA.

Hany A. Shawky

Dr., Professor of Finance and Economics, University at Albany, State University of New York, USA.

Kishore Tandon

Professor, Bert Wasserman Department of Economics and Finance, Zicklin School of Business, Baruch College (CUNY), USA.

George F. Tannous

Ph.D., Professor and Head Department of Finance and Management Science, College of Commerce, University of Saskatchewan Saskatoon, Canada.

Kuo-Cheng Tseng

Emeritus Professor of Finance, California State University, Fresno, USA.

Harry J. Turtle

Department Chair and Professor, Finance and Real Estate Department, Colorado State University, Fort Collins, USA.

Andrey Ukhov

Ph.D., Assistant Professor of Finance, School of Hotel Administration, Cornell University, Ithaca, NY, USA.

Erik P.M. Vermeulen

Professor of Business and Financial Law, Tilburg University and Tilburg Law and Economics Center (TILEC), the Netherlands.

Joseph Doung Vu

Associate Professor of Finance, Department of Finance, DePaul University, USA.

Robert A. Weigand

Ph.D., Professor of Finance and Brenneman Professor of Business Strategy, Washburn University School of Business, USA.

Guneratne B Wickremasinghe

Ph.D., Senior Lecturer, School of Accounting & Finance, Faculty of Business and Law, Victoria University, Melbourne, Victoria, Australia.

Burhan Fatih Yavas

Chair, Department of Accounting, Finance & Economics, California State University, Dominguez Hills (CSUDH), USA.


Erdal Atukeren

Ph.D., Professor, Business School Lausanne, Switzerland.

Ramaprasad Bhar

Dr., Associate Professor, School of Banking and Finance, Australian School of Business, The University of New South Wales, Sydney, Australia.

Ghassen Bouslama

Associate Professor of Finance, NEOMA Business School, France.

Marie Briere

Ph.D., Head of Fixed Income, Forex and Volatility Strategy, Crédit Agricole Asset Management, Paris, France. Senior Associate Researcher at Center Emile Bernheim (Free University of Brussels), Bruxelles, Belgium. Affiliated professor at CERAM Business School.

David C. Distad

Ph.D., CFA, Investments Consultant, Distad & Associates, USA.

Kostas Giannopoulos

Professor of Finance, Neapolis University, Cyprus.

Christophe J. Godlewski

Full Professor of Finance, Haute Alsace University; Adjunct Professor of Finance, EM Strasbourg Business School; Research fellow, LaRGE Research Center; Member of the Institut de Finance de Strasbourg, France.

Liang Guo

Department of Accounting and Finance, College of Business & Public Administration, California State University, San Bernardino, USA.

Nathalie Hilmi

Professor of Finance and Macroeconomics, International University of Monaco, International Atomic Energy Agency, Scientific Center of Monaco, Monaco.

Robert M. Hull

Professor, Clarence King Endowed Chair in Finance, Washburn University, USA.

A. Can Inci

Ph.D., Full Professor of Finance, College of Business, Bryant University, Rhode Island, USA.

Suk-Joong Kim

BEc Macq; MEc (Hon), Ph.D. Sydney, Associate Professor, The University of Sydney, Australia.

Maxim Korneyev

Ph.D., Associate Professor, University of Customs and Finance, Dnipro, Ukraine.

Yulia Kovalenko

Doctor of Economic Sciences, Professor, Department of Financial Markets, University of the State Fiscal Service of Ukraine, Ukraine.

Stelios N. Markoulis

Dr., Adjunct Lecturer University of Cyprus, Visiting Lecturer Cyprus International Institute of Management, Honorary Visiting Research Fellow Cass Business School, London, UK.

Marco Micocci

Full Professor of Financial Mathematics and Actuarial Science, University of Cagliari, Italy.

Haitham Nobanee

Associate Professor of Finance, College of Business Administration, Abu Dhabi University, Abu Dhabi, U.A.E.

João Pinto

Professor of Finance, Católica Porto Business School; Vice-President, Catholic University of Portugal-Porto, Portugal.

Nidal Rashid Sabri

Professor and Dean of College of Economics, Birzeit University, Palestine.

Asma Salman

Ph.D. CFM, Associate Professor, Department Chair of Accounting and Finance, College of Business Administration, American University in the Emirates, U.A.E.

Vrajlal K. Sapovadia

Dr., Executive Director of Shanti Business School, Ahmedabad, India.

Rani G. Selvanathan

Ph.D., Associate Professor, Management Department, West Chester University, USA.

Shakir Ullah

Dr., Professor & International Research Coordinator, Stratford University, Virginia, USA; Chair of Stratford University’s Institutional Review Board (IRB); Adjunct Assistant Professor, University of Maryland University College, Maryland, USA; Ph.D. Advisor, Georgetown University, Washington D.C., USA.

Piotr Wisniewski

Associate Professor of Corporate Finance, Warsaw School of Economics, Poland.

Nicholas Wonder

Associate Professor of Finance, Department of Finance and Marketing, College of Business and Economics, Western Washington University, USA.

Congsheng Wu

Ph.D., Professor of Finance, University of Bridgeport, USA.

Oleg Yaremenko

Doctor of Economics, Professor, Senior Research Fellow of the State Organization “Institute for Economics and Forecasting, Ukrainian National Academy of Sciences”, V. N. Karazin Kharkiv National University, Ukraine.

Rami Zeitun

Ph.D., Assistant Professor of Finance, College of Business and Economics, University of Qatar, Qatar.

Guidelines for Editors and Reviewers

The Editorial Board consists of international experts in their respective fields. All members of the Board occupy high positions in educational and research institutions. The roles of the Editorial Board members are the following:

  • provide expertise in definite research field;
  • review submitted papers;
  • advise on journal policy and scope and participate in the journal development;
  • propose subject definition and conference choice for special issues. Also, editorial members may be guest editors of special issue;
  • promote the journal at conferences, seminars, workshops, and relevant public events
  • attract new potential authors;

Guest editors play a vital role in ensuring the quality of special content publications, such as Special Issues. Guest editors overlook the process, from proposal to publication.

The Editorial Board is reviewed every two years, which means exclusion of inactive members and addition of the new ones.

We appreciate applications from the editorial candidates. To submit an application, please send an e-mail to an editorial assistant of the selected journal and attach a file with your CV (containing the current place of work, occupation, education, the scope of your scientific interest, types of activity, list of publications, list of the journals in which you occupy the positions of an editor or a reviewer, e-mail for contact and a link to personal page at you university).

Duties of editors

We strongly recommend that Editors get acquainted with and follow COPE Code of Conduct and Best Practice Guidelines for Journal Editors.

The editors of the journal are responsible for deciding which of the articles submitted to the journal will be published. The editor may confer with the members of the Editorial Board in making this decision.

Fair play. The editors evaluate manuscripts without regard to the nature of the authors or the host institution including race, gender, religious belief, ethnic origin, citizenship, or political philosophy of the authors.

Confidentiality. The editors, members of the Editorial Boards, and any editorial staff must not disclose any information about a submitted manuscript to anyone except the authors of the paper, reviewers, potential reviewers, and the publisher, for appropriate reasons.

Disclosure. Unpublished materials disclosed in a submitted paper should not be used in the own research of the editors or the members of the Editorial Board without the express written consent of the author.

Duties of reviewers

We strongly recommend that all reviewers get acquainted with and follow COPE Ethical Guidelines for Peer Reviewers.

Confidentiality. Information regarding submitted manuscripts should be kept confidential during and after review process. Also, reviewers should not reveal any details about reviewing manuscript to anybody.

Standards of objectivity. Reviewers should be objective while conducting reviews. All the comments and recommendations should be supported with relevant arguments.

Disclosure. Unpublished materials disclosed in a submitted manuscript must not be used in a reviewer's own research without the express written consent of the author. Privileged information or ideas obtained through peer review must be kept confidential and not used for personal advantage.

Peer Review

Peer review plays a vital and critical role in the publication of scholarly articles through assessment of validity, quality and originality of submitted articles. It is considered to be the most effective and valid form of research evaluation to help select the highest quality articles for publication. Authors can receive the information regarding the peer-review stage of their manuscripts through editorial assistants.

Review process

Editorial staff transfers all submitted manuscripts to one of the Editors for initial evaluation in order to establish if the manuscript meets the editorial criteria. Initial evaluation includes assessment if the manuscript is suitable for the journal or special issue, authors’ qualification and background, and plagiarism levels. Papers that don’t meet these criteria, as well as obviously poor manuscripts, will be rejected without sending for further external review.

If the papers provide potential interest for readers and present importance to the scientists in the relevant field of the journal’s scope, Editors suggest external peer-reviewers (selection of peer-reviewers is based on expertise, reputation, specific recommendations and our own previous experience of a reviewer's characteristics). Alternatively, editorial staff will send manuscripts to qualified Editorial Board members or reviewers from our database.

All manuscripts are “double-blind” peer-reviewed, which means that reviewers do not possess any information about the authors’ identities and vice versa. If one of the editors submits the manuscript for publication in the journal, editorial staff transfers this manuscript to another Editor or one of the Editorial Board members without disclosing any information about the author.

After the manuscripts have been reviewed, Editors receive a Referee Report with point-by-point evaluation and comments. Based on the suitability of selected reviewers, adequacy of reviewer comments and overall scientific quality of the paper, Editors make one of the following decisions:

  • Publish unaltered
  • Consider after minor changes
  • Consider after major changes
  • Reject without further consideration

If the authors are required to revise the paper, they ought to provide revised manuscript along with Response to the Reviewers. All authors can receive Referee Report on demand without revealing the identity of the reviewer and appeal against editorial decisions by response to the referees with authors’ arguments and explanations. Articles may or may not be sent to reviewers after author revision, dependent on whether the reviewer requested to see the revised version and the wishes of the Editor.

Expectations from reviewers

During the peer-review process, report preparation, and after refereeing we expect from Editorial Board members and reviewers to:

  • respond in a reasonable time-frame, especially if reviewer can not perform the review, including intentional delay;
  • declare if they are not experts in the field the paper is relevant to;
  • declare any potentially conflicting or competing interests (which may, for example, be personal, financial, intellectual, professional, political or religious) and seek advice from the Editorial Board in this case;
  • decline to review if they feel unable to provide a fair and unbiased review or they are involved with any of the work in the manuscript or its reporting;
  • to provide honest and fair assessment of the strengths and weaknesses of the research and the manuscript;
  • send completed report form along with the reviewed manuscript;
  • be specific in their criticisms, and provide evidence with appropriate references to substantiate general statements to help editors in their evaluation and decision;
  • suggest additional research if it helps strengthen or extend the work;
  • ensure their comments and recommendations for the editor are consistent with their report for the authors;
  • any suggestions and comments must be based on valid academic or technological reasons;
  • continue to keep details of the manuscript and its review confidential during and after reviewing;

Conflicts of Interest

Conflicts of interest comprise those which may not be fully apparent and which may influence the judgment of author, reviewers, and editors. They have been described as those which, when revealed later, would make a reasonable reader feel misled or deceived. They may be personal, commercial, ideological, academic, or financial.

When authors submit a manuscript of any type or format they are responsible for disclosing all financial and personal relationships that might bias or be seen to bias their work. All authors that publish in our journals are obliged to declare conflicts of interest if there are any. Declared conflicts of interest will be considered by the editor and Conflict of Interest Statement will appear in our journals at the end of the published article.

Reviewers should not consider manuscripts in which they have conflicts of interest resulting from competitive, collaborative, or other relationships or connections with any of the authors, companies, or institutions connected to the papers. Reviewers should be objective and constructive, declare all potential conflicting interest, seeking advice from the editors if they are unsure whether something constitutes a relevant interest; do not allow their reviews to be influenced by the origins of a manuscript, by the nationality, religious or political beliefs, gender or other characteristics of the author, which could be implied in the manuscript.

Editors who make final decisions about manuscripts should not make editorial and publication decisions if they have conflicts of interest related to articles under consideration. Editorial staff must not use information received through working with manuscripts for private gain. Guest editors should follow these same procedures.

Research Misconduct Policies


LLC "CPC "Business Perspectives" uses Similarity Check service and all manuscripts that are being sent for an external peer review, are screened for originality with iThenticate software. By submitting their manuscripts to our journals authors are agreeing to any necessary originality checks the manuscript may have to undergo during the publication process.
Plagiarism implies the use another author's work without permission or acknowledgement. Plagiarism may have different forms from copying word by word to rewriting. While defining plagiarism the following definitions are taken into account:

Literal copying
Copying the work word by word, in general or in parts, without permission or acknowledgement of the source. Literal copying is clearly plagiarism and is easily detected by plagiarism software.

Substantial copying
Replicating substantial part of the work without permission and confirmation of the source. In determining what is "substantial", both the quantity and the quality of the copied content are relevant.
Quality is measured by relative value of copied text comparing to the whole text. Where the essence of the work was copied, even not very big part of it, plagiarism is identified.

Copying may be made without literal replicating, used in the original work. This type of copying is known as paraphrasing and it may be the most difficult type of plagiarism to reveal.
Plagiarism in all its forms is unacceptable and will lead to immediate rejection of the paper along with possible sanctions against authors.

Allegations about authorship of contributions

It is important that all authors are declared in the list of authors and are declared in the Cover letter form, sent along with a submitted paper.

To be considered the author, a person should be responsible for particular research aspect or preparation for work or make particular contribution to the concept, project, fulfillment, or research explanation, and it must be confirmed in the final work form.

Insignificant contribution may not be considered as an authorship. A person who provides insignificant contribution or appropriate data or other type of help may be considered as "contributor" by author/co-authors, and may be declared in the paper in acknowledgement section.

According to our policy, author/co-authors of submitted paper must fill in the Cover letter form to identify all participants, as well as confirm their consent to publish the paper.

Duplicate submission

Authors must present papers which are unique and must not be submitted to any other journal (except for some unusual circumstances and only with reviewer's approval). Sometimes authors may ignore this requirement, submitting the same document to several journals or submitting several documents on the basis of one and the same research. As in plagiarism duplicate submission may take different forms: literal copying, partial, but substantial copying or even paraphrased copying of the research. The publisher sticks to the policy which forbids publication of multiple papers on the basis of a single research. Infringement of this policy will result in immediate rejection along with possible sanctions against authors.

Citation manipulation

Submitted manuscripts that are found to include citations whose primary purpose is to increase the number of citations to a given author's work, or to articles published in a particular journal, will result in immediate rejection along with possible sanctions against authors.

Data falsification

If the falsified or fabricated data of experimental results (this also includes manipulation of images) will be found in the submitted paper, it will result in an immediate rejection along with possible sanctions against authors.

The following sanctions may be imposed in case of infringement of abovementioned policies:

  • Immediate rejection of the manuscript.
  •  Immediate rejection of every other manuscript submitted to any journal published by LLC "CPC "Business Perspectives".
  • Publication embargo against all authors of the manuscript (prohibition for any new submissions to any journal published by LLC "CPC "Business Perspectives"). The term of the embargo may vary, but the minimum is 24 months.
  • Prohibition against all of the authors from serving on the Editorial Board of any journal published by LLC "CPC "Business Perspectives".

Correction and Retraction Policy

All Business Perspectives journals have the same policy regarding corrections and retractions. We differentiate between addenda, errata, corrigenda, and retractions.

If significant information was unintentionally omitted by authors from the original publication, the original article can be amended through an Addendum reporting these previously omitted results. The Addendum will be published, with page numbers added, in the current issue of the journal. A hyperlink to the Addendum will also be added to the original publication.

An erratum will be used if a significant error has been introduced by us during the production of the journal article, including errors of omission such as failure to make factual proof corrections requested by authors within the deadline provided by the journal and within journal policy. A significant error is considered to be the one that affects the scholarly record, the scientific integrity of the article, the reputation of the authors, or of the journal. All errata are linked to the version of the article that they correct.

A corrigendum is a notification of a significant error made by the authors of the article. All corrigenda are approved by the editors of the journal. All corrigenda are linked to the version of the article that they correct.

Retraction will be issued by an editor upon several conditions: severe plagiarism, multiple publications, data fabrication, unreliable or faulty findings, and other harmful practices. In this case, Retraction notice will be published. This notice will include the title and authors of the article, the reason for the retraction and who is retracting the article. It will be published online with a link to the online version of the article. It will be published in the next print issue and included in the table of contents of that issue. Before publishing the notice of retraction, a signed statement by the authors should be sent to the editorial office.


This section contains information about articles which are already reviewed, accepted and waiting for publication in next issues of the journal.

Accounting of human resources in the system of value-based business management

Vitalii Pokynchereda, Ph.D. in Economics, Assistant Professor, Department of Accounting and Taxation, Vinnytsia Institute of Trade and Economics of KNUTE, Ukraine
Nataliia Gudzenko, Ph.D. in Economics, Assistant Professor, Department of Accounting and Taxation in Sectors of the Economy, Vinnytsia National Agrarian University, Ukraine
Mariya Nastenko, Ph.D. in Economics, Assistant Professor, Department of Accounting and Taxation, Vinnytsia Institute of Trade and Economics of KNUTE, Ukraine

Abstract. Modern economic conditions are characterized by dynamism and complexity, increased competitive confrontation at product markets, rapid changes of the market environment that leads to intensification of the search for advanced approaches to human resources management. Employees, their qualifications and experience are one of the most important factors, without which any prospects of economic growth are neutralized.
The purpose of this paper is to substantiate the essence of human resources as a category of accounting, which is a prerequisite for formation of theoretical and methodological basis of their representation in the context of value-based business management implementation policy.
The article substantiates the essence of human resources as the total number of employees at the company, who are carriers of human assets accumulated in themselves and inseparable from themselves, such as physical abilities, education, experience and professional knowledge, that in conjunction with using the elements of accounting method creates the basis for presentation of human assets as the company’s right to use them as a part of intangible assets.
Implementation of suggested approach to understand accounting nature of human resources, based on recognition of company’s right to use human assets, carried by employees, creates a prerequisite for displaying information about them in the system of accounts and reports of the company that meets the needs of value-based management.

Relating corporate social investment with financial performance

KgaboL. Kobo, Turfloop Graduate School of Leadership, Faculty of Management and Law, University of Limpopo, South Africa
Collins C. Ngwakwe, Turfloop Graduate School of Leadership, Faculty of Management and Law, University of Limpopo, South Africa

Abstract. Previous researchers have found conflicting results between CSI and firm financial performance. This paper moves this debate further by examining the extent to which corporate social investment (CSI) relates with corporate financial performance (CFP) from a developing country perspective. The main aim of the paper was to determine the relationship between CSI, stock price, sales turnover andreturn on equity (ROE) amongst the socially responsible investing (SRI) companies in the Johannesburg Stock Exchange. CSI Data on the SRI companies were collected from companies’ integrated reports from 2011 to 2015. Therefore, a cross-sectional panel data arrangement was applied and the analysis was conducted using the ordinary least square (OLS). Tested at an alpha level of 0.05, the regression result produced a probability level of P < 0.01 for share price and sales turnover; and P = 10 for return on equity. Therefore, the findings revealed a strong positive and significant linkage between the SRI companies’ social investment, share price and sales turnover and no significant linkage with return on equity. These findings are consistent with previous literature findings reviewed in the paper on similar research conducted in developed countries, which showed positive and negative relationships. Findings from the literature indicate that various factors may account for conflicting results, which includes inter alia, time coverage, size of data, location, market sustainability awareness and culture. The paper contributes by revealing that whilst CSI may trigger improvement in stock price and sales turnover of SRI companies, the sales turnover might not necessarily result in boost in profit level that could engender enough return on equity within a short period time. The conflicting results from the literature is indicative of the inclusiveness in research between CSI and firm performance. Hence, the paper recommends further research to examine therelationship within a longer period of time using new sample of companies and other methods of analysis.

Testing of weak form of efficient market hypothesis: evidence from the Bahrain Bourse

Thonse Iqbal Hawaldar, Dr., Associate Professor, Department of Accounting and Finance, College of Business Administration; Assistant to the President for Accreditation and Quality Assurance, Kingdom University, Bahrain
Babitha Rohit, Assistant Professor, Department of Business Administration, St. Joseph Engineering College, Mangaluru, India
Prakash Pinto, Dr., Professor and Dean, Department of Business Administration, St. Joseph Engineering College, Mangaluru, India

Abstract. Efficient-market hypothesis (EMH) states that financial markets are “informational efficient”, implying that current prices fully reflect all available information. The present study aims at testing the weak form of market efficiency of the individual stocks listed on the Bahrain Bourse for the period 2011 to 2015. Weak form of EMH is tested using the Kolmogorov Smirnov goodness of fit test, run test and autocorrelation test. The K-S test result concludes that in general the stock price movement does not follow random walk. The results of the runs test reveals that share prices of seven companies do not follow random walk. Autocorrelation tests reveal that share prices exhibit low to moderate correlation varying from negative to positive values. As the study shows mixed results, it is difficult to conclude the weak form of efficiency of Bahrain Bourse.

Market efficiency and technical analysisduring different market phases: further evidence from Malaysia

Safwan Mohd Nor, School of Maritime Business and Management, University of Malaysia Terengganu, Malaysia; Victoria Institute of Strategic Economic Studies, Victoria University, Australia
Guneratne Wickremasinghe, College of Business, Victoria University, Australia

Abstract. The profitability of simple technical trading rules remains an interesting topic and thoroughly explored in the literature. In this paper,we investigate the profitability of two popular moving average (MA) rules in the Bursa Malaysia — before, during and after the global financial crisis (GFC) of 2008-2009. Using variable length MA (VMA) and fixed length MA (FMA) technical rules, we explore if there were differences in their performances during the different market phases, and if swing traders can gain by trading on the basis of these strategies. When practical trading constraints are considered, we find that MA rules performed differently during the three market phases. Over time, the forecasting powers of these rules have diluted and they have performed poorly in the most recent subsample. Our findings suggest that the Malaysian stock market is gradually becoming more efficient.

Return prediction in small capitalisation companies on the JSE

Shaun Cox, University of Cape Town, South Africa
Gizelle Willows, College of Accounting, Leslie Commerce Building, Upper Campus, University of Cape Town, Rondebosch, South Africa

Abstract. This report analyses return prediction in small capitalisation companies on the Johannesburg Stock Exchange over the period 1 January 2010 to 31 December 2015. Well-established fundamental company characteristics and additional small capitalisation specific characteristics were regressed against the returns of 104 small capitalisation companies. The results show contrary predictability than what is seen in prior studies which focused on larger companies. The results highlight the difference in the nature of returns earned by small caps and provide insight into unique predictive characteristics that can be used by investors and analysts of small capitalisation companies.

The effect of working capital management on profitability: a case of listed manufacturing firms in South Africa

Jason Stephen Kasozi, MCOM Finance, Lecturer in Department of Finance, Risk Management and Banking, University of South Africa, South Africa

Abstract. Working capital management plays a pivotal role in enhancing the operational efficiency of firms and their ultimate profitability. Therefore,the purpose of this study was to examine the trends in working capital management and its impact on the financial performance of listed manufacturing firms on the Johannesburg Securities Exchange (JSE). A Panel data methodology was used with different regression estimators to analyze this relationship on an unbalanced panel of 69 manufacturing firms listed during the period 2007-2016.
Findings revealed that the average collection period and the average payment period are negatively and statistically significant to profitability implying that firms which efficiently manage their accounts receivable and those that pay their creditors on time perform better than those that do not. Additionally, a positive but statistically significant relationship between the number of days in inventory and profitability was supported suggesting that firms which stock-up and maintain their inventory levels suffer less from stock-outs and avoid challenges of securing financing when needed. This increases their operational efficiency and ensures profitability in the long-run. It could not be ascertained whether a shorter or longer cash conversion cycle enhances firm profitability since findings to support this premise were weak.However, it was observable that manufacturing firms no average, carry a lot of debt in their capital structure.
The present study contributes to existing literature by presenting one of the very recent findings on this topic while simultaneously testing the validity of recent local and international methodologies, in order to inform policy change.

Does insurance hedge macro volatility? Global evidence

Paul Moon Sub Choi, Ewha School of Business, Republic of Korea; The Johnson Graduate School of Management, Cornell University, USA
Won Young Chae, Ewha School of Business, Republic of Korea
Joung Hwa Choi, Kangnam University, Republic of Korea; The Johnson Graduate School of Management, Cornell University, USA
Young Bin Han, Department of Economics, Columbia University, USA

Abstract. Insurance is known in the literature to have contributed to economic growth. In our cross-country analyses, we find that insurance density appears to also subdue macro volatility. In other words, an overall expansion of insurance coverage in an economy cushions aggregate risks. This empirical inference remains robust to controlling for other covariates known to co-move with economic activities. Given that the contribution of insurance to economic growth is more impactful in developing countries than in industrialized economies, not only this result il appealing to economic intuition but also extends the claims in the existing researches.

Risk perception and psychological investors in Indonesian stock exchange

Yuliani, University Sriwijaya, Indonesia
Isnurhadi, University Sriwijaya, Indonesia
Ferry Jie, Edith Cowan University, Australia

Abstract. The function of capital market as a mediator between parties who have excess funds that investors and those who need the funds or issuers. Decision to sell and buy shares of a financial asset is very strategic decision for investors because it is associated with the chances of return to be earned.The objective of this paper is to examine the Investor’s Psychology on Buying and Selling of Common Stock in the Stock Exchange of Emerging Market. The specific purpose of this research is to provide the simultaneous empirical evidence about the perception of risk, psychological aspects towards the Confidence and Performance. The quantitative research by 100 individual investors in Palembang, South Sumatera, Indonesia. The data collected during March-May 2016 by using questionnaire instrument and descriptive and inferential data analysis method. Research findings show that perception of risk and psychology significant towards the confidence. While confidence has a significantly positive impact to performance. This research has notbeen explained entirely towards the Investor Psychological aspects, so the additional variable may be needed as the full reflection of Investor Psychology. The further research may use experimental study, starts from the Buying of stocks, and the factors that can be considered in Selling stock.

Failure prediction of government funded start-up firms

Oliver Lukason, School of Economics and Business Administration, University of Tartu, Estonia
Kaspar Käsper, School of Economics and Business Administration, University of Tartu, Estonia

Abstract. This study aims to create a prediction model that would forecast the bankruptcy of government funded start-up firms (GFSUs). Also, the financial development patterns of GFSUs are outlined. The dataset consists of 417 Estonian GFSUs, of which 75 have bankrupted before becoming five years old and 312 have survived for five years. Six financial ratios have been calculated for one (t+1) and two (t+2) years after firms have become active. Weighted logistic regression analysis is applied to create the bankruptcy prediction models and consecutive factor and cluster analyses are applied to outline the financial patterns. Bankruptcy prediction models obtain average classification accuracies, namely 63.8% for t+1 and 67.8% for t+2. The bankrupt firms are distinguished with a higher accuracy than the survived firms, with liquidity and equity ratios being the useful predictors of bankruptcy. Five financial patterns are detected for GFSUs, but bankrupt GFSUs do not follow any distinct patterns that would be characteristic only to them.

Forecasting the level of earnings management of Russian and Chinese companies

Anna Loukianova, Ph.D, Associate Professor, Department of Finance and Accounting, Graduate School of Management, St. Petersburg University, Russian Federation
Egor Nikulin, Ph.D, Associate Professor, Department of Finance and Accounting, Graduate School of Management, St. Petersburg University, Russian Federation
Andrey Zinchenko, Master Program Student, Graduate School of Management, St. Petersburg University, Russian Federation

Abstract. The purpose of the current paper is to elaborate a model to forecast a particular type of earnings management by companies: upward earnings management, downward earnings management or the absence of significant manipulation.
The sample analyzed in the current paper comprises 664 Russian and 2,380 Chinese public companies for the period 2009-2014. The forecast was made for 2014 based on annual accounting data for 2009-2013. Regression analysis as well as Classification and Regression Tree modelling (CART) methods were used. The data forecast for 2014 was compared with actual data for that year, and the accuracy of the forecasting model was assessed.
The paper outlines the main conditions under which a particular type of earnings manipulation is expected to take place in a company in the accounting period following the current one. It is shown that the main factor influencing the company’s level of earnings manipulation of the next accounting period for both Russian and Chinese companies is the debt ratio calculated as the ratio of total liabilities to total assets. The other important factors are: the company’s size, return on equity, earnings persistence, the level of earnings manipulation in the current period and stock emission.

Ownership structure and corporate performance: evidence from property and real estate public companies in Indonesia

Mustaruddin Saleh, Faculty of Economics and Business (FEB), University Tanjungpura, Indonesia
Giriati Zahirdin, Faculty of Economics and Business (FEB), University Tanjungpura, Indonesia
Ellen Octaviani, Faculty of Economics and Business (FEB), University Tanjungpura, Indonesia

Abstract. This paper has proposed a specific case in the property and real estate sector regarding the impact of ownership structure and corporate performance; since this sector is one of those with booming investment in Indonesia. The ownership structure was represented by the institutional investor and managerial ownership, while the Economic Value Added (EVA) and Tobin’s Q were used as a proxy for the firm’s performance. This study utilized the purposive sampling of 240 observations over the period of 2010 to 2015. The fixed and random effect panel data model was employed to determine the relationship among the variables. Findings show that the institutional investor and company’s size, as well as debt ratio are important in explaining a firm’s performance, while managerial ownership has a partially significant effect on the performance of companies in this industry.

Effects of ambiguity in market reaction to changes in stock recommendations

Mei-Chen Lin, Professor, National Taipei University, Taiwan
Chen-Yang Lin, Graduate student, National Taipei University, Taiwan
Ming-Ti Chiang, Instructor, Hsing Wu University, Taiwan

Abstract. This study uses analyst recommendations and three ambiguity proxies: ambiguity in fundamentals, ambiguity in information and market ambiguity, to examine market reaction to recommendation changes in the Taiwan stock market. We find that analysts’recommendation changes have positive effects on subsequent buy-and-hold abnormal returns when market ambiguity is moderate. When ambiguity in fundamentals is low, recommendation changes have a positive influence on smaller firms. The effect of ambiguity in information on stock returns is associated with market ambiguity; market ambiguity is negatively associated with abnormal returns for firms with moderate ambiguity in fundamentals. Investors in a small firm rely more on analyst recommendations.

Bond yields and stock returns comparison using wavelet semblance analysis

Róbert Verner, Ph.D., MBA., Department of Economics, Faculty of Business Economics with seat in Košice, University of Economics in Bratislava, Slovak Republic
Gabriel Herbrik, Faculty of Business Economics with seat in Košice, University of Economics in Bratislava, Slovak Republic

Abstract. Financial time series have been the subject of academic research for several decades. Because of their specific nature, most of financial data is nonstationary, which means that the statistical properties of the data change over time. Its probabilistic distribution can vary rapidly, and during a short period investors might gain large profits as well as significant losses.
Following previous research, this paper focuses on semblance analysis of government bond yields and stock prices in US and Germany using continuous wavelet transform.

Impact of declining interest rates on European primary bond market

Róbert Verner, Ph.D., MBA., Department of Economics, Faculty of Business Economics with seat in Košice, University of Economics in Bratislava, Slovak Republic
Peter Remiáš, Faculty of Business Economics with seat in Košice, University of Economics in Bratislava, Slovak Republic

Abstract. Initial public debt offerings can be considered not only as the complex global investment topic, but also as a corporate finance phenomenon. They starts with the decision of a particular issuer to access the public market. The entity contemplating a public bond offering must usually be well known, perceived as stable and sufficiently transparent to potential investors. Companies whose bonds are traded on a public market must be credible and complete the due diligence, the legal and financial audit. In addition, during the period their bonds are traded, issuers have information commitments with respect to investors, supervisory authorities, rating agencies and to the relevant market makers. Based on this information, each company with publicly traded debt is more subjected to criticism, and even a small incident is immediately reflected in the market price of its obligations.
The aim of this paper is to describe the recent development of initial public bond offerings and to analyze the impact of low market interest rates on the size of primary debt market in Europe using the sample of EUR denominated issues offered in last decade.

Exchange rate intervention and trade openness on the global economy with reference to Brazil, Russia, India, China and South Africa (BRICS) countries

Desti Kannaiah, Ph.D., FCPA (Aust.), Dr., Senior Lecturer, School of Business, James Cook University, Singapore
Narayana Murthy, Nimra Colledge of Business Management, India

Abstract. Currently, the economy of the world is trapped in interdependent global economic web. They are mutually dependent on one another’s in imports, exports, fiscal and monitory policies in terms of stability. This is going to be great challenges and opportunities to the emerging economies. These countries have greater trade openness to the international trading and are more affected by inflation. The BRICS represents about 40 percent of the world population; encompass over 25 percent of the worlds land coverage and comprise huge natural resources. BRICS share of a little over 10 percent in world Gross Domestic Product (GDP) and less than 4 percent in world trade in 1990, BRICS (with the recent inclusion of South Africa to the forum) now constitutes about 25 percent of world GDP in terms of PPP (Purchasing Power Parity), and 15 percent of world trade. The increase in GDP implies that the economic size of BRICS in terms of its share in world GDP has expanded by 150 percent in the past two decades, and they also estimated that the GDP of these countries may cross 47 percent of the world GDP, and will emerge as strong economic power in the world, and they contribute one fifth of the global economic output. The BRICS economies operate under varied monetary policy frameworks and procedures. Brazil and South Africa have inflation targeting regimes, while other countries follow multiple indicator frameworks. There are various other indicators, such as trends in inflows and outflows of foreign direct investment (FDI), trade openness, current account balance, forex reserves and economically active labour forces that could make BRICS a formidable force to reckon with in future. This study significantly apply exchange rate, Forex reserve and trade openness on the global economy of BRICS countries.


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14 volumes and 81 issues