Copernican Journal of Finance & Accounting
https://apcz.umk.pl/CJFA
<p>A professional forum of presentations and analyses of scientific papers in the scope of finance and accounting in the international dimension.</p> <p>The primary version of the Copernican Journal of Finance & Accounting is the on-line version, however the Journal is available both in print and in electronic form.</p> <p>(e-ISSN: 2300-3065, p-ISSN 2300-1240)</p> <h1>Abstracting and Indexing Services</h1> <p>The Copernican Journal of Finance & Accounting has DOI number and is covered by the following abstracting/indexing services:</p> <ul> <li><a href="https://abdc.edu.au"><span lang="EN-US">Australian Business Deans Council (ABDC) Journal Quality List</span></a></li> <li><a href="http://www.arianta.pl">ARIANTA</a></li> <li><a href="https://bazybg.uek.krakow.pl/bazekon/">BazEkon</a></li> <li><a href="https://clasificacioncirc.es/ficha_revista?id=51439">CIRC (La Clasificación Integrada de Revistas Científicas)</a></li> <li><a href="https://www.ebsco.com/products/research-databases/business-source-corporate-plus">EBSCO</a></li> <li><a href="https://dbh.nsd.uib.no/publiseringskanaler/erihplus/periodical/info?id=485687">ERIH PLUS</a></li> <li><a href="http://scholar.google.pl/">Google Scholar</a></li> <li><a href="http://jml2012.indexcopernicus.com/Copernican+Journal+of+Finance+and+Accounting,p3779,3.html" target="_blank" rel="noopener">Index Copernicus</a> (ICV 2022: 100.00)</li> <li><a href="http://www.proquest.co.uk/en-UK" target="_blank" rel="noopener">ProQuest</a></li> <li><a href="http://econpapers.repec.org/article/cpnumkcjf/">RePEc</a> (Research Papers in Economics)</li> <li><a href="http://www.sherpa.ac.uk/romeo/search.php?source=journal&sourceid=27251&la=en&fIDnum=|&mode=simple">SHERPA / RoMEO</a></li> <li><a href="https://apcz.umk.pl/CJFA/index">Journal Digital Platform of Nicolaus Copernicus University</a> (Open Journal System)</li> <li><a href="https://www.doaj.org/search?source=%7B%22query%22%3A%7B%22filtered%22%3A%7B%22filter%22%3A%7B%22bool%22%3A%7B%22must%22%3A%5B%7B%22term%22%3A%7B%22_type%22%3A%22journal%22%7D%7D%5D%7D%7D%2C%22query%22%3A%7B%22query_string%22%3A%7B%22query%22%3A%22Copernican%20Journal%22%2C%22default_operator%22%3A%22AND%22%7D%7D%7D%7D%2C%22from%22%3A0%2C%22size%22%3A10%7D">DOAJ</a></li> <li><strong>The journal is included in the list of scientific journals and peer-reviewed materials from international conferences of the Ministry of Education and Science (20 points).</strong></li> </ul>Uniwersytet Mikołaja Kopernika w Toruniuen-USCopernican Journal of Finance & Accounting2300-1240Auditor Choice and Peer Firms Similarity: the Case of Tunisian Firms
https://apcz.umk.pl/CJFA/article/view/48748
<p>The aim of this study is to offer novel factor perceived by firms to select an external auditor in developing countries, like Tunisia, given their unique cultural, economic and institutional context. Specifically, we examine how peer firms’ product similarity affects their decision to engage the same auditor. The data sample of this study covers the period between 2014 and 2021, across 36 firms and 1297 firm-peer-year observations. Using a novel measure for industry product similarity, results of logistic regression show that the likelihood of sharing auditor by peer firms increases when their product offering are more similar. This study finding provide evidence that Tunisian firm’s auditor selection decision focus more on knowledge and expertise of external auditor than exercising caution to protect their proprietary information. In additional test, we evaluate whether our primary result remains when we isolate Big4 and Non-Big 4 clienteles and we find a supportive evidence that the likelihood of choosing the same auditor is greater for firm pairs that are audited by a Big N. Overall, this study extends the literature on auditor choice determinant in developing country by highlighting the importance of peer firms’ product similarity in choosing external auditor and provide important evidence for investors and practitioners whether it is important for the external auditor to invest in industry specialization and build a reputation as a specialist.</p>Amira Ben Hassoun
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2024-02-142024-02-1412310.12775/CJFA.2023.013The Analysis of Financial Reporting Quality and Firm Value
https://apcz.umk.pl/CJFA/article/view/48749
<p>The objective of this research is to obtain empirical evidence about the effect of financial reporting quality on firm value. Financial reporting quality is measured using two proxies, accrual quality through Ball-Shivakumar Model (AQ) and earnings management through Modified Jones Model (EM). Firm value is measured using share price, Price to Book Value, Tobin’s Q, and Market Value-Added. Control variables used are leverage (Debt to Equity Ratio), profitability (Return on Asset), and firm size (ln total assets). This study focuses on manufacturing businesses that were listed on the Indonesia Stock Exchange during the years 2018 and 2021. The sample was chosen through a purposive sampling technique, specifically targeting companies listed on the Indonesia Stock Exchange that operate in the manufacturing sector and provide audited financial statements. Analyzed the secondary data utilizing descriptive statistics, normality test, classical assumption tests, and hypothesis testing. The findings of this investigation are (1) AQ has no effect on share price, PBV, Tobin’s Q and MVA (2) EM has positive and significant effect on all proxies of firm value, except MVA. The quality of financial reporting, the level of leverage, the size of the firm, and its profitability all have a simultaneous and considerable impact on the value of the firm.</p>Karina Harjanto
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2024-02-142024-02-1412310.12775/CJFA.2023.014Financialization and Dynamics of Currency Futures Market during COVID-19: Evidence from India
https://apcz.umk.pl/CJFA/article/view/48751
<p>This study examines inter-relationship and impact of COVID-19 on Indian currency and equity futures markets during the period of financial crisis. In such period, investors look for alternative asset classes to hedge against risk as observed during Global Financial Crisis. This study examines whether same phenomenon was observed after COVID-19 in India considering currency futures as an alternate asset class. For this purpose daily exchange rate of Indian Rupee with British Pound Sterling, Japanese Yen, Euro and United States Dollar and for equity futures, near-month NIFTY 50 futures contracts are used. After examining stationarity of data, Co integration test, Granger causality and Bi-variate correlation is applied. ARCH and DCC-GARCH model is employed to allow for heteroscedasticity and time variation in correlation. It is observed that YEN, JPY and USD display significantly negative correlation with Nifty futures. Currency futures is causing Nifty futures during COVID-19 period and leads Nifty futures by one day. However, it is other way around during pre-COVID-19 period. Long-run co-integration is not evident. ARCH effect is present in both time series and except for insignificant short-run shock persistence during COVID-19 period, there exists time varying correlation between currency returns and Nifty.</p>Adish KumarKapil Gupta
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2024-02-142024-02-1412310.12775/CJFA.2023.015Board Characteristics, Asset Quality and Financial Performance of Deposit Money Bank
https://apcz.umk.pl/CJFA/article/view/48752
<p>This study evaluates how the board composition and asset quality of Nigerian deposit money banks affected their financial performance. The study used a sample size of 20 out of 33 deposit money banks and an ex-post facto research design. Panel least square regression techniques were then used to assess the secondary data gathered from the audited financial records of the participating deposit financial institutions for the years 2014 to 2021. The study found that while asset quality has a negative impact on the performance of Nigerian banks, the size of the board and the makeup of the credit committee have a beneficial impact. As a result, the study came to the conclusion that board qualities and asset quality are two further elements that affect deposit money bank performance in Nigeria. In order to ensure that its members are appropriately diverse and in compliance with the Corporate Governance Code, the study proposed that the size of deposit money institutions' boards be rationalized. In order to guarantee that banks are not exposed to excessive risk, it was also advised that the Central Bank of Nigeria should keep an eye on the operations of the credit committee.</p>Yusuf Olamilekan QuadriIfedolapo Oluwasolape OmotoshoDaud Omotosho SaheedBabatunde Abdullah Adio
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2024-02-142024-02-1412310.12775/CJFA.2023.016Short-term Persistence Performance of Equity Mutual Fund Returns: Evidence from India
https://apcz.umk.pl/CJFA/article/view/48754
<p>The present study verifies the short-term persistence performance of equity mutual fund returns. The study considers 47 equity funds' monthly excess returns spanning from January 2000 to December 2019. The study employs prominent asset pricing models such as Jensen (1968) one-factor model, Fama-French (1993) three-factor model, and Carhart (1997) four-factor model to capture the short-term persistence of equity mutual fund returns. The results show that Jensen’s one-factor and Fama-French three-factor models are explaining a better persistence performance in the Indian context.</p>V. Veeravel
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2024-02-142024-02-1412310.12775/CJFA.2023.017