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This study examined how environmental accounting disclosure influences the market value of listed non financial firms in Nigeria between 2012 and 2020. The research design adopted is the longitudinal design. A total population of one hundred and twelve (112) listed non-financial firms was identified. A purposive sampling was used to generate a sample of seventy-two (72) listed non-financial firms sourced from firms’ annual reports. The dependent variable is the market value measured using earnings per share (EPS). The independent variable is environmental accounting measured by the index of environmental disclosure constructed using a content analysis; eight themes of the Global Reporting Initiatives (GRI). The study employed panel feasible generalized least square regression technique for data analyses. The outcomes revealed that environmental disclosure influence earning per share as well as share price positively and significantly. Hence, this study found robust proof which suggests that environmental disclosure significantly influence market value of listed non-financial firms in Nigeria. The implication is that non-financial firms in Nigeria are yet to show much concern about the physical environment in which they operate; in terms of adherence to the environmental laws and standards, process and product related issues including those related to recycling, packaging, waste, pollution emissions and effluent discharges as well as provision of sustainability and other environmental related information. It recommends that corporate firms should prioritize the inclusion of environmental information in their annual reports as such has potential to bring about higher market value.

This systematic review paper aims to provide an overview of the content literature review of integrated reporting in the following categories: (1) the methodology approach used; (2) the mediating-mediator factors of integrated reporting. Using a systematic literature review design based on PRISMA guidelines, the data were collected from selected databases (google scholar). The study reviewed 52 papers. The timeframe of the study was from 2017 until 2023 (May). The findings of the reviewed articles showed that the majority of the papers were published in Emerald publisher journals (25). The highest number of articles were published in 2022 (25 articles). Most of the papers employed a quantitative research design and selected secondary data that was followed by a mixed-method research design. The moderator and mediating factors found in the reviewed articles were needs for external financing, corporate Social responsibility, earnings per share (EPS), firm complexity, financial leverage (low but significant), environmental, social and governance (ESG) performance reporting, board gender diversity and family firms, CEO integrity, and CEO power, while only two mediating factors were found: Integrated reporting, and firms' reputation. Based on the findings, the study suggests several implications and suggestions for delivering better knowledge of integrated reporting. [ABSTRACT FROM AUTHOR]

The accounting component of human capital has not yet been fully adopted and implemented in the corporate financial reporting of corporate organizations. Determining the impact of human resource accounting on turnover, earnings per share, and capital employed in the corporate performance of the listed businesses on the Nigerian stock exchange is the goal of the current study. The study used a descriptive longitudinal research design, and the sample size used was 29, with the study population being made up of 188 companies that are listed on the Nigerian Stock Exchange. The study employed both descriptive and inferential statistical tools of analysis. The inferential statistical approach used was panel regression analysis, and frequency tables were the descriptive approach for the study's demography part. The results of the study demonstrate that (I) human resource accounting significantly influences business turnover, (ii) human resource accounting significantly influences earnings per share, and (iii) human resource accounting significantly influences the return on capital employed. In conclusion, financial reports would be more useful for making decisions if human resources were included as an asset rather than reported in the traditional manner. Therefore, the study suggests that the listed firms adopt a culture of valuing and disclosing education, training, and ongoing retraining of their human resources to enhance performance. [ABSTRACT FROM AUTHOR]

The study analyzed the relationship between optimism, anchoring, overconfidence, representativeness, realism, commonality and time, with the accuracy in the profit forecast of analysts. Publicly traded Brazilian companies were considered in 2019, and correlation tests, mean differences and multiple regression analyses were applied. The results indicated that accuracy is negatively influenced by optimism and positively by anchoring and commonality. In addition, the uncertainty present in the distance between the forecast issued and the disclosure of earnings per share also negatively influences the accuracy of analysts. Additionally, it was found that fair value, profitability, issuing ADRs and self-regulated sector, are aspects related to greater accuracy. Thus, the research contributes to the literature by linking behavioral and temporal aspects to financial ones, as well as by signaling the importance of analysts' forecasting models to consider behavioral aspects in their information technologies. [ABSTRACT FROM AUTHOR]

Copyright of Financial & Business Studies Journal / Maǧallaẗ Al-Dirāsāt Al-Māliyyaẗ wa Al-Tiǧāriyyaẗ is the property of Beni Suef University and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The present study aims to shed light on the impact of capital structure determinants on the financial performance of a public economic firm listed on the Algerian Stock Exchange, represented by the Saidal Group, during the period from 2010 to 2021. Furthermore, the study relied on the financial statements (balance sheet and income statement table) published on the official website of the stock exchange to collect the financial data of the firm. In pursuance of this aim, three multiple models were estimated in which dependent variables expressing financial performance were represented in each of the return on assets (ROA), return on equity (ROE), and earnings per share (EPS), while the independent variables expressing the determinants of the capital structure were represented in each of the ratio of medium and long-term debt to total assets (MLTDTA), the ratio of shortterm debt to total assets (STDTA), and the self-financing capacity (SFC). In addition to this, the control variables were used in the models to represent the liquidity and size of the firm, which was measured in the Neperian logarithm of its total assets. The study reached a set of results, the most important of which are the presence of a statistically significant positive relationship between the capital structure, as measured by the firm's self-financing capacity, and the financial performance with its three indicators, as well as the existence of a statistically significant negative relationship between the ratio of medium- and long-term debt to total assets and financial performance. As for the ratio of short-term debt to total assets, it has a negative and statistically insignificant impact on both the return on assets and the return on equity, but also has a negative and statistically significant impact on earnings per share. In light of this, the study recommends that the firm should rely on internal financial sources rather than external financial sources to finance its various investments in order to improve its future financial performance. [ABSTRACT FROM AUTHOR]

This study sought to examine the impact of environmental and social disclosure practices on financial performance and firm profitability. Data was collected from the annual statements and financial reports of twelve commercial banks listed in Bursa Istanbul. Profitability variables were determined through return on assets, return on equity, and earnings per share, concerning environmental and social disclosure information, it was measured according to GRI. Accordingly, correlation testing and regression analysis were used to identify the relationship and impact of environmental and social disclosure at the end of 2019 on the profitability of banks at the end of 2020. The results of the study indicated that there was not a significant relationship or effect of environmental and social disclosure on profitability in commercial banks listed on the Bursa Istanbul. Thus, the alteration in profitability cannot be predicted by the change in the level of environmental and social disclosure. Regarding the level of disclosure in general is good and acceptable, as it reaches the level of 58% and an average of 30% for social disclosure and a level of 60% and an average of 26% for environmental disclosure. [ABSTRACT FROM AUTHOR]

This study extends Dickinson's (2011) firm life cycle classification approach by linking it with the asset preferences and firm performance. This study also resolves the contention between agency theory and neo‐classical theory. Based on the data of S&P 500 firms from 2000 to 2019, our results show: First, the effect of current assets on basic earnings per share (BEPS), return on assets (ROA) and Tobin's Q ratio (TQR) decreases from the introduction to decline stage. Second, the influence of fixed assets on TQR increases from the introduction to the declining stage. Our findings suggest that both theories are relevant, and asset acquisition influences the productivity and performance of the firms. [ABSTRACT FROM AUTHOR]

The focus of the study was on examining International Financial Reporting Standard (IFRS) Adoption and The Value Relevance of Accounting Information in Selected Africa Countries: A Comparative Analysis of Nigeria and South Africa. The focus on cross country analysis in the subject of IFRS adoption and value relevance is growing quite slowly. However. Cross country empirical studies for countries in Africa continent is largely non-existent or at best difficult to find. This study address this gap by adopting a crosscountry approach using Nigeria and South Africa. The study employed a longitudinal research design. The population and the sample of the study comprised the top companies in each country by way of market capitalization for the countries in the study, namely: Nigeria and South Africa as at December, 2019. The convenience sampling technique was used in the study to select listed firms across the two countries. Secondary data sourced from corporate annual reports of the sampled quoted firms got from the Nigerian Exchange Group (NGX) and Johannesburg Stock Exchange (JSE) were used for the study. The study made use of panel data regression and the results revealed that for South-Africa, Earnings Per Share (EPS) and EPS*IFRS were both positive respectively, and also statistically significant. Book Value Per Share (BVPS) and BVPS*IFRS were both positive respectively, and also statistically significant. Dividends Per Share (DPS) and DPS*IFRS were both positive respectively, and were also statistically significant. Intangible Assets (INTA) was not value relevant in the pre-IFRS period given the absence of the statistical significance of the variable, but show some evidence of weak incremental relevance from IFRS adoption as the interaction between INTA*IFRS was significant. Cash Flow Per Share (CFPS) was positive and significant; and furthermore, the interaction of CFPS*IFRS was also positive and statistically significant. For Nigeria, EPS and EPS*IFRS are both positive respectively, with EPS statistically significant. BVPS and BVPS*IFRS are both positive respectively, with only BVPS statistically significant. Furthermore, DPS and DPS*IFRS are both positive respectively, and statistically significant. INTA and INTA*IFRS are both insignificant respectively. Finally, CFPS is positive, though not significant; but the interaction of CFPS*IFRS is positive and significant. It therefore implies that, EPS*IFRS, BVPS*IFRS, DPS*IFRS, INTA*IFRS, CFPS*IFRS shows whether EPS, BVPS, DPS, INTA, CFPS reflects a stronger statistical significance in explaining share price when interacted with IFRS adoption (post) than without it (pre) in the two selected Countries( Nigeria and South Africa) . The study concluded that, there is the need for capital markets in developing countries to become more efficient and for companies and accounting regulatory institutions to ensure timely and quality disclosures of accounting information. It recommended that stock exchanges in developing markets should put a framework in place that measure the rate of compliance of each listed firm’s annual report with IFRS demands to enable the sanctioning of firms that recorded below the expected compliance level. The study also recommended amongst others, that financial reporting councils and accounting standards setting bodies globally should support the effort to ensure improved compliance with IFRS as a matter of policy. [ABSTRACT FROM AUTHOR]

Although firms cite flexibility as important when repurchasing shares, we know little about how or why firms vary repurchases. We use an extensive sample of daily repurchase transactions from the United Kingdom to investigate how the number of repurchase days and volumes of shares repurchased change based on several known motivations. We find that stock price changes, liquidity, leverage, takeover activity and earnings per share targets impact share repurchasing patterns. Further, we compare actual repurchases to alternative share accumulation strategies and find that firms utilize flexibility without paying higher costs. [ABSTRACT FROM AUTHOR]

This article, titled "USING ACCOUNTING INFORMATION TO VALUE A BUSINESS - A CASE STUDY FOR THE MBA FINANCIAL ACCOUNTING COURSE," discusses a case study that aims to demonstrate how financial accounting information can be used to develop a bid for purchasing an existing business. The case is designed for first-year graduate students in a Financial Accounting course within an MBA program. Students are provided with financial statements for a fictitious company and are tasked with forecasting future income and operating cash flows to create a bid. The article outlines three approaches that students can use to develop their bids and suggests using accounting ratios to assess the reasonableness of the bids. [Extracted from the article]

IFRS 16 addresses the criticisms against IAS 17 that allowed lessees not to recognize assets and liabilities related to operating leases. This study analyzed the impact of operating lease capitalization on 38 selected Philippine-listed companies' key financial ratios from the service sector from 2016 - 2021 under PFRS 16. Key financial ratios were calculated and compared to the changes that happened due to the adoption of PFRS 16 - Leases with firm size, firm age, inflation rate, nominal GDP growth rate and the unemployment rate as moderating variables. Mann-Whitney U Test was employed to analyze the impact of pre-and post-PFRS implementation on financial ratios. The impact of predictor variables on PFRS 16 and key financial ratios were examined using Ordinary Least Squares (OLS) regression analysis. The study result revealed a significant negative influence of PFRS 16 implementation on return on equity, price-earnings ratio, and price-to-book ratio; and a significant positive influence on the debt-equity ratio, and earnings per share. Firm age positively moderates the return on equity and PFRS 16 adoption (p = 0.032). Only the nominal GDP growth rate moderates the key financial ratio and PFRS 16 in terms of the price-earnings ratio (p = 0.019). This implies that PFRS 16 adoption significantly influences some key financial ratios. Management should reconsider their business model, especially on lease transactions, as it will impact their financial reporting. The new accounting standards must be well communicated to stakeholders considering the firm-level and macroeconomic indices for better decision making. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Actual Problems of Jurisprudence / Habaršy. Zan̦ Seriâsy is the property of Al-Farabi Kazakh National University and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The proper forecasting of listed companies' earnings is crucial for their appropriate pricing. This paper compares forecast errors of different univariate time-series models applied for the earnings per share (EPS) data for Polish companies from the period between the last financial crisis of 2008-2009 and the pandemic shock of 2020. The best model is the seasonal random walk (SRW) model across all quarters, which describes quite well the behavior of the Polish market compared to other analyzed models. Contrary to the findings regarding the US market, this time-series behavior is well described by the naive seasonal random walk model, whereas in the US the most adequate models are of a more sophisticated ARIMA type. Therefore, the paper demonstrates that conclusions drawn for the US might not hold for emerging economies because of the much simpler behavior of these markets that results in the absence of autoregressive and moving average parts. [ABSTRACT FROM AUTHOR]

Financial information from firms often contains biased information. In this study, we posit and experimentally test the idea that investors will have difficulty in unraveling known biases in management's earnings forecasts but will be most likely to fully adjust when the information about bias is in quantitative, EPS form and the investor's judgment is compatible with that bias information (also in quantitative, EPS form). Results from three experiments suggest that indeed quantification and compatibility are beneficial for unraveling managerial bias, but even under these conditions not all investors are able to unravel. We also show that this result is robust to several moderator variables that capture factors that are commonly found in the management earnings forecast setting. Our study has implications for firm managers, regulators, and investors. [ABSTRACT FROM AUTHOR]

Purpose: The importance of corporate governance has grown dramatically over the last 20 years, owing to corporate fraud and management misconduct. Corporate governance reforms indicate that Regulators regard governance as an important means of establishing credible financial reporting. The purpose of this study was to determine whether internal corporate governance attributes and accounting information affect the value relevance--as proxied by the share price--of large profitable companies listed on the Johannesburg Stock Exchange (JSE). Originality/Value: To the best of the authors' knowledge, this was the first study to examine the value relevance of accounting information by considering the impact of internal corporate governance attributes, since the commissioning of the King IV Report on Corporate Governance for South Africa. Design/Methodology/Approach: To determine the impact of corporate governance attributes on the value relevance of accounting information, the Generalised Linear Mixed Effects model was used to test the study hypothesis. The study sample consisted of 62 firms listed on the JSE between 1 January 2015 and 31 December 2018. Six variables were used to measure internal corporate governance attributes, namely board size, board independence, staggered board, internal board committees, board activity and board gender diversity. Findings: The findings indicated that the size of the board is value relevant and negatively affects share price. It could also be posited that net asset value per share (NAVPS) and earnings per share (EPS) assist in explaining the share price of JSE-listed firms. Research limitations: Three limitations have been identified. Firstly, the generalisability of the results may be limited on account of the small sample size and the unique setting of South Africa--a developing country. Secondly, the findings are confined to a distinct time-period, as they were generated from a sample taken over a four-year period. Lastly, the study examined the relationship between six internal corporate governance attributes. Alternative proxies may provide different results. [ABSTRACT FROM AUTHOR]

The present study has been conducted to examine the impact of seven of most important internal factors on stock prices for all listed banks in Dubai and Abu Dhabi stock markets. Pooled Least Square, Fixed Effects (FE), and Random Effects (RE) models have been used to carry out the analysis for data pertaining to 23 banks for a time period between 2014-2017. The aim of the study is to examine the most important internal factors affecting stock prices in the banking sector of United Arab Emirates, and whether internal factors determining stock prices in this sector are the same for Dubai and Abu Dhabi stock markets. The results give evidence of positive and significant impact of Earnings Per Share (EPS) and Dividend Per Share (DPS) on market price for shares, in all markets for the former and only in Abu Dhabi stock market for the later. By contrast, the study reveals a negative impact of Return on Equity (RoE), Dividend Yield (DY), and Price Earnings (P_E) on market price for shares. Even more important, the study gives evidence of differentiated impact of variables representing dividend policies, on market price for shares, between the two markets investigated in United Arab Emirates. [ABSTRACT FROM AUTHOR]

The purposes of this study are To find out and analyze the effect of Earning Per Share (EPS), Current Ratio (CR), and Return On Equity (ROE) on stock prices in property and real estate companies on the Indonesia Stock Exchange. The technique of collecting research data is through financial data, while the number of samples used is 32 financial data. The sampling technique used a purposive sampling method with a non-random sampling technique. The test instruments used to test the research instruments are the normality test, multicollinearity test, heteroscedasticity test, autocorrelation test, and multiple linear regression test. Hypothesis testing was carried out using a ttest, f-test, and coefficient of determination (R2). The results showed that the earnings per share variable had a significant effect on stock prices in property and real estate companies of 0,938, with a significance of 0.000, and the t-count value of 15,403 was greater than t-table 2.045. The current ratio variable has no effect on stock prices in property and real estate companies of 0,091, with a significance of 0,134, the tcount value of 1,544 is smaller than 2.045. The return on equity variable has a significant and significant effect on stock prices in property and real estate companies of 0,111, with a significance of 0.000, the value of count -2,302 is more significant than 2.045. Earnings per share, current ratio, and return on equity variables have a significant effect on stock prices simultaneously in property and real estate companies with a significance value of 0.000 and a Fount value of 149,030 which is greater than F table 2.95. [ABSTRACT FROM AUTHOR]

The paper analyses the role that corporate attributes play in avoiding taxes via their ability to influence public policy. The study has been conducted using a heterogeneous sample of small, medium and large cap firms listed on the Bombay Stock Exchange. A Random Effect VCE (robust) model has been used to examine the relationship between the tax avoidance rate, that is the dependent variable and five independent variables, namely, the growth rate of total assets, the growth rate of total revenue from operations, earnings per share, number of permanent employees and age of the firm. The study further discusses the efficacy of General Anti Avoidance Rule, an effort made by the government in India to alleviate the problem of tax avoidance. The study found that the firms with larger total assets, larger number of permanent employees and those that were well established in their respective lines of businesses, did have higher tax avoidance rates, suggesting that corporates with these attributes may have an ability to circumvent tax policies. It also found the GAAR not very effective in the first year of its implementation. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Management & Business Research (2521-4306) is the property of Chinese Management Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Working capital management (WCM) is a key factor in the success of manufacturing companies when credit is restricted, as is the case in the current climate caused by the COVID-19 crisis. The main purpose of this paper is to investigate the relationship between working capital management, earnings quality, sales growth, and shareholders' wealth of listed manufacturing firms in Oman. The study used balanced panel data of 31 manufacturing firms listed on the Muscat Stock Exchange (MSE) from 2004 to 2019. The study reveals that days in working capital, cash conversion cycle, payable deferred period, sales growth, and earnings quality positively affects shareholder's wealth proxied by the return on assets, whereas, days in working capital have a negative effect on return on assets. Similarly, working capital management was found to have no influence on the earnings per share (EPS). It was also documented that sales growth and earnings quality positively impacted EPS. The study concluded that improving sales growth and earnings quality would result in shareholders' wealth creation. The results are helpful to manufacturing companies to improve their business performance and social welfare through a direct and indirect chain of raising investments, pay, and production scales. This study adds knowledge to the body of literature on working capital management, earnings quality, and sales growth in the areas of methodology, the impact of WCM components on manufacturing firms' shareholder value, and socioeconomic evidence from Oman. [ABSTRACT FROM AUTHOR]

Integrated reporting (IR) contains a lot of important information for firms, such as income, cash flows, risks, uncertainties, intellectual capital, social capital and environmental capital. Based on the relevant literature it is found that the adoption of integrated reporting affects the firms' value in the short, medium and long term and, at the same time affects its environmental, social and governance performances. The aim of this paper is to analyze the impact of integrated reporting in European energy firms' value relevance. To do so, the panel data concerning 38 European energy distribution listed firms are analyzed, using statistical and econometrical methods including OLS, WLS, fixed effects and random effects models. The paper's main novelty is that it concerns a sector that plays a key role in the economic development of countries and, at the same time only a few studies are carried out concerning the examined subject in this sector. The research results have revealed that integrated reporting, book value and earnings per share have a statistically significantly effect on energy firms' market value. Thus, it is proposed that energy firms adopt IR. [ABSTRACT FROM AUTHOR]

Most research on non-GAAP financial measures focuses on earnings or earnings per share, although non-GAAP revenue disclosure has recently attracted SEC scrutiny. It is unclear ex ante what non-GAAP adjustments could improve revenue's usefulness because, unlike earnings, revenue is a top-line number related primarily to core (i.e., persistent) business activities. We present the first archival analysis of non-GAAP revenues using a large, hand-collected sample of disclosures from 2015 to 2018. Approximately one in five earnings announcements contains a non-GAAP revenue disclosure, focused on revenue growth. Our evidence suggests that firms disclose non-GAAP revenue when GAAP revenue is incomparable with prior periods, and not to compensate for poor GAAP performance. Furthermore, non-GAAP revenue growth predicts future revenue growth better than GAAP revenue growth, and the market responds to this information. Overall, non-GAAP revenue disclosures are motivated by economic fundamentals rather than opportunism, on average, and they provide investors with relevant information. [ABSTRACT FROM AUTHOR]

The relevance and usefulness of accounting information can be measured by the simultaneous relationship between accounting information, returns or stock market prices. The Comparability of accounting information, as a qualitative feature of information, increases the value relevance of accounting information. Also opacity in financial reporting through the corporate financial system increases stock volatility and, as a result, increases investment risk and investor distrust. Accordingly, the purpose of this study is the effect of comparability of financial statements and opacity in financial reporting on the value relevance between earnings and book value per share. Accordingly, a sample of 137 companies was selected from the companies listed on the Tehran Stock Exchange during the years 2013 to 2019 and to test the hypotheses, a multivariate regression model using the panel data method was used. The results showed that earnings and book value per share have a value relevance and the comparability of financial statements increases the value relevance of earnings per share. But contrary to the literature, comparability reduces the value relevance of book value per share. On the other hand, the opacity of financial reporting reduces the value relevance of book value per share due to comparability of financial statements, but does not affect the value relevance of earnings per share due to comparability.

The purpose of this study was to examine the determinants of cash distribution options by critically considering the effects of earnings, dividends, firm size, and economic value added. The distribution of cash dividends to shareholders serves as a basic means by which shareholders receive returns on their investments, so it is essential to examine share repurchases alongside dividends to enhance management’s efforts in maximising shareholder value. This study utilised panel data from 52 companies listed on the Johannesburg Security Exchange (JSE) that engaged in open market share repurchases for at least 2 years between 2000 and 2019. The data were extracted from the IRESS database. The panel data regression model was fitted with the ordinary least squares (OLS), difference generalised moment method (Diff-GMM), system generalised moment method (Sys-GMM), and least-squares dummy variable correction estimator (LSDVC). The findings revealed that there was a positive and significant relationship between the earnings per share and the payoff flexibility, implying that there was an inherent flexibility of repurchases as a payout option in the sampled firms. Additionally, the study revealed a significant negative relationship between the firm size, economic value added, and payoff flexibility. This suggests that larger companies tend to distribute a lower proportion of their earnings as share repurchases and opt for higher cash dividends instead. The implications of these findings provide financial managers with valuable insights into the role of share repurchases as a cash distribution choice. By recognising share repurchases as a viable option, financial managers can enhance their efforts to create and maximise shareholder value, particularly in emerging market settings. This evidence should encourage financial managers to recognise share repurchases more as a distribution choice, diffusing the tension regarding share repurchases replacing the payment of cash dividends and some doubt that they may not possess attributes complimentary to cash dividends. The study recommended relevant academic, industry, and policy implications in the South African context.

This paper aims to measure the relationship between Corporate Social Responsibility (CSR), Corporate Governance (CG), and profitability in listed Egyptian banks. COVID-19 is expected to affect this relationship if the year 2020 is taken. Profitability is measured by earnings per share (EPS), return on equity (ROE), and return on assets (ROA). CSR is measured as a dummy variable and CG is measured by the chief executive officer (CEO) duality. There are three control variables, such as the Islamic variable, which classifies a bank into Islamic or conventional, bank age, and bank size. The paper uses multiple regression and logistic regression models. The final sample is 12 banks consisting of 9 conventional banks and 3 Islamic banks (IBS). The results show no impact of profitability on CSR. The results prove a significant positive impact of profitability on CG; there is a significant negative relationship between CEO duality and EPS at a 0.05 level. CSR has a significant impact on CG at a 0.001 level. The results show a clear impact of COVID-19 on the impact of CSR on profitability only when measured by ROA at 0.001 in the period 2014–2019.

Focusing on the categorical nature of many status orderings, we examine the relationship among status, actors’ quality, and market outcomes. As markets evolve, the number of categories that structure them can increase, creating opportunities for new actors to be bestowed status, or it can decrease, dethroning certain actors from their superior standing. In both cases, gains and losses of status may occur without changes in actors’ quality. Because audiences rely on status signals to infer the value of market actors, these exogenously generated status shifts can translate into changes in how audiences perceive actors, resulting in benefits for unearned status gains and costs for unearned status losses. We find support for our hypotheses in a sample of equity analysts at U.S. brokerage firms. Using data on the coveted Institutional Investor magazine All-Star award, we find that analysts whose status increases because of a category addition see corresponding increases in the stock market’s response to their earnings estimates, while those who lose status see corresponding reductions. Our results suggest that the greater weight accorded to high-status actors may be misguided if that status occurs for structural reasons such as category changes rather than because of an actor’s own quality. [ABSTRACT FROM AUTHOR]

Purpose: We herein investigate the effect of quality of audit on management of earnings in Nigerian listed firms by (i) ascertaining the effect of audit quality on discretionary accruals, (ii) determining the effect of audit quality on earnings smoothing, as well as (iii) establishing the effect of audit quality on earnings per share. Methodology: The study follows an ex-post facto research design. It draws data from the annual reports of 10 firms. These consisted of five financial and five non-financial firms, purposively selected for a period of 10 years (2010-2019). Descriptive and inferential analyses were employed in data analyses. Findings: The findings indicate that audit quality significantly affected earnings smoothing. Moreover, audit quality did not significantly affect discretionary accruals and earnings per share. Furthermore, it is recommended that management of firms should put in place policies for predicting earnings (in profit) to help forecast future earnings, which can be achieved by audit quality. Originality/Value: This study is meant to raise awareness on the need to improve the financial statement/reporting practices of publicly listed companies with respect to earnings management; discretionary accrual, earnings smoothing and earnings per share. It is hoped that the forwarded recommendations support the competent authorities in addressing the identified existing issues, thus enabling them to enhance the financial reporting practices and render them improved vehicles for development in publicly listed companies. [ABSTRACT FROM AUTHOR]

This study investigates the effects of ESG factors on stock return volatility from 2012 to 2020 using linear regression, GLE algorithm, and neural network models. This paper used the ESG factors and main control variables (ROA, EPS, and year) as independent variables. The regression model results showed that both year and E scores significantly positively affected Saudi banks' stock return volatility. However, the S score and ROA significantly negatively impacted the volatility. The results indicated that the prediction models were more efficient in analysing the volatility and building an accurate prediction model using all independent variables. The results of the GLE algorithm model showed that the level of importance of the variables was sorted from highest to least significant as follows: S score, ROA, E score, and then G score. While the result of the neural network was sorted as ROA, ROE, and EPS, then the E score, S score, and G score factors all had the same minor importance in predicting the stock return volatility. Linear regression and prediction models indicated that the S score was the most crucial variable in predicting stock return volatility. Both policymakers and investors can benefit from our findings. [ABSTRACT FROM AUTHOR]

Purpose: The study aims to analyze the effect of financial soundness on financial performance of commercial banks in Kenya. Design/methodology/approach: The study used dynamic panel model to analyze data from commercial banks for the period 2009 to 2020. The study was modeled on the concept of CAMEL approach using five CAMEL variables as financial soundness indicators. Four indicators that is, net interest margin (NIM), earnings per share (EPS), return on assets (ROA) and return on equity (ROE) were used as measures of financial performance. Findings: Generalized method of moments results established that financial soundness had a statistically significant effect on NIM, ROA and ROE. It was also found that asset quality and earning quality had a statistically significant effect on net interest margin. In addition management efficiency had significant effect on ROE. However, the study established that capital adequacy, asset quality, earning quality and liquidity had a statistically insignificant effect on ROA and ROE respectively while capital adequacy, management efficiency and liquidity had statistically insignificant effect on NIM. Practical implications: Bank managers should put into place effective financial policies to govern changes in CAMEL variables to ensure optimal banks' financial soundness to facilitate positive growth in banks' financial performance. Originality/value: The current study is modeled on the concept of the CAMEL approach by employing the five CAMEL variables as financial soundness indicators. In addition, the study contributes to local literature by examining banks in a developing economy to provide reliable and relevant information on their differences to monitor their dynamics in financial soundness and financial performance which could not be provided by regional or global studies. [ABSTRACT FROM AUTHOR]

Since the industrial revolution, greenhouse gas emissions, especially carbon dioxide (CO2) emissions, cause climate change. In addition, the stakeholders of the firms are conscious about the management of climate change risks and demand non-financial information as well as financial information from the firms. Therefore, in the fight against climate change, firms provide explanatory information in sustainability and Carbon Disclosure Project (CDP) reports to their stakeholders about what they do to reduce greenhouse gas emissions and the number of emissions over the years. Because the amount of carbon emissions is not only for global warming, but also affects the financial performance of firms and jeopardizes their sustainability. In this context, the purpose of the study is to investigate the effect of carbon emissions on the financial performance of non-financial firms listed in the BIST100 Index in the period of 2014-2021 with panel regression models. Accordingly, the relationship between firms' total carbon emissions and financial performance indicators (return on assets, return on equity, Tobin's Q, net profit margin and earnings per share) has been tested. The findings show that although there is a significant and negative relationship between carbon emissions, return on assets and earnings per share, there is no significant relationship with other financial performance indicators. [ABSTRACT FROM AUTHOR]

SYNOPSIS: This study examines the association between convertible debt usage and the pricing of audit services. We test the (nondirectional) hypothesis that convertible debt usage is associated with audit effort and therefore fees, due to its association with client business risk and its dilutive effect on earnings per share. We find a positive association between audit fees and convertible debt, suggesting that auditors view convertible debt as a source of risk. We also find that audit fees related to convertible debt are sensitive to CEO bonus incentives and to market valuation incentives. Our results suggest that following the Public Company Accounting Oversight Board (PCAOB) regulation, auditors exert greater effort on convertible debt, but no additional effort on straight debt. Our inferences are robust to using a change in audit fees specification, controlling for litigation risk, and controlling for functional form misspecification. Data Availability: Data are available from the public sources cited in the text. JEL Classifications: M42; G32. [ABSTRACT FROM AUTHOR]

We investigate two related questions about the trade-off between the short-term pressures on managers to meet earnings targets and the long-term environmental benefits of reduced pollution. Do firms release more toxins by cutting back on pollution abatement costs to boost earnings in years they meet earnings benchmarks? If so, is that relation weaker for firms with higher environmental ratings? Using Environmental Protection Agency (EPA) data on toxic emissions, we find that U.S. firms pollute more when they meet or just beat consensus earnings per share (EPS) forecasts, suggesting that meeting expectations is a more important goal than reducing pollution. We find this relation is stronger, not weaker, for firms with higher environmental ratings: they increase pollution even more when meeting earnings benchmarks than firms with lower ratings. This suggests that highly rated firms build regulatory and reputational slack over time and use it when needed to soften the negative impact of increased pollution. We contribute to the real earnings management and environmental economics literatures by documenting a negative externality of financial reporting incentives on the environment and society. We also contribute to the corporate sustainability literature by showing that an environmental, social, and governance (ESG) focus does not curb managerial short-termism. [ABSTRACT FROM AUTHOR]

In this study, the authors investigate the Covid-19 effects, using time-series intervention analysis, on the free cash flow (FCF), debt-to-equity ratio (DER), and earnings per share (EPS) of 28 companies listed on the Dow Jones Industrial Average. Results showed that 36% of the companies had a significant reduction in free cash flow due to the pandemic, and 7% had a significant increase in free cash flow. On the other hand, the pandemic did not affect free cash flow in 57% of the companies. For DER, the majority of the companies (64%) were not affected by the pandemic. There was a significant increase in the DER under the pandemic in 11% of the companies. On the other hand, 25% of the companies showed a significant decrease in the DER. Results for the EPS showed a significant decrease in EPS in 29% of the companies and a significant increase in 25%. The pandemic did not affect EPS in 46% of the companies. All three financial ratios were affected by the pandemic. However, free cash flow was most affected. The significant negative effect could have reduced profitability and the stock price. [ABSTRACT FROM AUTHOR]

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In 2021, the United States (U.S.) publicly traded firms repurchased nearly $850 billion of their own shares, setting an all-time record. Given the enormous scale of this resource allocation away from investment in innovation and growth and toward shareholders, it is reasonable to consider if these buybacks create opportunity costs. Stock buybacks increase earnings per share, even in the wake of no earnings growth, driving up share price and benefitting the top executives who make these capital allocation decisions by increasing the value of their stock options. Pundits disagree on the impact that high levels of buybacks have on the economy, some arguing that stock buybacks come at the expense of strategic investment in innovation while others point to diminishing returns to research and development (RnD) investment as the reason for decreases in innovative activity. This paper empirically tests whether share buybacks are suppressing corporate innovation in ways that control for widely observed declines in returns to R&D investment, and the endogenous relationship between stock buybacks and innovation. Statistical analysis provides strong evidence that share buybacks are suppressing corporate innovation. This has enormous ramifications to the long-term viability of U.S. industries and to social justice. [ABSTRACT FROM AUTHOR]

The market value of a public company reflects the expectations of investors. It is influenced by many factors, both internal and external to the company. This study aims to analyze whether intellectual capital moderates the effect of the debt-to-equity ratio and earnings per share on the market value of equity. A set of historical data was collected and analyzed based on a sample of 114 manufacturing companies listed on the Indonesia Stock Exchange from 2017 to 2019. This study uses moderated regression analysis to test proposed hypotheses and a robustness test to examine the sensitivity and consistency of the study results. The findings show that the debt to equity ratio affects the market value of equity, whilst earnings per share does not affect the market value of equity. The analysis also shows that intellectual capital could strengthen the effect of the debt to equity ratio on the market value of equity. In contrast, intellectual capital could not strengthen the effect of earnings per share on the market value of equity. AcknowledgmentsThe study was conducted with the support of the Universitas Riau, Indonesia.

This study appraised the implications of CBN cashless economy policy on the performance of banks in Nigeria with specific attention on the effect of automated teller machine, point of sale and web-based transaction on earnings per share. Vector error correction model was used to estimate quarterly data collected on the variables from 2010 to 2018. It was deduced from the analyses that automated teller machine, point of sales and web-based transaction had a long-run effect on earnings per share. However, the short-run disequilibrium in the data set was not adjusting towards long-run equilibrium. This implied that the electronic banking transaction modes jointly influence the earnings per share of the Nigerian banking sector but at a very slow rate towards the long run. It is recommended that banks should extend the coverage of ATM terminals to the rural areas to enhance the level of financial inclusion and by extension boost the earnings of their shareholders in Nigeria. Adequate backup infrastructure should be provided to complement the inadequate public infrastructure since internet connectivity is a sine qua non for improved e-banking services.

The purpose of this paper is to identify the impact of risk indicators of insurance companies listed on the Palestine Stock Exchange on earnings per share over the period 2010–2017. The sample consists of seven insurance companies listed on the Palestine Stock Exchange. The data was analyzed using the OLS regression technique. This helps to determine the relationship between the independent variable (earnings per share) and the dependent variables (liquidity risk, capital risk, rate of risky assets). The results show that the liquidity risk has a positive impact on earnings per share, while capital risk and rate of risky assets have a negative impact. This means that insurance companies listed on the Palestine Stock Exchange can achieve an acceptable balance between the liquidity risk index and the earnings per share in a way that does not prevent them from fulfilling their obligations. The findings of this study are demonstrated using figures and diagrams. The study recommends that insurance companies need to pay extra attention to risks and identify effective policies to deal with risks and reduce their impact, especially capital risk and the rate of risky assets. This is because these factors negatively affect earnings per share. The results of this study will be useful to relevant stakeholders in the sector. AcknowledgmentWe would like to thank the Palestine Technical University for their continuous and valuable support.