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Public-Private Partnership as a Tool of Public Tourism Sector Administration

Author(s): ZHIDKOBLINOVA Olessya,STAVBUNIK Yelena,Bagdat Spanova / Language(s): English Issue: 02 (14)/2016

This article explores the basis of public-private partnership. Public-private partnership's goals and objectives are established. Fundamentals and prospects of such a partnership are considered in the tourism sector. Prerequisites for development of effective public-private partnership forms, which allows attracting private investments in country's economy, implementing social projects, are formulated. A model of interaction of public private partnership in the tourism sector for Kazakhstan is offered.

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Estimation of Accumulated Environmental Damage: Methods and Experience

Author(s): Irina Yurievna Novoselova,Andrey Leonidovich Novoselov / Language(s): English Issue: 04 (16)/2016

The article shows the necessity to make economic estimation of the accumulated damage in order to solve a wide range of the tasks related to management in the area of the environmental protection and ecological rehabilitation of the region. The method of the economic estimation of the accumulated damage that takes into account the period of the negative impacton the environment and absorbing opportunities of the territory is provided. The peculiarities of calculating the accumulated damage are demonstrated. The method of the scenario tree to forecast damages from polluting the environment during the previous periods and to make a probability estimate of the accumulated damage is offered. For longer periods, it is recommended to calculate the accumulated damage based on the theory of fuzzy sets using triangular numbers. The method of economic estimation of the accumulated damage was used in the practice of ecological and economic calculations to stipulate the efficiency of regional programs related to liquidating the accumulated damage and ecological rehabilitation of regions.

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Online banking acceptance: The influence of perceived system security on perceived system quality

Author(s): Muhammed Kursad Ozlen,Irfan Djedović / Language(s): English Issue: 1/2017

Increasing popularity of online banking systems instead of traditional branch networking requires understanding customer behaviors as users of such systems. This research aims to investigate online banking acceptance among Bosnian university students by considering system, user, acceptance and performance related factors by considering a new relationship between perceived system security and perceived system quality. According to the results, the users perceive that (1) online banking system is not secure and poorly qualified but useful and easy to use; (2) the users themselves are slightly capable of using the system; (3) they have intention to use the system but don’t use the system; and (4) they are slightly satisfied with the system and increase their benefits. The results also provide that all hypotheses except the relationship between perceived ease of use and intention to use are supported. Perceived System Security, as a new dimension, is found to have positive effect on Perceived System Quality. It can be implied that if the system is qualified and the users are self-efficient about using the system, they perceive the system as easy to use and useful. It is suggested that banks better take necessary steps to persuade their customers about the system security and usefulness in completing their tasks.

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Analysis of Financial Distress Model with Altman, Zmijewski and CA Score in Predicting the Condition of Financial Distress in Manufacturing Public Companies in Indonesia

Author(s): Riyana Sari,Mokhamad Anwar,Leni Susanti / Language(s): English Issue: 1/2019

The purpose of this paper is to test the accuracy of the prediction model by Altman, Zmijewski, CA Score in predicting the condition of financial distress of manufacturing companies listed on the Indonesia Stock Exchange. The research method used in this research is descriptive and comparative method. The statistical test used in this study is the discriminant method and the Nested Test. The test results show that the CA-Score model is more accurate than the discriminant research model for each calculation of accuracy every year and for each model.

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Управлінський контроль над обліково-аналітичним забезпеченням вирішення господарських спорів щодо нереальних господарських операцій підприємства

Author(s): R. R Dutchak,V. F. Dutchak / Language(s): Ukrainian Issue: 37/2019

The article is devoted to the problem of unreal (fictitious) business operations, their legal assessment in the relations between the enterprise and the state (and counterparty). The essence of unreal economic operation is disclosed, its typical features are presented. The norms of the provisions for contracts on guaranteeing the reality of a business transaction are developed. The role of managerial control over accounting and analytical support of execution of economic contracts is determined. The responsibility for damage from unrealistic operations is proposed.

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Comparability of cash flow statements: Evidence from Baltic Countries

Author(s): Vaiva Kiaupaite-Grušniene,Lehte Alver / Language(s): English Issue: 3/2019

Research Question: Whether the adoption of IFRSs has led to the harmonization and comparability of Baltic listed companies’ cash flow statements? Motivation: Baker and Barbu (2007) have marked that the adoption of IFRSs in EU is the new phase of international harmonization. However, IFRSs still provide flexibility to financial statement preparers when applying the standards due to explicit options, discretion in interpretation and the need for estimates (Wehrfritz & Haller, 2014). Measuring the extent to which financial reports of companies are comparable is an important topic. Our research applies H-index and C-index for measuring harmonization of Baltic listed companies’ cash flow statements. Idea: We examine the problem of harmonization cash flow statements. Data: The sample contains all companies (in total 33) listed on Nasdaq Baltic market for years 2010–2017. Tools: To measure harmonization and comparability of financial reports H-index for each country was found. C-index was used for finding overall, within-country and between-country harmonization. Findings: While there is a longitudinal consistency in classification choice within each company, there is no consistency among the companies in interest received and paid. Dividend treatment is more consistent and harmonized. Users of financial reports should not expect comparability of cash flow statements of Estonian, Latvian and Lithuanian companies, despite the existence of a single stock exchange, cross-border cultural and economic similarities and de jure harmonization of accounting standards. Contribution: This paper contributes to IFRSs impact analysis, and specifically harmonization and comparability literature, by providing comparative results for Estonia, Latvia and Lithuania in financial statement preparers’ classification judgement.

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The accounting curriculum and the emergence of Big Data

Author(s): Khadija Dewu,Yasser Barghathi / Language(s): English Issue: 3/2019

Research Question: Is there a gap between the accounting curriculum and its practice in this era where Big Data analytics is potentially a vital part of accounting? Motivation: The emergence of Big Data has instigated modifications in the professional accounting world. Collecting and analysing Big Data has become a part accounting as it is beneficial. The role of university curriculums is to prepare students for the practice, so it is expected to evolve along with the profession. However, Big Data analytical skills are not included in the accounting curriculum in universities which has resulted in graduates being incompetent at workplaces because the skills they possess are obsolete. Idea: The purpose of this study is to explore the extent to which the accounting curriculum is capable of equipping students with the necessary competencies to become accounting practitioners with the emergence of Big Data in the profession. It seeks to discover the level information asymmetry between the accounting curriculum and the practice. Data: 15 Interviews were conducted with accounting professors and practitioners in a bid to discover the competencies needed and what the potentially curriculum lacks. Additionally, document analysis was also used to examine learning materials provided to accounting students in form of lecture notes, coursework and examinations to support claims made by professors. Tools: interviews and content analysis were used to collect research data. Findings: It was found that the accounting curriculum is lacking adequate knowledge to equip students with the competencies to handle Big Data Analytics and has restricted accounting graduates’ capabilities. Contribution: Based on the findings, a framework has been developed which contains the necessary competencies accounting students should possess in order to be able to handle Big Data analytics. The results of this study will potentially be of interest to several stakeholders including accounting academics and professionals.

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The impact of liquidity risk on bank profitability: some empirical evidence from the European banks following the introduction of Basel III regulations

Author(s): Olga Golubeva,Michel Duljic,Ripsa Keminen / Language(s): English Issue: 4/2019

Research Question: The study investigates the impact of liquidity on bank profitability following implementation of the Basel III regulations. Motivation: The theoretical framework of the paper draws upon previous research (Athanasoglou et al., 2008; Arif & Nauman Anees, 2012 and Dietrich et al., 2014) and assumes liquidity ratios to have a varying influence on bank profitability, depending upon a bank's specific and macroeconomic indicators. Idea: This study considers multiple proxies of bank liquidity, including Liquidity Coverage Ratio, a new measure inspired by the Basel III framework, and Loan-to-deposit and Financing gap ratio. Alongside traditionally-applied profitability measures, Earnings before Taxes, Depreciation and Amortisation are assumed to be alternative proxies. Data: In the study, a data set of 45 European banks with 180 observations during 2014-2017 and 37 observations for 2018 has been analysed. Tools: The study proposes a quantitative model based upon Ordinary Least Squires techniques complemented by Weighted Least Squares regressions analysis. Findings: The alternative liquidity risk measures have a significant and positive impact only on some profitability proxies, and an insignificant effect on others. The Basel III liquidity measure, LCR, was an insignificant contributor to all return proxies, which requires further investigation. The results also indicate that an increase in bank size and net provision for loan losses decreases profitability proxies. We also found mixed results concerning the effects of deposits and securities gains and losses on bank profits, and provided possible explanation.

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Influence of New Public Management Philosophy on Risk Management, Fraud and Corruption Control and Internal Audit: Evidence from an Australian Public Sector Organization

Author(s): Anup Chowdhury,Nikhil Chandra Shil / Language(s): English Issue: 4/2019

Research Question: This study will explore how private sector financial management technologies (specifically, risk management system, fraud and corruption control system and internal audit) become embedded in a selected public sector organisation. Motivation: The motivation for this study is to explore how private sector financial management control tools contributed to and shaped new organisational culture within the public sector organisation. Idea: The idea was generated from the philosophy of New Public Management which was based on the premise that using the private sector tools, the public sector would be efficient and at the same time effectiveness would be improved (Chowdhury and Shil, 2017). Data: Qualitative research approach was adopted and data was collected in the case study tradition. Twenty top, mid and junior level executives from a selected Government Department in the Australian Capital Territory were interviewed (Chowdhury and Shil, 2016). Tools: The main data sources were interviews and archival official documents. Another tool used was direct observation which helped researchers to support the archival documents and interview data. Data were analyzed using the approach provided by Miles and Huberman (1994). Findings: Findings of the study revealed that strategic risk management is a part of the business planning life cycle of the researched Department and business units review their strategic risks as part of their business planning process. In the Department it is evident that fraud and corruption control system is a part of their cultural environment. The Department has established an independent Internal Audit and Review Unit, who provides service to management to meet all prescribed statutory responsibilities within a performance improvement environment. Contribution: The findings of the present study are expected to increase our understanding about the private sector control devices used in a public sector context and this study will be of value to the academic researchers and practitioners. The study may be useful to the policy makers also who are engaged in formulating new public sector policies. Moreover, the findings reported on this study would be useful to the public sector managers in their day to day decision-making process.

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Learning from oligopoly rivalry: Implications for business financial statements

Author(s): Mike Onder Kaymaz,Ozgur Kaymaz / Language(s): English Issue: 4/2019

Research question: Utilizing the tenets of oligopoly competition that is a well-known type of imperfect rivalry, this study is interested in building a financial theory of inter-company price or pricing (ICP) economics and documenting its direct affinity with corporate financial reporting in general and corporate financial statements in particular. It is also interested in executing an analytical application unveiling the straight linkage of ICP with financial disclosure. Motivation: There is an extant body of literature that examines different ICP structures for different companies and industries or markets. However, the literature is silent in corroborating any explicit association that we argue and show does exist between ICP and accounting. To the best of our knowledge, this is the first study to break this silence. Idea: Cost advantage and operating profit are exploited to do the theorization and accounting implementation, by justifying the linkage between ICP and business financial statements. Findings: Investigations show that given that businesses transact or compete with each other at arm’s length terms under oligopoly competition with a Stackelberg game; ceteris paribus, the operating profit figure of the business with cost advantage will be higher than the operating profit figure of the business without cost advantage. Investigations also show that given that businesses transact or compete with each other at arm’s length terms under oligopoly competition with a Stackelberg game; ceteris paribus, asset size, earnings before interest and taxes (EBIT), earnings before taxes (EBT) and hence net income/profit after tax (NPAT) figures of the business with cost advantage will always be higher than asset size, EBIT, EBT and therefore NPAT figures of the business without cost advantage. Investigations further suggest that given that businesses transact or compete with each other at arm’s length terms under oligopoly competition with a Cournot game where there is neither any cost advantage nor disadvantage one way or the other; ceteris paribus, the operating profit, asset size, EBIT, EBT and NPAT figures of the interacting business among the others will be identical.

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Determining factors of the quality of joint audit: Tunisian context

Author(s): Lassaad Abdelmoula,Habib Afess / Language(s): English Issue: 4/2019

Research question: Identify the significant determinants of the quality of joint audit in the context of Tunisian companies. Motivation: Few studies have been conducted on the determinants of the quality of the joint audit in the Tunisian context. Thus, our study aimed to fill this gap. Idea: Our study aimed to fill this gap by studying Determining factors of joint auditors’ job quality in the Tunisian context. Data: Our methodology was applied to 222 Tunisian companies, 108 of which belong to the banking sector, 67 to the insurance sector, 28 whose commitment exceeds 25 billion dinars and 19 company having a consolidated balance sheet total of over 100 billion dinars. Tools: A "factorial analysis" was carried out followed by an "internal coherence" test. Then, a logistic regression, which enabled us to test the impact of each determining factor on the quality of the joint audit, was carried out. Findings: This study emphasizes the participation of several factors that enhance the quality of the joint audit. According to the predictive results of our model, it seems that the quality of the joint audit contributes to the prediction of three factors, namely competence, independence and reputation. Contribution: Our findings contribute through a better understanding of the determinants of the joint audit in a Tunisian context.

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Determinants of entrepreneurship: an examination of entrepreneurial perception of students

Author(s): Cristina Lidia Manea,Mirela Elena Nichita,Alina Mihaela Irimescu / Language(s): English Issue: 4/2019

Research Question: What determinants drive the entrepreneurial intentions of students enrolled in accounting master programs: entrepreneurial competencies, family and friends support or entrepreneurial education? Motivation: The current research purpose is to explore to what extent the entrepreneurship is a feasible alternative career for students enrolled in accounting master programs and the role of academic education in entrepreneurship in selecting the entrepreneurial career. Generally, entrepreneurs are associated with providers of novel products and/or services, but we consider the entrepreneurial career in accounting services as feasible as any other career. Idea: The student’s interest in entrepreneurial activities remains greatly influenced by the entrepreneurial universities policies, making the role of universities crucial. Based on the affirmation that current students will be tomorrow’s successful entrepreneurs (Pribeanu and Milutin, 2014), it is essential to increase the impact of entrepreneurial education on the student’s life. It is not easy for universities, knowing the changes and challenges that they have to face nowadays (Schulte, 2014), but it is their responsibility and they do have the responsibility to make the change possible. Data: The data of this paper is collected based on a survey on the student’s perception on entrepreneurship and analyses the competences and abilities they gain as result of their bachelor studies and how these perceived competencies and abilities are currently helping or will help them to choose an entrepreneurial career. Tools: The study is based on a questionnaire distributed to master students enrolled in accounting master programs organized by The Bucharest University of Economic Studies. The research methodology consists of a descriptive analysis and regression analysis. Additionally, the structure of questionnaire allows us to use the Carlsson et al.’s (2012) framework for investigating the entrepreneurship, which is based on two perspectives, namely explorative and exploitative. Findings: The findings allow to state that students are taking into consideration the entrepreneurship career and their decision is positively influenced by family and friends setting and education. The test of the models resulted in adjusted R-squares higher than 0.90 indicating robust support for the regression models. Contribution: Our empirical study investigates three determinants of entrepreneurial skills and, as result of this research, universities, government officials and others interested in stimulating entrepreneurial motivation should consider how their actions affect potential entrepreneurs’ enthusiasm. Furthermore, this academic paper enhances the Romanian academic literature in the field of entrepreneurship.

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Exploring continuous auditing solutions and internal auditing: A research note

Author(s): Pall Rikhardsson,Kishore Singh,Peter Best / Language(s): English Issue: 4/2019

Research Question: Organizations increasingly buy standardized continuous auditing solutions from vendors rather than develop their own. What opportunities lie in exploring the adoption, implementation and application of such solutions in the context of internal auditing? Motivation: Extant literature has not fully examined the implications of this development and there are several interesting unexplored research questions in this area. Idea: We develop a framework for examining continuous auditing as an information system solution and link this to internal auditing. Data: We employ existing literature as data and build on similar frameworks from ERP systems and AIS research. Findings: The findings of the paper are a series of research questions for examining this relationship as well as a proposal for using different theoretical perspectives and methodologies. Contribution: The contribution is a new perspective on continuous auditing research that could move this research area forward and link it to current developments in the field.

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Digital mobile advertising: A Pitching research letter

Author(s): Haroon Iqbal Maseeh / Language(s): English Issue: 4/2019

This pitch research letter applies the pitching template developed by Faff (2015; 2019) to an academic project titled “Impact of digital mobile advertising on customers’ purchase intention; mediating role of customer motivation and customer perception”. This PRL forms a framework for a research project which helps the pitcher identify core elements of research. This PRL consists of introduction of the pitching letter, followed by brief commentary on pitching exercise and personal reflection of the pitcher on this exercise.

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THE IMPACT OF OPERATING CASH FLOW AND CURRENT RATIO ON THE PROFITABILITY IN CONSTRUCTION INDUSTRY

Author(s): Daniela Pordea,Delia David,Dorel Mateș / Language(s): English Issue: 1/2020

The quality of works and good reputation on the market are the main factors that lead to the success of a construction business. That is why the most of the projects carried out in this sector involve the provision of performance guarantees which are mainly constituted by retaining the amounts of each payment. This impacts the cash, but also the liquidity ratio of the entities. The purpose of our research is to analyze the influence of the operating cash flow and the current liquidity ratio on the profitability in the case of construction companies. For, this, we have developed a linear regression model on cross-sectional financial data related to a single reporting year and obtained from construction companies in western Romania. The results we have obtained did not reveal statistical significance for the exogenous variables used in the model. However, we consider it important to deepen the problem of cash flows and the ability of construction companies to meet their short-term obligations in the context of retaining performance guarantees. Further research in this regard based on panel data for several financial periods could provide relevant results.

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Investigating IFRS compliance in transitioning countries: A qualitative study

Author(s): Silvia Petre,Nadia Albu / Language(s): English Issue: 1/2020

Idea: The purpose of the paper is to investigate the institutional context in which companies’ compliance with IFRS is created over time. Data: We collected financial and non-financial data from the Bucharest Stock Exchange website, from companies’ website and from the media, for three pharma companies listed on the Bucharest Stock Exchange. We focused on the period 2013-2017, given that 2012 is the first year for the IFRS application in Romania in the individual accounts. Tools: We employed the EY (2012) Disclosure Checklist and the Dichotomous approach (Tsalavoutas, 2011) to determine the IFRS compliance index. We mobilize an institutional theory-based framework to analyze the IFRS compliance index. What’s new? Our results indicate that the level of compliance is an organizational response to macro-, industry-, and organizational level factors. Moreover, companies face several pressures for compliance with different requirements, and choose to what pressures to comply first. Therefore, compliance with disclosure requirements from some IFRS is a piece in an organizational puzzle, so wider frameworks and analyses are needed to understand organizational responses. So what?: Companies respond with various levels of compliance in emerging economies such as Romania, and understanding the factors influencing compliance is of interest for regulators, auditors, and capital market participants. Contribution: We contribute with a qualitative, institutional-based study to a research stream dominated by archival methods, and bring complementary explanations for organizational levels of compliance with IFRS.

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The impact of fraud-themed course on students’ attitude to fraud. Does previous studies and background matter?

Author(s): Maria Vassiljev / Language(s): English Issue: 1/2020

Research Question: The main research question is “Has the fraud examination had any impact on accounting and audit students’ attitudes to fraud?” Motivation: The problem of financial statement fraud is still actual. Accountants and auditors need a special education about fraud and ethical values to recognize a situation of fraud. To examine the influence of a correspondent course Nguyen et al. (2008) have examined students’ ethical values before and after the course of business ethics, Rennie and Rudland (2003) have researched potential impact of course on students’ attitude to academic misconduct. The novelty of the study is a questionnaire built on the basis of Fraud Triangle to find out students’ attitude to factors of fraud. Idea: The main idea is to examine whether the course of fraud examination changes accounting and audit students’ attitude to fraud? Also, the study tries to find out is there any difference in attitude to fraud conditioned by students’ background? Data: 55 postgraduate students of TalTech School of Business and Governance and 70 participants in the professional training programme “Accountant-financial officer” have filled in questionnaires in academic years 2015/2016–2018/2019. Tools: A questionnaire is chosen as a research method. Student’s t-test and one-way analysis of variance (one-way ANOVA) are used to answer all research questions. Findings: The course of fraud examination has a slight positive influence on students’ perception of fraud. A surprising result was that students without degree in accounting were slightly more optimistic in their ethical attitude to fraud. Younger and less experienced students more than others consider it possible for fraud to be committed. Therefore the course on ethics and fraud should be integral part of continuous education of accounting professionals. Contribution: Researches on topic of how to measure a change of attitude or ethical values have been combined, Fraud Triangle is offered as a basis for questionnaire.

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The dynamics of audit market and financial reporting under International Financial Reporting Standards: the case of Romanian listed companies

Author(s): Marta Tache / Language(s): English Issue: 1/2020

Research question: The purpose of this article is to analyze the dynamics of audit market related to the audit services and financial reporting in accordance with International Financial Reporting Standards. Motivation: Although there is a solid foundation of rules and principles, the practical controversy over the rule of law, the features of the financial market, the characteristics of the accounting regulation process and the ability to adapt the environment seem to be endless. A credibility benchmark is made by the auditor's opinion that increases the reliability of financial statements, thus providing investors with assurance about the entity's independence. In this context, a strong maturation of Romanian market seems to improve the institutional context under IFRS adoption and an increased number of companies audited by Big 4 reveals a solid audit market. Idea: The main purpose of the research is to investigate the actual circumstances regarding International Financial Reporting Standards and the changes on audit market regulated by International Standard on Auditing (IAS), regarding Romanian listed companies. The in-depth knowledge of these elements makes it possible to highlight the existing achievements, thus marking a bond between IFRS and IAS, as two congruent standards. Data: In the present survey, a sample of 20 companies listed on the Bucharest Stock Exchange, Premium Shares, during 2016-2018 has been analyzed. Tools: The study implies a quantitative model based on Whitney test for verifying the association between the type of auditor and the audit opinion in the context of IFRS. Findings: The result indicates that the majority of firms is audited by Big 4 and a change of audit firm is not directly associated to the change of audit opinion after the adoption of IFRS became mandatory. In the same time, the present survey shows a continuous improvement of the audit market under IFRS adoption.

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New coordinates of accounting academic education. A Romanian insight

Author(s): Victoria Stanciu,Irina Bogdana Pugna,Mirela Gheorghe / Language(s): English Issue: 1/2020

Research question: Are accounting graduates prepared to face IT developments in their profession? Motivation: The accounting profession is facing a rapid transformation involving digital technology that implies significant changes. “Modern accountants are expected to have a high level of IT knowledge and skills and towards that direction the curriculum in accounting education have to adopt a wide range of modules in order to provide accounting students with the required competencies” (El-Damarleh, 2017: 202). Today’s students are digital natives and they “think and process information fundamentally differently from their predecessors” (Prensky, 2001: 1). Academic education needs to adapt to the language of digital natives and provide them with new skills and the knowledge required by the profession. Idea: We aim to investigate the awareness of bachelor students in accounting regarding the impact of IT on accounting processes and their preparedness in this regard. Tools: Data was collected using a multiple-choice questionnaire distributed to third-year and master’s accounting students at the Bucharest University of Economic Studies. Data was analyzed using Excel. Findings: The students are aware of the importance of the new technologies and applications relevant to the profession, but their knowledge needs to be improved. The current curriculum does not include important aspects of the new digital technology that are already embedded or being assimilated within the accounting profession. Contribution: The paper provides recommendations regarding accounting academic education, providing arguments for developing IT-related competencies for accounting students aiming to align their knowledge and skills to current and future professional requirements. The conclusions emphasize the need of a new approach in the accounting teaching and understanding of the accounting flows and processes in a high IT environment.

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Corporate governance and earnings management in Vietnamese listed firms: A pitch

Author(s): Quynh Nguyen / Language(s): English Issue: 1/2020

This pitching research letter (PRL) applies the pitching research framework developed by Faff (2015, 2019) to refine a research idea on corporate governance and earnings management. The PRL introduces the pitcher and then presents details of her application of the framework. This is followed by commentary on the pitch, along with the pitcher’s personal reflections regarding the framework. These personal reflections identify how the pitcher progresses in terms of research questioning and conclude with recommendations for further research.

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