• The Journal of Asian Finance, Economics and Business
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• 제8권8호
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• pp.57-66
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• 2021

The outbreak of the financial crisis, the lack of corporate governance practices in Iraqi companies, the high level of earnings management (EM), and weak firm performance (FP) have all encouraged the purpose of this study. This study proposes to achieve the following objectives: (I) to investigate the influence of governance mechanisms on the earnings management practices, (II) to investigate the consequence of EM on FP. The study sample includes 65 Iraqi firms listed on the Iraqi stock exchange for six years from 2012 to 2018, with 390 firm-year observations. The hypotheses were tested using panel data regression. According to the findings, Iraqi companies prefer to use real EM rather than accruals EM to avoid reporting losses. Discretionary cash flow, production costs, and cash flow from operation are examples of actual operations employed to undertake EM. Furthermore, according to the findings of this study, board meeting frequency and female onboard have a significant and negative influence on EM. Besides, the internal audit function was found not to affect EM. On the other hand, results revealed a significant and negative relationship between EM and FP. According to the study, management prefers to minimize cash and accrual expenditure during the economic downturn.

• The Journal of Asian Finance, Economics and Business
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• 제8권2호
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• pp.883-892
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• 2021

The issue of environmental crisis encourages companies to develop strategies and programs which incorporate social and environmental considerations into their processes. The objectives of this study are to identify the strategies used in implementing corporate social and environmental reporting (CSER) and to investigate the impact of these strategies on organization performance. This study uses as its sample companies listed on the Indonesia Stock Exchange (IDX) and engaged in environmentally sensitive business activities and applies content analysis to their annual reports. The data used in the study is secondary data in the form of annual and sustainability reports of companies, and primary data in the form of interviews. The results show that companies use both reactive and proactive strategies in reporting their social and environmental activities. The study also identifies the impacts of such reporting on both the financial and non-financial performances of the investigated companies. The study contributes to the social and environmental accounting literature by exploring the motivations and strategies of companies in their CSER. The empirical results will provide important insights into the influence of the strategies employed by companies in their corporate social and environmental reporting and the impacts of such strategies on organizational performance.

• The Journal of Asian Finance, Economics and Business
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• 제8권1호
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• pp.237-246
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• 2021

This paper explores the relationship between price mechanism and flipping activity of initial public offerings (IPOs) in Pakistan's emerging economy. This study uses a cross-sectional data set of 95 firms listed on Pakistan Stock Exchange from 2000 to 2019. This study employs the ordinary least square and quantile regression techniques to capture the relationship between price mechanism and flipping activity. The results show that book-built IPOs flip substantially less than fixed-price IPOs. This is consistent with the signaling theory assertion that roadshows are arranged by underwriters to capture investors' demand and set the offer prices of IPOs. If investors learn the fair values of quality IPOs, then the offer prices will be close to the intrinsic values, thus reducing flipping. The findings also provide conclusive evidence for understanding the usefulness of and the more relevant information regarding the pricing mechanism. In particular, it provides a better understanding of how companies actually use the pricing mechanism information in the flipping of IPO shares. The results of this study are also valuable to underwriters, and regulators, for instance, provides underwriters with the discretion to allocate the IPO shares and the SECP, in revising regulation on the disclosure of IPO pricing methods.

• Asian Journal for Public Opinion Research
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• 제1권3호
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• pp.153-202
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• 2014

Aside from political leaders' popularity rates and the stock exchange index of business firms, ordinary people are highly interested in aspects of daily life, such as housing, income, health, family, food, human relations and work. Cross-national opinion polls on daily-life satisfaction were carried out in Japan, South Korea, Thailand, Hong Kong, Macao, the Philippines, India, Myanmar, Taiwan, China, Malaysia and Pakistan in the fall of 2013 and winter 2014. The percent difference index (PDI) is formulated as the sum of two positive responses (satisfied and somewhat satisfied) minus the sum of two negative responses (dissatisfied and somewhat dissatisfied). Percent difference indices are given according to society and daily-life aspects. For our analysis to go beneath national average and to go beyond national borders, two lines of analysis are carried out. First, the distance between the level of satisfaction of the top and bottom quartiles is given for each society and according to each of the daily-life aspects. Second, the regional sum of satisfaction of the top quartiles and bottom quartiles are shown crossed by daily-life aspects. In this article we confine ourselves to preliminary comparative description and analysis. More solid and deep comparisons will be carried out by local polling leaders of 12 Asian societies in the succeeding issue of the Asian Journal of Public Opinion Research. Nevertheless, two key threads stand out from this preliminary comparisons. First, social relations (family and human relations) stand out as most satisfied aspects of life in most of twelve societies. Second, the need to go beneath national averages and beyond national borders in analyzing cross-national surveys is confirmed. The comparability and validity of cross-national surveys with varying sampling method and survey mode are briefly discussed toward the end of the article.