Journal articles on the topic 'Foreign exchange futures Accounting'
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1
Tse, Yiuman, Ju Xiang, and Joseph K. W. Fung. "Price discovery in the foreign exchange futures market." Journal of Futures Markets 26, no. 11 (2006): 1131–43. http://dx.doi.org/10.1002/fut.20229.
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Benet, Bruce A. "Commodity futures cross hedging of foreign exchange exposure." Journal of Futures Markets 10, no. 3 (June 1990): 287–306. http://dx.doi.org/10.1002/fut.3990100307.
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Clifton, Eric V. "The currency futures market and interbank foreign exchange trading." Journal of Futures Markets 5, no. 3 (1985): 375–84. http://dx.doi.org/10.1002/fut.3990050308.
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Lypny, Gregory J. "Hedging foreign exchange risk with currency futures: Portfolio effects." Journal of Futures Markets 8, no. 6 (December 1988): 703–15. http://dx.doi.org/10.1002/fut.3990080605.
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Najand, Mohammad, Hamid Rahman, and Kenneth Yung. "Inter-currency transmission of volatility in Foreign exchange futures." Journal of Futures Markets 12, no. 6 (December 1992): 609–20. http://dx.doi.org/10.1002/fut.3990120602.
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Dezhbakhsh, Hashem. "Foreign Exchange Forward and Futures Prices: Are they Equal?" Journal of Financial and Quantitative Analysis 29, no. 1 (March 1994): 75. http://dx.doi.org/10.2307/2331191.
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Chu, Quentin C., David K. Ding, and C. S. Pyun. "Bid-ask bounce and speads in the foreign exchange futures market." Review of Quantitative Finance and Accounting 6, no. 1 (January 1996): 19–37. http://dx.doi.org/10.1007/bf00290794.
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Doukas, John, and Abdul Rahman. "Unit Roots Tests: Evidence from the Foreign Exchange Futures Market." Journal of Financial and Quantitative Analysis 22, no. 1 (March 1987): 101. http://dx.doi.org/10.2307/2330873.
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Martinez, Valeria, and Yiuman Tse. "Intraday volatility in the bond, foreign exchange, and stock index futures markets." Journal of Futures Markets 28, no. 4 (2008): 313–34. http://dx.doi.org/10.1002/fut.20315.
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Craln, Susan J., and Jae Ha Lee. "Intraday volatility in interest rate and foreign exchange spot and futures markets." Journal of Futures Markets 15, no. 4 (June 1995): 395–421. http://dx.doi.org/10.1002/fut.3990150403.
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Glassman, Debra. "The efficiency of foreign exchange futures markets in turbulent and non-turbulent periods." Journal of Futures Markets 7, no. 3 (June 1987): 245–67. http://dx.doi.org/10.1002/fut.3990070303.
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Ferguson, Michael F., Steven C. Mann, and Leonard J. Schneck. "Concentrated trading in the foreign exchange futures markets: Discretionary liquidity trading or market closure?" Journal of Futures Markets 18, no. 3 (May 1998): 343–62. http://dx.doi.org/10.1002/(sici)1096-9934(199805)18:3<343::aid-fut7>3.0.co;2-8.
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Srivastava, Ankita. "A review on pricing of currency futures in Indian foreign exchange market." International Journal of Economics and Business Research 13, no. 2 (2017): 182. http://dx.doi.org/10.1504/ijebr.2017.082273.
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Bernal-Ponce, L. Arturo, Claudia Estrella Castillo-Ramírez, and Francisco Venegas-Martínez. "IMPACT OF EXCHANGE RATE DERIVATIVES ON STOCKS IN EMERGING MARKETS." Journal of Business Economics and Management 21, no. 2 (April 10, 2020): 610–26. http://dx.doi.org/10.3846/jbem.2020.12220.
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This paper investigates the effect of derivatives on the relationship between the foreign exchange rate and the stock market. A theoretical model is used to extend the understanding of that relationship. Also, the model is tested with an empirical analysis using the GMM strategy for the Mexican and Brazilian stock markets for the period 2007 to 2019. Findings reveal that in addition to the spot exchange rate, exchange rate futures explain the currency exposure, wherein the derivative effect is the most prominent. The result implies that both risk sources should be considered in the implementation of risk management or macroeconomic policy. The theoretical results are extended by applying them to international portfolio management, proposing a strategy to mitigate foreign exchange exposure with derivatives. This study contributes to the literature by explaining why the minimum variance hedge ratio plays an essential role in the foreign exchange rate and stock market nexus.
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Cheong, Calvin W. H. "Cryptocurrencies vs global foreign exchange risk." Journal of Risk Finance 20, no. 4 (August 19, 2019): 330–51. http://dx.doi.org/10.1108/jrf-11-2018-0178.
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Purpose This study aims to examine the properties of four major cryptocurrencies and how they can be used as a simpler alternative mode of hedging foreign exchange (FX) risks as compared to existing mainstream financial risk management techniques. Design/methodology/approach This study uses a combination of visual data representations and the classic Fama and Macbeth (1973) two-pass procedure regressions. Findings The findings show that cryptocurrencies can be a more effective hedge against FX risks as compared to other common hedging instruments and/or techniques such as gold or a diversified currency portfolio. Research limitations/implications The conclusions were arrived at based only on a small group of cryptocurrency, i.e. Bitcoin, Ethereum, Litecoin and Ripple. Other cryptocurrencies such as Dogecoin or ZCash might exhibit different properties. Practical implications Cryptocurrencies can be cost-effective and cost-efficient instruments that provide a solid hedge for investors and/or firms that are exposed to global FX volatility. Its ease of trade and virtually zero barriers to entry makes it an easily accessible alternative hedge instrument as compared to more complex items such as derivatives. Originality/value If cryptocurrencies are to be accepted into mainstream usage, a detailed examination of its various uses is necessary. In particular, as they are often touted to be the future of currency, its properties and price behavior relative to other mainstream financial instruments need to be well-understood, not only by finance professionals but also by laypersons.
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Ding, David K. "The determinants of bid-ask spreads in the foreign exchange futures market: A microstructure analysis." Journal of Futures Markets 19, no. 3 (May 1999): 307–24. http://dx.doi.org/10.1002/(sici)1096-9934(199905)19:3<307::aid-fut4>3.0.co;2-5.
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Fujihara, Roger, and Keehwan Park. "The probability distribution of futures prices in the foreign exchange market: A comparison of candidate processes." Journal of Futures Markets 10, no. 6 (December 1990): 623–41. http://dx.doi.org/10.1002/fut.3990100606.
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Benet, Bruce A. "Hedge period length and Ex-ante futures hedging effectiveness: The case of foreign-exchange risk cross hedges." Journal of Futures Markets 12, no. 2 (April 1992): 163–75. http://dx.doi.org/10.1002/fut.3990120205.
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Han, Li-Ming, John L. Kling, and Clifford W. Sell. "Foreign exchange futures volatility: Day-of-the-week, intraday, and maturity patterns in the presence of macroeconomic announcements." Journal of Futures Markets 19, no. 6 (September 1999): 665–93. http://dx.doi.org/10.1002/(sici)1096-9934(199909)19:6<665::aid-fut3>3.0.co;2-n.
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Min, Yujuana, and Oh Suk Yang. "The impact of exchange volatility exposure on firms’ foreign-denominated debts." Management Decision 57, no. 11 (November 12, 2019): 3035–60. http://dx.doi.org/10.1108/md-04-2017-0383.
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Purpose This research began by acknowledging that conventional analysis on the foreign exchange exposure could not adequately reflect firms’ risk management strategies, which firms take actions against uncertainties raised by foreign exchange. In order to conceptualize uncertainty aroused by foreign exchange, the purpose of this paper is to develop an index that could measure corporate profits’ sensitivity to foreign exchange uncertainty and examine its possibility of utilization. Design/methodology/approach As an alternative to foreign exchange exposure, the present research derived the foreign exchange volatility exposure and analyzed the determinants of foreign currency-denominated debt in terms of foreign exchange volatility exposure. The foreign exchange volatility exposure draws from partially differentiating a firm’s operating profits to the exchange rate volatility. Findings The major findings are as follows. First, before the Asian financial crisis, South Korean enterprises had similar responses to the exchange volatility exposure as compared with the exchange exposure on procuring foreign-denominated debt. Second, since the global financial crisis (GFC), not only have Korean firms’ response mechanisms to both exposures changed, but also the significance of exchange volatility exposure has been further emphasized. Furthermore, Korean companies have dealt with exchange uncertainties by decreasing foreign-denominated debt as their foreign exchange volatility exposure increased after GFC. In contrast, the influence of conventional exchange exposure on foreign-denominated debt has diminished. Research limitations/implications Future research should focus on several points. First, additional research could extend to foreign investors who have divergent perception and consideration in regard to foreign exchange risk management. Second, research on decision making and motivation in foreign currency choice should be conducted in order to deepen academic understanding. Third, research that refines the variables added in the current research should be conducted. Finally, as a way to manage foreign exchange volatility exposure, further investigation based on this study is possible. Practical implications The results of this study have several important theoretical and empirical implications for companies’ foreign exchange risk management strategy. First, through foreign exchange volatility exposure, which can usefully take over the role of the existing foreign exchange exposure, the authors can confirm market uncertainty as being relevant to the foreign exchange risk management strategy. Second, through the financial influence that the foreign exchange volatility exposure has on the foreign currency-denominated debt, the authors can observe the Korean firms’ paradigm shifts in their foreign exchange risk management strategies. Originality/value This research confirms the importance of foreign exchange volatility exposure in the research works dealing with firms’ exchange risk management, also the possible influence of foreign exchange volatility exposure in the future might be increased as uncertainty is raised from foreign exchange escalating.
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Schweikart, James A., and Robert H. Sanborn. "Foreign Currency Translations May Cause Erratic Equity Positions." Journal of Applied Business Research (JABR) 7, no. 4 (October 18, 2011): 104. http://dx.doi.org/10.19030/jabr.v7i4.6211.
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Financial Accounting Standards Board Statement No. 52 (FASB 52) replaced FASB 8 in 1981 and the new guidelines have been accepted widely for providing noncontroversial and adequate disclosure of foreign currency matters. The nine years since the adoption of FAS 52 have seen erratically fluctuating exchange rates, however, and the equity positions of many firms have responded accordingly. This article provides an investigation into the erratic equity positions that may have been caused by the new guidelines, and recommends actions that may avoid future embarrassments for the accounting profession.
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Anderson, Brian P., Stephen D. Makar, and Stephen H. Huffman. "Exchange rate exposure and foreign exchange derivatives: do ineffective hedgers modify future derivatives use?" Research in International Business and Finance 18, no. 2 (June 2004): 205–16. http://dx.doi.org/10.1016/j.ribaf.2004.04.001.
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Boldyrieva, Liudmyla, and Vitaliy Kustov. "PRICING ON LOW-LIQUIDITY EXCHANGES, PROBLEMS AND SOLUTIONS." Economics & Education 6, no. 3 (November 25, 2021): 18–22. http://dx.doi.org/10.30525/2500-946x/2021-3-2.
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This article examines the technology of futures supply, which includes three directions in its structure: trading, clearing (clearing organization, position calculations), supply process (non-deliverable contracts, deliveries of goods at a specific elevator, electronic warehouse document management, electronic digital signature system). The schemes of application of futures instruments at grain elevators have been singled out. It was found out that the domestic system of grain accounting at grain elevators loses much in comparison with the system of custodial (depositary) accounting, in centralization, in the presence of unified rules, as well as in other parameters. It is proposed to use market makers to provide a continuous flow of exchange liquidity (that is, to provide liquidity to both buyers and sellers at the same time). Methodology. The scientific research is based on the developments of domestic and foreign economists, as well as own observations and conclusions. Results. It turned out that, in theory, every trader can become a market maker by placing a pending limit order in the trading blotter. Specific examples are given, with figures, of how exactly the same product can be traded on a low-liquid and a high-liquid exchange. Three scenarios are proposed and it is concluded that the probability of the third scenario is quite high. Practical implications. It is proved that the Last Look system is one of the methods for solving the problem of market maker risk. It is shown that the main data transfer protocols between the exchange and its institutional participants can be Fix and Fast Data Protocols. The advantages and disadvantages of Fix and Fast data protocols are highlighted. It was found that the Fast protocol is actively implemented on trading floors, but it is still inferior in prevalence to the "classic" protocol Fix. Value/originality. Ensure the use of futures instruments in elevators. It is proposed to use market makers to provide a continuous flow of exchange liquidity.
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Kharbanda, Varuna, and Archana Singh. "Lead-lag relationship between futures and spot FX market in India." International Journal of Managerial Finance 13, no. 5 (October 9, 2017): 560–77. http://dx.doi.org/10.1108/ijmf-01-2017-0001.
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Purpose The purpose of this paper is to study the lead-lag relationship between the futures and spot foreign exchange (FX) market in India to understand the price discovery mechanism and the relationship between these two markets. Design/methodology/approach The estimation of lead-lag relationship is realized in three steps. First unit root and stationarity tests (Augmented Dickey-Fuller, Phillips-Perron, and Kwiatkowski-Phillips-Schmidt-Shin) are applied to check the stationarity of the data. Second, cointegration tests (Engle and Granger’s residual based approach and Johansen’s cointegration test) are applied to determine long run relationship between the markets. Third, error correction estimation is carried out by applying Vector Error Correction Model (VECM) to determine the leading market. Findings The study finds that there is a long run relationship between the futures and spot market where the futures market has emerged as the leading market for the four currencies studied in the paper. Originality/value Majorly, the studies on Indian FX market limit themselves to identifying the efficiency of the market and the studies which talk about the lead-lag relationship focus on the Indian stock market. This paper enhances the existing literature on Indian FX market by exploring the less explored subject of the lead-lag relationship between futures and spot FX market in India.
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Carsamer, Emmanuel. "Volatility transmission in African foreign exchange markets." African Journal of Economic and Management Studies 7, no. 2 (June 13, 2016): 205–24. http://dx.doi.org/10.1108/ajems-05-2015-0056.
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Purpose – The concept of volatility transmission and co-movement has witnessed a resurgence in the international finance literature in recent years after the black swan events which gave evidence of financial market linkages. The purpose of this paper is to examine the dynamic sources of volatility transmission in the foreign exchange market in recent financial market integration in Africa. Design/methodology/approach – A conceptual framework was adapted from the extant literature and was used as the basis of modeling exchange rate volatility transmission. This paper adopts a quantitative research approach and opts for augmented DCC model to empirically unearth the sources of exchange rate volatility transmission. Findings – The key findings of the study are that, the African market is more prone to shock from outside than in the region. Macroeconomic news surprises influence volatility transmission and co-movements. Robust support is found for trade balance, interest rate and gross domestic product. These findings clearly demonstrate the low level of financial development and challenges that sometimes exist in exchange rate-policy implementation by policy makers. Research limitations/implications – Interested academics and practitioners working in the area might incorporate bilateral investment into the model of exchange rate correlation in future research. Originality/value – Unilaterally considering exchange rate volatility transmission and subsequent augmentation of the DCC model, this study makes a modest contribution to the examination of exchange rate correlations in Africa. This study makes an important contribution in not only addressing this imbalance, but more importantly improving the relative literature on exchange rate volatility transmission.
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Ruvendi, Ramlan, and Herdiah Kusweni. "PENGARUH PERGERAKAN NILAI TUKAR DAN VOLUME TRANSAKSI TERHADAP PENDAPATAN TRANSAKSI DEVISA (STUDI KASUS PADA PT. BII, TBK KANTOR CABANG BOGOR)." Jurnal Ilmiah Binaniaga 2, no. 02 (November 27, 2018): 44. http://dx.doi.org/10.33062/jib.v2i02.159.
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Exchange or conversion rate is one of the important factors in an open economy since its big impact on the running transaction balance, foreign balance or other economical factors. Exchange rate plays a central role in international trade because exchange rate enables us to compare all products and services prices from other countries. The policy to predict and react on the exchange rate fluctuation is developing in line with the growing understanding of how the national and international monetary systems work. In addition transparency in accounting and taxation rules concerning the un/profitability from the exchange transactions and more familiar of economical effect of foreign currencies on cash flow and market value in the future. This research was carried out at PT. BII Ltd. Bogor Branch Office, and based on the problems, the purposes of the study were: (1) to know what factor that influence the movement of exchange rate (2) to see whether the movement and the volume of the exchange rate have significant relationship on the income from foreign exchange transactions (3) to identify if there is an influence of foreign exchange movement on the income from foreign exchange transactions and (4) to know is there an influence of transaction volume on the income from foreign exchange transactions. There were several factors that influence the foreign exchange rate on US Dollar, they are: (1) economical foundation (including inflation rate, BI interest rate, government control and income rate) (2) external factors (including American interest rate and policy, the rise of world crude oil price, European interest rate, American economic condition etc.) (3) market bias (including supply and demand, expectation and rumors). The influence of both foreign exchange rate (FER) and transaction volume (TV) analysis on the income of foreign exchange transactions (IFET) at PT. BII Ltd. Bogor Branch Office the writer found the regression equation as = -432050000.042 + 4762.800NT + 0.000595VT. The doubled regression linear of collected data gave a parameter value 4762.800NT and 0.000595VT and a constant value -432050000.042. The double correlation of the FER variable and the TV on the IFET at this company was positive and the coefficient correlation (r) was 0.577. The determinant coefficient (r squared) was 0.333 that means 33.30% of the IFET variety was caused by doubled regression between the IFET with FER and TV. The remaining 66.70% was explained by variables other than FER and TV that influence the IFET.
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Sorensen, Susan M., Zhaohui Xu, and Donald L. Kyle. "Currency Translation's Effects on Reported Earnings and Equity: An Instructional Case." Issues in Accounting Education 27, no. 3 (August 1, 2012): 837–54. http://dx.doi.org/10.2308/iace-50081.
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ABSTRACT As globalization increases and companies expand their foreign operations, their reported results, such as earnings per share, are increasingly affected by the volatility of daily foreign currency exchange (FX) rate fluctuations. The case provides a series of requirements to alert students to the effect that FX rate fluctuations have on reported operating results of a hypothetical company whose accounting records are kept in multiple currencies. The hypothetical company is based on a composite of four comparable real companies. Subsidiaries are located in the Euro Zone and China to highlight the difference between a floating currency experiencing volatility and a managed currency. These currencies allow students to address the uncertainties of sovereign debt crises and changing currency policies by governments. Students research applicable standards, obtain disclosures from Form 10-Ks, obtain FX rates, complete Excel worksheets to translate monthly income into U.S. dollars, observe how reported net income changes with the pattern of monthly income and FX rates, discuss the usefulness of the mandatory disclosure on foreign exchange exposure, address the risk factors affecting future FX rates, compute debt covenant requirements, and assess how the variations of FX rates affect the company's compliance with these debt covenants and its ability to implement its business strategy.
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Obi, Pat, and Jeong Gil Choi. "Asia-Pacific Hotels International: Managing Short Term Cash in the Derivatives Market." Asian Case Research Journal 14, no. 02 (December 2010): 233–44. http://dx.doi.org/10.1142/s0218927510001398.
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This case deals with a cash management problem for an international hotel based in Seoul, Korea. Although successful in its core hotel operations, the firm has not been as successful in managing its short term cash flow. Part of the firm's operating and materials costs are in US dollars although all of its operating incomes are in the local currency, the South Korean won. This imbalance creates a currency risk exposure in the management of the firm's working capital. To ensure that it has sufficient funds to pay its dollar-denominated costs, the firm is considering the investment in a sizeable amount of dollar-denominated time deposits. Pursuing this strategy, however, involves a two-fold global dimension: First, the firm must determine what exchange rate conditions would make it suitable to invest in dollar-denominated time deposits rather than in the local currency. Second, for any such dollar-denominated short-term investments, the firm must decide when and how to use the facilities of the Eurodollar futures market to hedge the currency risk exposure. The specific approach being considered includes a combined position in Eurodollar time deposits and Eurodollar futures contract. This case presents an opportunity to learn how firms can successfully combine short-term investments in a foreign currency-denominated time deposit with positions in the derivatives markets, the aim of which is to manage exposure to currency risk.
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Senteney, David L., Grace H. Gao, and Mohammad S. Bazaz. "Impact of ADR Forms 20-F reconciliation on trading volume." International Journal of Accounting and Information Management 23, no. 3 (August 3, 2015): 253–70. http://dx.doi.org/10.1108/ijaim-03-2014-0014.
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Purpose – This paper aims to investigate the impact of the filing of Form 20-F to the Securities and Exchange Commission (SEC) on short-term trading volume and return by those foreign firms which list their securities in the US Stock Exchanges. Design/methodology/approach – The authors collected 402 American depository receipt (ADR) firms from 38 different countries that listed their securities in the US Stock Exchanges over a 10-year period of 2000-2009. A regression model was used to examine such impact, including the post year 2007 SEC elimination of reconciliation. Findings – This paper found significant abnormal trading volumes and abnormal returns one day, two days and three days following the 20-F report for the sample firms whose financial statements were prepared under both home-country accounting principles and US generally accepted accounting principles (GAAP). Firms originally using international financial reporting standards (IFRS) do not present abnormal return and abnormal trading volume. This indicates that US investors view IFRS to be as high-quality as US GAAP. Research limitations/implications – The findings might be limited to this period and might not draw statistical inference for the future period. This evidence offers support for the SEC’s elimination of the reconciliation requirement to US GAAP. Practical implications – This study was carried out with the aim to investigate whether the release of Form 20-F by ADR firms offers any additional information useful to investors incorporating both abnormal return and trading volume, which is thought to be more sensitive. Originality/value – This paper investigates the short-term return and volume reactions caused by the earnings and equity reconciliation from home-country accounting standards or IFRS to US GAAP for foreign cross-listed firms in the USA.
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Stiner, Frederic M., and Susan A. Lynn. "Auditing Issues with Chinese Reverse Merger Companies Traded in the United States." International Journal of Accounting and Financial Reporting 2, no. 2 (September 9, 2012): 76. http://dx.doi.org/10.5296/ijafr.v2i2.2187.
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Recently there have been two issues related to Chinese companies seeking capital in the United States. The first issue is frauds that have been perpetrated by companies using reverse mergers in order to go public. The second issue is fraud in continuing audit engagements when there has been reliance by an American audit firm on a foreign accountant’s audit work. There is also conflict between the Public Company Accounting Oversight Board (PCAOB) demanding to inspect audit workpapers for companies in China and the Chinese government’s refusal to let the PCAOB see these workpapers. These issues relate to characteristics of the practice of accounting and auditing in China that threaten auditor independence and audit quality. The paper discusses: (1) issues involving reverse mergers and the response of the Securities and Exchange Commission (SEC) to these issues, (2) issues involving reliance on the work of foreign Certified Public Accountants (CPAs) and the response of the PCAOB to these issues, (3) issues involving conflicts between U.S. regulatory agencies and the Chinese government over access to audit-related documents, and (4) suggestions for future research.
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Grove, Hugh, Maclyn Clouse, and Tracy Xu. "Human resource reporting: Implications for corporate governance." Corporate Governance and Organizational Behavior Review 5, no. 1 (2021): 26–36. http://dx.doi.org/10.22495/cgobrv5i1p3.
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The major research question of this study is how boards of directors can monitor human resource reporting, especially with emerging reporting requirements from the U.S. Securities and Exchange Commission (SEC) for all domestic and foreign public companies listed on U.S. stock exchanges. Boards can develop advising and monitoring practices to help their companies meet the SEC’s human capital reporting requirements, as shown by the following topics discussed and analyzed in this paper: criticisms of the modernization of Regulation S-K by using principle-based versus rules-based disclosures; a way forward on the modernization of Regulation S-K; sustainability accounting standards; human resource accounting; board responsibility for white-collar crime risk; and collegiality conundrums. We find that a possible way forward in modernizing human capital reporting would be to combine a rules-based approach with a principles-based approach. We recommend boards to closely follow the United Nation’s Sustainable Development Goals and create opportunities to steer their companies towards a sustainable future. We also research the newly developed accounting standards to address human resource risks and promote sustainable human capital reporting. In addition, we identify the strategies for boards to monitor the risk of white-collar crime and highlight the balance between collegiality and effectiveness in the boardroom. Future research could use case studies and interviews of company boards to investigate how they have developed strategies and procedures to facilitate human resource management and reporting
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Kablan, Ali. "Swap transactions as a financial tool, their recognition as international accounting standard 39 and display in financial statements." International Journal of Finance & Banking Studies (2147-4486) 2, no. 2 (April 21, 2013): 8–25. http://dx.doi.org/10.20525/ijfbs.v2i2.142.
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Developments in international financial markets concern both developed countries and developing countries closely. The transactions of institutions arising from of commercial activities display a more complex and more risky state in line with international economic developments. The globalization trend in the world economy, the extreme fluctuations in currencies, interests and product prices have rendered closely following up the developments in financial tools mandatory. Taking advantage of derivative financial tools which increase the revenue of assets by taking future risks into consideration, impact a decrease in debt costs and has the purpose of transferring risks are of vital importance with respect to the successful management of companies. At the present time in which internationalcommerce, free market economy and globalization has gained in importance, one of the derivative products used in risk management and have a wide implementation area is swap transactions. Swap transactions can be expressed as a financial transaction including the exchange of interest, foreign currency or both between two or more parties. Swap transactions in particular are used for purposes such as protection against risks due to interest rates and exchange rates, ensuring low cost financing, changing the debt structure and entering different markets. In this study, the generallydefined characteristics of swap transactions, which have an important standing within financial risk management and have been rapidly developing in the world in recent years and their recognition according to the International Accounting Standard 39 concerning the recognition of swap transactions, which has in particular termed the study have been focused on. In the framework of the standard, interest swap and foreign currency swap implementation study were included with respect to the matter
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Caplan, Dennis. "John Adams, Thomas Jefferson, and the Barbary Pirates: An Illustration of Relevant Costs for Decision Making." Issues in Accounting Education 18, no. 3 (August 1, 2003): 265–73. http://dx.doi.org/10.2308/iace.2003.18.3.265.
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The concepts of incremental cost, opportunity cost, sunk cost, and cost allocation are identified and discussed in the context of early U.S. foreign policy. The case is derived from an authentic exchange of views between Thomas Jefferson and John Adams about how the United States should protect its merchant shipping against the Barbary pirates. Both men compare the cost of waging war against the Barbary States with the cost of paying ransom for captured U.S. seamen and bribes to protect future shipping. Adams quantifies the opportunity cost associated with not taking any action. Jefferson articulates an incremental costing argument, on the assumption that the U.S. should build a navy regardless of U.S. policy toward the Barbary States. The case constitutes a brief introduction to management accounting by illustrating various cost concepts. The case lends itself to a discussion of how cost information can be chosen to support a particular course of action, and it can also prompt a discussion of the historical origins of management accounting.
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Kablan, Ali. "Swap transactions as a financial tool, their recognition as international accounting standard 39 and display in financial statements." International Journal of Finance & Banking Studies (2147-4486) 2, no. 2 (January 17, 2016): 8. http://dx.doi.org/10.20525/.v2i2.142.
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<p>Developments in international financial markets concern both developed countries and developing countries closely. The transactions of institutions arising from of commercial activities display a more complex and more risky state in line with international economic developments. The globalization trend in the world economy, the extreme fluctuations in currencies, interests and product prices have rendered closely following up the developments in financial tools mandatory. Taking advantage of derivative financial tools which increase the revenue of assets by taking future risks into consideration, impact a decrease in debt costs and has the purpose of transferring risks are of vital importance with respect to the successful management of companies. At the present time in which international commerce, free market economy and globalization has gained in importance, one of the derivative products used in risk management and have a wide implementation area is swap transactions. Swap transactions can be expressed as a financial transaction including the exchange of interest, foreign currency or both between two or more parties. Swap transactions in particular are used for purposes such as protection against risks due to interest rates and exchange rates, ensuring low cost financing, changing the debt structure and entering different markets. In this study, the generally defined characteristics of swap transactions, which have an important standing within financial risk management and have been rapidly developing in the world in recent years and their recognition according to the International Accounting Standard 39 concerning the recognition of swap transactions, which has in particular termed the study have been focused on. In the framework of the standard, interest swap and foreign currency swap implementation study were included with respect to the matter.</p>
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Kukreja, Gagan. "THE SPILLOVER OF THE COFFEE: MATERIAL MISSTATEMENTS AT (UN) LUCKIN COFFEE INC." Indian Journal of Finance and Banking 5, no. 2 (April 3, 2021): 106–14. http://dx.doi.org/10.46281/ijfb.v5i2.1058.
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The research investigates alleged material misstatements in the financials of Luckin Coffee, a Chinese company listed in NASDAQ. The research is exploratory and based on publicly available information. The financial data has been obtained from their quarterly and annual reports submitted to Securities and Exchange Commission. The research shows the alleged corruption by inflating sales and profits by C-suite executives of the company. Nevertheless, before doing so, what failures in corporate governance led to this crisis? The admission of such material misstatements resulted in a massive loss to the investors and shaken the investment community’s trust once again. The research tried to determine what kind of audit procedures should have been implemented to earlier detection of fraud? What should have been done to protect stakeholders? What extra measures should the U.S. stock exchange take into consideration before listing foreign companies? What kind of ethical standards must be taught to the students/future executives to avoid such material misstatements? How can accounting bodies address such material misstatements? How can audit procedures be improved? This research will facilitate the policymakers, accounting and auditing regulators, board and various other stakeholders to deter, detect and mitigate such financial material misstatements and offers recommendations.
JEL Classification Codes: M41, M42, M48, M148.
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Almubaideen, Haitham I. M., Abdul Hakim Mustafa Joudeh, Saad A. Alsakeni, and Kayed Abd allah Al-Attar. "The Effect of Applying Hedge Accounting in Reducing Future Financial Risks in Jordanian Commercial Banks." Modern Applied Science 13, no. 3 (February 26, 2019): 140. http://dx.doi.org/10.5539/mas.v13n3p140.
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The Effect of Applying Hedge Accounting in Reducing Future Financial Risks in Jordanian Commercial Banks
The study aimed to identify the effect of applying hedge accounting on reducing the future financial risks of the Jordanian commercial banks by using financial ratios to find a practical method of calculating the hedge with its three categories and to address the future financial risks of commercial banks in Jordan.
The researchers used both the descriptive and analytical methods based on the financial statements and reports of the Jordanian commercial banks for the period (2012-2017), in addition of using financial indicators. The study community included the published financial statements of the Jordanian commercial banks before applying hedge accounting and after in accordance with the amendments to IFRS Standard No. 9, as well as the banks listed in the Amman Exchange Market for the period of study. The sample of the study included all Jordanian commercial banks that disclosed the application of hedge accounting in their annual financial statements.
The study concluded that there is a strong correlation between cash flow hedges and reducing the financial risks of Jordanian commercial banks after the application of hedge accounting for the period (2012-2017), and that there is a strong correlation between fair value hedges and reducing the financial risks.
The fair value hedges have an explanatory capacity to reduce the financial risk by 27.4%. This has been derived from the R2 value. There is a weak correlation between the net investments in foreign currencies and the financial risks. The study recommended the importance of maintaining the use of hedge accounting to achieve fairness and honest representation in the final financial statements to the benefit of internal and external users.
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Ademola Lateef, Saheed, Norfadzilah Rashid, Johnson Kolawole Olowookere, and Abdullahi Bala Ado. "An Empirical Evidence of the Value Relevance and Timeliness of Financial Reports in the Post Adoption of IFRS in Nigeria." Journal of Management Theory and Practice (JMTP) 2, no. 1 (January 14, 2021): 16–25. http://dx.doi.org/10.37231/jmtp.2021.2.1.72.
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The emergencies of the globalization of accounting standards and other critical issue have been reported to reduce the cost of enhancing comparability, understandability, and producing supplementary information, and analysis of the accounting reports. This allowed many developing nations who do not want to be left behind to take a cue from the world's major economies to meet the international financial reporting standards (IFRS) that Nigeria has taken measures to converge equally. The study examines the effect of IFRS adoption on financial reporting quality of listed non-financial companies in the Nigerian stock exchange. Particularly, in the area of value relevance and timely loss recognition. The study used 63 non-financial companies’ annual reports listed on the Nigerian Stock Exchange (NSE) for the period of 2008 to 2018 (i.e., 5years pre-adoption and 5years post adoption). Multiple linear regression was used in analyzing the collected data via STATA software. The result shows a significant increase in the value relevance of financial reports after IFRS adoption. The study also showed that the identification of significant losses increased in the post-IFRS adoption era. Based on the result, the study suggests that the relationship between accounting measures on IFRS adoption and financial reporting quality indicates that both foreign and local investors can predict the future of market value of individual securities. Therefore, investor receives considerable information by knowing the price information on time that shows more value relevant. Finally, this study contributed to the theory and practice, as well as direction for further studies related to the financial reporting standards and the reporting quality.
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Koh, Wee Chian, and Shu Yu. "A Decade After the 2009 Global Recession: Macroeconomic Developments." Journal of International Commerce, Economics and Policy 12, no. 02 (April 23, 2021): 2150011. http://dx.doi.org/10.1142/s1793993321500113.
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Emerging market and developing economies (EMDEs) weathered the 2009 global recession relatively well. However, the impact of the global recession varied across economies. EMDEs with stronger pre-crisis fundamentals — such as large foreign exchange reserves, sound fiscal positions, and low inflation — suffered milder growth slowdowns, in part due to their greater capacity to engage in monetary and fiscal stimulus. Low-income countries were also resilient, as foreign aid and inflows of remittances remained relatively stable. In contrast, EMDEs that were heavily dependent on short-term capital flows — such as portfolio investment and cross-border bank lending — fared less well, especially those in Europe and Central Asia. A key lesson for EMDEs is the need to strengthen macroeconomic frameworks and create policy space to prepare for future global downturns.
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Jamal, Karim, George J. Benston, Douglas R. Carmichael, Theodore E. Christensen, Robert H. Colson, Stephen R. Moehrle, Shivaram Rajgopal, Thomas L. Stober, Shyam Sunder, and Ross L. Watts. "A Perspective on the SEC’s Proposal to Accept Financial Statements Prepared in Accordance with International Financial Reporting Standards (IFRS) without Reconciliation to U.S. GAAP." Accounting Horizons 22, no. 2 (June 1, 2008): 241–48. http://dx.doi.org/10.2308/acch.2008.22.2.241.
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SYNOPSIS: The Securities and Exchange Commission (SEC) recently issued a call for comment on a proposal to accept financial statements prepared in accordance with International Financial Reporting Standards (IFRS) without reconciliation to U.S. GAAP. Accounting researchers have attempted to assess the quality of IFRS using different methods and criteria. While we are skeptical of drawing direct conclusions about the SEC’s proposal based on this research, there is adequate evidence that both IFRS and U.S. GAAP provide useful information to investors and other users of financial statements. Moreover, we see no conclusive research evidence that financial reports prepared using U.S. GAAP are better than reports prepared using IFRS. The prudent approach when faced with alternatives with no clear difference in quality is to promote competition among them, which supports adopting the SEC’s proposal to permit foreign private issuers a choice between IFRS and U.S. GAAP. Furthermore, to help improve U.S. and international GAAP through standards-setting competition, we recommend that the Commission extend the choice of IFRS to U.S. companies, and require all companies to indicate clearly whether they are filing under U.S. GAAP or IFRS. Finally, we recommend that the Commission and its staff investigate and seek feedback on the educational consequences of its proposed actions. This attention will help educators to better prepare future professionals to implement these proposed regulatory changes.
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Bareja, Katarzyna, Magdalena Giedroyć, and Małgorzata Wrzosek. "The predictive power of comprehensive income in Polish companies listed on the Warsaw Stock Exchange." Zeszyty Teoretyczne Rachunkowości 2019, no. 105 (161) (December 22, 2019): 113–36. http://dx.doi.org/10.5604/01.3001.0013.6060.
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Poland is historically classified within the Continental European model of accounting. The aim of the paper is to find the answer to the question of whether the Anglo-Saxon measure of financial results, which is comprehensive income, introduced into Polish reporting practice by the implementation of IFRS, has better predictive power than net income. The consequences of reporting comprehensive income are still a research gap in Poland. This article fills the gap regarding the predictive value of comprehensive income on the Polish market, and at the same time, it constitutes a contribution to global research in this area. The content presented in this article was developed using studies of the domestic and foreign literature. The methodology adopted in our study refers to the commonly used methodology of quantitative research on value relevance and the predictive value of comprehensive income. Our results indicate that net income and comprehensive income have the same predictive value for future performance. The research showed that neither other comprehensive income as a single indicator nor separate items of other comprehensive income has significant predictive power for future performance. The results of our research may help legislative bodies to make decisions on whether to extend the financial statement by requiring the statement of comprehensive income. In addition, our study presents, in a very broad way, the results of the latest research on NI and CI.
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Abbas, Shujaat, and Abdul Waheed. "Trade competitiveness of Pakistan: evidence from the revealed comparative advantage approach." Competitiveness Review: An International Business Journal 27, no. 5 (October 16, 2017): 462–75. http://dx.doi.org/10.1108/cr-12-2015-0092.
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Purpose Pakistan’s natural endowment of labour and land is suitable for labour-intensive agriculture and manufacturing sector. This study aims to investigate international trade competitiveness of Pakistan in 14 major industries of agriculture and manufacturing sector, accounting more than 85 per cent of total export receipts. Design/methodology/approach The competitiveness of Pakistan in selected industries of agriculture and manufacturing sectors from 2003 to 2014 is investigated using the revealed comparative advantage (RCA) index, introduced by Balassa (1965) on HS data collected from the United Nations Commodity Trade database. The obtained indices in this study are then subjected to panel regression analysis to investigate the effect of domestic productivity growth and real exchange rate on international trade competitiveness of major industries. Findings The results show that the agriculture sector of Pakistan has higher comparative advantage in raw cotton, cereals, raw leather and fruits. The raw cotton shows the highest competitiveness of 54.46 which is followed by cereals (17.13), leather (9.83) and fruits (1.97). The RCA of the manufacturing sector shows that textile (54.85), carpets (10.72), sports goods (2.18) and beverages (1.47) have higher competitiveness. The RCA, in relatively capital-intensive industries, shows a high disadvantage. The trend analysis shows distorted competitiveness in labour-intensive, textile, carpet and footwear industries. The results of panel regression analysis show that the domestic productivity growth and real exchange rate depreciation have a significant positive impact on the international competitiveness of selected industries. The study urges Pakistan to make its macroeconomic environment investment-friendly and encourage investment in deteriorating labour-intensive industries. Practical implications Globalisation has significantly increased international competition, and Pakistan is losing its competitiveness in labour-intensive industries owing to lack of domestic value addition and development efforts. The major problem with the productivity of these industries is the lack of proper infrastructure, acute energy crisis, lack of domestic and foreign investment and overvaluation of real exchange rate. The domestic investors are shifting their capital either to other domestic sectors and/or other investment-friendly countries. Policymakers in Pakistan should address the problems of these important labour-intensive industries. The government needs to understand macroeconomic uncertainties and make investment-friendly policies to encourage domestic and foreign investment. The future studies should perform in-depth research to identify both microeconomic and macroeconomic variables responsible for deterioration in competitiveness of major labour-intensive industries in the agriculture and manufacturing sectors of Pakistan. Originality/value This study is a comprehensive examination into the nature and pattern of international competitiveness of Pakistan in 14 important industries of the agriculture and manufacturing sector which has seldom been investigated empirically. The obtained indices in this study are also subjected to panel regression analysis to explore the effect of domestic productivity growth and real exchange rate depreciation on the international competitiveness of Pakistan.
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Al-Faryan, Mamdouh Abdulaziz Saleh. "Corporate governance in Saudi Arabia: An overview of its evolution and recent trends." Risk Governance and Control: Financial Markets and Institutions 10, no. 1 (2020): 23–36. http://dx.doi.org/10.22495/rgcv10i1p2.
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In spite of growing interest in Saudi corporate governance systems, there is little literature on the evolution of Saudi corporate governance. This study helps close this gap by investigating and compiling corporate governance development in Saudi Arabia. After providing background information for Saudi Arabia and its corporate governance model, we touch on the Saudi legal system and key external institutions that helped shape its corporate governance. We examine the specific contributions of the accounting and auditing professions, and the roles of the National Anti-Corruption Commission and the Saudi Stock Exchange. We describe key reforms implemented to develop the Saudi economy and evaluate their importance in facilitating change in corporate governance practices. This study contributes as an initial point of reference for future studies on Saudi Arabia, and serves as a one stop resource for both academics and practitioners, while specifically benefitting foreign and domestic investors considering investments in Saudi Arabia.
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Linthicum, Cheryl L., Andrew J. McLelland, and Michael A. Schuldt. "An analysis of SEC comment letters and IFRS." Journal of Financial Reporting and Accounting 15, no. 2 (July 3, 2017): 226–44. http://dx.doi.org/10.1108/jfra-02-2016-0015.
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Purpose This study investigates the influence of the Securities and Exchange Commission (SEC) on the interpretation and application of International Financial Reporting Standards (IFRS) by examining a group of SEC-selected foreign private issuers filing 2005 annual reports in the USA and reporting using IFRS for the first time. Design/methodology/approach This paper uses hand-collected information from SEC comment letters to analyze IFRS topics and documents the ultimate resolution of each SEC comment (no change to filing, current change to filing or prospective change to future filing). The authors use descriptive statistical analyses, as well as a logistic regression model involving the resolution of each SEC comment, to examine the SEC’s influence on the interpretation of IFRS. Findings The study finds both higher comment totals, and higher numbers of required filing modifications, for those IFRS pronouncements which were identified as needing improvement during the 2006-2008 convergence efforts by the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB). Additionally, the study documents a decreasing likelihood of a filing modification when US generally accepted accounting principles (US GAAP) guidance is referenced in comment letter correspondence involving IFRS topics. Originality/value The study extends the IFRS literature and the SEC comment letter literature by focusing on the resolution of comments directed at IFRS disclosures, as well as exploring the factors which influence whether a comment ultimately requires a filing modification.
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Kaur, Surinder, Venkat A. Raman, and Monica Singhania. "Impact of corporate characteristics on human resource disclosures." Asian Review of Accounting 24, no. 4 (December 5, 2016): 390–425. http://dx.doi.org/10.1108/ara-09-2014-0103.
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Purpose Human resource (HR) disclosures are voluntary in nature in most countries including India. The voluntary nature of HR disclosures results in discrepancy in the HR disclosure practices across companies and industries. The purpose of this paper is to examine the extent of HR disclosures in annual reports of Indian listed companies and to identify their determinants in a three stage analysis. Design/methodology/approach In the first stage a 16 item human resource disclosure index (HRDI) has been constructed for the set of CNX 200 companies listed on National Stock Exchange. Thereafter the effect of various independent variables on HRDI is analysed descriptively. Finally in the third stage HRDI has been regressed against the independent variables using regression analysis technique to identify key determinants of HRDI. Findings The research reveals that there is high variation among sample companies as regard HRDI. The results of descriptive analysis, correlation analysis and multivariate regression analysis establish that government’s participation in ownership and market capitalisation has positive significant effect on HRDI at 1 per cent, presence of separate HR directors committee, presence of more independent directors on board at 5 per cent and cross-list America and profit after tax at 10 per cent level. Implicitly HRDI is positively affected by size of company as measured by market capitalisation. Though contrary to expectations, other variables leverage, number of employees, assets, ownership concentration, type of auditor, age, complexity of business structure, employee expense to total operating expense ratio, industry affiliation, foreign investment and proportion of non-executive directors on board are found to have moderate though insignificant influence on HRDI. Research limitations/implications Cross-sectional design, dependence on annual reports as a primary document for disclosure and subjectivity in HRDI construction are the main limitations of the research. A longitudinal study may be carried to study the pattern of HR disclosures in future. Weighted ranking of different items of disclosures may be studied to improve the understanding of extent of disclosures. Practical implications The HRDI as constructed in the research may be used as a benchmark by companies to improve their HR disclosures. It can also be used by accounting bodies and company regulators while deciding about standards regarding HR disclosures. Investors can also use HR disclosures made by a company as a basis to understand its financial standing and future potentials. Originality/value The study adds to the existing literature by developing 16 item HRDI to measure the extent of disclosures by listed companies in India and thereafter by including some new propositions in the determinants of HRDI have never been tested in the existing studies. These propositions are government’s participation in ownership, separate HR committee of directors, board composition and foreign activity. These propositions have been empirically validated in this research except for foreign activity.
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Moser, Randy. "IFRS and convergence in China and the USA." Journal of Technology Management in China 9, no. 1 (April 1, 2014): 56–66. http://dx.doi.org/10.1108/jtmc-12-2013-0042.
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Purpose – The purpose of this paper is to perform a brief examination of International Financial Reporting Standards (IFRS) and the progress towards IFRS convergence in the accounting environments of China and the USA, providing useful information on the current status and future of IFRS convergence in these countries. Design/methodology/approach – A range of IFRS-related literature from 1993 to 2013 was analyzed to provide the current status of IFRS and to determine the past, present and future of IFRS convergence in the country examinations. Findings – IFRS convergence and adoption has occurred on a global scale due to the call for a single set of standards. China's most significant obstacles include training accounting professionals and becoming more involved in the International Accounting Standards Board (IASB) standard setting process. The USA's most significant obstacle is completing the Securities and Exchange Commission roadmap milestones, which will progressively move the accounting industry towards IFRS convergence. Research limitations/implications – These findings have been limited to an overview of IFRS convergence and adoption within China and the USA. Additional research opportunities exist by examining how successful countries have been in protecting individual economic interests by working with the IASB in the standard setting process for the IFRS, as opposed to being passive in the process. One economic indicator that should be examined is foreign direct investment, which has major impacts on country development and can be influenced by financial standards such as IFRS. Practical implications – China and the USA both have milestones identified in this paper that will need to be reached before benefits may be reaped from the converging to IFRS. Originality/value – These findings show that IFRS standards are being implemented globally in many nations, providing a common set of reporting tools to businesses and investors. Through these standards, China and the USA are working to be even more competitive forces in financial markets.
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El-Diftar, Doaa, Eleri Jones, Mohamed Ragheb, and Mohamed Soliman. "Institutional investors and voluntary disclosure and transparency: the case of Egypt." Corporate Governance: The International Journal of Business in Society 17, no. 1 (February 6, 2017): 134–51. http://dx.doi.org/10.1108/cg-05-2016-0112.
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Purpose Disclosure and transparency are major pillars of corporate governance which need to be greatly promoted in Egypt. This research aims to understand how different kinds of institutional investors affect levels of voluntary disclosure and transparency. Design/methodology/approach The research was conducted on the most active Egyptian companies over a period of five years. A voluntary disclosure checklist was first developed to assess levels of voluntary disclosure and transparency. Findings Empirical results support significant positive impacts of both bank ownership and foreign ownership on voluntary disclosure and transparency. Among the four firm characteristics controlled for in the research, firm size was the only one with a highly significant positive impact on voluntary disclosure and transparency. Research limitations/implications The results of this research may not be generalized to all companies, as it was only conducted on the most active firms on the Egyptian Exchange. Therefore, it is recommended that future researches integrate a more diversified sample. Practical implications The research provides empirical evidence that institutional investors are not a homogeneous group and that different kinds of institutional ownership impact differently on voluntary disclosure and transparency. As such, some institutional investors are more influential than others when it comes to increasing corporate voluntary disclosure and transparency and in reducing agency problems. Originality/value This research offers assistance to policy makers interested in enhancing corporate disclosure and transparency. It is particularly important during any adjustment to ownership policies in Egypt.
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Hu, Zuliu. "Jumps, Martingales, and Foreign Exchange Futures Prices." IMF Working Papers 96, no. 21 (1996): 1. http://dx.doi.org/10.5089/9781451921649.001.
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Farooq, Muhammad, and Amna Noor. "The impact of corporate social responsibility on financial distress: evidence from developing economy." Pacific Accounting Review 33, no. 3 (June 16, 2021): 376–96. http://dx.doi.org/10.1108/par-10-2020-0196.
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Purpose This study aims to explore the role of corporate social responsibility (CSR) on the likelihood of financial distress for a sample of 139 Pakistan Stock Exchange (PSX) listed firms throughout 2008–2019. Design/methodology/approach The dynamic generalized method of moments (GMM) estimator is used to examine the impact of CSR on financial distress. The investment in CSR is measured through a multidimensional financial approach which comprises the sum of the contribution made by the company in the form of charitable donation, employees’ welfare and research and development, while the Altman Z-score is used as an indicator of financial distress. The higher the Z-score, the lower will be the probability of financial distress. Findings The authors find a significant positive impact of CSR on financial distress in GMM model. This finding is consistent with the shareholder view and over-investment hypothesis of CSR as management makes an investment in CSR to get personal benefits, which resultantly leads the firm toward financial distress state. Further, this positive relationship remains present for firms having strong involvement in foreign business through exports. Research limitations/implications Like other studies, the present study is not free from limitations. First, financial firms are skipped from the sample, although literature witnesses a lot of studies highlight the financial firms’ commitment to achieving CSR goals. Second, financial distress occurs in different stages, and this study fails to establish a linkage between CSR engagement at different stages of financial distress. In the future, researchers can make valuable addition by covering these missing links in present studies. Practical implications Findings suggest several practical implications. For policymakers, they should encourage firms to adopt more socially responsible behavior as it not only prevents them from distress but also comes with better investment behavior, minimize bankruptcies and make economies more strong and stable. Second, results suggest corporate managers emphasize socially responsible behavior as its benefits are beyond the “societal benefits” as it lessens financial distress through lower cost of debt, lesser financial constraints and reduced cost of information asymmetry, and it minimizes the cost of capital. Lastly, investors make risk premium assessments related to future earnings by determining the likelihood of financial distress in the future. Originality/value The study extends the body of existing literature on CSR and the likelihood of financial distress in Pakistan, which is according to the best knowledge of the authors, not yet studied before. The results suggest that policymakers may pay special attention to the quality of CSR while predicting corporate financial distress.
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Zinchenko, Olena, Maria Ohrenich, Maryna Shepel, and Maryna Yakovlieva. "NON-LINGUISTIC STUDENTS’ INTERCULTURAL BUSINESS COMMUNICATION SKILLS FORMATION." Academic Notes Series Pedagogical Science 1, no. 191 (2020): 87–91. http://dx.doi.org/10.36550/2415-7988-2020-1-191-87-91.
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The article deals with the experimental methodology of general cultural competence and business English speech etiquette skills formation. They are regarded as a means of intercultural business communication of future economic professionals. The analysis of recent researches and publications issued by domestic and foreign scientists on the subject under study is provided. The authors give their own definition to the concept «general cultural competence». The experimental validation of general cultural competence and business English speech etiquette development was carried out on the basis of Odessa National Academy of Food Technologies (Ukraine) during 2017-2019. The experiment covered 450 students of the Faculty of Economics, Business and Control (Specialities «Accounting and Audit», «Economy of Enterprise») and the Faculty of Management, Marketing and Logistics (Specialities «Management», «Marketing», «Entrepreneurship, Trade and Exchange Activity», «Public Management and Administration»). The study was conducted in two stages. The first stage was aimed at future economic specialists’ general cultural competence formation and the second one — business English speech etiquette development. In the process of our study we solved the following tasks: to show the possibilities of forming general cultural competence in the educational process at a higher technical educational institution; to develop students' self-education and self-improvement abilities; to promote the creation of beliefs, value preferences, the acquisition of new knowledge and cultural activities skills. teaching the speech etiquette was based on certain principles, namely: didactical, methodical, linguistic. The study provides examples of interactive tasks and types of work that have contributed to the English language communicative competence development and cultural values assimilation of foreign cultures representatives, they are: business role plays, case studies, working with original texts, students’ pair and group activity, video tutorials, mini-conferences and presentations; such concepts as «dialogue of cultures», «intercultural interaction», «culturological situation», «speech etiquette formulae», «information and communication educational technologies» etc., Based on this work results, methodological recommendations for the students’ business English speech etiquette and general culture competence formation were given.
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Kokin, Alexander S. Kokin, Vladimir A. Odinokov Odinokov, and Valentina N. Shchepetova Shchepetova. "Analysis of the development of the foreign exchange market in the Russian Federation." Russian Journal of Water Transport, no. 69 (December 20, 2021): 149–61. http://dx.doi.org/10.37890/jwt.vi69.222.
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The article focuses on the financial foreign exchange market, the development and condition of which determines the financial well-being of most commercial enterprises of the Russian Federation. The purpose of the research is to give review of the Russian foreign exchange market’ development and situation. The main factors influencing the level of the exchange rate of foreign currencies expressed in national currency are considered.
The domestic and international foreign exchange market of Russia for the period 2016-2020 is analyzed. The dynamics of conversion operations, the structure of participants in the domestic foreign exchange market by type of currency. The results of trading on the foreign exchange market, futures and options as a currency instrument, the share of options and futures on the futures market of the Russian Federation, as well as the dynamics of the US dollar against the ruble and exchange trading indicators for the period from 2016 to 2020.
The conditions, results and prospects of the development of the financial foreign exchange market of the Russian Federation are discussed in this article