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Journal of Accounting, Finance and Auditing Studies
Journal of Accounting, Finance and Auditing Studies (JAFAS)
ISSN (print): 3005-9844
ISSN (online): 2149-0996
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2024: Vol. 10

Journal of Accounting, Finance and Auditing Studies (JAFAS), a distinguished open-access peer-reviewed publication, delves into the realms of accounting, finance, and auditing. It serves as a platform for sharing empirical and theoretical research, case studies, and reviews, catering to academics, professionals, and students globally. JAFAS encourages submissions that challenge traditional perspectives in these fields, aiming to blend theoretical depth with practical insights. Published quarterly by Acadlore, the journal typically releases its four issues in March, June, September, and December each year.

  • Professional Service - Every article submitted undergoes an intensive yet swift peer review and editing process, adhering to the highest publication standards.

  • Prompt Publication - Thanks to our proficiency in orchestrating the peer-review, editing, and production processes, all accepted articles see rapid publication.

  • Open Access - Every published article is instantly accessible to a global readership, allowing for uninhibited sharing across various platforms at any time.


Aims & Scope


Journal of Accounting, Finance and Auditing Studies (JAFAS) emerges as a vital academic conduit in the realms of accounting, finance, and auditing. Acknowledging the significance of these disciplines in the contemporary financial and corporate world, JAFAS is dedicated to dissecting the intricacies and innovations within these fields. The journal endeavors to illuminate the theories, methodologies, and practical implications that underpin accounting, finance, and auditing practices.

In an era where economic and regulatory landscapes are rapidly evolving, JAFAS asserts the transformative influence of these disciplines in reshaping industry norms and practices. From the nuances of International Financial Reporting Standards to the dynamics of behavioral finance, and the complexities of risk management, JAFAS positions itself at the vanguard of financial and auditing innovation. Its mission is to chronicle these shifts and serve as a pivotal resource for researchers, professionals, and students who are keen to navigate and understand these critical domains.

Furthermore, JAFAS underscores the following features:

  • Every publication benefits from prominent indexing, ensuring widespread recognition.

  • A distinguished editorial team upholds unparalleled quality and broad appeal.

  • Seamless online discoverability of each article maximizes its global reach.

  • An author-centric and transparent publication process enhances submission experience.


The scope of JAFAS extends to a diverse range of topics within its core disciplines, offering a rich, interdisciplinary approach:

  • Advanced Accounting Practices: Delving deep into evolving practices, new accounting models, and global standards.

  • International Financial Reporting and Auditing Standards: Comprehensive analysis and interpretation of IFRS and International Auditing Standards, emphasizing their global impact.

  • Cost Management and Strategic Accounting: Exploring innovative cost management techniques and the role of accounting in strategic decision-making.

  • Ethics and Governance in Finance: Investigating the ethical dimensions and governance structures in financial institutions and auditing firms.

  • Tax Practices and Policy: Examining tax regulations, compliance, and the impact of tax policies on businesses and economies.

  • Financial Markets and Behavioral Finance: Analyzing the dynamics of global financial markets, including behavioral aspects influencing financial decision-making.

  • Public Finance and Governmental Accounting: Insight into financial management in the public sector, including budgeting, expenditures, and fiscal policy.

  • Corporate Finance and Investment Analysis: Covering aspects of corporate financial management, investment strategies, and market analysis.

  • Risk Management and Internal Controls: Addressing the strategies and systems for managing financial risks and ensuring effective internal controls.

  • Financial Services Industry: Including banking, insurance, investments, and the evolving landscape of financial technologies (FinTech, InsurTech, RegTech).

  • Quantitative Finance and Econometrics: Applying quantitative methods and econometric models to finance and auditing studies.

  • Business Continuity and Crisis Management: Strategies and practices for maintaining financial stability and business operations during crises.

  • Corporate Governance and Compliance: Investigating the frameworks and practices that govern corporate behavior and ensure regulatory compliance.

  • Emerging Trends in Finance and Auditing: Spotlighting innovative trends, digital transformation, and emerging challenges in the fields.

  • Interdisciplinary and Cross-Cultural Studies: Encouraging research that intersects with other disciplines or offers cross-cultural perspectives on accounting, finance, and auditing.

Recent Articles
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In Indonesian manufacturing, the evasion of tax obligations presents a formidable challenge, diminishing the potential tax revenues accruing to the state. Rooted in agency theory, this investigation seeks to empirically elucidate the interrelations between corporate social responsibility (CSR), profitability, leverage, capital intensity, and corporate tax aggressiveness, with an emphasis on the moderating influence of firm size. Through a causal design and quantitative analysis, this examination scrutinizes data from 66 manufacturing entities listed on the Indonesia Stock Exchange over the period 2018 to 2022. The analysis, employing panel data regression techniques, demonstrates that CSR exerts a negative influence on tax aggressiveness, whereas profitability and capital intensity are positively associated with such behavior. Leverage, however, is not found to significantly affect tax aggressiveness. Furthermore, firm size is observed to negatively moderate the relationship between CSR and tax aggressiveness while positively moderating the relationship between both profitability and capital intensity with tax aggressiveness. The moderating effect of firm size on the leverage-tax aggressiveness nexus, however, remains non-significant. These findings underscore the complex dynamics influencing tax aggressiveness and suggest a need for stringent regulatory oversight and enforcement against aggressive tax avoidance tactics deployed by manufacturing firms. Recommendations include the establishment of clearer definitions of unauthorized tax avoidance practices, the imposition of severe penalties for non-compliance, and the enhancement of international collaboration to combat tax avoidance. This study not only contributes to the scholarly discourse on tax aggressiveness but also offers pragmatic insights for policymakers aimed at curtailing practices that undermine state revenue.


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In recent years, many researchers have studied some complex phenomena in the world from a new angle, and the subject of complexity science was born. In the field of complexity research, the study of social economics is very common. Because of the characteristics of financial market and its position in social economy, it is very important in complexity research. Based on complex network theory and vector autoregressive model (VAR) study of the stock market fluctuation and discusses the conduction effect between stock volatility in the industry on the influence of the correlation of share price volatility, aims to better understand the operating mechanism of the stock market, the more effective controlling the market development direction, to promote the healthy development of China's financial markets. In this paper, the rise and fall of stocks in 11 industries in the CSI 300 industry index are selected as variables, and the data from January 1, 2024, to March 1, 2024, are selected as research samples. Granger test and vector autoregressive model are used to calculate the conduction benefits between different industries. The complex network is constructed with industry as node and stock conduction direction as edge. Based on the analysis, we can find that in the CSI 300 industry index, there are several industries as the influence center of volatility, and their stock price fluctuations will affect the market of related industries, thus affecting the whole body. Based on the market situation of related industries in recent years, the correlation of fluctuations of different stocks in the stock market can be explained, and the influence of industry factors on stock price fluctuations can be deeply explored.


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This study investigates the deployment of Robo-Advisors (RAs), a form of Artificial Intelligence (AI), in offering investment advice aimed at maximizing investor returns. As the prevalence of platform investments incorporating RAs grows, a critical analysis is undertaken to assess the legal safeguards for users of RAs in making investment choices and in navigating the risk landscape of mutual funds. The focus is particularly on the legal mechanisms in place to protect investors from the inherent risks associated with mutual fund investments advised by RAs. Employing a qualitative research methodology alongside an empirical juridical approach, this analysis is underpinned by descriptive analytical techniques. The investigation draws upon regulatory frameworks pertaining to AI, complemented by observations and interviews conducted on the Bibit investment platform. The findings reveal that the RA functionality on the Bibit Investment platform is limited to processing risk mappings based on user inputs. It lacks the capability to predict future price fluctuations. Consequently, investors bear the profits and losses of their investments, contingent on the risks outlined at the outset. The RA merely provides recommendations based on responses from users, leaving final investment decisions to the discretion of the investors. This underscores the necessity for investors to be well-informed about the legal statutes governing their rights and obligations. The paper argues for a comprehensive understanding among investors about the extent of legal protection against the risks of mutual fund investments advised by RAs, highlighting the importance of investor education in navigating these legal frameworks.


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This study investigates the effects of corporate governance (CG) and financial leverage (FL) on the valuation of firms listed in Vietnam. An analysis was conducted on a sample set containing 325 companies from the Ha Noi Stock Exchange over a three-year period (2018-2020), employing a correlational and non-experimental research design. It was found that an increase in board size negatively influences the value of these companies. In contrast, the phenomena of CEO duality, the presence of audit committees, larger firm size, greater FL, higher insider holdings, and improved return on assets were observed to positively affect firm valuation. Notably, the study delineates sector-specific impacts of CG and firm leverage, identifying divergent effects in the service and manufacturing sectors. For manufacturing firms, a larger board size adversely impacts value, whereas CEO duality, FL, the existence of audit committees, insider holdings, and firm size contribute positively. Within the service sector, a similar negative correlation was noted with board size, but FL and return on assets positively influenced firm value. The findings of this research provide valuable insights into the dynamics of firm valuation, offering guidance to investors, financial managers, and consultants. This investigation enriches the existing literature by highlighting the complex interplay between CG, FL, and firm valuation in the Vietnamese context. The discovery of the negative impact of larger board sizes on firm value challenges established beliefs and underscores the criticality of board composition for optimal firm performance.
Open Access
Research article
Maltese Stakeholder Perceptions of the Elements and Values in the Cooperative Concept
peter j. baldacchino ,
melania apap ,
norbert tabone ,
lauren ellul ,
simon grima
Available online: 02-03-2024


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The exploration of stakeholder perceptions concerning the elements and values underpinning the cooperative concept in Malta forms the core objective of this investigation. Employing semi-structured interviews, primary data was gathered from a diverse group of participants, including thirteen representatives from cooperatives, four from cooperative institutional bodies, and five experts within the cooperative field. The analysis reveals a notable deficiency among Maltese cooperative stakeholders in comprehending the foundational elements and values of the cooperative model. This lack of understanding is attributed to ongoing challenges such as persistent misconceptions regarding the adaptability of cooperatives to social objectives, gaps in pertinent education and training, and inadequate promotion of the cooperative paradigm. The findings suggest a critical need for stakeholders to accord greater priority to the socially relevant components of cooperatives—those designed to be integral to the concept—beyond the mere generation of annual financial surpluses. Such a shift in focus is posited as essential for fostering a deeper appreciation and application of cooperative values, benefiting not only individual entities but the broader cooperative movement. Moreover, the insights gleaned from the Maltese context offer valuable lessons for cooperative movements in other small European states, highlighting the universal applicability and potential of cooperative principles for economic development and social cohesion. This study contributes to the dialogue on cooperative development by elucidating the gaps in understanding and application of cooperative values among stakeholders, thereby offering a foundation for targeted educational and promotional strategies to enhance the cooperative model's implementation and perception.


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This research explores the influence of enterprise resource planning (ERP) system implementation on the quality of accounting information in Vietnamese small and medium-sized enterprises (SMEs). ERP systems, designed to unify and streamline information across various business processes such as accounting, finance, supply chain, and human resources, are critical in integrating internal and cross-business information. Given their complexity and cost, the effective implementation of ERP systems necessitates proficient users. This study, employing the Ordinary least squares (OLS) method for analysis, gathered data through purposive sampling from 145 users across 117 Vietnamese SMEs. The analysis, based on regression and complemented by t-tests, examined the hypothesized relationship between ERP implementation and accounting information quality enhancement. The findings reveal a significant positive correlation between ERP system implementation and improved accounting information quality, underscoring the importance of ERP systems in elevating the standard of accounting practices in SMEs. These insights are crucial for understanding the broader implications of ERP systems in business management and financial reporting.


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The opening of the Suez Canal in 1869 brought the strategic position of Cyprus to the international stage. The geopolitical position of the Mediterranean for world trade remains important today. The administration of Cyprus was left to Britain in 1878 with the Cyprus Convention signed between Britain and the Ottoman Empire. With the outbreak of World War I, Britain annexed Cyprus in 1915. Cyprus was given the status of a Crown Colony in 1925. During the war period, between 1915 and 1922, foreign trade of Cyprus reached the highest figures in its history. Cyprus was used as a military and commercial safe haven for British trade and allies. The post-war economic crises, especially the onset of the Great Depression in 1929, shook the world economy. The purpose of this study is to examine the impact of the economic crises of the period 1923-1938 on foreign trade of Cyprus and whether the wartime development continued or not. The share of the UK and other countries in foreign trade and the status of Cyprus in international foreign trade will be determined. In the study, first of all, the commercial data of Cyprus foreign trade for the period 1923-1938 will be organized and interpreted using statistical methods (tables and graphs). As a result of the study, it was determined that the period of 1923-1938 in Cyprus was a fluctuating period of decline and rise in foreign trade due to economic crises. In 1938, exports increased by 176% and imports by 110% compared to 1923. Despite the crisis, the geography of foreign trade of Cyprus expanded and the number of traded countries increased. The share of European countries in foreign trade increased. While Cyprus exports mineral products and food to Europe, it also became one of the new markets for products produced in Europe. It was also a transit island in international trade.


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Since Nigeria's independence, concerted efforts have been made to fortify the healthcare system, aiming to safeguard millions of lives through enhanced primary, secondary, and tertiary healthcare services, and to progress towards universal healthcare coverage, as envisaged by the National Health Act (NHA). Despite the successful adoption of numerous initiatives, they have encountered substantial challenges in implementation and sustainability, influenced by factors such as importation dynamics, price fluctuations from both private and public sources, the impact of subsidy removal, and taxation policies. This study investigates the macroeconomic consequences of potential healthcare financing reforms in Nigeria, particularly focusing on aspects of pricing, taxation, and the import-export balance. Utilizing a Computable general equilibrium (CGE) approach, this analysis draws upon the 2011 Nigeria Input-Output Table to construct a Social Accounting Matrix (SAM). The data is subsequently integrated into the GAMS software, as detailed in the appendix. Findings indicate a disparity between domestic healthcare demand and supply, potentially inciting increased healthcare importation. Crucially, it is observed that escalated taxation on corporations and households exacerbates healthcare accessibility challenges, primarily due to diminished affordability. This research underscores the imperative of recalibrating healthcare financing strategies to mitigate inequalities and enhance service availability, thereby fostering a more robust healthcare system in Nigeria.


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This investigation evaluates the effectiveness of budgeting as a mechanism for internal controls within manufacturing firms, with a specific focus on Pepukai Plastics Industries. The impetus for this research derived from the observed inability of Pepukai Plastics Industries to meet its organizational objectives and goals in recent years, particularly in terms of revenue generation and profit maximization. The study utilized a descriptive research design, employing a mixed-method approach to cater to the qualitative and quantitative nature of the research. The research encompassed a target population of 28, utilizing a census methodology. Data collection was executed through questionnaires and one-on-one interviews, with the results presented via tables and graphs. Key findings indicate that Pepukai Plastics Industries lacks the implementation of variance analysis, forecasting, and coordinated planning in its production processes, adversely affecting profit control. The study reveals that the firm's budgeting practices are predominantly based on estimates, proving to be time-consuming and costly. Furthermore, these practices primarily focus on financial outcomes, overlooking other critical aspects of organizational performance. Notably, the firm does not employ incremental budgeting techniques, a factor that could potentially enhance the efficacy of its budgeting process and, by extension, its internal controls. The study concludes that the absence of comprehensive budgeting strategies, including incremental budgeting, impairs the overall effectiveness of internal controls within Pepukai Plastics Industries. This conclusion underscores the vital role that a robust budgeting system plays in reinforcing internal controls, thereby contributing to the attainment of organizational objectives within the manufacturing sector.


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This research delves into the impact of Information technology systems (ITS) on the effectiveness of internal controls, using Norman Ranch Limited, a subsidiary of Development Trust in Zimbabwe, as a case study. A mixed-methods research approach, incorporating a descriptive design and a cross-sectional study, was employed. Data were gathered through close-ended questionnaires distributed to 44 employees, offering a comprehensive view of internal control processes within the organization. Analysis involved Linear Regression to establish correlations, supported by data presentation through tables, pie charts, and graphs. Findings indicate a significant, positive relationship between ITS investment and internal control efficacy, particularly evident when senior management participates actively in the installation and continuous upgrading of IT infrastructure. This includes the review of IT system packages from other organizations. A key revelation is the enhanced efficiency of internal monitoring, a critical component of internal control, through strategic IT implementation. The study concludes that judicious investment in ITS markedly improves the effectiveness of internal controls. Furthermore, it posits that a synergy between IT systems, business processes, and human resources is pivotal in fortifying internal control mechanisms.


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This study investigates the impact of the high turnover rate of articled clerks on audit quality within BDO Zimbabwe Chartered Accountants. The departure of these professionals from the firm has raised significant concerns, prompting a comprehensive analysis. The research adopts a mixed-method approach, combining qualitative and quantitative elements, to provide a holistic understanding of the phenomenon. The sample, drawn from a population of 56 BDO Chartered Accountants members through stratified simple random sampling, consisted of 30 individuals. The findings reveal a notable negative correlation between the turnover of articled clerks and the overall quality of audits. This correlation suggests that frequent departures of these clerks adversely affect the firm's audit standards. It was determined that BDO Zimbabwe lacks adequate capacity management strategies, leading to increased staff turnover. To mitigate this issue, the study recommends the implementation of a mandatory tenure system for articled clerks. This system would ensure the retention of expertise and skills essential for maintaining high audit quality. Such a measure could prove instrumental in stabilizing the workforce and preserving the integrity of audit processes. This research contributes to the understanding of staff turnover's impact on audit quality, offering valuable insights for firms in similar contexts.


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Purpose: The purpose of the study was to assess the impact of activity based costing system on financial performance of SMEs. It was observed that high escalating operating costs is a serious cause of concern in most SMEs in Zimbabwe. In order to establish the impact of activity based costing system on financial performance of SMEs, the study would like at the benefits of using activity based costing system, the effects of activity based costing system on cost control, the problems faced with use of activity based costing system and the cost drivers of activity based costing system. Methodology: A descriptive design research methodology was adopted to gather data through use of questionnaires from a population of 15 employees. Data analysis was undertaken by use of SPSS to determine correlations and tables, pie charts and graphs facilitated data presentation. Findings: From the findings, activity based costing system had negative effects on the cost control reduction concluding that there was an insignificant relationship. Originality value: training of employees is important to equip them with the necessary knowledge and skills and applying an effective ABC system.

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