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

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Aims & Scope

Aims

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.

Scope

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.

Articles
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This study investigates the harmonising potential of complex systems theory in non-financial reporting of sustainable finance practices within Zimbabwean commercial banks. The increasing prominence of sustainable finance in Zimbabwe can be attributed to the adoption of international frameworks such as the United Nations’ 2030 Agenda and the Paris Agreement, which have led to its integration into banks' non-financial reporting. Sustainable finance, however, is recognised as a wicked problem—an issue characterised by its complexity, involving numerous interacting agents, emergent properties, and the need for a holistic approach. Such problems cannot be adequately addressed through conventional financial theories, which are often insufficient to capture their complexity. Despite the existence of various sustainability reporting standards, a unified framework to harmonise non-financial reporting and enable comparability across banks is still lacking. Using content analysis, this research examines annual reports from 17 Zimbabwean commercial banks, analysing 136 reports spanning from 2016 to 2023. The findings suggest that most banks have adopted a weak sustainability approach, guided by complex systems theory, which enables some degree of harmonisation in reporting standards but ultimately compromises long-term sustainability. This weak approach has been found to encourage greenwashing practices, with policies and strategies that, while aligned with sustainability rhetoric, may perpetuate environmental and social harm. The study makes several key contributions: it provides empirical evidence on the current state of sustainable finance reporting in Zimbabwean banks, offers a theoretical framework for harmonising non-financial reporting using complex systems theory, and proposes the adoption of a stronger sustainability-oriented framework to ensure genuine, long-term sustainability outcomes.

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The prospectus, as the primary vehicle for issuers to disclose information to the public, plays a crucial role in protecting investors’ rights. Review inquiries serve as an important tool to ensure the quality of the prospectus, as the inquiry and feedback mechanism helps to identify potential risks and enhance the quality of information disclosure. This paper, based on the theory of responsive regulation and the attention-based view, takes companies applying for Initial Public Offering (IPO) on the Science and Technology Innovation Board (STAR) Market and ChiNext Board between 2019 and 2023 as the research samples. Using text analysis methods such as the Latent Dirichlet Allocation (LDA) topic model and dictionary-based methods, this study measures the intensity of review inquiries and the extent of information disclosure. It examines the impact of inquiry topics on the disclosure of corresponding information in the prospectus and explores the moderating effects of company ownership structure, sponsor reputation, and auditor reputation on these relationships. Empirical results indicate that: (1) an increase in the formality of review inquiries enhances the optimization of information disclosure in the prospectus; (2) the focus of review inquiries on specific topics has a significant positive impact on the update of relevant information disclosure in the prospectus; and (3) at the ownership structure level, state-owned enterprises dampen the positive influence of review inquiries on the textual features of the prospectus.

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Ghana has enacted various policies and programmes, often with support from international agencies, to strengthen public sector financial management. These efforts aim to mitigate mismanagement and misappropriation of public financial resources, yet many reform policies have yielded suboptimal outcomes. A critical examination of Ghana's financial reform initiatives reveals a notable oversight: none adequately recognize the role of audit committees (ACs) as a governance mechanism, which diverges from international standards and best practices in public sector financial management. This study aims to identify and analyze the determinants influencing the effectiveness of ACs within Ghana’s public institutions. The research was motivated by persistent financial infractions and irregularities documented in the Auditor-General’s annual reports. An Interactive Qualitative Analysis (IQA) approach was employed to facilitate a focus group session, through which data were gathered, analyzed, and interpreted. Key factors, or affinities, impacting AC effectiveness were identified, including AC member characteristics, inter-stakeholder coordination, funding allocation, meeting frequency and attendance, AC independence, internal audit function (IAF) autonomy, institutional management commitment, the nature of the audited institution, regulatory policies governing ACs, political influence, professional competence of internal auditors, and the quality of quality control processes and recommendations. These affinities were validated through participant interpretation and researcher refinement. The study contributes to the body of knowledge on public sector audit governance by addressing a critical gap concerning the role of ACs in Ghana. By establishing an effective governance mechanism, this research seeks to enhance the strategic oversight and accountability of public financial resources in Ghana’s public institutions.

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This study examines the development and trends in financial inclusion research between 2004 and 2023, with a focus on the trajectory of publication growth, key contributors (including influential authors, journals, and institutions), and dominant themes within the field. A systematic review and bibliometric analysis were conducted following the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) framework. A total of 1,784 articles were identified from the Scopus database for inclusion. Analytical tools such as VOSviewer and Microsoft Excel were employed to explore publication patterns, citation networks, and thematic concentrations. The findings reveal a marked increase in financial inclusion research, with 2022 recording the highest output, contributing 473 publications. Among scholars, Ozili emerged as a leading author with significant influence in the domain. The Journal of Sustainability (Switzerland) was identified as the most prolific journal, publishing 173 relevant articles, while the University of International Business and Economics in Beijing, China, was found to be the most productive institution. Keyword analysis highlighted recurring themes and revealed underexplored areas, offering promising directions for future research. This comprehensive analysis not only provides insights into the past and current state of financial inclusion scholarship but also identifies gaps that warrant further academic investigation. By offering performance metrics and mapping the evolution of the field, the study serves as a valuable resource for scholars and practitioners seeking to understand emerging research trends and guide future inquiries.

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The mining sector plays a pivotal role in the economies of South Africa and Zimbabwe, yet limited attention has been given to the determinants of human capital disclosure within this industry. This study aims to address this gap by investigating the key factors influencing human capital reporting practices among the largest mining companies in these two countries. A quantitative approach was employed, utilising self-administered questionnaires to gather data from six major mining companies operating in both South Africa and Zimbabwe. Factor analysis was conducted to identify the primary determinants shaping human capital disclosure. The findings reveal that company structure, including audit committee characteristics, board size and composition, and assets, significantly influence disclosure practices. Performance-related factors, such as cost-effectiveness, return on training investments, liquidity, employee return on investments, and return on equity, also play a crucial role. Furthermore, market-related factors, including lobby pressure groups, media exposure, levels of debt, creditor pressure, and government regulations, were found to impact disclosure decisions. The results indicate that human capital disclosure mitigates information asymmetry, thereby strengthening relationships between company management and key stakeholders. It is also suggested that improved disclosure enhances corporate transparency, boosts investor confidence, and can positively influence a company’s perceived value. Given these findings, it is recommended that mining companies in South Africa and Zimbabwe adopt comprehensive reporting frameworks that incorporate human capital metrics. The adoption of such frameworks may align corporate practices with global reporting standards and enhance the sustainability and accountability of companies in the sector.

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Internal audits serve as critical assurance services that support the enhancement of operational efficiency and financial performance within organizations. This study examines the role of internal auditing in improving these aspects in privatised financial institutions, specifically focusing on BLESSING Finance. Given the profit-driven orientation of management in such institutions, there is a pressing need to identify strategies that maximize profitability. Enhancing operational efficiency is pivotal, as it reduces operational costs while increasing productivity. Internal auditing contributes significantly by identifying deficiencies within internal controls and providing audit opinions that inform management in drafting appropriate policies and procedures. This research utilized a mixed-methods approach, combining qualitative data from interviews and quantitative data from questionnaires, to assess the impact of internal auditing on operational efficiency and financial performance. The findings demonstrate that internal audits have a positive and significant effect on both operational efficiency and financial performance, highlighting the value of internal audits as a strategic tool for financial institutions. It is recommended that BLESSING Finance’s management prioritize the recruitment of qualified auditors with the necessary skills and expertise to perform audits effectively and efficiently, thereby further enhancing the institution’s operational efficiency and financial outcomes. The study underscores the importance of robust internal audit functions as a key driver of strategic and financial success in financial institutions.

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In the contemporary digital era, individuals are afforded the convenience of instantaneous transactions through electronic wallets (e-wallets) when engaging in online shopping. This study aims to investigate the extent to which the adoption of e-wallets influences impulsive purchasing behavior, with a particular focus on the moderating effects of low distribution costs (LDC) and short transit times. A descriptive quantitative methodology was employed, targeting users of Indonesian e-wallets. A non-probability research design was utilized, specifically employing snowball sampling techniques. Data were collected through a Google Forms questionnaire, yielding 297 responses. Partial Least Squares (PLS) analysis was conducted to evaluate the data. The results revealed that perceived risk, perceived usefulness, and perceived ease of use (PEOU) significantly and positively impacted the adoption of e-wallets. However, the adoption of e-wallets did not necessarily result in impulsive purchases driven by utilitarian needs. Moreover, LDC and short transit times did not moderate the relationship between e-wallet usage and impulsive buying (IB) behavior. This suggests that most respondents did not use e-wallets for purchases motivated solely by practical considerations, even when LDC and quick transit times were available. These findings contribute to the existing literature on digital money and e-wallets, offering insights for online merchants and digital wallet providers. It is recommended that digital wallet providers enhance accessibility, improve transparency regarding customer data protection, and disseminate information about the benefits and utility of e-wallets to foster wider adoption. Online retailers are encouraged to offer diverse payment options to attract customers. This study provides valuable implications for the optimization of customer service in the context of Indonesia.

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The evaluation of companies' sustainability performance in generating shareholder wealth is increasingly reliant on environmental, social, and governance (ESG) ratings. This study introduces a novel approach by applying data envelopment analysis (DEA) as an alternative to conventional linear regression methods. A conceptual framework has been developed to integrate E-, S-, and G-scores into DEA models, enabling a more nuanced interpretation of whether a company’s ESG efforts contribute to or undermine wealth creation. This approach also assesses the relative effectiveness of a company’s ESG initiatives compared to its peers, taking into account key wealth creation variables. An empirical analysis was conducted on a sample of 80 listed South African companies, calculating the technical efficiency of each company. The findings indicate that linear regression analysis falls short in benchmarking individual companies' ESG efforts in relation to shareholder wealth creation. In contrast, DEA effectively addresses this challenge by offering a robust benchmarking tool. The practical implications of this study are significant, as the concepts of 'fruitless' and 'fruitful' ESG efforts introduced here provide companies with a transferable framework for comparing their sustainability performance against peers. The empirical application underscores the value of DEA in distinguishing between productive and counterproductive ESG strategies, thereby enhancing the precision of sustainability assessments in the context of shareholder wealth.

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This study investigates the relationships between audit reputation, company size, audit fees, and auditor rotation within manufacturing companies listed on the Indonesia Stock Exchange (BEI) from 2018 to 2022. The aim is to analyze the impacts of these factors on auditor rotation decisions, which are hypothesized to enhance trust and transparency in financial reporting. Data from 84 manufacturing companies were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The findings indicate that larger companies and those with higher audit fees are more likely to change their auditors. However, audit reputation neither influences nor moderates the relationship between these factors and auditor turnover. These insights contribute to understanding the patterns of auditor turnover in Indonesia's manufacturing sector, suggesting that larger firms and those with higher audit fees are inclined to consider changing auditors regardless of the auditor's reputation.

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This study investigates the impact of economic policy uncertainty (EPU) on the performance of African banks, utilising a panel of 35 publicly listed commercial banks from seven African countries over the period from 2000 to 2022. A fixed-effect estimation model was employed to analyse the data, revealing that EPU has a detrimental effect on bank performance in Africa. Additionally, a significant increase in non-performing loans was observed during periods of heightened EPU. The findings also indicate that bank size negatively impacts performance, whereas adequate capital buffers enhance bank performance during stress periods. These results underscore the importance of management efficiency, risk assessment, and capital adequacy in ensuring the robust performance of African banks. It is recommended that policymakers and regulators bolster the capital levels of African banks to fortify the sector. Moreover, the formulation of stable and non-disruptive economic policies is crucial to mitigate the adverse effects of EPU on the African banking sector.
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