It is widely accepted that, for some industries, competition across countries is" economically important and that this competition is strongly affected by exchange rate changes." This paper explores the validity of this view using weekly stock return data on 320 industry pairs" in six countries from 1975 to 1997. It is found that common shocks to industries across countries" are more important than competitive shocks. Weekly exchange rate shocks explain almost" nothing of the relative performance of industries. Using returns measured over longer horizons the importance of exchange rate shocks increases slightly and the importance of common shocks" to industries increases more substantially. Both industry and exchange rate shocks are more" important for industries that produce goods traded internationally, but the importance of these" shocks is economically small for these industries as well.

International Competition and Exchange Rate Shocks: A Cross-Country Industry Analysis of Stock Returns

An outline of the principles and applications of the major topic areas of cost and management accounting, this text is designed for A level and A/S level GCE/GCSE, as well as cost accounting courses on a range of BTEC modules, ACCA Level 1 and 2 exams, CIMA Stage 1 and 2, RSA and LCCI. Topics include: the nature of cost and management accounting; material and labour costs; overheads; batch and job costing; contract, process and service costing; absorption and marginal costing; budgets and budgetary control; standard costing and investment appraisal. Material is also included on current courses, exam topics and exam-room technique.

Cost and management accounting

The aim of this paper is to present Greek daily descriptive statistics on confirmed deaths due to COVID-19, the days of lockdown and their effect on the number of deaths, the outcomes of vaccinations and the influence of weather temperatures. Do lockdowns work in bringing the number of deaths down? The descriptive evidence shows that this is the case even though there is a considerable lagged effect. On the other hand, vaccinations, during the time period of examination, do not seem to have diminished the number of deaths, but the reason might be that it takes time for their full effect to occur. Finally, this paper also examines the hypothesis that during the summer months the daily deaths from COVID-19 are relatively lower than during the winter months. Using average daily weather temperatures, this hypothesis cannot be falsified. Simple calculations of the functional relation between weather temperatures and deaths show that temperatures above 28.5 degrees Celsius (°C) were associated with zero deaths. Keywords: COVID-19, deaths, Greece, lockdown, pandemic, vaccinations, weather temperatures

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Deaths due to COVID-19, Lockdowns, Vaccinations and Weather Temperatures: The Case of Greece

The study focused on solvency controlling and return on asset of industrial organizations in Nigeria. The purpose was to assess how credit management influence return on asset of the organizations that were considered. Data were collected from published financial reports of these organizations. Data collected were analyzed using multiple regression model. Results of the analysis revealed that solvency controlling did not affect return on asset significantly; and insolvents’ turnover has insignificant though positive effect on return on asset of the studied organizations. Based on the findings, the major recommendation was that of industrial organizations in Nigeria should institute active and proficient credit policy that can take into consideration credit worthiness of clienteles which would in turn influence their return on asset. JEL : L10; L16; G10 Article visualizations:

https://oapub.org/soc/index.php/EJMMS/article/download/738/1319

Solvency controlling and return on asset of industrial organizations in nigeria

This study examined the preparedness of financial service providers to launch into the post COVID-19 era, using financial inclusion as a new normal in their clients’ financial needs. The study adopted the survey research design, using a judgmental sampling technique. The questionnaire was used as the method of collecting data from 102 respondents, drawn from accounting firms, insurance companies, financial houses and pension fund administrators in Nigeria. With the aid of descriptive and inferential statistics, the hypotheses were tested at 5% level of significance. The findings revealed that there is a significant relationship between the socio-economic development structure in Nigeria and the acceptance of financial inclusion as a new normal in financial transactions. It was recommended that the public and private financial institutions be ready to provide the enabling environment for financial technology to thrive as a driver for financial inclusion in the Nigerian developing economy. Keywords: COVID-19 pandemic, financial technology, financial inclusion, new normal, financial service providers

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Post COVID-19 and the Acceptance of Financial Inclusion as a New Normal in Financial Transactions: Implications for Nigerian Accountants and Other Financial Service Providers

This paper examined how capital budgeting processes result in the wealth maximization objective of firms in Nigeria. Data were obtained from both primary and secondary sources using the explorative research design. The findings revealed that proper identification and selection of projects becomes necessary, using capital budgeting techniques and processes and adopting those projects that would maximize the wealth of the owners through value addition to the capital of the firms. It concluded that adopting the necessary techniques and implementing them implies using capital budget processes to actualize the objectives of the firms. The paper contributes to the literature on capital budgeting as a multi-faceted process aimed at making screening and preference decisions by management, on which long-term project should be embarked on. It recommended that firms in Nigeria should entrench the capital budget processes in the firm and be seen to follow it as aproved and authorized by the board. This would result in better performances by the firms in Nigeria. Keywords: Capital Budgeting Processes, Net Present Value, Wealth Maximization, Investment Appraisal.

/pdf/capital-budgeting-processes-and-wealth-maximization-23qtxbikhe.pdf

Capital Budgeting Processes and Wealth Maximization Objective: Implications for Firms in Nigeria

The study explored into accounting implications of micro-fiscal measures and quality of real gross national goods and services: empirical evidence from Nigeria for a period of thirty years. The objective was to examine how micro-fiscal measures affect real gross national goods and services using thirty years’ time-series data. The exploratory research methodology was applied and data collected were analysed using multiple regression and other statistical techniques. Findings of the study revealed that significant and direct effects were exerted on gross national goods and services by all the known and identified micro-fiscal measures in the review, except swap and levy ratios which had inverse relationship as revealed by their coefficients obtained from the analysis. Therefore, the government and government agencies have a duty to control macro-fiscal activities in terms of creation of national goods, wealth and services using the identified micro-fiscal mechanisms as the basis for decisions and policies making besides implementation.

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Accounting Implications of Micro-Fiscal Measures and Quality of Real Gross National Goods and Services: Empirical Evidence From Nigeria

This study examined the extent to which earnings management could be a factor in the higher value of stock in the Nigerian capital market, thereby being an inducement to invest in companies listed in the Nigerian Stock Exchange. The contemporary viewpoint of financial consultants, firm of auditors and academicians about the subject matter was sought. Interviews were granted, in conjunction with secondary data from the Security and Exchange Commission and the Nigerian Stock Exchange. A comprehensive research design which was garnished by the use of content analysis of relevant literature and theories was adopted. The findings of previous empirical studies were corroborated in the analysis from discussions with accounting professionals in the academia and audit firms. It was concluded that most investments in quoted companies are made as a result of earnings management mechanisms inherent in financial reports. It was recommended that the Financial Reporting Council of Nigeria and every stakeholder should act to ensure that corporate governance practice is actually achieved for sound financial reporting practice.

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Financial Reporting and Shareholders’ Crave for Investment in Nigerian Listed Companies: The Earnings Management Question

This study examined the extent to which investment in property, plant & equipment (PPE) made by listed manufacturing companies in Nigeria relate with the return on assets (ROA). The non-usage of composite appraisal techniques, other than traditional budgeting techniques was seen as a major problem of investment decisions on PPE. The study adopted the quantitative panel methodology of the ex post facto and correlational research design. Secondary data were extracted from the fact books of the Nigerian Stock Exchange for the period, 2013 – 2018. The number of manufacturing companies listed in the Stock Exchange during this period was 83, which was also taken as the population of the study. The sample used in the study was 69. Three hypotheses were tested at 0.05 level of significance. Multiple and simple regression analyses were used on the data collected, to find the relationship between the independent and dependent variables. The hypotheses tested indicated in the findings that property, plant and equipment had a significant relationship with return on assets of listed manufacturing firms in Nigeria when there is a joint relationship between variables of property, plant & equipment (PPE) and return on asset (ROA). Based on the findings and conclusion, it was recommended that management of manufacturing companies should ensure a holistic use of all techniques, exploring the real and growth options analyses as well as portfolio management techniques involving productive non-current assets, to earn the benefit of return on assets invested.

/pdf/optimizing-return-on-assets-through-investment-in-property-3awt0gbxey.pdf

Uwem E. Uwah

Papers

Capital Budgeting Processes and Wealth Maximization Objective: Implications for Firms in Nigeria

Post COVID-19 and the Acceptance of Financial Inclusion as a New Normal in Financial Transactions: Implications for Nigerian Accountants and Other Financial Service Providers

Accounting Implications of Micro-Fiscal Measures and Quality of Real Gross National Goods and Services: Empirical Evidence From Nigeria

Financial Reporting and Shareholders’ Crave for Investment in Nigerian Listed Companies: The Earnings Management Question

Optimizing Return on Assets through Investment in Property, Plant and Equipment: Evidence from Listed Nigerian Manufacturing Companies