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Abstract - Relationship between Leverage and Firm Size Toward to Real Earning Management (Unit Analysis of Mining Company Indonesia Exchange Stock Period 2012 Until 2015)
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Abstract: This study found new results from the development of previous research. Previous research, earnings management is measured through discreationary accruals by disbursing total accruals with non-discreationary accruals using the Jones Modified model (Dechow et al., 1995) with the formula TA = Nit – CFOit. Previous research and this study were conducted on mining companies listed on the Indonesian stock exchange in the period 2012 to 2015. The results of previous studies that leverage had no effect on earnings management and earnings management is an intervening variable that has a significant influence on earnings quality. (Irene Barus et al., 2018). This study aims to analyze the relationship between leverage ratio and firm size to real earnings management using discretionary accruals through real daily earnings management activities. Managers tend to choose earnings management through real activity manipulation rather than earnings management through accruals (Graham et al. 2005; Roychowdhury (2006: 338). The results of this study indicate leverage variables have a positive and significant effect on real earnings management activities. Keywords: Leverage, Firm Size, Real Earning Management. |
Abstract - Method of Payments in the Merger and Acquisitions Transaction: The Case of Saudi Arabia
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Abstract: The performance of mergers and acquisitions companies has been broadly investigated in diverse advanced share markets primarily in the US and UK economies. However, little evidence has been found in an emerging market like Saudi Arabia. For this reason, this study examines the long-run share performance of acquirer’ companies listed on the Saudi Arabia Stock Exchange (Tadawul) from 1st January 2000 to 31st August 2017. Using the buy-and-hold abnormal return method, the present study finds that the acquirer companies’ shares for the cash payment method continues to outperform their counterparts of non-cash payment against the equal-weighted and value-weighted indexes. The presence of abnormal return opportunities that may be exploited by investors in the three-year holding period following the completion of M&A events might provide valuable insight to individual and institutional investors. As there is no national evidence on share performances of acquirer’s companies over the long-run period, the present findings add to a growing body of M&A literature. Keywords: Mergers, acquisitions, short-and-long run performance, Saudi Arabia. |
Abstract - The Short and Long-Run Performance of Sharia-Compliant Initial Public Offerings (IPOs) in the Emerging Market: Evidence from the Saudi Arabia Share Market
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Abstract: This study examines the short- and long-run share performance of 40 Sharia-compliant IPO companies listed on the Saudi Arabia Stock Exchange (Tadawul) from 1st January 2000 to 31st August 2017. This study employs both market-adjusted initial returns and buy-and-hold abnormal return to measure the share performance of IPOs. First, the analysis shows that Sharia-compliant IPOs are underpricing with abnormal initial returns of 79.23%. Second, the results suggest that investors could earn positive and significant market-adjusted BHAR of 14.67% if they held IPO shares over the eighteen-month period following the listing date when EWI is used as a market benchmark. This study also finds that IPO companies outperformed the VWI although the results are insignificant. The findings on the long-run overperformance contribute to the IPO literature on long-run performance of Sharia-compliant IPOs. The present study would benefit foreign investors and market regulators who are trying to understand the market behaviour in an emerging market. Keywords: Initial public offerings (IPOs), short- and long-run performance, Sharia-compliant investments, Kingdom of Saudi Arabia, buy-and-hold abnormal return (BHAR). |
Abstract - Corporate Board Attributes and Dividend Payout Likelihood
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Abstract: Extant literature has shown that corporate governance influences dividends policy. However, the effect of diversity on the likelihood to distribute cash dividends is scarce in the literature. Therefore, this study is aimed at exploring the influence of gender diversity and financial expertise on the likelihood of dividends payout. Pooled logistic regression was used on a sample of data from non-financial listed firms in Nigeria spanning from 2009 to 2015. The study documents gender diversity and financial experts have significant effect on a firm’s likelihood to distribute cash dividends. The results remain unchanged after adjusting the standard errors for clustering at a firm. The overall finding suggests that diversity in terms of gender and expertise play a critical role all things being equal in determining the decision to pay cash dividends shareholders of listed firms in Nigeria. Keywords: Likely to pay dividends, gender diversity, financial expertise, corporate attributes. |
Abstract - Total Quality Management System in an Education Environment: The Case of a Private University in Bahrain
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Abstract: The study aims to analyze and explain the effectiveness and efficiency of implementing total quality management principles in private educational institutions. The context of the study narrowed down the areas of comparisons to tutorial conducts, student affairs and infrastructure. A detailed analysis of the existing total quality management currently in place at the selected university was duly comprehended. This resulted in finding the flaws/weaknesses in the system of universities in the kingdom of Bahrain generally. Findings through a survey and interview sessions indicated that teachers were not consulted for any changes in curriculum which leads to a lack of co-operation between management and teachers. Another problem in regards to the total quality management implementation was that students perceived the university as not being concerned with maintenance of the premises. Moreover, student affairs/services section was seriously lacking sport facilities, limited training sessions, poor equipment maintenance. Keywords: Total Quality Management, Educational, Bahrain, Quality Management System. |