Accounting variables and stock returns： Evidence from Istanbul stock exchange

The fundamental relationship between accounting variables and stock returns is a recurring theme in financial research. One of the major purposes of accounting is to help investors provide reliable, comparable and accurate information. If accounting data are informative about fundamental values and changes in values, they should be correlated with stock price changes. This study provides theory and evidence showing how accounting variables explain stock returns and examines the relationship between the stock returns and accounting variables of listed non financial companies in ISE-100 Indice for 2006-2008 period by using panel data methodology. Empirical analysis consists of 192 observations of 64 companies in years 2006-2008 to examine the effects of inventory, accounts receivable, gross margin, operating expense, return on assets, cash flow, leverage, liquidity, price/earnings, return on equity on stock returns. The results of the study confirm that the predicted roles of fundamental factors and stock returns are significantly related to gross margin, cash flow, leverage and equity variables. The model explains about 13.35 % of the variation of annual stock returns with the leverage variable with most of the significant power.     

Cost Accounting,Ethical Accountability,and Accounting Principles

This essay explains why cost accounting, ethical accountability, and accounting principles are interrelated concepts. During the past two decades, the relationship between accounting systems and discharge of accountability has increasingly drawn the attention of researchers. However, researchers have shown a marginal interest in the inclusion and examination of the theme of cost accounting, and in particular, no interest has been oriented to explore the potential role of cost accounting in serving presentation of the trustful cost information as regards the discharge of accountability. In this essay, we will reason that the traditional discourse of cost accounting is fundamentally different from the managerial discourse of cost accounting. The traditional cost accounting is built upon the ethical, legal, professional, and principle-based discourses. By exploring the differences between the two cost accounting discourses, this essay will reduce the effect of current skeptical views with which quality of our academic education, relevance of our research, and our understanding of the potential role of cost accounting in serving the provision and presentation of trustful information have been seriously undermined.     

An optimal incentive contract to venture capitalist

This paper aims to study the principal-agent relationship between investors and venture capitalists （VCs）, makes research on the moral hazard issues under this relationship, and how to design an effective incentive mechanism to avoid it. By constructing a new incentive model, this paper provides the reference for investors to establish a reasonable payment contract. The designed incentive contract is a kind of dominant consecutive payment mode, which plays a strong incentive role to the VCs, in addition, it also requires the VCs to invest certain capital to the project, which can effectively prevent the slapdash action of VCs, and reduce the agent cost of investors.     

The Perception of Small- and Medium-Sized Enterprises （SMEs） on the Importance of a Proper Accounting System： Malaysian Evidence

This paper examines the relationship between small- and medium-sized enterprises＇ （SMEs） entrepreneurs＇ perceptions towards a proper accounting system with the level of accounting staff recruited, preparation of final accounts, meetings with accounting staff, and entrepreneurs＇ ranking of accounting according to their priority. The methodology used to gather the data is survey questionnaire. It has been distributed to SMEs based on simple random sampling method. Three hundred businesses were selected from the total of 3,390 businesses listed in Kuala Lumpur, Malaysia area obtained from Small and Medium Industries Development Corporation （SMIDEC） website and a few random selected from Ampang and Cheras areas. Regression analysis has been used to analyze the data. The results of the study reveal that there was a significant relation between SMEs entrepreneurs＇ perceptions on the importance of a good accounting system and the level of professional accounting staff recruited. Furthermore, findings of this study also found that there was an insignificant relationship between SMEs entrepreneurs＇ perceptions on the importance of a good accounting system and preparation of final accounts of the company and frequency of meetings with accounting staff.     

Intellectual capital and value creation in the production and assembly of vehicles and auto-parts sector in Brazil： A panel data analysis

This work investigates the relationship between intellectual capital and value creation in the sector of production and assembly of vehicles and auto-parts in Brazil. Through the access of the database from the annual industrial research conducted by the Brazilian Institute of Geography and Statistics, we gathered 865 observations, from 2000 to 2006, of public and private Brazilian companies with more than 100 employees. The database allows the estimate of relevant aggregated variables such as national accounts, gross domestic product, intermediate consumption, as well as propitiates a sectorial study of business strategies and performance, including value added by individual companies. In particular, in this study we use data on variables associated to intellectual capital. To achieve the goal of the study, we consider intellectual capital as defined by Pulic （2000, 2002）, including human capital and structural capital. For the analysis of business performance, we used Pulic＇s VAIC （Value Added Intellectual Cofficient） index as a measure of efficiency of the employed financial and intellectual capital. Regression models were run to verify the relationship among the efficiency in the use of intellectual capital and the profitability of Brazilian companies. The gross income, calculated as before selling, general and administrative expenses, depreciation expenses, amortization and interest expenses, was used as measure of the flows of value creation and the profitability was measured by the gross income to the total assets of the companies. Considering the constructs defined by Pulic （2000, 2002）, we tested, for the Brazilian sector of Production and Assembly of Vehicles and Auto-parts, the following hypotheses： （l） there is a positive relationship between value creation and intellectual capital, （2） there is a positive relationship between value creation and stock of intellectual capital, （3） there is a positive relationship between value creation and efficiency of the employed capital, （4） there is a positive relationship between value creation and efficiency of the human capital, （5） there is a positive relationship between value creation and efficiency of the structural capital. The results of the study, obtained through panel data analysis and through the use static and dynamic models, support the hypotheses that the intellectual capital of the companies, in its flow and stock dimensions, is positively and significantly related to value creation.     

Financial Development,Trade Openness,and Economic Growth in Zambia

This study investigates the causal relationship among financial development, trade openness, and economic growth in Zambia from 1965 to 2011. Two measures of financial development were used： broad money and domestic credit to the private sector, each as a ratio of gross domestic product （GDP）. In this regard, two models were developed for each indicator. The Augmented Dickey-Fuller （ADF） and Phillips-Perron （PP） tests were used to determine stationarity of all the variables. Furthermore, Johansen test was employed to ascertain possible cointegration among variables. The vector error correction model （VECM） was employed to examine the short-run and long-run dynamics among the variables in each model. The results indicate that the relationship among financial development, trade openness, and economic growth is sensitive to the financial development indicator chosen.     

How to Prepare the Accounting Entry on the Basis of Capital Movement

It is well known that economic transactions must be prepared the accounting entries before they are registered in account books. Therefore, it＇s the most important procedure in the whole accounting work to prepare the accounting entries correctly. This paper puts forward how to prepare the accounting entry on the basis of capital movement because the traditional method is so complex, abstract and incomprehensible to be mastered by beginners. The research shows that the new method proposed in the paper is very direct, pictorial, and concrete. It is very easy to be mastered by a beginner of accounting.     

英文摘要

Competition in Product Market and Accounting Conservatism
Liu Chang Lai Dengling （College of Economy and Managment, Shihezi University, Shihezi, Xinjiang 832003）
Abstract： This study examines the relation between the competition in the market product and accounting conservatism using the 2007-2011 year-end data from A-share listed companies in China;The empirical results show： the accounting information have conservatism characteristics after the implementation of new accounting standards ;the product market competition is negatively related to the level of conservatism,in other words,there exist alternate relationship between The product market competition and the accounting conservatism.
Keywords： Accounting conservatism Product market competition     

Abstract

An Empirical Research on the Relationship between Market Competition and Accounting Conservatism
Abstract： Market competition environment plays an important role in accounting conservatism of corporate finance. This paper uses the data of 673 companies listed in Shanghai and Shenzhen Stock Exchange from 2001 to 2010. Based on hthe model of Basu （1997）, we examines the relation between product market competition and accounting conservatism and use quantile regression method to test the robustness of the results. We find that： First, intense product market competition improves accounting conservatism. Second, the effect of market competition on accounting conservatism decays with the increase of net income.     

On Chinese empirical accounting research

This paper reviews and analyzes the achievements of Chinese empirical accounting research during more than ten years. The development of Chinese empirical accounting research can be divided into three phases. Each phase has its different characteristics. The fields of Chinese empirical accounting research include： the efficient market, the choice of accounting policies, financial crisis warning, stock dividend policy, earnings management, capital structure, auditing opinions, asset reorganization and merger, international accounting harmonization. This paper tries to analyze some basic essential factors of Chinese empirical accounting research such as hypothesis, sample and data, methods, conclusion and so on. We find that it is necessary to strengthen empirical accounting research in order to make up the shortcomings of traditional normative research. However, the current research has some limitations. （1） Some Chinese empirical accounting articles directly select samples and data to test without literature reviews, theory analysis and hypothesis; （2） The time of selected samples is shot; （3） Some articles utilize variables to represent certain concepts; （4） Most of the models are literary models; （5） Some researches focus on model and fix quantify, sometimes neglect some factors; （6） Most researches lack great findings, some conclusions are even opposite.     

＂Events＂ Approach to Basic Accounting Theory： How Far Away Can It Go

As a totally new accounting theory, ＂events＂ approach to basic accounting theory tends to reform traditional accounting theory. Its main idea is providing detailed information about economic events that allow individual users to generate their own input values for their own individual decision model. From existing literature, we can find that this theory has not formed a perfect system, study on it is not deep and the theory itself has some drawbacks. The goal of this paper is to introduce this theory systematically. By analyzing the drawbacks of this theory, this paper proposes some solutions to improve it.     

Modem Cost Management in the Transport Company Through the Activity-Based Costing （ABC） Method

Road transport is a flexible mode of transport and its importance in era of globalization increases. Management of road transport companies is, in this turbulent environment, exposed to many technical, legislative, and economic problems. Especially, the growing economic pressure leads to an urgent requirement of the manager and control system improvement. Activity-based costing （ABC） method is a very powerful tool to improve products, services, processes, and market strategies. ABC allows company management to understand what causes costs and how to manage them. Company under this scheme may get a glimpse of how efficiently a company converts the source value. The main objective of our research was to assess the possibility of application of the ABC method in a transport undertaking. ABC method as a fundamentally different view on the cost in the transport business helps to find the reasons of cost and thereby influences their levels to make better use of resources.. New managerial accounting methods aim to show management what information is needed, how and where this information can be obtained, and how they can be useful for the management of the company＇s proper planning, decision-making, and control. Information provided by management accounting is often a key factor in the analysis of alternative ways of solving problems. This article focuses on the transport enterprise management and helps to decide on the use of this method in business practice.     

Measuring Audit Firms＇ Intellectual Capital as a Determinant of Audit Quality： A Suggested Model

The intellectual capital is a main source of competing advantage. Many studies developed measure（s） of intellectual capital of industrial and service firms. Few studies have tried to develop a reliable measure of intellectual capital in audit firms. This study extends the current models to provide more insight into the role of intellectual capital in audit firms. The aim of this study is to develop a quantitative model to measure audit firms＇ intellectual capital. The suggested model can be used to explore the relationship between the intellectual capital in audit firms and audit quality. The model combines the main components of intellectual capital （human capital, structural capital, and relational capital）. The suggested model provides a tool that may help to better manage the intellectual capital in audit firms. As this is a theoretical study, a number of hypotheses are presented for testing in the future.     

Leader＇s Human Capital as an Alternative for Relational Leadership

The current research attempts to revitalize contingency leadership theory. Instead of focusing on subordinate attributes as a substitute for leadership theory, this study examines leader＇s human capital attributes as a leadership contingency variable. This paper offers a fresh perspective to contingency leadership literature by exploring a new set of variables. Addressing leader-member exchange （LMX） rather than the conventional focus on leader＇s behaviors, this study examines previously untested contingency variables. Using a matched sample of leaders and employees from Portuguese firms, this study examines leader＇s education and leader＇s organizational tenure as alternatives for LMX with assessed job performance and organizational citizenship as dependent variables. Testing new independent variables sheds additional light on contingency approaches to leadership; as a result, this paper improves the current state of research on contingency leadership. Results seem to indicate that leader＇s education is an alternative for LMX as well as suggesting that the leader＇s organizational tenure improves LMX. This paper proposes that research focusing on the substitute for leadership may need to examine a different set of variables to determine the viability of contingency approaches to leadership.     

The analysis of determinants of going concern audit report

Going concern is one of essential things for user to make a financial decision. This research aims to explore factors that caused the issuance of going concern audit report by auditor. This research adds two new variables, audit size and audit committee, besides the other factors that cause auditor issue a going concern audit report. This research uses a regression logistic analysis to determine the relationship of each variable （liquidity, solvability, profitability, cash flow, audit firm size and audit committee） to going concern audit report. Different from previous researches, the results of this research show that liquidity, profitability, cash flow, and audit committee are not significant to influence the issuance of audit opinion. Audit size has a more significant relationship to audit opinion, while solvability is the most significant factor.     

Determinants of market price of stock： A study on bank leasing and insurance companies of Bangladesh

Financial firms make up a substantial fraction of the domestic equity market. A number of studies subsequently used different conceptual and methodological approaches to model equity return of financial services firms. Movement of the stock price as the consequence of the movement of the micro and macroeconomic factors is strongly supported by the literature review. Dhaka Stock Exchange in Bangladesh is inefficient in weak form. Multiple regression analysis is conducted to find out the relationship microeconomic factors with the stock price. In this study found a significant linear relationship among market return and some microeconomic factors such as net asset value per share, dividend percentage, earning per share of bank leasing and insurance companies. Also found non-linear relationship among the variables is insignificant at 95 percent level of significance.     

Study on human resources cost accounting based on standards and general rules

The issue of the new standards for employees＇ salary and general financial rules that include employees＇ salary and relevant expenditures, have a great impact on human resources cost accounting. This paper performs a specialized study on human resources cost and employees＇ salary, accounts setting and accounting treatment for human resources cost accounting, human resources cost report, etc. on the basis of relevant provisions in the new Chinese accounting standards, the general financial rules, international accounting standards, and relevant academic research findings.     

Dividend policy determinants of Indian FMCG sector： A factorial analysis

Profitability has always been considered as a primary indicator of dividend payout by a company. There are factors other than profitability namely cash flows, debt equity ratio, retained earnings, sales growth, share prices of a company, capital expenditure and beta etc. that also affect dividend decisions of an organization. Existing literature suggests that dividend payout is positively related to profits, cash flows while CAPEX （capital expenditure） retained earnings, sales growth, share prices, beta, interest paid and debt equity ratio have inverse relationship. A set of 21 key variables have been identified that affect the dividend payout of a firm. Researchers in the past have used several proxies to represent these determinants. Authors have tried to find out which proxy variable is most relevant in the present scenario. The paper attempts to give a focused overview of the important dividend theories and empirically analyze the determinants of dividend behavior of Indian FMCG （Fast moving consumer goods） sector. The relationship between key variables has been explored with the aid of statistical techniques of factor analysis. Thus, the main theme of this study is to examine the various factors that influence the dividend policy decisions of FMCG firms in India.     

Role of supply chain management in target costing

Standard costing is used as a control for product costing. But with life cycle becoming shorter, costing should be done at the design and development stage of a product. This is achieved through target costing.The implementation of target costing and target pricing is done with the ultimate purpose of cost reduction, cost understanding, continuous improvement, competitiveness, early purchasing and supplier involvement, and improved design and accountability by manufacturers. The study explores the participation of the purchasing and supply chain management＇s role in target costing and target pricing process. Supply management plays an active role in monitoring the ongoing cost and performance of suppliers during the early stages of product development. Implementation of target costing and target pricing in various organizations are also explored. Leading Japanese manufacturers have used target costing and target pricing systems to their advantage and the paper also examines the adaptation of the Western companies to these proactive cost management techniques to improve their product development processes.