International Journal of Finance, Accounting and Economics Studies: 5 (3)

Open Access Article

1 - Intellectual Capital Effects by Satisfactory Design on Financial and Economic Performance of Malaysian Companies
Payam Mojtahedi

This paper aims to prepare intellectual capital component by satisfactory design. Satisfaction of employees, customers and residual benefit are the main core of present measurements. The correct position of these items in the financial statements are proposed by correct More

This paper aims to prepare intellectual capital component by satisfactory design. Satisfaction of employees, customers and residual benefit are the main core of present measurements. The correct position of these items in the financial statements are proposed by correcting entries, then the impact of these elements are investigated on the return on equity, revenue growth and economic value added. Both disproportionate stratified random sampling and systematic omission have been applied to achieve this study to eight industriesand finally thirty six companies from the main board of Malaysian stock exchange during the years, 2006-2013. Firm size and debt ratio are used as control variables. Obtained output demonstrate that, all components have positive effect on ROE just human and structural capital have negative relationship with revenue growth and EVA, respectively. This matter reveals that, that it is not just payment to employees, but the payment structure is also important andnegative relationship between SC and EVA proved that, by increase of firms income the motivationof dividend income will increase and the economic value of firms will reduced. Manuscript profile

Open Access Article

2 - Ethical Challenges in Accounting: an Indian Case
vineet chouhan Nader Naghshbandi

Accountant working in the private or public sector companies must remain impartial and loyal to ethical guidelines when reviewing a company or individuals financial records for reporting purposes. People are expecting a lot from the professional community and the qualit More

Accountant working in the private or public sector companies must remain impartial and loyal to ethical guidelines when reviewing a company or individuals financial records for reporting purposes. People are expecting a lot from the professional community and the quality of the complex services provided by the accounting profession have confidence. Of The information provided by accountants should significantly efficient, reliable, genuine and disinterested, then not only should be qualified accountants and professional competence are But also enjoys a high degree of honesty and integrity, professionalism and professional reputation is their most important assets. The Moral Accounting for Professional Accountants And those who rely on accounting services is very important. Businesses rely heavily on accounting ethics, whether they're aware of it or not. Unless investors, creditors and managers can be reasonably confident that the financial record keeping practices of their accounting professionals are honest, straightforward and consistent with industry standards, it is unlikely they can trust their records' accuracy. From Enron, and Satyam, it appears that corporate accounting fraud is a major problem that is increasing both in its frequency and severity. Research evidence has shown that growing number of frauds have undermined the integrity of financial reports, contributed to substantial economic losses, and eroded investors’ confidence regarding the usefulness and reliability of financial statements. Manuscript profile

Open Access Article

3 - Financial Risk Modeling with Markova Chain
Fraydoon Rahnamay Roodposhti Hamid Vaezi Ashtiani Bahman Esmaeili

Investors use different approaches to select optimal portfolio. so, Optimal investment choices according to return can be interpreted in different models. The traditional approach to allocate portfolio selection called a mean - variance explains. Another approach is Mar More

Investors use different approaches to select optimal portfolio. so, Optimal investment choices according to return can be interpreted in different models. The traditional approach to allocate portfolio selection called a mean - variance explains. Another approach is Markov chain. Markov chain is a random process without memory. This means that the conditional probability distribution of the next state depends only on the current state and not related to earlier events. This type of memory is called the Markov property. Based on proposed approach, the possibility of testing the assumption of independence of the intervals selected a portfolio of distribution of a relationship between these values there. The presence of this dependency, consider a model based on Markov chain makes it possible. In this paper, assuming that independent portfolios can be modeled by a Markov chain model to describe different portfolio selection, Value at risk (VaR) and Conditional Value at Risk (CVaR). In fact, the portfolio return is selected, the ranges are divided into n range, each interval of a discrete Markov chains, we consider the situation. Finally, the results of this study indicate that the optimal portfolio selection based on Markov models arehigh performance but complex. Manuscript profile

Open Access Article

4 - The Impact of Corporate income Tax and Firm Size on Fixed Investment
Omer Saeed Sidra Shafiq Khurram Shahzad

This paper is an attempt to analyze the impact of income taxes and market capitalization on fixed investment (investment in tangible assets) by manufacturing companies listed on KSE. This paper basically examines that how corporate income taxes affect fixed investment b More

This paper is an attempt to analyze the impact of income taxes and market capitalization on fixed investment (investment in tangible assets) by manufacturing companies listed on KSE. This paper basically examines that how corporate income taxes affect fixed investment by reducing cash flow available for a firm to invest and how the firm size in the lights of market capitalization affects fixed investment by manufacturing companies. As market capitalization leads to development and due to this development investment opportunities increase. Estimation is based on pooled regression by employing fixed effect model. The results of the study show that there is positive impact of market capitalization and fixed investment while there is negative impact of income taxes and fixed investment by manufacturing companies. Manuscript profile

Open Access Article

5 - Extended Value Added Intellectual Coefficient in Advanced and Low Technology Manufacturing Companies in Malaysia
Hamid Jafaridehkordi Ruzita Abdul Rahim

The main purpose of this study is to empirically compare of intellectual capital (IC) and its efficiency between advanced and low technology manufacturing companies using a sample of 135 Malaysian listed manufacturing companies during the 2006-2012 period. The manufactu More

The main purpose of this study is to empirically compare of intellectual capital (IC) and its efficiency between advanced and low technology manufacturing companies using a sample of 135 Malaysian listed manufacturing companies during the 2006-2012 period. The manufacturing companies are classified into different sectors based on their products and services (Standard Industrial Classification (SIC) code) on OSIRIS databases. Then, they are categorized into one of the two groups: advanced and low technology. The results of Mann-Whitney U and independent samples t tests indicate that there is a significant difference in investment on IC and its components, and efficiency of IC and its components between advanced and low technology manufacturing companies. Manuscript profile

Open Access Article

6 - Forecasting Stock Market Using Wavelet Transforms and Neural Networks: An integrated system based on Fuzzy Genetic algorithm (Case study of price index of Tehran Stock Exchange)
Ali Anvary Rostamy Nor Mousazadeh Abbasi Mohammad Ali Aghaei Mahdi Moradzadeh Fard

The jamor purpose of the present research is to predict the total stock market index of Tehran Stock Exchange, using a combined method of Wavelet transforms, Fuzzy genetics, and neural network in order to predict the active participations of finance market as well as ma More

The jamor purpose of the present research is to predict the total stock market index of Tehran Stock Exchange, using a combined method of Wavelet transforms, Fuzzy genetics, and neural network in order to predict the active participations of finance market as well as macro decision makers.To do so, first the prediction was made by neural network, then a series of price index was decomposed by wavelet transform and the prediction made by neural network was repeated, finally, the extracted pattern from the neural network was stated through discernible rules using Fuzzy theory. The main focus of this paper is based on a theory in which investors and traders achieve a method for predicting stock market. Concerning the results of previous researches, which confirmed the relative superiority of non-linear models in price index prediction, an appropriate model has been offered in this research by combining the non-linear methods such as Wavelet transforms, Fuzzy genetics, and neural network, The results indicated the superiority of the designed system in predicting price index of Tehran Stock Exchange. Manuscript profile

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