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Accounting and Financial/Non-financial Reporting Developments
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Accounting and Financial/Non-financial Reporting Developments

A special issue of International Journal of Financial Studies (ISSN 2227-7072).

Deadline for manuscript submissions: 25 August 2025 | Viewed by 16598

Special Issue Editors

Dr. Graça Azevedo

E-Mail Website
Guest Editor
1. Research Centre on Accounting and Taxation (CICF), Escola Superior de Gestão, IPCA, 4750-821 Barcelos, Portugal
2. Higher Institute of Accounting and Administration, Aveiro University, 3810-193 Aveiro, Portugal
Interests: accounting standards; disclosure of financial and non-financial information; social responsibility; integrated reporting; impression management; sustainability; corporate governance; intellectual capital; Era 5.0
Special Issues, Collections and Topics in MDPI journals
Prof. Dr. José Vale

E-Mail Website
Guest Editor
CEOS.PP—Centre for Organisational and Social Studies of P. Porto, Porto Accounting and Business School, Polytechnic Institute of Porto, 4465-004 Porto, Portugal
Interests: intellectual capital; knowledge management; accounting; accountability; sustainability; corporate social responsibility; Era 5.0; financial and non-financial reporting
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

Currently, in the so-called 5.0 Era, accounting and, consequently, financial as well as non-financial reporting have been subject to major developments, mainly to accommodate new market demands. A wider and more demanding target audience, which calls for financial reports focused mainly on relevant information and non-financial information, such as on sustainability or intellectual capital, as well as on the advancements in information technologies, are crucial factors for the future of accounting and, thus, financial as well as non-financial reporting.

As society evolves, stakeholders increasingly demand accountability and the transparency of companies' activities, thus broadening the scope of accounting and reporting to respond to market developments.

This Special Issue addresses the new trends regarding the development of accounting and financial/non-financial reporting.  It is focused on, among other areas, sustainability issues, the impact of new technologies, the role of intangible resources, new measurement models, and the different factors that influence financial/non-financial disclosure. Articles aiming to address these topics in any context are welcomed for publication in this Special Issue.

Dr. Graça Azevedo
Prof. Dr. José Vale
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. International Journal of Financial Studies is an international peer-reviewed open access quarterly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1800 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • financial information
  • information technologies
  • non-financial information
  • sustainability
  • Era 5.0

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Published Papers (7 papers)

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Research

23 pages, 902 KiB  
Article
Examining the Impact of International Financial Reporting Standards Adoption on Financial Reporting Quality of Multinational Companies
by Amar Johri
Int. J. Financial Stud. 2024, 12(4), 96; https://doi.org/10.3390/ijfs12040096 - 24 Sep 2024
Viewed by 1596
Abstract
This research delves into the influence of adopting international financial reporting standards (IFRSs) on the financial reporting quality (FRQ) of Indian multinational corporations (MNCs). It also investigates the moderating impact of the internal control system (ICS) on the relationship between IFRSs and FRQ. [...] Read more.
This research delves into the influence of adopting international financial reporting standards (IFRSs) on the financial reporting quality (FRQ) of Indian multinational corporations (MNCs). It also investigates the moderating impact of the internal control system (ICS) on the relationship between IFRSs and FRQ. The data collection involves a survey using a previously validated and adjusted scale from earlier studies. A sample of 512 participants is selected through purposive sampling methods. The analysis employs partial least square structural equation modelling (PLS-SEM) to validate the data and test the hypotheses. The results indicate a significantly positive influence of perceived benefits, perceived ease of implementation, and government policy on IFRS adoption within Indian MNCs. However, the impact of legal requirements on IFRS adoption in Indian MNCs is insignificantly positive. Furthermore, adopting IFRSs substantially positively affects FRQ within Indian MNCs. Similarly, FRQ significantly positively affects the relevance, accuracy, understandability, comparability, and timeliness of MNCs’ financial reports in India. The moderating role of the ICS in the connections between IFRS adoption and FRQ is positive yet insignificant within Indian MNCs. The insights derived from this study are valuable for investors, shareholders, government authorities, financiers, board members, and top executives of organisations. Full article
(This article belongs to the Special Issue Accounting and Financial/Non-financial Reporting Developments)
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25 pages, 4572 KiB  
Article
Constant Leverage Covering Strategy for Equity Momentum Portfolio with Transaction Costs
by Mario Enrique Negrete
Int. J. Financial Stud. 2024, 12(2), 55; https://doi.org/10.3390/ijfs12020055 - 6 Jun 2024
Viewed by 973
Abstract
The Constant Leverage covering strategy for the equity momentum portfolio (CLvg) developed in this project cannot mask its shortcomings by increasing leverage. It has to successfully forecast and avoid more losses than profits to perform better than the momentum portfolio. This approach is [...] Read more.
The Constant Leverage covering strategy for the equity momentum portfolio (CLvg) developed in this project cannot mask its shortcomings by increasing leverage. It has to successfully forecast and avoid more losses than profits to perform better than the momentum portfolio. This approach is different from other covering strategies available in the literature that focus on increasing the right tail of the momentum returns distribution at a faster rate than they increase the left tail. The CLvg strategy only depends on past information and uses the daily volatility of the loser portfolio to determine episodes of high and low volatility. The daily volatility of the loser portfolio has a stronger relationship with large negative momentum returns than the daily volatility of the momentum portfolio. The daily volatility of the loser portfolio also has a weaker relationship with larger positive monthly returns, and it is more predictable because it has a higher volatility persistence. The negative effects of transaction costs on the CLvg strategy are measured using bid and ask prices reported by CRSP from 1992 to 2021. During this period, the stock market presented an average excess return of 9.19% and a Sharpe ratio of 0.61, and 9.74% of its returns were crashes, which is a better performance than the momentum portfolio. The CLvg adjusted by transaction costs presented excess returns of 16.93% and a Sharpe ratio of 0.84, and only 8.31% of its returns were crashes. Full article
(This article belongs to the Special Issue Accounting and Financial/Non-financial Reporting Developments)
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17 pages, 315 KiB  
Article
The Impact of Value Creation (Tobin’s Q), Total Shareholder Return (TSR), and Survival (Altman’s Z) on Credit Ratings
by Nazário Augusto de Oliveira and Leonardo Fernando Cruz Basso
Int. J. Financial Stud. 2024, 12(2), 44; https://doi.org/10.3390/ijfs12020044 - 8 May 2024
Viewed by 1828
Abstract
This research explores the impact of financial indicators on the credit ratings of companies listed on the S&P 500, employing a Sys-GMM model to address endogeneity concerns. Three independent variables categorized as market and survival factors alongside seven control variables sourced from leverage, [...] Read more.
This research explores the impact of financial indicators on the credit ratings of companies listed on the S&P 500, employing a Sys-GMM model to address endogeneity concerns. Three independent variables categorized as market and survival factors alongside seven control variables sourced from leverage, liquidity, interest coverage, profitability, market, survival, and macroeconomic domains were investigated. The sample consisted of 2398 observations from Capital IQ Pro, spanning nine years (2013 to 2021) and encompassing 240 public companies. The findings suggest that neither Tobin’s Q (TQ) nor Total Shareholder Return (TSR) lack significant correlations with credit ratings, implying that stock market performance and total shareholder return do not directly impact credit ratings. In contrast, the Altman Z-score (AZS) emerged as a significant predictor, indicating its importance in assessing credit risk. These insights enhance the understanding of financial indicators’ impacts on credit ratings, aiding financial institutions and companies in prudent lending and financing decisions. Full article
(This article belongs to the Special Issue Accounting and Financial/Non-financial Reporting Developments)
16 pages, 350 KiB  
Article
Firms’ Investment Level and (In)Efficiency: The Role of Accounting Information System Quality
by Cláudia Pereira, Beatriz Castro, Luís Gomes and Helena Canha
Int. J. Financial Stud. 2024, 12(1), 9; https://doi.org/10.3390/ijfs12010009 - 18 Jan 2024
Cited by 1 | Viewed by 3701
Abstract
We investigate whether accounting information system quality has an impact on the level and efficiency of firms’ investments. While firms’ growth depends on investment and financing decisions, accounting information is fundamental for the decision-making of several stakeholders. We assess the accounting information system [...] Read more.
We investigate whether accounting information system quality has an impact on the level and efficiency of firms’ investments. While firms’ growth depends on investment and financing decisions, accounting information is fundamental for the decision-making of several stakeholders. We assess the accounting information system quality by discretionary accruals, whereas the investment inefficiency is estimated by the residuals of an investment regression for a sample of 3073 Portuguese SMEs from 27 industries, over the period from 2016 to 2021 using a panel regression analysis. The empirical evidence suggests that firms exhibiting higher accounting information system quality tend to invest more. In addition, firms with a lower accounting information system quality have more inefficient investments, as they tend to engage in more overinvestment, although this is not significant for underinvestment. Therefore, this study provides new evidence regarding the impact of accounting information systems on investment that may be useful for several stakeholders, such as managers, creditors, regulators, and academics, by providing evidence for SMEs, where empirical studies are scarce. Full article
(This article belongs to the Special Issue Accounting and Financial/Non-financial Reporting Developments)
17 pages, 853 KiB  
Article
Variable Considerations in ASC 606, Earnings Management and Business Continuity during Crisis
by Mohammed M. Yassin, Dea’a Al-Deen Al-Sraheen, Khaldoon Ahmad Al Daoud, Mohammad Alhadab and Farouq Altahtamouni
Int. J. Financial Stud. 2024, 12(1), 1; https://doi.org/10.3390/ijfs12010001 - 2 Jan 2024
Viewed by 2743
Abstract
The Financial Accounting Standards Board (FASB) released Accounting Standards Codification (ASC) 606, “Revenue from Contracts with Customers”, with the aim of enhancing transparency to provide fairer representation and inhibit the misuse of revenues to manipulate earnings. During COVID-19, variable considerations in ASC 606 [...] Read more.
The Financial Accounting Standards Board (FASB) released Accounting Standards Codification (ASC) 606, “Revenue from Contracts with Customers”, with the aim of enhancing transparency to provide fairer representation and inhibit the misuse of revenues to manipulate earnings. During COVID-19, variable considerations in ASC 606 were used to manage earnings as a tool to help firms survive. The study aimed to test the mediating role of earnings management in influencing the effect of variable considerations in ASC 606 on the continuity of the firm. An online questionnaire was sent to financial reporting preparers in US public shareholding firms; 403 valid questionnaires were received. The results of PLS-SEM revealed that crises such as COVID-19 have highlighted the way in which variable considerations in ASC 606 were exploited to manage firms’ earnings to ensure their survival. Companies resort to showing their best financial performance, beautifying its financial reports by manipulating profits, using flexibility in accounting policies, but this may negatively affect the country’s entire economy by collapsing companies and creating more financial crises that cannot be easily addressed. Full article
(This article belongs to the Special Issue Accounting and Financial/Non-financial Reporting Developments)
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22 pages, 349 KiB  
Article
Audit Expectation Gap in the External Audit of Banks in Mozambique
by Osvaldo Massicame, Helena Coelho Inácio and Maria Anunciação Bastos
Int. J. Financial Stud. 2023, 11(4), 138; https://doi.org/10.3390/ijfs11040138 - 15 Nov 2023
Viewed by 2251
Abstract
The function of the external audit, largely as a result of the scandals and financial crises that have occurred, has been the subject of debate and criticism. This aspect has fostered discussions around the Audit Expectation Gap, which, in short, is understood as [...] Read more.
The function of the external audit, largely as a result of the scandals and financial crises that have occurred, has been the subject of debate and criticism. This aspect has fostered discussions around the Audit Expectation Gap, which, in short, is understood as the differences in expectations between the audit’s results and what is expected from it. In this context, the present study aimed to evaluate the existence of the Audit Expectation Gap in the external audit of banks in Mozambique. For this purpose, auditors, regulators/supervisors, managers and financial staff from banks and companies were surveyed. The results showed statistically significant differences in the opinions of respondents regarding matters related to the scope and objective of the audit, materiality and risk, and different aspects of responsibility. Thus, evidence was obtained that, in addition to reviewing audit regulations for Mozambican credit institutions and financial companies, there is a need for clarification of matters such as the level of security in external audits (which cannot be absolute); the responsibilities of management and auditors in areas such as assessing and reporting compliance with the ratios and prudential limits imposed by the Bank of Mozambique; assessing the suitability of risk management at the bank; and the prevention, detection and reporting of fraud. Full article
(This article belongs to the Special Issue Accounting and Financial/Non-financial Reporting Developments)
10 pages, 269 KiB  
Article
The Differential Effects of Internal Control Teams on Investment Decision Making Based on Industry Competition
by Hyunjung Choi
Int. J. Financial Stud. 2023, 11(4), 131; https://doi.org/10.3390/ijfs11040131 - 3 Nov 2023
Cited by 1 | Viewed by 1731
Abstract
This study investigates how a company’s internal control team affects their investment decision making, considering the level of industry competition within the South Korean capital market. A model obtained from the literature was employed to test the hypothesis. When industry competition is low, [...] Read more.
This study investigates how a company’s internal control team affects their investment decision making, considering the level of industry competition within the South Korean capital market. A model obtained from the literature was employed to test the hypothesis. When industry competition is low, the quantitative adequacy of internal control staff increases the likelihood of investment when the risk of underinvestment is high, and it decreases the likelihood of investment when the risk of overinvestment is high. However, this is not the case when industry competition is fierce. Qualitative adequacy of internal control staff—expertise—has a significant effect on investment decision making when industry competition is high, but has no significant effect when industry competition is low. These results suggest that investors should consider the quantitative and qualitative adequacy of internal control staff along with the level of industry competition when evaluating the investment efficiency of a company. Full article
(This article belongs to the Special Issue Accounting and Financial/Non-financial Reporting Developments)
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