International Journal of Financial, Accounting, and Management

Issued by Goodwood Publishing, this journal is an international journal in the field of finance, accounting, and management. International Journal of Financial, Accounting, and Management (IJFAM) comprises a multitude of activities which together form one of the world's fastest-growing international sectors. This journal takes an interdisciplinary approach and includes all aspects of finance, accounting, and management studies. The journal's contents reflect its integrative approach - including primary research articles, discussion of current issues, case studies, reports, book reviews, and forthcoming meetings.

The journal comprises articles which are relevant to both academics and practitioners, and are the results of anonymous reviews by at least two referees chosen by the editor for their specialist knowledge.

Current Issue

Issued by Goodwood Publishing, this journal is an international journal in the field of finance, accounting, and management. International Journal of Financial, Accounting, and Management (IJFAM) comprises a multitude of activities which together form one of the world's fastest-growing international sectors. This journal takes an interdisciplinary approach and includes all aspects of finance, accounting, and management studies. The journal's contents reflect its integrative approach - including primary research articles, discussion of current issues, case studies, reports, book reviews, and forthcoming meetings.

The journal comprises articles which are relevant to both academics and practitioners, and are the results of anonymous reviews by at least two referees chosen by the editor for their specialist knowledge.

Published
2025-03-26

Articles

Analysis of the internal control system in gas stations

Purpose: This Study aims to analyze the internal control system in the expenditure cycle and revenue cycle at PT HM Batarai's gas stations and provide recommendations to improve the effectiveness of its internal control system. Methodology/approach: The method used is a descriptive qualitative with a case study approach at the PT HM Batarai’s gas station. The primary and secondary data were validated using triangulation by observing gas station activities, conducting interviews with company management, and analyzing company documents. Results/findings: The results show that the internal control system of PT HM Batarai is ineffective due to the absence of supporting documents such as company regulations and integrity pacts, the lack of a risk management function, the absence of written processes and policies regarding company activities, and the lack of evaluation conducted on the internal control system. Limitations: This study is limited to evaluating the internal control system in the revenue and expenditure cycles implemented by PT HM Batarai using the COSO 2013 conceptual framework. Contribution: This study can serve as an evaluation resource for the management of PT HM Batarai, enabling them to enhance the effectiveness of the company's internal control system. Novelty: This study used a case study at a gas station, a critical business unit in the energy sector that heavily relies on cash, but this has yet to be discussed much. Keywords: Internal Control, Gas Station, Revenue Cycle, Expenditure Cycle

Innovation and sustainability in Anambra State Civil Service, Nigeria

Purpose: This study empirically investigated the relationship between innovation and sustainability in the Anambra State Civil Service. Method: Three hypotheses were formulated to guide the investigation, and hypothesis testing was conducted using the least-squares regression model. Hence, data were collected using an e-questionnaire survey sent to the respondents (staff of the Ministry of Finance and Ministry of Budget and Economic Planning) through their various WhatsApp group platforms, out of which 112 responses were recorded, received, and used in the data analysis. Results: A positive and significant influence was found between innovation and sustainability in the Anambra State Civil Service at the 1% significance level. The study therefore concludes that the advent of technological innovation, administrative innovation, and organizational innovation have led to sustainability in the Anambra State Civil Service. Thus, innovation determines sustainability in the Anambra State Civil Service. In lieu of this, the study recommends that civil servants be encouraged to be innovative by appropriately rewarding every innovative idea. Conclusions: The study concludes that the advent of technological innovation, administrative innovation, and organizational innovation have led to sustainability in the Anambra State Civil Service. Limitations: Some of the respondents did not attend the e-questionnaire. Thus, notwithstanding, a thorough work was carried out.   Contribution: This study contributed to knowledge by designing a model variable and updating the literature on the subject. Novelty: This study introduces a new idea on innovation obtainable in the Anambra State Civil Service.

Optimum estimation and forecasting of gasoline consumption in Iran's national oil refining and distribution company

Purpose: This paper presents an accurate estimation and forecasting of gasoline consumption. This is vital for the policy and decision-making process in the energy sector. Method: A hybrid data-driven model based on Artificial Neural Network (ANN) and an autoregressive integrated moving average (ARIMA) approach was developed for optimum estimation and forecasting of gasoline consumption. The proposed hybrid ARIMA-ANN approach considers six lagged variables and one forecasted value provided by the ARIMA process. The ANN trains and tests data with a multi-layer perceptron (MLP) approach, which has the lowest Mean Absolute Percentage Error (MAPE). To show the applicability and superiority of the proposed hybrid approach, daily available data were collected for 7 years (2015–2021) in Iran. Results: The acquired results show a high accuracy of about 94.27%  using the proposed hybrid ARIMA-ANN method. The results of the proposed model are compared with respect to the regression models and the ARIMA process. Conclusions: Analyzing consumption patterns can provide insights into consumer behavior, enabling NIORDC to tailor its services and marketing strategies more effectively. Limitations: Eliminating subsidies from gasoline prices has led to the appearance of noisy data in gasoline consumption in Iran's National Oil Refining and Distribution Company.   Contribution: The outcome of this paper justifies the capability of the proposed hybrid ARIMA-ANN approach in accurate forecasting of gasoline consumption.

The effect of Maqasid Al-Shariah towards youth motivation to become entrepreneur in Indonesia

Purpose: The article emphasizes the role of maqasid al-shariah as youth motivation towards the intention to be an entrepreneur. Method: This study is a quantitative research that collects data from 556 students across Indonesia and analyzes it through the Smart PLS statistical program to obtain results in both factor/indicator measurement and path analysis measurement. Results: The study found that maqasid al-shariah significantly affects the youth’s intention to become entrepreneurs. The sequence of the five maqasid al-shariah indicators, from the most dominant influence, is progeny, wealth, intellect, soul, and faith. Conclusions: This research provides valuable insight into the impact of Islamic principles, especially the Maqasid al-Shariah framework, on shaping entrepreneurial interests among university students. The emphasis on progeny and wealth reflects a dual commitment to maintaining family financial stability and contributing to community welfare through charitable efforts. Limitations: This study focuses solely on university students in Indonesia, potentially limiting the generalizability of the findings to other demographic groups. Additionally, reliance on self-reported data may introduce response or social desirability biases. Future research should adopt longitudinal approaches and more diverse samples to improve external validity.   Contribution: This study enriches research on maqasid al-shariah as a framework shaping religious motivation for entrepreneurship, an area that has not been widely explored. The findings also have implications for public policy and education, suggesting the integration of Islamic values into university curricula to enhance entrepreneurial character.

Risk management in Nigerian listed commercial banks: The significance of board composition (2013–2023)

Purpose: The study examined the effect of board composition on the risk management of listed commercial banks in Nigeria. The specific objective was to determine the effect of board size, board independence, and board gender diversity on the non-performing loan ratio (NPLR). Method: Ex-post facto research design was chosen for the study. The population of the study comprised all the 13 listed commercial banks in Nigeria. A census sampling approach was used to include all the population elements into the sample. Secondary data was collected from the annual audited reports of the banks covering 2013 to 2023. Aside from descriptive analysis, Pearson correlation, Pesaran Cross-sectional Dependence test, and Panel Heteroskedasticity tests were used to assess the validity of the regression model. Panel Estimated Generalized Least Squares was used to test the hypotheses. Results: Board size has a significant positive effect on NPLR (? = 0.003935; p-value = 0.0000); board independence has a significant positive effect on NPLR (? = 0.121012; p-value = 0.0000); board gender diversity has a significant negative effect on NPLR (? = -0.102780; p-value = 0.0000). Conclusions: In conclusion, a well-composed board ensures that banks are resilient to financial shocks while safeguarding the interests of shareholders, customers, and the broader economy. Limitations: The aspects of board composition covered were limited to board size, board independence, and board gender diversity, but did not cover board final literacy and board risk committee.   Contribution: Thus, the study recommends that listed commercial banks in Nigeria should have a board size that balances adequate expertise and diversity with the ability to make effective decisions in order to ensure that boards reduce bureaucratic delays in risk management.

Profitability and growth opportunity: Impact on company value

Purpose: This research aims to examine and analyze the impact of profitability and growth opportunity on company value in healthcare companies listed on the IDX in 2018-2022. Method: The sampling method used in this research was purposive sampling. The data analysis method employed in this research was multiple linear regression analysis. Results: The research results show that profitability has no effect on company value, while growth opportunity has a negative effect on company value. Conclusions: This study concludes that profitability does not significantly affect company value, whereas growth opportunities negatively impact it. Limitations: This study has limitations, notably the low determination coefficient of 17.6%.    Contribution: The contribution of this research to companies in the healthcare sector is to provide insight into the importance of profitability and growth opportunities in increasing company value. Novelty: The novelty of this research compared to previous studies lies in three aspects: First, the inclusion of growth opportunity as an independent variable. Second, the use of the PBV indicator for measuring company value, as opposed to the Tobin's Q indicator used in prior studies. Third, the focus of this research is on the healthcare sector, in contrast to previous studies that focused on the food and beverage industry.

Entrepreneurial orientation, marketing capability, and adaptive capability: Drivers of business performance

Purpose: The purpose of this research is to address the capabilities possessed by individuals to encourage entrepreneurial orientation towards business performance in turbulent environments, which involves marketing capability and adaptive capability. Method: This study employed a qualitative research design that uses secondary data derived from previous studies that have theoretical relevance. Results: The results of the analysis revealed that improving business performance needs to be supported by individual capabilities such as entrepreneurial orientation, marketing capabilities, and adaptive capabilities in turbulent environments. It is believed that entrepreneurial orientation is a strategy that is still relevant to be used to encourage business performance either directly or supported by marketing capabilities and adaptive capabilities. Conclusions: It can be concluded that entrepreneurial orientation, marketing capability, and adaptive capability are important factors in improving business performance. Limitations: This research is still a conceptual paper. This causes this research to be suboptimal because there is no data being optimized to support this research. Therefore, this study only obtained data from previous research.    Contribution: This study contributes to a more comprehensive knowledge of how entrepreneurial orientation, marketing capabilities, and adaptive capabilities together influence business performance. It provides practical assistance to business actors and policymakers while providing a foundation for future academic research.

Fuel subsidy removal and performance of SMEs in Anambra State Nigeria

Purpose: The decision by the government to rightly remove the subsidy on fuel has caused conflict and controversies. This study examines the effect of fuel subsidy removal and the performance of SMEs in Awka, Anambra State. Method: The study adopted a survey research design, and data was collected with the aid of a questionnaire. The population of the study consists of 357 respondents randomly selected from four Small and Medium Enterprises in the Awka south local Government Area. The hypotheses were tested using simple linear regression. Results: The findings revealed that Fuel Subsidy removal significantly affects the cost of living and transport fare in the Awka South Local Government Area. Conclusions: It was concluded that the removal of fuel subsidies has led to a significant increase in transport fares and cost of living, particularly in local government areas of Nigeria and recommended that government should invest in vehicles that do not depend on fuel. Limitations: The study encountered drawbacks and limitations due to the uncooperative attitude of the respondents, who refused to fill out the questionnaire and some returned it without filling it. The problem was mitigated by revisiting and convincing them of the need to assist in completing the questionnaire.    Contribution: The findings of this study will offer valuable insights that advance our understanding by employing rigorous statistical analysis. Research has quantified the short-term and long-term effects of subsidy removal on inflation, highlighting how fuel price hikes influence transportation, food prices, and household expenses.

Exploring board composition and humanistic management in developing countries' State-Owned Enterprises

Purpose: This study examines the impact of board composition on the humanistic management performance of Zimbabwean State-Owned Enterprises (SOEs). This study examines four essential factors of board composition–board diversity, board tenure, board size, and board committees—to determine their influence on governance and performance in SOEs. Methods: A descriptive research design with an interpretative qualitative approach was adopted. Data were collected from Zimbabwe General Auditor Reports (2016-2022) and semi-structured interviews with 20 SOE directors. Thematic analysis was used to identify patterns and develop insights into the relationship between board composition and humanistic management performance. Results: The findings revealed that political interference, inadequate board evaluation, and the appointment of unqualified directors negatively affect board composition, limiting SOEs' ability to achieve humanistic management outcomes. Despite the existence of governance frameworks, these challenges hinder effective decision-making, transparency, and strategic alignment with humanistic management principles. Conclusions: The study concludes that board size does not affect the humanistic management performance of the board. Limitations: The study is limited to Zimbabwean SOEs, which may affect the generalizability of the findings to other developing economies. Additionally, reliance on qualitative methods introduces the possibility of subjective biases despite rigorous thematic analysis.    Contribution: This study recommends that Parliament Portfolio Committees strengthen their oversight role in board appointments to enhance governance and performance. It also advocates adopting a Humanistic Governance Framework to improve transparency, accountability, and efficiency while reducing corruption in Zimbabwean SOEs.

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