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Analysis of Determinant Factors Affecting Investment Opportunity Set and Automotive Industry Stock Return on The Tokyo Stock Exchange
Full text linkThis study aims to analyze the relationship between capital structure, profitability, and dividend policy on stock returns with investment opportunity set as an intervening variable in companies listed on the Tokyo Stock Exchange Transportation Equipment Sub-Sector and members of the Japan Automobile Manufacturers Association in 2015-2024. This study uses a lag time treatment on the Capital Structure, Profitability and Dividend Policy variables with the aim of finding a stronger and more significant correlation on the variables studied, the data collection technique used is the documentation technique processed using the Path Analysis method using SPSS Amos software. 26. The results of the study indicate that the influence between Capital Structure, Profitability, and Dividend Policy on Investment Opportunity Set is not significant. The influence between Capital Structure, Profitability, and Dividend Policy on Stock Returns through Investment Opportunity Set as an intervening variable is not significant. While the influence between Investment Opportunity Set on Stock Returns is significant
Control Procedures of the Auditor and Methods of Preparedness for Pandemics (COVID-19 as an Example) in the Iraqi Environment (A Survey Study on a Group of Auditors)
Full text linkThis study focuses on identifying the impact of pandemics (with COVID-19 as an example) on the external auditing environment in Iraqi institutions, taking into account both local and international standards. To achieve the desired results, the researchers sought to identify the most significant problems and challenges that auditors may face when conducting audits during a pandemic outbreak, as well as to determine the tools and mechanisms that could assist auditors in overcoming these challenges. The practical aspect of the study was carried out by distributing a questionnaire to a sample of auditors. The findings revealed that COVID-19 leads to a set of problems, the most notable of which are: increased audit risk levels, inadequacy of routine control procedures, the need for continuous updating of audit plans, assessment of a company’s ability to continue as a going concern, and auditing accounting estimates. The study suggests that these problems and challenges can be addressed through various mechanisms, including: enhancing auditors’ professional skepticism and judgment, obtaining written representations from management and those charged with governance, engaging the work of experts, maintaining adherence to professional ethics and independence requirements, ensuring coordination between Iraqi and international auditing standards, using electronic means to design and perform additional audit procedures, emphasizing the scientific and practical qualification of auditors, expanding disclosures in audit reports, and utilizing internal audit departments’ work.
Modeling Portfolio Return and Risk using GARCH
Full text linkThis study explores the application of GARCH and GJR-GARCH models in measuring portfolio return and risk using high-frequency daily return data from the S&P 500 and DAX indices over the period 2000–2020. The research aims to construct a parsimonious and practical volatility forecasting framework by integrating both symmetric and asymmetric shock models, as well as parametric and non-parametric approaches. The methodology follows foundational works by Engle (1982), Bollerslev (1986), and Glosten et al. (1993), and incorporates Value-at-Risk (VaR) to assess potential portfolio losses. Empirical results reveal that actual return distributions exhibit fat tails and skewness, invalidating the normality assumption and necessitating the use of Student’s t-distributions for better accuracy. The GJR-GARCH model proves superior in capturing asymmetric shock effects, as evidenced by higher predictive performance and alignment with observed volatility dynamics, particularly during financial turmoil such as the 2008 crisis. Furthermore, ARMA-enhanced GJR-GARCH models yield better fitting results, especially in forecasting conditional mean and variance. The findings indicate that DAX required higher risk compensation in multiple periods compared to S&P 500, which showed concentrated volatility during the crisis period only. The study highlights the practical implication of selecting appropriate volatility models for dynamic risk management and suggests the inclusion of autoregressive components to enhance return prediction accuracy. Ultimately, this research contributes to the advancement of financial econometric modeling by demonstrating the efficacy of advanced GARCH frameworks in real-world portfolio risk estimation
The Integrating Between Cleaner Production and Benchmarking Practices and Its Impact on Achieving Sustainable Competitive Advantage
Full text linkThis research aims to clarify the theoretical foundations of both cleaner production and benchmarking, as well as the role of cleaner production within the framework of benchmarking in achieving sustainable competitive advantage for agricultural companies, particularly fish farming companies. The cleaner production methodology focuses on implementing production methods that promote sustainable development and finding solutions to the challenges faced by these companies. On the other hand, the benchmarking methodology guides companies in adopting the ideas and practices of leading and successful companies in the same sector, thus enabling them to chart a path for development and achieve competitiveness. This research focused on the fish farming sector in Iraq, using the Tigris Company as a case study for application and comparison of results. This was due to the challenges faced by companies in this sector, as well as the need to develop this industry and introduce modern management and production technologies that aim to achieve sustainable competitive advantages for companies and open new horizons for economic growth and development. One of the main conclusions of this research is that there is a synergistic relationship between cleaner production and benchmarking, which contributes to economic development by leveraging the experiences of others and applying them using modern methods that reduce costs and achieve sustainable competitive advantages
Prospects for Development of The Gas Processing Industry in Uzbekistan
Full text linkThis article analyzes the current level of development, existing problems and promising directions of the gas processing industry in the Republic of Uzbekistan. The fact that the export of natural gas is economically inefficient, the need to produce products with high added value through its local processing is justified. The study considers the possibilities of diversifying the industry, creating import-substituting products and increasing export potential through the production of polymers, liquefied gas, synthetic fuels and chemicals. The issues of technological modernization, attracting foreign investment and optimizing existing production capacities are also analyzed. The author puts forward practical proposals on advanced practices in the field of deep gas processing, mechanisms for making the industry competitive, and improving the investment climate
Current Issues and Prospects for Improving Deposit Policy in Commercial Banks of Uzbekistan
Full text linkThis article examines the current state and prospects of deposit policy in commercial banks of Uzbekistan. A comparative analysis was conducted on interest rate dynamics, deposit structures, and their influence on customer behavior, drawing parallels with international practices. The study evaluates the role of deposit policy in strengthening the resource base of banks under conditions of inflation, competition, and regulatory reforms. Empirical data from Uzbek banks as of mid-2025 were analyzed to identify the main challenges, including low public trust, insufficient flexibility of deposit products, and interest rates lagging behind inflation. Based on global best practices, a set of practical recommendations is proposed to enhance deposit policy, improve financial stability, and strengthen customer confidence in the banking system of Uzbekistan
Examining The Role Of Effective Financial Planning In Improving The Quality Of Services Provided In The Kirkuk Education Directorate, Iraq: Case Study
Full text linkThe research will seek to learn how financial planning can improve the quality of education services in the government schools. Quality of educational services is important in the realization of development objectives, particularly in Iraq where financial and administrative difficulties have plagued the country due to the crisis experienced over the years. The lack of researches on the association between the components of the financial planning needs assessment, budget allocation, and financial control to the quality of the educational services leads to a research gap. A quantitative research design was adopted in the study through the use of a questionnaire that was administered to 300 employees of Kirkuk Education Directorate. The SPSS and PLS software were used to measure the influence of the independent variables (financial needs assessment, budget allocation, and financial control) on the quality of educational services as the dependent variable. The findings were that effective financial planning and service quality had a positive and significant relationship. The authors of the study came to the conclusion that the improvement in quality involves the realization of the widespread and precise financial planning, as well as the ability to control the expenses and guarantee the fair distribution of the budget between departments. According to the research, the introduction of the administrative scheme founded on constant financial planning and grounded in realistic data is suggested, and it will help to enhance the quality of offered services and the performance of governmental educational institutions
Celebrity Characteristics and Customer Patronage of Betking Nigeria in Akwa Ibom State
Full text linkThis paper examined the relationship between celebrity characteristics and customer patronage of Betkings Nigeria in Akwa Ibom State. Celebrity characteristics such as attractiveness, trustworthiness, and expertise are not strong enough to stimulate customer patronage in Betkings in Akwa Ibom State due to the fact that customers are tired of seeing the same celebrity over and over again, which creates a major problem of low customer patronage. The researcher employed the use of survey research design in which primary data were obtained through questionnaire administration. The researcher employed tables and simple percentage method to analyse the research questions. Simple regression technique was used to test hypotheses. The finding of the study revealed that there is a significant relationship between celebrity fit and customer patronage of Betkings in Akwa Ibom State. Another result showed that there is a significant relationship between celebrity credibility and customer patronage of Betkings in Akwa Ibom State. It was further discovered that there is a significant relationship between celebrity expertise and customer patronage of Betkings in Akwa Ibom State. Recommendations were that Betkings should scrutinize the credibility of the endorsed celebrity because credibility determines how the advertising information would impact the customers in terms of the communicated message. There is need to checkmate celebrity fit because when the attributes of the celebrity endorser match with the product features, consumers tend to increase their patronage. Betkings should examine the skill, experience and knowledge of the celebrity to endorse or recommend the product to the public because customers’ actions in response to such recommendations seem to vary directly with the celebrity’s perceived level of expertise and the target customers’ level of agreement with those recommendations
Integration of Business Process Reengineering (BPR) and Risk-Based Costing (RBC) and Its Impact in Enhancing Efficiency and Rationalizing Resources Utilization: An Applied Study in General Company for Automobile and Equipment Manufacturing – Battery Factory
Full text linkThe aim of this paper is to examine how the combination of BPR and RBC could enhance operational efficiency and resource efficiency. The research was applied to the General Company for Automotive and Equipment Manufacturing – Battery Factory with a focus on the 90 Ampere dry battery product during the year 2024. The importance of this research is due to national industries, such as the low operating level of many national industries, rising of raw material prices, and rising in production cost. This research methodology is a combination of quantitative and descriptive analyses, applying it as an applied study. BPR technique was employed to diagnose the core processes of primary battery production line to identify the waste and inefficiencies. In addition, product cost influencing risks were mapped to the identified priority manufacturing operations using the RBC approach. The performance differences observed were in the order of decreased production cycle times, waste material, operating costs based on logical analysis, and risk adjustment in the allocation of resources from combining BPR and RBC. It also demonstrates that using both strategies together is more effective than using either one alone. The report concludes with a recommendation that the General Company for Automobile and Equipment Manufacturing adopt this strategy and broaden it to cover more products. It also emphasizes the development of accounting and management information systems, equipping staff with special skills in risk-based cost management, and business process reengineering to ensure sustainability of the benefits and added value competitiveness of the business.
The Impact Of Accounting Manipulation In Financial Statements On Investors\u27 Decisions: An Applied Study On A Sample Of Companies Listed On The Iraq Stock Exchange
Full text linkThis study will investigate the effects of accounting manipulation in financial reports on the decisions of Iraq Stock Exchange (ISX) investors in the status. The study was based on three major models used to calculate accounting manipulation: adjusted Jones model to determine discretionary accrual (DA), Beneish M-Score to identify manipulative firms, and Roychowdhury model to evaluate manipulation in operating activities. Cumulative abnormal returns (CAR), measured by the event study methodology, were also applied in the measurement of investor decision, along with the market liquidity index (ILLIQ) in relation to the Amihud equation, and control variables, which include the size of the company, leverage, and profitability, were also incorporated. The findings indicated that accounting manipulation has a negative but significant influence on the decision of investors, as it was found to be associated with an increased amount of market liquidity and weak abnormal returns. In addition, greater profitability was associated with a more stable investor confidence of the company whereas the opposite was true of financial leverage. The findings point to the fact that enhancing governance systems and external audit would reduce the effects of accounting manipulation and enhance the credibility level of financial statements. The research suggests that investors should be guided by the advanced analytical tools in order to identify manipulation prior to making investment choices and the role of improving the transparency of financial reporting through the activation of the internal audit and review committees and increasing the checks of regulatory authorities