Asian Journal of Finance & Accounting

Asian Journal of Finance & Accounting (AJFA) is an internationally refereed journal published twice annually in June and December. The Journal is dedicated to the development, promotion and understanding of finance and accounting in their widest sense. Its main objective is to provide an online forum to disseminate findings of research in the fields of finance and accounting worldwide.

The editorial board welcomes original submissions in English. Apart from research articles it also accepts research notes. The number of words for a research article should preferably be between 5,000 and 8,000 and that for a research note should preferably be between 2,000 and 3,000. The Editorial Board also welcomes reviews of books published in English. The maximum number of words for a book review should be 1,000.

The following are some of the topical areas (but not limited to) relevant to the journal:



- Behavioural finance

- Efficiency of stock and foreign exchange markets

- International parity conditions

- Valuation of securities

- Mergers and acquisitions

- Cost of capital and capital budgeting

- Modelling time-varying volatility of financial assets

- Time-varying correlations, betas and copulas

- Market microstructure

- Islamic finance



- Financial reporting and international financial reporting standards

- Public sector accounting and auditing

- Corporate governance

- Audit expectation gap

- Market for audit services

- Determinants of job satisfaction of accounting academics

- Determinants of various disclosures in company annual reports

- Earnings management

- Auditing standards


Journal Homepage Image

Notice for Price Adjustment

Effective 1 January 2015, the publication fee will increase from 100.00USD to 200.00USD. Manuscripts submitted on or after this date will be charged the new rate of 200.00USD per article.
Manuscripts submitted in 2014 can take advantage of the old rate (100.00USD) if paid on or before January 31, 2015.
All 2014’s manuscripts unpaid by 31 January 2015 will be charged the new rate of 200.00USD.
Thank you very much for your cooperation.

AJFA follows APA style.


Author Guidelines

1. Authors must ensure that their papers are free of spelling and grammatical errors and typos.

2. Research papers and research notes should not exceed 8,000 and 3,000 words, respectively.

3. The first page of an article should contain the title of the paper, name(s) and affiliation(s) of the author(s) and an abstract not exceeding 200 words.

4. The first page should also contain five key words according to the Classification System for Journal Articles as used by the Journal of Economic Literature.

5. Equations in the text should be numbered consecutively using Arabic numerals within simple brackets and aligned against the right margin.

6. All appendices should be numbered consecutively using upper case roman numerals and shown before the list of references.

7. When formulae displayed have been derived by the author, the full derivations should be given on separate sheets (not to be published) for the information of the referees.

8. References should be cited within the text as follows: According to Wickremasinghe (2005), foreign exchange market … These results are inconsistent with those of other studies (Perera, 1995; Silva, 2000)

9. List of references should show each citation in alphabetical order.

10. Author should register with the journal before submitting manuscripts.

11. Page proofs will be sent to the corresponding author. The corrected manuscripts should be submitted within 5 working days.

12. DOIs in References

Example of persistent link:
The authors may retrieve articles’ DOIs at:

13. The publication fee is 100USD. 


The publisher and journal have a policy of “Zero Tolerance on the Plagiarism”. We check the plagiarism issue through two methods: reviewer check and plagiarism prevention tool (

All submissions will be checked by iThenticate before being sent to reviewers.


Recruitment for Reviewers

The editorial board welcomes you to join us to be Reviewer.

Status: Part time            Working language: English

Working style: Internet-based

Payment: Voluntary job, no payment


Participation in the peer-review process is absolutely essential to the success and reputation of the journal. Reviewers along with the editors determine which work is of quality and significance. Due to extensive readership, the research and scholarship presented will ultimately have an impact on literacy in classrooms, nationally and internationally.

Reviewer's name will be listed on the journal's webpage.


a). possess a doctoral degree in the specific subject related closely to the journal;
b). hold a job at a university or academic organization, in a teaching or research position;
c). be fluent in academic and professional English;
d). have a strong interest in scholarly journal;
e). work quickly and accurately to tight deadlines.



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Vol 6, No 2 (2014)

Vol. 6, No. 2, December 2014

Table of Contents

Determinants of Readability of Financial Reports of U.S.-Listed Asian Companies PDF
Gaurav Kumar 1-18
The Impact of Credit Rating, Ownership and Relationships on Loan Spreads-Taiwan’s Evidence PDF
Cheng-Li Huang, Bih-Yun Kuo 19-52
Relationship between Firm Age and Financial Leverage with Dividend Policy PDF
Nasrollah Takhtaei 53-63
Is Temporary Trading Halt Mechanism for New Shares on The First Day of Trading Conducive to Curbing Speculations? PDF
Kai Shi, Li Nie 64-74
Disclosure Quality and Corporate Governance: Evidence from Iran PDF
Fatemeh Soheilyfar, Mohammad Tamimi, Mohammad Ramezan Ahmadi, Nasrollah Takhtaei 75-86
Is Stock Price Synchronicity a Measure of Noise or Stock Price Informativeness: Evidence from Audit Pricing Model PDF
Jim Wang 87-102
Intellectual Capital Performance of Indonesian Banking Sector: A Modified VAIC (M-VAIC) Perspective PDF
Ihyaul Ulum, Imam Ghozali, Agus Purwanto 103-123
The Effective Factors in Abnormal Error of Earnings Forecast-In Case of Iran PDF
Hamid Rasekhi, Alireza Azarberahman, Jalal Azarberahman 124-141
Accounting Disclosure, Governance Standards and Innovation Activities in Emerging Markets PDF
Zhenxiang Chen, Ming Li, Liang Song, Yanan Xing, Zhaoguo Zhang 142-154
Does Shariah Compliant Stocks Perform Better than the Conventional Stocks? A Comparative Study Stocks Listed on the Australian Stock Exchange PDF
Krishna Reddy KR, Mingli Fu 155-170
Arfima-Figarch vs. Arfima-Hygarch: Case Study ETF Returns of Emerging Asian Countries PDF
Truong Hongngoc 171-194
Changing Bank Income Structure: Evidence from Large UK Banks? PDF
Kalsoom Jaffar, Kumbirai Mabwe, Robert Webb 195-215
The Compliance of Methods of Implementation of IFRS: Study of the Impact on the Relevance of Accounting Information PDF
Mohamed Rachid Ouezzani, Youssef Alami 216-238
The Availability, Extent and Quality of Sustainability Reporting by Malaysian Listed Firms: Subsequent to Mandatory Disclosure PDF
Hafizah Abd-Mutalib, Che Zuriana Muhammad Jamil, Wan Nordin Wan-Hussin 239-260
Tendency to Choose Big Audit Firms: Case of Indonesia PDF
Putu Agus Ardiana 261-277
Project Financial Management and Modern Financial Slavery: The Case of a KSA Metro Project Start-up PDF
Paul James 278-300
The Impact of Treasurer’s Experience And Knowledge on The Effectiveness of The Administration and Preparation of The Accountability Reporting System in North Sumatera PDF
Azhar Maksum, Rustam Hamid, Iskandar Muda 301-318
Real Estate Investment in Bangladesh: A Pre Liminary Study PDF
Naheem Mahtab, Maqbool Kader Quraishi 319-342
Valuing the First Negotiated Repurchase of the TARP Warrants PDF
Linus Theodore Wilson 343-350
Corporate Social Responsibility and Financial Performance: A Case Study of Jamuna Bank Limited, Bangladesh PDF
Mohammad Mazibar Rahman, Md Mamunar Rashid, Md Reiazul Haque 351-361
Corporate Governance and Financial Performance of Bank in Asian Regions and Recommendations PDF
Ping-fu Lai, On-na CHOI 377-406
Evaluation of Return Mean and Stock Surplus Return Mean with Two Approaches of Traditional Risk and Downside Risk PDF
Ebrahim Abbasi, Hanieh Sadat Hoseini, Amir Mohammadzadeh 407-421
Determinants of Disclosure Quality: Empirical Evidence from Iran PDF
Nasrollah Takhtaei, Zahra Mousavi, Mohammad Tamimi, Iman Farahbakhsh 422-438
Efficiency of Foreign Banks Operating in India: DEA Analysis PDF
Namita Rajput, Kamna Chopra, Shelly Oberoi 439-450
Evaluating Earnings Management in Taiwan’s Nonprofit Hospitals Using Cross-Sectional Abnormal Items Models PDF
Zhenjia Liu 451-468

Book Reviews

Impact of Cashless Banking on Banks’ Profitability (Evidence from Nigeria) PDF
Alagh Jacinta Itah, Ene Emeka Emmanuel 362-376

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