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 7, No 1 (2015)

Vol. 7, No. 1, June 2015

Table of Contents

Mutual Fund Size and Investible Decisions of Variable Life Insurance PDF
Nan-Yu Wang, Sen-Sung Chen, Chih-Jen Huang, Cheng-Hsin Yen 1-13
Does Ownership Identity of Blockholders Matter: An Empirical Analysis of Publicly Listed Companies in New Zealand PDF
Krishna Reddy KR, Sazali Abidin, Wei He, Paresha Sinha 14-44
Shareholder Types, Corporate Governance and Firm Performance: An Anecdote from Indian Corporate Sector PDF
Namita Rajput, Bharti Joshi 45-63
Risk Conception and Evaluation in Taiwan Financial Markets PDF
Yin-Ching Jan 64-75
Determinants of Value Creation of GCC Firms -An Application of PLS SEM Model PDF
Rajesh Kumar 76-95
Literature Review on Corporate Governance Structure and Performance in Non-Financial Bangladesh Firms PDF
Munshi Samaduzzaman, Fazluz Zaman, Zahurul Quazi 96-104
VAT Increase and Impact on Consumers’ Consumption Habit PDF
Munshi Samaduzzaman, Masoom Ahmed, Fazluz Zaman 105-116
Material Flow Cost Accounting System for Decision Making: The Case of Taiwan SME in the Metal Processing Industry PDF
Shen-Ho Chang, AnAn Chiu, Chin Ling Chu, Teng-Shih Wang, Tsung-I Hsieh 117-134

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