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 1 (2014)

Vol. 6, No. 1, June 2014

Table of Contents

The Influence of Behavioral Factors in Making Investment Decisions and Performance: Study on Investors of Colombo Stock Exchange, Sri Lanka PDF
Lingesiya Kengatharan, Navaneethakrishnan Kengatharan 1-23
The Measurements of Firm Performance’s Dimensions PDF
Ebrahim Mohammed Al-Matari, Abdullah Kaid Al-Swidi, Faudziah Hanim Bt Fadzil 24-49
The Oversight Committees in Developing Countries – Public Financial Control and the Expectations Gap – Some Empirical Evidence from Sri Lanka PDF
Prem Yapa 50-69
Determinants of Internet Financial Disclosure in GCC Countries PDF
Mohamed A. K. Basuony, Ehab K. A. Mohamed 70-89
Theoretical Aspects of Economic Balanced Scorecard Analysis PDF
Sergey Ivanovich Krylov 90-109
Is Good Governance a Driver of Family Firm Performance? PDF
Olivier Colot, Jonathan Bauweraerts 110-125
A Comparison of ITM and OTM Protective-Puts and Covered-Calls PDF
Mihir Dash, Ankush Goel 126-137
Value Added Tax and Inflation: A Graphical and Statistical Analysis PDF
Alexander Gelardi 138-158
Vietnamese Money Supply M1 and Stock Price Behavior PDF
Chu V. Nguyen 159-174
The Impact of Information Asymmetry and Client Credit on Lending Performance - Taiwan’s Evidence PDF
Cheng-Li Huang, BIH-YUN KUO 175-197
Variables for Modeling SACCOS in Tanzania PDF
Joseph J. Magali 198-215
The Role of Corporate Governance in the Link between Management Accounting System and Firm Performance PDF
David Han-Min Wang, Quang Linh Huynh 216-235
The Effects of the Financial Crisis on the Financial Performance of Malaysian Companies PDF
Ben Chin Fook Yap, Zulkifflee Mohamed, K-Rine Chong 236-248
Impact of Overhead Costs Apportionment on Selling Price Determination in Malaysian Automobile Manufacturing Industry PDF
Kabiru Isa Dandago, Zulaikha Rabitah Zaidi 249-261
Ownership Volatility and Firm Performance: Evidence from the Korean Firms PDF
Haksoon Kim 262-270
Stock Returns and Fundamentals in the Australian Market PDF
Noor Muhammad, Frank Scrimgeour 271-290
Investors Reaction to Market Surprises on the Indian Stock Exchange and Currency Markets Untitled PDF
Yaman O. Erzurumlu, Richard A. Ajayi 291-305
The Impacts of Corporate Governance, Audit System to Business Failure of Going-concern Firms PDF
Yunsheng Hsu, Chi-Chen Wang, Tzeu-Chen Han 306-322
Prediction of the Moving Direction of Google Inc. Stock Price Using Support Vector Classification and Regression PDF
Xuan Liu, Liu Pan 323-336
Multifactor Explanations of CAPM Anomalies: An Evidence for Indian Stock Market PDF
Balakrishnan A 337-366
The Relation between Auditor Switching and Self-fulfilling Prophecy Effect: The Bivariate Probit Model PDF
Yueh-Ju Lin 367-387
Is EVA a Superior Measure of Shareholder Value? Evidence from CNX Nifty Constituent Firms PDF
Nusrath Unnisa, Janakiramudu P. 388-401
The Reflection of Applying New Developed Approaches in Accounting Information System on Investment and Credit Decisions in commercial banks in Aqaba Special Economic Zone PDF
Mousa Mohammed Saleh, Ziad Odeh Al Amaideh, Haitham Mahmoud Baniatta, Ashraf Mohammad Alrjoub 402-422
A Study on Options Pricing Using GARCH and Black-Scholes-Merton Model PDF
Zohra Bi, Abdullah Yousuf, Mihir Dash 423-439
Does the Relationship between Accounting Disclosure and Bank Loan Contracts Vary with Borrower Characteristics? Evidence from Emerging Markets PDF
Dekui Li, Liang Song, Zhaoguo Zhang 440-463
An Exploratory Study of Herd Behaviour in Vietnamese Stock Market: A New Method PDF
Ngoc Hong Truong, Minh Uyen Le 464-475

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