A Literature Review on Ohlson (1995)

EUGENE FAMA and Michael Jensen's treatment of the "Separation of Ownership and Control" is both insightful and informative. It deepens our understanding of corporate control, and the analysis of residual claimants usefully extends the economics of internal organization to include partnerships, mutuals, nonprofits, and the like. The basic argument is this: specialized governance structures arise in response to the efficiency needs of each type of organization. This is an important argument and one with which I broadly concur. They couple this, however, with a strong suggestion that these structures have reached a high degree of refinement-on which account there is not now, if indeed there ever has been, an organization control problem with which scholars and others are legitimately concerned. On this point I have grave doubts. My discussion of the paper addresses three issues: What is the relation, if any, of the hierarchical organization of the firm to economic performance? What relation, if any, does residual claimant status have to the composition and character of the board of directors? And is there now or has there ever been a corporate control problem? I deal with each of these issues in order.

The Economic Function of Underfunded Pension Plans

Information technology plays a critical role in modern business, especially regarding the accounting function. Thus, one might expect that information technology and accounting systems would be a major component of accounting research. This study seeks to answer the questions: To what extent does the accounting literature include technology and systems research, and is technology and systems research adequately addressed in the accounting literature? To answer these questions, this study examines the proportion of technology and systems articles in seven top-ranked accounting journals, four academic and three professional. Journals examined include: The Accounting Review, Journal of Accounting Research, Journal of Accounting and Economics, Contemporary Accounting Research, Journal of Accountancy, CPA Journal, and Strategic Finance (formerly Management Accounting). The findings indicate that while there has been a dramatic increase in the proportion of systems articles published in the professional journals, there were very, very few technology and systems articles published in the academic journals. This might suggest a lack of appropriate attention by academic accounting journals to this important area. Consequently, accounting information systems (AIS) professors who are doing research in systems have a disadvantage in publishing research in top-ranked academic journals. This may result in adverse career consequences for AIS professors if they are expected to publish in these particular academic journals. Further, lack of systems research published in academic journals is detrimental to the perceived and actual relevance of these journals, as technology and systems issues are vitally important to the accounting profession.

The most influential journals in academic accounting

The role of gender is an important issue in the accounting field, both in practice and in higher education. This study provides a longitudinal analysis of female authorship of articles published in six major accounting journals, three academic journals and three professional journals: The Accounting Review , Contemporary Accounting Research , Journal of Accounting Research , The CPA Journal , the Journal of Accountancy, and Strategic Finance . Articles are classified into 11 different research categories and comparisons of authorship by gender are made across these categories. Results reveal that female academicians are making a significantly greater contribution to accounting research than in the past, both in academic and professional journals, reflecting their increasing representation and acceptance among accounting academics. This study makes a unique contribution by its analysis regarding the factors of gender, research topic area, and practice versus academic journals. The study extends prior gender publication research by examining how female researchers' performance has changed relative to that of males over time.

EDITORIAL POLICY AND STYLE INFORMATION

Editorial Policy

The purpose of this study is to indicate how the change in a package of patient care services is related to changes in hospital costs. Based on the empirical results performed, one can argue that the inflation in hospital costs on both a per day and per treated case basis is in part explained by a set of patient care service intensity variables. Results of many studies of hospital cost behavior implicitly support the notion that changes in quality of services are related to changes in hospital costs. Although these studies did not explicitly consider variables for quality, the variables in these other studies embody factors for quality of hospital patient care services [6, 7, 9, 10, 12, 14,17, 20]. In this study, the purpose is to indicate explicitly how the change in a package of patient care services is related to changes in hospital costs. This study stems from observations made in several empirical studies funded by the Social Security Administration. The purpose of those studies was to examine the impact of a particular method for hospital cost containment called prospective reimbursement (PR), on the rise in costs of hospital care [ 1, 2, 5, 11, 15, 24]. One general conclusion of the studies was that the use of hospital services was related to actions taken by hospital decision makers, i.e., administrators, nurses and doctors, to contain the rise in hospital costs. Although the evidence varied, some observations justify the notion that costs and the use of certain quality enhancing patient care services are related. For example, Dowling et. all. [1 1] found that some indicators of ancillary service use were lower in the PR hospitals than in a set of control hospitals. Specifically, they found that the number of laboratory tests per case increased more slowly in PR hospitals than in control hospitals, while the number of X-ray films per case increased faster in the PR hospitals than in control Jeffrey E. Jarrett is a professor in the Department of Management Science at the University of Rhode Island. He has a Ph.D. from New York University and has published articles in several professional journals including Management Science, Decision Sciences, The Journal of Accounting Research, The Journal of Finance, The Accounting Review, The Journal of Business Finance and Accounting, and The Review of Economic and Business Research. Note: The author gratefully acknowledges the comments of Ernest Kurnow and several anonymous referees in earlier drafts of this manuscript. Thanks is also given to Sherry Allison-Cooke and Harvey Zimmerman for permitting the author to gather the appropriate data for the study.

References and Further Reading

Time-Varying Rating Standards and the Distorted Incentives of Credit Rating Agencies

Using multiple indicators of interdisciplinarity (variety, balance, and disparity), this study examines 1613 references cited in articles published between 1976 and 2018 in six highly regarded accounting research journals (Accounting, Auditing and Accountability Journal (AAAJ), Accounting, Organisations and Society (AOS), Management Accounting Research (MAR), Journal of Accounting and Economics (JAE), Journal of Accounting Research (JAR), and The Accounting Review (TAR)). The findings are threefold: the interdisciplinarity of cited references is low compared with the reported findings in the non‐accounting disciplines; there is no discernible change in the level of diversity during the sample period; and the level of citations is negatively related with the dimensions of diversity.

This article examines the brand-name effect of airline crashes. These disasters raise several financial issues. A crash represents the loss of a plane, the loss of lives, the loss of scheduling capacity, higher insurance costs, and the potential loss of consumer goodwill. This article focuses on the last of these. Are consumers reluctant to fly with airlines that have poor safety records or do they treat crashes merely as random events that bear no reflection on the quality of the airline?

The contemporary accounting research has developed substantially in the past four decades. We make a comparative analysis of research tools according to 3,508 accounting articles from 3 top accounting journals, such as contemporary Accounting Research, Journal of Accounting Research, and the Accounting Review. Based on this, we make a further study on content of accounting research in the recent period and reveal the most popular topics accounting research of this period. The results show that research tools are remarkably different between four decades. Especially in the recent decade, complex mathematical equations and multivariate statistical analyses are frequently adopted for acceptance for publication. And security prices or return, auditor behavior, forecasts, manager behavior, and information structures have been the most popular topics of the accounting research.

Book Reviews

The purpose of the study had been aimed to further the understanding in exploring the relevance performance of the monopoly stock of Tenaga Nasional Berhad (TNB) to assess the stock performance return in comparison against the Malaysian stock market with reference towards the measurement of the Kuala Lumpur Stock Exchange (KLSE) market index performance as the benchmark. With reference to the previous studies, there is relevance support to identify the tendency of the findings to suggest the higher performance for the major stocks like TNB stock where the business model of TNB being monopolizing the industry creating the upper hand for the stability in driving the revenue and profit leading to higher value in the stock price. The methodology of the research had further the quantitative analysis study using the historical data of 10years from 2014 to 2023 to identify the potential pattern and trend to assess the comparison for the performance and trading trend for both the TNB stock and market index of KLSE. The outcome of the research had suggested the sufficient evidence to identify the higher average return for the TNB stock over the negative return average being achieved by the KLSE market index putting clear picture on the higher performance of the monopoly TNB stock. In addition, the growth of the trading volume trend had suggested that the investors are being higher confidence towards the growth of the TNB stock where the growth of the trading volume for TNB stock is higher than the trading volume for KLSE market index and even exceeding the average return for the TNB stock. This had been in alignment with the previous study where the outcome for the study had created the significant contribution towards the academic and investors to invest in the monopoly stock like TNB and extending the potential area of study for the future research. References Abdullahi, I.B. (2020). ‘Effect of Unstable Macroeconomic Indicators on Banking Sector Stock Price Behaviour in Nigerian Stock Market’, International Journal of Economics and Financial Issues, 10(2), 1-5. Adeyeye, P.O., Aluko, O.A. & Migiro, S.O. (2018). ‘The global financial crisis and stock price behaviour: time evidence from Nigeria’, Global Business and Economics Review, 20(3), 373-387. Al-Awadhi, A.M., Alsaifi, K., Al-Awadhi, A. & Alhammadi, S. (2020). ‘Death and contagious infectious diseases: Impact of the COVID-19 virus on stock market returns’, Journal of Behavioral and Experimental Finance, 27. Alsabban, S. & Alarfaj, O. (2020). ‘An Empirical Analysis of Behavioral Finance in the Saudi Stock Market: Evidence of Overconfidence Behavior’, International Journal of Economics and Financial Issues, 10(1), 73-86. Altig, D., Baker, S., Barrero, J.M., Bloom, N., Bunn, P., Chen, S., Davis, S.J., Leather, J., Meyer, B., Mihaylov, E., Mizen, P., Parker, N., Renault, T., Smietanka, P. & Thwaites, G. (2020). ‘Economic uncertainty before and during the COVID-19 pandemic’, Journal of Public Economics, 191. Apuke, O.D. (2017). ‘Quantitative Research Methods A Synopsis Approach’, Arabian Journal of Business and Management Review (Kuwait Chapter), 6(10). Asif, M., Pasha, M. A., Shafiq, S., & Craine, I. (2022). Economic Impacts of Post COVID-19. Inverge Journal of Social Sciences, 1(1), 56-65. Bhuva, K.K., Mankad, Y.B. & Bhatt, P.B. (2017). ‘Validity of Capital Asset Pricing Model & Stability of Systematic Risk (Beta) of FMCG - A Study on Indian Stock Market’, Journal of Management Research and Analysis, 4(2), 69-73. Chien, M., Lee, C., Hu, T. & Hu, H. (2015). ‘Dynamic Asian stock market convergence: Evidence from dynamic cointegration analysis among China and ASEAN-5’, Economic Modelling, 51, 84-98. Cooper, D. & Schindler, P. (2014). Business Research Methods, 12th edn, McGraw-Hill/Irwin. Boston. Grønholdt, L., Martensen, A., Jørgensen, S. & Jensen, P. (2015). ‘Customer experience management and business performance’, International Journal of Quality and Service Sciences, 7(1), 90-106. He, P., Sun, Y., Zhang, Y. & Li, T. (2020). ‘COVID–19’s Impact on Stock Prices across Different Sectors- an Event Study Based on the Chinese Stock Market’, Emerging Markets Finance and Trade, 56, 2198-2212. Iqbal, H. & Riaz, T. (2015). ‘THE EMPIRICAL RELATIONSHIP BETWEEN STOCKS RETURNS, TRADING VOLUME AND VOLATILITY: EVIDENCE FROM STOCK MARKET OF UNITED KINGDOM’, Research Journal of Finance and Accounting, 6(13), 180-192. Javanmard, H. & Hasani, H. (2017). ‘The Impact of Market Orientation Indices, Marketing Innovation, and Competitive Advantages on the Business Performance in Distributer Enterprises’, The Journal of Industrial Distribution & Business, 8(1), 23-31. Jin, X. (2016). ‘The impact of 2008 financial crisis on the efficiency and contagion of Asian stock markets: A Hurst exponent approach’, Finance Research Letters, 167-175. Lew, C., & Saville, A. (2021). Game-based learning: Teaching principles of economics and investment finance through Monopoly. The International Journal of Management Education, 19(3), 100567. Pasha, M. A., Ramzan, M., & Asif, M. (2019). Impact of Economic Value Added Dynamics on Stock Prices Fact or Fallacy: New Evidence from Nested Panel Analysis. Global Social Sciences Review, 4(3), 135-147. Ruhani, F., Ahmad, T.S.T. & Islam, M.A. (2018). ‘Theories Explaining Stock Price Behavior: A Review of the Literature’, International Journal of Islamic Banking and Finance Research, 2(2), 51-64. Sekaran, U. & Bougie, R. (2016). Research Methods for Business: A Skill-Building Approach, 7th edn, Wiley, New York. Setiawan, C. A., & Rosa, T. (2023). The Analysis of The Effect of Return of Investment (ROI) on Stock Price and Financial Performance of a Company. Journal of Accounting, Management, Economics, and Business (ANALYSIS), 1(1), 20-29. Sharela, B.F. (2016). ‘Qualitative and Quantitative Case Study Research Method on Social Science: Accounting Perspective’, International Journal of Economics and Management Engineering, 10(12), pp. 3849-3854. Sheta, A.F., Ahmed, S.E.M. & Faris, H. (2015). ‘A Comparison between Regression, Artificial Neural Networks and Support Vector Machines for Predicting Stock Market Index’, International Journal of Advanced Research in Artificial Intelligence, 4(7), 55-63. Solares, E., De-León-Gómez, V., Salas, F. G., & Díaz, R. (2022). A comprehensive decision support system for stock investment decisions. Expert Systems with Applications, 210, 118485. Spelta, A., Flori, A., Pecora, N., Buldyrev, S. & Pammolli, F. (2020). ‘A behavioral approach to instability pathways in financial markets’, Nature Communications, 11. Vasileiou, E. (2021). ‘Behavioral finance and market efficiency in the time of the COVID-19 pandemic: does fear drive the market?’, International Review of Applied Economics, 35(2), 224-241. Vergara-Fernández, M., Heilmann, C. & Szymanowska, M. (2023). ‘Describing model relations: The case of the capital asset pricing model (CAPM) family in financial economics’, Studies in History and Philosophy of Science, 97, 91-100. Vinodkumar, N. & AlJasser, H.K. (2020). ‘Financial evaluation of Tadawul All Share Index (TASI) listed stocks using Capital Asset Pricing Model’, Investment Management and Financial Innovations, 17(2), 69-75. Vintila, G., Gherghina, S.C. & Toader, D.A. (2019). ‘Exploring the Determinants of Financial Structure in the Technology Industry: Panel Data Evidence from the New York Stock Exchange Listed Companies’, Journal of Risk Financial Management, 12(4). Wahyuny, T. & Gunarsih, T. (2020). ‘COMPARATIVE ANALYSIS OF ACCURACY BETWEEN CAPITAL ASSET PRICING MODEL (CAPM) AND ARBITRAGE PRICING THEORY (APT) IN PREDICTING STOCK RETURN (CASE STUDY: MANUFACTURING COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE FOR THE 2015-2018 PERIOD)’, Journal of Applied Economics in Developing Countries, 5(1), 23-30. Wibowo, A. & Darmanto, S. (2020). ‘Empirical Test of the Capital Asset Pricing Model (CAPM): Evidence from Indonesia Capital Market, International Journal of Economics and Management Studies, 7(5), 172-177.