1,027
Views
0
CrossRef citations to date
0
Altmetric
Accounting, Corporate Governance & Business Ethics

Comparison of going concern models with and without corporate governance

, , &
Article: 2234152 | Received 28 Apr 2023, Accepted 04 Jul 2023, Published online: 12 Jul 2023

References

  • Abbaskhani, H., Pakmaram, A., Rezaei, N., & Bahri Sales, J. (2023). Predicting going concern of companies using the tone of auditor reporting. Journal of Mathematics and Modeling in Finance, 2(2), 181–27.
  • Abbott, L. J., Boland, C., Buslepp, W., & McCarthy, S. (2022). US Audit partner identification and auditor reporting. Journal of Accounting and Public Policy, 41(1), 106862. https://doi.org/10.1016/j.jaccpubpol.2021.106862
  • Agarwal, V., & Taffler, R. (2008). Comparing the performance of market-based and accounting-based bankruptcy prediction models. Journal of Banking & Finance, 32(8), 1541–1551. https://doi.org/10.1016/j.jbankfin.2007.07.014
  • Akerlof, G. A. (1970 4). The market for ‘lemons’: Quality uncertainty and the market mechanism. Market Failure or Success, 66(3), 488. https://doi.org/10.2307/1879431
  • Alareeni, B. (2019). A review of auditors’ GCOs, statistical prediction models and artificial intelligence technology. International Journal of Business Ethics and Governance, 2(1), 19–31. https://doi.org/10.51325/ijbeg.v2i1.30
  • Alhossini, M. A., Ntim, C. G., & Zalata, A. M. Corporate board committees and corporate outcomes: An international systematic literature review and agenda for future research. (2021). The International Journal of Accounting, 56(1), 2150001. https://doi.org/10.1142/S1094406021500013
  • Altman, E. I. (1968). Financial ratios, discriminant analysis and the prediction of corporate bankruptcy. The Journal of Finance, 23(4), 589–609. https://doi.org/10.1111/j.1540-6261.1968.tb00843.x
  • Altman, E., Hartzell, J., & Peck, M. (1995). Emerging markets corporate bonds: A scoring system. Wiley and Sons.
  • Aryeetey, E., & Ackah, C. (2011). The global financial crisis and African economies: Impact and transmission channels. African Development Review, 23(4), 407–420. https://doi.org/10.1111/j.1467-8268.2011.00295.x
  • Aslam, E., & Haron, R. (2021). Corporate governance and banking performance: The mediating role of intellectual capital among OIC countries. Corporate Governance the International Journal of Business in Society, 21(1), 111–136. https://doi.org/10.1108/CG-08-2020-0312
  • Badu, E. A., & Appiah, K. O. (2017). The impact of corporate board size on firm performance: Evidence from Ghana and Nigeria. Research in Business and Management, 4(2), 1–12. https://doi.org/10.5296/rbm.v4i2.11721
  • Badu, A. E., & Nyarko Assabil, E. (2022). Board composition and value relevance of Ghanaian firms: A seemingly unrelated regression approach. Journal of Economic and Administrative Sciences, 38(4), 529–543. https://doi.org/10.1108/JEAS-09-2020-0163
  • Bauer, J., & Agarwal, V. (2014). Are hazard models superior to traditional bankruptcy prediction approaches? A comprehensive test. Journal of Banking & Finance, 40, 432–442. https://doi.org/10.1016/j.jbankfin.2013.12.013
  • Beasley, M. S. (1996). An empirical analysis of the relation between the board of director composition and financial statement fraud. The Accounting Review, 71, 443–465. https://www.jstor.org/stable/248566
  • Begum, S. (2022). A detailed study for bankruptcy prediction by machine learning technique. In Intelligent sustainable systems: Selected papers of WorldS4 2021 (Vol. 2, pp. 201–213). Springer Nature Singapore. https://doi.org/10.1007/978-981-16-6369-7_18.
  • Ben Fatma, H., & Chouaibi, J. (2021). Corporate governance and CSR disclosure: Evidence from European financial institutions. International Journal of Disclosure & Governance, 18(4), 346–361. https://doi.org/10.1057/s41310-021-00117-1
  • Bernardi, R. A., & Arnold, D. F. (1997). An examination of moral development within public accounting by gender, staff level, and firm. Contemporary Accounting Research, 14(4), 653–668. https://doi.org/10.1111/j.1911-3846.1997.tb00545.x
  • Carson, E., Fargher, N. L., Geiger, M. A., Lennox, C. S., Raghunandan, K., & Willekens, M. (2013). Audit reporting for going-concern uncertainty: A research synthesis. Auditing: A Journal of Practice & Theory, 32(Supplement 1), 353–384. https://doi.org/10.2308/ajpt-50324
  • Chen, C. C., Chen, C. D., & Lien, D. (2020). Financial distress prediction model: The effects of corporate governance indicators. Journal of Forecasting, 39(8), 1238–1252. https://doi.org/10.1002/for.2684
  • Chirico, F., Criaco, G., Baù, M., Naldi, L., Gomez-Mejia, L. R., & Kotlar, J. (2020). To patent or not to patent: That is the question. Intellectual property protection in family firms. Entrepreneurship Theory and Practice, 44(2), 339–367. https://doi.org/10.1177/1042258718806251
  • Cirik, K., & Makadok, R. (2021). First-mover advantages versus first-mover benefits: What’s the difference and why does it matter? Academy of Management Review. https://doi.org/10.5465/amr.2017.0499
  • Claessens, S., & Yurtoglu, B. B. (2013). Corporate governance in emerging markets: A survey. Emerging Markets Review, 15, 1–33. https://doi.org/10.1016/j.ememar.2012.03.002
  • Connelly, J. T., & Limpaphayom, P. (2004). Environmental reporting and firm performance: Evidence from Thailand. The Journal of Corporate Citizenship, 2004(13), 137–149. https://doi.org/10.9774/GLEAF.4700.2004.sp.000015
  • Cumming, D., Leung, T. Y., & Rui, O. (2015). Gender diversity and securities fraud. Academy of Management Journal, 58(5), 1572–1593. https://doi.org/10.5465/amj.2013.0750
  • Dattée, B., Alexy, O., & Autio, E. (2018). Maneuvering in poor visibility: How firms play the ecosystem game when uncertainty is high. Academy of Management Journal, 61(2), 466–498. https://doi.org/10.5465/amj.2015.0869
  • De Villiers, C., & Hsiao, P.-C. K. (2017). Why organizations voluntarily report–agency theory. Sustainability accounting and integrated reporting, 49–56. https://doi.org/10.4324/9781315108032-5
  • Dicksee, L. (1892). Auditing: A practical manual for auditors. VIII-305. Gee & Co. Pub.
  • Effiong, S. A., Inyang, W. S., Nabi, F. M., Dada, E., & Adejonpe, A. O. (2018). Effect of corporate governance on the going concern status of listed non-financial companies in the Nigerian stock exchange market. The Nation, 6(1), 1–14. .
  • Eisenberg, T., Sundgren, S., & Wells, M. T. (1998). Larger board size and decreasing firm value in small firms. Journal of Financial Economics, 48(1), 35–54. https://doi.org/10.1016/S0304-405X(98)00003-8
  • Enkhbold, E. (2019). The role of the ortoq in the Mongol Empire in forming business partnerships. Central Asian Survey, 38(4), 531–547. https://doi.org/10.1080/02634937.2019.1652799
  • Fariha, R., Hossain, M. M., & Ghosh, R. (2022). Board characteristics, audit committee attributes and firm performance: Empirical evidence from emerging economy. Asian Journal of Accounting Research, 7(1), 84–96. https://doi.org/10.1108/AJAR-11-2020-0115
  • Freeman, R. E. (2001). A stakeholder theory of the modern corporation. Perspectives in Business Ethics Sie, 3(144), 38–48.
  • Freeman, R. E. (2022). Excerpt from managing for stakeholders. Ethics of Data and Analytics 212–216.
  • Freeman, R. E., Wicks, A. C., & Parmar, B. (2004). Stakeholder theory and “the corporate objective revisited”. Organization Science, 15(3), 364–369. https://doi.org/10.1287/orsc.1040.0066
  • Freudenreich, B., Lüdeke-Freund, F., & Schaltegger, S. (2020). A stakeholder theory perspective on business models: Value creation for sustainability. Journal of Business Ethics, 166(1), 3–18. https://doi.org/10.1007/s10551-019-04112-z
  • Garg, A. K. (2007). Influence of board size and independence on firm performance: A study of Indian companies. Vikalpa, 32(3), 39–60.
  • Geiger, M. A., Gold, A., & Wallage, P. (2019). A Synthesis of research on auditor reporting on going-concern uncertainty: An update and extension. FAR Report.
  • Gkouma, O., Filos, J., & Chytis, E. (2018). Financial crisis and corporate failure: The going concern assumption findings from Athens stock exchange. Journal of Risk & Control, 5(1), 141–170.
  • Goodstein, J., Gautam, K., & Boeker, W. (1994). The effects of board size and diversity on strategic change. Strategic Management Journal, 15(3), 241 250. https://doi.org/10.1002/smj.4250150305
  • Gordini, N., & Rancati, E. (2017). Gender diversity in the Italian boardroom and firm financial performance. Management Research Review, 40(1), 75–94. https://doi.org/10.1108/MRR-02-2016-0039
  • Grassa, R., & Matoussi, H. (2014). Corporate governance of Islamic banks: A comparative study between GCC and Southeast Asia countries. International Journal of Islamic & Middle Eastern Finance & Management, 7(3), 346–362. https://doi.org/10.1108/IMEFM-01-2013-0001
  • Grice, J. S., Jr., & Dugan, M. T. (2003). Re-estimations of the Zmijewski and Ohlson bankruptcy prediction models. Advances in Accounting, 20, 77–93. https://doi.org/10.1016/S0882-6110(03)20004-3
  • Guest, P. M. (2009). The impact of board size on firm performance: Evidence from the UK. European Journal of Finance, 15(4), 385–404. https://doi.org/10.1080/13518470802466121
  • Gurol, B., & Lagasio, V. (2022). Women board members’ impact on ESG disclosure with environment and social dimensions: Evidence from the European banking sector. Social Responsibility Journal, 19(1), 211–228. https://doi.org/10.1108/SRJ-08-2020-0308
  • Hammond, P., Opoku, M. O., & Kwakwa, P. A. (2022). Relationship among corporate reporting, corporate governance, going concern and investor confidence: Evidence from listed banks in sub Saharan Africa. Cogent Business & Management, 9(1), 2152157.
  • Haris, M., Yao, H., Tariq, G., Javaid, H. M., & Ain, Q. U. (2019). Corporate governance, political connections, and bank performance. International Journal of Financial Studies, 7(4), 62. https://doi.org/10.3390/ijfs7040062
  • Herzum, J., Sievert, M., & Helmig, B. (2022). Effects of Corporate Environmental Activities on Evaluators’ Propriety Beliefs. Proceedings of the Academy of Management Proceedings, (1), 14530. Briarcliff Manor, NY 10510: Academy of Management. https://doi.org/10.5465/AMBPP.2022.162
  • Hörisch, J., Schaltegger, S., & Freeman, R. E. (2020). Integrating stakeholder theory and sustainability accounting: A conceptual synthesis. Journal of Cleaner Production, 275, 124097. https://doi.org/10.1016/j.jclepro.2020.124097
  • Ismail, S. A. A., Mahmood, S. M., & Hussein, A. I. (2021). The impact of the agency costs on the going concern under the auditor industry specialization: An empirical study on private banks in Iraq. Academy of Entrepreneurship Journal, 27, 1–11.
  • Isshaq, Z., Bokpin, G. A., & Mensah Onumah, J. (2009). Corporate governance, ownership structure, cash holdings, and firm value on the Ghana stock exchange. The Journal of Risk Finance, 10(5), 488–499. https://doi.org/10.1108/15265940911001394
  • Jaafar, M. N., Muhamat, A. A., Shahar, W. S., & Saddam, S. Z. (2021). Characteristic of board directors and financial performance: Evidence from companies listed in FTSE Bursa Malaysia KLCI Index. International Journal of Academic Research in Accounting, Finance and Management Sciences, 11(1). https://doi.org/10.6007/IJARAFMS/v11-i1/9091
  • Jackling, B., & Johl, S. (2009). Board structure and firm performance: Evidence from India’s top companies. Corporate Governance an International Review, 17(4), 492–509. https://doi.org/10.1111/j.1467-8683.2009.00760.x
  • Jackson, P. T. (2020). The dangers of interpretation: CAW manning and the “going concern” of international society. Journal of International Political Theory, 16(2), 133–152. https://doi.org/10.1177/1755088220905333
  • Jacoby, G., Liu, M., Wang, Y., Wu, Z., & Zhang, Y. (2019). Corporate governance, external control, and environmental information transparency: Evidence from emerging markets. Journal of International Financial Markets, Institutions and Money, 58, 269–283. https://doi.org/10.1016/j.intfin.2018.11.015
  • Jan, C.-L. (2021). Using deep learning algorithms for CPAs’ going concern prediction. Information, 12(2), 73. https://doi.org/10.3390/info12020073
  • Jones, T. M., Wicks, A. C., & Freeman, R. E. (2017). Stakeholder theory: The state of the art. In N. Bowie (Ed.), The Blackwell guide to business ethics (pp. 17–37). Wiley. doi:10.1002/9781405164771.ch1
  • Kaczmarczyk, A. (2018). Business restructuring in light of the going concern principle. Research insight in the selected enterprises. Transformations in Business & Economics, 17(2), 466–480.
  • Khan, H., Hassan, R., & Marimuthu, M. (2017). Diversity on corporate boards and firm performance: An empirical evidence from Malaysia. American Journal of Social Sciences and Humanities, 2(1), 1–8.
  • Korir, A. C., & Cheruiyot, T. (2017). Effect of corporate governance on firm performance. European Journal of Business and Strategic Management, 2(1), 29–51.
  • Krishnamurthy, R., Hass, G. A., Natoli, A. P., Smith, B. L., Arbisi, P. A., & Gottfried, E. D. (2022). Professional practice guidelines for personality assessment. Journal of Personality Assessment, 104(1), 1–16. https://doi.org/10.1080/00223891.2021.1942020
  • Kumar, S. (2019). The McKinsey 7S Model helps in Strategy implementation: A Theoretical Foundation. Tecnia Journal of Management Studies, 14(1), 7–12. https://ssrn.com/abstract=3993590
  • Kyereboah-Coleman, A., & Biekpe, N. (2006a). Do boards and CEOs matter for bank performance? A comparative analysis of banks in Ghana. Journal of Corporate Ownership and Control, 4(1), 119–126. https://doi.org/10.22495/cocv4i1p10
  • Kyereboah-Coleman, A., & Biekpe, N. (2006b). The relationship between board size, board composition, CEO duality and firm performance: Experience from Ghana. Corporate Ownership & Control, 4(2), 114–122. https://doi.org/10.22495/cocv4i2p11
  • Lamprecht, C., & Van Wyk, H. A. (2020). Context-specific indicators to guide the judgement of a going concern for a company in business rescue. Journal of Economic and Financial Sciences, 13(1). https://doi.org/10.4102/jef.v13i1.483
  • Lee, K. W., & Thong, T. Y. (2023). Board gender diversity, firm performance and corporate financial distress risk: International evidence from tourism industry. Equality, Diversity & Inclusion: An International Journal, 42(4), 530–550. https://doi.org/10.1108/EDI-11-2021-0283
  • Lessambo, F. I. (2018). Subsequent Events; and Going Concern. Auditing, Assurance Services, and Forensics, 247–259. https://doi.org/10.1007/978-3-319-90521-1_15
  • Liang, D., Tsai, C. F., Lu, H. Y. R., & Chang, L. S. (2020). Combining corporate governance indicators with stacking ensembles for financial distress prediction. Journal of Business Research, 120, 137–146. https://doi.org/10.1016/j.jbusres.2020.07.052
  • Li, B., Martin, E. B., & Morris, A. J. (2001). Box–Tidwell transformation based partial least squares regression. Computers & Chemical Engineering, 25(9–10), 1219–1233. https://doi.org/10.1016/S0098-1354(01)00696-2
  • Lombardi, R. (2021). The going-concern in accounting research. In The going-concern-principle in non-financial disclosure (pp. 1–29). Springer International Publishing. https://doi.org/10.1007/978-3-030-81127-3_1
  • Lu, Y., Ntim, C. G., Zhang, Q., & Li, P. (2022). Board of directors’ attributes and corporate outcomes: A systematic literature review and future research agenda. International Review of Financial Analysis, 84, 102424. https://doi.org/10.1016/j.irfa.2022.102424
  • Mahrani, M., & Soewarno, N. (2018). The effect of good corporate governance mechanism and corporate social responsibility on financial performance with earnings management as mediating variable. Asian Journal of Accounting Research, 3(1), 41–60. https://doi.org/10.1108/AJAR-06-2018-0008
  • Melloni, G., Stacchezzini, R., & Lai, A. (2016). The tone of business model disclosure: An impression management analysis of the integrated reports. Journal of Management & Governance, 20(2), 295–320. https://doi.org/10.1007/s10997-015-9319-z
  • Menard, S. (2002). Applied logistic regression analysis (Vol. 106). SAGE Publications, Inc. https://doi.org/10.4135/9781412983433
  • Mitchell, R. K., & Cohen, B. (2006). Stakeholder theory and the entrepreneurial firm. Journal of Small Business Strategy, 17(1), 1–16.
  • Morelli, C. (1999). Information costs and information asymmetry in British food retailing. The Service Industries Journal, 19(3), 175–186. https://doi.org/10.1080/02642069900000036
  • Muda, I., Maulana, W., Sakti Siregar, H., & Indra, N. (2018). The analysis of effects of good corporate governance on earnings management in Indonesia with panel data approach. Iranian Economic Review, 22(2), 599–625.
  • Mura, R. (2007). Firm performance: Do non‐executive directors have minds of their own? Evidence from UK panel data. Financial Management, 36(3), 81–112. https://doi.org/10.1111/j.1755-053X.2007.tb00082.x
  • Mweta, T. M., & Mungai, E. N. (2018). Corporate governance and firms market value: A case study of insurance sector companies listed at Nairobi securities exchange. Journal on Banking Financial Services Insurance Research, 8(6), 18–27.
  • Myers, W. R., Brenneman, W. A., & Myers, R. H. (2005). A dual-response approach to robust parameter design for a generalized linear model. Journal of Quality Technology, 37(2), 130–138. https://doi.org/10.1080/00224065.2005.11980311
  • Nguyen, T. H. H., Ntim, C. G., & Malagila, J. K. (2020). Women on corporate boards and corporate financial and non-financial performance: A systematic literature review and future research agenda. International Review of Financial Analysis, 71, 101554. https://doi.org/10.1016/j.irfa.2020.101554
  • Ohlson, J. A. (1980). Financial ratios and the probabilistic prediction of bankruptcy. Journal of Accounting Research, 18(1), 109–131. https://doi.org/10.2307/2490395
  • Paton, W. A. (1922). Accounting theory, with special reference to the corporate enterprise. Ronald Press.
  • Pendse, N. S. (2019). Study of corporate governance for select NSE companies and corporate valuation during the period of 2010 to 2015 Tilak Maharashtra Vidyapeeth].
  • Poche’moret, R. (2021). Analysis of the effects of adjusting for binary non-confounders in a logistic regression model: A simulation study Louisiana. State University Health Sciences Center].
  • Ramadan, M. M., & Hassan, M. K. (2022). Board gender diversity, governance and Egyptian listed firms’ performance. Journal of Accounting in Emerging Economies, 12(2), 279–299. https://doi.org/10.1108/JAEE-02-2021-0057
  • Ren, N., & Zhu, Y. (2020). Going-concern opinions and corporate governance. International Journal of Banking, Accounting and Finance, 11(2), 281–302. https://doi.org/10.1504/IJBAAF.2020.106717
  • Satria, D. N. (2020). Audit quality as a moderating effect of financial condition on going concern modified audit opinion. International Journal of Progressive Sciences and Technologies, 18(2), 70–74.
  • Senaviratna, N., & Cooray, T. (2019). Diagnosing multicollinearity of logistic regression model. Asian Journal of Probability and Statistics, 5(2), 1–9. https://doi.org/10.9734/ajpas/2019/v5i230132
  • Shi, Y., & Li, X. (2019). A bibliometric study on intelligent techniques of bankruptcy prediction for corporate firms. Heliyon, 5(12), e02997. https://doi.org/10.1016/j.heliyon.2019.e02997
  • Shrestha, N. (2019). Application of binary logistic regression model to assess the likelihood of overweight. Am J Theor Appl Stat, 8(1), 18–25. https://doi.org/10.11648/j.ajtas.20190801.13
  • Simatele, M. (2014). Reflections on the impact of the financial crisis on sub-Saharan Africa. AfricaGrowth Agenda, 2014(1), 18–24.
  • Sperandei, S. (2014). Understanding logistic regression analysis. Biochemia Medica, 24(1), 12–18. https://doi.org/10.11613/BM.2014.003
  • Squire, R. (2021). Why the corporation locks in financial capital but the partnership does not. Vanderbilt Law Review, 74(6), 1787.
  • Stiglitz, J. E. (2002). Information and the change in the paradigm in economics. American Economic Review, 92(3), 460–501. https://doi.org/10.1257/00028280260136363
  • Sun, L. (2007). A re-evaluation of auditors’ opinions versus statistical models in bankruptcy prediction. Review of Quantitative Finance & Accounting, 28(1), 55–78. https://doi.org/10.1007/s11156-006-0003-x
  • Uang, J. Y., Citron, D. B., Sudarsanam, S., & Taffler, R. J. (2006). Management going‐concern disclosures: Impact of corporate governance and auditor reputation. European Financial Management, 12(5), 789–816. https://doi.org/10.1111/j.1468-036X.2006.00277.x
  • UN. (2023). UN contribution to harnessing innovative finance for SDG-aligned infrastructure in Ghana. https://ghana.un.org/en/227987-un-contribution-harnessing-innovative-finance-sdg-aligned-infrastructure-ghana
  • Van Rensburg, T. J., de Jager, S., & Makrelov, K. H. (2022). Fiscal multipliers in South Africa after the global financial crisis. South African Journal of Economic and Management Sciences, 25(1), 4191. https://doi.org/10.4102/sajems.v25i1.4191
  • Wang, Y., Abbasi, K. B., & Yekini, K. (2019). Corporate governance mechanisms and firm performance: Evidence from the emerging market following the revised CG code. Corporate Governance the International Journal of Business in Society, 20(1), 158–174. https://doi.org/10.1108/CG-07-2018-0244
  • Wójcik-Jurkiewicz, M., & Karczewska, M. (2019). Assessment of the going concern value of a business entity by means of selected discriminative models. Scientific Journal of Bielsko-Biala School of Finance and Law, 23(1), 53–60. https://doi.org/10.5604/01.3001.0013.1644
  • World Bank (2023). World Development Indicators. Accessed from https://databank.worldbank.org/source/world-development-indicators#
  • Xiaolu, L., Jieji, L., & Jian, T. (2016). Study of the influence of corporate governance level on investors’ confidence. Canadian Social Science, 12(5), 8–16.
  • Xu, H., Dao, M., & Wu, J. (2018). The effect of real activities manipulation on going concern audit opinions for financially distressed companies. Review of Accounting and Finance, 17(4), 514–539. https://doi.org/10.1108/RAF-09-2016-0135
  • Yermack, D. (1996). Higher market valuation of companies with a small board of directors. Journal of Financial Economics, 40(2), 185–211. https://doi.org/10.1016/0304-405X(95)00844-5
  • Young, S. (2000). The increasing use of non‐executive directors: Its impact on UK board structure and governance arrangements. Journal of Business Finance & Accounting, 27(9‐10), 1311–1342. https://doi.org/10.1111/1468-5957.00358
  • Yusuf, M., Sari, L., Septiano, R., Nuryati, S., Lestari, I. D., Arief, Z., Hernawan MA, Nurhayati S, & Azizah, K. (2022). Financial ratio model and application of good corporate governance to NPL with inflation as a moderate variable. Journal of Management Information & Decision Sciences, 25(1), 1–12.
  • Yu, W., Xu, W., & Zhu, L. (2017). A modified Hosmer–Lemeshow test for large data sets. Communications in Statistics-Theory and Methods, 46(23), 11813–11825. https://doi.org/10.1080/03610926.2017.1285922
  • Zéman, Z., & Lentner, C. (2018). The changing role of going concern assumption supporting management decisions after the financial crisis. Polish Journal of Management Studies, 18(1), 428–441. https://doi.org/10.17512/pjms.2018.18.1.32
  • Zmijewski, M. E. (1984). Methodological issues related to the estimation of financial distress prediction models. Journal of Accounting Research, 22, 59–82. https://doi.org/10.2307/2490859
  • Zureigat, Q. M. (2015). Determinants of mandatory corporate governance: Evidence from an emerging market. The International Journal of Business and Finance Research, 9(3), 105–114.