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In this paper, we focus on the Granger causality test in the presence of regime shift. We apply a vector autoregressive (4) model on Swedish series of industrial output and consumer price index for the period 1980:1‐1998:6. To test for causality, three different test methods namely the single equation Likelihood Ratio test, the systemwise Rao's F‐ test and the Bootstrap test, have been used in this study. We show that when the assumption of parameter constancy is violated, due to the occurrence of the structural changes, Granger causality tests can provide misleading inference about the underlining relationship of causality.

The purpose of this study is to examine the effects of adopting International Financial Reporting Standards (IFRS) on financial statements of the largest Canadian firms (S&P/TSX 60) listed on the Toronto Stock Exchange (TSX).

This study investigates the financial statement effects of 46 companies from the S&P/TSX 60 index which report under IFRS in 2011 and switched to IFRS from CGAAP. This study used panel data analysis, which can be considered as more powerful when conducting cross-sectional and in time analysis among companies. Because of weakness of Cramer statistic on R-square, the authors used interaction terms as suggested by Hope (2007).

Consistent with the authors’ perceptions, this study finds that significant effects of adopting IFRS are associated with industry practices. The empirical results show that the adoption of IFRS in Canada created more relevant financial reporting for book value of equity and net income in the post-adoption periods.

This study should be of interest to the US regulators considering IFRS adoption by US publicly traded companies as well as to regulators, standard setters and listed companies in all countries worldwide that are in transition to IFRS.

This study aims to examine whether firms that appear to exhibit high sustainable outputs are more likely to pay higher audit fees than firms without such outputs.

The sustainability outputs are measured using a sustainable product portfolio consisting of four products: clean energy products, eco-design products (EDP), environmental products (EP) and sustainable building projects (SBP). The audit fee variable is measured by the natural logarithm of the total amount of audit fees. The study tests two models of the association between these outputs and audit fees; Model 1 tests this association in the absence of the moderating variable (sustainability committee), and Model 2 tests the association in the presence of the moderating variable.

An analysis of data on 261 European firms from the Refinitiv Eikon database from 2010 to 2019 shows that high sustainability outputs are significantly and positively associated with audit fees. More importantly, this association is moderated by the presence of a board-level sustainability committee, suggesting that this type of committee reflects a factor considered by auditors in their audit risk assessment practices. The findings indicate that in Model 1, one (EP) out of four variables has a significant and positive association with audit fees, while in Model 2 and in the presence of sustainability committee, two variables (EP and EDP) have a significant and negative association with audit fees. However, the robust analysis shows that three variables (EP, EDP and SBP) have significant and negative associations with audit fees.

The study findings have important implications for policymakers, auditors and firms’ managers. For policymakers, the findings provide support for the argument that sustainable attitudes incentivise firms to manage sustainable product profiles more effectively. As such, policymakers should incentivise firms to establish a sustainability committee and regulate its role and responsibilities. Auditors should coordinate with the sustainability committee to facilitate audit efforts and reduce audit fees.

Understanding the relationship between sustainable products and audit fees will allow firms to improve their portfolio of sustainable products. In addition, other social implications of this study relate to improving relationships with society by establishing a sustainability committee that is responsible to communicate with that society.

The results support the argument that firms should manage sustainable product portfolios more effectively. In addition, the results of the study highlight the importance of a new variable as a moderator, the sustainability committee, which has not been examined before.

Although many studies have been conducted on the nanofluid flow in microtubes, this paper, for the first time, aims to investigate the effects of nanoparticle diameter and concentration on the velocity and temperature fields of turbulent non-Newtonian Carboxymethylcellulose (CMC)/copper oxide (CuO) nanofluid in a three-dimensional microtube. Modeling has been done using low- and high-Reynolds turbulent models. CMC/CuO was modeled using power law non-Newtonian model. The authors obtained interesting results, which can be helpful for engineers and researchers that work on cooling of electronic devices such as LED, VLSI circuits and MEMS, as well as similar devices.

Present numerical simulation was performed with finite volume method. For obtaining higher accuracy in the numerical solving procedure, second-order upwind discretization and SIMPLEC algorithm were used. For all Reynolds numbers and volume fractions, a maximum residual of 10⁻⁶ is considered for saving computer memory usage and the time for the numerical solving procedure.

In constant Reynolds number and by decreasing the diameter of nanoparticles, the convection heat transfer coefficient increases. In Reynolds numbers of 2,500, 4,500 and 6,000, using nanoparticles with the diameter of 25 nm compared with 50 nm causes 0.34 per cent enhancement of convection heat transfer coefficient and Nusselt number. Also, in Reynolds number of 2,500, by increasing the concentration of nanoparticles with the diameter of 25 nm from 0.5 to 1 per cent, the average Nusselt number increases by almost 0.1 per cent. Similarly, In Reynolds numbers of 4,500 and 6,000, the average Nusselt number increases by 1.8 per cent.

The numerical simulation was carried out for three nanoparticle diameters of 25, 50 and 100 nm with three Reynolds numbers of 2,500, 4,500 and 6,000. Constant heat flux is on the channel, and the inlet fluid becomes heated and exists from it.

The authors obtained interesting results, which can be helpful for engineers and researchers that work on cooling of electronic devices such as LED, VLSI circuits and MEMS, as well as similar devices.

This manuscript is an original work, has not been published and is not under consideration for publication elsewhere. About the competing interests, the authors declare that they have no competing interests.