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Article
Publication date: 8 June 2021

Muhammad Iqmal Hisham Hisham Kamaruddin, Sofiah Md Auzair, Mohd Mohid Rahmat and Nurul Aini Muhamed

The purpose of this study is to examine the role of financial governance practices in influencing both financial management and Islamic work ethic practices to affect…

Abstract

Purpose

The purpose of this study is to examine the role of financial governance practices in influencing both financial management and Islamic work ethic practices to affect Islamic social enterprises (ISEs) accountability.

Design/methodology/approach

Questionnaires were administered to financial officers of 102 Malaysian ISEs. Data was analysed using Smart-PLS to examine the relationships between financial management, Islamic work ethic, financial governance and accountability.

Findings

Results of this study indicate direct relationship only exist between Islamic work ethic and accountability. The relationship between financial management and accountability are indirect through financial governance. Hence, the data proves that financial governance has a mediating role on both the relationships between financial management and Islamic work ethic with the accountability of the ISEs.

Research limitations/implications

The study has highlighted the greater role of financial management, Islamic work ethic and financial governance practices over accountability to achieve public trust, especially for Malaysian ISEs.

Practical implications

ISEs need to have good financial governance practices besides financial management and Islamic work ethic practices to achieve good accountability.

Originality/value

The study contributes to the field of management and social accounting by providing empirical evidence on the ISEs practices specifically on financial management, Islamic work ethic, financial governance and accountability. This framework thus presents amongst the first attempts in studying accountability issues in ISEs.

Details

Social Enterprise Journal, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1750-8614

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Book part
Publication date: 10 August 2018

Patrick Ojera

The purpose of this chapter is to identify African financial management practices, highlight their origin and explain how they differ from their Western counterparts. The…

Abstract

The purpose of this chapter is to identify African financial management practices, highlight their origin and explain how they differ from their Western counterparts. The study identified indigenous African financial practices using literature review, archival sources and library research covering the five areas of Africa comprising Northern Africa, Eastern Africa, Central Africa Western Africa and Southern Africa. The study found out that pre-colonial indigenous African financial management features prevalent use of trade finance, trade credit management, investment management and accounting. While there is also evidence of modification of Western financial management practices to suit African contexts, it is on the whole scarce. This is suggestive of the fact that they were in existence in the first instance. The clear conclusion is that many indigenous African financial management practices pre-dated and foreshadowed their Western counterparts. Yet, it is confounding that this has been largely lost sight of, and both scholars and financial management practitioners depict the former as inferior. There is clearly a need to remedy this situation. Educators need to focus on incorporating ethno-finance concepts into the entire curricula chain from basic to higher education. The anchor point for such curricula is Ubuntu philosophy. Financial management practitioners, on their part, need to shed notions that the indigenous practices are inferior and seek to journalise their day-to-day work experiences to build a body of documented practice.

Details

Indigenous Management Practices in Africa
Type: Book
ISBN: 978-1-78754-849-7

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Article
Publication date: 1 November 2003

Brent A. Gloy and Eddy L. LaDue

The adoption of several basic financial management practices is examined for a group of New York dairy farms. The study provides estimates of the extent to which various…

Abstract

The adoption of several basic financial management practices is examined for a group of New York dairy farms. The study provides estimates of the extent to which various business analysis and control, investment analysis and decision making, and capital acquisition practices have been adopted. Many practices, such as net present value analysis, are not widely adopted by farmers. The relationship between the adoption of financial management practices and farm profitability is also examined. Results suggest that the adoption of financial management practices, such as using investment analysis techniques, significantly impacts farm financial performance.

Details

Agricultural Finance Review, vol. 63 no. 2
Type: Research Article
ISSN: 0002-1466

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Article
Publication date: 9 January 2017

Stephen Korutaro Nkundabanyanga, Brendah Akankunda, Irene Nalukenge and Immaculate Tusiime

The purpose of this paper is to study the impact of financial management practices and competitive advantage on loan performance of microfinance institutions (MFIs).

Abstract

Purpose

The purpose of this paper is to study the impact of financial management practices and competitive advantage on loan performance of microfinance institutions (MFIs).

Design/methodology/approach

In this cross-sectional study, the authors surveyed 70 MFIs in Kampala, Uganda. The authors applied principal component analysis to reduce the number of factors and identify the important elements that capture financial management practices, competitive advantage and loan performance of MFIs. The authors put forward and tested three hypotheses relating to the significance of the relationship between these three variables of MFIs using the statistical software package, SPSS and also apply the normal theory approach developed by Sobel (1982) and Baron and Kenny (1986) in testing the mediation by competitive advantage.

Findings

Robust financial management practices are associated with better loan performance of MFIs. Results also reveal a significant positive relationship between the competitive advantage of the MFIs and their loan performance. Furthermore, a significant positive relationship between competitive advantage and loan performance is found. Moreover results also show a full mediation effect of competitive advantage on the association of financial management practices and loan performance, implying that the association of financial management practices of the MFIs on their loan performance is entirely through their competitive advantage.

Research limitations/implications

Although there is plenty of literature on loan performance, financial management practices and competitive advantage, there is scarce literature on their effective conceptualization. This together with the imprecise definition of competitive advantage may have affected conceptualization of the authors study. Thus, in this study, the authors do not claim highly refined measurement concepts. Moreover, many of the extant studies for instance have measured loan performance quantitatively, yet process factors which are inherently qualitative in nature can better explain variances in loan performance concept. More research is therefore needed to better refine qualitative concepts used in this study.

Practical implications

Efforts by the MFIs management to improve loan performance must be matched with adoption of financial management practices that provide MFIs with sustained competitive advantage over their rivals.

Originality/value

In order to explain loan performance of MFIs, and drawing from social economics, management and accounting strands, this study shows that assessing the role of competitive advantage in the relationship between financial management practices and loan performance is imperative. Also, many of the extant studies have measured loan performance quantitatively, yet process factors or antecedents which are inherently qualitative in nature can better explain variances in loan performance concept. Thus this study calls for the refinement of loan performance concept and accounting for endogeneity.

Details

International Journal of Social Economics, vol. 44 no. 1
Type: Research Article
ISSN: 0306-8293

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Article
Publication date: 5 April 2011

Ada Leung

The purpose of this paper is to enhance understanding of social reproduction by investigating the financial management practices carried out by the consumers. Using depth…

Abstract

Purpose

The purpose of this paper is to enhance understanding of social reproduction by investigating the financial management practices carried out by the consumers. Using depth interviews, a theoretical model is developed to describe how financial management practices are carried out to facilitate the attainment of class‐specific life goals and discuss how these practices are related to social reproduction.

Design/methodology/approach

In total, 22 adults aged 22‐79 were interviewed face‐to‐face. They were asked to describe their financial management practices and their perception and feelings towards their financial situation. They were also asked about the life goals and their perception of progress towards achieving the stated goals.

Findings

Different sets of financial management practices and their corresponding structural implications are identified in this study. The coping practices are the ones the working class carry out to meet mundane financial obligations, leaving little for long‐term strategizing. The balancing practices are the ones the middle class carry out to juggle hectic family lives and promising careers. With a low level of slack resources, the middle class need to make monetary trade‐off in their practices. The achieving practices are the ones that are practiced by the upper‐middle class who settle in their class position and focus on furthering the growth of self and family. The structural implications of financial management practices make the attainment of occupational status via education least accessible for the working class, but within easy reach for the upper‐middle class.

Research limitations/implications

The paper studies a convenient sample of adults in a mid‐Western city in the USA, which has a high level of racial homogeneity (i.e. White) compared with the metropolitans in the USA. Nevertheless, this study communicates the social embeddedness and structural ramifications of individual/household financial management practices.

Originality/value

This is the first study to examine how class situation, with its various resource levels and differences in time horizon, influences the enactment of financial management practices, and how these micro‐processes give rise to social reproduction.

Details

Qualitative Market Research: An International Journal, vol. 14 no. 2
Type: Research Article
ISSN: 1352-2752

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Article
Publication date: 28 April 2020

Abdulmalik Sa'eed, Nuru Gambo, Ibrahim Ibrahim Inuwa and Innocent Musonda

The purpose of this study is to assess the effects of financial management practices of small-scale building contractors on the technical performance of the contractors in…

Abstract

Purpose

The purpose of this study is to assess the effects of financial management practices of small-scale building contractors on the technical performance of the contractors in the northern part of Nigeria with international best practices. Previous studies argued that the technical performance of small-scale building contractors in developing countries is poor because of insufficient cash to acquire strategic resources at the outset of a project. This continues to pose a challenge to the sustainable development of the construction industry, particularly in developing countries like Nigeria. There is, therefore, a need to identify, assess and compare the effects of financial practices of the contractors with technical performance best practices.

Design/methodology/approach

The technical performance of each contractor was evaluated using a five-point Likert scale. This is used to obtain the mean technical performance levels of the contractors. A questionnaire survey was administered to the professionals in the industry who were selected by using a proportionate stratified random sampling technique. The contractors’ performance was compared using ANOVA with post hoc, and the effects of contractors’ financial management practices were determined using multiple regression analysis.

Findings

The results of this study indicated that the contractors in Nigeria were average technical performers and there were large effects of financial management practices on the technical performance of contractors in building projects.

Research limitations/implications

This study is limited to small-scale building contractors in northeast Nigeria. One of the implications of this study is that it provides the criteria for an evaluation of small-scale building contractors’ technical performance in Nigeria and other developing countries that faced similar problems.

Practical implications

The practical implications of this study are that it establishes the current level of contractors' technical performance and serves as an awareness of contractors' current financial practices.

Social implications

This study created bases for self-evaluation of contractors’ technical performance and competition among small-scale contractors in Nigeria for the enhancement of productivity particularly in rural areas for national development.

Originality/value

This study emanated from the government reports and past studies in the area of performance management based on the persistence of poor technical performance of small-scale contractors in the construction industry.

Details

Journal of Financial Management of Property and Construction , vol. 25 no. 2
Type: Research Article
ISSN: 1366-4387

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Article
Publication date: 1 May 1983

In the last four years, since Volume I of this Bibliography first appeared, there has been an explosion of literature in all the main functional areas of business. This…

Abstract

In the last four years, since Volume I of this Bibliography first appeared, there has been an explosion of literature in all the main functional areas of business. This wealth of material poses problems for the researcher in management studies — and, of course, for the librarian: uncovering what has been written in any one area is not an easy task. This volume aims to help the librarian and the researcher overcome some of the immediate problems of identification of material. It is an annotated bibliography of management, drawing on the wide variety of literature produced by MCB University Press. Over the last four years, MCB University Press has produced an extensive range of books and serial publications covering most of the established and many of the developing areas of management. This volume, in conjunction with Volume I, provides a guide to all the material published so far.

Details

Management Decision, vol. 21 no. 5
Type: Research Article
ISSN: 0025-1747

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Article
Publication date: 20 January 2021

Fedra Vanhuyse, Alison Bailey and Richard Tranter

Farm businesses in England are under pressure to intensify production sustainably while managing costs and meeting market demands. Commodity prices and support from Common…

Abstract

Purpose

Farm businesses in England are under pressure to intensify production sustainably while managing costs and meeting market demands. Commodity prices and support from Common Agricultural Policy (CAP) payments are important determinants of profitability. With the United Kingdom (UK) leaving the European Union (EU), revised policy will see farming more exposed to fluctuating commodity prices and financial support from Government more focused on encouraging environmental land management. The research reported here, investigated whether business management practices of farmers influences financial performance, and how policy could be tailored to better meet the needs of farm businesses.

Design/methodology/approach

Regression models were estimated for 862 Cereals, Dairy and Livestock farms in England using official data for 2011–2012, in order to assess whether different farm characteristics, business management practices (identified from a systematic review of 102 studies), knowledge acquisition indicators and manager experience had an effect on four different financial performance ratios. The financial performance of the top 25% of the sample was also compared to the bottom 25% in terms of use of business management practices.

Findings

The results show that business planning and benchmarking had a positive, statistically significant, effect on financial performance, as do business size and knowledge acquisition, albeit to a lesser extent.

Originality/value

The research reported here is the most extensive examination, to date, of the impact of management practices on the financial performance of farms. Thus, it sends strong policy recommendations.

Details

Agricultural Finance Review, vol. 81 no. 3
Type: Research Article
ISSN: 0002-1466

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Article
Publication date: 2 July 2018

Md Shamimul Hasan, Normah Omar and ABM Rashedul Hassan

The purpose of this study is to examine the relationship between financial strength or condition and managerial practices in preparing financial statements of public…

Abstract

Purpose

The purpose of this study is to examine the relationship between financial strength or condition and managerial practices in preparing financial statements of public limited companies. The objectives of this study are threefold – to measure the financial strength, to measure integrity index and to examine the relationship between management practices and financial strength.

Design/methodology/approach

Financial ratios, Altman’s Z-Score, integrity index, ranking approach and chi-square test are used to achieve the objectives. A multi-year cross-country analysis is done by considering sample of seven Asian countries, namely, Malaysia, Singapore, Thailand, Indonesia, Hong Kong, China and Japan.

Findings

The study catches the relationship between management practices and financial strength across sample countries. Management practices is one of the responsible factors for this relationship. They use discretionary power in preparing financial statements to control the trading results. The principles of accounting do not support the alteration of financial data to look the company better on paper. The cost of financial statement fraud is higher than other occupational fraud.

Research limitations/implications

This study does not cover factors other than management practices and further study could be conducted to look for the other reasons that may also responsible for the deviations.

Practical implications

Conflict of interest between shareholders and board of directors is not a new phenomenon. Auditing system is introduced to minimize this conflict of interest, but they failed to uphold their position in reality. Management also needs to prove their integrity in financial statements. Ethical consideration is the highest priority.

Social implications

Stakeholders, especially regulators, professional bodies and academics, should concentrate on the issue on ‘how to reduce the manipulation in financial statements’ to create a safe investments avenue for the nation.

Originality/value

This study provides empirical evidences regarding the influence of management practices on financial statements and financial strength of listed companies across countries. The culture, attitudes, beliefs, perceptions, etc., are different from country to country. The aim is to contribute empirical evidence about the relationship between management practices and financial health in different settings. This study is first of its kind.

Details

Journal of Financial Crime, vol. 25 no. 3
Type: Research Article
ISSN: 1359-0790

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Article
Publication date: 3 June 2014

Frank Bezzina, Simon Grima and Josephine Mamo

The purpose of this paper is to bring to light the risk management practices adopted by financial firms in the small island state of Malta. It seeks to: first, identify…

Abstract

Purpose

The purpose of this paper is to bring to light the risk management practices adopted by financial firms in the small island state of Malta. It seeks to: first, identify the risk management strategies and mechanisms that these firms adopt to manage risks, maximise opportunities, and maintain financial stability; second, determine whether these practices are perceived as contributing to principled performance; third, examine the extent to which risk management capabilities offer competitive advantage to firms, and fourth, investigate whether corporate social responsibility (CSR) is a key driver of risk management corporate strategies.

Design/methodology/approach

A self-administered questionnaire purposely designed for the present study was distributed among the 156 credit institutions, investment firms and financial institutions registered with the Malta Financial Services Authority. Overall, 141 firms participated in the study (a response rate of 90.4 per cent) and the responses were subjected to statistical analysis in an attempt to answer four research questions.

Findings

Maltese financial firms have sound risk management practices that link positively with added value and principled performance. Although competitive advantage has been given less weight by these firms, the implemented risk management mechanisms allow for a strong risk culture, defined risk management goals, accountability and continual improvement. CSR forms part of the firms’ risk management corporate strategies and is valued as part of these firms’ corporate culture, while financial/economic factors are viewed as key in driving effective risk management principles.

Originality/value

The study provides empirical evidence that securing “best practice” in firms’ risk management corporate culture is seen as better predicated on maximising financial advantage (“the instrumental driver”) rather than simply reflecting externally imposed standards (“the compliance driver”).

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