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The purpose of this study is to present an extension to the research area dealing with the Tunisia initial public offering (IPO) associated earnings management forecasts, by an examination of the corporate governance mechanisms and earnings forecast accuracy relating impacts.

The authors use a multiple regression technique (FGLS) to estimate the effect of corporate governance structures and audit quality on earnings forecast accuracy. A sample of 33 IPO companies (165 firm-year observations) collected over the period ranging between 2011 and 2015 was applied.

The finding of this study reveals that the companies displaying a respectable audit committee size have a significant level of earnings forecast accuracy. Similarly, the accuracy level associated with IPO earnings forecasts is positively influenced by the use of the brand-name auditor.

This study is based on a small sample from a single jurisdiction and limited time period. In fact, the findings examine how financial statements are measured and reported and assess additional regulation to protect investors and understand as well as manage earnings forecast accuracy in IPO prospectuses.

The findings of the study provide some implications for regulators, financial analysts, investors and users of financial statements, particularly who are investigating in potentially IPO firms. This study has an implication for market regulators who suggest that a requirement to publish very detailed forecast information would improve market efficiency by reducing the forecast error.

Previous studies on this subject carried out in other countries with a regulatory framework differ from that of Tunisia, which obligatorily obliges the publication of the forecasts in the prospectus of IPO and capital increase. This is one of the most important studies that simultaneously tests the impacts of corporate governance and audit quality on earnings forecast accuracy in an emerging market, and the results of this study may give strength to Tunisian as well as other developing countries.

IT was in September that we asked “What do Bullocks Produce?”. Well, now we know; and a right mess of controversy is the result. Or is it a result or, rather, a cause the result of which may well sound the virtual end of British business as we have known it and it has been built up over the years? It could also sound the death‐knell of the Mother of Parliaments; for power is being given, irrevocably, to the Unions.

This paper aims to examine whether International Financial Reporting Standards (IFRS) adoption and corporate governance attributes increase the management earnings forecasts’ accuracy disclosed in prospectuses for French Initial Public Offerings (IPOs).

The analysis is based on cross-sectional regression explaining the absolute forecast errors by using 45 French firms that made IPOs between 2005 and 2016 in two French financial markets: Euronext and Alternext.

In agreement with the agency theory and the signaling theory, the authors find that the IFRS adoption and the effective corporate governance, proxied by the board characteristics, increase the accuracy of management forecasts. As a result, this latter gives a credible signal in constructing and sustaining shareholders’ trust on the transparency and the reliability of such financial information.

It is plausible that the limited size of the sample represents a limitation of this study. Another limitation is that no other corporate governance attributes such as board meeting frequency, audit committee measures and ownership structure are used.

Shareholders can take benefit from management forecasts accuracy to structure their investment portfolios efficiently to allocate their funds more effectively and mitigate the costs of adverse selection that they have to face. Furthermore, the authors expect the findings to be interesting to IPO firms, as this study highlights the efficiency of larger and independent boards in decreasing managerial discretion, increasing disclosure quality and supervising management. The results could encourage GAAP-adopters countries to move toward IFRS, as this research reinforces the role of IFRS in enhancing the quality of financial disclosure by offering the required information for shareholders.

This study is important because the potential investors should assess management earnings forecasts accuracy before they consider it when evaluating IPO firms. Also, this paper has some implications for the financial market. It is recommended that future investors pay more attention, when assessing the accuracy of management earnings forecasts, to the accounting regulations of the financial reporting along with the corporate governance mechanisms. Moreover, this study could incite French regulators to revise the AFEP-MEDEF code. Under this code, it could insist that larger and independent boards are more effective in performing their governing roles than smaller boards.

Recent reports focussing on the future of the global hospitality industry have identified that the key issues for management include the impact of new technology, a lack of availability of capital investment and increasing concern for the future of the environment. The hotel financial manager has emerged as being of major importance in maintaining the profitability of the unit and the company and plays an increasingly influential role as part of the management team. They must now identify the challenges for the future within their own working environment and develop the technological and personal skills necessary to manage in this new age.

This study makes a critical examination of the present accounting standard setting process and current issues and practices of corporate financial reporting (CFR) in an Indian context by referring to 95 annual reports of large sized companies. It is found that Indian accounting standards have many alternative accounting choices which make financial statements of companies less comparable. The Accounting Standard Board (ASB) has issued 12 definite accounting standards, yet none of them has been reviewed. The membership of ASB lacks proper representation particularly from the users side. The standard setting process has deficiencies in the absence of public hearing and the machinery for enforcement of accounting standards is not apparent. While a review of CFR shows a strong tendency for companies to follow strict legal requirements in the disclosure and preparation of financial statements, there is much diversity in voluntary reporting practice particularly with respect to value added accounting, reporting by segments, inflation accounting, human resource accounting, and corporate social performance reporting, and there has been a tendency towards minimum disclosure. The study suggests that, to improve standards the Institute of Chartered Accountants in India should establish a Financial Reporting Council (FRC) to oversee ASB and to prepare a conceptual framework for financial reporting purposes.

Rolls Royce Although many people feared that the decision to place the Rolls Royce company in the hands of a Receiver when it ran out of funds in February 1971 meant that its world‐famous name would disappear from the indus‐trial scene, the major rescue operation that was mounted by the Receiver and the Government, with considerable assistance from the American Government and the Lockheed Aircraft Corporation, managed to avert some of the worst potential consequences of the collapse.

The purpose of this paper is to examine how, taking customer relationships as the unit of analysis, the heterogeneity of customer relationship performance influences the heterogeneity of firm performance, and how firms can balance the heterogeneity of customers, customer relationships, and customer portfolios by differentiated business models.

The approach to the topic is one of theoretical analysis and conceptual development.

Value capture is defined as the discounted present value of all future economic profit from the relationship. Three sources of value capture heterogeneity are identified: the customer, the relationship with the customer, and the interdependence between customers in a customer base. Relationship performance can be improved by investing in business model differentiation, in order to facilitate controlled adaptation to specific customer relationships and/or customer portfolios. Firms have to manage parallel business models and a central capability is the ability to create internal fit between the elements of a specific business model.

The research presented relates to business‐to‐business customer relationships. Some of the conceptual thinking will not be applicable in consumer relationships.

A firm should have an optimum mix of customer relationships in its customer base, in relation to firm goals and strategy. Management needs to recognize the heterogeneity of customer relationship performance, and manage customer portfolios accordingly. In order to deal with the heterogeneity, it may be necessary to manage parallel business models. This will necessitate new capabilities, such as customer insight generation, account management, modularized production platforms, and relationship performance control.

For a scholarly audience the paper contributes to the discussion on how marketing improves firm performance by assuming responsibility for increasing firms' market value. For a practitioner audience it offers ideas for genuinely customer‐centric management.

This study aims to examine the accuracy of the earnings forecasts (EFs) included in the prospectuses of newly established firms in Jordan.

Prospectuses of 41 newly formed public companies in Amman stock exchange during the period 1992‐1996 are tested to identify the accuracy of EF and the association between EF and certain firm characteristics. These include auditor's reputation (AUD), retained ownership, plant assets, DE, BVPSH, market value to book value (MV2BV), size and forecast period.

Findings show that forecasts are optimistic and retained ownership ratio, MV2BV, and the losses in SHPs are associated with forecast errors.

The sample is limited to companies that are required to provide earnings estimates in their prospectuses. Thus holding companies, insurance companies and private firms which went public are excluded from the sample.

Investors are advised to seek other information as the EF are biased.

The paper highlights that Jordanian regulators need to address the inaccuracy of earnings which can give negative signals to local and foreign investors.

The applicability of the customer life time value (CLV) concept goes beyond consumer markets. Specifically, the purpose of this paper is to show how a make‐to‐order manufacturing company in a supply chain can set customer‐focus manufacturing strategies using CLV.

Data from an integrated steel plant is used to calculate the life time value of customers based on the past value, the potential value, and their loyalty. The past value of a customer is based on the historical data and the future value of a customer is then forecasted. The loyalty index of a customer is determined by survey results.

In general, it was found that the CLV for the most valuable customers increases exponentially and the top 28 percent of customers constitute 80 percent of the total value of all customers.

This study focuses on make‐to‐order manufacturing organizations and the three strategies suggested for business process improvement need to be re‐evaluated for make‐to‐stock or mass production.

Based on these results, the authors suggest three strategies for business process improvement and revenue growth for the plant.

This study constitutes an initial effort to develop a CLV model for make‐to‐order manufacturing organizations for improving plant performance. The model links customers with not only the front office functions but also with ERP systems. Organizations that are part of value chains can benefit significantly from CLV applications.

The purpose of this paper is to determine how CEO overconfidence influences firm’s future risk in a sample of Chinese listed firms. It further examines the moderating effect of institutional investors on the association between CEO overconfidence and future firm risk.

The initial sample consists of Chinese A-share issuing firms listed on Shanghai and Shenzhen Stock Exchanges during the period starting from 2000 to 2017. This study classifies a CEO as overconfident if the forecasted profits of the firm are greater than the actual profits for majority of the time during the tenure of the CEO. Ordinary least squares regression is used as the primary estimation method for generating the results, however, firm fixed effects and two-stage least squares regressions have also been used for verifying the robustness of the results.

The results demonstrate that CEO overconfidence leads to an escalation in firm’s risk level over the subsequent years. However, the intensity of this positive association is weaker in state-owned firms. Analysis of the moderating effect of institutional investors reveals that only active institutional investors, specifically mutual funds and foreign institutional investors, play their governance role in reducing the effect of CEO overconfidence on firm’s risk level. Furthermore, the moderating effect of active institutional investors is weaker in state-owned firms.

The empirical evidence obtained by this study suggests that CEOs should exercise extreme diligence in decision-making. They must analyze a situation based on realistic facts and figures, rather than having misperception about their excessive abilities in controlling the outcomes of a situation. The findings also imply that regulators and policymakers should formulate strategies for motivating mutual funds and foreign investors to increase their shareholding in Chinese firms.

To the best of the authors’ knowledge, this is the first study that examines the impact of CEO overconfidence on future firm risk, not the current firm risk. Besides, literature regarding the role of external governance mechanisms in the context of behavioral biases is extremely scant. This study contributes to the literature by analyzing how the association between CEO overconfidence and firm’s future risk is influenced by the institutional investors’ ownership.