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Recent studies on the securities market’s differential pricing of earnings components have shown that cash flow from operations is more highly valued than total accruals and that moderate cash flow from operations has higher valuation than extreme total accruals. An interesting question that follows is whether these findings hold regarding the differential valuations of cash flow and current accruals. This study aims to extend prior research by addressing this issue in two ways. First, the authors examine the incremental information content of cash flow from operations beyond working capital from operations. Second, the authors assess the effect of extreme working capital from operations on the incremental information content of cash flow from operations. This study aims to extend prior research by addressing this issue in two ways.

This study adopts market-based accounting research to test its hypotheses and to achieve its objectives. Specifically, this study uses statistical associations between accounting data and stock returns to examine the incremental information content (value relevance) of cash flow and working capital from operations and the effect of extreme working capital from operations on the incremental information content of cash flow.

The results show that cash flow from operations is not more highly valued than current accruals (both being valued equivalently). However, moderate cash flow from operations has higher valuation than extreme current accruals (each is valued differently). Overall, these research findings indicate that cash flow becomes more important for valuation as accruals get “extreme”.

As accruals are unlikely to persist to be permanent across the years, these results can be interpreted as indicating that cash flow and accruals information are used jointly by investors, with one being more important than the other depending on the relative “extremeness” of each. Therefore, both are of value to the investor and both should be reported.

The paper contributes to the UK research on determining the preferred level of disaggregation of earnings components, i.e. operating cash flow, current accruals and non-current accruals. This would help investors to improve their investment and credit decisions.

Recent studies on the securities market's differential pricing of earnings components indicate that cash flows from operations are valued more highly than extreme total accruals. However, no previous study has examined whether cash flows from operations have a higher valuation than moderate total accruals. Therefore, this study examines the securities market's differential pricing of cash flows from operations and both moderate and extreme total accruals.

The study's sample is divided into two sub-samples: a moderate total accruals sub-sample; and an extreme total accruals sub-sample. To evaluate whether cash flows have a higher valuation when compared to total accruals, for the entire sample and for each of the two sub-samples, the study examines the statistical significance of the difference between slope coefficients of cash flows and total accruals for regression of returns on both unexpected cash flows from operations and unexpected total accruals.

Consistent with prior research, results from the entire sample show a differential higher valuation of cash flows when compared to total accruals. Another finding, consistent with recent studies, is that cash flows from operations have a higher valuation when compared to extreme total accruals. However, there is no higher differential valuation of cash flows over moderate total accruals. These findings support the decomposition of earnings into the components of cash flows from operations and total accruals only when total accruals are extreme (rather than moderate).

A possible explanation for these results is that since accruals predict cash flows, total accruals – when moderate (i.e. not extreme) – are priced similarly to cash flows. These results reveal that when total accruals are moderate, earnings are a better proxy for the underlying cash flows (over the entire future horizon, not just the current period) than is cash flows. However, since total accruals are unlikely to persist in a permanent way over the years, these results indicate that the decomposition of earnings into the components of cash flows from operations and total accruals is consistent with the information set used to value equity securities. Therefore, separate disclosure of cash flows is value relevant. In addition, users of financial statements certainly need the cash flows information as an ex-post validation of the prior earnings.

This study's contribution stems from its determination of the preferred level of disaggregation of earnings components (i.e. operating cash flows and total accruals). This is expected to help investors in their attempt to enhance the outcome of their informed investment and credit decisions.

The pursuit of manufacturing new inks with low financial cost is an urgent economic demand. Thus, the purpose of this paper is to synthesize some new pigments derived from Lithol Rubine (LR) via a successful simple route and to investigate their physicochemical properties for usage in the inks industry.

Two novel pigments were generated during the reaction of LR with Mn(II) and Co(II) salts in ethanolic solutions. The obtained pigments were isolated as solid compounds and characterized through elemental analysis, UV–vis, Fourier transform infrared, 1H NMR spectra, oil absorption, specific gravity, melting point, molar conductivity and magnetic moment measurements. Their dyeing and durability characteristics were examined using American Standard Testing Methods. The synthesized pigments were then applied in inks formulation.

The printing inks containing the two new pigments (LR–Mn and LR–Co) were compared to (GF 59-606 and GF 59-616), respectively. The results of this study showed that the performance of newly prepared pigments was comparable to that of commercial pigments currently in use in the inks industry.

LR and its new derivative pigments can be used in other different applications such as paper coating, crayon, rubber and paint industries.

The authors designed an efficient synthesis for some novel pigments. The synthesis technique is featured by a short reaction time, high yields and ease of use. The pigments developed would be good and cost-effective substitute for the original commercially available and expensive pigments used in the inks industry.

This study aims to apply the appreciative inquiry approach (AI) to develop a tourism strategy for poverty alleviation in marginalised communities. The focus is to provide practical insights for leveraging tourism to drive positive socio-economic change for the impoverished, using Rosetta, a port city in Egypt with cultural and historical significance, as a case study.

This qualitative applied study uses the four-D phases of AI and thematic analysis to strategise tourism development in Rosetta. Through interviews, focus groups and field visits, the study identifies tourism potential, stakeholder aspirations and actionable strategies for sustainable development. The approach prioritises a bottom-up, community-centric and stakeholder-involved process, aiming for inclusive and equitable growth.

The study revealed Rosetta’s underutilised tourism potential, emphasising heritage tourism. Although tourism offers some economic benefits, its impact on alleviating poverty in Rosetta remains limited. A holistic strategy for tourism development in Rosetta is proposed for economic growth and poverty reduction, focusing on sustainable management, local empowerment, enhanced marketing, improved infrastructure and diversified tourism offerings.

While AI is not new in qualitative studies, the novelty of this study lies in its application to tourism planning for poverty alleviation in a marginalised community like Rosetta, introducing a comprehensive tourism strategy with an original framework applicable to comparable destinations. The study’s significance is emphasised by providing actionable strategies for policymakers, valuable insights for practitioners and enriching the discourse and methodology on pro-poor tourism for academics, representing a step towards filling the gap between theoretical concepts and practical strategies.