Abstract:The committee on board includes audit committee and nomination committee that currently has been questioned as to whether the firm value is also affected by the committees' performance that has been the subject of attention. Apparently, this study is the first to attempt providing an evidence of committees' role on to the extent of its contribution to firm value in the context of Indonesian Sharia-listed firms as the establishment of Islamic-compliance firms is currently experiencing an upward trend in many countries. Hence it is enticing to examine the impact of committee on board as part of corporate governance mechanisms on firm value in the Indonesian Sharia-listed firms. Using an Indonesian Sharia-listed firms which counts for 30 firms in the quarterly period of 2009 to 2015, this study employs a 720 balanced panel, using Generalized Least Square. The results reveal that the audit committee and the nomination committee have a significant impact on firm value (Tobin's Q). The non-significant result for ROA suggesting that the mixed measured of book and market is viewed more reliable for investors as it indicates the overall performance measure. Meanwhile the result of the number of audit committee meeting yielded no significant impact on firm value; this may be due to no restrictions on the number of positions of audit committee serves in firms, therefore,

This article investigates the effect of Islamic debt announcement on stock returns. Using data from 80 Malaysian firms and 20 Indonesian firms, which span from 2000 to 2009, an event study analysis is employed in this study; hence, the data of the daily closing stock prices for 2 years prior and 1 year after the announcement date are required in order to calculate the abnormal return using the abnormal return benchmark (mean adjusted return, market adjusted return and market model return). The findings for the event study analysis, using three benchmarks, reveal that there is a negative and significant impact for both average abnormal returns (AAR) and cumulative average abnormal returns (CAAR) for Malaysia. In contrast to the findings for Malaysia, the impact of Islamic debt announcement, using three benchmarks, is positive and significant for both AAR and CAAR for Indonesia. The unit root test result for Malaysia indicates that the market is efficient in the context of weak form efficiency, which suggests that the price movements are unpredictable. In contrast to Malaysia, the unit root test result for Indonesia indicates that the market is inefficient in the context of weak form efficiency, which suggests that the price movements are predictable.

The paper aims to set out several key issues in relation to climate change research based on accounting and accountability. It also outlines using a case study of the Pacific Islands about the problem of uncertainty in relation to climate change, particularly in regards to the rising water levels and potential relocation of peasants from the atoll islands of Kiribati, Tuvalu and Marshall Islands. The literature on climate change accounting and the archival data on climate change from the Pacific Islands are reviewed. Some interviews with people located on the coastal areas of the Pacific Islands known to one of the researchers are conducted. The interviewees are from Kiribati and Fiji. Despite growing corporate activity on climate change, no meaningful progress is being made on GHG emissions reduction, and in some cases no meaningful progress is being made on natural Kyoto emission reduction targets, suggesting the continuation of a relatively weak policy regimes and 'business-as-usual'. However, the Paris agreement recognized the specific needs and special circumstances of developing countries and acknowledged that climate change is a common concern of human kind. The agreement resolved to hold the increase in global average temperature to well below 2º above preindustrial levels and to pursue efforts to limit the temperature increase to 1.5 º above preindustrial level. Such modest increase would significantly reduce the risks and impacts of climate change. The research is limited to Pacific Islands only but provides avenue for such work to be extended to other research settings as well. The call for more research on climate change is arguably more relevant today given misgivings on market-based solutions and the consensus reached from the Paris agreement recently. There has been relatively little work done in climate change accounting in the Pacific Islands where an immense impact has been felt on people's lives and livelihoods as well as on important industries such as agriculture and tourism as a consequence of climate change such as rising water levels.

Many studies have discussed mutual funds performance, especially about the persistence of excess returns. Regression is the most common method to be used to research the fund persistence. Dutta (2002) proposes a simpler approach – a direct annual examination of whether a fund beats a market proxy or not, to research the persistence in American mutual fund returns. In this study, authors use a similar methodology to analyse New Zealand growth mutual funds. In addition, a statistically robust method is juxtaposed as a comparison. The study finds that the most of the funds sampled during the period 1996‐2003 are unable to better the benchmark of the world index.

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