The importance of maintaining proper books of accounts and sound accounting practices has been emphasised in ensuring proper financial management in SMEs. In this study, we investigate the record keeping strategies utilized by SMEs in Kumasi (Ghana) through data based on responses to a structured questionnaire from 210 SMEs in Kumasi. We report that majority of SMEs fail to maintain complete accounting records as they think there is no need to keep accounting records and that it exposes their financial position. It is recommended that training programmes must be organised to sensitize owners/managers on the need to maintain proper books of accounts. The government should also come out with the necessary legal instruments to make the preparation of proper books of accounts mandatory in order to improve SMEs practice of accounting in Ghana.
Financial markets integration has resulted in high interconnectedness among the BRICS stock markets, which minimizes diversification potentials. This has increased investors’ interest in the financialization of commodities to minimize their portfolio risks. However, the comovements between these assets do not operate in a vacuum, which requires that the role of volatilities be considered in tandem. The purpose of this study is to explore the interdependencies between energy commodities and stock markets of BRICS in the midst of relevant volatilities. For this reason, the wavelet techniques, biwavelet and partial wavelet, are employed. We find that positive comovements between energy commodities and stock markets of BRICS become stronger in the long-term. Furthermore, volatility has a long-term impact on the correlations between energy commodities and the BRICS stock market. We argue that the US Volatility Index, which measures investor anxiety and volatility in stock markets, has the biggest impact on the relationship between energy commodities and BRICS stock markets. Surprisingly, the correlations between energy commodities and Russian stock markets were strong enough to withstand the effects of volatilities. Hence, investors can use volatilities to hedge portfolio risks in energy commodities and stock markets in Brazil, India, China, and South Africa.
PurposeThis study examines the effect of gender board characteristics on the choice of sustainability report format in India. A sustainability report covers the environmental and social impacts of firms. It is presented either as an integrated report with the rest of the financial reporting to stakeholders or a separate document (stand-alone) with the advantage of communicating better information.Design/methodology/approachThe study uses an inclusive sample of 800 firm-year observations between 2010 and 2019. The study applies the binary probit and the instrumental variable probit regressions to analyse the data from the Indian Stock Exchange.FindingsThe authors find that female chief executive officers (CEOs) are more likely to choose stand-alone reports over integrated reporting. The authors also find that female CEOs with a duality role are insignificant in choosing between integrated reporting and stand-alone sustainability reporting. Furthermore, the study shows that gender board diversity (percentage of women over total board size) and females of two or less are insignificant. However, three or more females on the board significantly and positively affect stand-alone sustainability reporting. Similarly, independent female directors are more likely to choose stand-alone reporting over integrated reporting. Policymakers must encourage sensitive environmental firms to employ more female CEOs over male CEOs because female CEOs are more likely to adopt stand-alone sustainability reporting.Originality/valueThe authors’ study adds novelty to research because previous studies have only examined a female CEO and sustainability. However, this study is the first to investigate female CEOs' and female board members' choice of sustainability report format.
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