European Journal of Economic and Financial Research
ISSN: 2501-9430
ISSN-L: 2501-9430
Available on-line at: http://www.oapub.org/soc
10.5281/zenodo.56836
Volume 1│Issue 1│2016
THE RELATIONSHIP AMONG FINANCIAL AND NON-FINANCIAL
CHARACTERISTICS AND DURATION OF IMPLEMENTATION AND
COMPLETION OF THE AUDIT OF LISTED COMPANIES
IN TEHRAN STOCK EXCHANGE
Najaf Karami1, Zhila Mohammadvand2
Lecturer, Payam Noor University, Department of Accounting, Miandoab, Iran
1
Department of Public Administration, Mahabad Branch,
2
Islamic Azad University, Mahabad, Iran
Abstract:
Timeliness is one of the most important qualitative characteristics of financial
information; Timeliness means that information should be available to users in the
shortest possible time and the fastest recommended. Whatever the interval between the
end of the financial year and the date of publication of financial statements of business
units is shorter, is increases the benefit from the annual financial statements of business
units. Increasing the time interval between the end of the fiscal year and date of
publication of the financial statements, increases disclosure of information to benefit of
users and that is the detriment of others. The purpose of this research, examines the
relationship between some characteristics of company with duration of implementation
and completion of the audit. The population consists of companies listed on the Tehran
Stock Exchange during the period 2006 to 2014. The results of tests that has been done
on the research hypothesis showed that the Five independent variables in this research,
including size, debt-to-equity ratio, profitability, the type of audit opinion that provided
financial statements and company life cycle, there is a significant relationship with
duration of implementation and completion of audit.
Keywords: timeliness, company size, company life, duration of implementation and
completion of the audit
Correspondent author: Najaf Karami, email: najaf.karami@yahoo.com
Copyright © The Author(s). All Rights Reserved
Published by Open Access Publishing Group ©2015.
37
Najaf Karami, Jhila Mohammadvand –
THE RELATIONSHIP AMONG FINANCIAL AND NON-FINANCIAL CHARACTERISTICS AND DURATION OF
IMPLEMENTATION AND COMPLETION OF THE AUDIT OF LISTED COMPANIES
IN TEHRAN STOCK EXCHANGE
1.
Introduction
Responsiveness that its origin is respect for human rights, is proposed at national levels
and commercial firms. Managers in front of investors, creditors and other interested
parties, are required to provide timely information, transparent and reliable, aware
them of the use of economic resources and results of operations business unit and to
provide decision-making ability and rational judgment for them. [2]. Rational economic
decisions and efficient allocation of limited resources towards the top activities, it is not
possible in the absence of timely, valid and reliable information.
In a statement of accounting theory, relevance and dependability, as two
important qualitative characteristics of financial information, are the most important
issues of financial reporting literature and has been attention and emphasis of
professional institutions, law enforcement and use of financial information. Timeliness
means that information should be available to users in the shortest possible time and
the fastest recommended. Whatever the interval between the end of the financial year
and the date of publication of financial statements of business units is shorter, increases
the benefit from the annual financial statements of business units. Increasing the time
interval between the end of the fiscal year and date of publication of the financial
statements, increases disclosure of information to benefit of users and is the detriment
of others.
Another important quality attributes, is expressed reliability of financial
information. Helping to make decisions and protection of interests of investors,
creditors and other stakeholder groups as well as determined legal requirements in
many countries has led audited financial statements prepared and implementation by
someone who is independent of the information producers.
Although, the benefits derived from audited financial statements, is obvious,
however, implementation and completion of the audit duration can be effected on the
provided timeliness of financial information and timeliness financial reporting is the
function of many factors. These factors may be related to the auditor and the audit or is
related to the characteristics of the entity.
2.
Affecting factors on timeliness financial reporting
In previous researches, the most important affecting factors on timeliness financial
reporting and duration of implementation and completion of the audit are as following:
European Journal of Economic and Financial Research - Volume 1 │ Issue 1 │ 2016
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Najaf Karami, Jhila Mohammadvand –
THE RELATIONSHIP AMONG FINANCIAL AND NON-FINANCIAL CHARACTERISTICS AND DURATION OF
IMPLEMENTATION AND COMPLETION OF THE AUDIT OF LISTED COMPANIES
IN TEHRAN STOCK EXCHANGE
Firm size, profitability, complexity of the operation and the type of industry, the risk
(leverage), Company life, date of the end of the fiscal year, the rate of employee
engagement employer of Auditors, audit time budget, internal control systems,
presence or absence of internal auditing and the audit committee of the company, size
of audit firm, science and technology that used in the company as well as the auditing
firm, the type and amount of services provided to the client, environmental factors
(economic conditions, profit rates, inflation, competition and political and legal
considerations), the auditor's expertise and personality, presence or absence of
extraordinary items in the company, the type of audit opinion on the financial
statements, the company on the stock exchange, the number of shareholders, presence
or absence of subsidiary and affiliate company, and etc. [5]. [6]. [8]. [11]. [18].
In the present research, has been examined the relationship between different
affecting factors of financial reporting among the duration of implementation and
completion of the audit:
A.
The size of the company
In most previous studies that were conducted in abroad, has been approved the
significant relationship between the timeliness of financial reporting with firm size.
Most researchers believe that large companies earlier than small companies, executes
and complete the audit. Because firstly, due to the establishment of strong internal
control systems on large firms, is reduced the possibility of an (inadvertent or
intentional) in the financial statements and as a result, auditors can provide greater
reliance on internal control system and to substantially reduce the volume of content
tests.
Secondly, large companies due to high financial resources are capable of having
accounting staff expertise with and higher education as well as to serve more advanced
information systems. On the other hand, these companies by appointing staff to the
auditors and do the part of the audit work and applying effective audit firms and pay
higher audit fees, done their audit financial statements in a short time after the end of
the fiscal year.
Thirdly, large firms are more sensitive than small firms. Larger companies have
political costs than smaller firms. The large company has a large number of
stakeholders with a highly sensitive followed up operation of the company. Therefore,
managers of large companies tend to reduce the delay in the implementation and
completion of accounting practices and financial reporting. Because they strongly from
investors, creditors, regulatory agencies and other users of its financial statements are
European Journal of Economic and Financial Research - Volume 1 │ Issue 1 │ 2016
39
Najaf Karami, Jhila Mohammadvand –
THE RELATIONSHIP AMONG FINANCIAL AND NON-FINANCIAL CHARACTERISTICS AND DURATION OF
IMPLEMENTATION AND COMPLETION OF THE AUDIT OF LISTED COMPANIES
IN TEHRAN STOCK EXCHANGE
under pressure to deliver timeliness financial Statements. Therefore, there is an
impression that there is a significant relationship between firm size and duration of
implementation and completion of audit. [15].
B.
Debt-to-equity ratio
It is possible, companies that have high debt-to-equity ratio; have a tendency to hide
their level of risk. For this purpose, they may seek to its annual financial statements that
delayed publishing. On the other hand, high debt-to-equity ratio to the rights of
stakeholders increases the possibility of disability of the company to repayment of debt
and fulfillment of commitments. In such cases, the auditors have less concern about the
company's debt. So auditors to alleviate their responsibility in the face of possible future
claims, planning a complete investigation and audit procedures are designed and
implemented in such a way that ensure the completeness of recorded. Doing these
actions by the auditors, cause long time delay in completing the audit and financial
statements and will be delays in the publication of financial statements. [19].
C.
Profitability
The profitability of the company as one of the variables that affecting the duration of
the implementation and completion of the audit that has been investigated. There is a
negative correlation between the profitability with a time delay in the implementation
and completion of the audit of company operations is imaginable. This means that
profitable companies’ earlier than loss companies complete and runs their accounting
practices. [10]
Profit or loss report can be a good or bad news should be considered about the
results of the annual performance of the company. In the case of loss companies,
corporate executives tend to have delayed publication of annual financial reports to
avoid the consequences of bad news. Also in loss firms, auditors do audit with
professional care and more caution. Especially, when the risks of financial failure,
bankruptcy, discontinuation activity or fraud managers exist in companies. In contrast,
profitable companies to publish a good news reluctant to publish their audited annual
financial statements prematurely. Therefore, show interest toward the rapid completion
of the audit process and avoid delays in the completion of the audit. Also in profitable
companies, so what profit margin or rate of return is higher than the industry average
will benefit by publishing this good news, and benefits of market forecasts and users
decisions about the company. The positive performance of companies will have effect
on stocks value [10]. [15].
European Journal of Economic and Financial Research - Volume 1 │ Issue 1 │ 2016
40
Najaf Karami, Jhila Mohammadvand –
THE RELATIONSHIP AMONG FINANCIAL AND NON-FINANCIAL CHARACTERISTICS AND DURATION OF
IMPLEMENTATION AND COMPLETION OF THE AUDIT OF LISTED COMPANIES
IN TEHRAN STOCK EXCHANGE
D.
Audit opinion types
Time delay in the implementation and completion of the audit is considered as the type
of auditor's opinion. Accordingly, is pointed that, companies provided an acceptable
audit opinion on the financial statements of the firm, probably sooner than companies
that receive inauthentic comment, execute and complete the audit. In other words, the
average delay in the implementation and completion of accepted accounting practices
for companies of all received comments, is less than the companies that received
inauthentic comments. [11]
Inauthentic comments intended as bad news and declined to publish audited
annual financial statements of company. In addition, the disagreements between the
auditor's and company that mentioned about condition report clause, increased time
delay in the implementation and completion of the audit of company. [11]
4.
Research Methodology
4.1
Statistical population
The statistical population includes productive companies listed on the Tehran Stock
Exchange. Among all companies that were members of the population of under qualify,
were investigating:
A) Companies with at least from the beginning of 1998 are listed in the Tehran Stock
Exchange.
B) Companies that to be carried out audited annual financial statements for the
specified period by audit firms that approved by the stock exchange.
C) Companies that needed information to calculate research variables in the studied
period which are reliable and available information.
152 companies were qualified. The required data directly has been extracted from the
annual financial statements and presented financial reports by companies to the Tehran
stock exchange, database exchange, software Dena, cash management and compact disc
of financial information.
4.2
Research model and calculate variables
The dependent variable in this research, are the duration of implementation and
completion of the audit of company operations and five independent variables of this
research includes size (total assets), debt-to-equity ratio, profit or loss of the company,
the type of audit opinion to the proposed financial statements and life of the company.
European Journal of Economic and Financial Research - Volume 1 │ Issue 1 │ 2016
41
Najaf Karami, Jhila Mohammadvand –
THE RELATIONSHIP AMONG FINANCIAL AND NON-FINANCIAL CHARACTERISTICS AND DURATION OF
IMPLEMENTATION AND COMPLETION OF THE AUDIT OF LISTED COMPANIES
IN TEHRAN STOCK EXCHANGE
According to research aims to check the hypotheses, multiple regression models used is
as follows:
y 1 ASSETS 2
D
RATIO 3 PROFIT 4OPINION 5 LIFE
E
That:
Y: Duration of implementation and completion of the audit (updated)
: The width of the source
Assets: natural logarithm of average total assets
D / E Ratio: The average debt-to-equity ratio to the rights of share holders
Profit: profit or loss of the company (net income or loss after deduction of taxes)
Opinion: The proposed audit opinion on the financial statements
Life: firm Life (according to the acceptance date of participation in stock Exchange)
: The random error
1 5 4 3 2
و
،
،
، are independent variables. In fact, third independent variable is the
dummy variable coefficients (virtual) is determined to the extent that,
3 1 (if the
company is profitable) 3 0 and (if the company is loss). The fourth independent
variable coefficient (the type of audit opinion on the financial statements) is determined
also is such that if 4 1 (if provided audit opinion on the financial statements of the
company is acceptable) and 4 0 (if the type of presented audit opinion about the
company's financial statements are acceptable).
4.3
Hypothesis testing and analysis of results
A.
First hypothesis analysis
The first hypothesis was formulated as follows: "There is significant relationship between
firm size and duration of implementation and completion of the audit firm."
According to Table (1), Pearson's correlation coefficient between the logarithm of
total assets and the total time of the audit is equal to 0/184 and the probability of a
significant investigation (
H0 : 0
) is equal to of 0/026, which is smaller than 0/05.
Thus, with 95% confidence is approved a significant correlation. The probability
associated with statistic (T) to evaluate the statistical null hypothesis that there is no
relationship between independent variables and the dependent variable (
H 0 : 1 0 ) is
equal to 0/037 which is smaller than 0/05 and with 95% confidence, can be seen a
significant relationship between two variables. Thus, first research hypothesis of
researcher is confirmed. Comparing the results of this hypothesis with the results of
European Journal of Economic and Financial Research - Volume 1 │ Issue 1 │ 2016
42
Najaf Karami, Jhila Mohammadvand –
THE RELATIONSHIP AMONG FINANCIAL AND NON-FINANCIAL CHARACTERISTICS AND DURATION OF
IMPLEMENTATION AND COMPLETION OF THE AUDIT OF LISTED COMPANIES
IN TEHRAN STOCK EXCHANGE
previous research, this is consistent with Ferest and Ponal research and, Anse, Heslin
and Doghan et al. in term of the relationship between firm size and duration of
execution and completion of the audit process.
But the relationship type between firm size and duration of performing audit
procedures in previous research was reverse however; in this study, the nature of this
relationship is directly expressed.
B.
Second hypothesis analysis
The second hypothesis was formulated as follows: "There is a significance relationship
among the company's debt-to-equity ratio and duration of implementation and completion of the
audit .
According to Table (1), Pearson's correlation coefficient between independent
variables of debt-to-equity ratio and duration of implementation and completion of the
audit is to 0/191 and likely probability of its significant (
H0 : 0
) is equal to 0/022.
Therefore, with 95% confidence can say that there is a direct and significant correlation
among them.
The probability associated with statistic t (T) to evaluate the statistical null
hypothesis that there is no relationship between independent variables and the
dependent variable (
H0 : 2 0
) is equal to 0/028. So, with 95% confidence can be seen
that positive correlation between the two variables. Therefore, the second research
hypothesis is confirmed.
The results of this hypothesis are consistent with Aderzin and Ahmad, Heslin
and Dughan.
C.
The third hypothesis analysis
Profitable companies sooner than Loss Company execute and complete the audit...
As can be seen in Table 1, Pearson's correlation coefficient between independent
profitable or loss variables and the time delay is equal to -0/186 and the amount of
probability related to investigation significant (
H0 : 0
)is equal to 0/025. Therefore,
with 0/95 percent of confidence can say that there is a direct and significant correlation.
The probability associated with statistic t (T) to evaluate the statistical null hypothesis
that there is no relationship between independent variables and the respondent variable
(
H 0 : 3 0
) is equal to 0/023. Therefore, with 95% confidence was observed the
significant relationship between the two variables. The average time of implementation
European Journal of Economic and Financial Research - Volume 1 │ Issue 1 │ 2016
43
Najaf Karami, Jhila Mohammadvand –
THE RELATIONSHIP AMONG FINANCIAL AND NON-FINANCIAL CHARACTERISTICS AND DURATION OF
IMPLEMENTATION AND COMPLETION OF THE AUDIT OF LISTED COMPANIES
IN TEHRAN STOCK EXCHANGE
and completion of audit firms in loss companies is decuple of 95/7 days and in
profitable companies is decuple of 98/6 days. So third hypothesis is confirmed.
The results of this hypothesis are consistent with the results of Anse, Heslin,
Dughan et al., Adrezin and Ahmad, Liontis et al.
D.
The fourth hypothesis analysis
"The companies that their provided audit report is unqualified earlier than companies that
receive their inauthentic audit opinion execute and complete the audit.
Pearson's correlation coefficient between independent variable of audit and the
time delay is equal to 0/207 and the amount of probability related to investigation
significant (
H 0 : 0 )is equal to 0/013. Therefore with 95% confidence was confirmed
the significant relationship.
The probability associated with statistic t (T) to evaluate the statistical null
hypothesis that there is no relationship between independent variables and the
respondent variable (
H 0 : 4 0 ) is equal to 0/025. Therefore, with 95% confidence was
observed the significant relationship between the two variables. The average time of
implementation and completion of audit firms about inauthentic opinion is equal to
90/5 days and in acceptable opinion is equal to 83/8 days, so fourth hypothesis is
confirmed.
The results of this hypothesis are consistent with the results of Heslin, Dughan et
al., Adrezin and Ahmad, Liontis et al.
E.
The fifth hypothesis analysis
There is a significant relationship among the company's life (the date of acceptance of the
exchange) and time of implementation and completion of the audit...
Pearson's correlation coefficient between dependent variable of company life and time
of implementation and completion of the audit is equal to 0/243 and the amount of
probability related to investigation significant (
H0 : 0
) is equal to 0/003. Therefore
with 95% confidence was confirmed the direct and significant relationship.
The probability associated with statistic t (T) to evaluate the statistical null
hypothesis that there is no relationship between dependent variables and the
respondent variable (
H 0 : 1 0 ) is equal to 0/002. Therefore with 95% confidence this
hypothesis is rejected and was observed that the significant relationship between the
two variables. So the fifth hypothesis of this research is confirmed.
The results of this hypothesis are similar to the Ense research.
European Journal of Economic and Financial Research - Volume 1 │ Issue 1 │ 2016
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Najaf Karami, Jhila Mohammadvand –
THE RELATIONSHIP AMONG FINANCIAL AND NON-FINANCIAL CHARACTERISTICS AND DURATION OF
IMPLEMENTATION AND COMPLETION OF THE AUDIT OF LISTED COMPANIES
IN TEHRAN STOCK EXCHANGE
Table 1: The results of conducted tests to evaluate the hypothesis
Independent
Pearson's
Spearman
The
Coefficients of
variables
correlation
correlation
possibility of
independent
coefficient
coefficients
independent
variables in
variables
the model
Asset
0/184
0/175
0/037
4/554
D/E Ratio
0/191
0/211
0/028
0/912
-0/186
-0/174
0/023
-5/714
Opinion
0/207
0/217
0/025
5/264
Life
0/243
0/283
0/002
0/460
Profit
Test result
Accepted
Hypothesis
Accepted
Hypothesis
Accepted
Hypothesis
Accepted
Hypothesis
Accepted
Hypothesis
Fitted model is:
= 62.072 + 4.554 LOG ASSETS + 0.912 D/E RATIO – 5.714 PROFIT + 5.264 Opinion + 0.460 Life
Determining model coefficient is equal to 0/512 and adjusted coefficient of
determination is equal to 0/482 is the adjusted coefficient of determination. This means
that that approximately 48% of the variation in the dependent variable is explained by
the dependent variables.
The probability of statistic (F) Fisher to investigate the inadequacy of the model (
H 0 : 1 2 3 4 5 0
), is equal to 0/005.
Thus, with 95% confidence the research has sufficient quality to investigate the
hypotheses.
5.
Conclusion
Delay in the publication of financial statements, due to several factors. Annual audited
financial statements as one of these factors that is notable. After accepting the fact that
audit financial statements could explain these delays, took part in the publication of the
financial statements to understand the factors that caused the delay in the
implementation and the completion of the audit, and they are important. Generally, the
factors which cause delay in the implementation and completion of the audit will be
European Journal of Economic and Financial Research - Volume 1 │ Issue 1 │ 2016
45
Najaf Karami, Jhila Mohammadvand –
THE RELATIONSHIP AMONG FINANCIAL AND NON-FINANCIAL CHARACTERISTICS AND DURATION OF
IMPLEMENTATION AND COMPLETION OF THE AUDIT OF LISTED COMPANIES
IN TEHRAN STOCK EXCHANGE
placed into two general groups. The first group examined the factors that are related to
the properties and characteristics of the company. The second group are those related to
the auditors and audit.
In this research, considering the first group of these factors, has been examined
the relationship between the five selected features such as size, company life, debt-toequity ratio, profitability, audit opinion with duration of implementation, and
completed the audit in selected companies. The results of the performed tests in this
research shows that all of the five selected features, has a significant relationship with
the duration of implementation and completed the audit. The mean of total duration of
implementation and completion of the audit that is 90/32 days, about 50% is justified by
these five factors.
In this research, only five independent variables were investigated. There are
other variables that may be effective in the duration of delay in the audit. So,
generalizing the results and findings of this survey is facing with this limitation. Also
participating in this study to determine the size of the company has been used the
criteria of total assets that stated in the balance sheet. Using this criterion due to the
reflection of the assets based on historical cost and different book values and historical
cost of assets at current values associated with restriction.
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Najaf Karami, Jhila Mohammadvand –
THE RELATIONSHIP AMONG FINANCIAL AND NON-FINANCIAL CHARACTERISTICS AND DURATION OF
IMPLEMENTATION AND COMPLETION OF THE AUDIT OF LISTED COMPANIES
IN TEHRAN STOCK EXCHANGE
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THE RELATIONSHIP AMONG FINANCIAL AND NON-FINANCIAL CHARACTERISTICS AND DURATION OF
IMPLEMENTATION AND COMPLETION OF THE AUDIT OF LISTED COMPANIES
IN TEHRAN STOCK EXCHANGE
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