Advance Finance for Decision Makers

This document provides an overview of advance finance for decision makers. It covers various factors influencing business decision making, importance of financial factors, and the impact of business risk on decision making. It also discusses accrual and cash flow approaches to accounting, structure of final accounts, and their use in decision making. Additionally, it explains the difference between revenue and capital expenditure decisions.

Advance Finance for Decision
Makers

Table of Contents
INTRODUCTION...........................................................................................................................4
Section 1...........................................................................................................................................4
1.1 Examining various factors that drives for decision making of the business .........................4
1.2 Assessing importance of the financial factors in the business decision making ...................5
1.3 Determining features of the business risk that affects business decision and financials ......5
1.4 Summarising financial priorities which requires to be taken into account at the time of
making the financial decisions ....................................................................................................6
Section 2...........................................................................................................................................6
2.1 Comparing accrual and cash flow approaches to the accounting and financial reporting and
their implications in decision making..........................................................................................6
2.2 Structure and content of final accounts and its use in decision making. ..............................7
2.3 Financial financial information and difference between sets of accounts...........................13
2.4 Difference between decisions relating to revenue and capital expenditure.........................14
2.5 Ratios used in decision making............................................................................................14
2.6 Key requirements for published accounts of public limited company................................15
Section 3.........................................................................................................................................15
3.1 Stating the difference between accounting ethics, business ethics and the governance in
order to ensure control on the business accountability .............................................................15
3.2 Assessing role of finance director as the guardian of the business ethics ..........................16
3.3 Analysing important principles and the concept of the corporate governance that might
impacts business decisions ........................................................................................................17
3.4 Examining the national and an international reporting standards which are relevant to the
business decisions......................................................................................................................17
Section 4.........................................................................................................................................17
4.1 Difference between the long term financing and working capital needs of business. ........17
4.2 Sources of long term finances and working capital finance. ..............................................19
4.3 Reasons behind accessibility of working capital for the business continuity......................19
4.4 Techniques needed for managing cash flows and impact of cash flows on business..........20
4.5 Methods of making capital investment decisions. ..............................................................20

4.6 Benefits and Drawbacks of off balance sheet financing......................................................22
Section 5 ........................................................................................................................................22
5.1 Financial implications of various business ownership structures. ......................................22
5.2 Analysing corporate governance, legal and regulatory environments of different ownership
structures of business. ...............................................................................................................23
5.3 Comparing and contrasting interests of managers and owners in decision making............23
5.4 Significance of return on capital employed and other performance measures for long term
business sustainability................................................................................................................24
5.5 Examining importance of the EPS as measure business performance................................24
CONCLUSION..............................................................................................................................24
REFERENCES................................................................................................................................1

INTRODUCTION
Every business is aware of the fact that profitability of company is affected by the
decisions taken. Financial managers have a crucial role in the growth and success of business as
all the business activities run on the decisions taken. Decision making is process of gathering all
the information and facts relating to the aspect for which business is to be taken. The study
provide the understanding about the various financial factors influencing the decision making. It
will also provide about the concepts and tools used by the managers in taking financial decisions
of company. It will also cover accountability for financial reporting, sources of finance and
financial performance of different ownership structures.
Section 1
1.1 Examining various factors that drives for decision making of the business
Return on investment- It is reflected as the difference in between the money that is
invested in the things such as inventory, marketing, actual return and potential. ROI controls the
modifying risk of investment and it influences and drives both type of business decisions that
includes pre-investment and the post-investment.
Competition- This factor is said as one of the major aspect which strongly recommends
within the process of the decision making (Kumar, 2017). Today's world is seen as dynamic and
highly competitive so it is important for an organization to pay attention towards the challenges
and the operation of the business. Thus, at the time of making decisions in relation to the future
developments, business needs to consider the competitors and their respective plans for business
development.
Social responsibility- It is also a crucial factor that influences the decision making in the
business. In such concept, business needs to be acting in an interest of the society for the sake of
their common good.
Brand image- Managing brand image also influences the decision making that emphasize
on intangible gains in respect of the public perceptions (Diouf and Hebb, 2016). It concentrates
on differentiating business from the rivalry and developing faithfulness among the customers,
encourages the decisions regarding estimating, exhibiting products & the services at a standard
level.

1.2 Assessing importance of the financial factors in the business decision making
Accounts receivable- It is the major financial factors that leads to business growth and
requires an unanticipated bank loans. In order to run its business smoothly it is essential for the
business firm to consider at the indicators like turnover of the accounts receivable, cash
collection, credit policies and an ageing of the receivables.
Net income- This factor is counted as essential because it shows the profits earned by the
company after meeting all its expenses, costs and the tax liabilities (Rubin and Patel, 2017). This
factor helps the company in making decision relating to keeping control over the cost so and
increasing the percentage of the revenue so that higher profitability could be attained.
Working capital- It is stated as the difference between the current liabilities and the
assets. Without adequate working capital, business enterprise cannot run its business smoothly.
Thus, it acts as the most important financial factor as it helps the firm in making the decisions
regarding optimum use of the resources so that efficient and effective working capital can be
maintained for achieving objectives of the business.
Sales or operating revenue- It referred as the financial factor that shows the revenue
generated by an entity through selling its stock (Parent, Kalenkoski and Cardella, 2018). Higher
sales depicts higher profitability and growth rate of the company so it is very important for the
firm to seek appropriate measures in meeting the sales target. This in turn helps in making the
decision regarding the operational activities and in relation to demand of the customers.
1.3 Determining features of the business risk that affects business decision and financials
Time- In the present scenario, time is been characterized by an intense competition,
globalization of an economy, advanced technology. In the future periods or coming periods
business risk are tend to increase in an intensity. This affects and impacts the financial and the
business decision to great extent as for surviving in the business it is important for it to cope up
with the changes.
Nature of the business risk- In case the business is engaged in the manufacturing or
buying of the basic necessity items such as cloth, oil and the sugar. There seems to be less risk as
demand for majority of the items is counted as inelastic (Boatright, 2017). However, in case the
company is engaged in manufacturing of the luxury items are seen as exposed towards the
business risk due to the demand for the luxury items is reflected as highly elastic. In this way the
business and the financial decision of an entity are influenced.

Sales term- If the business conducts its sales on the cash basis, the risk of the business are
seen as zero as possibility of the bad debts is concerned with. On the other state, an enterprise
conducting the business on the large credit sales are highly exposed with the risk regarding bad
debts.
1.4 Summarising financial priorities which requires to be taken into account at the time of
making the financial decisions
Understanding financial goals- prior to making financial decision it is important that the
company makes sets its financial goals. This helps in making suitable decisions in respect of
raising the funds and performing tasks in the common direction to achieve the financial
objectives.
Having the plan relating to debt pay-off- While making finance related decisions, an
enterprise needs to look over the debt obligation by way of preparing the pay-off plan. This
ensures prevention of the firm in taking too much of the loan amount in future periods.
Spending wisely- It is the another most important priority that could be made by effective
planning. This in turn ensures a good future in respect of generating higher profitability.
Safeguarding the financial documents- In order to keep the track record of all the final
investments in the document form is considered as cumbersome (Şahin, 2018). It is very crucial
for an enterprise to keep proper record and maintenance of its financial documents as such
documents act as evidence.
Performing for routine financial check-ups- There present a need for performing the
regular check-ups or review of an investment plans because it enables in making effective plan.
Routine review ensures that their investments directly aligned with their spending requirements.
Thus, it is critical for an organization for keeping a constant check on the financial planning.
This helps in making suitable financial decisions with regards to raising of the funds and its
allocation so that larger amount of profits can be generated.
Section 2
2.1 Comparing accrual and cash flow approaches to the accounting and financial reporting and
their implications in decision making.
Cash Basis – The accounting method only recognises the revenues when the cash is received
similarly the expenses are recorded when they are actually paid. The cash accounting method do
not records accounts payable or accounts receivable.

Accrual Basis – In this method expenses and revenues are recorded at the moment business has
earned them. The method do not allow company to wait till the transactions are actually paid or
received.
Both accrual and cash basis of accounting are separate methods used for recording the
accounting and financial transactions. Core underlying difference in the two methods is of
timings of recording the transactions. On aggregation results under both the approaches is same.
Timing difference among two methods is there because under cash system revenues are delayed
till the payment is received in actual from customers same is case in recording the expenses
(Minnis and Sutherland, 2017). On the other hand accrual system requires company to record
income and expenses as they are earned without depending on cash outflow.
The impact over decisions is not major as the end results under bot system is same. But
accrual systems reflects actual performance of company where the cash system do not reflect
actual position. Company may have completed a big project but is not recorded due to payments
in arrears. Therefore companies follow accrual basis of accounting to reflect true position of
company.
2.2 Structure and content of final accounts and its use in decision making.
Final accounts comprises mainly of the Income Statements, balance sheet and cash flows
statements of company.
Structure and contents of different final accounts.
Structure and contents of Income Statement
Income Statement
Year Ended April 30, 2017
Sales Revenue .($000)
Sales Revenue 117
Cost of Goods Sold 14
Gross Profit 103

Less: Expenses
Labour 25
Utilities 10
Ski Patrols 10
Depreciation 3
Marketing 4
Other 8
TOTAL EXPENSES 60
Net Profit (before interest and tax) 43
Interest Expense 2
Net Profit Before Tax 41
Tax (10%) 4.1
Net Profit AFTER Tax 36.9
Dividends 20
Retained Profit 16.9

Structure and content of Balance Sheet
Structure and Content of Cash Flow Statement

Use of final accounts accounts in business decision making.

Income Statements – Income statements provides the management with the profitability form
carrying on business it also provide the information related to its revenues and expenses based on
which future strategies are framed.
Balance Sheet – Balance sheet of company informs the management about the position of the
company at year end. The changes in its assets and liabilities are assessed from balance sheet.
Make decisions comparing the statements with competitors (Vanauken, Ascigil and Carraher,
2017).
Cash Flow Statements – Cash Flows helps the management in identifying the inflows and
outflows of cash from different activities. This helps management in paying attention towards
productive activities.
2.3 Financial financial information and difference between sets of accounts.
Financial information obtained from the financial statements.
Income – It shows that company is having sufficient profits after carrying out all the expenses of
company. Efficiency of the company in managing its operations is judged by it.
COGS – It could be interpreted that company has managed to control its costs. Company is
having effective strategies to control its costs.
Gross profit – Company is having high gross profits, that means company is available with
sufficient profits to carry out further operations of business.
Stock holders equity – It shows that company has not issued any share capital in the given year.
Changes in equity have essential part in decision making.
Cash and equivalents – Company is having enough funds to carry its operations smoothly. It
will not be requiring to raise short term loans to meet its working capital requirements.
Difference between different sets of accounts.
Balance sheet Income Statement Fund Flows statements
 Balance sheet
represents and records
the assets and liabilities
of company
 Income Statements
reflects the income
generated and
expenditures incurred
in the business.
 Fund flow statement
represent the inflow
and outflow of cash
from different activities
like operating,
financing and
investment (Berger,

Minnis and Sutherland,
2017).
2.4 Difference between decisions relating to revenue and capital expenditure.
Capital expenditure - Capital expenditures are generally related to fixed assets. These are
productive assets over the long term period. These expenditures involves high investment of
funds.
Revenue expenditure – Revenue expenditures are related to the particular revenue transaction
for operating period. They are the operational costs incurred for running the business.
Both have influence over the decisions taken by the business. It depends on the size and
the funds involved in the expenditures. Capital expenditures have major expenditures, therefore
company is required to have adequate information for coming at informed decisions. Revenue
expenditures of company are of routine in nature and managers do not pay much focus on
making decisions about them.
2.5 Ratios used in decision making
Financial ratios are used by various experts and analysts for making an informed decisions.
Ratio Analysis
Liquidity Ratios
It gives the management information about the liquidity position of company. Current
ratio shows the capability of company in managing its cash requirements. It shows whether
company is able to meet its short term obligations from the available. Low current ratio would
require the management to take decisions for improvements.
Profitability Ratios
It is used for analysing the performance of company in given year. Return on capital
employed helps the management to identify whether the available resources are used efficiently
or not. High returns will encourage towards further improvements (Drake, Hales and Rees,
2019).

Return on equity is important to attract new investors and customers. Company is require
to perform the further steps that will be increasing the returns. Low returns will make investors
to withdraw their funds.
Gross profits shows that company is having effective control over its production cost to
achieve higher gross profit margin. Lower margin requires the company to take steps for
reducing costs and increasing the revenues (Flower and Ebbers, 2018). This is how ratio analysis
helps management to take decisions seeing the performance of company.
2.6 Key requirements for published accounts of public limited company.
 The financial accounts are prepared in accordance with the set accounting standard.
 Documents are lodged with ASIC.
 Financial statements of the company should be audited.
 Company is required to file all the statements for corporate tax filings.
 All the disclosures should be stated in the financial statements.
Section 3
3.1 Stating the difference between accounting ethics, business ethics and the governance in order
to ensure control on the business accountability
Accounting ethics Governance Business ethics
It refers to the field of an It means the way in which the It referred as the study of an

applied ethics and is stated as
the part of the business ethics
and the human ethics as a
study of the moral judgements
and values as it applies to an
accountancy.
company is governed. It is the
tool through which an entity
are managed and directed
(Rubin and Patel, 2017). It
reflects carrying business in
accordance to the desire of
stakeholders.
appropriate policies and the
practices of the business
relating to controversial
subjects that includes
corporate governance,
accounting, social
responsibility and the fiduciary
responsibilities.
It involves the power relating
to possibilities and the
potential for abuse of an
information or the
manipulation of the numbers
en enhancing the perception of
the company or in enforcing
the earning management.
It is conducted by board of the
directors and concerned
committees for the benefit of
company's stakeholders (Leuz
and Wysocki, 2016).
It ensures that certain trust
level exist between the
businesses and the consumers.
Accounting ethics is mainly
required in course of auditing.
Without meeting auditing
requirements and the
accounting ethics, audit must
paused instantly.
It is needed in balancing the
societal, individual, social and
economic goals. This in turn
ensures success of the
corporate and economic
growth.
With the business ethics an
employees are able to make
better decisions in the less
time frame. This leads to
increased productivity and a
high morale of an employee.
3.2 Assessing role of finance director as the guardian of the business ethics
The main role of the chief financial officer and the finance director are as follows-
 Demonstrating an ethical leadership and an integrity of the business.
 Balancing the short term concerns and the pressures like managing the cash, profitability,
liquidity, long run vision and the sustainable success of an enterprise.
 Driving and managing the change and the innovation in the organization.
 Inviting and communicating with all internal and the the external stakeholders.

3.3 Analysing important principles and the concept of the corporate governance that might
impacts business decisions
There are various principles of corporate governance that directly impacts business decision
making that are as follows-
Accountability- The code of the corporate governance facilitates for an accountability of
BODs to all the stakeholders as per the applicable law and in providing the guidance to BODs in
respect of making the decisions and in monitoring activities of an executive bodies.
Fairness- An organization undertakes in protecting the rights of the shareholders and in
ensuring an equal treatment of the shareholders (Boatright, 2017). This might gives an
opportunity to all shareholders in obtaining an effective redress for violating the rights.
3.4 Examining the national and an international reporting standards which are relevant to the
business decisions
There are the set of the standards that are placed for the purpose of annual accounting
known as GAAP. Such principles are been set in the place by FASB and are considered as the
national version of IFRS (Şahin, 2018). These reporting standards are counted as most crucial for
the business in making appropriate decisions relating to consistency and accuracy in the finances
that in turn helps in securing the trust of investors, financial backers and the employees.
Section 4
4.1 Difference between the long term financing and working capital needs of business.
There are various activities for which business required funds. It is essential for the business to
identify the objective behind requirements of funds.
Working capital financing is also known as short term financing. It is required for
meeting the needs arising for financing current assets of company for period less than a year.
Working capital is required by business in it regular trading operations. Short term financing is
required for paying suppliers, increasing inventory and for covering expenses in absence of
adequate funds (Acharya and Ryan, 2016).
Long term financing are the options adopted for overall improvements of business for
longer period. Capital expenditures like upgrading equipments, business restructuring and
purchasing capital assets are raised by long term financing sources.

Difference between the working capital financing is related with the payback period
loans. Also the objectives of both the financing is different. Long term financing is for capital
requirements and working capital financing is for meeting the regular business operational funds
requirements. Long term finances involves larger funds and working capital financing involve
shorter funds. Interest rate of long term financing is lower than working capital financing.

4.2 Sources of long term finances and working capital finance.
Sources of working capital finance Overdraft agreements - Banks allows companies to borrow to a certain defined limit for
carrying their business requirements without further agreements and discussions. They
are given on daily interest terms at variable rates. Accounts receivable - Companies take their commercial bills against which they are
given funds deducting a small charges. Banks collects the payments of bills raised for the
funds advanced.
 Selling goods in instalments - Companies selling costly goods in instalments. This ease
the payments for customers and make the constant flow of funds in company helping it to
manage its operations (Gupta and Singh, 2018).
Sources of long term financing Banks – Companies generally avail long term loans for meeting their long term funds
requirements. They provide company with loans at lower rates. Retained profits – Company can in place of dividend payment or venture investments
can retain portions from their profits for using it for funding the operations. They can also
meet the working capital requirements.
 Issue of Debentures and equities – Large companies generally raise the funds by issuing
shares and debentures. These funds are raised from the public by making public offers.
4.3 Reasons behind accessibility of working capital for the business continuity.
Working capital is defined as a financial metrics representing the operating liquidity that
is available with business organisations. With faced assets like plants & equipment and working
capital are regarded as operating capital. Effective management of working capital helps the
business in to run in healthy position and improving its ability of borrowings, increasing the
share prices of company and attracting new investors and business ventures. Business continuity
is possible when company is available with funds to carry its business operations. The business
activities should generate revenues for creating further capital. Effective and proper cycle of
working capital should be established by the company for its continuity. Business have to make
working capital its key priority in the economic environment with cash having key focus.

4.4 Techniques needed for managing cash flows and impact of cash flows on business.
Success and growth of business depends on the management of its cash flows. Every business
decision is based on the availability of funds. Business cannot perform its business activities and
production process will be hampered if there is no effective management of cash flows. Cash
flows have significant role in the business therefore it is required that management effectively
manage its cash flows (Bellavitis and et.al., 2017). Techniques to manage cash flows of business. Keeping track – Their should be proper track of cash flows for managing it. Management
is required to have close monitoring over inflow and outflow of cash. Budgeting - Business should prepare their spending plans for different activities. It is
used for managing the costs of company. This helps the management in keeping the
expenses under control. Cutting inefficiencies – Management should identify the inefficiencies hampering the
cash flows of business. It prevents the company to spend in unproductive activities. This
will save the company to suffer losses and use the funds over productive activities. Investing in funds and resources – This will provide the company with regular cash
flows to run its business. This will be increasing the business worth and value of money.
Value of funds increased by investments.
 Speeding payments – It is one of the most effective techniques used for managing the
cash flows of business. This will help in reducing the costs of purchases by early
payments.
4.5 Methods of making capital investment decisions.
Capital decisions are made after analysing whether the investment is feasible for the
business or not. Capital investment decisions are made using the investment appraisal techniques
which are NPV , payback period, ARR and IRR.
Illustration of capital investment decisions.
In the given case company is planning to invest in new business venture for which it
would require funds amounting 60000. The viability of project is checked using NPV and
payback period .

Net Present Value – It helps the management in identifying the profitability of a given project.
Net present value provides whether the cash flows generated by the project are enough for
recovering its costs or not (Ali and Khalid, 2019). Project is considered profitable when the Npv
of project is positive.
Payback Period – It is used by management for measuring the time length within which
company will be recovering its costs of investments. The tools states that shorter the payback
period beneficial it is for the company as company will generate project after reaching the break
even.

Interpretation – From the above illustration it can be interpreted that NPV of project is positive
and also the payback period is short that is 3 years & 5 months. The above techniques provides
that project is viable and should be adopted by the company.
4.6 Benefits and Drawbacks of off balance sheet financing.
Off balance sheet financing is an arrangement where business obtains equipments or
funds from the external sources. These transactions are not reported in the balance sheet as asset
or liability. But are presented in notes to accounts of financial statements.
Benefits
 It do not includes items in balance sheet as it is neither regarded as liability nor as asset.
 Borrowing capacity is not affected by off balance sheet financing and it do not increases
tax burden Off balance sheet financing do not affect the ratios of business and as the reported figures
are not increased (De Grauwe and Grimaldi, 2018).
Drawbacks
 Keeping debt out from balance sheet shows more creditworthy misrepresenting the
financial structure to its stakeholders.
 Financial risks of business cannot be judged accurately.
Section 5
5.1 Financial implications of various business ownership structures.
Financial implication refers to the influence of financial factors on the business.
Sole proprietorship - In this business structure owners are personally liable for actions & debts
of company. The damages resulting due to errors in accounting like losses to vendors or
customers or bankruptcies. Sole traders can lose personal assets for reimbursing the damages or
payment of debts (Leuz and Wysocki, 2016).
Partnership – In partnership business profits and losses are shared by partners in their agreed
proportions. Liabilities of partners in this structure extends to their personal assets in their
respective share. However in limited partnership liability is limited to the agreed proportion of
their investments.

Corporation - In corporations financial implications are limited to the company. It do not
extends to personal assets of owners. However the financial implications are significant over the
business. Losses are limited to company and are repaid only out of eh assets of company.
5.2 Analysing corporate governance, legal and regulatory environments of different ownership
structures of business.
Sole Proprietor Partnership Corporation
Corporate
Governance
Sole proprietors at
small scale do not
comply with corporate
governance.
They have their own
governance practices
for ensuring the
success of business.
Corporations are
required to have
effective governance
for facing the internal
and external factors
affecting organisation.
Legal environment Business structure do
not have heavy legal
requirements as it is
not a legal entity.
Partnerships are have
to abide by the laws
under partnership act.
All the partners are
legally bound for
action of any partner
(Costa, Carvalho. and
Moreira, 2019).
Corporation have wide
legal environment.
Every action and
transaction of
company have legal
implications.
Regulatory
environment
Sole proprietors are
self regulated. They
are not require to
maintain accounts as
per regulatory
frameworks.
Partnerships are also
not required to prepare
their accounts as per
regulatory standards.
Corporations are
required to comply
with all the regulatory
requirements and
accounting standards
for preparing their
accounts.

5.3 Comparing and contrasting interests of managers and owners in decision making.
Managers and owners both are interested in the overall profitability of business. Both the
stakeholders strive for increasing their efficiency so that business can grow. Owners have to bear
all the losses and profits arising from the business where the managers only get remuneration for
their efforts. The interests of shareholders is to be aligned with management of company.
Shareholders are interested in the growth of business where managers are interested in its
personal growth and share of profits. Owners have to keep effective control so that managers do
not incur any transaction benefiting self.
5.4 Significance of return on capital employed and other performance measures for long term
business sustainability.
Return over Capital employed provides management about the ability of company in
generating returns over its resources. Capital is employed so that effective returns can be
generated by the business. High returns shows that company is having strong strategies through
which it is generating high returns. High returns over capital employed maximises the
shareholders wealth this helps in long term sustainability of the business.
Return over Equity shows analyses the return available to investors for their investments
in equity shares. This shows that company is effectively utilising the funds of investors in the
business. If required return is not generated than shareholders will not invest in the company.
Without adequate funds company may not achieve its desired goals and objectives which will
affect the sustainability of business (Drake, Hales and Rees, 2019).
5.5 Examining importance of the EPS as measure business performance.
EPS refers to earnings per share of the business. It is net profit apportioned to every share
outstanding of company. It is used by various investors and businesses in measuring the
performance of company and for valuing the shares. It is disclosed in financial statements of
company. Company is considered profitable if its EPS is high with the comparative number of
shares outstanding. Companies should show a increasing trend in their EPS as that shows
company is managing its operations appropriately to generate high returns.

CONCLUSION
From the above study it can be concluded that finance is a very broad sectors. Decision-
makers have to consider various aspects and factors related to the business. Company cannot
achieve sustainability if financial factors associated with the business are not met efficiently.
Financial statements possess variety of important information that are necessary for making the
decisions for the business. Therefore today financial business decisions are very important for
the business and management should consider all the factors influencing the business.

REFERENCES
Books and journals
Boatright, J. R., 2017. Ethics and corporate governance: Justifying the role of shareholder. The
Blackwell guide to business ethics. pp.38-60.
Diouf, D. and Hebb, T., 2016. Exploring factors that influence social retail investors’ decisions:
Evidence from Desjardins fund. Journal of business ethics. 134(1). pp.45-67.
Kumar, T., 2017. Factors that influence Bangladeshi student's decisions to major accounting at
the entrance of university. Review of Integrative Business and Economics Research. 6(2).
pp.147-171.
Parent, M. C., Kalenkoski, C. M. and Cardella, E., 2018. Risky business: Precarious manhood
and investment portfolio decisions. Psychology of Men & Masculinity. 19(2). p.195.
Rubin, G. D. and Patel, B. N., 2017. Financial forecasting and stochastic modeling: predicting
the impact of business decisions. Radiology. 283(2). pp.342-358.
Şahin, A., 2018. How Principles of Business Ethics Relates to Corporate Governance and
Directors?. European Journal of Economics and Business Studies. 4(3). pp.22-27.
Minnis, M. and Sutherland, A., 2017. Financial statements as monitoring mechanisms: Evidence
from small commercial loans. Journal of Accounting Research.55(1). pp.197-233.
Vanauken, H.E., Ascigil, S. and Carraher, S., 2017. Turkish SMEs' use of financial statements
for decision making. The Journal of Entrepreneurial Finance (JEF). 19(1).
Berger, P.G., Minnis, M. and Sutherland, A., 2017. Commercial lending concentration and bank
expertise: Evidence from borrower financial statements. Journal of Accounting and
Economics. 64(2-3). pp.253-277.
Drake, M.S., Hales, J. and Rees, L., 2019. Disclosure Overload? A Professional User Perspective
on the Usefulness of General Purpose Financial Statements. Contemporary Accounting
Research.36(4). pp.1935-1965.
Flower, J. and Ebbers, G., 2018. Global financial reporting. Macmillan International Higher
Education.
Leuz, C. and Wysocki, P.D., 2016. The economics of disclosure and financial reporting
regulation: Evidence and suggestions for future research. Journal of accounting
research.54(2). pp.525-622.
Acharya, V.V. and Ryan, S.G., 2016. Banks’ financial reporting and financial system
stability. Journal of Accounting Research.54(2). pp.277-340.
Gupta, M. and Singh, S., 2018. Sources of finance for hospitalized treatment in India: Evidence
for policy. Indian journal of public health 62(4) p.308.
Bellavitis, C. and et.al., 2017. Entrepreneurial finance: new frontiers of research and practice:
Editorial for the special issue Embracing entrepreneurial funding innovations.
Ali, K. and Khalid, M., 2019. Sources to Finance Fiscal Deficit and Their Impact on Inflation: A
Case Study of Pakistan. The Pakistan Development Review. 58(1).pp.27-43.
1

De Grauwe, P. and Grimaldi, M., 2018. The exchange rate in a behavioral finance framework.
Princeton University Press.
Costa, D.F., Carvalho, F.D.M. and Moreira, B.C.D.M., 2019. Behavioral economics and
behavioral finance: A bibliometric analysis of the scientific fields. Journal of Economic
Surveys.33(1).pp.3-24.
2