International Journal of Academic Research in Accounting, Finance and Management Sciences

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Volume 7, Issue 4 (2017)

Effects of Board Globalizing on Financial Performance of Banks in Nigeria
Author(s): Otuya SUNDAY, Ofeimun GODWIN      Pages: [1-10]
Abstract

The Board of Directors (BoD) is the body of strategic decision-making, representation and highest executive body of a firm. A firm`s board can influence the formation of business and investment strategies and policies and ultimately performance. The objective of the study was to examine the effect of banks’ board globalizing on financial performance of quoted banks in Nigeria. The study made use of secondary data which were obtained from the annual reports of ten banks for the years 2011- 2015. The study adopted the ordinary least square (OLS) regression as the basic techniques of analysis and employed both normality and the multi-collinearity tests to examine the features of the data for analysis. Findings of the study reveal that foreign board membership, asset growth and institutional ownership have a significant positive relationship with financial performance of banks. The study also finds no significant relationship between board gender diversity and financial performance as well as a negative relationship between bank riskiness and financial performance of banks in Nigeria. The study recommends amongst others the consolidation of the code of corporate governance and concludes that board globalizing and diversity improves financial performance of banks in Nigeria.

Keywords

Board of Directors, Board Globalizing, Financial Performance, Asset Growth, Bank Riskiness

Full Text :PDF DOI: 10.6007/IJARAFMS/v7-i4/3304
Achieving a Sustainable Business: The Role of Environmental Management Accounting in Corporate Governance
Author(s): Kwame Oduro AMOAKO, Emmanuel Opoku MARFO, Eric Nsiah GYABAAH, Kofi OWIREDU- GHORMAN      Pages: [11-20]
Abstract

This paper establishes the relevance of Environmental management accounting (EMA) as an inevitable system for ensuring effective corporate governance. In contemporary business, corporate leaders globally stress on ensuring the interest of stakeholders through diverse means of which the use of Environment management accounting systems could be adopted for that purpose. Reluctance in handling environmental issues could culminate into huge financial loss to organizations in terms of environmental or other opportunity costs. It could also be the source of loss of goodwill on the part of stakeholders which can spell huge consequences for the entity’s business relationships resulting into governance problems. Consequently, the paper suggests that there are several reasons by which environmental management accounting becomes inevitable in the corporate governance process. It further concludes that Environmental management accounting provides information to the CEO that enables companies improve upon their environmental performance which impacts on effective corporate governance. The paper finally suggests specific areas for future research in relation to EMA and corporate governance.

Keywords

Environmental management accounting, corporate governance, chief executive officers, strategy, corporate leaders

Full Text :PDF DOI: 10.6007/IJARAFMS/v7-i4/3399
Evaluations on the Earning Quality of Listed Firms in Jordan
Author(s): Omar Zuhier Abdul-Karim AL-SHAR, Qiu DONGFANG      Pages: [21-32]
Abstract

Earnings Quality is a crucial indicator of companies which may have negative earnings surprises and underperform due to high amounts of accruals. Earnings quality is a relative measure and as thus is interpreted relative to some benchmark. Numerous stakeholders including company’s managers, stock analysts, investor and other participants in capital market focus on the main figure of financial statements. To measure the earnings quality in context of Jordan this study adopted the methodology of IASB framework and based on five proxies we measured the earnings quality of listed firms in Jordan. The study has been divided into two phases, in the first phase of study we have determined the five proxies of earning quality based on the secondary data collected from Amman stock exchange while in the second phase of study we have measured the earning quality index to rank the firms based upon their earning quality. Results have revealed that in year 2012 Al-Kindi Pharmaceutical Industries Plc is ranked as best performed with the highest earning quality index score of 10.99. In year 2013 Jordan Cement Factories has highest earning quality index score which is 40.09, in 2014 National Steel Industry has highest earning quality index score which is 9.01. Finally, in year 2015 National Steel Industry has highest earning quality index score with value of 48.04. These analysis has indicated that overall earning quality of firms vary over the years. The study concludes with managerial implications and some suggestions for the future research.

Keywords

Earning quality, accruals, index, proxies, Jordan

Full Text :PDF DOI: 10.6007/IJARAFMS/v7-i4/3400
Abstract

The purpose of this paper is to investigate the level of knowledge regarding Islamic accounting among first and final year accounting undergraduates; and to determine whether there is any significant difference in their level of understanding and awareness of Islamic accounting. A questionnaire was administered to the accounting undergraduates in one of Malaysian public universities. Results indicate that some of the respondents have some basic knowledge regarding Islamic accounting. Results also indicate that there is a significant difference in the level of understanding between the first and final year students. This is due to the fact that final year students were exposed to Islamic accounting topic in their final year. To emphasise Islamic accounting, education of this topic should be incorporated into the syllabus and professional training where appropriate.

Keywords

Accounting students, Islamic accounting, Malaysia

Full Text :PDF DOI: 10.6007/IJARAFMS/v7-i4/3401
Extent of Compliance with Code of Ethics and its Impact on Internal Audit Effectiveness
Author(s): Muhammed Yassin RAHAHLE      Pages: [40-61]
Abstract

The study aimed to identify the internal auditors’ compliance with code of ethics issued by the Institute of Internal Auditors, it includes (Integrity, Objectivity, Confidentiality, and Competency) and its impact on the effectiveness of internal audit, the study followed the descriptive analytical method, the study population is composed of internal auditors and members of audit committees in the Jordanian shareholding companies. The questionnaire was used in collecting preliminary data, which was distributed to (363) of them who represented the sample of the study. Arithmetic means, repetitions and (Multiple regression), (Stepwise Regression), (Anova) tests were used in data analysis. The study found that there is a compliance from the internal auditors for the code of ethics moderately, the most compliance was in competency dimension, followed by objectivity and then confidentiality and finally the integrity dimension in terms of the level of compliance in descending order and that there is a medium degree of effectiveness of the internal audit function, the integrity dimension was the most impact on the effectiveness of internal audit, the competency dimension was in the second rank, followed by confidentiality, finally the objectivity was the less impact. There were no differences in the opinions of internal auditors and members of audit committees on the impact of internal auditors’ compliance on the effectiveness of internal audit. The percentage of CIA certificate (Certified Internal Audit) holders reached (2.7%). The study recommended to aware the internal auditors with the importance to adhere to the code of ethics of the profession through holding seminars and courses and motivate them to raise the level of their commitment through providing them a suitable work environment that encourages commitment and reduce the likelihood of being exposed to situations of conflict of interest and work on revising professional and ethical code of ethics for practitioners of internal audit activity and related instructions, in order to rise into the level that enable to achieve the highest degree of compliance with code of ethics of the profession to raise the effectiveness of internal audit through making internal auditors to acknowledge that their compliance to the code of ethics of the profession has an added value and a real impact on the effectiveness of internal audit and not just a commitment to a moral charter which avoids internal auditors from accountability risks.

Keywords

Code of ethics, Auditing, Audit Effectiveness

Full Text :PDF DOI: 10.6007/IJARAFMS/v7-i4/3402
Market Rewards to Earnings Smoothing: Evidence from Firms’ Valuation in Nigeria
Author(s): Clement C.M. AJEKWE, Adzor IBIAMKE      Pages: [62-70]
Abstract

This paper documents evidence that the Nigerian market rewards low earnings per share volatility with higher share prices. Earnings smoothing was measured by the standard deviation of earnings stream over a five year rolling period in addition to the two traditional measures that relate variability of earnings and changes in accruals to cash flows.Multiple regression was employed on a sample of 48 firms from 2013 – 2015. The study found that Nigerian market rewards stable earnings over time, but are somewhat indifferent to the smoothness of past earnings in relation to cash flows. The practical implication of these findings is that managers of firms in Nigeria will take even “desperate” measures to report stable earnings to boost their firm valuations. The paper recommends that investors should not just reward stable earnings streams; they should be concerned with stable earnings and cash flows stability simultaneously. Failure to do so might result in earnings fraud that erodes their investments.

Keywords

Earnings smoothing, share prices, firm value, stock investment, Nigeria

Full Text :PDF DOI: 10.6007/IJARAFMS/v7-i4/3403
Financial Reporting Quality and Debt Contracting in Emerging Economy
Author(s): Ajla MURATOVIC- DEDIC, Nino SERDAREVIC      Pages: [71-82]
Abstract

This study investigates relations between debt contracting and asymmetries in timely recognition of firms' earnings in emerging market economy. The asymmetric timelines of earnings, as a measure that determines predictive power of financial reports, is observed proxy explaining borrowers' earnings management. This study use longitudinal research design to explore asymmetric timeliness of earnings and its association to debt contracting. The study result suggests that the change in asymmetric timelines of earnings is significantly associated with intention of long term debt contracting application that ends with the long term debt contract closure. In more particular, the positive (or negative) change in net income in previous period is associated with the decrease in net income change in consecutive periods for firm-years when no contract is closed. Vice versa, negative net income change in prior period, reported by firm-years prior long term debt application, is associated with an increase of net income change in consecutive period. On the other hand, there is no earnings management detected in years prior to long term debt application for the firms that have reported prior positive change in net income. The research is based on specific data set extracted from financial reports in Bosnia and Herzegovina.

Keywords

Earnings Timeliness, Financial Reporting Quality, Accounting Conservatism, Debt Contracting

Full Text :PDF DOI: 10.6007/IJARAFMS/v7-i4/3404
Fraud Free Financial Report: A Conceptual Review
Author(s): A. J. OMOOLORUN, T. O. ABILOGUN      Pages: [83-94]
Abstract

The study reviewed the key factors that enhance the quality of financial reports with emphasizes on Accounting Standards, Corporate Governance, Audit Committee, Whistle blowing, Internal Control, Audit Quality, Efficient Capital Market, Management Performance and Forensic Accounting Education in this order. Empirical evidences from extant literature revealed that these factors have influence on the quality of financial reporting. Hence it is recommended that they should be given careful attention by SEC, corporation players, financial analysts and individual investors in determining the quality of financial reports for viable investment decisions that drive economic growth.

Keywords

Financial report fraud, financial report quality, corporate governance, audit quality, efficient capital market, management performance, and forensic accountant education

Full Text :PDF DOI: 10.6007/IJARAFMS/v7-i4/3405
A Comparative Analysis of Macroeconomic Variables and Stock Market Performances in Africa (2000-2015)
Author(s): Christian N. WORLU, Cordelia Onyinyechi OMODERO      Pages: [95-102]
Abstract

The study aimed at evaluating the impact of macroeconomic variables on stock market performance in Africa from the period of 2000 to 2015. Four major African countries investigated were: Ghana, Kenya, South Africa and Nigeria. The specific objectives were to establish the extent to which GDP, inflation rate and real exchange rate affect the stock market performance represented by share price index. Time series data were employed and analyzed using multiple regression and t-test for hypotheses testing. With the use of SPSS software the result revealed negative impact of GDP, inflation and real exchange rate on SPI in Nigeria. Insignificant relationship of all the variables was also observed. The result for South Africa’s stock market showed that GDP and inflation had a negative impact on stock market and real exchange rate has no impact on the stock market. The impact of GDP on Ghana’s stock market was negative while the others had no impact. Real exchange rate had negative impact on Kenyan stock market, but GDP and inflation had no impact. The researchers therefore conclude that macroeconomic variables have to be checked by the government of the African countries to avoid this scenario of negative effects since they are major determinant of the success of the stock markets in every economy.

Keywords

Stock market, macroeconomic variables, Inflation, real exchange rate, GDP

Full Text :PDF DOI: 10.6007/IJARAFMS/v7-i4/3436
Abstract

Penelitian ini bertujuan untuk mengetahui pengaruh kesiapan tenaga pengajar dan dukungan institusi terhadap penerapan standar ISA di mata kuliah audit. Penelitian ini merupakan penelitian kuantitatif, dengan menggunakan alat uji PLS (Partial Least Square). Responden dari penelitian ini adalah Dosen Audit di Indonesia yang telah memiliki Sertifikasi Mengajar audit. Instrumen dari penelitian ini menggunakan kuisioner. Hasil dari penelitian ini menunjukan bahwa Kesiapan Tenaga Pengajar berpengaruh signifikan terhadap penerapan International Standar Audit di mata kuliah audit, sedangkan Dukungan Institusional tidak berpengaruh terhadap penerapan ISA di mata kuliah audit. Hubungan Dukungan Institutional bersifat negatif terhadap penerapan ISA di mata kuliah audit. Keyword: Implemetation ISA, Readiness of Lecturer, Intitutional Support.

Keywords

ISA, High Education, Auditing

Full Text :PDF DOI: 10.6007/IJARAFMS/v7-i4/3437
An Analytical Study of the Impact of Inflation on Economic Growth in Nigeria (1970-2016)
Author(s): Sunusi Yahaya ENEJOH, Ahmad Muhammad TSAUNI      Pages: [110-120]
Abstract

Inflation discourages savings and investment, it favours debtors at the expense of creditors, fixed income earners are worse off during inflation and it leads to unfavourable balance of payment as the export becomes dearer while import becomes cheaper. The objective of this paper is to analyse the impact of inflation on economic growth in Nigeria for the period 1970 to 2016. The unit root properties of the series were tested. The result shows that the variables are I(0) and I(1). Therefore, the paper employed ARDL approach to co-integration and error correction mechanism (ECM) to test both the short and long run impact of inflation on economic growth. The result shows that inflation and foreign exchange have positive impact on economic growth both in the short and long run. The impact of foreign exchange on economic growth became negative at lag 1 and 2 in the short run. The model is free from auto correlation and heteroscedasticity and the model is stable. The Granger causality shows that inflation and foreign exchange rates do not Granger cause economic growth. The paper recommends inflationary targeting at single digit.

Keywords

Inflation, Foreign Exchange Rate, Granger Causality, Economic Growth, Autoregressive Distributive Lag Model

Full Text :PDF DOI: 10.6007/IJARAFMS/v7-i4/3438
Abstract

This study aims to describe the adaptation process of audit standards in the learning process at higher education using the interactive control system’s perspective. This study used descriptive qualitative approach with the case study strategy at one universities in accounting department as research subjects. This study shows that the curriculum team and Head of Department using the interactive control system to give a change signal and trigger a limited conflict between the lecturer in the form of dialogue and debate. This conflict is continuously conducted and monitored until produce a new learning which is composed from various feedback. The results of this learning will be used as a strategy for adaptation to change. This study found that through the interactive control system that is used by decision-maker in the educational process environment, higher education managed to adapt more flexible to the changes in auditing standards.

Keywords

Interactive Control System, human resources, learning process, International Standard on Auditing, higher education

Full Text :PDF DOI: 10.6007/IJARAFMS/v7-i4/3439
Abstract

Behavioural economics currently addresses the human insights that are missing from classic economic theory such as: heuristics, framing and market inefficiencies. As people are prone to economic decision-making errors it is imperative to pay attention and to examine cognitive, emotional and subjective factors that can influence the decision-making process. An area related to behavioural economics is that of behavioural finance which attempts to explain the set of psychological aspects and biases that affects financial decisions. The current research explores the influence context effects have on the economic decision making process in two different situations: crisis and no-crisis. A context effect is an aspect of cognitive psychology that describes the influence of environmental factors on one's perception of a stimulus and can have an important impact on our decisions. The paper finds that once the crisis has occurred, Romanians were influenced by the negative economic context, so a context effect could be observed. The financial decisions as regard to loans and deposits were also influenced by the interest rate level and earnings

Keywords

Behavioural finance, context effect, decision-making process, framing, borrowing, savings, economic crisis, interest rate, earnings

Full Text :PDF DOI: 10.6007/IJARAFMS/v7-i4/3443
Earnings Management and Banks Performance: Evidence from Europe
Author(s): Mohammad M. ALHADAB, Bassam AL- OWN      Pages: [134-145]
Abstract

The primary purpose of this study is to examine whether earnings management affects banks’ current and future performance. It analyses the relationship between discretionary loan loss provision and both return on assets (ROA) and return on equity (ROE). Using a sample consists of 477 bank-year observations that representing 55 European banks over the period from 2001 to 2015, we provide new evidence that European banks with high levels of earnings management that occurs via discretionary loan loss provision experience inferior performance (measured via ROA and ROE) in the current and subsequent years. Our results show that the negative impact of earnings management (which takes place in a specific year) feeds through into the following years. The results of the analysis emphasis the important implication to many interested parties across the European Union such as regulators, investors, audit firms, and standards setters who aim to improve the financial reporting quality in the banking industry.

Keywords

Loan Loss Provision, Discretionary Loan Loss Provision, Performance, European Banks, Return On Assets, Return On Equity

Full Text :PDF DOI: 10.6007/IJARAFMS/v7-i4/3444
Sovereign Credit Rating Changes and Its Impact on Financial Markets of Europe during Debt Crisis Period in Greece and Ireland
Author(s): Fahad BASHIR, Omar MASOOD, Abdullah Imran SAHI      Pages: [146-159]
Abstract

The purpose of this study is to examine the impact of sovereign credit rating changes on financial markets using database of two countries (Greece, Ireland) in the European union over the period March, 2008-Dec, 2015. By analyzing the influence of sovereign credit rating on bond market yield We also examine the correlation between sovereign credit rating and bond market yield of each country during crisis period. Quarterly basis data of all variables is used in the research. By using regression analysis with Durbin Watson test and Pearson correlation for each country financial markets the findings indicated that sovereign credit rating has a significant impact on bond markets. Sovereign ratings are negatively correlated with Bond yield in both countries. The finding summarized that credit rating has a major influence on financial markets during crisis period.

Keywords

Credit ratings, Moody, S&P, Fitch, bond yield, inflation, current account

Full Text :PDF DOI: 10.6007/IJARAFMS/v7-i4/3469
Decision Usefulness and Financial Reporting: The General Public Perspective
Author(s): Kazeem Akanfe SOYINKA, Michael Omotayo FAGBAYIMU, Emmanuel ADEGOROYE, John Oladipo OGUNMOLA      Pages: [160-168]
Abstract

The study examines how the quality of financial reports aid accounting information users (the general public) to make informed decisions. To achieve this objective, the current Staff and Higher National Diploma Students of Accountancy Department, Rufus Giwa Polytechnic Owo, Ondo State, Nigeria was used as our respondents. Data were gathered using the questionnaire. A total of 75 sets of a questionnaire were administered to the respondents with 57 of them retrieved, thus, representing a 76% response rate. The Ordinary Least Square (OLS) regression technique was employed to analyze the data gathered. From the empirical results, reliability, understandability, comparability, timeliness and verifiability of financial reports with t-statistic values of (1.309), (-0.792), (-0.357) and (-0.681) respectively were found to be insignificant for decision making by the general public. While relevance and faithful representation with t-statistic values of (2.398) and (2.004) respectively were found to be positive and statically significant for decision making by the general public. The paper therefore concludes that most of the respondents do not rely on the financial reports provided by companies as a result of not providing their information needs as stakeholders. Therefore, it was recommended that for financial reports to be more meaningful and of immense benefit to the general public there is need to make information in financial reports more reliable, understandable, comparable, timely and verifiable.

Keywords

Financial reporting, reliability, understandability, comparability, timeliness, verifiability, relevance, faithful representation

Full Text :PDF DOI: 10.6007/IJARAFMS/v7-i4/3470
Abstract

The study examined the effect of taxation barriers on government’s revenue generation in Nigeria. The specific objectives were to determine how the problems of ‘lack of reliable tax database/tax automation’ and ‘prevalence of cash transactions among Small and Medium Enterprises’ affect revenue generation. The theoretical frameworks used for the study were: ‘the benefit theory’ and ‘the ability -to- pay theory of taxation’. The study objectives guided the empirical review. The Researchers used the survey approach. Primary data were collected using structured questionnaires, while formulated hypotheses were analyzed using SPSS software. The result of the study showed that problems lack of reliable tax database and the prevalence of cash transactions impede government’s internal revenue generation in Nigeria. The study recommended effective tax automation, regular education of tax payers on the benefits of paying tax, training of revenue staff and provision of adequate logistics for efficient tax administration; as some of the measures to ensure improved revenue generation in Nigeria.

Keywords

Taxation, revenue generation, Small and Medium Enterprises, tax monitoring, tax data base, tax education, Internally Generated Revenue (IGR)

Full Text :PDF DOI: 10.6007/IJARAFMS/v7-i4/3481
Abstract

This paper examines the influence of safety practices on performance of oil and gas companies in Nigeria. The study specifically looked at the influence of Regular Provision/use of Personal Protective Equipment (PPE) and Daily Safety Briefings on the profitability of Oil and gas firms in Nigeria. Data were obtained by means of questionnaire. Analyses were performed using Pearson’s product moment coefficient of correlation and regression analyses via the use of SPSS. The findings reveal a statistically positive correlation between safety practices and the performance of oil and gas companies. Further, safety practices positively influence the Operating Profit Margin (OPROM) and Return on Turnover (ROTUN) of the companies. The study recommended that continuous safety practices by all oil and gas firms to enable them to have smooth performance and enhanced profitability.

Keywords

Safety practices, performance, profitability, oil and gas companies

Full Text :PDF DOI: 10.6007/IJARAFMS/v7-i4/3482
Abstract

This study aimed to investigate the impact of organizational conflict strategies on organizational commitment at public universities in the north region of Jordan, the conflict management strategies represented by (Integration strategy, Domination strategy, compromising strategy, and Avoiding strategy), and organizational commitment represented by three dimensions (emotional, continuity, normative). The study population consisted of all of the Employees working in the public universities in the north region of Jordan (Yarmouk university, Jordan University of Science and Technology), a random simple sample was selected from the study population estimated (305) respondents. To achieve the objectives of the study, the descriptive analytical method was used through A questionnaire that used a major tool for data collection developed at the hands of elite researchers and writers in the field of the study variables. A number of statistical tools and methods were used such as Mean, Standard Deviation, one sample T-test, Multiple Regression, and Path analysis. The results showed that Integration, Domination, Compromising, and Avoiding had a significant and positive effect on Organizational commitment at public universities in the north region of Jordan, based on the study results, the researcher recommends manager and decision makers at public universities in Jordan to Work on training the staff on how to diagnose the conflict, and identify the causes and ways to deal with it.

Keywords

Organizational conflict strategies, organizational commitment, public university, Jordan

Full Text :PDF DOI: 10.6007/IJARAFMS/v7-i4/3483
SMEs and its Role in Economic and Socio-Economic Development of Pakistan
Author(s): Ammad ZAFAR, Sadaf MUSTAFA      Pages: [195-205]
Abstract

SME‘s contributes to over 55% of GDP and over 65% of total employment in high-income countries. SME ‘s and informal enterprises, account for over 60% of GDP and over 70% of total employment in low-income countries, while they contribute over 95% of total employment and about 70% of GDP in middle-income countries. Small and medium-sized enterprises (SMEs) are non-auxiliary, autonomous firms which employ less than 250 number of workers in Pakistan or having paid-up capital up to Rs.25 million and sales up to Rs.250 million per annum. Moreover, SME segment is the foundation of Pakistan's economy as far as its commitment towards GDP, work era and fare improvement. Economy related access is a key driver in building up the SME division which thusly prompts economic growth of the country. SMEs constitute about 90% of the considerable number of ventures in Pakistan; utilize 80% of the non-rural work constrain; and their contribution in the yearly GDP is up to 40%, roughly it has proportion of 30% in Pakistan's all exports. SMEs are spread in all areas of Pakistan with a noteworthy fixation in Punjab (65.4%). The contribution of Balochistan in the nation's SME part happens to be the littlest (2.3%) while those of Sindh and Khyber-Pakhtunkhwa are 18% and 14.3%, separately. Despite of significant contribution of SMEs to the economic growth of Pakistan, more than 90% young people in the biggest city i.e. Karachi, believe they do not have enough economic opportunities for their professional growth. The studies reveal that, SMEs not only impacts GDP. It also helps to enhance the livelihood of people of the country by creating more economic opportunities. The study focuses on structural analysis of SMEs and its role on economic and socio-economic growth of Pakistan. It also discusses the socio-economic challenges faced by Pakistan.

Keywords

Economic growth, socio-economic growth, economic opportunities, Gross Domestic Product

Full Text :PDF DOI: 10.6007/IJARAFMS/v7-i4/3484
Abstract

The goal of this study is to investigate the relationship between firm value and profit quality considering the role of mediator of institutional ownership in listed firms on Stock Exchange. In this study, to measure and evaluate the quality of profit, according to Laurie and Jenkins (6002) and Wang (2006), also the ownership of investors categorize at three levels: high, medium and low. The research population of this study is the listed firms on Tehran Stock Exchange and the statistical sample includes 222 companies in the period from 2009 to 2013. Investigating the relationships between variables after controlling the company's specific features has done by using multiple linear regressions and the panel method. The results of the research show a significant relationship between the firm's value and the quality of profit that by increasing investor ownership, a stronger relationship established between firm value and profitability.

Keywords

Earnings quality, firm value, ownership, investors, reporting, Stock Exchange

Full Text :PDF DOI: 10.6007/IJARAFMS/v7-i4/3509