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Journal of Accounting, Auditing & Finance

Journal of Accounting, Auditing & Finance

eISSN: 21604061 | ISSN: 0148558X | Current volume: 39 | Current issue: 1 Frequency: Quarterly

The Journal of Accounting, Auditing, and Finance (JAAF) is committed to publishing high quality studies in accounting and related fields. Papers on accounting issues relating to developing in other fields such as finance, economics, and operations are also welcome. Empirical, analytical and experimental works of all varieties and paradigms, normative as well as positive, will be considered, provided they significantly contribute to the advancement of our knowledge in accounting. Manuscripts submitted should contain original unpublished research and should not be under consideration for possible publication elsewhere.

This journal is a member of the Committee on Publication Ethics (COPE).

The Journal of Accounting, Auditing, and Finance (JAAF) is committed to publishing high quality studies in accounting and related fields. Papers on accounting issues relating to developing in other fields such as finance, economics, and operations are also welcome. Empirical, analytical and experimental works of all varieties and paradigms, normative as well as positive, will be considered, provided they significantly contribute to the advancement of our knowledge in accounting. Manuscripts submitted should contain original unpublished research and should not be under consideration for possible publication elsewhere.

Xiao-Jun Zhang University of California, Berkeley, USA
Editor for Conferences
C.S. Agnes Cheng The University of Oklahoma, USA
Linda Myers University of Tennessee, USA
Associate Editors
Dirk Black University of Nebraska-Lincoln, USA
Sandra Chamberlain University of British Columbia, Canada
C.S. Agnes Cheng The University of Oklahoma, USA
Hemang Desai Southern Methodist University, USA
Yiwei Dou  
Dan Givoly Pennsylvania State University, USA
Suresh Govindaraj Rutgers University, USA
Katherine Gunny University of Colorado, USA
Rong Huang Fudan University, China
Peter Joos INSEAD, Singapore
Stephanie Larocque University of Notre Dame, USA
Carolyn Levine University of Delaware, USA
Pierre Liang Carnegie Mellon University, USA
Stan Markov University of Texas, Dallas, USA
Steven Monahan University of Utah, USA
Linda Myers University of Tennessee, USA
Suresh Radhakrishnan University of Texas, Dallas, USA
Santosh Ramalingegowda University of Georgia, USA
Tim Seidel Brigham Young University, USA
Pervin Shroff University of Minnesota, USA
Albert Tsang Southern University of Science and Technology, China
Haifeng You The Hong Kong University of Science and Technology, Hong Kong
Tzachi Zach Ohio State University, USA
Editorial Board
Ashiq Ali University of Texas, Dallas, USA
Sudipta Basu Temple University, USA
Donal Byard Baruch University, USA
Peter Demerjian University of Illinois, Chicago, USA
Sunil Dutta University of California, Berkeley, USA
Peter Easton University of Notre Dame, USA
Alex Edwards University of Toronto, Canada
Omri Even-Tov University of California, Berkeley, USA
David B. Farber Indiana University Kelley School of Business, USA
Guojin Gong University of Connecticut, USA
Mahmud Hossain Clark Atlanta University, USA
Sterling Huang Singapore Management University, Singapore
Sharon Katz INSEAD, France
Yaniv Konchitchki University of California, Berkeley, USA
Todd Kravet University of Connecticut, USA
Jagan Krishnan Temple University, USA
Shai Levi Tel Aviv University, Israel
Bin Li University of Houston, USA
Feng Li Shanghai Advanced Institute of Finance, China
James Myers University of Tennessee, USA
Shailendra Pandit University of Illinois, Chicago, USA
Panos Patatoukas University of California, Berkeley, USA
Stephen Ryan New York University, USA
Joe Schroeder Indiana University, USA
Min Shen Baruch College, USA
Sri Sridhar Northwestern University, USA
Ayung Tseng University of California, Davis, USA
Xi Wu University of California, Berkeley, USA
Yuan Xie Fordham University, USA
Minlei Ye University of Toronto, Canada
Ari Yezegel Bentley University, USA
Biwen Zhang University of California, Berkeley, USA
Liandong Zhang Singapore Management University, Singapore
Wang Zheng City University of Hong Kong, Hong Kong
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  • All manuscripts must now be submitted electronically. Resubmissions should also be submitted electronically and clearly marked ‘‘revised version.’’

    To submit manuscripts, go to and follow the online submission instructions.  Contributors submitting manuscripts for review will be charged a manuscript submission fee of two hundred dollars ($200) for each initially submitted or resubmitted manuscript. Desk rejected manuscripts may be refunded $100 (half of the submission fee), but please note that all other peer-reviewed manuscripts are ineligible for a refund request. Questions about desk rejected manuscript refunds or questions about invoices should be directed to

    Submission fee may be waived, at the discretion of the Editor-in-chief, to ensure the publication of high quality research in JAAF.  Circumstances which qualify for fee waiver include, but are not limited to: all authors have demonstrated hardship; all authors are full time students; authors have made significant contributions to the journal; submission is invited by the journal. Please submit fee waiver requests to Professor Xiao-Jun Zhang, Editor-in-Chief, at

    Questions about the journal and the status of manuscripts are also welcome through e-mail at

    JAAF uses a double-anonymized review system. In order to maintain the integrity of the system, we request that you remove any version of your paper previously posted on public sites that may be easily accessible to potential referees.

    Publishing Open Access: If you or your funder wish your article to be freely available online to nonsubscribers immediately upon publication (gold open access), you can opt for it to be included in Sage Choice, subject to the payment of an article publishing charge (APC). The manuscript submission and peer review procedures are unchanged. On acceptance of your article, you will be asked to let Sage know directly if you are choosing Sage Choice. To check journal eligibility and the publication fee, please visit Sage Choice. For more information on open access options and compliance at Sage, including self/author archiving deposits (green open access) visit Sage Publishing Policies on our Journal Author Gateway.

    Style Guide

    • Manuscripts should be 12 pt. font and double-spaced. Manuscripts are expected to be no more than 40 pages in length, including tables, references, and figures (but excluding appendices).
    • We prefer footnotes be used as opposed to endnotes.
    • Pages should be numbered.
    • Include an abstract of 250 words or fewer and provide keywords. 
    • Tables must be numbered with Hindu-Arabic numerals and titled. Figures also should be numbered with Hindu-Arabic numerals and include a descriptive legend.
    • Equations must be numbered consecutively using Hindu-Arabic numerals.
    • References must be typed on a separate page at the end of the manuscript. Please refer to the Sample Reference page for the proper format for citing references.
    • Authors of accepted papers will receive an electronic copy of their article.

    Manuscript Preparation

    Manuscripts should be prepared using the APA Style Guide (Seventh Edition). All pages must be typed, double-spaced (including references, footnotes, and endnotes). Text must be in 12-point Times Roman. Block quotes may be single-spaced. Papers must include margins of 1 inch on all four sides with pages numbered sequentially.

    The manuscript should include four major sections (in this order): Title Page, Abstract, Main Body, and References.

    Sections in a manuscript may include the following (in this order): (1) Title page, (2) Abstract, (3) Keywords, (4) Text, (5) Notes, (6) References, (7) Tables, (8) Figures, and (9) Appendices.

    1. Title page. Please include the following:

    • Full article title
    • Acknowledgments and credits
    • Each author’s complete name and institutional affiliation(s)
    • Each author's short bio (approx. 50 to 100 words)
    • Grant numbers and/or funding information
    • Corresponding author (name, address, phone/fax, e-mail)

    2. Abstract. Print the abstract (150 to 250 words) on a separate page headed by the full article title. Omit author(s)’s names.

    3. Text. Begin article text on a new page headed by the full article title.

    a. Headings and subheadings. Subheadings should indicate the organization of the content of the manuscript. Generally, three heading levels are sufficient to organize text. Level 1 heading should be Centered, Boldface, Upper & Lowercase, Level 2 heading should be Flush Left, Boldface, Upper & Lowercase, Level 3 heading should be Indented, boldface, lowercase paragraph heading that ends with a period, Level 4 heading should be Indented, boldface, italicized, lowercase paragraph heading that ends with a period, and Level 5 heading should be Indented, italicized, lowercase paragraph heading that ends with a period.

    b. Citations. For each text citation, there must be a corresponding citation in the reference list and for each reference list citation, there must be a corresponding text citation. Each corresponding citation must have identical spelling and year. Each text citation must include at least two pieces of information, author(s), and year of publication. Following are some examples of text citations:

    • Unknown Author: To cite works that do not have an author, cite the source by its title in the signal phrase or use the first word or two in the parentheses. E.g., The findings are based on the study was done of students learning to format research papers ("Using XXX," 2001)
    • Authors with the Same Last Name: use first initials with the last names to prevent confusion. E.g. (L. Hughes, 2001; P. Hughes, 1998)
    • Two or More Works by the Same Author in the Same Year: For two sources by the same author in the same year, use lower-case letters (a, b, c) with the year to order the entries in the reference list. The lower-case letters should follow the year in the in-text citation. E.g., Research by Freud (1981a) illustrated that…
    • Personal Communication: For letters, e-mails, interviews, and other person-to-person communication, the citation should include the communicator's name, the fact that it was personal communication, and the date of the communication. Do not include personal communication in the reference list. E.g. (E. Clark, personal communication, January 4, 2009).
    • Unknown Author and Unknown Date: For citations with no author or date, use the title in the signal phrase or the first word or two of the title in the parentheses and use the abbreviation "n.d." (for "no date"). E.g., The study conducted by students and research division discovered that students succeeded with tutoring ("Tutoring and APA," n.d.).

    4. Notes. If explanatory notes are required for your manuscript, insert a number formatted in superscript following almost any punctuation mark. Footnote numbers should not follow dashes (—), and if they appear in a sentence in parentheses, the footnote number should be inserted within the parentheses. The Footnotes should be added at the bottom of the page after the references. The word “Footnotes” should be centered at the top of the page.

    5. References. Basic rules for the reference list:

    • The reference list should be arranged in alphabetical order according to the authors’ last names.
    • If there is more than one work by the same author, order them according to their publication date – oldest to newest (therefore a 2008 publication would appear before a 2009 publication).
    • When listing multiple authors of a source use “&” instead of “and”.
    • Capitalize only the first word of the title and of the subtitle, if there are one, and any proper names – i. e. only those words that are normally capitalized.
    • Italicize the title of the book, the title of the journal/serial and the title of the web document.
    • Every citation in text must have the detailed reference in the Reference section.
    • Every reference listed in the Reference section must be cited in text.
    • Do not use “et al.” in the Reference list at the end; names of all authors of a publication should be listed there.
    • Here are a few examples of commonly found references. For more examples please check APA (most recent edition).


    Book with place of publication--Airey, D. (2010). Logo design love: A guide to creating iconic brand identities. Berkeley, CA: New Riders.

    Book with editors & edition-- Collins, C., & Jackson, S. (Eds.). (2007). Sport in Aotearoa/New Zealand society. South Melbourne, Australia: Thomson.

    Book with the same author & publisher -- MidCentral District Health Board. (2008). District annual plan 2008/09. Palmerston North, New Zealand: Author.

    Chapter in an edited book -- Dear, J., & Underwood, M. (2007). What is the role of exercise in the prevention of back pain? In D. MacAuley& T. Best (Eds.), Evidence-based sports medicine (2nd ed., pp. 257-280). Malden, MA: Blackwell.


    Journal article with more than one author (print)--Gabbett, T., Jenkins, D., & Abernethy, B. (2010). Physical collisions and injury during professional rugby league skills training. Journal of Science and Medicine in Sport, 13(6), 578-583.

    Journal article – 8 or more authors-- Crooks, C., Ameratunga, R., Brewerton, M., Torok, M., Buetow, S., Brothers, S., … Jorgensen, P. (2010). Adverse reactions to food in New Zealand children aged 0-5 years. New Zealand Medical Journal, 123(1327). Retrieved from

    Internet Sources:

    Internet – no author, no date--Pet therapy. (n.d.). Retrieved from htttp://

    Internet – Organisation / Corporate author-- SPCA New Zealand. (2011). Your dog may be dying from the heat [Press release]. Retrieved from

    Examples of various types of information sources:

    Act (statute / legislation) --Copyright Act 1994. (2011, October 7). Retrieved from

    Blog post-- Liz and Ellory. (2011, January 19). The day of dread(s) [Web log post]. Retrieved from

    Brochure/pamphlet (no author) --Ageing well: How to be the best you can be [Brochure]. (2009). Wellington, New Zealand: Ministry of Health.

    Conference Paper--Williams, J., & Seary, K. (2010). Bridging the divide: Scaffolding the learning experiences of the mature age student. In J. Terrell (Ed.), Making the links: Learning, teaching and high-quality student outcomes. Proceedings of the 9th Conference of the New Zealand Association of Bridging Educators (pp. 104-116). Wellington, New Zealand.

    DVD / Video / Motion Picture (including Clickview & Youtube) --Gardiner, A., Curtis, C., & Michael, E. (Producers), &Waititi, T. (Director). (2010). Boy: Welcome to my interesting world [DVD]. New Zealand: Transmission.

    Magazine--Ng, A. (2011, October-December). Brush with history. Habitus, 13, 83-87.

    Newspaper article (no author) --Little blue penguins homeward bound. (2011, November 23). Manawatu Standard, p. 5

    Podcast (audio or video) --Rozaieski, B. (2011). Logan cabinet shoppe: Episode 37: Entertainment center molding [Video podcast]. Retrieved from

    Software (including apps) --UBM Medica. (2010). iMIMS (Version1.2.0) [Mobile application software]. Retrieved from

    Television programme --Flanagan, A., &Philipson, A. (Series producers & directors) (2011). 24 hours in A & E [Television series]. Belfast, Ireland: Channel 4.

    Thesis (print) --Smith, T. L. (2008). Change, choice and difference: The case of RN to BN degree programmes for registered nurses (Master’s thesis). Victoria University of Wellington, Wellington, New Zealand.

    Thesis (online)--Mann, D. L. (2010). Vision and expertise for interceptive actions in sport (Doctoral dissertation, The University of New South Wales, Sydney, Australia). Retrieved from

    Non- English reference book, title translated in English

    Real Academia Espanola. (2001). Diccionario de la lengua espanola [Dictionary of the Spanish Language] (22nded.). Madrid, Spain: Author

    6. Tables. They should be structured properly. Each table must have a clear and concise title. When appropriate, use the title to explain an abbreviation parenthetically. E.g., Comparison of Median Income of Adopted Children (AC) v. Foster Children (FC). Headings should be clear and brief.

    7. Figures. They should be numbered consecutively in the order in which they appear in the text and must include figure captions. Figures will appear in the published article in the order in which they are numbered initially. The figure resolution should be 300dpi at the time of submission.

    IMPORTANT: PERMISSION - The author(s) are responsible for securing permission to reproduce all copyrighted figures or materials before they are published in JAAF. A copy of the written permission must be included with the manuscript submission.

    8. Appendices. They should be lettered to distinguish from numbered tables and figures. Include a descriptive title for each appendix (e.g., “Appendix A. Variable Names and Definitions”). Cross-check text for accuracy against appendices.

    Supplemental Materials

    Supplemental material refers to any additional pieces to your article submission that should not be included in the issue or print versions, such as appendices, tables, and audio and video material that is impossible to produce within the article. We ask that upon initial submission to please submit all of your supplemental material files with your manuscript. Upon acceptance, the length of your supplemental files may necessitate that it is uploaded to Figshare. Please see our Supplemental Material – Guidelines for authors for any further questions you may have regarding supplemental materials or Figshare.

    IMPORTANT NOTE: To encourage a faster production process of your article, you are requested to closely adhere to the points above for references. Otherwise, it will entail a long process of solving copyeditor’s queries and may directly affect the publication time of your article. In case of any question, please contact the journal editor at

    If your submission includes previously copyrighted material (other than short quotations) you must secure letters of permission to reprint from the copyright holder and the author. Note that this applies to illustrations as well as to text. The letters of permission must be submitted at the same time as the manuscript. The Journal does not publish articles that have been published or accepted for publication elsewhere. However, there is generally no objection to having articles that have appeared in the Journal reprinted in other publications at a later date, provided the appropriate permission has been requested and received from the publisher.

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