Journal of Business and Retail Management Research

This comparative study between the UK and Poland set out to ascertain the key differences in the Skoda motor car brand across a range of brand characteristics, including brand image, price, perceived quality, trust, perceived value, purchase intentions, advertising and the country of origin effect. An online survey was used to collect data across both countries. A sample of 113 respondents was generated, with 58 respondents from the United Kingdom and 55 from Poland. The study found that, in general, the brand image of Skoda in both Poland and the UK was positive. However, it was statistically more positive in Poland. Most brand characteristics were found to be favourable to Skoda, although no further statistical differences were found between the country scores. Although no difference in the country of origin effect was detected statistically, the empirical evidence would suggest some affinity between Poland and Czech Republic, Skoda’s home, due to geographic and historical ties between the countries. Polish respondents were more knowledgeable about Skoda’s roots, which may account for its higher level of popularity in sales terms within that country. Whilst Skoda’s advertising was generally well received, there may be opportunity to embrace a change in tone (e.g. more humorous content) to make the brand more visible and appealing going forward

Business Sustainability retroverts a stakeholder issue into economic value, productive results, that creates value or wealth (Wheeler, Colbert, & Freeman, 2003). This paper aspires to allocate results-based objectivity to stakeholder re-positioning for business to generate value for sustainable term. This is challenging as the evolution of results-based approach needs arduous capacity-building in response to global business sustainability issues (Balogh, St-Pierre & Di Pippo, 2017). Classical concepts of shareholder wealth maximization have three domains, namely, normative, instrumental and descriptive theory (Donaldson & Preston, 1995). The three is adapted in this research to be depicted as value-net framework (Brandenburger & Nalebuff, 2011). The value-net introduces a number of inter-relationships that fosters co-adaptation and shared value creation (Dagnino & Padula, 2002). The architecture focuses primarily on the actors in any generic business environment and especially on the entities’ results-based orientation. The expectancy-value model may be appropriate here to relate values that stakeholders aspire to responses from business actions with respect to situations (Feather, 1990). This postulation attempts to relate relationship of three parameters, results-based stakeholders, options to repositioning and value-net for business sustainability. The left side is the independent variable nomenclatured as results-based stakeholders, the middle part is the re-positioning vector and the right-hand side represents the dependent variable, value-net for business sustainability. The outcome is the business sustainability matrix. In deciding on how to align expectancy value-net with intermediary dynamics for re-positioning, interests of the stakeholders and the firm should co-evolve. There are several reference frames. These reference frames can be linked to various steps in which stakeholder expectations form and manifest themselves. The first stage of the development of stakeholder expectations occurs necessarily on the level of individuals, as they are affected by the actions of organizations and evaluate all firms in their reach with respect to their behaviour.

This purpose of this paper is to examine how Prahalad’s 4As market framework influences brand loyalty in the Base of the Pyramid (BoP) market of the Philippines.  Specifically, Prahalad’s proposed market framework composed of four constructs – awareness, affordability, access, and availability.  Prahalad proposed that the 4As strategic framework was a more appropriate alternative to the traditional marketing framework of the 4Ps – product, price, place and promotion.  To date, limited market research has focused on brands and brand loyalty in BoP markets.  The present study was conducted first to examine Prahalad’s 4As as a comprehensive set of constructs, and second to measure the impact of the 4As on brand loyalty in the BoP market of the Philippines.

Using an online survey, data was collected from 606 Philippine college students.  Structural equation modeling was utilized to examine the relationship between Prahalad’s constructs and their combined impact on brand loyalty.  Two constructs, access and availability, were combined into the construct presence, reflecting the consumers’ perspective that the product is present in the consumers’ marketplace, both in a store and on the shelf.  Examining the impact on brand loyalty, both awareness of the branded product and the affordability of the branded product were found to be positively related to brand loyalty; these findings support previous research studies.  While presence was not found to be related to brand loyalty, presence was found to be positively related to both awareness and affordability.

The paper concludes with a discussion of how the findings link to previous research, the theoretical implications, recommendations for marketing practitioners, the limitations of this research, and suggestions for future research.

Psychic distance is derived from the Greek word psychikos which refers to an individual’s mind and distance refers to degree of psychological gap when specific individuals consider subjective and objective phenomena. It is regarded as an individual’s subjective perception of phenomena and their unique subjective distance of these phenomena from their own psychikos or ‘mind’s eye.’ In the business context, Psychic Distance refers to the tendency of companies embarking on internationalization to choose countries that are psychically close in terms of a number of key criteria that make business success easier to achieve, including: language, geographical proximity and historical and cultural ties. In this regard, the ‘Psychic Distance Paradox’ concept originally arose from an attempt to explain contradictory evidence from Canadian companies that had embarked on FDI in the physically close USA, which indicated that only a few had been functionally successful.

The current paper purpose is to investigate whether psychic distance and the psychic distance paradox provide cogent theoretical and empirical models; or whether they arise from a methodological approach built on a unidirectional, ‘deficit model’ consisting of lists of objectives (researcher conceived) ‘psychic factors’ obtained from the internationalization experiences of countries.

The paper critically analyses the concepts of psychic distance and its paradox as theoretically and logically cogent constructs based on valid and rigorous empirical evidence.  It aims to contribute to the extant literature by providing an original theoretical critique and describing an example of a recent South African empirical study that potentially surpasses the original psychic distance methodological approach by considering quantitative and qualitative context-specific factors in a triangulated quantitative and qualitative cross-sectional research design.

Findings of the theoretical and empirical analyses suggest that Psychic Distance and the Psychic Distance Paradox may be more myth than reality, and may derive from the limitations of the model’s deficit-focused configuration its emphasis on objective measurement indices and a paucity of qualitative data.

In one preliminary descriptive study, the authors look for the satisfaction of and intention towards BPJS Kesehatan in Indonesia, revealing that despite the high un-satisfaction rate, ninety-one per cent of members are still expressing their intention continue paying insurance premium. The most mentioned reason for continued membership is helping others. Therefore, the preliminary study concludes that there might be a role of generosity influencing intention. This study aims to develop a conceptual model linking generosity to intention. The method used for critical review is PRISMA systematic review. The result of the critical review is used as the based for concept development. More than three hundred publications published after 2007 in Science Direct were screened with key words “generosity” and “charity”. Finally, thirty journals were included in this review. The finding is that the most discussed topics are terminology (3 journals), motivation (16 journals), consequences (5 journals), and attributes of generosity (5 journals). Based on the review results, two possible relationships between generosity and intention are proposed. The first is that generosity, mediated by positive emotion, will influence intention. The second is that generosity has a direct influence on intention. It concludes with the need for further study to find empirical validation of the two possible relationships between generosity and intention. This is the first study proposed to link the generosity to intention.

This paper aims to study the factors that enhance perception of mobile commerce users to promote such form of shopping in Egypt. Researchers explored the factors affecting users of Mobile communication and electronic shopping by identifying all factors considered in technology users' behaviour theories. Researchers conducted an exploratory research, to examine the most relevant factors for mobile commerce adoption, also, tested the reliable and valid measures extracted, for considering its effect on the user’s perception of its usefulness and ease of use. Three factors were considered of main importance: social influence, convenience and hedonic motivations. Researchers tested those factors and they all affected User’s perception, further They affected each other. Thus, researchers concluded that, in Mobile commerce, Social influence were fully mediated with hedonic motivation and convenience. As of Convenience, it tends to be the most affecting for perceptions of consumers usefulness and ease of use also, it has a strong mediation effect between social influence and mobile commerce user’s perceptions.

This study investigated managerial perceptions of the determinants of sustainability reporting in Nigeria. The rationales that managers construct around institutional pressures in relation to sustainability reporting constitute an under explored area in research. A survey research design was employed. A questionnaire was designed for the purpose of data collection and copies were administered to 81 companies in oil and gas, banking, industrial goods and consumer goods sectors in Nigeria. The results showed that corporate respondents opined that a mix of factors – coercive, normative and mimetic factors actually influence sustainability reporting of companies.

The findings showed that corporate actors attributed higher values to initiation from the company chief executive officer (CEO) and investors’ concern with long-term performance of the business. Interestingly, regulatory pressures and employee training were found to have higher mean scores than pressures arising from corporate membership of external governance bodies, total asset base and foreign operations. Results from factor analysis showed that respondents opined that sustainability reporting was influenced by a mix of coercive, normative and mimetic factors. Pearson correlation between the level of sustainability reporting and coercive, normative and mimetic pressures showed significant association between the level of sustainability reporting and coercive and normative pressures.

This study identified that a number of pressures combine to influence sustainability reporting. The rationales attributed to the factors could be a pointer to the areas that members of the organizational field need to improve upon to enable companies to provide reliable sustainability reporting and disclosures. This study contributes to the literature by focusing on aspects of the organizational field or environment of business that can aid improvements in the quantity and quality of sustainability reporting. This aspect of research is yet to be undertaken in the Nigerian context.

The adoption of systematic inventory management practices (IMPs) is a critical success factor for businesses in a retailing industry. Nevertheless, there is lack of thorough understanding in the field of inventory management within a micro business setting. Thus, this study empirically explores the extent of IMPs in the micro retailing enterprises and the mediating effect of knowledge of IMPs in the relationship between IMPs and micro enterprises’ performance. A questionnaire was sent to a random sample of 300 Malaysian owners/managers of micro retailing enterprises and 100 completed replies were received. The study finds that the usage level of systematic IMPs is moderate among the micro retailing enterprises with evaluation of suppliers as the most frequently applied IMPs. Meanwhile, inventory management activities related to reorder point, purchasing and controlling are adopted moderately. Interestingly, this study confirms that there is a significant direct effect of IMPs on enterprise performance. The relationship is partially mediated by knowledge of inventory management. This research enhances the body of knowledge in inventory management and the firm’s performance particularly within the context of micro enterprises.

The purpose of this paper is to examine the impact of firm-created and user-generated social media brand communication on five consumer-based brand equity (CBBE) dimensions through Facebook on the Egyptian fast-moving consumer goods (FMCG) industry.


This paper used quantitative approach, which consists of distributing, collecting, and analyzing large-scale questionnaire survey. Questionnaires were administered personally and electronically distributed.  Data were collected from 400 customers based on quota sampling technique to cover the Egyptian population distribution and analyzed by using Structural Equation Modelling (SEM).

The results of our paper showed that firm-created social media brand communication has a significant positive direct impact on only four CBBE dimensions (brand awareness, brand perceived quality, brand associations and brand trust). Whereas user-generated social media brand communication has no significant impact on brand perceived quality, brand loyalty, and brand trust. Additionally, it has been found that user-generated social media brand communication has a negative impact on brand awareness and brand associations.

This paper adds to the body of knowledge by focusing on the impact of two different types of social media communication (firm-created and user-generated social media brand communication) on 5 CBBE dimensions (brand awareness, brand perceived quality, brand associations, brand loyalty, and brand trust) in new context, which is the Egyptian FMCG industry. On the other hand, this paper provides vital information to the marketing specialists and brand managers to understand how CBBE dimensions could be built via two different types of social media communication.

The purpose of this paper is to examine the impact of firm-created and user-generated social media brand communication on five consumer-based brand equity (CBBE) dimensions through Facebook on the Egyptian fast-moving consumer goods (FMCG) industry.


This paper used quantitative approach, which consists of distributing, collecting, and analyzing large-scale questionnaire survey. Questionnaires were administered personally and electronically distributed.  Data were collected from 400 customers based on quota sampling technique to cover the Egyptian population distribution and analyzed by using Structural Equation Modelling (SEM).

The results of our paper showed that firm-created social media brand communication has a significant positive direct impact on only four CBBE dimensions (brand awareness, brand perceived quality, brand associations and brand trust). Whereas user-generated social media brand communication has no significant impact on brand perceived quality, brand loyalty, and brand trust. Additionally, it has been found that user-generated social media brand communication has a negative impact on brand awareness and brand associations.

This paper adds to the body of knowledge by focusing on the impact of two different types of social media communication (firm-created and user-generated social media brand communication) on 5 CBBE dimensions (brand awareness, brand perceived quality, brand associations, brand loyalty, and brand trust) in new context, which is the Egyptian FMCG industry. On the other hand, this paper provides vital information to the marketing specialists and brand managers to understand how CBBE dimensions could be built via two different types of social media communication.

The objectives of the study were to comprehend the influence of regulatory compliance on the adoption of sustainable procurement practices by organisations, whilst examining whether decision makers in supply chains have the capacity to balance compliance and the interests of various stakeholders in supply chain management decision making processes. This research submits that supply chains play a significant role in ensuring that the contribution towards sustainability goals is enhanced, using the lens of stakeholder theory, institutional theory and the PESTEL framework. The approach adopted for the present research involved descriptive statistics and hypotheses tests that were utilised to quantitatively investigate primary research data that was collected using a survey involving 247 supply chain and sustainability practitioners within the public and the private sector. It was observed that practitioners are able to incorporate and translate stakeholder considerations into compliant requirements. Finally, the results demonstrated that there is a significant relationship between regulatory compliance and sustainability, highlighting the contribution of supply chain compliance towards driving sustainable development. The implications for academicians, researchers and practitioners were identified, in which new approaches to existing concepts were established. This research contributes to contemporary knowledge on sustainable procurement and supply chain management. Additionally, the empirical findings concluded that regulatory compliance has a direct influence on the acceptance of sustainable procurement by organisations particularly through internal policies that are tailored to emulate the business environment and culture.

The aim of this study is to examine the mediating effect of competitive strategy on the relationship between growth level strategies, and firm performance. Data was compiled from the manufacturing based SMEs operating in the North-West region of Nigeria, using cross-sectional research design. This study adopted cluster sampling and randomly selected 453 respondents and questionnaires were proportionately distributed and collected through personally administered method. PLS-SEM was used to test the hypotheses. The results found positive impact to both market development and product development on the SME performance.  It is expected that market development and product development will improve the competitive advantage and enhance performance of manufacturing based SMEs. The study found that competitive strategy empirically mediates the relationship between the strategic growth of manufacturing based SMEs and performance. Therefore, the findings of this study contribute to the literature and practice of SMEs owners-managers, policy makers, and researcher with better understanding on the role of competitive strategy in mediating the relationship between growth strategies and firm performance.  The study also assessed the effect size, as well as the predictive relevance.  Finally, limitations and suggested for further studies were represented.

This study aims to develop empirical model the relationship between salesperson training program on salesperson relationship competence and customer orientation, the relationship between customer orientations on salesperson’s performance.  The sampling technique use purposive sampling with 158 salespersons on consumer goods in Central Java Indonesia. The data were gathered by interview and questionnaire combination given to respondents. The data were analyzed using SEM (Structural Equation Modelling). The finding of this study showed that salesperson training program has a positive effect on salesperson relationship competence. Salesperson training program has a positive effect on customers’ orientation. Salesperson relationship competence has a positive effect on customers’ orientation. Customers’ orientation has a positive effect on salesperson’s performance.

The management of tenant mix by shopping centre managers in South Africa was compared with that found to have been used by shopping centre managers in the UK (Downie et al., 2002).  Relevant aspects included how to maintain an effective mix, the factors influencing the location of tenants, the extent that tenant mix policies are documented by property asset managers and the monitoring of tenant mix.  A total of twenty responses were received from leasing executives (letting agents), retail asset managers, investors, centre managers and property managers in South Africa, representing shopping centers totaling more than 1, 25 million square meters GLA.

The study found that similar levels of importance were given to each aspect by respondents in both the countries. In both studies, anchor tenants were seen to be the most important factor of determining tenant mix and the image of a shopping centre. In the UK retail store specialists played a more dominant role than in South Africa in influencing the shopping centre tenant mix decision and the location of stores within the shopping centre. The lack of required unit sizes and vacant units was found to be the greatest hindrance to the updating of the tenant mix in both studies. A formal tenant mix policy updated on a frequent basis was found to be a determining factor in the keeping the tenant mix relevant and reflecting modern retail trends. The monitoring of turnover by evaluating monthly turnover figures or accessing a turnover index on a monthly or yearly basis was seen as the most important tool to monitoring, and thereby managing, the effectiveness of the tenant mix.

The study provides guidelines to owners, asset managers, managers and investors in South African shopping centers on commonly accepted techniques to maintain a satisfactory tenant mix.

The aim of this chapter was to examine strategies of global recession for SMEs in emerging markets such as South Africa. A recession is considered as one of the most crucial environmental threats to SMEs’ viability, profitability and survival. Sensitive SMEs may close down, and many decrease their production capacity due to insufficient consumer demand which is a cause of global recession. Secondary examination of references indicates that it seems that South African SMEs in times of recession uses reducing costs and increasing growth strategies to survive global recessions. Luckily, SMEs have flexible managerial structures and therefore can adapt their strategies in times of recessions to survive.

This research sought to determine survivability of Black Small-Scale Sugar-cane Growers (BSSSGs), in the Ugu District Municipality of KwaZulu-Natal, South Africa, amid the severe decline in the sugar-cane industry. The qualitative research approach was employed. Fifteen in-depth, semi-structured interviews were conducted. Data were analysed using thematic analysis. The study revealed, among other things, that the majority of respondents were optimistic about the future of the industry, and as such, were planning to add to the existing hectares of sugar-cane planted. Notwithstanding evidence of the decline in profitability, which is advanced as one of the drivers of the industry decline, most BSSSGs stated profit as the motive for the planned increase in hectares. On the causes for the industry decline, only a handful of farmers linked this to international competitiveness, while others indicated transport costs as one of the drivers of the decline. Furthermore, the Reconstruction and Development Programme (RDP) Housing Scheme and the Land Restitution Programme were also mentioned by farmers as contributing significantly to loss of productive cane land to competing uses, for reasons discussed in detail in the study. Key lessons may be learned from this study to enhance survivability within the industry. The research findings are critical for addressing challenges that impede the survivability of BSSSGs in South Africa.

Studies have identified the importance of the attitude in the association with advertising appeal. However, the factors involved in direct and indirect effects of attitude remain unaddressed in the advertising appeal literature. This article aims to provide insight of the theoretical framework that addresses cultural norms based on Global Leadership and Organizational Behavior Effectiveness (GLOBE) cultural dimensions as the moderating factor in explaining the association between the advertising appeal and behavioral intention. In addition, this paper explores the possibility of the mediating role of the attitude in the association between advertising appeal and intention which may be studied further to determine the empirical finding based on the Theory of Planned Behavior.

The research aimed to examine the influence of the halal label, and the role of country of origin as an independent variable and moderator variable on the purchase behavior of the imported frozen foods. The research was conducted in North Sumatera, and the measurement of respondent numbers was based on the sampling fraction from sub-districts in Medan. Data collected from 110 respondents with definite criteria. Analysis of the data was applied the moderate regression analysis. The results of the research found that the halal label had a positive and significant effect on the purchase behavior. Furthermore, the country of origin also had an effect on purchase behavior. The role of country of origin as a moderator variable had a positive and significant impact on the halal label and purchase behavior of the imported frozen food. The negative value of country of origin could reduce the impact of a halal labeling on purchase behavior of the imported frozen food . The country of origin as a "quasi"-moderator meant it could use it as an independent variable or moderator variable. The authors recommend that institutions issued the Halal certificate collaborate with LPPOM-MUI. This case intended to anticipate the suspicions of Muslim communities in Indonesia.

This paper aims at investigating the effect of “humorous advertising” on the Egyptian viewer. It is studying the effect of humorous advertising (HA) on the consumer’s buying behaviour, probability to purchase and actual sales, as mediated by the attitude; along with studying its effect on recall and Word of Mouth. The research depends on both qualitative and quantitative data. Qualitative data includes five interviews with advertising experts and two focus groups, one with youth and another with adults. Quantitative data were collected through a survey. The data revealed that using humour in ads affects positively and strongly consumer attitude which has positive strong effect on probability to purchase; yet the consumer attitude effect on actual purchase choice was direct weak. Humour in ads has positive strong effect on word of mouth; as well as on recall. The marketers can use the humorous execution to lead to branding. As well as the paper clarifies for advertising agencies that this appeal needs special care in its creation to lead to the intended result; otherwise, it could lead to the opposite result. This paper fulfils an identified need to know the best marketing objective that can be achieved through humorous advertising.

The research finds out that there is a causal relationship between Foreign Direct Investment Inflows (FDI) and Gross Domestic Product (GDP) Growth. The study also reveals that the issue of Foreign Direct Investment (FDI) Inflows has become a vital weapon of Gross Domestic Product (GDP) growth for Bangladesh, bringing in technological development, capital investment and knowledge also needed for economic growth. According to this view, this paper purposes to study the relationship between FDI and economic growth in Bangladesh by the co-integration and Vector Error Correction Metrics (VECM) Test. The empirical analysis has conducted by using annual secondary data for the year of 1990-2015 of Bangladesh, to investigate the relationship between FDI Inflows and Economic Growth in Bangladesh. Paper finds out the positive relationship running from FDI Inflows to GDP in the long-run and short-run. The study suggests that Bangladesh government can create foreign investment-friendly policies, transfer of knowledge and trade promotion as well. This paper also advocates that the country's capacity to improve on economic growth will subject to promote more FDI Inflows.

This study aims to identify and understand factors that affect to acceptance M -marketing among Jordanian citizen. This study integrates technology acceptance model (TAM) with Trust factor. The primary data were collected from 1950 valid questionnaires, which were distributed, to random Jordanian citizen in three cities. The analyses of the gathered data employed the Partial Least Squares Structural Equation Modeling (PLS-SEM). The validity of the final overall model was evaluated using the statistics and acceptable fit of the measurement model to the data has been demonstrated. Based on the outcomes, the factors with the highest direct effect on Intention to use M- marketing appeared to be Attitude toward using M -marketing, while the factor with the highest indirect effect on Intention to use M- marketing appeared to be Compatibility. The main findings of the study are: trust factor has a positive and significant impact on perceived ease of use and perceived usefulness. Ease of use and perceived usefulness has the stronger impact on customers' attitude, which in turn influences customers' intention to use M -marketing services.

Companies with good Reputations not only depend on financial results but also on their contribution in environment and social responsibility and sustained growth. This is what the researchers are trying to prove over the past 30 years but still there is no consensus on the validity of this statement, therefore it became one of the debatable areas whether the Corporate Social Responsibility (CSR) can affect the organization financially or economically. Environmental information disclosure (EID) has become an important part in the process of the annual report, the social responsibility report and other information disclosure. This paper aims to assess the impact of several Corporate Characteristics on environmental information disclosure of the listed firms in a developing country. It selects the 50 most active firms in the Egyptian stock exchange and the analysis is done using the financial statements from the disclosure book for the period 2007-2011, prior the revolution, along with the firms’ annual reports. The final count for the firms is 45, after excluding banks and insurance companies, for having different disclosure requirements and different corporate governance code. The tests for this research are done using the multiple regression model applied using the SPSS. Findings found that there is an insignificant relationship between two factors of firms’ characteristics (Firm Size and Firm Financial Leverage) and EID, while Firm’s age showed a negative significant relationship with EID and finally Firm’s Profitability showed a positive significant relationship with EID.

Thailand has slowly regained its rice market share in China since 2014 after the abolishment of the rice pledging policy. With impressive economic growth, huge population and the Look West Policy of China created a great potential for a new market for Thai HomMali rice in Sichuan Province where there were 81 million people with 8-9 percent of economic growth during 2014-15. Chengdu, the capital, experienced an increase in GDP per capita 9-10 percent, and the food expenditure per capita grew at 8 percent. To facilitate a better understanding for this new market, consumers’ preference for Thai HomMali rice is needed and the implicit price of the important attribute of HomMali rice should be investigated. This study employed consumer survey of 412 samples in Chengdu and used the hedonic price model to analyze the implicit price of each attribute for HomMali Rice. The results show that modern trade, supermarket, and convenient store are the main marketplaces to purchase rice of Chengdu consumers. The softness and taste of Thai HomMali are the major factors that consumers preferred. Those consumers buying Thai rice have comparatively higher income and education, and have more cheerful lifestyle. The empirical results of consumer preference reflected that significant attributes influencing price are color, the percentage of broken rice, new-season crop rice, rice standard, rice brand, softness, taste and fragrance. The implicit price of Thai rice depends more on cooking and eating quality. As a result, to make Sichuan province become a potential high-quality Thai rice market, Thai government and traders should create product differentiation by emphasizing on Thai rice quality and standard in terms of physical quality, cooking and eating quality according to the Chinese demand.

This research aimed to analyze the risk factor of fraud diamond model towards accounting fraud and corporate governance as a moderating variable in relation with risk factor in fraud diamond model towards accounting fraud. This research using 12 fraud companies and 32 non-fraud companies listed by Indonesia stock exchange that breaking the article VIII.G.7issued by Financial Services Authority. With using logistic regression, the research result shows that only change in direction that is affect significantly towards accounting fraud. The next result, it shows that board of commissioners, independent commissioners and institution ownershipbe able to weaken the relation of change in direction towards accounting fraud. This research can suggest to the investors to be more careful in investing their fund. Especially, in the company that carries out the higher change in direction, because it tends to have accounting frauds. Furthermore, the company can improve the board of commissioners, independent commissioners and iinstitution ownershipp, so that the level of accounting fraud can be lowered.