IADITI - Dutch Journal of Finance and Management
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The Dutch Journal of Finance and Management (DJFM) is an international biannual peer-reviewed journal that provides a platform for analysis in the fields of economics, accounting, finance and management. DJFM aims to create a multidisciplinary platform on which these topics are analysed by an international network of scientists.
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- Accounting Standardization in the Municipality of Elvas: stages and challengesPublication . Ventura, Ricardo; Silva, Amélia; Cunha, Ana; Oliveira, Helena CostaThe biggest change of paradigm in the accounting system of the Portuguese public sector, take place in 1997 with the public sector reform, which materialized through the Public Official Accounting Plan. However, despite the important role played by this accounting standard, it could not keep up with international standards or the evolution of accounting in the private sector. These facts along with the multiplicity of accounting systems in the public sector and the strong need for international accounting harmonization, led, in 2015, to the approval of the Public Sector Accounting Standardization System. Thus, the emergence of new challenges in public management was the lever for the most recent reform of public accounting in Portugal operationalized by the Public Sector Accounting Standardization System and the Budgetary Framework Law. This applies to all central, regional, and local government institutions. Among local government institutions, municipalities are the most representative. Their transition from the Official Accounting Plan for Local Authorities to Public Sector Accounting Standardization System was expected to be a long and complex process mainly due to obstacles such as the adaptation of computer systems and the high number of procedures needed. Thus, this study analyzes the conceptual basis and describes the transition stages from the Official Accounting Plan for Local Authorities to Public Sector Accounting Standardization System in a Portuguese municipality. This work follows a qualitative methodology. The case study identified three critical factors for the successful implementation of the Public Sector Accounting Standardization System: human resources with experience and adequate training, adequate information systems, and institutional support from official public entities. This paper contributes to a proper application of the system through theoretical and practical explanation of the processes, at the accounting and technologies levels. By highlighting crucial points in a process of change, this paper also contributes to the success of changing processes in the public sector.
- Analysing the Trend and Variability in Corruption Perception: A Study of Sub-Sahara African Countries from 2012-2020Publication . Paul, Chima; Adams, Samuel OlorunfemiThis study examines trends and variability in the Corruption Perception Index (CPI) across 48 Sub-Saharan African (SSA) nation using cross-sectional data from 2012 to 2020 from Transparency International. Based on expert polls, the CPI rates public sector corruption from 0 (high corruption) to 100 (low corruption). Analysis was conducted using STATA 15 and included descriptive statistics, data visualization, correlation matrices, and one-way ANOVA. The findings show a steady yearly growth in the CPI, with major anti-corruption advancements in Botswana, Rwanda, Namibia, and Senegal. While the Democratic Republic of Congo, Sudan, and South Sudan continued to struggle with corruption, Niger, Gabon, Mali, and Togo demonstrated only little progress. The average CPI decreased somewhat from 32.9 in 2012 to 32.2 in 2020, indicating a minor regional impact, notwithstanding individual country efforts. ANOVA results showed no significant variations in corruption levels over time (F = 0.031, P = 0.987), but strong correlations (P < 0.01) suggest persistent CPI trends. These results highlight the necessity of focused policy initiatives and long-term governance reforms to solve persistent corruption problems in SSA. The study concludes that, in spite of evidence of relative effectiveness in governance and anti-corruption initiatives countries like Botswana, Rwanda, Namibia, and Senegal stand out as the top nations with the lowest perceived levels of corruption.
- Analytical Hierarchy Process for Risk Management in the Stabilized Flight Approach - Expert JudgmentPublication . Pedroza, Juan Carlos; Pena, Alejandro; Sepúlveda Cano, Lina Maria; Carvalho, João VidalDestabilised approaches have been the primary cause of fatal accidents during the approach and landing phase, as stated in (Airbus, 2023). The stabilised approach concept is of great importance for the safe operation of an airline during the approach and landing phases (Acarbay & Kiyak, 2020). The elements highlighted in the approach phases are the runway's dry or contaminated condition and length. In the crew, we analyse their competence, recurrence, and fatigue. Another variable is the type of approach, whether it is precision, non-precision or visual. The external conditions of the aerodrome include obstacles, wind, and wildlife—the type of aircraft, whether light, medium or heavy. Due to the large amount of qualitative information derived from the pilots' experience about risk management in the approach and landing phases, this paper proposes an Analytic Hierarchy Process model (AHP) for threat characterisation and risk analysis to achieve a stabilised approach. The results show that AHP proposed model establishes a new methodology for identifying potential in-flight risks to air operations based on expert criteria, improving the decisions to land at an alternate airport based on qualitative information from expert pilots in the risk management field.
- Board of Directors, Audit Committee and Firms’ PerformancePublication . Awad, Ghina; Ghanem, Mohamed GaberThis study explores the different attributes of audit committees and boards of directors' effect on firm performance. Mainly the board’s size and independence and the audit committee’s employment, size, independence, financial experience, and frequency of meetings. This paper also talks about resource dependency theory which considers that. Non-independent directors have a positive effect on firm performance. On the contrary, agency theory suggests that the more independent the board is, the better the performance. Many accounting scandals and worldwide failures in corporate governance have occurred in the past few decades, affecting stakeholders and taking a heavy toll on national and global economies. After many infamous corporates, the United States passed the Sarbanes-Oxley Act (SOX), which acted to heighten the responsibilities of the board of directors in corporations, promotes fairness to both shareholders and stakeholders alike by enforcing listed companies to employ independent, knowledgeable, and proactive audit committees and directors and ultimately set the utmost importance on the protection of investors and stakeholders. Taking a sample of 96 companies, the results show that a more extensive and independent board positively affects business results, and the same applies to the implementation of an audit committee. However, our results found no link between the different characteristics of audit committees with firm performance. The findings above give us insight into how companies’ governance operates.
- A Comparative Analysis of the 2017 and 2024 Global Internal Auditing Standards and Their Implementation Challenges in Developing Countries: Toward Adapting to ChangePublication . Attaf, Wala FaridThe mandatory implementation of the Global Internal Audit Standards issued by the Institute of Internal Auditors (IIA) in 2024 marks a significant transformation in the regulation and practice of internal auditing worldwide, particularly in developing-country contexts. This study provides a comparative analysis of the 2017 International Professional Practices Framework (IPPF) standards and the 2024 Global Internal Audit Standards, with a focus on structural changes, conceptual evolution, and implementation challenges. Methodologically, the study employs a qualitative documentary analysis, combined with a descriptive and comparative approach. It analyzes official IIA standards and supporting documents, complemented by professional reports and recent peer-reviewed academic literature published between 2022 and 2025. The findings reveal that the 2024 Standards introduce a unified, principle-based framework that strengthens governance integration, quality management, stakeholder engagement, and the strategic role of internal audit, while embedding emerging priorities such as digital transformation, sustainability, and risk-based value creation. However, the analysis also indicates that the increased prescriptiveness and strategic expectations of the 2024 Standards pose significant implementation challenges in developing countries, where institutional maturity, regulatory support, technological readiness, and professional capacity often remain limited. The study contributes to the internal auditing literature by providing a critical synthesis of the evolution of global internal audit standards and by advancing an interpretive, context-sensitive perspective on their adoption in developing-country contexts. It provides insights for Chief Audit Executives, regulators, and policymakers on how to balance global standardization with contextual adaptation, capacity building, and phased implementation strategies.
- Cybersecurity and Geopolitics in the Dominican Republic: Threats, Policies and Future ProspectsPublication . Tapia, Johan; Castanho, RuiCybersecurity, an increasingly pertinent topic in today's globalized world, is the central focus of this paper, which provides a comprehensive guide to the cybersecurity landscape in the Dominican Republic. The authors delve into the country's cyber threats and vulnerabilities, its current cybersecurity policy, the interplay between cybersecurity and national security, and the role of diplomacy in addressing cybersecurity issues. The paper also presents real-world examples of cyberattacks and cybersecurity responses in the Dominican Republic, and discusses future prospects for cybersecurity in the country. Cyberattacks pose a constant threat to national security, economies, and critical infrastructure worldwide. As these issues transcend national borders, international collaboration becomes critical in confronting these threats and safeguarding global citizens and institutions. This paper aims to not only shed light on the specific case of the Dominican Republic but also serve as a reference for other contexts. The methodology, results, and conclusions drawn from the analyzed texts will be detailed in the subsequent sections of the paper.
- Determinants of R&D investment under Uncertainty: An Empirical Study of Saudi FirmsPublication . Saif, Abdullah Abdulhafedh Abdullah; An, Nguyen Ngoc Minh; Mohammed, Mohammed Abdeulglel Mansoor; Abduljalil, Abdullah Mohammed Abdulnoor; Altahery , Akram Ali Abdullah; Abdullah, Adam Ali Ahmed; Dawood, Mariam Mourise Saad GhattasThis study aims to examine the financial determinants of research and development (R&D) investment in Saudi industrial firms, with particular emphasis on periods of economic crises. The 2008 Global Financial Crisis and the COVID-19 pandemic are employed as representative examples of major economic shocks to assess firms’ innovation responses. To achieve this objective, the analysis incorporates firm-specific variables using panel data for a sample of thirty industrial firms over the period 2007–2020. The sample selection is based on firms’ strategic engagement in R&D activities and the critical contribution of the industrial sector to the national economy. The dataset, covering fourteen years, was compiled from audited financial statements of the selected firms, obtained from their official websites. The study adopts a purposive sampling approach and an explanatory (causal) research design, employing quantitative data within a multiple regression framework. Using STATA for empirical analysis, the study utilizes one dependent variable R&D investment, measured as the ratio of R&D expenditure to total assets and eight independent variables: cash , sales growth rate, gross profit from sales, return on assets, return on equity, internal financing rate, external financing rate, and the debt-to-equity ratio. The results reveal a statistically significant positive relationship between sales growth rate, gross profit from sales, return on assets, and internal financing, and R&D investment. Conversely, the findings indicate a negative relationship between cash holdings, return on equity, external financing, and the debt-to-equity ratio, and R&D investment.Although crises explains only a small share of R&D variation (R² ≈ 13%), financial variables consistently demonstrate far greater explanatory power ( 87%), confirming that firms’ financial conditions are the key drivers of R&D investment in times of economic turmoil. Finally, the study recommends that Saudi industrial firms adopt optimal business portfolio diversification strategies to reduce exposure to crisis-related risks and mitigate their adverse effects. To enhance their investment portfolios, firms should move beyond traditional income sources and diversify into alternative, non-interest-based revenue streams.
- Diaspora networks and export performance of small-scale agroprocessing firms in NigeriaPublication . Isichei, Ejikeme Emmanuel; Mohammed, Awwal Mohammed; Isichei,This study examines how diaspora networks influence the export performance of small-scale agro-processing firms in the Federal Capital Territory, Abuja, Nigeria. Drawing on social network theory and diaspora entrepreneurship theory, the study conceptualises diaspora networks through three dimensions: remitting behaviour, diaspora knowledge transfer, and diaspora trade facilitation. Primary data were collected through a structured questionnaire administered to owners and managers of small-scale agro-processing firms, and the hypothesised relationships were analysed using partial least squares structural equation modelling. The results indicate that remitting behaviour, diaspora knowledge transfer, and diaspora trade facilitation each exhibit positive and statistically significant relationships with export performance. The findings highlight the multidimensional role of diaspora communities as providers of financial capital, market-relevant knowledge, and cross-border trade support that can strengthen the international competitiveness of small firms. The study contributes to the diaspora networks and small firm internationalisation literature by providing firm-level evidence from an emerging economy context and by clarifying actionable pathways through which diaspora engagement can be leveraged to improve export outcomes. Policy and managerial implications are discussed, particularly regarding programmes that support productive remittance channelling, structured knowledge exchange platforms, and diaspora-enabled trade linkages.
- E-Governance Initiatives and Financial Management in the Nigerian Public Sector: An Integrated Conceptual Framework for Enhancing Transparency and EfficiencyPublication . Paul, Chima; Malachy, JosephPublic Financial Management (PFM) reforms in Nigeria have increasingly embraced digital innovations to enhance transparency, efficiency, and accountability in fiscal governance. This study develops a conceptual framework for restructuring Nigeria’s PFM system, focusing on four interdependent pillars: Digital Financial Systems, Transparency and Accountability, Capacity Building, and Infrastructure and Security. The adoption of digital financial systems such as the Treasury Single Account (TSA), Integrated Personnel and Payroll Information System (IPPIS), and Government Integrated Financial Management Information System (GIFMIS) has shown potential to improve fiscal discipline and reduce financial irregularities. However, the effectiveness of these systems depends on strong governance structures, well-trained personnel, and secure digital infrastructure. Transparency and accountability mechanisms, exemplified by Nigeria’s Open Treasury Portal, are crucial in curbing corruption and fostering public trust but require enhanced enforcement and citizen engagement. Capacity building is essential for equipping public sector personnel with the necessary skills to manage digital financial tools effectively to address ongoing human capital deficiencies. Infrastructure and security are also fundamental to ensuring the sustainability of digital PFM reforms, particularly in mitigating cybersecurity threats and bridging ICT infrastructure gaps in underserved regions. This study adopts a qualitative research approach, relying on the critical analysis of existing documents and policy reports. It follows a grounded theory methodology, which is effective for analyzing complex governance structures and financial management reforms. Through a critical analysis of these interdependent elements, the study argues that a holistic and integrated approach as opposed to a siloed approach is vital for achieving sustainable PFM reforms in Nigeria. The study concludes by recommending targeted policy interventions to enhance institutional efficiency, strengthen governance mechanisms, and promote a resilient public financial management system.
- Emotional Intelligence and Professional Satisfaction: Insights for the Management of Diagnostic and Therapeutic Technologists in MadeiraPublication . Sardinha, Carlota Rodrigues; Martins, António; Sardinha, Luís FilipeThe management of health facilities is complex and challenging. It´s needed a harmonization between management and leadership, results and care provided. Leadership effectiveness is increasingly associated with emotional skills, capable of positively influencing the organizational culture, climate and performance of teams. Professional Satisfaction (PS) emerges as a crucial indicator of the organizational environment that can impact an organization's results. This research explored the relationship between Emotional Intelligence (EI) and PS and whether the EI and PS vary according to their sociodemographic and professional characteristics in Diagnostic and Therapeutic Technologists (DTT) in the Autonomous Region of Madeira (ARM). Using questionnaires, we sought to ascertain whether there is a correlation between EI and PS. Corroborating other data founded in the literature, it was not possible to establish a statistically positive correlation between these two variables. This study contributed to a better understanding of EI and PS in the DTT in the ARM, highlighting the importance of research in this region and group of health professionals.