https://www.um.edu.mt/library/oar/handle/123456789/72591 2026-04-23T22:23:43Z 2026-04-23T22:23:43Z Kourtis, Eleftherios Kourtis, Georgios Curtis, Panayiotis https://www.um.edu.mt/library/oar/handle/123456789/73117 2021-04-07T07:56:41Z 2019-01-01T00:00:00Z

Title: An integrated financial ratio analysis as a navigation compass through the fraudulent reporting conundrum : a case study Authors: Kourtis, Eleftherios; Kourtis, Georgios; Curtis, Panayiotis Abstract: Purpose: An integrated analysis of the consolidated financial statements of the Folli Follie group was performed to explore whether it is an effective apparatus ro reveal misleading reporting. Design/methodology/approach: Horizontal and vertical analysis, cash flows from operations, current accruals quality, profitability ratios, as well as the cash conversion cycle (CCC) and Piotroski models were applied. All of them worked harmoniously in a supplementary fashion to corroborate findings of distorted data reporting. Findings: Financial ratios had been derailed and remained unexplained by the prtinciples of financial management. It is attributed to fraudulent earnings management practices, that altered artificially specific financial data disproportionally. Practical implications: Αn integrated financial ratio analysis contributes to preventing or ameliorating the non-efficient allocation of resources associated with deplorable creative accounting practices, that creates welfare loses to the detriment of shareholders, stakeholders and ultimately to society as a whole. Originality/value: The analysis outcomes can be exploited as a red flags / whistle-blowing mechanism in cases of financial statement manipulation, since under these circumstances crucial financial ratios seem to derail. A holistic financial statement analysis is proven to represent a vital roadmap and an effective apparatus in forensic accounting, to secure that unfounded financial reporting based on spurious data will not easily get away unnoticed.

2019-01-01T00:00:00Z Farrugia, Konrad Bonello, Kyle Baldacchino, Peter J. https://www.um.edu.mt/library/oar/handle/123456789/73116 2021-04-07T07:53:45Z 2019-01-01T00:00:00Z

Title: Corporate valuation models applicable in a small stock market : a Maltese perspective Authors: Farrugia, Konrad; Bonello, Kyle; Baldacchino, Peter J. Abstract: Purpose: This paper analyses the applicability of three main Corporate Valuation Models (CVMs) to Maltese listed companies by assessing the extent to which such models - the Income, Relative, and Asset-Based ones - produce accurate results in terms of quoted share prices. Furthermore, it examines whether factors such as accounting regulations, market efficiency and other factors in a small island-state such as merger and acquisition activities may be impacting corporate valuation, including the method chosen. Design/Methodology/Approach: A multi-method explanatory strategy is adopted involving (i) the calculation and quantitative analysis of the theoretical equity values of eight listed property companies according to each method, this being followed qualitatively by (ii) nine semi-structured interviews with Big Four representatives, Chief Financial Officers and financial analysts. Findings: Results indicate that, while the Income Model was most widely used by respondents, it had the weakest correlation with share prices, respondents also attributing this to the adverse impact from market inefficiency on the share price within the small stock market. Contrastingly, the Relative Model, investigated by the use of a Generalised Linear Model, yielded the strongest relationship with share prices. Practical Implications: Respondents did not consider this method its own being superior to other methods but suggested that it is to be used in congruence with the Asset-Based Model which also had a not-so-strong correlation with share prices. Respondents perceived accounting regulations as enhancing trust and accountability during the valuation process although no quantitative evidence emerged that this factor or others such as merger activities had any direct correlation with share prices. Originality/Value: The study concludes that there was no single dominant valuation model for the selected listed companies. It also questions the applicability of such CVMs in a small island-state, and indicates that a small stock market with its illiquidity and inefficiency can be easily affecting share price values, this evidently being a main contributor to the larger-than-expected variations of market pricing with the theoretical value calculated through any CVM.

2019-01-01T00:00:00Z Imaningsih, Erna S. Tumpal, Daniel https://www.um.edu.mt/library/oar/handle/123456789/73115 2021-04-07T07:52:32Z 2019-01-01T00:00:00Z

Title: Green loyalty as a function of consumer behavior Authors: Imaningsih, Erna S.; Tumpal, Daniel Abstract: Purpose: One indication of marketing success is marked by changes in consumer behavior. This research proposes structures to further explore whether altruistic and biospheric behaviour as a form of value orientation (values orientation) can affect green functional benefit and green satisfaction to form green loyalty. Design/Methodology/Approach: The questionnaire has been distributed to a sample of 300 respondents, who form part of the green user population brand. The data processing method used was SEM (Structural Equation Modeling). Findings: The results show that altruistic and biospheric behavior have an effect on green functional benefit to green satisfaction and has an effect on green loyalty. Practical Implications/Originality/Value: Through a good understanding of values orientation owned by consumers, this research would provide input to academics and marketing practitioners regarding the right green marketing and marketing communication strategy, thereby strengthening the relationship of green functional benefit and green satisfaction in order to improve green loyalty.

2019-01-01T00:00:00Z Magri, Ayrton Farrugia, Andre Valletta, Francis Grima, Simon https://www.um.edu.mt/library/oar/handle/123456789/73114 2021-04-07T07:51:22Z 2019-01-01T00:00:00Z

Title: An analysis of the risk factors determining motor insurance premium in a small island state : the case of Malta Authors: Magri, Ayrton; Farrugia, Andre; Valletta, Francis; Grima, Simon Abstract: Purpose: There is scope to identify the risks presented by vehicles that Maltese insurance companies insure and which they use in the determination of the premium to be charged for motor insurance cover. This, by determining the most significant risk factors and the extent of their impact keeping an open mind to understand whether there are other risk factors, which are not currently being identified in the premium determination process. Methodology: The authors carried out this research by conducting 20 semi-structured interviews with experts in the field of motor insurance. Interviews were terminated when saturation point was achieved, and no further value was gained from additional interviews. Findings: The study revealed that most insurers are still using the traditional rating factors, even though this might not necessarily reflect the risk being insured. Moreover, it was found that although insurers are aware that certain rating factors, such as penalty points and vehicle grouping, can help in improving the risk identification, these are not yet being considered in the current premium calculation. Also, it was found that, Maltese insurers ought to analyse the data from the penalty points system and use telematics and vehicle groupings in order to obtain a better understanding of the risk involved. Practical Implications: The study reflects the fact that Maltese insurers are falling short in the risk identification process, and consequently may not be factoring in all the risks leading to the actual premium composition.

2019-01-01T00:00:00Z