OAR@UM Collection:
https://www.um.edu.mt/library/oar/handle/123456789/41182
2024-03-28T20:20:24ZEU funding and financial reporting of Maltese fishermen since Malta’s EU accession
https://www.um.edu.mt/library/oar/handle/123456789/43579
Title: EU funding and financial reporting of Maltese fishermen since Malta’s EU accession
Abstract: PURPOSE: This study assessed the level and quality of financial reporting of Maltese fishermen. It also evaluated the types of EU funding opportunities available to the Maltese Fisheries, while identified challenges that local fishermen might encounter through the application process.
DESIGN: Semi-structured interviews were conducted in order to understand and obtain relevant information concerning the objectives of this dissertation. Apart from that, structured questionnaires were distributed to local fishermen in order to compare and/or contrast the literature review and findings revealed from the interviews conducted.
FINDINGS: This study reported that EU funding opportunities, which are implemented in accordance with the regulations and policies endorsed by the EU Commission, are provided with the aim to incentivise fishermen to reach the objectives set behind such EU regulations. In fact, 3 Operational Programmes were implemented in order to assist directly or indirectly the Maltese fisheries industry. Additionally, it is evident that fishermen have to keep records of every invoice in an organised manner for future references as well as to take informed business decisions. Apart from that, various financial documents are required when a fisherman is considering to apply for these EU measures, hence it is of utmost importance that these financial documents are prepared and presented in an accurate and timely manner, also with the help of the accountant.
CONCLUSION: This study concluded that assistance and training should be granted in order to inform fishermen regards the benefits of accurate financial reporting. Moreover, it was concluded that EU funding measures should involve less bureaucracy and be more flexible in order to better reflect the fishermen’s needs, while achieving the targets and strategies behind these funding measures.
VALUE: This dissertation delved into an under-researched area in financing, namely the financial reporting of Maltese fishermen and its association with EU funding opportunities. The research also provided recommendations to fishermen and other stakeholders in order to improve on any setbacks encountered through this dissertation.
Description: M.ACCTY.2018-01-01T00:00:00ZThe alternative investment market and its relevance to SMEs
https://www.um.edu.mt/library/oar/handle/123456789/43578
Title: The alternative investment market and its relevance to SMEs
Abstract: Purpose: The aim of this study is to examine whether SMEs could benefit from the introduction of an Alternative Investment Market in Malta and explore the problems they encounter with present sources of financing. The research idea was prompted since Maltese SMEs suffer from a lack of financing options and the Regulated Main Market is unreachable for local SMEs due to high costs and stringent regulations. Also, this study aims to investigate the role of the corporate advisor in the Alternative Investment Market.
Design: The study applied a qualitative research technique. Semi-structured interviews with high ranking officials in the Maltese Stock Exchange, a corporate advisor and four Prospects MTF listed companies were conducted to obtain their insights on the study.
Findings: The findings of the study indicate that there is an agreement across the different professionals participating in the study that the introduction of the Alternative Investment Market in Malta is a useful financing tool for SMEs who need funds for a project or want to tap into the capital markets. This study suggests that costs have been reduced significantly for SMEs and they offer an alternative to bank financing which is the most popular financing source for local SMEs. In order for SMEs and investors to be safeguarded, findings suggest that the role of the corporate advisor is pivotal to ensure that corporate governance practices in listed companies on the Alternative Investment Market is in place.
Conclusions: The study concludes that Alternative Investment Market is a viable source of finance for ambitious SMEs with a feasible business plan in place. The Alternative Investment Market in Malta is offering flexibility to SMEs and the chance to issue an equity or bond offer at lower costs. The study shows that listed SMEs would like regulation to be less stringent which can attract more SMEs to the market. If these issues are resolved, and the corporate advisor and regulator work together to ensure that SMEs are holding to their corporate governance obligations, the Alternative Investment Market in Malta will continue to grow and establish itself as one of the main alternatives to bank financing.
Value: This study is original since it is the first to investigate the impact of an Alternative Investment Market in Malta and its relevance to local SMEs. It may prove valuable to the Maltese Stock Exchange to gather feedback from listed SMEs on their experience in the Alternative Investment Market.
Description: M.ACCTY.2018-01-01T00:00:00ZNon-compliance to the corporate governance code provisions by Maltese listed companies
https://www.um.edu.mt/library/oar/handle/123456789/43318
Title: Non-compliance to the corporate governance code provisions by Maltese listed companies
Abstract: PURPOSE: This study evaluates the non-compliance with the Code of Principles of Good Corporate Governance and analyses the adequacy of the explanations provided thereof, including the overall effectiveness of the existing regulatory framework.
DESIGN: To achieve the objectives of this study, a review of the non-compliance section of the corporate governance statements of each Maltese listed company was carried out for the years 2012, 2014 and 2016. Furthermore, 13 semi-structured interviews were held with members of listed companies, audit firm representatives, and a representative of the MFSA.
FINDINGS: This study finds that a general insufficiency in the explanations provided for non-compliance exists. Some entities give only lip service to the provisions of the Code as they fail to realise the benefits an entity may reap from having good corporate governance structures in place. There is a lack of education and awareness in this regard, and not only on the part of companies, but also on the part of shareholders who seem to make minimal use of the information provided in the corporate governance statements. Nonetheless, prior to the amendment of existing rules, increased enforcement of the current regulatory framework and monitoring by the regulator is required. Furthermore, this study highlights the misconceptions on the auditor’s role in corporate governance.
CONCLUSIONS: This study shows that there is room for improvement in the explanations provided for non-compliance. Increased regulatory involvement and education on corporate governance may contribute towards this.
IMPLICATIONS: This study raises awareness on the need of improving corporate governance practices, as well as education on corporate governance, across Maltese listed companies. It is hoped that the recommendations made may encourage entities to improve in their reporting and the regulator to provide further guidance to entities to do so.
Description: M.ACCTY.2018-01-01T00:00:00ZOrientation and training practices for graduate accountants in a large audit firm : an analysis
https://www.um.edu.mt/library/oar/handle/123456789/43317
Title: Orientation and training practices for graduate accountants in a large audit firm : an analysis
Abstract: Purpose: The purpose of this study is to analyse the nature of the orientation and training practices provided to graduate accountants who join a large audit firm as fulltime employees once they are fully qualified from the University of Malta with a Master in Accountancy. It also aims to understand whether such orientation and training practices address the expectations of future and current graduates.
Design: A qualitative research was adopted to address the objectives of this study. Semistructured interviews were conducted with a total of 25 interviewees: 11 interviewees to gain insight into the employer’s perspective, and with another 14 interviewees to gain insight into the employees’ perspective.
Findings: The main finding of this study is that not all the departments within the firm provide the same form of orientation and training practices. Nonetheless, orientation and training are considered to be very important both from the employer’s and employees’ perspective. Additionally, there are major differences between the nature of the orientation practices and employee expectations. This implies the need to address certain aspects of orientation which are not taken into account by the firm. With regards to off-the-job training, the nature of the training broadly matches employees’ expectations, however, there are some differences that need to be addressed for more effective training.
Conclusions: This study concludes that given the importance of the orientation and training practices for new employees and the differences that arise between the nature and expectations of such practices, the firm might need to update or change certain aspects to make these practices more effective whilst ensuring employee retention and efficiency.
Value: Since various university students might not feel confident to take on full-time employment once they graduate, this study is valuable in providing these students with some insight into what kind of orientation and training practices are typically adopted by large audit firms. Furthermore, this study is also valuable to the audit firm that was the subject of this study by way of helping it improve its current orientation and training practices.
Description: M.ACCTY.2019-01-01T00:00:00Z