Universal Journal of Accounting and Finance  

Universal Journal of Accounting and Finance is an international peer-reviewed journal that publishes original and high-quality research papers in all areas of accounting and finance. As an important academic exchange platform, scientists and researchers can know the most up-to-date academic trends and seek valuable primary sources for reference.

ISSN: 2331-9712 (Print)

ISSN: 2331-9720 (Online)

Contact Us: ujaf.editor@hrpub.org or editor@hrpub.org

Website: https://www.hrpub.org/journals/jour_info.php?id=22

Reviewers

Prof. Inguva Srinivas
Center for Business, George Brown College, St James Campus, Toronto, Canada

Prof. Houda Affes
School of Administration, TELUQ – University of Quebec, Canada

Dr. Haiping Wang
School of Administrative Studies, Faculty of Liberal Arts & Professional Studies, York University, Canada

Dr. Naidoo Moonsamy
Institute of Public Accountants (IPA), College of Business, Victoria University (VU), Australia

Dr. Malik Elhaj
Faculty of Accounting & Finance, College of Business Administration, Prince Mohammad Bin Fahd University (PMU), Saudi Arabia

Prof. Issam Buhaisi
Faculty of Commerce, Islamic University of Gaza, Palestine

Dr. Gulin Vardar
Faculty of Business International Trade and Finance, Izmir University of Economics, Turkey

Prof. Elli Kraizberg
School of Business, Bar Ilan University, Israel

Dr. Alex Meisami
School of Business and Economics, Indiana University South Bend, USA

Prof. Philippus Wessels
Department of Business Management, Niagara College, NOTL Campus, Canada

Prof. Athanasios Mandilas
Department of Accounting and Finance, Business School, Eastern Macedonia Andi Trace Institute of Technology, Greece

Dr. Davide Scaltrito
Department of Management, University of Turin, Italy

Dr. Jose Salas
School of Audit and Control Engineering Management, University of Talca, Chile

Prof. Ryan Brewer
Division of Business, Indiana University Purdue University Columbus, USA

Prof. Valerio Lemma
1) Faculty of Law, Marconi University, Italy; 2) Centre for Banking and Finance, Regent's University of London, UK

Mr. Michael Scorgie 
Department of Banking and Finance, Monash University, Australia

Dr. Yuan Yuan Hu 
School of Accountancy, Massey University, New Zealand

Dr. Tehmina Khan 
School of Accounting and Law, RMIT University, Australia

Prof. Mauro Andriotto 
Department of Finance, Bocconi University, Italy

Prof. Yu-cheng Chen 
Department of Finance, National Chung Hsing University (NCHU), Taiwan

Dr. Ivan Rodionov 
Higher School of Economics, National Research University, Russia

Dr. Luca Sintoni 
Department of Accounting, Bocconi University, Italy

Assoc. Prof. Spyros Spyrou 
Department of Accounting & Finance, Athens University of Economics & Business, Greece

Assoc. Prof. Xiaoming Li 
School of Economics & Finance, Massey University, New Zealand

Dr. Julia Koralun-Bereźnicka 
Faculty of Management, University of Gdańsk, Poland

Dr. Alexey M. Kalinin 
Higher School of Economics, National Research University, Russia

Assoc. Prof. Joseph Szendi 
Department of Accounting, Towson University, USA

Prof. Noemi Peña 
Department of Financial Economics, University of the Basque Country, Spain

Assoc. Prof. Maria Elisabete Duarte Neves 
School of Accounting and Administration, Coimbra Business School, Portugal

Assoc. Prof. Warren Maroun 
School of Accountancy, University of the Witwatersrand, South Africa

Assoc. Prof. Francisco Fernando Ribeiro Ramos 
Coimbra Business School, Portugal

Prof. Robert Rainish 
Department of Finance, College of Business, University of New Haven, USA

Assoc. Prof. Alireza Daneshfar 
Department of Accounting, College of Business, University of New Haven, USA

Dr. Lou Guilian 
School of Accountancy, Heilongjiang Bayi Agricultural University, China

Prof. Boris Rubtsov 
Department of Financial Markets and Financial Engineering, Financial University, Russia

Assist. Prof. Kuei-Yuan Wang 
Department of Finance, Asia University, Taiwan

Prof. Yves Trudel 
Department of Finance, University of Sherbrooke, Canada

Assist. Prof. Mark Ross 
Department of Accounting, Gordon Ford College of Business, Western Kentucky University, USA

Prof. Cidália Maria da Mota Lopes 
Institute of Accountancy and Administration ISCAC, Coimbra Business School, Portugal

Prof. Danie Schutte 
School of Accounting Sciences, North‑West University, South Africa

Assoc. Prof. Patrizia Tettamanzi 
Department of Accounting, Bocconi University, Italy

Dr. Sebastiano Garufi 
Department of Law, Bocconi University, Italy

Assoc. Prof. Susana Callao Gastón 
Department of Accounting and Finance, University of Zaragoza, Spain

Prof. Lilia Rekik 
School of Administration Sciences, TELUQ / University of Quebec, Canada

Assoc. Prof. Yung-Shun Tsai 
Department of Finance, Asia University, Taiwan

Prof. Hanen Khemakhem 
Department of Accounting Studies, School of Management Science (ESG UQAM), University of Quebec at Montreal, Canada

Dr. Mohammad Tayeh 
Department of Finance, School of Business, The University of Jordan, Jordan

Prof. Ghassan Omet 
Department of Finance, Faculty of Business, University of Jordan, Jordan

Dr. Alicia Ramírez Orellana 
Department of Economics and Business, University of Almería, Spain

Dr. Moses Koh 
School of Business Management, Nanyang Polytechnic, Singapore

Dr. Anagnostopoulos Yiannis 
Kingston Business School, Kingston Hill Campus, Kingston University, UK

Prof. Scheherazade S. Rehman 
Department of International Business, George Washington University, USA

Dr. Sanjeeb Kumar Dey 
Department of Commerce, School of Commerce & Management Studies, Ravenshaw University, India

Dr. Jaume Roig Hernando 
Department of Management (OE), Polytechnic University of Catalonia, Spain

Prof. Ferdinando Bruno 
University of Lugano, Switzerland

Dr. Pradeep Brijlal 
School of Business and Finance, University of the Western Cape, South Africa

Dr. Hsien-Kuei Chiu 
Department of Marketing and Logistics Management, Jinwen University of Science and Technology, Taiwan

Dr. Mayada A. Youssef 
Department of Accounting, College of Business and Economics, United Arab Emirates University, UAE

Dr. Elena Abrosimova 
Department of Production Management and Logistics, National Research University Higher School of Economics, Russia

Dr. Carlsson Evert 
School of Business, Economics and Law, University of Gothenburg, Sweden

Prof. Ricardo J. Palomo 
Department of Financial Economics and Accounting, School of Business and Economics, CEU San Pablo University, Spain

Prof. Leonid Borodkin 
Department of Historical Information Science, Faculty of History, Lomonosov Moscow State University, Russia

Dr. Ewelina Sokołowska 
Department of Corporate Finance, Faculty of Management, University of Gdansk, Poland

Dr. Minwoo Lee 
Gordon Ford College of Business, Western Kentucky University, USA

Dr. Nikos Kalogeras 
School of Business & Economics, Maastricht University, Netherlands

Dr. Kattan, Fadi 
Department of Accounting, Faculty of Business Administration, Bethlehem University, West Bank, Palestine

Dr. John O. Kuforiji 
College of Business Administration, Prince Mohammad bin Fahd University, Saudi Arabia

Prof. Donatien Avelé 
Department of Accounting, Faculty of Administration, University of Moncton, Canada

Dr. Antonello Tarzia 
Department of Law, Bocconi University, Italy

Prof. Kamal Upadhyaya 
Department of Economics and Finance, College of Business, University of New Haven, USA

Prof. Margaret Combs 
Department of Accounting - Business, Hutton School of Business, University of the Cumberlands, USA

Prof. Ana Fernandez-Sainz 
Department of Applied Economics, University of the Basque Country, Spain

Prof. Dmytry L. Komyagin 
Department of Financial, Tax and Custom Law, National Research University Higher School of Economics, Russia

Dr. Bertolini Elisa 
Department of Law, Bocconi University, Italy

Dr. Makushina Elena 
National Research University Higher School of Economics, Russia

Prof. Charlotte Beauchamp 
Department of Accounting Studies, University of Quebec in Montreal, Canada

Prof. Vetrova Elena 
Department of Economics and Management, Saint Petersburg State University of Economics and Finance, Russia

Prof. Mohamed Zaher Bouaziz 
Department of Accounting, Faculty of Administration, University of Moncton, Canada

Dr. Luciano Segreto 
Department of Policy Analysis and Public Management, Bocconi University, Italy

Prof. Michel Sayumwe 
Department of Accounting Studies, School of Management - Business, University of Quebec in Montreal, Canada

Dr. Natalia Shlyago 
Department of Management, National Research University Higher School of Economics, Russia

Dr. Svetlana V. Satikova 
Department of Applied Social Psychology, Conflict and Human Resource Management, St. Petersburg State Institute of Psychology and Social Work, Russia

Prof. Omarini Anna Eugenia 
Department of Finance, Bocconi University, Italy

Dr. Davide Rossi 
Department of Accounting, Bocconi University, Italy

Prof. Isidoro Guzmán 
Department of Financial Economics and Accounting, Technical University of Cartagena, Spain

Dr. José Antonio Calvo Sánchez 
Faculty of Economics and Business Administration, University of the Basque Country, Spain

Prof. Camélia Radu 
Department of Accounting Studies, School of Management Sciences, University of Quebec in Montreal, Canada

Prof. Junyang Xi 
Research Center for Modern Finance, Shanghai University of Finance and Economics, China

Dr. Tomasz Lis 
Department of International Accounting, Faculty of Finance and Insurance, University of Economics in Katowice, Poland

Dr. Vidya Telang 
Department of Finance, Prestige Institute of Management and Research, India

Prof. Mirjana Hladika 
Department of Accounting, Faculty of Economics & Business, University of Zagreb, Croatia

Dr. Mojca Gornjak 
Department of Accounting, International School for Social and Business Studies (ISSBS), Slovenia

Dr. Radmila R. Trklja 
Higher Economic School of Professional Studies Pec Leposavic, Alpha University, Serbia

Assoc. Prof. Andreas G. Koutoupis 
Department of Accounting and Finance, University of Thessaly, Greece

Assoc. Prof. Volkan DAYAN 
Department of Banking and Insurance, Uzunkopru School of Applied Sciences, Trakya University, Turkey

Prof. Hrvoje Percevic 
Faculty of Economics & Business, University of Zagreb, Croatia

Dr. Gökhan ÇOBANOĞULLARI 
Department of Public Finance, Faculty of Economics and Administrative Sciences, Erciyes University, Turkey

Dr. Ryszard Pukała 
The Bronisław Markiewicz State Higher School of Technology and Economics in Jaroslaw, Poland

Prof. Elewechi Ngozi Modupe Okike 
Covenant University, Nigeria

Dr. Ashwini Sathnur 
Department of Capacity Development, United Nations Development Programme (UNDP), USA

Dr. Dorina Koci 
Department of Finance, Faculty of Economy, University of Tirana, Albania

Dr. R. Mayakkannan 
Sri Sankara Arts and Science College Enathur, University of Madras, India

Dr. Eliada Herwiyanti 
Faculty of Business and Economic, Jenderal Soedirman University, Indonesia

Dr. Judyta Przyłuska Schmitt 
Faculty of Social Science, The John Paul II Catholic University of Lublin, Poland

Dr. Alessandro Pagano 
Department of Economics and Finance (DEF), University of Bari, Italy

Dr. Ing. Kateřina Berková 
Department of Economic Studies, College of Polytechnics Jihlava, The Czech Republic

Prof. Jasper Kim 
Graduate Division of International Studies, Ewha Women's University, South Korea

Dr. Krittiya Duangmanee 
Faculty of Commerce and Management, Prince of Songkla University, Thailand

Dr. Sharif M. Abu Karsh 
Department of Banking and Financial Sciences, Faculty of Administrative and Financial Sciences, Arab American University, Palestine

Dr. Khaled Abduslam Saeed Essa 
Department of Accounting, Economic School, Omar Elmukhtar University, Libya

Dr. Sohail Ahmed Khan 
Department of Actuarial Science and Risk Management, College of Computer Science and Information Systems, Institute of Business Management, Karachi, Pakistan

Prof. Marek Szczepański 
Department of Business Economics, Investments and Insurance, Faculty of Engineering Management, Poznan University of Technology, Poland

Dr. Zunarni Binti Kosim 
Department of Banking and Risk Management, School of Economic, Finance and Banking, Universiti Utara Malaysia, Malaysia

Prof. Mihaela Onofrei 
Department of Finance, Money and Public Administration, Faculty of Economics and Business Administration, Alexandru Ioan Cuza University of Iasi, Romania

Prof. Ismail Yahya Altkryty 
College of Business, Al-Ahliyya Amman University, Jordan

Dr. Onur Ozevin 
Department of Business Administration, Bolu Abant İzzet Baysal University, Turkey

Dr. Ingrid Shuli 
Department of Accounting, Faculty of Economy, University of Tirana, Albania

Dr. Mohannad Al Shbail 
Department of Accounting, Faculty of Finance and Business Administration, Al Albayt University, Jordan

Assoc. Prof. Nora Azureen Abdul Rahman 
Economic and Financial Policy Institute (ECOFI), School of Economics, Finance and Banking, Universiti Utara Malaysia, Malaysia

Assoc. Prof. Gagan Kukreja 
College of Business & Finance, Ahlia University, Bahrain

Assoc. Prof. Elżbieta Bukalska 
Corporate Finance Section, Faculty of Economics, Maria Curie-Skłodowska University, Poland

Dr. Mohamad Afzhan Khan 
Center of Accreditation of Prior Experiential Learning (APEL), Open University Malaysia, Malaysia

Dr. Achmad Hizazi 
Department of Accounting, Faculty of Business and Economics, University of Jambi, Indonesia

Prof. Muharem H. Karamujic 
School of Economics and Business, University of Sarajevo, Bosnia and Herzegovina

Dr. Mosab I. Tabash 
College of Business, Al Ain University, UAE

Dr. Sanjoyo 
Department of Management, Binus University, Indonesia

Dr. Ivana Pavić 
Faculty of Economics & Business, University of Zagreb, Croatia

Assoc. Prof. Raju. G 
Department of Commerce, Government College for Women, India

Dr. Sebastian-Bogdan Căpraru 
Department of Finance, Money and Public Administration, Faculty of Economics and Business Administration, Alexandru Ioan Cuza University, Romania

Dr. Hamizah Hassan 
Faculty of Business and Management, Universiti Teknologi MARA, Malaysia

Dr. Nattawut Tontiset 
Department of Accounting, Mahasarakham Business School, Mahasarakham University, Thailand

Prof. Ananth Rao 
Centre for Business Research & Consultancy, University of Dubai, UAE

Dr. Maheran Zakaria 
Faculty of Accountancy, Universiti Teknologi MARA Shah Alam, Malaysia

Dr. Cidália Oliveira 
School of Economics and Management, University of Minho, Portugal

Prof. Md Shahriar Parvez 
Bangladesh Tourism Research Institute (BTRI), Bangladesh

Assoc. Prof. Khalid Rasheed Al-Adeem 
Department of Accounting, King Saud University, Saudi Arabia

Dr. Obal Usang Edet Usang 
Department of Accounting, University of Calabar, Nigeria

Prof. Leny Nofianti 
Department of Accountancy, Faculty of Economic and Social Science, Sultan Syarif Kasim II State Islamic University, Indonesia

Prof. Rezarta Shkurti 
Faculty of Economics, University of Tirana, Albania

Prof. A. J. Stagliano 
Department of Accounting, Erivan K. Haub School of Business, Saint Joseph's University, USA

Dr. Lucky Otsoge Onmonya 
Institute of Development Finance and Project Management, Nigeria

Assoc. Prof. Alexander Petrov Ganchev 
Department of Finance and Credit, Faculty of Finance, Dimitar Tsenov Academy of Economics, Bulgaria

Dr. Rozina Shaheen 
Department of Finance, College of Business, Effat University, Saudi Arabia

Dr. Zakia Seid Benzerrouk 
Department of Accounting, Faculty of Business, Al Jouf University, Saudi Arabia

Assoc. Prof. Nevi Danila 
Department of Finance, College of Business Administration, Prince Sultan University, Saudi Arabia

Dr. Wentao Gu 
Department of Statistics, Zhejiang Gongshang University, China

Prof. Sergei Jolkov 
Department of Applied Mathematics and Computer Simulation, Gubkin Russian State University of Oil and Gas, Russia

Assoc. Prof. Menbere Workie Tiruneh 
Department of Business and Management, Webster University, Austria

Assoc. Prof. Niu Weining 
Department of Finance, School of Business, Beijing International Studies University, China

Dr. Eliseo A. Aurellado 
Southeast Asia Interdisciplinary Development Institute (SAIDI), Philippines

Dr. Kolthoom Alkofahi 
Department of Finance, Prince Sultan University, Saudi Arabia

Dr. Bram Hadianto 
Department of Management, Faculty of Economics, Maranatha Christian University, Indonesia

Prof. Camelia Oprean - Stan 
Faculty of Economic Sciences, Lucian Blaga University of Sibiu, Romania

Dr. Titirut Phimolsri 
Division of Research Program Promotion, Dhurakij Pundit University, Thailand

Assoc. Prof. Adina Dornean 
Department of Finance, Money and Public Administration, Faculty of Economics and Business Administration, Alexandru Ioan Cuza University, Romania

Assoc. Prof. Yuri Khoroshilov 
Telfer School of Management, University of Ottawa, Canada

Dr. Yohanna Gyang Jugu 
Department of Accounting, University of Jos, Nigeria

Prof. Fernando Gutiérrez Hidalgo 
Department of Financial Economics and Accounting, Pablo de Olavide University, Spain

Prof. Luis Ferruz Agudo 
Department of Accounting and Finance, Faculty of Business and Economics, University of Zaragoza, Spain

Dr. Tawfik Azrak 
Faculty of Islamic Studies, Social Sciences University of Ankara, Turkey

Dr. Hasnah Shaari 
School of Accountancy, Universiti Utara Malaysia, Malaysia

Dr. Aleksandra Nocoń 
Department of Banking and Financial Markets, University of Economics in Katowice, Poland

Assoc. Prof. Daniel T H Manurung 
Faculty of Economics, STIE Widya Gama Lumajang, Indonesia

Dr. Hrvoje Volarević 
Faculty of International Business and Economics, Libertas International University, Zagreb, Croatia

Prof. Ginoglou Emmanouel Dimitrios 
Department of Accounting and Finance, University of Macedonia, Greece

Dr. Ginnie Gardiner 
Isenberg School of Management, University of Massachusetts, USA

Dr. Mahfoudh Hussein Mgammal 
Department of Accounting, Jouf University, Saudi Arabia

Dr. Abdullah Al Shami 
Cavaliere for Financial and Economical Consultations, Kuwait

Dr. Sławomir Skiba 
Department of Logistics and Transport Systems, Faculty of Management and Quality Science, Gdynia Maritime University, Poland

Dr. Diana Zuhroh 
Department of Accounting, Faculty of Economics and Business, University of Merdeka Malang, Indonesia

Dr. Nguyen Thi Hong Thuy 
Faculty of Accounting and Auditing, Vietnam National University, Vietnam

Assoc. Prof. Lixia Wang 
Department of Accountancy, Shanghai University, China

Dr. Khslis Hasan Yousif Al-Naser 
College of Administration & Economics, University of Mosul, Iraq

Dr. Weineng Xu 
Department of Finance and Business Law, College of Business and Economics, University of Wisconsin-Whitewater, USA

Dr. Sylwia Pieńkowska-Kamieniecka 
Department of Social Policy and Insurance, Faculty of Economics, University of Warmia and Mazury in Olsztyn, Poland

Assoc. Prof. Francesco De Luca 
Department of Business Administration and Management, University “G. d’Annunzio” at Chieti-Pescara, Italy

Assoc. Prof. Munther Barakat Al-Nimer 
Department of Accounting, Faculty of Economics & Administrative Science, The Hashemite University, Jordan

Dr. Piotr Płuciennik 
Department of Statistics and Data Analysis, Faculty of Mathematics and Computer Science, Adam Mickiewicz University in Poznan, Poland

Dr. Mazrah Malek 
School of Accountancy, Universiti Utara Malaysia, Malaysia

Dr. Tahira Yasmin Muhammad Ashraf 
College of Business, Al Ain University, UAE

Prof. Irina Kuzmina-Merlino 
Department of Economic, Finance and Management, Institute of Transport and Telecommunication, Latvia

Dr. Chrysanthi Balomenou 
Department of Banking and Finance, Faculty of Economics and Administrative Sciences, Epoka University, Albania

Dr. Rovena Troplini Vangjel 
Department of Finance–Accounting, Faculty of Business, Aleksandër Moisiu University of Durrës, Albania

Assoc. Prof. Jimmy Teng 
International College of Liberal Arts, Yamanashi Gakuin University, Japan

Dr. Alibey Kudar 
Turkish Aerospace Industries, Inc., Turkey

Dr. Xiaodi Zhu 
Department of Finance, School of Business, New Jersey City University, USA

Dr. Mustafa Göktuğ Kaya 
Ministry of Treasury and Finance of Turkey, Turkey

Prof. Iryna Mihus 
Department of Management of Financial and Economic Security, KROK University, Ukraine

Assoc. Prof. Mukaramah Harun 
School of Economics, Finance and Banking, College of Business, Universiti Utara Malaysia, Malaysia

Dr. Iulia Lupu 
Victor Slăvescu Centre for Financial and Monetary Research, National Institute of Economic Research, Romanian Academy, Romania

Dr. Ali Maksuti 
Department of Finance and Accounting, Faculty of Economics, University of Tetovo, North Macedonia

Dr. Marta Stanisławska 
Department of Financial Management, Faculty of Law, University of Wrocław, Poland

Prof. Usmanov Anvar Saidmakhmudovich 
Department of Finance and Credit, Russian University of Economics named after G.V. Plekhanov, Russia

Dr. Khaoula Aliani 
College of Business Administration, Princess Nourah Bint Abdul Rahman University, Saudi Arabia

Dr. Euphemia Godspower-Akpomiemie 
Wits Business School, University of the Witwatersrand, South Africa

Assoc. Prof. Cevdet Kızıl 
Department of Management, Faculty of Political Sciences, Istanbul Medeniyet University, Turkey

Prof. Elisabete Fátima Simões Vieira 
School of Accounting and Administration, University of Aveiro, Portugal

Dr. Armela Anamali 
Department of Finance-Accounting, Faculty of Business, Aleksandër Moisiu University of Durrës, Albania

Assoc. Prof. Kyriazopoulos Georgios 
Department of Accounting and Finance, School of Management and Economy, University of Western Macedonia, Greece

Assoc. Prof. Surika van Rooyen 
School of Accounting Sciences, North West University, South Africa

Dr. Eni Numani 
Faculty of Economy, University of Tirana, Albania

Dr. Diana Morales Arenas 
School of Adam Smith Business, University of Glasgow, UK