Journal articles: 'Clean surplus (Accounting)'

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Walker, Martin. "Clean Surplus Accounting Models and Market-based Accounting Research: A Review." Accounting and Business Research 27, no. 4 (September 1997): 341–55. http://dx.doi.org/10.1080/00014788.1997.9729559.

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FELTHAM, GERALD A., and JAMES A. OHLSON. "Valuation and Clean Surplus Accounting for Operating and Financial Activities." Contemporary Accounting Research 11, no. 2 (March 1995): 689–731. http://dx.doi.org/10.1111/j.1911-3846.1995.tb00462.x.

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Djaballah, Abderrahmane. "VALUATION-BASED ACCOUNTING RESEARCH: PREDOMINANCE OF THE CLEAN SURPLUS VALUATION MODEL." International Journal of Economics and Financial Issues 9, no. 2 (March 1, 2019): 265–72. http://dx.doi.org/10.32479/ijefi.

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O'Hanlon, John. "THE TIME SERIES PROPERTIES OF THE COMPONENTS OF CLEAN SURPLUS EARNINGS: UK EVIDENCE." Journal of Business Finance & Accounting 23, no. 2 (March 1996): 159–83. http://dx.doi.org/10.1111/j.1468-5957.1996.tb00904.x.

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Ryan, Stephen G. "DISCUSSION OF THE TIME-SERIES PROPERTIES OF THE COMPONENTS OF CLEAN SURPLUS EARNINGS: UK EVIDENCE." Journal of Business Finance & Accounting 23, no. 2 (March 1996): 185–89. http://dx.doi.org/10.1111/j.1468-5957.1996.tb00905.x.

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Mattessich, Richard. "A concise history of analytical accounting: examining the use of mathematical notions in our discipline." De Computis - Revista Española de Historia de la Contabilidad 2, no. 2 (July 1, 2006): 123. http://dx.doi.org/10.26784/issn.1886-1881.v2i2.230.

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Este trabajo ofrece una sucinta revisión de los métodos de matemática analítica empleados en teneduría de libros y contabilidad durante los últimos cinco milenios. Sin embargo, el énfasis se centra en la segunda mitad del siglo XX, en el cual el uso de ideas matemáticas, de conceptos formales y de técnicas es cuando verdaderamente floreció. Aparte de un uso creciente del interés compuesto y de los cálculos del valor actual, las últimas se refinarongrandemente con la introducción de variables probabilísticas, de modelos estocásticos, de errores en términos estadísticos (como se encuentran, por ejemplo, en la versión ampliada y perfeccionada de la clean surplus theory). Pero este período (de los últimos 50 años más o menos) comenzó propiamente con modelos contables deterministas (que han probado su valor práctico últimamente en el desarrollo de hojas de cálculo electrónicas y sistemaspresupuestarios). Hubo asimismo mucha experimentación con álgebra lineal y no lineal (incluyendo el álgebra matricial) y otras técnicas de investigación operativa, así como en métodos de muestreo estadístico contable que han probado su utilidad particularmente en la auditoría. Con todo, el logro intelectual culminante fue el lento pero impactante desarrollo de las posibilidades de información (information perspective) ofrecidas por la contabilidad(incluyendo información económica, la perfeccionada versión de la clean surplus theory y la teoría matemática de la agencia. Estos esfuerzos han sido resumidos recientemente en la obra en dos volúmenes de Christensen y Feltham (2003, 2005).

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Yuliarini, Sarah. "Prediksi Harga Saham Menggunakan Model Valuasi Teori Surplus Bersih Berdasarkan Pendekatan Ohlson." AKRUAL: Jurnal Akuntansi 1, no. 2 (April 14, 2010): 171. http://dx.doi.org/10.26740/jaj.v1n2.p171-189.

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AbstractThe aim of empirical research is continouing study about clean-surplus theory contributed to valuing firm that listed in Indonesian capital marked. Ohlson (1995) had resolved final counts by assuming that abnormal earning have a regressing time could be counted based on accounting data. The result have to be correlated with marked capitalized. Regression tested refer to positive correlation and significant with marked valued. Valuation adopted Ohlson (1995) count about 130%, when it could be in post of global monetary crisis, above of marked value differ with prior result. In summary, Ohlson model valuation can be adopted in Indonesia confidently.

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Barzegar, Elaheh, Fatemeh Bagherinejad, and Abdolhamid Hooshmand. "Investigating the application of Clean Surplus Accounting in Forecasting Stock Returns of Companies Listed on Tehran Stock Exchange." Asian Journal of Research in Banking and Finance 5, no. 6 (2015): 210. http://dx.doi.org/10.5958/2249-7323.2015.00084.x.

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van Mourik, Carien, and Yuko Katsuo Asami. "Articulation, Profit or Loss and OCI in the IASB Conceptual Framework: Different Shades of Clean (or Dirty) Surplus." Accounting in Europe 15, no. 2 (April 6, 2018): 167–92. http://dx.doi.org/10.1080/17449480.2018.1448936.

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Feltham, Gerald A., and James A. Ohlson. "Residual Earnings Valuation With Risk and Stochastic Interest Rates." Accounting Review 74, no. 2 (April 1, 1999): 165–83. http://dx.doi.org/10.2308/accr.1999.74.2.165.

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This paper provides a general version of the accounting-based valuation model that equates the market value of a firm's equity to book value plus the present value of expected abnormal earnings. Prior theoretical work (e.g., Ohlson 1995; Feltham and Ohlson 1995, 1996) assumes investors are risk neutral and interest rates are nonstochastic and flat. Our more general analysis rests on only two assumptions: no arbitrage in financial markets and clean surplus accounting. These assumptions imply a risk-adjusted formula for the present value of expected abnormal earnings. The risk adjustments consist of certainty-equivalent reductions of expected abnormal earnings. A key issue deals with the capital charge component of abnormal earnings. It is measured by applying the (uncertain) riskless spot interest rate to start-of-period book value. Risks do not affect the rate used in the capital charge, and accounting policies do not affect the formula's constructs. An application of the general formula shows how the classic risk-adjusted expected cash flows model derives as a special case.

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CLUBB, COLIN D. B. "Valuation and Clean Surplus Accounting: Some Implications of the Feltham and Ohlson Model for the Relative Information Content of Earnings and Cash Flows." Contemporary Accounting Research 13, no. 1 (March 1996): 329–37. http://dx.doi.org/10.1111/j.1911-3846.1996.tb00503.x.

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Mura, Alessandro, and Gianluigi Roberto. "Nature and duration of the accounting differences between Italian and US GAAP." Journal of Applied Accounting Research 15, no. 1 (May 6, 2014): 2–21. http://dx.doi.org/10.1108/jaar-04-2012-0027.

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Purpose – The purpose of this paper is to focus on alternative accounting treatments over time to assess their impact on the level of conservatism in a comparison between Italian local accounting standards and USA generally accepted accounting principles. Design/methodology/approach – A case study approach is adopted to investigate the accounting adjustments applied to net income and shareholders’ equity as included in the Form 20-F reconciliations reported by all Italian firms that were listed on a US market over the period 1999-2008. The methodology first introduced by Gray (1980) and frequently applied over 30 years to several international accounting comparisons is adapted to recognise a multi-period dimension of the accounting choice. In particular, the paper focuses on the temporal dimension of such adjustments in order to capture their attitude to reverse or become permanent over time. Findings – The results show that the level of conservatism is visible in the measurement of net assets and is shaped by the prevailing directional effect of accounting adjustments that become permanent as their cumulative reversal is persistently delayed. Such a phenomenon arises and intensifies when the accounting differences relate to recurring operations and/or to long-term assets and liabilities. Amongst them those violating the clean surplus relation are the most controversial as they not only generate a permanent effect in the measurement of net assets, but also an opposite permanent effect in the measurement of earnings. Research limitations/implications – Future empirical research confirming the finding in different contexts might overcome the limitations of a relatively poor number of observations in the case study. Practical implications – Identifying the duration of alternative accounting treatments is relevant to assess their potential influence on stakeholders decision-making process as this may steadily influence the future of a firm. Originality/value – The propositions express a sequence of the timing effects of alternative accounting treatments that highlight the primary role of permanent differences in persistently shaping the value of net assets and help to provide a less erratic interpretation of the level of conservatism.

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Nasfi Salem, Faten. "Comparative study of Ohlson and cash flow discounting models in the prediction of the stock price." Corporate Ownership and Control 18, no. 2 (2021): 162–68. http://dx.doi.org/10.22495/cocv18i2art13.

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Two models derived from the dividend discount model attracted the attention of researchers: the residual income model (RIM) and the Ohlson model. These models are said to be dualistic since they combine both aspects of the economic and accounting vision. We propose, in our study, to test the performance of the dualistic evaluation model and to show the importance of accounting information. To do this, we will calculate the value of a listed company according to the actuarial valuation model, namely: the available cash flow discounting model (DCF) and the Ohlson model as a dualistic model. Then, we will determine, based on the expectation and the variance of the signed prediction error (SPE), the model that comes closest to the market price in the case of a Tunisian listed company. The results found in the Tunisian context show the superiority of the Ohlson model in the prediction of stock market prices. This model underlies the traditional belief that the company value is compounded of two main parts: the net value of the investment made in it (book value) and the present value of the period benefits (earnings) that together bring the “clean surplus” concept of the shareholders’ equity value. Specifically, Ohlson (1995) motivates the adoption of the historical price model in value relevance studies, which expresses value as a function of earnings and book values

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Fullana, Olga, Mariano González, and David Toscano. "The Role of Assumptions in Ohlson Model Performance: Lessons for Improving Equity-Value Modeling." Mathematics 9, no. 5 (March 2, 2021): 513. http://dx.doi.org/10.3390/math9050513.

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In this paper, we test whether the short-run econometric conditions for the basic assumptions of the Ohlson valuation model hold, and then we relate these results with the fulfillment of the short-run econometric conditions for this model to be effective. Better future modeling motivated us to analyze to what extent the assumptions involved in this seminal model are not good enough approximations to solve the firm valuation problem, causing poor model performance. The model is based on the well-known dividend discount model and the residual income valuation model, and it adds a linear information model, which is a time series model by nature. Therefore, we adopt the time series approach. In the presence of non-stationary variables, we focus our research on US-listed firms for which more than forty years of data with the required cointegration properties to use error correction models are available. The results show that the clean surplus relation assumption has no impact on model performance, while the unbiased accounting property assumption has an important effect on it. The results also emphasize the uselessness of forcing valuation models to match the value displacement property of dividends.

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15

Asher, A. "Unfinished Accounting Issues: Incorporating Fair Value and Prudence in Accounting Theory." Annals of Actuarial Science 1, no. 2 (September 2006): 271–90. http://dx.doi.org/10.1017/s1748499500000154.

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ABSTRACTThe International Accounting Standards Board (IASB) is introducing new International Financial Reporting Standards (IFRS) which aim to make financial statements more useful. The process has generated considerable debate. This paper is a contribution to the debate, in the particular context of insurance accounting, and attempts to provide a coherent framework for accounting theory which makes a clear distinction between retrospective statements required for administrative accountability, fair value for current market transactions and to measure value creation, and a prospective prudence required to protect policyholders, depositors and other creditors. It is argued that the IASB's founding purpose to provide a single set of accounts is therefore incoherent; different purposes require different numbers. This also implies that fair value accounts should attempt to value intangible assets. In this context, actuarial analyses of surplus would greatly assist in measuring whether model assumptions are appropriate.

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Braun, Barry, and Alissa Newman. "Accounting for the Nutritional Context to Correctly Interpret Results from Studies of Exercise and Sedentary Behavior." Nutrients 11, no. 9 (September 16, 2019): 2230. http://dx.doi.org/10.3390/nu11092230.

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There is a wealth of research lauding the benefits of exercise to oppose cardiometabolic disease such as diabetes, CVD and hypertension. However, in the great majority of these studies, the nutritional context (energy balance, deficit, or surplus) has been ignored, despite its profound effect on responses to both exercise and inactivity. Even a minor energy deficit or surplus can strongly modulate the magnitude and duration of the metabolic responses to an intervention; therefore, failure to account for this important confounding variable obscures clear interpretation of the results from studies of exercise or inactivity. The aim of this review is to highlight key lessons from studies examining the interaction between exercise and sedentary behavior, energy status, and glucose and insulin regulation. In addition to identifying notable problems, we suggest a few potential solutions.

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Nazarova, Iryna. "The essence of equity capital and its structuring for accounting needs." Herald of Ternopil National Economic University, no. 3(85) (August 8, 2017): 117–26. http://dx.doi.org/10.35774/visnyk2017.03.117.

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The paper considers various interpretations of the essence of equity capital. The concept of equity capital is viewed from the perspective of property as a venture capital, i. e. business property, which does not guarantee profits and dividends, and for which there is no clear schedule of returning funds to investors and shareholders. The most common equity capital components in national and foreign practice are examined and compared. It is pointed out that the equity components mainly used in Ukraine are defined by the National Accounting Standards. Alternatively, the structure of equity capital components in foreign practice relies on the Conceptual Framework of Financial Statements, but it is further detailed by national standards of each country and depends on its policy and accounting characteristics. The structure of equity capital in foreign practice may be influenced by shareholders’ decisions on the establishment of funds (additional capital), allocation of profits, transactions with treasury shares. It is made clear that in most countries equity capital components include joint stock capital, surplus reserves, and retained profit. The article reviews the classification of equity capital, viewed as the key factor, and determines its influence on accounting principles and policies. It is concluded that in regulatory documents, there are no clear lines between types of equity capital. The paper also discusses various views of scholars on equity capital arrangement. It is found that in research works, equity capital is classified based on various characteristics, but the majority of researchers consider sources of equity capital to be the main criterion. In addition, there is no consensus among academics as to what types of equity capital can be singled out by the criterion described. Taking into consideration some proposals of scholars and foreign practice related to ac- counting of equity capital, the author develops a generalized structure of equity capital which is based on the sources of capital formation and includes: invested capital, particularly registered capital (statutory and mandatory share capital), corrective capital (unpaid and withdrawn capital), additional capital (capital received from investors for stock that exceeds the par value of the stock, i.e. additional equity capital); acquired capital (assets received for free, capital formed from revaluation of assets, other capital) and reinvested capital (retained profits (uncovered losses) and surplus reserves). The above equity structure can be used to prepare financial statements in order to increase its informational value. Proposals are given on how to improve methods for accounting of equity capital, in particular accounting of additional capital invested by founders in the account entitled “Non-registered investments of owners”.

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Miller, Chadwick J., Michael A. Wiles, and Sungho Park. "Trading on Up: An Examination of Factors Influencing the Degree of Upgrade: Evidence from Cash for Clunkers." Journal of Marketing 83, no. 1 (October 29, 2018): 151–72. http://dx.doi.org/10.1177/0022242918809380.

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Durable goods firms often create product lineups to provide a clear upgrading path as consumers make replacement decisions. Consumers can upgrade a little (i.e., spend a bit more than last time) or a lot (i.e., spend substantially more). However, the factors affecting the degree of such vertical “moving up” have received limited scholarly attention. In particular, little is known about how trade-in characteristics and the marginal costs–benefits of the new purchase influence the degree of upgrade. The authors use 320,000 Cash for Clunkers automobile transactions to provide the first examination of how mental accounting surpluses from trade-in ownership time and trade-in windfall, in addition to brand loyalty, affect the degree of upgrade. The authors find that trade-in ownership time and brand loyalty enhance the replacement’s degree of upgrade. However, trade-in windfall size has a negative effect, revealing the downside of this common promotional practice. Two experiments and additional dealer data indicate that this finding is robust to different economic conditions. Thus, these findings provide valuable new guidance for durable goods firms to facilitate the degree to which consumers upgrade.

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Nicolás Marín Ximénez, J., and Luis J. Sanz. "Financial decision-making in a high-growth company: the case of Apple incorporated." Management Decision 52, no. 9 (October 14, 2014): 1591–610. http://dx.doi.org/10.1108/md-10-2013-0557.

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Purpose – The purpose of this paper is to develop conceptual knowledge and skills in making financial policy decisions in a rapidly growing and profitable enterprise. Design/methodology/approach – This teaching case was written by documenting and analyzing published information available to the public about Apple. It presents Apple's situation at the end of April 2012. The company reported net profits of US$11.6 billion and income from sales of US$39.186 billion both for the January-March 2012 quarter. Given this highly successful situation, students should assume the role of the company's chief financial officer, Peter Oppenheimer, and make recommendations to the board of directors about what to do with what appears to be a huge cash surplus that the company has accumulated through the years. Findings – Students/participants are usually surprised by the fact that accumulating excess cash could become a problem for any company. Through several discussions of the case the authors have found that answers to this central dilemma depend on students/participants’ experiences. Executive education participants try to maintain the cash and find possible investments, while the less experienced (MBA students) worry about the negative effects of the excess liquidity on value creation. While the former group might be influenced by cash constraints situations frequent in Latin America, the latter group approaches the problem from a theoretical perspective. Research limitations/implications – Since the case was written using public data, therefore it does not take into account the actual opinions and actions of Apple's management team except for those reported by the press. Practical implications – The case points toward an overall discussion on conceptual topics such as dividend policies, share buybacks, and stock splits. It frames this discussion in terms of a financial strategy matrix developed by Hawawini and Viallet. According to this matrix, the company is creating value with excess liquidity, and this context helps practitioners to determine the optimal solution and provides executives with a clear guideline. The management's problem, in this case, is to find ways to invest surplus liquidity productively, or failing that, to define the best way to return it to shareholders. Originality/value – This teaching case provides students and practitioners with a practical application of the Hawawini and Viallet framework to the solution of the financial problem faced by successful companies like Apple. Moreover, it shares the teaching experiences of the authors in both MBA and executive education programs.

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Štager, Vesna. "Strong Competition Among Audit Companies and Power to Achieve Higher Audit Fees: Who is at the Forefront?" Scientific Annals of Economics and Business 65, no. 2 (June 1, 2018): 119–38. http://dx.doi.org/10.2478/saeb-2018-0012.

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Abstract The aim of the research is to determine if the audit fees are statistically significantly different between the audit companies and vary, depending on the size of client and audit company. We find that for large auditees the average audit fees of the Big 4 Group did not statistically significantly deviate from normative audit fees, even surpass them, but not statistically significant. On average, small audit firms when auditing large auditees do not meet the predicted normative audit fees, and this deviation is statistically significant. Also, we confirm that the Big 4 auditing companies (KPMG, E & Y, Deloitte and PwC) were, statistically, significantly more likely to charge higher audit fees than a small auditing company would charge. The paper contributes to the literature to give users a clear indication about what average audit fees are typical of the Slovenian audit companies and which audit company is at the forefront.

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Hess, Dieter, and Erik Lüders. "Accounting For Stock-Based Compensation: An Extended Clean Surplus Relation." SSRN Electronic Journal, 2001. http://dx.doi.org/10.2139/ssrn.277353.

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Hess, Dieter, and Erik Lüders. "Accounting For Stock-Based Compensation: An Extended Clean Surplus Relation." SSRN Electronic Journal, 2003. http://dx.doi.org/10.2139/ssrn.358362.

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23

Yulianni, Yulianni, and Sugi Suhartono. "RELEVANSI NILAI LABA, NILAI BUKU EKUITAS, ARUS KAS OPERASI DAN DIVIDEN." Jurnal Akuntansi 8, no. 2 (January 30, 2020). http://dx.doi.org/10.46806/ja.v8i2.618.

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The relevance of the value of accounting information presented must have the ability to explain the value of a company. Accounting information in the form of financial statements is said to be relevant if the information can be useful for investors in making decisions and the reaction of investors when information is announced that can be observed through stock price movements because stock prices reflect the value of the company. The theories used in this study are the theory of clean surplus, signaling theory, and theory of market efficiency. Based on the purposive sampling method obtained as many as 79 companies, with a total of 237 samples. The analysis techniques used are pooling test, classic assumption test, descriptive statistical test, F test, t-test, and test coefficient of determination. The data used is secondary data obtained from www.idx.co.id. The results showed that earnings, equity book values, operating cash flows, and dividends proved to have a positive influence on stock prices.Keywords : Earnings, book value of equity, operating cash flows, dividends, and stock price

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Wijaya, Amelia Sandra, Ericson. "RELEVANSI NILAI LEVERAGE, DIVIDEN, DAN PROFITABILITAS TERHADAP HARGA SAHAM PADA PERUSAHAAN-PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BEI PERIODE 2014-2016." Jurnal Akuntansi 7, no. 1 (February 27, 2018). http://dx.doi.org/10.46806/ja.v7i1.458.

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Financial statements that have good value relevance can be a benchmark for an enterprise's value increase that can increase stock prices. Accounting information in the form of financial statements is expected to describe the actual condition of the company. Accounting information such as financial statement hopefully can describe the actual condition of the company.This research aims to analyze the influence of the value relevance of accounting information contained in leverage, dividend, and profitability to stock prices. Clean surplus theory is talking about predicting and analyzes function of financial statement. Market efficient theory is talking about quality of the information itself. And signaling theory is talking about how the information impacts the community. The object of this study was 25 companies who registered in manufacturing industries that listed at Indonesia Stock Exchange for the year 2014-2016. Tools that be used for data analysis in this research are pooling, classical assumption, statistic descriptive test, F-test, t-test, and coefficient determination of R square by using SPSS 20.0 . This research shows that leverage doesn’t have a value relevance to the share price, dividend doesn’t have a value relevance to the share price, and profitability has a value relevance to the share price. Keyword : Value Relevance, Leverage, Dividend, Profitability

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Suhartono, Sugi. "ANALISIS KOMPARASI RELEVANSI NILAI INFORMASI AKUNTANSI SEBELUM DAN SESUDAH ADOPSI PENUH IFRS DI INDONESIA." Jurnal Akuntansi Bisnis 11, no. 1 (April 20, 2018). http://dx.doi.org/10.30813/jab.v11i1.1084.

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Many companies had adopted but there is a differences on the quality of the accounting report that were created before and after the adoption that has not been studied by academics, because of this researcher wants to investigate whether there are any differences in value relevance of accounting information before and after the full adoption of IFRS. Based on regulation theory, signalling theory, market efficient theory and clean surplus theory. The gap between action that were taken by management and the will of shareholders could possibly happen when the asymmetric information disrupt the capability of investor to supervise managerial level and lead the investor to make a wrong decision. Samples of this study consisted of 16 companies that are part of LQ 45 Index of Indonesia Stock Exchange. Purposive Sampling method is used to take the sample. The data analysis technique used to test the hypothesis is Chow Test. Chow test shows F value (0.57985) is smaller than F table (2.71). Then, in testing of the coefficient of determination, which the value of adjusted R2 before the full adoption of IFRS is 85.7% and after the full adoption of IFRS is 82.2%. This shows a 3.5% reduction of adjusted R2. The reduction of the adjusted R2 indicates that the adjusted R2 can not be explained by measuring stock prices, earnings per share, and book value per share after full adoption of IFRS. Based on the study results show that the full adoption of IFRS does not affect the relevance of the value of accounting information on companies listed in the LQ 45 index. Keyword : Value Relevance, Profit, Equity Book Value, IFRS Adoption

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Winfree, Jason A., and Jill J. McCluskey. "Economic Implications of Protecting Regional Reputations." Journal of Agricultural & Food Industrial Organization, March 6, 2020. http://dx.doi.org/10.1515/jafio-2019-0051.

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AbstractThis article develops a theoretical model to analyze how policies such as regional labeling, geographic indications, and quality standards affect welfare when firms have a collective reputation corresponding to a region. The tradeoff is between consumer information and protection of the regional names against the effect of supply restriction, which is often considered to be collusive behavior. Regional labeling is found to increase quality for all firms and increases profits for firms in the high-quality producing region, although the effect on profits for firms in the low-quality producing region is ambiguous. Quality standards may also increase quality and profits in all regions, but can also be used as a way to restrict imports if standards are too high. Quotas can also alleviate the collective information problem and increase profits, but does so at the expense of consumers. We argue that clear labeling and achievable standards are preferable to import quotas due to consumer surplus.

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Adams, John, and Ali Metwally. "Testing for the Marshall–Lerner condition in Egypt: an empirical analysis." African Journal of Economic and Management Studies ahead-of-print, ahead-of-print (November 4, 2020). http://dx.doi.org/10.1108/ajems-01-2020-0001.

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PurposeThe purpose of this paper is to examine to what extent evidence can be found for the presence of the Marshall–Lerner (ML) condition regarding the trade balances of Egypt. The theoretical basis of the ML is presented and then tested using Egyptian trade data from 1965 to 2017.Design/methodology/approachThe data are analysed via standard ordinary least squares models subject to the constraints imposed by economic theory, specifically ML theory, in which the coefficients represent elasticities. A range of tests are undertaken to establish the validity of the models and the model results including multicollinearity, unit root and co-integration in order to avoid spurious regressions.FindingsThe export model strongly suggests that real exports of Egyptian goods and services are elastic with respect to changes in the real effective exchange rate (REER), with a coefficient weight of −1.64 and is significant at 1%. However, for the import model the coefficient weight of the REER −1.17 and is significant at 1%. This result contradicts ML theory, where an increase in the REER makes imports cheaper and thus causes them to increase.Research limitations/implicationsThe limitations of the study are two in particular, the first is that the frequency of the data employed is annual, not monthly or even quarterly, which means that the sample size would have been larger, and the estimated parameters could have been more accurate in forecasting the future behaviour of exports and imports. There could be several other indicators that might have clear impacts on exports and imports. In other words, it is possible that a model with consumer spending and government spending as well as terms of trade, inflation, interest rate spread and taxes is going to capture more of the variation that occurs in Egypt's trade balance components.Practical implicationsThe results suggest that the Egypt-International Monetary Fund plan (depreciation) is likely to have a positive effect on the economy. However, this does not mean that the deficit of the trade balance is going to change into a surplus once the policies of the plan are fully applied, but it does mean the deficit will reduce. Only in the long run is the trade balance likely to record a sustainable surplus. But the latter will heavily depend on the structure of exports and imports and maintaining price stability, both of which are key government policy areas.Originality/valueThe paper builds on previous theoretical and empirical work in this field and in particular is focussed on Egypt. There are extremely few analyses of the ML condition regarding Egypt. This paper provides new information on this and can also be utilized by researchers to further develop the analysis and method through identification of other potentially relevant variables within a single country ML study.

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Journal articles on the topic 'Clean surplus (Accounting)'

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