Nghien Clhi trao (Hii
Rao can thirc hien ke toan quan trj moi trirdng
trong doanh nghiep nho va vira
Ke toan qudn tn moi trudng (EMA) Id rriQt bo ptign cilia ke toan quan tri, nhiflig tap trung vao phan tict) chuyen sau han ve cac chi phf, doanh thu moi trudng de giup cac nhd qudn tri trong viec hogch dinh chien luac vd ra quyet dinh sdn xuat - kinh doanh dat hieu qua phdt trien ben viTng. Viec tim hieu nhUng rdo cdn trong viec ap dung EMA se giup doanh nghidp, ddc biet Id cdc doanh nghi$p nhd vd vCia co edi nhin tong qudthdn ve nhOng khd khdn. tu dd. co sU chuan bi tot han de dp dung cdng cu ke todn qudn tri ndy trong tuang lai.
TCf khoa: Ketoan qudn tri mdi trudng, daanh nghiep nhd vd vUa.
1. Dat vin dl
Nhirng rao cin khac nhau ddi vdi viec thuc hien boat dgng quan tri mdi trudng Ichdng chi gay hai cho mdi trudng tu nhidn, ma cdn lam cho cie cdng ty khdng dugc hudng lgi ich lign quan nhu tigt kiem chi phi, ning cao danh tieng va thu hiit cae "nhan vign xanh",
"khich bing xanh (Jo vi cdng su.
2014). Trong mdt sd trudng hgp, viec that bai hoac khdng cd khi ning thuc thi eic quy dinh ve quin tn mdi trudng, cd thg din den viec cdng ty phii chiu ttich nhiem trudc phip luat (Christmann 2000).
Vay nhung, trgn thuc tg, nghign ciru vg rao ein ddi vdi viec thue hien kd toin quan tri mdi trudng
^ T S . N g u y ^ Bich N g o c '
Ichdng nhin dugc nhieu su quan tim. Han niia, hiu het cic nghien ciiu dua tten mdt mau nhd, gidi ban ve boat ddng v i tip trung vio cic cdng ty tai cic ngn kinh tg phat trign. Nhiing ban chg niy da inh hudng dgn cii nhin tdng quit va su hieu bigt sau sac vg die thii rio cin giira eic nginh sin xuit - kinh doanh va giira cic qudc gia cd dac diem phip ly, cd ttinh do khoa hgc cdng nghe va san xuit khac nhau.
2. Tong quan nghiSn cihi ve nhihig rao can thirc hi^n ke toan quan tri trong doanh nghigp nho va vira (DNNW)
Tdng hop nhiing nghign ciiu vg kg toan quin tri mdi trudng ttgn the gidi, cd the ke den nhiing rio can chinh ddi vdi viec thuc hien kg toan quan tri mdi truang trong doanh nghigp nhu dudi diy.
Thu nhdt, kien thuc vd thdi dp cua chd sef hiru
Mdt ttong nhiing rao ein ddi vdi vide thuc hien kg toin quin tri mdi trudng trong doanh nghiep la viec thigu hieu biet vg nhiing tic ddng ciia mdi trudng cua chu sd hiiu. Jab- bour va Puppim-de-Ohveira (2012) da chi ra rang, viec thieu kign thiic ve nhiing cdng eu quin tri than thien vdi mdi trudng la vin dg chinh cin ttd viec thuc hien cic edng cu do trong cae doanh nghiep nhd tai Nhat Ban.
Nhdn: 26/2/2020 Bien tdp: 06/3/2020 Duyet dang: 18/3/2020
Nghidn ciiu cho thiy, chi cd m^t sd lugng nhd doanh nghiep dang quan tri tic dpng ciia cic ho^t dOng cua hp ddn mdi trudng tu nhien, cdn dai da sd vin tin rang tic dpng cua doanh nghiep Ign mdi trudng Ii khdng dang ke vi dang bi cudng dieu hda. Didu nay din den su thigu cam ket tir phia cic D N N W de giai quygt tac ddng mdi trudng ciia hg. Cic doanh nghiep nhd nh|n thiy, quan tri mdi trudng se tdn kem ban nhigu so vdi nhirng lgi ich ma nd mang tai (Thornton vi edng su, 2009).
Bgn canh vigc thieu kien thiic vg quin tri mdi trudng, viec thieu thdi gian va thii dp cua ngudi quan ty- chii sd biiu cung Ii mdt rio can ddi vdi viec thuc bien kg toin quin tti mdi tnrdng. Cae doanh nghiep nho thudng quan tam nhit den kha nang canh tranh vi su sdng cdn cua doanh nghigp, do dd thudng cd xu hudng tap trung nd luc va thdi gian ciia hp vio viec tdn tai v i thu duge nhigu tgi nhuan han (Stevens va cdng su 2012).
Battisti vi Perry (2011) di6u ti^
50 D N N W d New Zealand bing phuang phap khio sit nhdm ehuygn siu (da cd mdt sd kien thiic vg mdi trudng). Nhung ngudi tham gia khao sat eho rang, cae boat d^ng ciia hp khdng giy hai hoac gay ra tic hai khdng ding kd cho mdi tiordng. Didu nay dan dgn thuc te hp
* Khoa Ki toAn - Kiem tOtin, Hoc vi$n Ng0n hAng
d ^apcM'^
Ngl)i6n Clhi trao ddi
khdng quan tam nhigu dgn mdi trudng, mi tip trung vao vigc kinh doanh tao ra nhieu Ipi nhuin ban.
Hp chi thyie Men cae ho^t ddng quan tri mdi tnrdng khi dau tu tii chinh it va tigt kiem ehi phi.
Thu hai, nhimg quy dinh rang
bUQC
Ld hdng ve kign thue quin tri mdi trudng mdt phan do cae quy dinh phiic tap va tcha rdi rac vg mdi tnrdng. Cie nha quin tri D N N W thudng kha xa la vdi cac quy dinh mdi trudng dugc ap dung ttong ITnh v\rc ho§t ddng ciia bg (Wilson va cgngsu, 2011).
Lien doan Cic doanh nghiep nhd (2004) chi ra rang, tii lieu moi trudng 80.000 ttang eho cae D N N W cua Lign minh chau Au (EU) qua phiie tap vi Ii ganh nang ddi vdi cac doanh nghiep thuoc khu v\rc nay. Lynch Wood va Williamson (2005) tiong mdt cupe khao sit 66 D N N W d 4 qudc gia EU da phit hien ra rang, ngudi tia Idi khdng the dge vi higu luat phap vg mdi trudng lien quan den hg do tinh phiic tap va ban chit Ichdng ro rang ciia nd. Didu nay lam hp khd cd thg nhan bigt lieu hg da tuan thii hay chua.
Palmer (2000) da khing dinh rang, thdng tin mdi trudng ciia cac D N N W phai thuc tg, dg ding truy cip va cd tac ddng true tidp dgn mdi trudng tu nhign eua doanh nghigp.
Dieu nay khdng cd nghia la quy dinh khdng quan ttgng ttong viee quin trj moi trudng (de Oliveira vi Jabbour 2017). Tai cac nudc phit trign nhu Anh vi My, cac ea quan nha nude dang hgp tic vdi eic D N N W nham giim bdt ganh nang vi rio can tao ra bdi cic quy dinh (Brammer vi cong su 2012).
Walker va cdng su (2008) nghien ciiu vg cie rio can cua 7 to chiic tu nhan va cdng edng tdn ciia Anh, da chi ra rang, cac quy dinh rang bugc la mpt rao cin bdn ngoii inh hudng dgn viec thuc tuen cdng cu quin tri
mdi trudng cua bo. Ngoii ra, miic dp nhin thiic thip vg cac quy dinh mdi trudng ciia cic D N N W (del Brio vilunquera, 2003) cung dupe coi la mgt trd ngai, Quy dinh cho dii nghiem ngat den mire nao thi ciing khdng thg anh hudng dgn ke toin quan tri mdi trudng khi ngudi quin ly thigu su higu bidt rd rang vg cac van de mdi trudng eiia doanh nghiep. Vi thg, ein tip trung vio thdng tin va giao due (Dulipovici 2001; Schaper 2002).
Walker va cong su (2008) kdt tuin ring, giio due chir khdng phii luit phip la yeu td thiic day chinh cua su thay ddi. Ket luan tuang tu Cling duoc dua ra Ezeah vi Roberts (2012).
Thur ba, dich vu ho tra Thieu su hd ttg tir bdn ngoai ciing dugc coi la ygu td lim giim bdt sir cii thien mdi trudng eiia eac D N N W (Biondi va cdng su 1998).
Cac td chue hd ttg ben ngoai se giiip thu hep khoing each kidn thicc eua nhi quin ly, bing cich chiing minh chung vdi thdng tin mdi trudng lign quan va cap nhat (Titley 2000). Cac td chiic chuyen nghiep co kidn thiic chuyen siu vg van de mdi trudng cd thg thiic day sir sir phat tngn cua quin tri mdi trudng tai cac Ichach hang ciia bg, thdng qua viec cung cap thdng tin nganh mdt each ro ring.
Schaper (2002) da khing dinh ring,miic dp thdng tin vg mdi trucmg cua chu sd hiiu doanh nghiep tuang quan ding kg vdi hoat dgng mdi trucmg cua cie D N N W tai lie. Viee eung cip thdng tin kjp thai vi cd khi nang tang cudng kidn thiic vg mdi trudng cua ehu sd hiiu ti ygu td quan ttpng dg phat trien nhirng y tiidng xanh trong eac doanh nghigp nhd. Vi vay, tic gia khuyen nghj Chinh phu Ue nen sii dung cic td chiic chuyen nghiep tai cae tigu bang, tign bang de cung cip dich v\i hd ttg niy cho cic DNNW.
Tuy nhign, chit tugng ngudn nhan luc trong eic td chirc hd trg nay
^qpchi
dugc cho ti quan trpng hem sd tugng ngudn nhan luc.
Mdt nghign cim tinh hudng tai ba cong ty giiy va bdt giiy d Thii Lanciia Setthasakko (2010) da chi ra rang,viec thigu hudng dan vg kg toan quan tti mdi trudng cua chinh phii dang inh hudng ddn eic boat ddng quin tri radi trudng va danh gii hieu qui ciia cac cdng ty, d^c biet la ttong cac linh vuc phdng ngira d nhiem va quan ly chit thii ran. Digu niy nhan manh tim quan ttpng ciia cic dich vu hd \XQ ttong viec dat dugc cac muc tigu dg ra ngay ea ttong cic doanh nghidp Idn ,vi nhimg hudng din kg toin quin tri mdi trudng se dim bio viec phan bd hoac dinh gii ehinh xie chi phi mdi trudng, doanh thu, tai sin va ng phai tta.
Viec thigu su hd ttg tir cic td chiic chuygn nghiep dugc coi ta yeu td can ttd nd tuc eii thien mdi trudng cua cie doanh nghigp nhd ttong tinh vuc sin xuat giiy dep d ci Brazil va Nhat Ban (Jabbour va Puppim-de-Otiveira 2012). Ngoii ra, Seroka-stolka va Jelonek(2013) cung bao cio rang, 75% sd ngudi dugc hdi eim thay nhi nude khdng khuygn khich viec thuc hien he thdng quin tri mdi truong.
Thu tu, han che ve nguon luc Han che vg ngudn luc Ii mdt rio can ttong viec thuc hign kg toan quan tri mdi trudng cua cac D N N W (NetRegs 2003; Hillary yi Burr 2011). Cac D N N W cd ngudn luc ban chg vg ci tai ehinh va nhan lire din ddn viec thigu dao tao va chuygn mdn ve quan tri mdi trudng (Hillary 2004).
Zilaby (2004) da nghien cimvg quan tti nang lugng hieu qua tai 8 cdng ty hang diu vd nang tugng tai Hungary. Vdi phuang phapphdng vin true tidp, tie gia da khing dinh, ngoai cac rao cin vg chi phi eao,^ tgi nhuan cham, thi tai chinh han chg va thigu ngudn nhan tuc ciing Ii mgt vin dg. Theo nhimg ngudi dugc hdi,
O
Ngliidn cub trao fltii
cic ydu td niy cung vdi nhiing thich thiic hang ngiy dg digu hanh cdng ty mdt each hieu qua da inh hudng khdng nhd den viec cai thien hieu qua cua vigc sir dung ning lugng, vi doanh nghiep thudng ehii ygu tgp trung vio cac linh vuc co Igi ich ngan han ban la tang cudng hieu qui nang lugng mdt vide tim tdn kem va tdc dp mang lai tgi nhuan cham (dii ban).
Lynch-Wood vi Williamson (2014) da nghign ciiu phan iing cua cac D N N W ddi vdi cie quy dinh ve mdi ttudng tai Anh. Hp khang dinh rang ngudn tuc duge coi la rit quan ttgng ddi vdi viec cai thien mdi trudng tai cac DNNW, Nghign ciiu chi ra, 89% cac cong ty thude mau nghidn ciiu cho rang ,gidi ban vg tii chinh va nhan tuc la vin de chinh ban ehg kha nang phit trien kien thiic vg mdi trudng thdng qua dao tao eiia hp. Nhiing ngudi duge hdi cho rang hp khdng cd dii ngudn luc. Do dd, ehi tap trung vao muc tigu chinh va khdng chi tigu vugt qui mire can thidt. Viec dao tao se dan dgn tdn kem vg thdi gian, con ngudi va tii chinh.
Digu nay ciing ed thg giai thich tai sao cac D N N W phan iing hoac khdng tuan thu quy dinh vg mdi trudng (Titley, 1999). Kdt qua tircmg tu cQng dugc tim thay tiong nghien ciiu ciia Ikediashi vi cdng su (2012) tai Nigeria, khi tic gii cho rang viec thigu dao tao ve mdi trudng bgn virng dugc coi la thich thiic nghigm ttgng nhit ddi vdi viec phit trien doanh nghiep xanh tai diy.
Thie nam, dp luc cua cdc ben lien quan
Trong mdt nghien ciiu tai D N N W thupc ITnh vuc kinh doanh nha hang v i xay dung, Revell va Blackburn (2004) da khing dinh, su thidu ap lite eua cic ben lien quan la rio can ddi vdi viec cai thien mdi trudng tai cac doanh nghiep nay. Sir dung phucmg phap phdng van true tigp 12 ngudi eung cip thdng tin vi
40 DNNW, cac tic gii di chi ra rang, ap tuc ciia cac ben lign quan Ii mgt ttong nhiing dpng luc chinh ciia viee thuc hien ke toan quin ty mdi trucmg. Ngu khich hing chi quan tam dgn chat lugng dich vu va lgi ich kinh tg hem la cae vin dg vg mdi trudng thi nha eung cap cimg khdng cd dgng luc de ddi phd vdi tic dgng ciia doanh nghiep den mdi trudng.
Schot (1992) nhan thay ring, ip luc eua cdng chung ddi vdi miic do tin cay cua cie cdng ty da qudc gia ttong nginh hda chat cua Ha Lan da din den nhiing nd luc quin tri mdi trudng chien luge eiia cac cdng ty niy dk liy lai niem tin ciia cdng chimg. Cac nhi quan ty hang dau cho ring, tiach nhiem cua cae edng ty vdi mdi trudng tu nhidn da thay ddi rit nhigu so vdi tnrdc diy tchi nhiing inh hudng cua doanh nghiep len mdi tnidng la di dugc chitng minh mdt each khoa hpe. Cic ehinh sach chien lupc hien dugc phit ttien dg dam bio rang, huih anh ciia cdng ty khdng bi anh hudng bdi viec dugc cdng chiing coi la mgt ddi tie ding tin cay la khia canh vd cimg quan ttgng ttong su thinh cdng cua doanh nghiep ngiy nay.
Kasim va Ismail (2012) khi nghign ciiu vg kg toin quan tri mdi trudng tai 26 nha hang Malaysia boat ddng tai Penang, cho thiy cic boat dgng than thien vdi mdi trudng cua cac nhi hing nay cdn kem va khach hing ciing nhu edng ddng xung quanh cung khdng cd nhu can cho cac dich vu nhu vay. Tinh thuc thi cua luat phap va cic quy dirih vd mdi trudng cdn yeu kem.
Ong vi cdng sir (2014) trong mgt nghign ciiu vg D N N W trong nginh hda chit d ndng thdn Trung Qudc da cho ket qua khic, Nghien cim chi ra, khoang 78% ngudi tra Idi da tham gia hoac phan nan mgt each chinh thirc vd d nhiem tir cic cdng ty. Nghign cuu ciing khang dinh ip tuc ngay cang tang ddi vdi cic cdng ty tii ehinh phii, xa hgi,
cdng ddng vi cic td chiic quoe \i lien quan nhung vin khdng cd nhiei tiiay ddi. Tuy nhign, Mir va Feitel- son (2007) phat hien ra rang, ck doanh nghiep ttong mau nghign ciiii di thue hien cic boat ddng moi trudng quan trpng ngay c i khi khdng cd bit ky ip liJC nao tii cac bgn ben quan.
Thu sdu, gido d^c tai moi tru&ng chinh quy
Mdt rao can khie ddi vdd kg toan quin tii mdi tirrcmg tai cic DNNW t i giio due cbinh quy vg quan tri mdi trudng tiong tiirdng dai hpc va eao ding dang d mite thap, mac d&
nhan thite vd su can tliigt cua vi^
giio due niy da tang ten tiong tlioi gian gin day. Vin de nay d^c biel quan ttpng, bdi cie nhi quan tri trong tuang tai chinh ta nhiing sinli vien dang tten ghd nhi trudng horn nay. Theo GIZ (2013), miic dp giSo due ttong mdi trudng chinh quy ve ITnh vuc trach nhiem xa hoi cua doanh nghiep a chiu Phi tuong d6i thip. Hiu hgt cac chuang trinh sau dai hgc chi gidi thieu vg trach nhi?ni xa hdi cua doanh nghiep, nham tang miic dp nhan thiic ciia hgc vien.
Mckiever va Gadenne (2005) da tim thiy mdi lien he giiia trinh do cua chu sd biiu doanh nghiep vdi viec thuc hien he thong quin tri moi trudng. Vdi nghidn ciiu 1.000 nha quin ly kigm chii sd hihi tai cac DNNW, tac gia da khing dinh moi lign he giiia muc dp nhan thiic caovS cic loi ich ma he thdng quin ttj nioi trudng dem lai vdi trinh dp giao due.
Tiiy nhien, Schaper (2002) khong tim thiy mdi quan he ding kg nao gfta giio due quan tri mdi trudng va fliBc hanh quan tri mdi trudng.
Hossam va cdng su (2012) tcti nghign ciiu vd rio can thuc hi?"
trach nhiem mdi tmdng va xa % cua doanh nghigp tai Bangladesli-i khang dinh su cin thigt phai kgth?!i cic van de mdi trudng va xa hoi ^ he tiidng giao due, vi day la nhiins khai nigm ttiang ddi mdi troBS
E3
'ketoan &^i£m, Imn so thmg 4/2020Nghien cihi trao doi nude. Nhiing ngudi dugc hdi cho
rang, viec dio tao n^i bg ttong doanh nghiep ve phat tridn ben viing nhim tao ra su higu bigt can thigt ciia nhan vien ttong doanh nghiep t i vd cung ein thiet. Hg Cling khing dinh hpi ddng quin tri cua cdng ty can dugc giio due tdt vg trach nhiem mdi trudng vi xa hgi de cd nhimg tac dgng cin thidt vi mgi quygt dinh ddu duge hg dua ra.
3. Ket luan
Qua tdng quan nghign ciiu nhiing ndi dung lien quan den rao can ip dung kg toin quin tri ttong D N N W tai cic qudc gia tten thd gidi, cd thg kd dgn 6 ydu td ehinh can ttd su phit trign eiia kg toin quan tri mdi tnidng, dd la: tddn thiic vi thii do ciia chii sd hihi, quy dinh ring huge, dich vu bd ttg, ngudn
luc, ap lyc tii cac bdn hgn quan vi giao due chinh quy trong cic tnidng dai hgc. Nhin thirc dugc nhiing khd khan ttong viec ip dung ke toan quin tri mdi trudng se giup co quan quin ly, nhi quan tii vi cac bgn lign quan cd cai nhin tong quit ban ve nhimg chi phi va nii ro tidm tang ma doanh nghigp cd thg gap phii. Tir dd, dg xuat nhirng bien phip hd tig, thao gd nhiing vudng mic, giiip doanh nghiep ndi chung va D N N W ndi rieng ip dung kd toan quin tti mdi trucmg, nhin duge nhiing Igi ieh ma cdng cu kg toin quin tri niy mang tai.n
Tdi lieu tham khdo Battisti. M. and Perry, M. 20II Walking the talk^ Environmental responsibility from the
perspective of small-business owners.
Corporate Social Responsibility and Environmental Management. 18 (3) 172-185
Christmann, P, 2000. Effects of 'bcsi practices' of environmental management on
advantage The role of complementary assets Academy of ManagemenlJournal. 43
(4). 663-680
Jabbour, C. J C and Puppim-de- Oliveira, J. A., 2012 Barriers lo environmen- tal management
in clusters of smalt businesses in Brazil and Japan: from a lack of knowledge lo a
declinem traditional knowledge Intema- tional Joumal of Sustainable Development
and Worid Ecology. 19 (3). 247-257 Jo. H.. Kim, H, and Park, K. 2014 Cor- porate environmental responsibility and firm
performance in the financial services sec- tor Joumal of Business Ethics. 131 (2), 257- 284...
(Tiep theo trang 26)
5. Thao luan kit qui nghien ciru va cac y kien de xuat
Tdng hgp kgt qui thyc nghiem vg anh hudng ciia cac thinh phin ddng tign tdi ROA va ROE ciia 6 nginh kinh td chii ygu dugc the hien d Bing 4 dudi diy.
Theo kgt qui d Bing 4 d tten, nit ra mdt sd nhan xet nhu sau:
Thic nhdt, cac thanh phin ddng tidn dgu inh hudng tdi ROA, ROE Cling chidu hoac khdng cd anh hudng, Ichdng cd su tic dpng ngugc chieu. Do dd, cac edng ty cing cd nhidu tign cing cd tgi thg kinh doanh.
Thu hai, luu chuygn tien thuin tii boat ddng diu tu anh hudng tdi hiu hgt cac loai hinh DN (trir 2 nginh hing tigu dung va dich vu tigu diing). Nhu viiy, cd 4/6 nganh bi anh hudng, chidm gin 70%.
Thu ba, tign thu tir boat ddng diu tir it anh hudng tdi ROA, ROE.
Chi cd mgt sd loai DN chiu anh hudngdd la: dugc phim va nguydn vat lieu. Nhu vay, cd 2/6 nginh bi anh hudng, ehigm tten 30%.
Thu tu, tign chi ra eho boat ddng diu tu it inh hudng tdi ROA va Ichdng anh hudng tdi ROE. Chi cd 2/6 nganh tim ra anh hudng ciia HDDTout vi ROA (ehigm tten 30%)
Thu ndm, tign thu vao tii hoat ddng tai chinh cd inh hudng tdi ROA va ROE ciia 4/6 nganh, nhu vay ehigm gin 10%.
Thic sdu, tign chi ra cho boat dgng tai chinh cd anh hudng tdi ROA va ROE cua 5/6 nganh, nhu vay ehigm trgn 80%.
K^t luan
Cie thinh phan ddng tign tten bio eio tuu chuyen tign te cd quan he Cling chidu vdi hieu qui boat ddng kinh doanh cua cac cdng ty.
Die biet, tuu chuygn thuan tir boat dgng kinh doanh va tidn chi ra cho boat ddng tii chinh cd anb hudng tich cue vdi hau hdt cac DN. Ket qua nghien ciiu nay rat hiiu ich cho cac nhi diu tu ttong viec danh gia tmh binh boat ddng eua DN dd dua ra quyet dinh diu tir hgp ly. Cic ca quan quan ty nha nuac cd the su dung kdt qua nghign ciiu nay, dg tii do tang cudng ban hanh cac quy
^gp chi ^eUim
dinh chat che ttong viec lip vi trinh bay bio cao liru chuygn tign te d Viet Nam.n
Tdi lieu tham Ichdo I Nguyen Thanh Hieu (2016), 'Die bdo ddng tien tit hoat dong kinh doanh cita cdc cong typhi tai chinh mem yet tren thi truang chiing khoan Viet Nam ", Ludn dn Tien sTKinh te Truang Dai hoc Kmh te quoc ddn.
2. Alslehat, K. Nimer. MA.I (2017), 'Empirical Study of the relationship between Cash Flow Management and Financial Per- formance of the Jordanian Insurance Compa- nies'. International Business Management, 11(3). 776-782
3. Nwakaego, D.A. Ikechukwu, O. & Ifu- nanya, L.C. (2015). 'Effect of Cash Flow Statement on Company's Performance of Food and Beverages Companies m Nigeria'.
World Applied Science Journal, 33(12), 1852- 1857
4 Soet. MA.. Muturi.W & Oluoch. O (2018)- Effect of financing cashfiow manage- ment on financial performance of mutual funds in Kenya European Journal of Busi- ness. Economics and Accountancy, 6(6). 7-16
5. Hamza, M (2014). The relationship between informational content of cash flows statement and stock returns from accounting perspective of IAS (7) (an empirical study) European journal of accounting auditing and finance research. 2(10). 67-84