International Journal of Economics and Finance

International Journal of Economics and Finance (IJEF) is a double-blind peer-reviewed international journal dedicated to promoting scholarly exchange among teachers and researchers in the field of economics, financial economics and finance. The journal is published monthly in both print and online versions by the Canadian Center of Science and Education.

The scope of IJEF includes the fields in the economics and finance. Authors are encouraged to submit complete, unpublished, original, and full-length articles that are not under review in any other journals. The online version of the journal is free access and download. If you want to order print copies, please visit:

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2015 Q2: Articles Received: 110; Accepted: 82; Rejected: 22; Published: 70; Retracted: 0

2015 Q1: Articles Received: 144; Accepted: 96; Rejected: 34; Published: 73; Retracted: 0



IJEF follows APA style.


Author Guidelines

1. Authors must ensure that their papers are free of spelling and grammatical errors and typos.

2. Research papers should not exceed 8,000 words.

3. A separate title page of an article should contain the title of the paper, name(s) and affiliation(s) of the author(s).

4. The first page of an article should contain an abstract not exceeding 250 words and a maximum of eight keywords.

5. Equations in the text should be numbered consecutively using Arabic numerals within simple brackets and aligned against the right margin.

6. All appendices should be numbered consecutively using uppercase roman numerals and shown after the list of references.

7. References should be cited within the text as follows: According to Wickremasinghe (2005), foreign exchange market … These results are inconsistent with those of other studies (Perera, 1995; Silva, 2000)

8. List of references should show each citation in alphabetical order and follow the style of APA

9. Author should register with the journal before submitting manuscripts.

10. Page proofs will be sent to the corresponding author. The corrected manuscripts should be submitted, and the publication fee should be paid within 10 working days.

11. The publication fee is 300USD.



The publisher and journal have a policy of “Zero Tolerance on the Plagiarism”. We check the plagiarism issue through two methods: reviewer check and plagiarism prevention tool (

All submissions will be checked by iThenticate before being sent to reviewers.

Keep a Similarity Index <30% and single source matches are not >6%








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Universe Digital Library

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Vol 7, No 10 (2015)

International Journal of Economics and Finance, Vol. 7, No. 10, 2015 e-Version First TM

Table of Contents


FDI in Retailing: Lead to Economic Growth and Better Value to End Consumers PDF
V. Selvam, Desti Kannaiah p1
Exploring the Nature of Material Information: Disclosure and Its Implications PDF
Ya-Fang Wang, Hua-Wun Syu p10
When Do Firms Issue New Equity? Evidence from the UK PDF
Heba Ali p31
Testing Threshold Cointegration and Threshold Granger Causality between Stock Price and Exchange Rate in Turkey PDF
Selahattin Guris, Burak Guris p50
The Effect of Advertising and In-Store Promotions on the Demand for Chocolate PDF
Jason C Patalinghug p56
Conditions of Diffusion of Competitiveness Clusters’ Technologies: A Brief Theoretical Note PDF
B. G. Jean Jacques Iritié p66
Analysis of Portfolio Choices and VaR Model: Evidence from the Lebanese Market PDF
Maria Hilal p74
Fiscal Expenditure, Pricing-to-Market and Exchange Rate Behavior PDF
Chung-Fu Lai, Drow-Tai Chen p91
Sovereign Wealth Fund Investments and Firm Value PDF
Dinh Bao Ngoc p100
Analysis of Liquidity-Study on Indian Mid-Cap Stocks PDF
Gaurav Kumar, Arun Kumar Misra p112
The Efficiency of Financing Economic Development Process in Egypt PDF
Ashraf Helmy p126
Competitiveness and Determinants of Bank Profitability in Sub-Saharan Africa PDF
Isaiah Oino p151
Causality between Foreign Portfolio Inflows and Economic Growth: Evidence from China and India PDF
Fayyaz Ahmad, Su-Chang Yang, Muhammad Umar Draz p163
Enterprise Credit Risk Evaluation Modeling and Empirical Analysis via GRNN Neural Network PDF
Chenyue Zhu, Zhiwei Cheng, Yuanbiao Zhang, Xiaoting Hu p173
The Role of IFRS in Financial Reporting Quality: Evidence from a Panel of MENA Countries PDF
Nicholas Apergis p182
Globalization and Income Inequality in G7: A Bootstrap Panel Granger Causality Analysis PDF
Feyza Balan, Mustafa Torun, Cuneyt Kilic p192
Day Long Effect of Liquidity on Stock Return: An Empirical Investigation in a Day of Political and Economic Importance in India PDF
Trilochan Tripathy, Eshan Ahluwalia p204
Carry Trade Profitability Using Pegged Currency: A Case of the Qatari Riyal PDF
Musaed S. AlAli, Yaser A. AlKulaib p215
The Impact of Managerial Opportunism on Earnings Reliability PDF
Chee Fei Chang p222
Statistical Specifications and Diverse Tests of Efficiency in European Foreign Exchange Markets PDF
Augustine C. Arize, Ioannis N. Kallianiotis, Scott Liu, John Malindretos, Alfred Verrios p235
Analysis of the Regions in Terms of Promoting Regional Development of Republic of Macedonia PDF
Nikolche Jankulovski p247
Reviewer Acknowledgements for International Journal of Economics and Finance, Vol. 7, No. 10 PDF
Michael Zhang p258

Creative Commons License
This work is licensed under a Creative Commons Attribution 3.0 License.

International Journal of Economics and Finance  ISSN  1916-971X (Print) ISSN  1916-9728 (Online)

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