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 Authors are encouraged to submit complete, unpublished, original, and full-length articles that are not under review in any other journals.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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2014 Q3: Articles Received: 106; Accepted: 69; Rejected: 30; Published: 77; Retracted: 1

2014 Q2: Articles Received: 128; Accepted: 85; Rejected: 44; Published: 71; Retracted: 0

2014 Q1: Articles Received: 166; Accepted: 87; Rejected: 74; Published: 71; Retracted: 0

2013: Articles Received: 548; Accepted: 253; Rejected: 292; Published: 187; Retracted: 1

2013 Q4: Articles Received: 172; Accepted: 88; Rejected: 91; Published: 50; Retracted: 1

2013 Q3: Articles Received: 139; Accepted: 53; Rejected: 74; Published: 40; Retracted: 0

2013 Q2: Articles Received: 112; Accepted: 46; Rejected: 70; Published: 44; Retracted: 0

2013 Q1: Articles Received: 125; Accepted: 66; Rejected: 57; Published: 53; 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.

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Universe Digital Library

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Vol 6, No 11 (2014)

Vol. 6, No. 11, November 2014 e-Version FirstTM

Table of Contents


Econometrics Analysis on Factors Affecting Student Achievement PDF
Yueyi Sun p1
Impact of FDI in Retailing: An Empirical Analysis on Perception of Unemployed Youth on Employment Opportunities in India PDF
Desti Kannaiah, V. Selvam p9
Codification Theory is a Gateway for Setting Mandatory Reporting Requirements in Emerging Economies PDF
Khaldoon A. Al-Htaybat p21
Price Discovery and Memory Effects in Infant African Stock Markets: Evidence from Tanzania PDF
Benedicto Kulwizira Lukanima p36
Does FDI in China Displace Foreign Jobs in Asia? PDF
Jordi Paniagua p52
Fiscal Policy Framework in West African Monetary Zone (WAMZ): The Matter of Debt Sustainability PDF
Abdoulkader Houssein Mohamed p60
The Effect of Financial Development on Economic Growth in Sudan: Evidence from VECM Model PDF
Ahmed Mohammed Khater Arabi p72
The Impact of Demographical Factors on Investment Decision: A Study of Vietnam Stock Market PDF
Hoang Thanh Hue Ton, Thi Minh Phuong Nguyen p83
Size, Value and Turn-of-the-Year Effect in the Egyptian Stock Market PDF
Mohamed A. Shaker, Khairy Elgiziry p90
Any Link between Unofficial Economy and Official Economy? An Empirical Evidence from the ASEAN PDF
Duc Hong Vo, Tien Minh Pham p97
The Influential Factors on Capital Adequacy Ratio in Iranian Banks PDF
Leila Bateni, Hamidreza Vakilifard, Farshid Asghari p108
Product Market Competition and Dividend Payouts of Listed Non-Financial Firms in Nigeria PDF
Olufemi Obembe, Joy Imafidon, Abiodun Adegboye p117
Cost Efficiency Analysis of Taiwan Biotech and Pharmaceutical Industry: The Application of Stochastic Meta Frontier Model PDF
Chen-Ming Chen, Tzu-Chun Sheng, Yung-Lieh Yang p131
The Impact of Anti-Thin Capitalization Rules on Capital Structure in Taiwan PDF
Wen-Sheng Shieh, Jiun-Nan Ou, Jui-Chih Wang p142
Asymmetric Investor Sentiment and Broker Sentiment Contagionin the U.S. Equity Market PDF
Huijian Dong p160
Fiscal Dividend from Saving, Investment and Per Capita Income Growth in Sub-Saharan Africa: Panel Data Analysis PDF
Jehovaness Aikaeli p173
Impact of Monetary Policy on Bank’ Balance Sheet in Pakistan PDF
Pervez Zamurrad Janjua, Abdul Rashid, Qurrat- Ul- Ain p187
The Financial Conditions and Prospects of the Municipality of Bitola, Republic of Macedonia PDF
Nikolche Jankulovski, Katerina Bojkovska, Goran Mihajlovski p197
IMF and Social Indicators: A Story of Love or Hate? PDF
Panagiotis Kotsios, Vaios Kotsios p203
Measuring the Economic Impact of Water Quality Initiatives: A Case Study of the Fund for Lake Michigan PDF
Russ Kashian, Linda Reid, Andrew Kueffer p221
Accounting Manipulations and IFRS: Evidence from French Companies PDF
Yosr Nouri, Ezzeddine Abaoub p229
Impact of Conditional Factors on Internal Control System in Keeping with the Requirements of Information Technology from the Point of View of IT Auditors at Commercial Banks in Jordan PDF
Atallah Ahmad Swielem Al-Hosban p245
Reviewer Acknowledgements for International Journal of Economics and Finance, Vol. 6, No. 11 PDF
Michael Zhang p258

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

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