Financial Managers Research Articles

STRATEGIC TIMING: ANALYZING MARKET TIMING STRATEGIES FOR NON-FINANCIAL COMPANIES' LEVERAGE

This study investigates the impact of market timing strategies on the leverage of non-financial companies. Market timing involves making financial decisions based on expectations of future market movements. Using a sample of non-financial firms, we examine how companies strategically time their debt issuance and repayment activities in response to market conditions. Our analysis considers factors such as interest rate fluctuations, market volatility, and economic cycles. We employ quantitative methods to assess the effectiveness of different market timing strategies in influencing firms' leverage levels. The findings shed light on the dynamics between market conditions and corporate leverage decisions, providing valuable insights for financial managers, investors, and policymakers.

Adoption of International Public Sector Accounting Standards and Quality of Financial Reporting in National Government Agricultural Sector Entities, Kenya

The general objective of this study was to determine the effect of the adoption of International Public Sector Accounting Standards on the quality of financial reporting in national government agricultural sector entities in Kenya. The study was guided by the following specific objectives: to assess the effect of adopting a standardized chart of accounts on the quality of financial reporting in national government agricultural sector entities in Kenya; to assess the effect of disclosure and valuation of assets and liabilities on the quality of financial reporting in national government agricultural sector entities in Kenya; to evaluate the effect of accounting policies, estimates, and errors on the quality of financial reporting in national government agricultural sector entities in Kenya; and to determine the effect of corporate governance reporting on the quality of financial reporting in national government agricultural sector entities in Kenya. The study adopted a cross-sectional survey research design. The target population consisted of 11 national government agricultural sector entities, which served as the unit of analysis. Within these entities, the unit of observation included finance managers, accountants, financial analysts, and internal auditors. Purposive sampling was employed to deliberately select 44 respondents. Four, representing 10% of the study sample, participated in a pilot test. Primary data was obtained utilizing a semi- structured questionnaire. The Statistical Package for Social Sciences (SPSS) version 25 software was used to analyze the data. Qualitative data was analyzed using content analysis and presented in prose form. Descriptive and inferential analysis techniques were employed for qualitative data analysis. Descriptive statistics such as frequency, percentages, and means were used. Pearson correlation coefficient was used for testing the strength and direction between the independent and the dependent variables. A multiple regression model was used to test the significance of the influence of the independent variables on the dependent variable.The findings were presented in Tables and figures. The regression analysis revealed significant positive relationships between adopting a standardized chart of accounts, disclosure and valuation of assets and liabilities, accounting policies, estimates, and errors, as well as corporate governance reporting, and the quality of financial reporting, with beta coefficients of 0.324, 0.235, 0.347, and 0.481, respectively. To enhance financial reporting quality in national government agricultural sector entities, recommendations entail implementing robust standardized chart of accounts, improving transparency in disclosing asset and liability information, establishing clear accounting policies and error management practices, and strengthening corporate governance reporting mechanisms.

OPPORTUNITIES AND BARRIERS TO LEADERSHIP FOR FEMALE FINANCE LEADERS IN THE UK

Despite legal and societal advancements that have increased the presence of women in the finance sector, the representation of women in finance director roles remains limited. In FTSE 100 companies, men still hold finance director positions at a rate seven times higher than women, a trend reflective of the broader industry. This qualitative inquiry delves into the factors contributing to the success factors and obstacles to leadership faced by female finance directors in the United Kingdom. By conducting interviews with accomplished female finance directors, the study aims to identify the factors that prevent and enable females to become leaders in the finance industry. Notably, this research identifies enduring social and cultural hurdles obstructing female progress, and how they can be supported as they progress their career. A significant finding emerges: many interviewed women endorse individuals who align with their assertive work values, which often align with masculine traits. Females have to conform to a working environment and practices, and this impacts negatively on their social life, job satisfaction and identity. Given the target-driven nature of finance, the prospect of a radical top-down transformation is generally seen as unlikely. Consequently, female leaders face limitations in their capacity to serve as "gatekeepers" for advancing the careers of fellow women. Recommendations include a departure from the performance-centric approach entrenched in finance.<p> </p><p><strong> Article visualizations:</strong></p><p><img src="/-counters-/soc/0387/a.php" alt="Hit counter" /></p>

The Influence of Current Ratio, Net Profit Margin, and Debt to Equity Ratio on Profit Changes in Technology Sector Companies

The study analyses the impact of Current Ratio, Net Profit Margin, and Debt to Equity Ratio on the change in profits on companies in the technology sector listed on the Indonesian Stock Exchange. (BEI). Annual financial data of a number of companies were taken for the last few years, namely 2020-2022, and analyzed using regression methods. The results show that Current Ratio and Net Profit Margin have a significant positive relationship to profit changes, suggesting that the company's ability to manage liquidity and operational efficiency contribute to profit performance. On the contrary, Debt to Equity Ratio shows an uninfluential and significant relationship, indicating that the corporate debt level can influence profit changes. The implications of these findings can help financial managers and investors to make more informed decisions in managing risk and improving corporate financial performance in Indonesian capital markets.

The Impact of The Computerized Accounting Information System in Reducing Financial Risks in Jordanian Commercial Banks

Purpose: The purpose of this study was to assess the impact of computerized accounting information systems (CAIS) on reducing financial risks within Jordanian commercial banks listed on the Amman Stock Exchange. This involved examining the components, characteristics, and benefits of CAIS in this context. Methods: The study employed a questionnaire-based approach to gather information, distributing 75 questionnaires among financial managers and internal auditors within Jordanian commercial banks. A total of 64 questionnaires were retrieved and analyzed to draw conclusions. Results and Discussion: The analysis revealed a significant impact of various variables related to computerized information systems in mitigating financial risks within the sampled banks. This finding underscores the importance of CAIS in enhancing risk management practices within the banking sector. Notably, the study highlights the necessity of corporate governance implementation and the preparation of specialized reports to enhance financial risk disclosure processes. Implications of the Research: The findings of this research have several implications for both academia and practice. Firstly, they emphasize the crucial role of CAIS in reducing financial risks within commercial banks. Secondly, they underscore the importance of implementing robust corporate governance mechanisms to strengthen risk management frameworks. Additionally, the study suggests the need for further research to explore the impact of accounting information systems on different types of risks and their consequent effects on financial performance. Originality/Value: This study contributes to the existing literature by providing insights into the specific context of Jordanian commercial banks and their utilization of CAIS for managing financial risks. By identifying the components, characteristics, and benefits of CAIS in this setting, the research adds valuable knowledge to the field of accounting and finance. Moreover, its recommendations for enhanced corporate governance practices and specialized reporting can inform practical strategies for risk management in banking institutions.

Navigating Ethics: Insights into External Auditor Compliance from Financial Managers and Internal Auditors in Jordanian Companies

This study aims to assess to what extent Jordanian external auditors comply with the Code of Ethics for Professional Accountants, as perceived by financial managers and internal auditors. The hypotheses are tested using one sample and an independent sample t-test for a sample of 53 industrial public shareholding companies listed on the Amman stock exchange during 2020–2023. The study utilized the survey instruments to collect the necessary data from 200 participants. The findings show that the external auditor complies with the code of professional ethics at a high to moderate level per the Relative Important Index from the viewpoint of both financial managers and internal auditors. Moreover, the outcomes also show there are no significant variances between their beliefs regarding the adherence of external auditors to the code of ethics. The study consequences indicate that the enacted regulations that organize the work of the auditors can effectively enhance the compliance of Jordanian auditors with the code of professional ethics. Nevertheless, it emphasized the need for more shared efforts for more compliance with professional ethics in the auditing profession. The study suggests Many recommendations to enhance auditors’ compliance such as continuous oversight of auditor compliance from the Jordanian Association of Certified Public Accountants, ethical awareness, research and development in the area of ethics, and training programs to explain ethical complexities. This study assures the importance of enhancing ethical compliance in the auditing profession in an emerging country to increase public trust, attract investment, and improve financial statements integrity.

The Beneish M-Score Model in Detecting Fraudulent Financial Reporting: The Hexagon Perspective Theory

This research aims to investigate the effect of fraud on fraudulent financial reports (FFR) using the hexagon theory. The seven factors were financial stability, external pressure, ineffective monitoring, auditor changes, director changes, arrogance, and collusion. This study has a population of health companies listed on the IDX in 2018-2021. This study uses a quantitative approach. Based on the logistic regression analysis, the study finds that financial stability, change director, and arrogance affect FFR. On the other hand, external pressure, ineffective monitoring, auditor change, and collusion do not affect FFR. Keywords:Fraudulent financial reporting, Hexagon theory, Beneish M-Score

Effects of credit rating changes on corporate capital structure in South Africa

Orientation: The changes in credit ratings for corporates have a great impact on corporate funding decisions, costs and capital structures.Research purpose: The study aimed to identify the relationship between credit ratings and capital structures in emerging economies such as South Africa.Motivation for study: Investors, financial managers, regulatory authorities and financial analysts focus on the credit quality of companies as measured by credit ratings in making financing and investing choices. The credit rating is a significant communication tool, and businesses consider it crucial when deciding on capital structure. An ideal capital structure of a company is one that reduces its relative cost of capital by striking a balance between the capital structure proportions to enhance value.Research approach, design and method: A systematic and quantitative approach using semi-annual data from 2011 to 2020 sourced from EquityRT and the JSE.Main findings: Credit ratings have a positive and material impact on the capital structure decisions of South Africa’s top 40 companies. Thus, a higher debt-to-asset ratio is encouraged when the credit score improves, and a downgrade is more likely to be followed by a capital reduction behaviour.Practical/managerial implications: Investors, managers and regulators can use the findings of this study for financial decision-making purposes, anticipating changes in future corporate capital structures and monitoring funding opportunities as well as balancing debt to equity in the capital construction of an organisation.Contribution/value-add: The evidence generated by the study presented that credit rating changes influence capital structure.

Improvement of the enterprise’s financial state management

The reformation of the established economic systems requires from government agencies serious preparation of legislative, regulatory, personnel, credit and monetary policies, logistical flows of resources, etc. One of the most important requirements for the business organization management is the quality management of the financial state of the enterprise, ensuring self-sufficiency and self-financing. If these requirements are met, the business will be sustainable and developing. For this to be achievable, it is necessary to improve the decision-making quality. For this purpose, it is necessary to improve the level of training of financial block managers, who are able to analytically assess both the internal and external environment of the organization. The state of the internal environment and its development depends entirely on the owner (lessee). For this purpose, they have exhaustive internal information. The main source of information on the financial state is the balance sheet and its appendix. The task of organization’s financial management is to use it for complex analysis, first of all: analysis of balance sheet liquidity, financial stability, creditworthiness. The results of this analysis should be objective and real, which will allow making adjustments in the current activities, as well as in the near future. The purpose of this study is to use the technique of analyzing the balance sheet liquidity to identify the factors that have influenced the financial state of the enterprise and to develop recommendations for its improvement.

Penerapan ISAK 35 terhadap Laporan Keuangan Masjid Studi Kasus di Masjid An Nuur Tulungagung

This research aims to analyze the application of ISAK 35 to the financial reports of the An Nuur Mosque in Tulungagung. ISAK 35, as part of sharia-based Financial Accounting Standards, has the aim of ensuring compliance with sharia accounting practices in the management of funds and assets. The An Nuur Mosque was chosen as a case study because of its central role in providing religious and social services in the Tulungagung community. This research involves an in-depth analysis of the An Nuur Mosque's financial reports, focusing on elements related to ISAK 35, such as recording sharia-based transactions, separating amil and zakat funds, as well as disclosing information in accordance with sharia principles. The case study method is used to understand the implementation of ISAK 35 in a practical context and gain a holistic understanding of mosque financial management. The research results are expected to provide a deeper understanding of the extent to which the An Nuur Mosque has complied with ISAK 35 and its impact on transparency, accountability and public trust. The implications of this research can also provide insight for financial managers of mosques and sharia financial institutions to increase efficiency and compliance in managing religious funds. Through this research, it is hoped that practical recommendations will emerge to improve the application of ISAK 35 in mosque financial reports, with the ultimate aim of strengthening the financial integrity and sustainability of mosques as religious institutions. Thus, this research makes a positive contribution to the development of sharia accounting practices in the context of mosque finances in Indonesia

Preface: 6th International Conference on Business, Economics, Management Science (BEMS 2024)

This proceeding includes original and peer-reviewed research papers from the 6th International Conference on Business, Economics, Management Science (BEMS 2024), and BEMS 2024 was held on March 9-10, 2024 in Singapore.
 The aim of BEMS 2024 is to provide a platform for accountants, financial industry practitioners, scholars, managers and graduate students from different cultural backgrounds to present and discuss research, developments and innovations in all fields of business, economics, management. It provides opportunities for the delegates to exchange new ideas and application experiences, to establish business or research relations and to find global partners for future collaboration.
 BEMS 2024 received 103 manuscripts. And more than 40 submissions had been accepted by our reviewers. By submitting a paper to this BEMS, the authors agreed to the review process and understood that papers undergo a peer-review process. Manuscripts were reviewed by appropriately qualified experts in the field selected by the Conference Committee, who gave detailed comments and-if the submission was accepted the authors would submit a revised version that considered this feedback. All papers were reviewed using a double-blind review process: authors declared their names and affiliations in the manuscript for the reviewers to see, but reviewers did not know each other’s identities, nor did the authors receive information about who had reviewed their manuscript. The Committees of BEMS 2024 invested great efforts in reviewing the papers submitted to the conference and organizing the sessions to enable the participants to gain maximum benefit.
 With our warmest regards,
 Pin Wang, Chapman Walton
 Conference Committees

PENGARUH SISTEM PENGENDALIAN INTERN PEMERINTAH, SISTEM APLIKASI KEUANGAN TINGKAT INSTANSI, DAN KOMPETENSI SUMBER DAYA MANUSIA TERHADAP KUALITAS LAPORAN KEUANGAN DENGAN GOOD GOVERNMENT GOVERNANCE SEBAGAI VARIABEL INTERVENING

The aim of this research is to test and analyze the influence of the government's internal control system, agency level financial application system, human resource competency on the quality of financial reports with good government governance as an intervening variable. This research uses a quantitative approach with a questionnaire survey given to all financial managers at the Directorate General of Economic Development and Investment in Villages, Disadvantaged Regions and Transmigration. The questionnaire that could be processed was 68 respondents. Data analysis uses PLS structural equation modeling. This research shows that the government's internal control system, agency level financial application system and human resource competency influence good government governance. The government's internal control system, agency level financial application system and human resource competency influence the quality of financial reports and good government governance also influences the quality of financial reports. From the results of this research, human resource competency has the greatest influence on good government governance. Competent human resources are very necessary so that financial management can be accounted for in a timely, transparent and accountable manner. It is hoped that the implications of this research can provide evaluation material for policy makers to create policies to improve the quality of financial reports.

Exploring the Bookkeeping Practices of Family-owned Business: A Case Study of Carriaga Traders Mart

Carriaga Traders Mart (CTM), an established retail business, has transitioned from a small grocery store to a thriving enterprise, offering a diverse array of affordable products. Their sustained success is attributed to meticulous bookkeeping practices. This study explores how a family-owned business can effectively implement bookkeeping practices to address unique bookkeeping challenges, offering valuable insights from CTM's experiences that benefit entrepreneurs, investors, and policymakers. Positive Accounting Theory (PAT) underpinned this investigation, shedding light on how economic, political, market factors, and contracting considerations influence bookkeeping practices, particularly in the context of CTM. The research employed a qualitative case study approach. Through extensive interviews with key financial management personnel, it gained comprehensive insights into the company's bookkeeping and financial practices. Participants included individuals directly involved in CTM's bookkeeping and financial management, meticulously selected based on their expertise in the field. The study's findings underscored CTM's meticulous bookkeeping practices, encompassing technology-driven sales recording, rigorous expense management, and a commitment to financial transparency. The study recommends that entrepreneurs adopt advanced accounting software and technology to enhance efficiency, implement risk mitigation strategies, and prioritize cross-functional personnel training to strengthen their financial practices. For financial managers, the study suggests investing in ongoing training, diversifying financial tools and methods, and emphasizing skill development to navigate the ever-evolving business landscape effectively. In conclusion, this research contributes to the discourse on bookkeeping practices, bridging theoretical insights from PAT with practical knowledge from CTM. It underscores the importance of a versatile and adaptive approach to bookkeeping practices in real-world business settings.

Does XBRL adoption increase financial information transparency in digital disclosure environment? Insights from emerging markets

The eXtensible Business Reporting Language (XBRL) is one of the global-level business reporting standards that accommodates all firms to report financial affairs in a convenient manner. The main objective of this study is to explain the impact of XBRL adoption on the transparency of financial information disclosure in Jordanian financial companies. The current study used a sample of 124 respondents including accounting managers, auditors, and financial managers with a background in XBRL who are working in Jordanian financial firms. The findings confirmed that the adoption of XBRL in Jordanian financial firms increases financial information transparency in the digital disclosure environment which leads to more relevant, reliable, and transparent financial statements disclosure. One main implication the current study heightened is the importance of turning to the implementation of the XBRL will support the process of decision making which will support and enhance both the performance and decision-making process. Lastly, this research effort is the first of its kind that examined the impact of XBRL on the transparency of financial information from the financial firms' perspective in Jordan as a developing country.

The Effect of Contributed Capital Mix on Dividend Policy: Testing Life Cycle Theory in The Covid-19 Pandemic Era

Objective: This study aims to test whether life cycle theory is relevant in the era of the Covid-19 pandemic crisis. Specifically, whether the contributed capital mix has a significant effect on dividend policy. Theoretical framework: In this study, we tested the life cycle theory and whether it is relevant to the COVID-19 pandemic situation. The dividend policy of a corporation should be determined by where it is in its life cycle. Mature, well-established businesses usually give dividends. Method: We studied 66 companies in the non-cyclical consumer sector listed on the Indonesia Stock Exchange during the pandemic period from 2020 to 2022. The dependent variables used in this study are in the category of dividend payers and non-dividend payers. As for the independent variables, we use the variables return on assets, sales growth, rete, MarCap, Papen, teta, and cash holding. We use the logistic regression method with the data panel. Results and conclusion: It is statistically found that life cycle theory is relevant to some contributed capital mixes such as rete, MarCap, Papen, and cash holding. Meanwhile, ROA, SGR, and teta have no significant effect on dividend policy paying dividends or not but still have a positive relationship direction. Implications of the research: The life cycle hypothesis is being tested in the context of the pandemic era in this investigation. A better knowledge of how company financial decisions are impacted by economic crises may result from the results, regardless of whether they confirm or refute the life cycle theory. In terms of strategic financial planning, the research may provide financial managers with useful advice. It will assist them in understanding how to modify capital structure and dividend policies in response to economic shocks such as the COVID-19 pandemic. Originality/value: Studying Life Cycle Theory in the context of a pandemic enhances the research's theoretical components. It exhibits the willingness to adapt well-established ideas to unusual and intricate circumstances, which may result in a more thorough comprehension of the dynamics underlying corporate financial decisions.

The Effect of Cash Conversion Cycle on Company Earnings and Profitability

"Finance serves as the lifeblood of every business, and effectively managing finances stands as a crucial element for any company’s sustenance. This study delves into the examination of how a Cash Conversion Cycle (CCC) influences a company’s earnings. For this purpose, five companies from the Fortune 500 list are selected and ten years of data are extracted from their annual reports for analysis. Employing statistical methodologies, using a sample of firms from diverse industries, we employ regression analysis to examine how variations in the CCC affect profitability yardsticks like Return on Assets (ROA) and Return on Equity (ROE). Implications of this probe extend to financial managers, policymakers, and investors, emphasizing the paramountcy of efficient working capital management in enhancing firm profitability, earnings, and sustainability in competitive markets."

Agroindustrial Firm's Financial Strategy during Pandemic: Case Study in PTPN X, Jember Regency

This qualitative research aimed to explore the financial policies and strategies adopted by companies in the agro-industrial sector in an effort to improve their financial performance, especially during the COVID-19 pandemic. The research used a case study approach conducted at PTPN X Jember. PTPN X Jember is an agro-industry company that produces world-class tobacco as its main product. Through in-depth interviews and periodic observations, data mining was carried out by considering one finance director as the main informant and supplemented by an in-depth review of financial report documents as secondary data reinforcement. Data analysis adopts Miles and Huberman’s technique consisting of three activities, i.e. data reduction, data display, and drawing conclusions/verification. The results of the study indicated that there is a strong preference for PTPN X to carry out a cost optimization strategy to encourage increased performance, which had an impact on increasing the quantity and quality of products. Quality products had a direct effect on increasing profits despite the COVID-19 pandemic situation. This research contributed to the development of financial management literature, especially corporate financial strategies during times of crisis in the agro-industrial sector.
 Keywords: agro-industry, financial performance, Human Resources, cost optimization strategy

Effect of Operation Assessment on Performance of State-Owned Sugar Firms in Kenya

The primary goal of supply chain design is to improve service quality and interaction levels between service providers and customers. The purpose of this study was to examine the effect of operation assessment on the performance of state-owned sugar firms. The research employed a descriptive causal research design to provide a cause-and-effect relationship between the variables. The target population comprised all four operating state-owned sugar companies, namely Chemilil, Muhoroni, Sony, and Nzoia. The composition of the target population consisted of four factory managers, four finance managers, five hundred and twenty-four agricultural extension officers, four human resource managers, one hundred and eighty agricultural services personnel, and four strategy and planning managers, bringing the total target population to 720. The simple stratified purposive sampling technique was applied to obtain a sample of 325 respondents. The researcher used questionnaires for data collection. The analysis of the data was executed using descriptive and inferential statistics. Statistical Package for Social Sciences (SPSS) helped in the analysis. The data was organized and presented in tables. The hypothesis was tested at a 95% confidence level. The results indicated that operation assessment had a positive effect on the performance of selected sugar manufacturing firms in Kenya (t = 6.666, p<0.05). Simple regression helped determine the strength and direction of the relationship between the study variables. The study is of importance to potential investors and managers to help in policy formulation. It will also be of importance to academia, which will beef up the study, particularly in the manufacturing sector, and encourage further investigation in the area of performance based on supply chain design. The study recommended the need for managers to use proper data management approaches and tools, ensure timely access to relevant data, and ensure quality control and assurance of field tasks at all times in order to boost operational efficiency, which leads to the realization of profits in the manufacturing enterprise, especially the sugar manufacturing sector.

Integrated and systematic Best Practices of "Financial Management in Education" in Southeast Asia

Effective financial management is critical to school success. Financial management and finance in education are crucial. Since educational institutions are not profit-driven, the community and parents must ensure that each is used to improve the quality and quantity of instruction. Numerous researchers have explored the best financial management practices in education, but more research is needed. Comprehensive research is required to determine the best educational financial management approaches. Financial management practices like budgeting, resource allocation, cost control, and financial responsibility must be studied in educational settings. According to this study, different approaches in different educational environments affect student progress, school effectiveness, and economic viability. Further comparative research on financial management methods in educational institutions or across nations is needed. This study reviews the literature on efficient financial management practices in education. The systematic literature review (SLR) method and 7P flow diagram are used for analytical systematic reviews. This study addresses demographic questions in current scholarly works on optimal financial management approaches in education, including nation, research methodology, and participant count. Examining the latest academic works on education's strategic trajectory and financial management components will help determine the best financial management methods for education and future study. The systematic research shows excellent financial management strategies in education. Western and Southeast Asian demographic literature shows little research on the best financial management strategies for schooling. This comprehensive and systematic review of educational literature on optimal tactics and fiscal administration seeks to identify education's best practices. This research's structure and review of difficulties will improve school leaders' strategic financial management. It will underpin future research and policymaking. By filling this research gap, education policymakers, school administrators, and financial managers can get evidence-based advice on the best financial management strategies to improve resource allocation, educational quality, and long-term financial viability.

Analysing the Life Satisfaction of Risk-averse and Risk-loving Investors in South Africa

Financial well-being is normally referred to as a person’s contentment with their financial situation. The level of life satisfaction among investors may vary depending on factors such as their risk tolerance and demographics. Demographic variables such as age and gender may influence an investor’s life satisfaction, which, in turn, could influence their financial decisions. Furthermore, an investor’s willingness to take risks can also affect financial decisions, ultimately influencing their life satisfaction. The objective of this paper is to identify and determine the influence of demographics and risk tolerance levels on individual investor life satisfaction. Secondary data were obtained in the private domain from an investment company that collected 1 059 from its client base. The results of this research paper indicated that there is a significant difference between the satisfaction of life of risk-averse and risk-loving investors. Risk-averse investors showed a negative relationship with life satisfaction, while risk-loving investors showed a positive relationship. This meant that the more risk-averse investors were, the lower the life satisfaction, indicating that high life satisfaction was accompanied by high risk. A significant difference was also found between life satisfaction and age and gender. Male investors were more satisfied with their lives than female investors. Older investors experienced higher levels of life satisfaction compared to investors in other age groups. As a result, these findings will make a considerable contribution to the way financial managers create investment portfolios for their clients.