Journal Press India^®

It is our pleasure to introduce to our readers the inaugural issue of MUDRA: Journal of Finance and Accounting. The journal aims to disseminate the ideas and research work of academicians and practitioners dealing with emerging dimensions of Finance and Accounting. The business events taking place at the national and international level are bringing up new issues that create linkages of accounting and finance to governance, ethics, economic development and other disciplines. This journal would focus at the core dimensions of Finance and Accounting while also looking at their integration with other aspects of business.

The first paper of this issue deals with the topical area of unethical financial reporting. Using primary survey, this paper examines the causes and consequences of unethical financial reporting. The issue also presents papers dealing with macroeconomic aspects of international finance. Towards this end, one paper looks at the relationship between financial development and economic development. Two other papers deals with foreign direct investment flows to India. While one looks at the determinants of FDI in India’s service sector, the other paper examines the relationship between FDI inflows and exports in India. Another paper draws lessons from developing countries regarding provision of microfinance and concludes that microfinance can at best play a supplementary role but is not a substitute for State intervention. This issue also brings out an interesting paper examining the relationship between intellectual capital and earning management in the context of Tehran Stock Exchange. We have also put together features like a review article, a case study and a book review in this issue.

We hope that our readers find this collection of papers interesting and thought provoking. We also invite suggestions and feedback from our readers to enable us to continuously improve in our endeavour.

Prof. Muralidhar A. Lokhande

Dr. Jitendra Janardan Ahirrao

Editors