Copernican Journal of Finance & Accounting Copernican Journal of Finance & Accounting e-ISSN: 2300-3065 p-ISSN: 2300-1240 Volume 8 Issue 3 2019 quarterly Editorial Board Editor in ChiEf: prof. dr hab. Leszek Dziawgo ExECutivE Editor: dr Dorota Krupa assoCiatE Editors: dr Ewa Chojnacka, mgr Agnieszka Żołądkiewicz-Kuzioła sECrEtary: dr Damian Walczak, mgr Anna Olewnik-Dejewska sCiEntifiC CounCil Prof. Luis Otero González, Universidad de Santiago de Compostela, Spain Prof. M. Peter van der Hoek, Erasmus University, Rotterdam, Netherlands, Academy of Economic Studies, Bucharest, Romania Prof. Günter Hofbauer, Technische Hochschule Ingolstadt Business School, Ingolstadt, Germany Prof. Juan-Antonio Mondéjar-Jiménez, Universidad de Castilla - La Mancha, Spain Prof. Stanisław Owsiak, Cracow University of Economics, Poland Prof. Wiesława Przybylska-Kapuścińska, Poznan University of Economics, Poland Prof. Mustafa Akan, Dogus University, Istanbul, Turkey Prof. Sandra Isabel Goncalves da Saude, Instituto Politecnico de Beja, Portugal Prof. Małgorzata Zaleska, Warsaw School of Economics, Poland Prof. Monika Marcinkowska, University of Lodz, Poland Prof. David Naranjo-Gil, Universidad Pablo de Olavide, Sevilla, Spain Prof. Christiane Goodfellow, Jade Hochschule Wilhelmshaven, Germany S t a t i s t i c a l E d i t o r : dr hab. Piotr Fiszeder, prof. UMK E n g l i s h P r o o f R e a d e r : dr hab. Richard Nicholls, mgr Hazel Pearson suBjECt Editors A c c o u n t i n g : prof. dr hab. Sławomir Sojak F i n a n c e : prof. dr hab. Danuta Dziawgo B e h a v i o r a l F i n a n c e a n d F i n a n c i a l E n g e e n e r i n g : prof. dr hab. Józef Stawicki list of rEviEwErs Prof. Domagoja Buljan Barbača, University of Split, Croatia Prof. Andrzej Buszko, University of Warmia and Mazury in Olsztyn, Poland Prof. José Raúl Canay-Pazos, Universidade de Santiago de Compostela, Spain Prof. Nicola Giuseppe Castellano, University of Macerata, Italy Prof. Andrzej Cwynar, University of Economics and Innovation, Poland Prof. Catherine Deffains-Crapsky, Université d’Angers, France Prof. Jerzy Gierusz, Gdansk University, Poland Prof. Dirk Kiesewetter, Julius-Maximilians-Universität Würzburg, Germany Prof. Natalia Konovalova, RISEBA University, Riga, Latvia Prof. Zbigniew Krysiak, Warsaw School of Economics, Poland Prof. Nicoletta Marinelli, University of Macerata, Italy Prof. Lyudmila Mihaylova, University of Ruse, Bulgaria Prof. Ewa Miklaszewska, Cracow University of Economics, Poland Prof. Emil Papazov, University of National and World Economy, Sofia, Bulgaria Prof. Ángel Peiró Signes, Universidad Politécnica de Valencia, Spain Prof. Adalmiro Pereira, Politécnico do Porto, Portugal Prof. Wojciech Piotrowicz, University of Oxford, Great Britain Prof. Maria del Val Segarra -Oña, Universidad Politécnica de Valencia, Spain Prof. Waldemar Tarczyński, Szczecin University, Poland Prof. Gerard Olivar Tost, National University of Colombia, Colombia Prof. Jan Turyna, Warsaw University, Poland Prof. Maciej Wiatr, Warsaw School of Economics, Poland Prof. Joanna Wielgórska-Leszczyńska, Warsaw School of Economics, Poland Prof. Siniša Zarić, University of Belgrade, Serbia Dr Tomáš Heryán, Silesian University, School of Business Administration, Czech Republic C o v e r D e s i g n : Żaneta Dziawgo The primary version of the Journal is the on-line version (www.cjfa.umk.pl), however the Journal is available both in print and electronic form. e-ISSN: 2300-3065 p-ISSN: 2300-1240 Czasopismo jest wydawane na zasadach licencji niewyłącznej Creative Commons i dystrybuowane w wersji elektronicznej Open Acceses poprzez Platformę Czasopism UMK. Wersja papierowa jest dostępna w druku na żądanie na stronie internetowej Wydawnictwa www.wydawnictwoumk.pl © 2019 Copyright by Uniwersytet Mikołaja Kopernika Toruń 2019 ICV 2018: 100.00 addrEss of thE PuBlishEr Nicolaus Copernicus University in Toruń, Gagarina 11, 87-100 Toruń, phone: +48 56 611 40 10 kontakt@umk.pl, www.umk.pl Print: Drukarnia WN UMK Editorial offiCE Gagarina 13a, 87-100 Toruń, phone: + 48 56 611 46 34 (mgr Agnieszka Żołądkiewicz-Kuzioła), fax: +48 56 654 24 93 cjfa@umk.pl, www.cjfa.umk.pl table of contents ATM Adnan, Nisar Ahmed The transformation of the Corporate Governance Model: A literature review ........... 7 Rojana Khunkaew, Yang Qingxiang The characteristics of Top Management and firm’s Earnings Management: The evidence from Thailand ............................................................................................. 49 Kamaldeen Ibraheem Nageri Evaluating volatility persistence of stock return in the pre and post 2008–2009 financial meltdown ........................................................................................................... 75 Lukman Adebayo Oke, Daud Omotosho Saheed, Yusuf Olamilekan Quadri An empirical analysis of corporate capital structure and financial performance of listed conglomerates in Nigeria .................................................................................. 95 For Authors ......................................................................................................................... 115