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MANAGEMENT (595 journals)                  1 2 3 | Last

Showing 1 - 200 of 585 Journals sorted alphabetically
360 : Revista de Ciencias de la Gestión     Open Access   (Followers: 2)
Academia Revista Latinoamericana de Administración     Open Access   (Followers: 1)
Academy of Management Annals     Full-text available via subscription   (Followers: 82)
Academy of Management Discoveries     Full-text available via subscription   (Followers: 39)
Academy of Management Journal     Full-text available via subscription   (Followers: 300)
Academy of Management Perspectives     Full-text available via subscription   (Followers: 60)
Academy of Management Review     Full-text available via subscription   (Followers: 269)
Academy of Strategic Management Journal     Full-text available via subscription   (Followers: 40)
Administrative Science Quarterly     Full-text available via subscription   (Followers: 157)
Advances in Management and Applied Economics     Open Access   (Followers: 8)
Africa Journal of Management     Hybrid Journal   (Followers: 2)
African Journal of Business Management     Open Access   (Followers: 1)
African Journal of Economic and Management Studies     Hybrid Journal   (Followers: 10)
Al Tijarah     Open Access   (Followers: 1)
American Journal of Business and Management     Open Access   (Followers: 51)
American Journal of Industrial and Business Management     Open Access   (Followers: 24)
American Journal of Mathematical and Management Sciences     Hybrid Journal  
American Journal of Operational Research     Open Access   (Followers: 6)
American Journal of Operations Research     Open Access   (Followers: 6)
Aquaculture Economics & Management     Hybrid Journal   (Followers: 21)
Asia Pacific Journal of Innovation and Entrepreneurship     Open Access   (Followers: 3)
Asia Pacific Journal of Management     Hybrid Journal   (Followers: 17)
Asia Pacific Management Review     Full-text available via subscription   (Followers: 2)
Asia-Pacific Journal of Management Research and Innovation     Full-text available via subscription  
Asian Business & Management     Hybrid Journal   (Followers: 6)
Asian Journal of Management Cases     Hybrid Journal   (Followers: 6)
Asian Journal of Management Science and Applications     Hybrid Journal   (Followers: 3)
Asian Journal of Social Sciences and Management Studies     Open Access   (Followers: 6)
Asian Journal of Technology Management     Open Access   (Followers: 1)
Asian Journal on Quality     Hybrid Journal   (Followers: 3)
Australasian Law Management Journal     Full-text available via subscription   (Followers: 3)
Australasian Leisure Management     Full-text available via subscription   (Followers: 2)
Australian Journal of Management     Hybrid Journal   (Followers: 8)
Baltic Journal of Management     Hybrid Journal   (Followers: 3)
BMC Journal of Scientific Research     Open Access   (Followers: 8)
BMC Medical Informatics and Decision Making     Open Access   (Followers: 21)
Board Leadership     Hybrid Journal   (Followers: 3)
Brigham Young University International Law and Management Review     Open Access   (Followers: 2)
British Journal of Management     Hybrid Journal   (Followers: 53)
BRQ Business Review Quarterly     Open Access   (Followers: 1)
Building & Management     Open Access   (Followers: 2)
Built Environment Project and Asset Management     Hybrid Journal   (Followers: 13)
Bulletin of Kyiv National University of Culture and Arts. Series in Management of Social and Cultural Activity     Open Access  
Business and Management Horizons     Open Access   (Followers: 9)
Business and Management Studies     Open Access   (Followers: 11)
Business Management Analysis Journal     Open Access   (Followers: 3)
Business Management and Strategy     Open Access   (Followers: 37)
Business Perspectives and Research     Hybrid Journal   (Followers: 3)
Business Process Management Journal     Hybrid Journal   (Followers: 7)
California Management Review     Hybrid Journal   (Followers: 35)
Canadian Journal of Program Evaluation     Open Access   (Followers: 1)
Case Studies in Business and Management     Open Access   (Followers: 12)
Case Studies in Sport Management     Full-text available via subscription   (Followers: 7)
Central European Management Journal     Open Access   (Followers: 1)
Chinese Management Studies     Hybrid Journal   (Followers: 4)
Ciencias Administrativas     Open Access  
Coaching : Theorie & Praxis     Open Access   (Followers: 3)
Cogent Business & Management     Open Access   (Followers: 2)
Collection Management     Hybrid Journal   (Followers: 17)
Computational Management Science     Hybrid Journal  
Conference Quality Production Improvement     Open Access  
Construction Innovation: Information, Process, Management     Hybrid Journal   (Followers: 15)
Construction Management and Economics     Hybrid Journal   (Followers: 24)
Contabilidade, Gestão e Governança     Open Access  
Contaduría y Administración     Open Access  
Controlling & Management     Hybrid Journal   (Followers: 1)
Controlling & Management Review : Zeitschrift für Controlling und Management     Full-text available via subscription  
Corporate Board : Role, Duties and Composition     Open Access  
Corporate Governance and Organizational Behavior Review     Open Access  
Corporate Governance and Sustainability Review     Open Access   (Followers: 2)
Corporate Ownership and Control     Open Access  
Corporate Social Responsibility and Environmental Management     Hybrid Journal   (Followers: 10)
Creativity and Innovation Management     Hybrid Journal   (Followers: 54)
Cross Cultural & Strategic Management     Hybrid Journal   (Followers: 8)
Dalhousie Journal of Interdisciplinary Management     Open Access  
Data and Information Management     Open Access   (Followers: 5)
Decision : Official Journal of Indian Institute of Management Calcutta     Hybrid Journal  
Decision Analytics     Open Access   (Followers: 3)
Decision Analytics Journal     Open Access  
Desenvolve : Revista de Gestão do Unilasalle     Open Access   (Followers: 1)
Development Management     Open Access   (Followers: 1)
Dirāsāt : Jurnal Manajemen dan Pendidikan Islam     Open Access  
Disaster Prevention and Management     Hybrid Journal   (Followers: 30)
Ecological Management & Restoration     Hybrid Journal   (Followers: 15)
Economic Management Journal     Open Access   (Followers: 6)
Economics, Management, and Financial Markets     Full-text available via subscription   (Followers: 10)
Educational Management and Innovation Journal     Open Access  
Ekonomia i Zarzadzanie. Economics and Management     Open Access  
Electronic Government, an International Journal     Hybrid Journal   (Followers: 13)
Engineering Management Journal     Hybrid Journal   (Followers: 1)
Engineering Management Research     Open Access   (Followers: 6)
Engineering Project Organization Journal     Hybrid Journal   (Followers: 6)
Entrepreneurship Education     Hybrid Journal   (Followers: 1)
Environmental Management     Open Access   (Followers: 54)
Environmental Quality Management     Hybrid Journal   (Followers: 4)
Estudios Gerenciales     Open Access  
EuroMed Journal of Management     Hybrid Journal  
European Financial Management     Hybrid Journal   (Followers: 27)
European Journal of Business and Management     Open Access   (Followers: 20)
European Journal of Cross-Cultural Competence and Management     Hybrid Journal   (Followers: 6)
European Journal of Innovation Management     Hybrid Journal   (Followers: 22)
European Journal of Management Issues     Open Access   (Followers: 1)
European Management Journal     Hybrid Journal   (Followers: 16)
European Management Review     Hybrid Journal   (Followers: 19)
European Sport Management Quarterly     Hybrid Journal   (Followers: 14)
Expert Journal of Business and Management     Open Access  
Financial Internet Quarterly     Open Access  
Fokus Bisnis : Media Pengkajian Manajemen dan Akuntansi     Open Access  
Foundations and Trends® in Technology, Information and Operations Management     Full-text available via subscription   (Followers: 3)
Foundations of Management     Open Access   (Followers: 7)
Fundamental Management Journal     Open Access  
Future Business Journal     Open Access   (Followers: 2)
Future Studies Research Journal : Trends and Strategies     Open Access  
GECONTEC : Revista Internacional de Gestión del Conocimiento y la Tecnología     Open Access  
Gender in Management : An International Journal     Hybrid Journal   (Followers: 17)
Gestión en el Tercer Milenio     Open Access  
Global Strategy Journal     Hybrid Journal   (Followers: 7)
Group & Organization Management     Hybrid Journal   (Followers: 16)
Health Care Management Science     Hybrid Journal   (Followers: 6)
Health Services Management Research     Hybrid Journal   (Followers: 16)
Human Factors : The Journal of the Human Factors and Ergonomics Society     Full-text available via subscription   (Followers: 35)
Human Resource Management     Hybrid Journal   (Followers: 73)
Human Resource Management International Digest     Hybrid Journal   (Followers: 17)
Human Resource Management Journal     Hybrid Journal   (Followers: 71)
Human Resource Management Review     Hybrid Journal   (Followers: 58)
ICU Director     Hybrid Journal  
IEEE Engineering Management Review     Full-text available via subscription   (Followers: 118)
IIMB Management Review     Open Access   (Followers: 9)
IMA Journal of Management Mathematics     Hybrid Journal   (Followers: 1)
Impact Assessment and Project Appraisal     Hybrid Journal   (Followers: 4)
Independent Journal of Management & Production     Open Access   (Followers: 1)
Indian Journal of Corporate Governance     Full-text available via subscription  
Industrial Management & Data Systems     Hybrid Journal   (Followers: 8)
Industrial Marketing Management     Hybrid Journal   (Followers: 23)
Information Resources Management Journal     Full-text available via subscription   (Followers: 8)
Information Systems Management     Hybrid Journal   (Followers: 10)
Information Technology and Management     Hybrid Journal   (Followers: 10)
Innovation & Management Review     Open Access  
Innovation: Management, Policy & Practice     Hybrid Journal   (Followers: 16)
INOVATOR : Jurnal Manajemen     Open Access  
Intelligent Information Management     Open Access   (Followers: 7)
Intelligent Systems in Accounting, Finance & Management: International Journal     Hybrid Journal   (Followers: 3)
International Journal for Quality Research     Open Access   (Followers: 4)
International Journal of Advances in Management Science     Open Access   (Followers: 1)
International Journal of Agile Systems and Management     Hybrid Journal   (Followers: 3)
International Journal of Applied Management and Technology     Open Access   (Followers: 1)
International Journal of Applied Management Science     Hybrid Journal   (Followers: 4)
International Journal of Aviation Management     Hybrid Journal   (Followers: 6)
International Journal of Business Administration and Management Research     Open Access   (Followers: 3)
International Journal of Business and Data Analytics     Hybrid Journal   (Followers: 2)
International Journal of Business and Management     Open Access   (Followers: 13)
International Journal of Business Continuity and Risk Management     Hybrid Journal   (Followers: 22)
International Journal of Business Performance Management     Hybrid Journal   (Followers: 6)
International Journal of Business Process Integration and Management     Hybrid Journal   (Followers: 11)
International Journal of Business Science and Applied Management     Open Access   (Followers: 1)
International Journal of Commerce and Management     Hybrid Journal  
International Journal of Comparative Management     Hybrid Journal  
International Journal of Complexity in Leadership and Management     Hybrid Journal   (Followers: 28)
International Journal of Conceptual Structures and Smart Applications     Full-text available via subscription   (Followers: 2)
International Journal of Conflict Management     Hybrid Journal   (Followers: 14)
International Journal of Construction Management     Hybrid Journal   (Followers: 4)
International Journal of Contemporary Hospitality Management     Hybrid Journal   (Followers: 10)
International Journal of Corporate Strategy and Social Responsibility     Hybrid Journal   (Followers: 4)
International Journal of Cross Cultural Management     Hybrid Journal   (Followers: 7)
International Journal of Decision Sciences, Risk and Management     Hybrid Journal   (Followers: 7)
International Journal of Decision Support Systems     Hybrid Journal   (Followers: 2)
International Journal of Disaster Risk Science     Open Access   (Followers: 14)
International Journal of Educational Management     Hybrid Journal   (Followers: 5)
International Journal of Electronic Customer Relationship Management     Hybrid Journal   (Followers: 1)
International Journal of Electronic Governance     Hybrid Journal  
International Journal of Emergency Management     Hybrid Journal   (Followers: 10)
International Journal of Energy Sector Management     Hybrid Journal   (Followers: 2)
International Journal of Engineering Business Management     Open Access  
International Journal of Engineering Management and Economics     Hybrid Journal   (Followers: 3)
International Journal of Enterprise Network Management     Hybrid Journal  
International Journal of Entrepreneurship and Innovation Management     Hybrid Journal   (Followers: 27)
International Journal of Environment and Waste Management     Hybrid Journal   (Followers: 2)
International Journal of Environmental Technology and Management     Hybrid Journal  
International Journal of Event and Festival Management     Hybrid Journal   (Followers: 6)
International Journal of Financial Services Management     Hybrid Journal   (Followers: 1)
International Journal of Forensic Engineering and Management     Hybrid Journal   (Followers: 1)
International Journal of Global Business and Competitiveness     Hybrid Journal  
International Journal of Hospitality and Event Management     Hybrid Journal   (Followers: 3)
International Journal of Hospitality Management     Hybrid Journal   (Followers: 10)
International Journal of Human Resource Management     Hybrid Journal   (Followers: 51)
International Journal of Human Resources Development and Management     Hybrid Journal   (Followers: 23)
International Journal of Indian Culture and Business Management     Hybrid Journal  
International Journal of Information and Operations Management Education     Hybrid Journal   (Followers: 6)
International Journal of Information Systems and Change Management     Hybrid Journal   (Followers: 7)
International Journal of Information Systems and Project Management     Free   (Followers: 12)
International Journal of Information Technology Project Management     Full-text available via subscription   (Followers: 9)
International Journal of Innovation and Technology Management     Hybrid Journal   (Followers: 10)
International Journal of Innovation Management     Hybrid Journal   (Followers: 8)
International Journal of Integrated Supply Management     Hybrid Journal   (Followers: 4)
International Journal of Intercultural Information Management     Hybrid Journal   (Followers: 12)
International Journal of Internet and Enterprise Management     Hybrid Journal   (Followers: 1)
International Journal of Islamic and Middle Eastern Finance and Management     Hybrid Journal   (Followers: 7)
International Journal of Knowledge Management     Full-text available via subscription   (Followers: 13)
International Journal of Knowledge Management Studies     Hybrid Journal   (Followers: 29)
International Journal of Knowledge-Based Organizations     Full-text available via subscription   (Followers: 1)

        1 2 3 | Last

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Corporate Ownership and Control
Number of Followers: 0  

  This is an Open Access Journal Open Access journal
ISSN (Print) 1727-9232 - ISSN (Online) 1810-3057
Published by Virtus Interpress Homepage  [7 journals]
  • Internal audit function is a global governance pursuit: What could be done
           in emerging markets'
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      Abstract

      This paper investigates the internal and the external auditors' perceptions of how compliance with the Institute of Internal Auditors (IIA) International Standards for the Professional Practices of Internal Auditing (Standards) enhances the implementation of internal audit function (IAF) as a corporate governance mechanism in the listed companies in an emerging economy. Based on the Common Body of Knowledge (CBOK) database questionnaires were sent to internal auditors (IAs) and external auditors (EAs) of listed firms, and interviews were made with individuals involved in the IAF. The results reveal that IAF in an emerging economy faces difficulties related to objectivity, qualifications, and the roles of the internal audit staff reducing its role in corporate governance (CG). Significant positive correlations between compliance with Attribute Standards of independence, objectivity, proficiency, and free of interference and performance standards enhanced the organizational status of the internal audit. But there is a weak correlation between audit documentation and the organizational status of the internal audit. Quality assurance and improvement program, ongoing monitoring, and self-assessment by other personnel inside the organization having enough knowledge of the internal audit practices are needed for IAF to fulfill its CG responsibilities. This study is considered among the first that surveyed the status of the use of the professional IIA Standards in the listed firms in one of the emerging economies characterized by having good corporate governance practices from the perspectives of both IAs and EAs of the same companies under study.

      Keywords: Internal Audit Function, IIA Standards, Corporate Governance, External Auditing, Internal Audit Practice, Egypt

      Authors' individual contribution: Conceptualization — M.H. and M.F.; Methodology — M.H. and M.F.; Investigation — M.H. and M.F.; Writing — Review & Editing — M.H. and M.F.

      Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

      JEL Classification: G34, M14, M42

      Received: 05.04.2022
      Accepted: 21.06.2022
      Published online: 23.06.2022

      How to cite this paper: Hegazy, M., & Farghaly, M. (2022). Internal audit function is a global governance pursuit: What could be done in emerging markets? Corporate Ownership & Control, 19(3), 201–216. https://doi.org/10.22495/cocv19i3art16

      2022-06-23T07:23:38Z
       
  • The association of the number of confirmed COVID-19 cases and fatalities
           with stock market returns: A case of the USA and China
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      Abstract

      The daily stock indices/returns of the Shanghai Stock Exchange (SSE) and the New York Stock Exchange (NYSE) were examined from January 2, 2020, to April 2, 2020, during the COVID-19 pandemic period. The sample was then split into three event windows. The returns were negative during the post-COVID-19 window for both markets. Interestingly, a positive link was found between NYSE returns and COVID-19 cases and deaths during the peak COVID-19 death window. These findings indicate the buying frenzy of investors in the NYSE in the wake of the increased pandemic level as compared to the SSE.

      Keywords: COVID-19, Stock Returns, Post-COVID-19, Peak COVID-19

      Authors' individual contribution: Conceptualization — R.U.R.; Methodology — M.I.A.; Software — M.A.N.; Validation — R.U.R.; Formal Analysis — M.A.N.; Resources — J.U.; Data Curation — M.I.A.; Writing — Original Draft — M.I.A. and M.A.N.; Writing — Review & Editing — J.U.; Supervision — R.U.R. and J.U.

      Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

      JEL Classification: G31, G32, C32

      Received: 15.02.2022
      Accepted: 17.06.2022
      Published online: 21.06.2022

      How to cite this paper: Rehman, R. U., Ahmad, M. I., Naseem, M. A., & Ueng, J. (2022). The association of the number of confirmed COVID-19 cases and fatalities with stock market returns: A case of the USA and China. Corporate Ownership & Control, 19(3), 195–200. https://doi.org/10.22495/cocv19i3art15

      2022-06-21T13:29:23Z
       
  • Implications of internal audit effectiveness on corporate governance:
           Research agenda
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      Abstract

      This paper aims to use theoretical literature to develop propositions and suggest a research agenda on the implications of internal audit (IA) on corporate governance (CG). The paper uses institutional theory and Marx's theory of the circuit of industrial capital to develop theoretical and justifiable propositions and highlight influential research agenda. The key variables are identified and operationalization issues are discussed. To demonstrate the relationship between CG and IA, researchers used theories such as institutional theory, agency theory, stewardship theory, and resource dependence theory (Tripathi, 2019; Činčalová & Hedija, 2020). The existing literature does not offer norms for IA effectiveness. We claim that a positive relationship between IA compliance with standards and CG could be used to assess IA performance. It is high time that the IA should be given consideration as a service to the board, and the IA should be made independent of the top management. Studies in settings where IA is well-developed and in different contexts, similar to Fiji, where IA is relatively at an early stage of development, could provide valuable insights.

      Keywords: Internal Auditing, Corporate Governance, Organizational Performance

      Authors' individual contribution: Conceptualization — V.H.P.; Methodology — V.H.P.; Investigation — V.H.P. and N.L.S.; Resources — V.H.P.; Writing — Original Draft — V.H.P. and N.L.S.; Writing — Review & Editing — V.H.P., R.N., and N.L.S.

      Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

      JEL Classification: M4, M41, M42, M48

      Received: 23.12.2021
      Accepted: 10.06.2022
      Published online: 13.06.2022

      How to cite this paper: Prasad, V. H., Nandan, R., & Sharma, N. L. (2022). Implications of internal audit effectiveness on corporate governance: Research agenda. Corporate Ownership & Control, 19(3), 182–194. https://doi.org/10.22495/cocv19i3art14

      2022-06-13T12:44:07Z
       
  • Performance pay sensitivity: Do top management incentives align with
           shareholder value creation'
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      Abstract

      Arising from the principal-agent consideration, Jensen and Murphy (1990b) studied the pay-performance sensitivity (including pay, options, stockholdings, and dismissal) for chief executive officers (CEOs) in the 1980s. They found that CEO wealth changes $3.25 for every $1,000 change in shareholder wealth. In this study, we revisit the issue of the linkage between CEO pay and performance but with the difference that we only include observable measures in the pay-performance sensitivity estimate. Our data on executive compensation stems from the ExecuComp database on S&P 1500 firms, and the performance data from the Center for Research in Security Prices (CRSP) database (total: 23,737 firm-year observations). We find that CEO wealth changes $5.34 for every $1,000 change in shareholder wealth. Almost all of this sensitivity is attributed to compensation through stock options and the CEO's inside stockholdings. Today, the incentives generated by stock options have increased thirteen times, and the total pay-performance sensitivity has almost doubled in value, compared to when Jensen and Murphy (1990b) estimated the pay-performance sensitivity in the 1980s for the first time. Despite the increased pay performance sensitivity, we hypothesize that internal and external political forces negatively affect the CEO's performance incentives. Compensation constraints reduce the pay performance sensitivity and hereby the incentives for the CEO to maximize shareholder wealth. Further research on how CEO wealth varies with absolute and relative corporate performance is required to determine if the CEO's incentives are consistent with shareholder wealth maximization.

      Keywords: Compensation, Incentives, Pay-Performance Sensitivity, Shareholder Value, Top Executive, Stock Options

      Authors' individual contribution: Conceptualization — T.A. and R.L.; Methodology — T.A. and R.L.; Software — T.A.; Validation — R.L.; Formal Analysis — T.A.; Investigation — T.A.; Resources — R.L.; Data Curation — T.A.; Writing — Original Draft — T.A.; Writing — Review & Editing — R.L.; Visualization — T.A. and R.L.; Supervision — R.L.; Project Administration — R.L.

      Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

      Acknowledgements: We appreciate the comments of John Christensen on a previous version of this paper. We also acknowledge the research support by Yassin D. Bouzzine

      JEL Classification: G32, M12, M41, M51, M52

      Received: 10.03.2022
      Accepted: 23.05.2022
      Published online: 25.05.2022

      How to cite this paper: Aaen, T., & Lueg, R. (2022). Performance pay sensitivity: Do top management incentives align with shareholder value creation? Corporate Ownership & Control, 19(3), 168–181. https://doi.org/10.22495/cocv19i3art13

      2022-05-25T12:03:18Z
       
  • The quality of corporate reporting: The United Nations sustainable
           development goals
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      Abstract

      The current study examines the attributes of the sustainability reports produced by public listed companies in the United Arab Emirates (UAE). This is achieved through the adoption of the legitimacy theory (LT) perspective to determine how the reports represent strategic development goals. Global Reporting Initiative (GRI Standards) disclosure standards have been used as a benchmark to assess the quality of UAE companies' sustainable report in respect of Sustainable Development Goal 11 (SDG 11). We adopt Tsalis, Malamateniou, Koulouriotis, and Nikolaou (2020) methodology in scoring the disclosure quality of SGD 11. 130 sustainable reports were analyzed, it was found that there is a poor overall quality of corporate sustainability reports, not least in respect of SDG 11. There were no major changes to SDG 11, with managers tending to function symbolically in terms of their roles in the level and quality of SDG 11-related disclosures. Thus, the UAE corporate reporting is not significantly influenced by the UAE vision 2030 Agenda (United Nations [UN], 2015).

      Keywords: Sustainability Reports, Sustainable Development Goals, Legitimacy Theory, Quality of Corporate Reporting, United Arab of Emirates

      Authors' individual contribution: Conceptualisation — M.E. and A.Y.; Methodology — M.A.S. and R.K.; Formal Analysis — M.A.S., A.K.A., and S.M.A.A.; Resources — M.A.S., A.K.A., and S.M.A.A.; Writing — Original Draft — M.E., A.Y., A.K.A., M.A.S., R.K., and S.M.A.A.; Writing — Review & Editing — M.E.

      Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

      Acknowledgements: The Authors are grateful for financial support from the United Arab of Emirates University (UAEU), Grant Code: G00003792.

      JEL Classification: D70, D91, G11, G32, M41

      Received: 06.03.2022
      Accepted: 13.05.2022
      Published online: 17.05.2022

      How to cite this paper: Elmassri, M., Yusuf, A., Allah, A. K., Al Shamsi, M., Kaniyamparambil, R., & Al Ahbabi, S M. (2022). The quality of corporate reporting: The United Nations sustainable development goals. Corporate Ownership & Control, 19(3), 158–167. https://doi.org/10.22495/cocv19i3art12

      2022-05-17T13:49:52Z
       
  • The direct and indirect impacts of transformational leadership on employee
           change-oriented organizational citizenship behavior
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      Abstract

      The purpose of this study is to investigate the relationship between transformational leadership (TL) and change-oriented organizational citizenship behavior (OCB) based on basic assumptions of the job demand-resource (JD-R) model, social exchange theory (SET), and behavioral plasticity theory (BPT). In addition, this study explores the role of the organizational level of resources and individual level of resources on employee wellbeing and attitudes. Based on 698 responses from Jordanian insurance employees, the mediating role of employee wellbeing and the moderating role of core self-evaluation (CSE) were investigated between TL and change-oriented OCB. Data were analyzed based on multiple regression, hierarchical regression, and macro process plugin. The results indicate that transformational leadership is positively related to change-oriented OCB, and this relationship is mediated by employee wellbeing. Moreover, moderated path analysis shows that the positive CSE strengthens the direct effect of TL on employee wellbeing and work attitude, as well as the indirect impact of TL on employee work attitude. The results also suggest that organizational level of support is a critical factor for enhancing employee wellbeing and change-oriented OCB, and this support is more powerful with a high level of personal resources (i.e., positive CSE). The research model provided in this study is the first framework that suggests the mediating effect of employee wellbeing on the direct relationship between TL and change-oriented OCB, as well as the moderating effect of CSE on this indirect relationship.

      Keywords: Transformational Leadership, Change-Oriented Organizational Citizenship Behavior, Core Self-Evaluation, Employee Wellbeing, Insurance Sector

      Authors' individual contribution: Conceptualization — M.A.T.; Methodology — O.M.B.; Writing — Original Draft — M.A.T., O.M.B., and M.F.A.-A.; Writing — Review & Editing — O.M.B., G.A.S., and M.F.A.-A.; Supervision — O.M.B.

      Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

      JEL Classification: J28, D23, L33

      Received: 14.02.2022
      Accepted: 12.05.2022
      Published online: 16.05.2022

      How to cite this paper: Ta'Amnha, M. A., Bwaliez, O. M., Samawi, G. A., & Al-Anaswah, M. F. (2022). The direct and indirect impacts of transformational leadership on employee change-oriented organizational citizenship behavior. Corporate Ownership & Control, 19(3), 147–157. https://doi.org/10.22495/cocv19i3art11

      2022-05-16T13:38:02Z
       
  • Decision information for auditors to assess litigation risk: Application
           of machine learning techniques
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      Abstract

      Fraud cases have become more common in recent years, highlighting the role of auditors' legal liability. The competent authorities have called for stricter control and disciplinary measures for auditors, increasing auditors' legal liability and litigation risk. This study used machine learning (ML) techniques to construct a litigation warning model for auditors to assess audit risk when they evaluate whether accept or terminate an engagement, thus improving audit quality and preventing losses due to litigation. Otherwise, a sample matching method comprised of 64 litigated companies and 128 non-litigated companies was used in this study. First, feature selection technology was used to extract six important influencing factors among the many variables affecting auditors' litigation risk. Then a decision tree was used to establish a litigation warning model and a decision table for auditors' reference. The results indicated that the eight outcomes provided by the decision table could effectively distinguish the level of a litigation risk with an accuracy rate of 92.708%. These results can provide useful information to aid auditors in assessing engagement decisions.

      Keywords: Litigation Risk, Machine Learning, Feature Selection, Classifier Technique

      Authors' individual contribution: Conceptualization — Y.-H.L.; Methodology — Y.-H.L.; Formal Analysis — Y.-C.L.; Resources — F.-C.G.; Writing — Y.-H.L. and Y.-C.L.; Supervision — Y.-H.L.

      Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

      JEL Classification: M4, C8, M1

      Received: 15.03.2022
      Accepted: 06.05.2022
      Published online: 10.05.2022

      How to cite this paper: Lu, Y.-H., Lin, Y.-C., & Gu, F.-C. (2022). Decision information for auditors to assess litigation risk: Application of machine learning techniques. Corporate Ownership & Control, 19(3), 133–146. https://doi.org/10.22495/cocv19i3art10

      2022-05-10T14:17:09Z
       
  • When CEO and board chair are in conflict: A resource dependence
           perspective
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      Abstract

      The board of directors serves two functions in the organization: monitoring and resource provision. Agency theory mainly addresses the former, while resource dependence theory focuses on the latter. However, these theories consistently assume that board members are not only able but also consistently willing to fulfill their roles. From a resource dependence perspective, this means that board members are generally inclined to share their resources (information, social and political connections, and functional experience) with the CEO. We challenge this assumption by postulating that in the context of dyadic conflict between the CEO and board chair, these resources will not be accessible to the CEO, hence the resource provision function of the board will be interrupted. We, therefore, unpack the black box of the board dynamics by merging resource dependence theory with conflict literature to a) present an in-depth description of the CEO-board chair conflict and b) its implications for the CEO (heightened turnover intentions), the board (board cohesion and board's monitoring role), and the organization. Theoretical and practical implications are discussed.

      Keywords: Board Chair, Board Cohesion, Board of Directors, Board Functions, CEO, Conflict Handling, Resource Dependence Theory

      Authors' individual contribution: Conceptualization — R.A., R.E., and M.F.W.; Writing — Original Draft — R.A.; Writing — Review & Editing — R.E. and M.F.W.; Visualization — R.A.; Project Administration — R.A.

      Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

      JEL Classification: D21, D74, D79, G30, M19

      Received: 09.02.2022
      Accepted: 05.05.2022
      Published online: 09.05.2022

      How to cite this paper: Ahmed, R., Eramudugoda, R., & Wagstaff, M. F. (2022). When CEO and board chair are in conflict: A resource dependence perspective. Corporate Ownership & Control, 19(3), 123–132. https://doi.org/10.22495/cocv19i3art9

      2022-05-09T10:28:42Z
       
  • Even one can make a difference — Female board representation and capital
           structure: evidence from Taiwan
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      Abstract

      This paper investigates whether and how female board representation will affect firms' capital structure using a sample of 16,477 firm-year observations during the period from 2006 to 2017 obtained from Taiwan Economic Journal (TEJ). While 67% of Taiwanese firms have female directors, most firms have only one female director. We find that firms with female directors use more debt financing, particularly, more short-term debt. Our results support the notion that female board representation is associated with increased monitoring through increased use of debt, particularly short-term debt. Our results remain consistent with various robustness tests using alternative samples, measures, and methodologies.

      Keywords: Director, Female Board Representation, Capital Structure, Gender Diversity

      Authors' individual contribution: Conceptualization — B.Y. and M.Z.; Methodology — C.-W.C. and B.Y.; Validation — Q.Z.; Formal Analysis — C.-W.C.; Data Curation — C.-W.C.; Writing — Original Draft — B.Y.; Writing — Review & Editing — C.-W.C., B.Y., M.Z., and Q.Z.; Project Administration — B.Y.

      Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

      JEL Classification: G3, G32, G34

      Received: 28.01.2022
      Accepted: 03.05.2022
      Published online: 06.05.2022

      How to cite this paper: Chen, C.-W., Yi, B., Zhao, M., & Zheng, Q. (2022). Even one can make a difference — Female board representation and capital structure: Evidence from Taiwan. Corporate Ownership & Control, 19(3), 112–122. https://doi.org/10.22495/cocv19i3art8

      2022-05-06T12:04:11Z
       
  • Does internal control process and firm characteristics improve firm
           value' An empirical analysis in the manufacturing sector
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      Abstract

      The purpose of this research is to investigate the role of enterprise risk management (ERM), Big4 auditors and firm characteristics on firm value. This population study was conducted in the Indian manufacturing sector. Annual panel data for 11 years (2007–2017) was collected from 60 firms on the National Stock Exchange (NSE). Empirical findings prove that there is variation in Tobin's Q but no difference in return on assets (ROA) and return on equity (ROE) among firms that have implemented ERM and included Big4 audit firms. The study documents that Q was influenced by the implementation of ERM, liquidity, firm age and firm size. Findings reveal that ERM, firm size, leverage, firm age, liquidity and firm complexity impacted ROA. The study outcome also shows ROE was affected by leverage, firm size, liquidity and firm complexity. This study is a valuable addition to the existing studies on the Indian manufacturing sector and has contributed incredible insights to the empirical literature on firm value from the multidimensional outlook of the purchasers, management, and investors. The findings have several implications for investors, managers and researchers.

      Keywords: Enterprise Risk Management, Big4 Auditor, Firm Characteristics, Firm Value, India, Manufacturing sector, Tobin's Q, ROA, ROE, Internal Control

      Authors' individual contribution: Conceptualisation — A.K.J.; Methodology — A.K.J.; Software — A.K.J.; Validation — A.K.J.; Formal Analysis — A.K.J.; Writing — Original Draft — A.K.J.; Writing — Review & Editing — A.K.J. and U.V.R.; Supervision — U.V.R.

      Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

      JEL Classification: D22, G32, G34

      Received: 03.03.2022
      Accepted: 20.04.2022
      Published online: 22.04.2022

      How to cite this paper: Janardhanan, A. K., & Ramkumar, U. V. (2022). Does internal control process and firm characteristics improve firm value? An empirical analysis in the manufacturing sector. Corporate Ownership & Control, 19(3), 101–111. https://doi.org/10.22495/cocv19i3art7

      2022-04-22T12:29:37Z
       
  • The impact of directors' liability insurance on board meeting attendance
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      Abstract

      We study the relationship between directors' liability insurance and board meeting attendance. We find that directors' liability insurance and board meeting attendance are positively associated. This suggests that directors' liability insurance may actually serve a governance role because an insurer definitely has incentives to thoroughly scrutinize the insured. As a result, director's board meeting attendance rate increases because more monitoring of directors leads to more responsible behaviors of directors. With 98,524 yearly observations at the director level and 8,968 yearly observations at the firm level of listed firms in Taiwan during the period from 2008 to 2015, our empirical findings suggest that, on average, the board meeting attendance rate of insured firms is 2.9 percent higher than that of uninsured firms.

      Keywords: Directors' Liability Insurance, Board Meeting Attendance, D&O Insurance, Firm Value, Taiwan

      Authors' individual contribution: Conceptualization — Y.W., S.-Y.Y., and C.-W.C.; Methodology — Y.W., S.-Y.Y., and C.-W.C.; Formal Analysis — Y.W., S.-Y.Y., and C.-W.C.; Investigation — Y.W., S.-Y.Y., and C.-W.C.; Writing — Original Draft — Y.W., S.-Y.Y., and C.-W.C.; Writing — Review & Editing — Y.W., S.-Y.Y., and C.-W.C.; Supervision — Y.W., S.-Y.Y., and C.-W.C.

      Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

      JEL Classification: G0, G3, G4, M1

      Received: 17.01.2022
      Accepted: 13.04.2022
      Published online: 15.04.2022

      How to cite this paper: Wang, Y., Yang, S.-Y., & Chen, C.-W. (2022). The impact of directors' liability insurance on board meeting attendance. Corporate Ownership & Control, 19(3), 92–100. https://doi.org/10.22495/cocv19i3art6

      2022-04-15T07:57:05Z
       
  • Systematic review of sustainable corporate governance of SMEs:
           Conceptualisation and propositions
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      Abstract

      Recent global events and actions toward climate change have heightened the urgency of sustainability in all aspects of life. However, few studies exist on the incorporation of sustainability principles into the corporate governance practices of small and medium-sized enterprises (SMEs). This study aims to review the current state of the literature on the incorporation of sustainability principles in corporate governance practices of SMEs, validate the outcomes and set future research agenda. This research was conducted using a systematic literature review (SLR). Findings suggest female executives, board size, firm size, board diversity, board independence and ownership concentration are the dominant themes in sustainable corporate governance (SCG) of small businesses. Studies are predominately conducted in the European context with some studies in Asia and North America while studies in Africa and South America are limited. The study showed that corporate governance models of SMEs have excluded pertinent issues such as climate change, digitization, and racial equality. Although the study concentrated on limited but highly relevant literature, the results establish the basis for further studies and enhance debates on sustainable models for corporate governance practices of SMEs. Compared to existing studies, the outcomes of this study emphasise the need to prioritise sustainability-inspired research of SMEs and provide solutions to integrate sustainable practices in small businesses. The study offers a guiding framework for managers and policy makers to promote progressive and sustainable practices in managing SMEs.

      Keywords: Corporate Governance, Literature Review, Small Businesses, Sustainability, Conceptual Framework

      Authors' individual contribution: Conceptualization — I.A.-F., I.E.A., E.J.T.; Methodology — I.A.-F.; Formal Analysis — I.A.-F., I.E.A., E.J.T.; Writing — Original Draft — I.A.-F., I.E.A., E.J.T.; Writing — Review & Editing — I.A.-F., I.E.A., E.J.T.

      Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

      JEL Classification: M00, M10, M14, M40, M41

      Received: 01.01.2022
      Accepted: 08.04.2022
      Published online: 12.04.2022

      How to cite this paper: Akomea-Frimpong, I., Asogwa, I. E., & Tenakwah, E. J. (2022). Systematic review of sustainable corporate governance of SMEs: Conceptualisation and propositions. Corporate Ownership & Control, 19(3), 74–91. https://doi.org/10.22495/cocv19i3art5

      2022-04-12T13:55:27Z
       
  • The new frontiers of reporting for governmental financial sustainability
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      Abstract

      This work is part of the academic debate focused on the information inadequacy of public administrations and the consequent need to imagine an overall reporting system for a fruitful dialogue with the reference community. Financial sustainability requires the implementation of policies that ensure the feasible provision of public services to the present generation, while protecting the needs of future ones, thus ensuring intergenerational equity. Such information does not normally fall in the domain of traditional financial reports; therefore, one naturally questions how information about financial sustainability can be disseminated to the users of local governments. For these reasons, governments should be interested in developing an integrated popular report (IPR). The present research, using a theoretical-deductive methodology, proposes some characteristics and content that an effective integrated popular report should contain in order to respond to the information needs of public sector user groups — citizens, in particular. The research objective can be summarized in the proposition of IPR as a new transparency and communication tool for citizens, which simplifies the existing voluntary reporting in order to jointly acquire the unique benefits of integrated reporting (IR) and popular reporting (PR).

      Keywords: Integrated Popular Reporting, Governmental Entities, Financial Sustainability, Citizen, Transparency, Accountability

      Authors' individual contribution: Conceptualization — F.A., D.T., A.R., and M.R.F.; Methodology — F.A., D.T., A.R., and M.R.F.; Investigation — F.A., D.T., A.R., and M.R.F.; Resources — F.A., D.T., A.R., and M.R.F.; Writing — Original Draft — F.A., D.T., A.R., and M.R.F.; Writing — Review & Editing — F.A., D.T., A.R., and M.R.F.

      Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

      JEL Classification: M41, M40, M21, M14

      Received: 26.01.2022
      Accepted: 05.04.2022
      Published online: 07.04.2022

      How to cite this paper: Agliata, F., Tuccillo, D., Rey, A., & Filocamo, M. R. (2022). The new frontiers of reporting for governmental financial sustainability. Corporate Ownership & Control, 19(3), 64–73. https://doi.org/10.22495/cocv19i3art4

      2022-04-07T13:24:44Z
       
  • Competitive advantages of going public: Evidence from incumbent firms in
           the USA
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      Abstract

      Industry incumbent firms (existing public peer firms) experience significant negative stock returns around large initial public offerings (IPO) events in the same industry (Hsu, Reed, & Rocholl, 2010), implying a competitive advantage shift resulting from IPO events. We investigate whether such large IPO events generate real impact in the long run and increase the risk and thus cost of equity of incumbent firms. Using data from 1998–2019, we found that within three years after large IPO events, industry incumbents exhibit positive abnormal returns even after controlling for known asset pricing factors. In addition, their default probability also increases. Using intertemporal capital asset pricing model (ICAPM), we show that incumbent firms' stock returns become more sensitive to economic conditions, in other words, riskier. Following Hou and Robinson (2006), we propose that the increased risk to incumbent firms comes from industry competition. We provide empirical evidence that this is the case. Specifically, firms in industries with low product differentiability, a large number of public firms, and smaller market size have larger increases in expected returns. As robustness tests, we document that industry incumbents exhibit declines in unexpected earnings, which contradicts the notion that the observed positive returns can be attributed to persistent positive cash flow for industry incumbents.

      Keywords: IPO, Competition, ICAPM, Industry Incumbent, Profitability, Financial Distress

      Authors' individual contribution: The Author is responsible for all the contributions to the paper according to CRediT (Contributor Roles Taxonomy) standards.

      Declaration of conflicting interests: The Author declares that there is no conflict of interest.

      Acknowledgements: We would like to express our great appreciation to faculty members in the University of Georgia Finance Department for all the guidance and advice they generously gave us. We would also like to thank all the attendees during our FMA 2015 presentation for the constructive comments they shared with us.

      JEL Classification: G12, G14, G32

      Received: 21.12.2021
      Accepted: 29.03.2022
      Published online: 31.03.2022

      How to cite this paper: Han, S. (2022). Competitive advantages of going public: Evidence from incumbent firms in the USA. Corporate Ownership & Control, 19(3), 42–63. https://doi.org/10.22495/cocv19i3art3

      2022-03-31T08:16:41Z
       
  • Earnings management and asymmetric sensitivity of bonus compensation to
           earnings for high-growth firms
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      Abstract

      In this paper, we examine whether high-IOS (investment opportunity set) firms vis-à-vis non-growth (low-IOS) firms will not reduce discretionary expenditures, such as advertising expenses, research and development, and SG&A (selling, general and administrative) expenses, to further sustain the firm growth in a more conservative reporting environment (the post-Sarbanes-Oxley (SOX) period). We also investigate, as an extension of a prior paper, the sensitivity of CEO bonuses to earnings in the cases of high-IOS and low-IOS firms. We find a stronger association between incentive compensation and asymmetric sensitivity of bonus to earnings for high-IOS firms in the pre-SOX period, and this asymmetric sensitivity disappears even for high-IOS in the post-SOX period. As in a prior study, we also look into whether accounting conservatism is stronger in the post-SOX period for both high-IOS and low-IOS firms than in the pre-SOX period. The findings are consistent with our hypotheses that high-IOS firms vis-à-vis low-IOS firms will not reduce discretionary expenditures, asymmetric sensitivity bonus to earnings disappears in the post-SOX period for both high-IOS and low-IOS firms, and that accounting conservatism for both high-IOS and low-IOS firms are stronger in the post-SOX period. The documented evidence in this study shows how regulatory changes affect both accrual and real earnings management behaviors, how those regulatory changes affect the sensitivity of bonus compensation to earnings, and how accounting conservatism affects bonus compensation changes in the post-SOX period in relation to the pre-SOX period for both high-IOS and low-IOS firms.

      Keywords: Accrual and Real Earnings Management, Executive Compensation, Sarbanes-Oxley, Ex Post Settling Up, Asymmetric Sensitivity

      Authors' individual contribution: Conceptualization — S.S.K., P.G., and N.W.; Methodology — S.S.K., P.G., and N.W.; Formal Analysis — S.S.K., P.G., and N.W.; Investigation — S.S.K., P.G., and N.W.; Writing — S.S.K., P.G., and N.W.

      Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

      Acknowledgements: We would like to thank Steve Balsam, Gerry Lobo, Jennifer Yin, Bharat Sarath, and Inho Suk for their helpful comments.

      JEL Classification: J33, L2, M41

      Received: 17.12.2021
      Accepted: 28.03.2022
      Published online: 30.03.2022

      How to cite this paper: Kwon, S. S., Gélinas, P., & Waweru, N. (2022). Earnings management and asymmetric sensitivity of bonus compensation to earnings for high-growth firms. Corporate Ownership & Control, 19(3), 25–41. https://doi.org/10.22495/cocv19i3art2

      2022-03-30T12:58:55Z
       
  • Board diversity and firm performance: An empirical analysis of Italian
           small-medium enterprises
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      Abstract

      This paper aims to empirically verify if the board of directors' (BoD) diversity (i.e., gender, age, and nationality) affects firm performance, which we calculate referring to ROE, ROA, and EBITDA margin. So far, scholars do not converge on a single answer about the effects of observable diversity in the boardrooms on corporate performance. Therefore, this study — referring to a significantly bigger sample — applies machine learning models following a data-driven approach based on a three-year (2017–2019) dataset composed of 59,229 Italian small-medium enterprises (SMEs). The analysis conducted shows that board diversity does not impact firm results, either positively or negatively. The lack of a correlation suggests that there is no reason to not appoint females, young people, and foreigners as directors. The involvement of these “minorities”, which, as shown, does not negatively impact economic-financial results, could on the opposite improve firm reputation as well as enhance the intellectual capital, solving in the meantime a social matter.

      Keywords: Performance, Gender, Age, Nationality, Board of Directors, Machine Learning

      Authors' individual contribution: Conceptualization — C.M. and M.T.B.; Methodology — V.M. and D.F.; Formal Analysis — V.M.; Investigation — C.M. and V.M.; Writing — Original Draft — C.M., M.T.B., and V.M.; Writing — Review & Editing — C.M. and M.T.B.

      Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

      JEL Classification: G30, M14, O16

      Received: 04.01.2022
      Accepted: 18.03.2022
      Published online: 21.03.2022

      How to cite this paper: Morrone, C., Bianchi, M. T., Marsocci, V., & Faioli, D. (2022). Board diversity and firm performance: An empirical analysis of Italian small-medium enterprises. Corporate Ownership & Control, 19(3), 8–24. https://doi.org/10.22495/cocv19i3art1

      2022-03-21T14:06:16Z
       
  • Editorial: Cryptocurrencies and future research
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      This issue of Corporate Ownership and Control journal was published on March 18, 2022.

      By clicking the button "Download This Article" you will gain direct access to the Editorial of the issue.

      How to cite: Rey, A., & Roberto, F. (2022). Editorial: Cryptocurrencies and future research. Corporate Ownership and Control, 19(2), 4–5. https://doi.org/10.22495/cocv19i2editorial

      2022-03-18T15:32:53Z
       
  • Are joint audits associated with higher audit quality'
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      Abstract

      This paper investigates and assesses whether a joint audit engagement results in higher audit quality compared to a single audit given audit firms' characteristics and complexity of their clients' activities. The research adopts a survey-based questionnaire sent to external auditors of five audit firms with international affiliation including two Big 4 firms to assess their perceptions about whether joint audit improves audit quality compared to a single audit. Also, interviews with audit partners and professors of auditing were made to check the reliability of the survey. Descriptive and inferential statistics are used to test the research hypotheses. The results reveal that joint audit enhances the quality of the audit as auditors in joint audits deliver high audit quality and ensure continuity with the client. The results also confirm the importance to perform joint audit engagements involving one of the Big 4 with one audit partner possessing industry specialization related to the audit engagement. However, no variation was found in audit quality in a joint audit compared to a single audit for listed companies compared to non listed companies even when there are discrepancies in the joint audit partners' level of competence and experience. The study is among the first to survey the impact of joint audits compared to single audits on audit quality in an emerging economy. The study identifies valuable insights and provides recommendations to audit firms, professional and oversight bodies, and government to encourage the use of joint audits versus single audits to improve audit quality.

      Keywords: Auditing, Joint Audit, Single Audit, Big 4, Client Complexity, Audit Tenure, Egypt

      Authors' individual contribution: Conceptualization — M.H. and H.E.; Methodology — M.H. and H.E.; Validation — M.H. and H.E.; Formal Analysis — M.H. and H.E.; Investigation — M.H. and H.E.; Resources — M.H. and H.E.; Data Curation — M.H. and H.E.; Writing — Review & Editing — M.H. and H.E.

      Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

      JEL Classification: C12, D24, D53, M42

      Received: 02.01.2022
      Accepted: 14.03.2022
      Published online: 15.03.2022

      How to cite this paper: Hegazy, M., & Ebrahim, H. (2022). Are joint audits associated with higher audit quality? Corporate Ownership & Control, 19(2), 204–216. https://doi.org/10.22495/cocv19i2art16

      2022-03-15T11:53:18Z
       
  • Other comprehensive income and the cost of debt capital
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      Abstract

      The purpose of this paper is to examine the association between the cost of debt and other comprehensive income (OCI) and its components for a sample of US firms. The empirical analysis is conducted on a sample of 4,350 firm-years observations for the period 2008–2018. In conducting the analysis, we first run the models using ordinary least squares (OLS) regressions and correcting for heteroskedasticity using White (1980) standard errors. Then, we compute the F-statistic using a Wald test. The main results indicate that the separate disclosure of foreign currency translation adjustments, pension adjustments, available-for-sale marketable securities, and derivative securities and/or foreign currency hedging adjustments and the total OCI provide information that is relevant for the cost of debt. Our results will benefit creditors, standard setters, and regulators when examining the effect of each component of OCI on the cost of debt capital. Our study enriches the recent stream of research that investigates the usefulness of decomposing other comprehensive income into its components. This paper contributes to the accounting literature on the value relevance of OCI to the users of the financial statements by showing the effect of OCI on the cost of debt capital. This study supplements and extends the prior research, which documents the value relevance of OCI to the cost of equity capital.

      Keywords: Cost of Debt, Comprehensive Income, Value Relevant, Financial Reporting

      Authors' individual contribution: Conceptualization — F.M.S. and T.A.Z.; Methodology — F.M.S. and T.A.Z.; Validation — F.M.S.; Formal Analysis — F.M.S. and T.A.Z.; Investigation — F.M.S. and T.A.Z.; Data Curation — F.M.S. and T.A.Z.; Writing — Original Draft — F.M.S. and T.A.Z.; Writing — Review & Editing — F.M.S. and T.A.Z.

      Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

      JEL Classification: C21, D24, D53, M41

      Received: 04.01.2022
      Accepted: 04.03.2022
      Published online: 09.03.2022

      How to cite this paper: Salama, F. M., & Zoubi, T. A. (2022). Other comprehensive income and the cost of debt capital. Corporate Ownership & Control, 19(2), 194–203. https://doi.org/10.22495/cocv19i2art15

      2022-03-09T13:05:27Z
       
  • Impact of risk governance on performance and capital requirements:
           Evidence from Egyptian banks
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      Abstract

      This study aims to examine the impact of banks' risk governance (RG) on Egyptian listed banks' performance and capital requirements as prescribed in Basel regulations. Secondary data from annual reports of all twelve banks listed on the Egyptian Stock Market (EGX) over eleven years (2010–2020) are analyzed using the dynamic ordinary least squares method; where the RG framework is presented by the proxy of the presence of chief risk officer (CRO), risk committee (RC), and audit committee (AC) characteristics. Secondary data from annual reports of all twelve banks listed on the EGX over eleven years are analyzed using the dynamic ordinary least squares method. The results support the role of banks' RG in improving banks' both market-based and accounting-based performance. These findings support the importance of having an independent risk committee and a powerful CRO because they can regulate banks' increasing risk and acquire the advantages of capital requirements by investing assets in more profitable ways with low risk. This paper is one of the few empirical attempts in emerging economics to link bank RG, risk-taking behavior, performance, and capital adequacy ratio (CAR) as defined by Basel III.

      Keywords: Risk Governance, Risk Committee, Chief Risk Officer, Audit Committee, Egyptian Listed Banks, Bank Performance, Basel III

      Authors' individual contribution: Conceptualization — T.H.I.; Methodology — E.A.A.; Investigation — E.A.A.; Writing — T.H.I. and E.A.A.; Supervision — T.H.I.

      Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

      JEL Classification: G2, G3, G4, M41

      Received: 07.01.2021
      Accepted: 28.02.2022
      Published online: 01.03.2022

      How to cite this paper: Ismail, T. H., & Ahmed, E. A. (2022). Impact of risk governance on performance and capital requirements: Evidence from Egyptian banks. Corporate Ownership & Control, 19(2), 179–193. https://doi.org/10.22495/cocv19i2art14

      2022-03-01T12:51:23Z
       
  • Revenue forecasting for European capital market-oriented firms: A
           comparative prediction study between financial analysts and machine
           learning models
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      Abstract

      This study uses publicly available information for European firms and recent machine learning algorithms to predict future revenues in an IFRS context, examining the benefits of predictive analytics for both preparers and users of these financial projections. For this purpose, the study evaluates the prediction quality of the forecasting models applied and compares them with each other and with the prediction quality of sell-side financial analysts' forecasts. Our empirical results, based on 3,000 firm-year observations from 2010 to 2019, demonstrate that machine learning provides comparably accurate or even more accurate revenue forecasts than financial analysts. Therefore, the study highlights the considerable potential of machine learning and predictive analytics for improving the forecasting process in general and, in particular, to increase the accuracy, transparency, and objectivity of the forecasts. Since the latter also reduce information asymmetry between firms and investors, machine learning and predictive analytics contribute to capital market efficiency.

      Keywords: Predictive Analytics, Machine Learning, Deep Learning, Revenue Forecasting, Financial Analysts, IFRS

      Authors' individual contribution: Conceptualization — M.K. and L.R.; Methodology — M.K.; Software — M.K.; Validation — M.K. and L.R.; Formal Analysis — M.K.; Investigation — M.K. and L.R.; Resources — M.K. and L.R.; Data Curation — L.R.; Writing — M.K. and L.R.; Visualization — M.K. and L.R.

      Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

      Acknowledgements: We acknowledge support from the Open Access Publication Fund of the University of Duisburg-Essen.

      JEL Classification: F37, G17, M41, C45, C13

      Received: 20.12.2021
      Accepted: 25.02.2022
      Published online: 28.02.2022

      How to cite this paper: Kureljusic, M., & Reisch, L. (2022). Revenue forecasting for European capital market-oriented firms: A comparative prediction study between financial analysts and machine learning models. Corporate Ownership & Control, 19(2), 159–178. https://doi.org/10.22495/cocv19i2art13

      2022-02-28T13:44:16Z
       
  • Independent directors in Sweden and their influence on earnings through
           accrual and real activities management
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      Abstract

      The dominating perspective grounded in agency theory predicts that independent boards are more effective in monitoring and thereby reducing earnings management, yet the extant empirical evidence is inconclusive. We nuance the relationship between board independence and earnings management by introducing two additional theories that explain independent directors' role on the board: the theory of personal dependence and praxis theory. According to personal dependence theory, the influence of independent directors on earnings management is a function of their competitiveness in the labor market, whereas the praxis theory attributes directors' influence to the influence of the dominant coalition. We focus on two dimensions of earnings management  accrual and real activities management, and account for both direction and magnitude of directors' influence. Through an empirical test on 148 Swedish corporations from 2017, our findings indicate that the presence of independent directors may not necessarily reduce earnings management. Instead, independent directors may be subject to multiple and sometimes conflicting task demands which differently influence both magnitude and direction of earnings management. Implications for our understanding of the role of independent directors and their influence on corporations are presented.

      Keywords: Independent Directors, Earnings Management, Sweden

      Authors' individual contribution: Conceptualization — S.-O.Y.C., F.B., and D.K.; Methodology — S.-O.Y.C., F.B., and D.K.; Formal Analysis — S.-O.Y.C., F.B., and D.K.; Writing — S.-O.Y.C. and Y.P.; Supervision — S.-O.Y.C. and Y.P.

      Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

      Acknowledgements: The paper is based on Björklund's and Krieg's Master dissertation “Accounting Hocus-Pocus” (2019), Linnaeus University, Sweden. An earlier version of the paper was presented at New challenges in corporate governance: Theory and practice (Naples, 2019, October 3–4). Sven-Olof Yrjö Collin acknowledges financial support from the Jan Wallander and Tom Hedelius Foundation and the Tore Browaldh Foundation (P20-0091).

      JEL Classification: G340, M410

      Received: 05.07.2021
      Accepted: 24.02.2022
      Published online: 25.02.2022

      How to cite this paper: Collin, S.-O. Y., Ponomareva, Y., Björklund, F., & Krieg, D. (2022). Independent directors in Sweden and their influence on earnings through accrual and real activities management. Corporate Ownership & Control, 19(2), 143–158. https://doi.org/10.22495/cocv19i2art12

      2022-02-25T14:23:45Z
       
  • Choice and impact of sustainability assurance standards on firm value
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      Abstract

      The paper examines the factors that influence the selection of a sustainability assurance standard. Additionally, it examines the link between assurance standards and firm performance. Four categories for the selection of an assurance standard are deployed. Effect estimates in models are based on data obtained from GRI. The sample consists of 4372 assured companies from the years 2009–2015, most companies (90.19%) are headquartered outside the US. Both multinomial and multilevel logistic regression models are utilized to determine the factors that are associated with the selection of sustainability assurance standards. Results show that the type of assurance provider is significantly related to the choice of a sustainability assurance standard. Additionally, firms choose to seek assurance and use either AA1000 assurance and/or ISAE3000 despite the negative returns shown by Tobin's Q, Raw Returns, Market-Adjusted Returns, and Size-Adjusted Returns. Understanding why certain assurance standards are selected will help auditors shed light on the sustainability assurance process and provide a benchmark for making improvements. For investors, the assurance standards selected will provide a signal of whether assurance provided was for quantitative or qualitative information or both in the sustainability area. This, in turn, will affect investor interest in the companies and have an impact on their valuation. This is the first study to examine a setting where there is more than one assurance standard available. Furthermore, it also examines the influence of using assurance standards on yearly returns.

      Keywords: Sustainability Assurance Standards, AccountAbility 1000 Assurance Standard (AA1000), International Standard on Assurance Engagements 3000 (ISAE3000), Signaling Theory, Legitimacy Theory, Firm Value

      Authors' individual contribution: Conceptualization — S.S.R., S.N., and N.J.; Methodology — S.S.R., S.N., and N.J.; Formal Analysis — S.S.R., S.N., and N.J.; Resources — S.S.R., S.N., and N.J.; Writing — S.S.R., S.N., and N.J.; Supervision — S.S.R., S.N., and N.J.

      Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

      Acknowledgements: We are grateful for comments from Pietro Bianchi, Gia Chevis, Reza Espahbodi, and Michelle Lowry, participants at the 2019 Midyear meeting of the International Accounting Section and the 2019 Annual Meeting of the American Accounting Association. The authors graciously acknowledge the financial support of the Beatrice Research Grant, Washburn University.

      JEL Classification: G32, G34, Q56

      Received: 06.12.2021
      Accepted: 21.02.2022
      Published online: 23.02.2022

      How to cite this paper: Rao, S. S., Nathan, S., & Juma, N. (2022). Choice and impact of sustainability assurance standards on firm value. Corporate Ownership & Control, 19(2), 127–142. https://doi.org/10.22495/cocv19i2art11

      2022-02-23T14:59:46Z
       
  • Wells Fargo: Did KPMG perform its duties' An auditing case about
           consumer fraud
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      Abstract

      This article describes the implementation of a case study that uses as its setting the role of KPMG in the Wells Fargo consumer fraud scandal as a way for students to learn about what can happen during an audit failure and what should be done to prevent audit failure. As the case details illustrate, it features the only recent significant Big 4 audit failure that is still being resolved, the audit failure includes many aspects of an auditor's job, including some that typically are not covered in traditional course textbooks, and it highlights the auditor's role within the broader context of corporate governance. This case study exposes students to several auditing standards and laws related to 1) consumer fraud; 2) contingent liabilities; 3) materiality; 4) illegal acts; 5) audit evidence; 6) audit opinions; 7) auditor independence and mandatory rotation; 8) auditor liability under the Securities Act of 1933; and 9) auditor liability under the Securities Exchange Act of 1934. The case was used in two undergraduate auditing classes and a graduate auditing class. Student opinion surveys were used to ascertain the learning outcomes of the case study. The survey results suggest strong student engagement and support for learning in groups while collaborating on the case study. The case results also show particularly strong knowledge enhancement with regard to understanding the auditor's duty to disclose illegal acts, understanding consumer fraud, understanding audit evidence, understanding materiality, and understanding contingent liabilities.

      Keywords: Illegal Acts, Consumer Fraud, Audit Evidence, Materiality, Contingent Liabilities, Auditor Regulation

      Authors' individual contribution: Conceptualization — R.D.F.; Methodology — R.D.F.; Investigation — R.D.F.; Writing — Original Draft – R.D.F.; Writing — Review & Editing — N.C.F. and N.H.; Supervision — R.D.F.

      Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

      JEL Classification: M420, M480, K420

      Received: 20.04.2021
      Accepted: 18.02.2022
      Published online: 22.02.2022

      How to cite this paper: Feng, N. C., Fuerman, R. D., & Heron, N. (2022). Wells Fargo: Did KPMG perform its duties? An auditing case about consumer fraud. Corporate Ownership & Control, 19(2), 121–126. https://doi.org/10.22495/cocv19i2art10

      2022-02-22T14:58:26Z
       
  • Outsourcing of financial and management accounting: Do familiness as a
           social capital and company size as an organizational capital affect the
           decision to make such a transfer'
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      Abstract

      The paper examines the impact of family and size on accounting outsourcing decisions and interactions between those variables. Based on a survey from German and Polish companies, we employ Bayesian logistic regressions for testing hypotheses and interactions of independent variables. The results support the hypotheses and indicate the combined influence of family firms and, therefore, family-social perspective and size on accounting outsourcing decisions. Larger firms are less likely to outsource financial and managerial accounting regardless of family influence, but in smaller firms, more significant family influence results in a lower likelihood of accounting outsourcing. This paper addresses a topic missing from the literature on the combined effects of size and family on accounting outsourcing (including financial and management accounting outsourcing at the same time).

      Keywords: Accounting, Family Firms, Outsourcing, SMEs, Socio Emotional Wealth, Transaction Cost Theory

      Authors' individual contribution: Conceptualization — R.R., E.Z., and J.D.; Methodology — R.R., E.Z., and J.D.; Formal Analysis — R.R.; Investigation — R.R., E.Z., and J.D.; Writing — R.R., E.Z., and J.D.

      Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

      JEL Classification: M41

      Received: 16.11.2021
      Accepted: 17.02.2022
      Published online: 21.02.2022

      How to cite this paper: Rieg, R., Zarzycka, E., & Dobroszek, J. (2022). Outsourcing of financial and management accounting: Do familiness as a social capital and company size as an organizational capital affect the decision to make such a transfer? Corporate Ownership & Control, 19(2), 109–120. https://doi.org/10.22495/cocv19i2art9

      2022-02-21T14:12:22Z
       
  • Individual corrupt behavior: An experimental analysis of the influence
           factors personality and gender
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      Abstract

      There is no clarity in the literature on the extent to which the personality and gender factors influence the propensity of individual employees to engage in corruption. This topic is gaining importance not only in theory but also in practice due to increasing scandals and violations of regulations. In this paper, the influence of personality and gender on corruption propensity and corrupt behavior is investigated using an experimental design of 2×2 groups. A study of 134 students from different universities in 2020 served as the sample. It was found that there are significant differences in corruption propensity and corrupt behavior between subjects. The case underlying the experiment involved a company where the subjects of the experiment worked. As a result, they were asked by the CEO of the company to hand over a suitcase of money containing bribes. It was found that women showed a higher degree of conscientiousness than men, but a significantly lower propensity to corruption overall than the male subjects.

      Keywords: Personality, Gender, Corrupt Behavior, Experimental Study, Non-Compliance

      Authors' individual contribution: Conceptualization — P.U. and S.B.; Methodology — P.U. and S.B.; Formal Analysis — A.U.; Writing — Original Draft — A.U. and V.F.; Writing — Review & Editing — P.U. and S.B.; Visualization — A.U.; Supervision — P.U. and S.B.

      Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

      JEL Classification: G30, G39, M00

      Received: 15.06.2021
      Accepted: 14.02.2022
      Published online: 16.02.2022

      How to cite this paper: Ulrich, P., Behringer, S., Unruh, A., & Frank, V. (2022). Individual corrupt behavior: An experimental analysis of the influence factors personality and gender. Corporate Ownership & Control, 19(2), 93–108. https://doi.org/10.22495/cocv19i2art8

      2022-02-16T13:01:32Z
       
  • Corporate governance disclosure in Italy in the context of climate change
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      Abstract

      Nowadays climate change represents the most critical issue facing the global economies, and, at the same time, the most misunderstood risk that organizations face in the coming years. The necessity to cover this gap has led to the spread of alternative disclosure frameworks, such as the Task Force on Climate-Related Financial Disclosure (TCFD), established in 2015. In our research, we focus the attention, amongst the TCFD recommendations, on the thematic area of governance, as we are interested in studying companies' awareness of climate change and the extent to which they assess environmental issues, risks and impacts. The adherence to TCFD policies appears, amongst the major results of the analysis, limited, with a rather significant polarization of information between good and bad reporters. Our findings provide interesting insights and implications both from a theoretical and managerial point of view, displaying that, in line with mimicry studies on corporate disclosure, the conduct of companies towards climate change disclosure suggest an imitative behaviour amongst competitors.

      Keywords: Governance for Climate Change, TCFD, Non-Financial Disclosure, Italy

      Authors' individual contribution: Conceptualization — L.G. and P.V.; Methodology — L.G. and P.V.; Investigation — L.G. and P.V.; Resources — L.G. and P.V.; Writing — Original Draft — L.G. and P.V.; Writing — Review & Editing — L.G. and P.V.

      Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

      JEL Classification: M19, Q54, G30, L21

      Received: 16.12.2021
      Accepted: 11.02.2022
      Published online: 15.02.2022

      How to cite this paper: Gelmini, L., & Vola, P. (2022). Corporate governance disclosure in Italy in the context of climate change. Corporate Ownership & Control, 19(2), 81–92. https://doi.org/10.22495/cocv19i2art7

      2022-02-15T07:38:05Z
       
  • ESG disclosure, board diversity and ownership: Did the revolution make a
           difference in Egypt'
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      Abstract

      Egypt witnessed radical and unexpected changes in the political, social and cultural environment that came as a result of the Arab Spring. Since the revolution caused a paradigm shift in so many socio-economic aspects, it is plausible that it also caused dramatic changes in the relationships of board, ownership, and environmental, social, and governance (ESG) practices in different ways. Accordingly, understanding the corporate governance of the largest Arab state in the MENA region following the Arab Spring is a huge benefit. Using the 2011 Egyptian revolution as the exogenous shock, this study empirically examines the effects of board diversity and ownership structure on the ESG disclosure index in the Egyptian Stock Exchange (EGX) listed firms for the pre-revolution (2007–2011) and post-revolution (2012–2014) periods. Using 160 observations for the pre-revolution and 99 observations for the post-revolution periods, we document a significant positive effect of board national diversity on the ESG index in the pre-revolution period. This effect disappears in the post-revolution period. In contrast, we find that board gender diversity shows no significant effect in determining the ESG index in both pre- and post-revolution periods. We additionally find that ownership variables have a positive impact on ESG disclosure in the pre-revolution period. However, this impact is not carried forward to the post-revolution period. Further analysis on moderating effects suggests that the presence of female board members and state ownership can diminish the effective role of foreign board members towards ESG disclosure. These findings can provide policymakers, regulators, investors, and other stakeholders with a broader perspective of corporate board diversity and ownership when aiming to ensure an optimal level of ESG disclosure from listed companies in Egypt or other emerging markets.

      Keywords: ESG Disclosure, Board Diversity, Ownership, Revolution, Egypt

      Authors' individual contribution: Conceptualization — O.A.F., K.D., and N.S.; Methodology — O.A.F., K.D., and N.S.; Formal Analysis — N.S.; Investigation — N.S.; Writing — Original Draft — O.A.F., K.D., and N.S.; Writing — Review & Editing — O.A.F. and M.S.

      Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

      JEL Classification: G32, G34, M14, M49

      Received: 06.10.2021
      Accepted: 08.02.2022
      Published online: 11.02.2022

      How to cite this paper: Al Farooque, O., Dahawy, K., Shehata, N., & Soliman, M. (2022). ESG disclosure, board diversity and ownership: Did the revolution make a difference in Egypt? Corporate Ownership & Control, 19(2), 67–80. https://doi.org/10.22495/cocv19i2art6

      2022-02-11T11:13:35Z
       
  • Does board composition matter' An evidence from Saudi Arabia
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      Abstract

      The study investigates the impact of board of directors' composition on the financial performance of the Saudi listed firms, using models that aim to represent the effect of different board of directors' composition. This paper is focused on dependent, independent and control variables that aim to test further areas that was limited to some previous researchers. It was assumed that there is a negative relationship between the board size and firm performance, as well as female board directors and firm recruiting. However, it was found that both variables have no relationship with firm performance. It was predicted that there is a positive relationship between chair independence and firm performance, as well as a negative relationship in regard to chair independence. Thus, it was established that there is a positive relationship between the non-executive directors and firm performance.

      Keywords: Corporate Governance, Board Composition, Firm Performance

      Authors' individual contribution: Conceptualization — S.A.A.S. and K.I.F.; Methodology — S.A.A.S. and K.I.F.; Validation — K.I.F.; Formal Analysis — S.A.A.S.; Investigation — S.A.A.S.; Data Curation — S.A.A.S.; Writing — Original Draft — S.A.A.S.; Writing — Review & Editing — S.A.A.S.; Visualization — K.I.F.; Supervision — K.I.F.

      Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

      Acknowledgements: The Authors are grateful for the valuable assistance of Fatimah Al Sadah in creating the basis of an earlier version of this research.

      JEL Classification: M41, M48, M49

      Received: 16.11.2021
      Accepted: 28.01.2022
      Published online: 02.02.2022

      How to cite this paper: Al Suwaiygh, S. A., & Falgi, K. I. (2022). Does board composition matter? An evidence from Saudi Arabia. Corporate Ownership & Control, 19(2), 60–66. https://doi.org/10.22495/cocv19i2art5

      2022-02-02T14:36:22Z
       
  • The frequency of say-on-pay vote, shareholder value, and corporate
           governance
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      Abstract

      Using a sample of 1,079 public firms listed on the U.S. stock market that filed the results of their frequency votes in 2011, we examine the market reaction to shareholders' decision on the frequency of the say-on-pay vote, and the relation between such decision and firms' existing corporate governance structures. When firms release the results of their shareholders' frequency vote in Form 8-K, we find that market reaction was significantly positive for firms with excess CEO equity pay, and for firms whose shareholders' preference for the frequency is the same as that recommended by the board. This positive market reaction is more pronounced for firms where shareholders change the recommendations of the boards by demanding more frequent votes on executive compensation. Overall, our study on the frequency of votes provides new insights that are different from prior studies, which mostly focus on say-on-pay votes. We show that the market perceives the shareholders' frequency vote as a value-increasing governance mechanism and a complement to the existing corporate governance.

      Keywords: Corporate Governance, Shareholder Activism, Shareholder Value, Corporate Transparency

      Authors' individual contribution: Conceptualization — N.L.; Methodology — N.L.; Validation — J.J.; Formal Analysis — N.L.; Investigation — J.J.; Data Curation — N.L.; Writing — Original Draft — N.L.; Writing — Review & Editing — J.J.

      Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

      JEL Classification: G34, G38, J33, M12

      Received: 01.12.2021
      Accepted: 25.01.2022
      Published online: 27.01.2022

      How to cite this paper: Jin, J., & Li, N. (2022). The frequency of say-on-pay vote, shareholder value, and corporate governance. Corporate Ownership & Control, 19(2), 46–59. https://doi.org/10.22495/cocv19i2art4

      2022-01-27T12:43:23Z
       
  • Preliminary effects on the political accountability of the new accounting
           system for Italian local authorities
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      Abstract

      The issue of accountability, particularly with regard to the use of public resources, represents one of the most significant and necessary aspects faced by a public administration. This work, therefore, focuses on the transparency of information with regard to the economic viability of a public administration, paying specific attention to the local and regional authorities which have been subject to major reforms in accounting systems. Harmonised accounting is the term given to the complex and multifaceted process of reforming public accounting, as provided by Italian Law No. 196, Article 2, December 31, 2009, and is aimed at unifying, comparing and aggregating the public administration financial statement, carrying out the operations with the same methods and accounting policies, and seeking to satisfy the necessity for information and accountability relating to the coordination of public finances. Several studies have analyzed the effects of accounting reforms on accountability. However, there is still a lack of studies addressing the effects of the Italian accounting reform on accountability in Italian local authorities. This article contributes to research in this area by examining the question of whether, in the first 18 months since the Italian reform's introduction, accountability has become more or less apparent between the local politicians who use the financial reports both as a method for checking public finances and in order to help inform their own decision-making. Through two case studies, this work analyses the perceptions of local politicians with respect to the level of accountability displayed as part of the accounting reform.

      Keywords: Public Governance, Economic-Financial Communications Tools, Public Communications, Accountability, Local Governments, Public Sector Accounting Reform

      Authors' individual contribution: Conceptualization — M.M.; Methodology — M.M. and D.P.; Investigation — D.P.; Writing — Original Draft — D.P.; Writing — Review & Editing — M.M.

      Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

      JEL Classification: M40, M41, M48

      Received: 01.12.2021
      Accepted: 21.01.2022
      Published online: 25.01.2022

      How to cite this paper: Mazzoleni, M., & Paredi, D. (2022). Preliminary effects on the political accountability of the new accounting system for Italian local authorities. Corporate Ownership & Control, 19(2), 38–45. https://doi.org/10.22495/cocv19i2art3

      2022-01-25T08:24:18Z
       
  • The quality of corporate governance and directors' elections
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      Abstract

      This study aims to analyse the link between the votes cast at directors' elections and the quality of corporate governance practices. The regression analyses on the secondary data were performed using a sample of Canadian companies listed on the Toronto Stock Exchange and included in corporate governance rankings published by the Canadian newspaper The Globe and Mail and carried out by the University of Toronto's Clarkson Centre for Business Ethics. The results show that shareholders only slightly take the quality of a firm's corporate governance practices into account when electing directors. Our findings also indicate that more than 96% of the votes cast are in favour of the candidates nominated and show very little variance. This study differs from previous studies by focusing directly on the election of directors rather than on stock prices to examine how shareholders express their expectations about the quality of corporate governance practices.

      Keywords: Directors' Elections, Shareholder Democracy, Governance Practices, Corporate Governance Index, Board of Directors

      Authors' individual contribution: Conceptualization — S.B., M.C., and V.C.; Methodology — M.C.; Formal Analysis — M.C.; Resources — V.G.; Writing — S.B.; Supervision — V.G.

      Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

      JEL Classification: G38, M12

      Received: 23.11.2021
      Accepted: 19.01.2022
      Published online: 21.01.2022

      How to cite this paper: Berthelot, S., Coulmont, M., & Gagné, V. (2022). The quality of corporate governance and directors' elections. Corporate Ownership & Control, 19(2), 28–37. https://doi.org/10.22495/cocv19i2art2

      2022-01-21T12:50:14Z
       
  • Corporate social responsibility performance, reporting and generalized
           methods of moments (GMM): A structured review of corporate governance
           determinants and firms' financial consequences
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      Abstract

      In line with the business case argument for corporate social responsibility (CSR), CSR performance and reporting should lead to positive firms' financial outputs. As CSR issues may be linked with greenwashing behavior and self-impression management, effective corporate governance as a monitoring tool should increase CSR reporting and performance. While empirical-quantitative research on CSR extremely increased since the last decade, endogeneity concerns impair the validity of research results. This paper focuses on one of the most important techniques to include endogeneity concerns: the generalized method of moments (GMM) as dynamic panel regression. This paper summarizes the results of archival research on corporate governance determinants and firms' financial consequences of CSR performance and reporting. The increased importance of managing and reporting on CSR issues represents the key motivation to conduct a systematic literature review. By including 131 quantitative peer-reviewed empirical studies in this field, in line with legitimacy and stakeholder theory, there are indications that 1) gender diversity positively influences CSR performance, and 2) CSR performance increases both accounting- and market-based financial performance (ROA and Tobin's Q). A research agenda with detailed research recommendations are provided for future studies.

      Keywords: CSR Performance, CSR Reporting, Corporate Governance, Environmental Performance, Financial Performance, Legitimacy Theory

      Authors' individual contribution: The Author is responsible for all the contributions to the paper according to CRediT (Contributor Roles Taxonomy) standards.

      Declaration of conflicting interests: The Author declares that there is no conflict of interest.

      JEL Classification: M41, M48, Q3, Q56

      Received: 09.06.2021
      Accepted: 18.01.2022
      Published online: 20.01.2022

      How to cite this paper: Velte, P. (2022). Corporate social responsibility performance, reporting and generalized methods of moments (GMM): A structured review of corporate governance determinants and firms' financial consequences. Corporate Ownership & Control, 19(2), 8–27. https://doi.org/10.22495/cocv19i2art1

      2022-01-20T13:25:54Z
       
  • Editorial: Board of directors' practices, firm performance, and
           sustainability
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      This issue of Corporate Ownership and Control journal was published on January 19, 2022.

      By clicking the button "Download this Article" you will gain direct access to the Editorial of the issue.

      How to cite: Kostyuk, A. (2021). Editorial: Board of directors' practices, firm performance, and sustainability [Special issue]. Corporate Ownership and Control, 19(1), 214–216. https://doi.org/10.22495/cocv19i1sieditorial

      2022-01-19T08:54:12Z
       
  • Corporate board and firm performance: A data envelopment analysis (DEA) of
           Italian listed companies
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      Abstract

      This study aims to examine the effectiveness of corporate governance mechanisms by analysing the influence of corporate board structure on firm performance. A sample of 224 non-financial publicly traded Italian firms is selected to test the proposed research hypotheses and evaluate the firm's efficiency by adopting a data envelopment analysis (DEA) approach. The findings show that corporate governance mechanisms are crucial in the performance of Italian publicly listed firms. The results show that the inclines and declines in DEA efficiency rankings are associated with the characteristics of the corporate boards. Additionally, many firms show a sub-optimal level of efficiency, as they do not operate at an optimal scale with respect to the efficiency frontier. This study represents an additional source of useful information for managers and stock investors because the DEA approach is a diagnostic tool for distinguishing between more and less efficient firms with respect to corporate governance mechanisms. This study contributes to the existing body of knowledge by providing a strategic framework to explore the board-performance relationship while applying the novel efficiency model.

      Keywords: Corporate Governance, Firm Performance, Efficiency Frontier, Data Envelopment Analysis

      Authors' individual contribution: Conceptualization — F.D.L. and S.M.; Methodology — A.R.; Validation — S.M.; Formal Analysis — H.M. and A.R.; Investigation — S.M.; Data Curation — H.M.; Writing — Original Draft — H.M. and A.R.; Writing — Review & Editing — F.D.L.; Supervision — F.D.L.

      Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

      JEL Classification: G34, M12, M14

      Received: 05.11.2021
      Accepted: 17.01.2022
      Published online: 18.01.2022

      How to cite this paper: De Luca, F., Migliori, S., Muhammad, H., & Rapposelli, A. (2021). Corporate board and firm performance: A data envelopment analysis (DEA) of Italian listed companies [Special issue]. Corporate Ownership & Control, 19(1), 327–340. https://doi.org/10.22495/cocv19i1siart9

      2022-01-18T14:29:59Z
       
  • Stakeholder value creation: A case of the hospitality industry
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      Abstract

      The aim of this study is to understand whether the current literature deals with the general issue of stakeholder value creation and of specific marketing activities for human resources and if they can generate value for different stakeholders. In order to achieve this goal, the paper uses a bibliometric analysis that determines the conceptual structure of the topic, highlighting its evolution over time. Accordingly, this study uses the precise context of the hospitality industry since human resources are of strategic importance in the world of hospitality. This paper opens up a series of considerations, extremely useful within the context of stakeholder value creation in orienting marketing research in the future. In particular, the main findings reveal that with regard to stakeholder value creation only open-to-society marketing can be useful and successful, in contexts of a win-win situation for the sustainable shared advantage.

      Keywords: Stakeholder Value Creation, Human Resources, Hospitality Industry, Marketing

      Authors' individual contribution: Conceptualization — V.D.C.; Methodology — M.A. and E.D.T.; Formal Analysis — G.D.G.; Resources — E.D.T.; Writing — Original Draft — F.S. and G.D.G.; Writing — Review & Editing — V.D.C., G.D.G., and F.S.

      Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

      JEL Classification: M210

      Received: 12.10.2021
      Accepted: 14.01.2022
      Published online: 17.01.2022

      How to cite this paper: Della Corte, V., Aria, M., Del Gaudio, G., Sepe, F., & Di Taranto, E. (2021). Stakeholder value creation: A case of the hospitality industry [Special issue]. Corporate Ownership & Control, 19(1), 314–326. https://doi.org/10.22495/cocv19i1siart8

      2022-01-17T14:53:30Z
       
  • Establishment and use of a holistic controlling system for listed German
           corporations: A contribution to the current discussion on the “right”
           profit
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      Abstract

      The recent discussions about the “right” profit in business administration have led to uncertainty in research and practice about which performance measures and business management concepts should be used to manage companies. The authors are of the opinion that this is only possible with the help of top financial ratios with regard to the shareholder value concept. Thereby, the methods of the weighted average cost of capital (WACC) approach and the capital asset pricing model (CAPM) should be used to determine the value of the company. In addition, non-financial goals should be included in the management processes with the help of the integrated balanced scorecard. Against this background, the authors develop a holistic controlling concept for listed companies, which can be used for strategic corporate management, taking into account the income tax effects relevant to decision-making.

      Keywords: Shareholder Value Concept, Stakeholder Value Concept, Integrated Reporting, CAPM, WACC

      Authors' individual contribution: Conceptualization — C.-Chr.F.; Methodology — C.-Chr.F.; Investigation — C.-Chr.F. and F.H.; Writing — Original Draft — C.-Chr.F. and F.H.; Writing — Review & Editing — C.-Chr.F. and F.H.; Supervision — C.-Chr.F. and F.H.; Project Administration — C.-Chr.F. and F.H.

      Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

      JEL Classification: H25, M10, M14, M41

      Received: 02.11.2021
      Accepted: 04.01.2022
      Published online: 06.01.2022

      How to cite this paper: Freidank, C.-Chr., & Handschumacher, F. (2021). Establishment and use of a holistic controlling system for listed German corporations: A contribution to the current discussion on the “right” profit [Special issue]. Corporate Ownership & Control, 19(1), 299–313. https://doi.org/10.22495/cocv19i1siart7

      2022-01-06T12:41:38Z
       
  • Females on board and sustainability performance in a developing country:
           Evidence from Egypt
    • "Creative
      This work is licensed under a Creative Commons Attribution 4.0 International License.

      Abstract

      This study aims at filling the existing research gap by scrutinizing the influence of females on management boards on sustainability performance in a developing country using cross-sectional data from the Egyptian Stock Exchange (EGX) of non-financial companies over the period 2012–2019. To the best of our knowledge, the analysis is considered one of the earliest empirical studies that tests the relationship of females on management board and sustainability performance in Egypt. Our results indicate that female representation on board has a positive impact on sustainability performance, which demonstrates that companies that have females on their boards have a better sustainability performance. Moreover, board size and independence enhance sustainability performance. Thus, this study has imperative repercussions on users and companies' boards in Egypt, which recommend that current Egyptian regulatory bodies would take further steps that may significantly impact the environmental, social and corporate governance imminent in Egypt.

      Keywords: Sustainability Performance, Female on Board, Corporate Governance, Corporate Social Responsibility, Management Board

      Authors' individual contribution: Conceptualization — M.A.K.B. and N.N.; Methodology — M.A.K.B. and N.N.; Investigation — N.N.; Formal Analysis — M.A.K.B. and N.N.; Resources — N.N.; Writing — Original Draft — M.A.K.B. and N.N.; Writing — Review & Editing — M.A.K.B. and N.N.

      Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

      JEL Classification: L22, M10, M41

      Received: 22.10.2021
      Accepted: 28.12.2021
      Published online: 05.01.2022

      How to cite this paper: Noureldin, N., & Basuony, M. A. K. (2021). Females on board and sustainability performance in a developing country: Evidence from Egypt [Special issue]. Corporate Ownership & Control, 19(1), 288–298. https://doi.org/10.22495/cocv19i1siart6

      2022-01-05T15:24:42Z
       
 
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