Explaining Financial Scandals: Corporate Governance, Structured Finance and the Enlightened Sovereign Control Paradigm (Introduction)

2013 ◽  
Author(s):  
Vincenzo Bavoso
Keyword(s):  
Corporate Governance ◽  
Structured Finance ◽  
Control Paradigm ◽  
Financial Scandals

scholarly journals Current Practices and Improvement of Saudi Corporate Governance Framework

2017 ◽  
Vol 10 (4) ◽  
pp. 81
Author(s):  
Khalid Saad Al-habshan
Keyword(s):  
Corporate Governance ◽  
Legal System ◽  
Annual Reports ◽  
Legal Basis ◽  
Governance Framework ◽  
Preceding Article ◽  
Financial Scandals ◽  
The Way ◽  
Current Practices

The preceding article described the notions of disclosure and transparency and their purpose and importance in practice. An understanding of the requirements and elements of the practice of disclosure leads to a discussion of its benefits and advantages, as well as the consequences of a lack of transparency during financial scandals. The Saudi approach to disclosure and transparency is also examined based on the evidence given in board annual reports. This paper highlights the way the Saudi legal system evaluates corporate governance and its legal basis.

scholarly journals Guest Editorial Governance and ethics: an indispensable relationship

2008 ◽  
Vol 3 (3) ◽  
Author(s):  
Anona Armstrong
Keyword(s):  
Corporate Governance ◽  
Business Ethics ◽  
Guest Editorial ◽  
Securities Market ◽  
Unethical Conduct ◽  
The World ◽  
Financial Scandals ◽  
Regulations And Guidelines

One of the fascinating questions of our time is why, when so much effort has gone into implementing corporate governance guidelines and raising the awareness of business ethics, stories of unethical conduct and poor governance continue to emerge on the front pages in our newspapers. Around the world financial scandals continue to occur and each time seekers of an antidote to the latest disaster call for more governance. This was evident after the 1987 securities market collapses when the Cadbury Committee and the OECD (Cadbury 1992; OECD 1999) were among many organisations which were to introduce governance regulations and guidelines over the next decade, and it is again prominent today.

scholarly journals Research Topics in Accounting Fraud in the 21st Century: A State of the Art

2019 ◽  
Vol 11 (6) ◽  
pp. 1570
Author(s):  
Monica Ramos Montesdeoca ◽  
Agustín Sánchez Medina ◽  
Felix Blázquez Santana
Keyword(s):  
Corporate Governance ◽  
Financial Reporting ◽  
Social Cost ◽  
State Of The Art ◽  
Psychological Characteristics ◽  
Accounting Fraud ◽  
Research Topics ◽  
Financial Reporting Standards ◽  
The Social ◽  
Financial Scandals

Companies play a role in society that clearly goes beyond mere economic interest. Their contribution to social development and to the sustainability of the territory where they are located seems unquestionable. However, after the great financial scandals of companies such as ENRON, WorldCom or AHOLD, interest groups require accurate and transparent financial information. The development of more demanding financial reporting standards seems, however, not to have been up to scratch, since accounting fraud continues to be detected all over the world. The search, therefore, for possible causes that may induce companies to act unethically was the main motivation behind this research. To do this, a review of the literature in high-impact journals that has dealt with accounting fraud, covering the main lines of research, was carried out. The findings of the literature review highlight the importance of responsible corporate governance and good accounting practices, as well as the importance of certain psychological characteristics of managers and employees as enhancers of the lack of ethics. It is clear that the social cost of accounting fraud should be minimized, and governments should develop specific policies that combine responsible corporate governance in companies with the sustainability of their environment.

scholarly journals Impact of enforcement and corporate governance attributes on performance

2016 ◽  
Vol 13 (4) ◽  
pp. 50-60
Author(s):  
José Villanueva García ◽  
Maria Antonia García-Benau ◽  
Ana Zorio Grima
Keyword(s):  
Corporate Governance ◽  
Positive Relationship ◽  
Negative Relationship ◽  
Structural Equations ◽  
Company Performance ◽  
Consolidated Financial Statements ◽  
Significant Positive Relationship ◽  
Enforcement Action ◽  
Financial Scandals ◽  
The Impact

Since 2005, consolidated financial statements of European listed groups have been prepared according to IFRS. Nevertheless, the recent economic crisis on top of financial scandals has highlighted the role of oversight agencies and the importance of corporate governance. The purpose of this study is to look into the impact of corporate governance and the work of the Spanish Securities Exchange Commission (CNMV) on the performance of Spanish listed groups; as well as observing the links between enforcement actions and corporate governance. In a sample of 116 Spanish listed groups during the period 2005-2011 we have applied structural equations model (SEM) for hypothesis testing. The results obtained suggest there is a significant positive relationship between the corporate governance variables and company performance and a significant negative relationship between enforcement and performance. We also identify a significant positive relationship between enforcement action and corporate governance, which validates the theoretical model proposed.

scholarly journals Human Resource Management At The Crossroads

2011 ◽  
Vol 10 (8) ◽  
pp. 23 ◽  
Author(s):  
Narayan Krishna Prabhu
Keyword(s):  
Corporate Governance ◽  
Management Practices ◽  
Management Practice ◽  
Theory And Practice ◽  
Theory Building ◽  
Management Theory ◽  
Choice Making ◽  
Is Management ◽  
Financial Scandals ◽  
Work Done

Getting work done through other people is management; heterogeneities and complexities are managerial issues. Studies in management in 20th and 21st centuries focused on principles of management and management practices. The management theory jungle continues to be dense and impenetrable. Pessimism rules the roast with organizations perceived as insensitive. There is a divide between theory and practice. Epistemology of management practice and management theory building needs to be understood. HRM processes have to be evaluated along with choice making. Theories have to be self fulfilling by changing conditions under which they work. A number of failure stories have been analyzed, impacting several role holders. Searching for evidence for the various failures have provided live instances of actual situations which have caused trauma to the role holders. Financial scandals along with issues of corporate governance have generated conflict. Reviewing practices one perceives repeat errors perpetuated by managers; they are engaged in handling symptoms rather than curative aspects. Grand exits follow. Managers do not consider it safe and seem to work under such constraints. How long will they wait.

The Audit Committee as Component of Corporate Governance

2021 ◽  
pp. 188-215
Author(s):  
Sana Masmoudi Mardessi ◽  
Yosra Makni Makni Fourati
Keyword(s):  
Corporate Governance ◽  
Financial Reporting ◽  
Audit Committee ◽  
Theoretical Perspective ◽  
Reporting Quality ◽  
Theoretical Background ◽  
Fraudulent Financial Reporting ◽  
Corporate Governance Mechanisms ◽  
Financial Scandals ◽  
Main Component

Recently, numerous financial scandals (WorldCom, Enron, Parmalat, eToys) have shown that plentiful companies produce manipulated financial information. Consequently, regulators have prescribed corporate governance structures to protect investors and to avoid fraudulent financial reporting which are likely to control managers and limit their opportunistic behavior. Thus, there has been much debate over the extent to which corporate governance is playing a crucial role in increasing financial reporting quality from the theoretical perspective of agency theory, signaling theory, and stakeholder theory. This chapter aims at scrutinizing the internal and external mechanisms of corporate governance mainly the audit committee in the Dutch context. Firstly, the authors expose the numerous corporate governance mechanisms. Secondly, they focus on the audit committee as the main component of corporate governance, and they present the theoretical background, the role, and the characteristics of audit committee. Eventually, they exhibit the regulatory background of the Dutch context of the audit committee.

scholarly journals Relationship between internal audit factors and corporate governance

2018 ◽  
Vol 7 (3) ◽  
pp. 13-17
Author(s):  
George Drogalas ◽  
Evgenia Anagnostopoulou ◽  
Andreas Koutoupis ◽  
Michail Pazarskis
Keyword(s):  
Corporate Governance ◽  
Internal Control ◽  
Audit Committee ◽  
Audit Quality ◽  
Stock Exchange ◽  
Internal Audit ◽  
Management Support ◽  
Internal Auditor ◽  
Empirical Survey ◽  
Financial Scandals

In the aftermath of major corporate financial scandals, corporate governance and internal control frameworks have been extensively developed and adopted by corporations worldwide. This study investigates the importance of internal audit in corporate governance and, simultaneously, the degree of importance of the internal auditor regarding corporate governance. An empirical survey was conducted by distributing a questionnaire in Greek firms listed on the Athens Stock Exchange. Regression analysis is used in order to illustrate the gathered information. The findings indicate that internal audit has a great impact on the effectiveness of corporate governance. More particularly, internal audit quality and internal audit senior management support are statistically significantly associated with enhanced corporate governance effectiveness, in contrast to the audit committee independence which is not statistically significant.

scholarly journals PENERAPAN PRINSIP GOOD CORPORATE GOVERNANCE PADA PERUSAHAAN PENJAMINAN (STUDI KASUS PT JAMKRINDO)

2021 ◽  
Vol 1 (1) ◽  
pp. 01-13
Author(s):  
MUHAMMAD MUCHLAS ROWI
Keyword(s):  
Corporate Governance ◽  
Good Governance ◽  
Economic Crises ◽  
The Public ◽  
Good Corporate Governance ◽  
Financial Scandals ◽  
Owned Company

The application of the principles of Good Corporate Governance was suppressed after economic crises in various countries in the 1990s. When observing the major financial scandals that were exposed, the public began to question the performance of the big companies involved in this scandal which went against the principles of Good Corporate Governance regarding accountability, equity, integrity, transparancy and responsibility. PT Jamkrindo is a state-owned company engaged in underwriting with program and nonprogram products. PT Jamkrindo is here to participate in elevating MSME-K actors to become more independent, develop and advance. PT Jamkrindo must implement good governance or Good Corporate Governance. This is important because so far MSMEs are not considered to need good corporate governance. Even though MSMEs contribute greatly to the Indonesian economy

scholarly journals Foreign Expatriates on Board and Financial Performance: A Study of Listed Deposit Money Banks in Nigeria

2019 ◽  
pp. 418-423 ◽  
Author(s):  
Wisdom Okere ◽  
Damilola Felix Eluyela ◽  
Adedoyin Ishola Lawal ◽  
Ibidunni Oyebisi ◽  
Oluwasegun Eseyin ◽  
...  
Keyword(s):  
Corporate Governance ◽  
Financial Performance ◽  
Descriptive Analysis ◽  
Global Knowledge ◽  
Hausman Test ◽  
Foreign Countries ◽  
Financial Scandals ◽  
Foreign Directors ◽  
The Relationship ◽  
Gain Access

Due to the recent financial scandals, there has been a growing need and debate amongst researchers on variables to strengthen the corporate governance of a firm. This study examined the relationship between foreign expatriates on board and financial performance of deposit money banks in Nigeria. Applying panel methodology for the period of 2008 to 2016 as well as other econometric analysis such as descriptive analysis, correlation analysis and Hausman test, the findings revealed a positive but insignificant relationship exist between foreign expatriates on board and financial performance of sampled deposit money banks in Nigeria. The study recommends that banks should ensure that they have an appropriate number of foreign directors on their board who have diverse skills and wealth of experience in order to make their performance on the banks significant. Also, developing countries who don’t have access to foreign directors can train their local directors in foreign countries so as to gain access to the benefits of global knowledge and experience.

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