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Corporate Governance and Its Impact on Accounting and Finance II
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Corporate Governance and Its Impact on Accounting and Finance II

A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Business and Entrepreneurship".

Deadline for manuscript submissions: closed (31 December 2022) | Viewed by 20257

Special Issue Editor

Prof. Dr. Khaled Hussainey

E-Mail Website
Guest Editor
Bangor Business School, Bangor University, Hen Goleg, College Rd, Bangor LL57 2DG, UK
Interests: corporate narrative reporting; international financial reporting standards (IFRS); Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI); extensible business reporting language (XBRL); market-based accounting research; auditing; corporate governance; earnings management; corporate investment efficiency; corporate finance; Islamic accounting and finance
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

In this Special Issue, we are interested in bringing together rigorous manuscripts that advance corporate governance research. We invite manuscripts featuring original research that complements our understanding of the impact of corporate governance mechanisms on accounting and financial reporting practices and corporate financing decisions.

We call for manuscripts that deal with all aspects related to the impact of corporate governance mechanisms and governance reforms on compliance with accounting standards, the quality and quantity of corporate voluntary disclosure, profit warning, earnings management, and the readability of annual reports. We also call for manuscripts that focus on the impact of corporate governance on the stock market, capital structure, dividend policy, cash holdings, and investment efficiency.

We are interested in conceptual, theoretical, methodological, empirical, and systematic review studies.

Prof. Dr. Khaled Hussainey
Guest Editor

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Journal of Risk and Financial Management is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • corporate governance
  • accounting standards
  • voluntary disclosure
  • disclosure readability
  • corporate finance

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Published Papers (5 papers)

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Research

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27 pages, 464 KiB  
Article
Audit Committee Diversity, Analysts’ Forecast Accuracy and Earnings Management: Evidence from Malaysia
by Marziana Madah Marzuki
J. Risk Financial Manag. 2022, 15(4), 169; https://doi.org/10.3390/jrfm15040169 - 7 Apr 2022
Cited by 3 | Viewed by 3057
Abstract
This paper aims to investigate the effect of audit committee ethnicity, as part of the diverse cultures in Malaysia, on analysts’ forecast accuracy. In addition, this study investigates further the interactions between the unique cultures in Malaysia and earnings management to determine whether [...] Read more.
This paper aims to investigate the effect of audit committee ethnicity, as part of the diverse cultures in Malaysia, on analysts’ forecast accuracy. In addition, this study investigates further the interactions between the unique cultures in Malaysia and earnings management to determine whether audit committee ethnicity still plays a role in earnings management. Based on 391 observations of firms followed by analysts from the year 2012 to 2014, our result indicates that firms dominated by Bumiputera audit committees have a higher analyst forecast error. In addition, we found that firms manage earnings to meet analysts’ forecasts, which is significant for firms dominated by Bumiputera audit committees. The results add new evidence on the effect of audit committee ethnicity on financial reporting quality in the multiracial country of Malaysia. Full article
(This article belongs to the Special Issue Corporate Governance and Its Impact on Accounting and Finance II)
16 pages, 1003 KiB  
Article
Theoretical Investigation on the Optimal Contracting for Directors Holding Multiple Directorships
by Guoyu Lin and Anna Bergman Brown
J. Risk Financial Manag. 2022, 15(4), 164; https://doi.org/10.3390/jrfm15040164 - 4 Apr 2022
Cited by 2 | Viewed by 2182
Abstract
This paper is the first (to our knowledge) to analytically model the optimal contracting for a member of the board of directors who holds multiple directorships. Prior literature has found conflicting evidence on the overall effect of multiple directorships on shareholder welfare: busy [...] Read more.
This paper is the first (to our knowledge) to analytically model the optimal contracting for a member of the board of directors who holds multiple directorships. Prior literature has found conflicting evidence on the overall effect of multiple directorships on shareholder welfare: busy board members are usually detrimental to firm operating performance due to the limited time and effort they are able to devote to each board; however, multiple directorships can be beneficial to firms if the board members gain knowledge and expertise through their multiple appointments. The objective of our study is to expand the research on the effects of multiple directorships on shareholder welfare by modeling the relationship between optimal incentives (pay–performance sensitivity) and the number of directorships. Modeling within the Linear–Exponential–Normal framework, and solving using Subgame-Perfect Nash Equilibrium, we find that this relationship is positive when efforts across directorships are either substitutive or complementary, which highlights another potential significant downside to multiple directorships: companies need to offer high incentive-based pay to compete for directors’ efforts, leading to high-risk premia and welfare loss to shareholders. Our results may be of interest to policy makers considering setting limits on the number of board seats that may be held by directors at public companies, as well as shareholders considering appointing directors with multiple appointments. Full article
(This article belongs to the Special Issue Corporate Governance and Its Impact on Accounting and Finance II)
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23 pages, 398 KiB  
Article
Ownership Structure and Firm Performance in the Middle East: A Meta-Analysis
by Yaseen Al-Janadi
J. Risk Financial Manag. 2021, 14(12), 577; https://doi.org/10.3390/jrfm14120577 - 1 Dec 2021
Cited by 15 | Viewed by 4122
Abstract
This paper applies a meta-analysis method to investigate the moderating impact of political stability on the relationship between ownership identities and firm performance in the Middle Eastern countries (i.e., the Arab World). The study collected 105 correlations from 46 previous studies with 11,999 [...] Read more.
This paper applies a meta-analysis method to investigate the moderating impact of political stability on the relationship between ownership identities and firm performance in the Middle Eastern countries (i.e., the Arab World). The study collected 105 correlations from 46 previous studies with 11,999 observations in 11 Middle Eastern countries. The findings show that most ownership identities such as institutional ownership, government ownership, inside ownership, and family ownership have positive relationship with firm performance. Another interesting finding shows that in countries with political instability, the level of ownership identities such as institutional ownership, foreign ownership, and inside ownership play an important role in controlling companies, which leads to firm performance. The meta-analysis results reveal that different levels of political stability have an impact on the role of the majority shareholders. The findings provide evidence that the performance of ownership identities in the Middle Eastern countries remains effective, especially with the existence of fair protection rights and political stability. Full article
(This article belongs to the Special Issue Corporate Governance and Its Impact on Accounting and Finance II)
14 pages, 326 KiB  
Article
Do Overlapped Audit Committee Directors Affect Tax Avoidance?
by Hidaya Al Lawati and Khaled Hussainey
J. Risk Financial Manag. 2021, 14(10), 487; https://doi.org/10.3390/jrfm14100487 - 14 Oct 2021
Cited by 8 | Viewed by 3639
Abstract
This research is motivated by the Omani government’s desire to reduce tax avoidance and bolster tax revenue collected from financial institutions. The purpose of this paper is to examine the impact of overlapped audit committee (AC) chairs and other directors on tax avoidance [...] Read more.
This research is motivated by the Omani government’s desire to reduce tax avoidance and bolster tax revenue collected from financial institutions. The purpose of this paper is to examine the impact of overlapped audit committee (AC) chairs and other directors on tax avoidance practice and whether they play a monitoring or advisory role in tax avoidance practice. As a measure of overlapped AC chairs, we used a dummy variable to indicate whether an AC chair sits on other committees within a company or not. We used the proportion of AC members who serve on the AC and other committees within a company as our proxy for overlapped AC directors. We used a company’s cash effective tax rate as a proxy for tax avoidance. We regressed tax avoidance on overlapped AC membership and other control variables, using a sample of 204 firm-year observations from financial institutions listed on the Muscat Stock Exchange between 2014 and 2019. Our regression results show that a higher proportion of overlapped AC members and the presence of an overlapped AC chair were both associated with lower effective tax rates, which equated to more tax avoidance. This suggests that these directors play an advisory role in the Omani context. We found, however, that these directors play a monitoring role when firms take a loss. From these findings, we draw important implications for regulators who need to rethink the potential consequences of having overlapped AC chairs and AC directors. Our study focuses on Omani financial institutions, which are highly regulated and monitored by the central bank, and our findings may not be directly applicable to non-financial institutions that are less regulated, so caution is needed when interpreting the findings. Further research could employ a repeated measured research design, such as ours, and explore the same research question in non-financial institutions. Full article
(This article belongs to the Special Issue Corporate Governance and Its Impact on Accounting and Finance II)

Review

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31 pages, 3281 KiB  
Review
Sustainability Reporting and Management Control System: A Structured Literature Review
by ABM Fazle Rahi, Jeaneth Johansson, Arne Fagerström and Marita Blomkvist
J. Risk Financial Manag. 2022, 15(12), 562; https://doi.org/10.3390/jrfm15120562 - 29 Nov 2022
Cited by 9 | Viewed by 5761
Abstract
The purpose of this paper is to contribute to the management accounting literature by reviewing how previous studies conceptualised the relationship between sustainability reporting and management control systems, analysing the main themes and discussing potential future developments of the sustainability reporting and management [...] Read more.
The purpose of this paper is to contribute to the management accounting literature by reviewing how previous studies conceptualised the relationship between sustainability reporting and management control systems, analysing the main themes and discussing potential future developments of the sustainability reporting and management control systems (SRMCS) research agenda. This study builds on the structured literature review method by categorising and synthesising 15 years of research into the topic “sustainability reporting and management control”. Approximately 500 relevant articles were identified in the first round of searching Google Scholar and Scopus with the selected keywords, but after filtering and manual assessment, 45 articles were selected for the full review. Coding reliability was maintained with the K-alpha test. Our findings divulge that the researcher looks at the management control and the sustainability reporting agenda with just one eye. They either focus on management control or sustainability reporting. Very little research focuses on relationships. In addition, from the methodological point of view, we found that qualitative case studies and interviews dominate the field, together with commentary papers. We proposed a framework showing a complex and multifaceted relationship (a spider diagram) to conceptualise the synthesis of the literature. This framework is intended as a blueprint for the relationship between sustainability reporting and management control in order to design and redesign a company’s internal strategies on management control systems (MCS). Full article
(This article belongs to the Special Issue Corporate Governance and Its Impact on Accounting and Finance II)
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