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Sara Ford, , Jeffrey Wilson,
Corporate Governance and Sustainability Review, Volume 5, pp 8-19; https://doi.org/10.22495/cgsrv5i4p1

Abstract:
Amidst the global COVID-19 pandemic, the term resilience has gained significant momentum in global news and management studies. Although scholars from different domains have investigated resilience, there is a need to provide clarity on its definitions and assessment (Anderson, 2015). This paper provides a conceptual review on resilience and explores business resilience as a framework to guide sustainability strategy by mitigating social and environmental risks. The study contributes to the literature on resilience and tabulates the key definitions of business resilience covered in a sample of 80 peer-reviewed articles and books (Hillmann & Guenther, 2021; McKnight & Linnenluecke, 2017). We challenge the existing literature on adaptive capacity models that are short in anticipating unprecedented operational disruptions. To build business resilience we argue for the adoption of the Sustainable Development Goals (SDGs). Given their strategic outlook until 2030, the SDGs offer a framework for corporate sustainability that helps decision-makers within organizations identify social and environmental risks and establish business strategies that build resilience and meet the expectations of a firm’s diverse stakeholders
Theo Nyreröd,
Journal of Governance and Regulation, Volume 10, pp 248-260; https://doi.org/10.22495/jgrv10i4siart5

Abstract:
Research on whistleblowing has increased significantly in the last decades, and so has the number of laws governing whistleblowing. Whereas the EU recently enacted a Directive (Directive 2019/1937) protecting whistleblowers, the US has gone one step further long ago, not only protecting them but also offering substantial monetary rewards for their information. More countries are now adopting reward programs, while numerous recent instances of corporate wrongdoing suggest that the central promise of these programs: increasing detection and deterrence of wrongdoing, is highly needed not only in the US. These developments warrant a review on the optimal design of these programs, based on experience and available evidence, to obtain optimal deterrence and avoid policy mistakes. In this paper, we review the evidence for the effectiveness of the US whistleblower reward programs and consider some recent novelties. We also consider objections against these programs and local factors in the US that likely contribute to their success. Finally, we voice some concerns over the EU Directive’s ability to achieve its policy objective of enhancing enforcement of Union law. We find that the evidence for the effectiveness of reward programs is significant, and that common concerns about these programs have not materialized. Whereas much of the prior literature has focused on their viability and effectiveness, further research would do well in focusing on how to effectively design these programs, what has driven their success, and what local national characteristics could hamper their effectiveness outside the US.
Gimede Gigante, Maria Vittoria Venezia
Corporate Ownership and Control, Volume 19, pp 159-168; https://doi.org/10.22495/cocv19i1art12

Abstract:
Over the last few years, shareholder activism has gained relevance, with new players increasingly looking to get involved in corporate influence and control. Born in America in the 1980s, with corporate raiders, the act of giving a voice to shareholders has spread from the United States to Europe. The aim of this research is to map this trend in the Italian territory, understanding the major current regulations, the biggest players involved, the target companies, the most frequently required objectives, and the overall success rate of such requests compared to other European countries’ neighbours. An analysis of the differences in terms of legal framework and minorities protection is provided as part of this paper, to give the reader the theoretical underpinnings for the subsequent analysis. Considerations on Italian activism follow, from the interpretation of data retrieved from Activistmonitor and Factiva that helped creating a database of 534 analyses of open and closed campaigning by activists throughout the European region since 2010. Italy turns out to be the fifth country in Europe per number of campaigns, with a few large international hedge funds and several smaller niche players. Campaigns tend to target mid and large capitalisation companies, mainly asking for changes in representation boards and having a success rate of over 50%. These findings suggest potential political implications for a successful Italian recovery in the post-COVID era. Further research on this topic and how activism impacts the performance of Italian firms would be invaluable
Abena Engmann
Journal of Governance and Regulation, Volume 10, pp 235-247; https://doi.org/10.22495/jgrv10i4siart4

Abstract:
Increasingly, people communicate and build networks using online social interaction. According to Packard and Bylund (2017), the advances in technology have influenced communication and processes in organizations leading to improved marketing communication and the introduction of innovations. There is also evidence of the growing use of social media among entrepreneurs (Nambisan, Wright, & Feldman, 2019; Olanrewaju, Hossain, Whiteside, & Mercieca, 2020). Despite this, little is known on how the adoption of online social interaction affects entrepreneurial opportunity evaluation. Thus, there is a need to access how this medium can be used to promote entrepreneurial activities. This empirical study used a mixed-method approach to find out if resource availability mediates the relationship between online social interaction and opportunity evaluation. It used a survey and in-depth interviews to collect data from young entrepreneurs in Ghana. A sample of 383 and 13 entrepreneurs was selected through simple random sampling technique and snowballing technique for quantitative and qualitative components respectively. SPSS was used to evaluate the quantitative data and analyzed with STATA. Nvivo was used for the qualitative data analysis. The study found that online social interaction via social media was not just a source for needed resources to help entrepreneurs in better evaluation of entrepreneurial opportunities but also used as a resource itself. This study is vital as it provides entrepreneurs with knowledge on where to obtain the resources needed to be able to evaluate potential opportunities.
Shatha Mahfouz, Ayu Suriawaty Bahkia, Noryati Alias
Journal of Governance and Regulation, Volume 10, pp 222-234; https://doi.org/10.22495/jgrv10i4siart3

Abstract:
Employees represent the essential assets of any organization. The best organizations oversee human capital in the most efficient and effective way (Nethmini & Ismail, 2019). Blau (2017) highlighted the relevance between human resources management (HRM) practices and the employees’ success at work through enhanced inspiration and commitment. Hence, employee commitment cannot be overlooked as the degree of employee commitment can decide employee performance (Ahmad, 2014). This paper aims to explore the significance of employee commitment as a mediator in the relationship between HRM practices and employee performance. The target population is employees in the construction industry in Jordan. The respondents were selected utilizing a simple random sampling method. The data was gathered through a self-administered questionnaire and analyzed utilizing structural equation modeling (SEM) in IBM SPSS AMOS 24.0. The researcher obtained an aggregate of 297 usable and completed questionnaires. The study found that: 1) HRM practices have significant effects on employee performance, 2) employee commitment has significant effects on employee performance, 3) HRM practices have significant effects on employee commitment, and more importantly, and 4) employee commitment partially mediates the relationship between HRM practices and employee performance. The implications of the study are also examined
Yun Xu, Jahidur Rahman
Journal of Governance and Regulation, Volume 10, pp 212-221; https://doi.org/10.22495/jgrv10i4siart2

Abstract:
The Ministry of Finance of China has proposed a new lease accounting model to the existing lease accounting standard that requires the capitalization of all operating leases as assets and liabilities. In this case study, the key effects of the application of a new accounting standard — Accounting Standard for Business Enterprises 21 (ASBE 21), on financial statements and financial ratios of listed companies in the Chinese air transport industry have been analyzed and investigated. Significant relative differences were found within the airline industry in China. Results indicated that the total assets and liabilities would increase due to the capitalization of operating leases, whereas the profitability of firms was expected to decrease. Furthermore, the coverage of firms would decline, but the leverage of these firms would be improved. Rather than China, prior studies have analyzed the firms in other countries, where different accounting principles are applied. Hence, this study can provide useful information for the investors, as well as other stakeholders that are interested in Chinese airline corporations, and help to complete the studies about different lease accounting standards applied in different countries.
Souad Chaieb
Corporate Ownership and Control, Volume 19, pp 146-158; https://doi.org/10.22495/cocv19i1art11

Abstract:
This paper aims to highlight the cultural impact of Hofstede (1980) on the degree of compliance with International Financial Reporting Standards (IFRS) in 55 developing countries for the year 2014, based on the method adopted by Elad (2015) in order to identify IFRS Standards. Results show that culture (by means of three components, namely power distance, uncertainty avoidance, and masculinity) does not promote the degree of compliance with IFRS. However, only one significant relationship was found between individualism and the degree of compliance with IFRS Standards. This finding confirms Gray’s (1988) observation that individualism fosters a climate of transparency and professionalism
Fadi Alkaraan
Corporate Governance and Sustainability Review, Volume 5, pp 4-6; https://doi.org/10.22495/cgsrv5i3editorial

Abstract:
Corporate governance and sustainability issues created dialogues among researchers, practitioners, regulators, and policy-makers. This is not surprising due to the impact of such debates on organisational performance, environmental and social issues relevant to Sustainable Developments Goals (SDGs). The six papers published in this issue add to our knowledge various implications and social applications and offer the opportunity to gain a better understanding of corporate governance and sustainability in different contexts and settings
Journal of Governance and Regulation, Volume 10, pp 194-211; https://doi.org/10.22495/jgrv10i4siart1

Abstract:
The 2007 to 2009 global financial crisis significantly affected the funding structures of banks, especially internationally active ones (Gambacorta, Schiaffi, & Van Rixtel, 2017). This paper examines the impact of liquidity regulations, in particular, the liquidity coverage ratio (LCR), on funding structures of commercial banks operating in emerging markets over the period 2011 to 2016. Similar to Behn, Daminato, and Salleo (2019) who developed a dynamic partial equilibrium model to examine capital and liquidity adjustments, this paper develops three dynamic error component adjustment models and estimates them using the two-step system generalized method of moments (GMM) estimator to analyze funding adjustments adopted by banks in emerging markets in response to the LCR requirement. The results revealed that banks in emerging markets responded to binding liquidity regulations by increasing deposit, equity as well as long-term funding. In terms of the magnitude of response, deposit funding was found to be more responsive to the LCR rule while the elasticity of equity and long-term funding to the LCR specification was found to be weak. The weak response of equity and long-term funding to liquidity standards was attributed to low levels of capital market development in emerging markets (Bonner, van Lelyveld, & Zymek, 2015). By and large, the results suggest that Basel III liquidity regulations have been effective in persuading banks in emerging market economies to fund their business activities with stable funding instruments. Based on this evidence, the study supports the adoption of Basel III liquidity regulations in emerging markets. Moreover, policymakers in emerging market economies should monitor competition for retail deposits to safeguard the benefits of the LCR rule and pay more attention to developing capital markets.
Neeraj Gupta, , Prasoon Mani Tripathi, Tarun Agarwal,
Corporate Ownership and Control, Volume 19, pp 121-145; https://doi.org/10.22495/cocv19i1art10

Abstract:
The purpose of this study is to examine the impact of board characteristics on the performance of Indian commercial banks. The study differs from the earlier studies as it analyses the impact of Government official nominee directors and Reserve Bank of India (RBI) nominee directors on the bank performance. A panel data approach has been used in this study. Particularly, the fixed effect estimation technique is used to examine the relationship between board characteristics, and bank performance during the period 2009–2010 to 2016–2017. The authors find that board size, female directors, and the average number of directorships held by outside directors are inversely related to performance. The central government official directors and RBI nominee directors negatively and significantly affect the performance of public sector banks. The results are robust across the various proxies of bank performance, and sub-samples classified on the basis of ownership, size of the bank, and bank capitalization. This study provides insights to policy regulators and policymakers who are entrusted with the appointment of the board of directors in the banks in light of the ongoing regulatory reforms
Journal of Governance and Regulation, Volume 10, pp 4-6; https://doi.org/10.22495/jgrv10i4editorial

Abstract:
On behalf of the Editorial team, I feel proud to introduce Issue 4 of Volume 10 (2021) of the Journal of Governance and Regulation. The current issue includes scholarly articles falling in the purview of a wide range of research themes, for example, managerial competencies, consumer relationship intention, accounting standards, principal-agent dynamics, public health emergency, innovation, and fiscal policy, among others.
Raffaela Casciello, Marco Maffei, Fiorenza Meucci
Corporate Ownership and Control, Volume 19, pp 94-104; https://doi.org/10.22495/cocv19i1art8

Abstract:
This study investigates whether and how institutional shareholders affect the relation between unconditional conservatism and earnings management. We analyze the relation between unconditional conservatism and accrual-based earnings management and the relation between unconditional conservatism and real earnings management, focusing on the role of the institutional shareholders variable in these two relations. First, we find evidence of positive (negative) relations between unconditional conservatism and accrual-based (real) earnings management. Second, we demonstrate that the presence of institutional shareholders has a mitigating (amplifying) impact on the relation between unconditional conservatism and accrual-based (real) earnings management. This study contributes to enrich the previous literature in two ways. First, it extends the strand of research on the relation between accounting conservatism and earnings management (Garcìa Lara, García Osma, & Penalva, 2020; Chen, Hemmer, & Zhang, 2007; Gao, 2013), focusing on unconditional conservatism since it is less prevalent than conditional conservatism in previous literature (Ruch & Taylor, 2015). Second, it extends the strand of research on the impact of institutional ownership on accounting practices (Farooq & El Jai, 2012; Sakaki, Jackson, & Jory, 2017), highlighting the role of the institutional shareholders in the relation between unconditional conservatism and earnings management
Raffaela Casciello
Corporate Governance and Organizational Behavior Review, Volume 5, pp 56-65; https://doi.org/10.22495/cgobrv5i2p5

Abstract:
The aim of this paper is to map the exposure to the risk of financial distress and insolvency of Italian companies during 2019 by monitoring the five early warning indicators defined by the National Council of Chartered Accountants and Accounting Experts (CNDCEC) and approved by the Italian Ministry of Economic Development, in accordance with the provisions of the “Crisis and Insolvency Code” (IC-Code). The methodology used to conduct these investigations consists of comparing the average value of each early warning indicator for companies belonging to a specific commodity-related sector to the threshold value established for each sector, in order to capture signs of potential financial distress. The results of the analysis show that Italian limited liability companies (LLC) and joint-stock companies (JSC) (listed and unlisted) in 2019 did not show particularly worrying signs of financial distress and insolvency. The results of the survey are relevant to national regulators, managers, investors, lenders and, more generally, market participants as they shed light on the type of commodity-related sectors in which economic and financial difficulties are more likely to occur. Moreover, the continuous monitoring process of the early warning indicators’ average values can provide valuable support to the CNDCEC to verify whether and how to modify/refine their thresholds, thus improving their ability to report foreseeable states of financial distress
Mohammad A. Ta’Amnha, Omar M. Bwaliez, Ihab K. Magableh, Ghazi A. Samawi,
Corporate Board role duties and composition, Volume 17, pp 8-20; https://doi.org/10.22495/cbv17i3art1

Abstract:
The coronavirus disease 2019 (COVID-19) pandemic developed a new form of perceived organizational support called COVID 19-related organizational support (COVID-OS). This study investigates the role of COVID-OS in creating and maintaining an attractive employer brand. Although the COVID-19 pandemic has affected all types of organizations, both profit and nonprofit, the literature still lacks thorough research about the COVID-OS and employer brand in the context of nonprofit organizations (particularly the humanitarian ones). Based on in depth qualitative data drawn from 38 semi-structured interviews with humanitarian employees in Jordan during the COVID-19 pandemic, this study revealed that the board of humanitarian organizations can create and maintain their employer brand through providing different forms of organizational support to their employees. These forms of support are health and mental support, support from the working social environment, support of the work-life balance, providing online training and development programs, fair recognition and compensation programs, and leadership support. This study provides significant theoretical implications to the literature regarding the link between organizational support and employer brand. It also offers valuable practical implications for policymakers of humanitarian organizations.
Pedro B. Água
Corporate Board role duties and composition, Volume 17, pp 4-6; https://doi.org/10.22495/cbv17i2editorial

Abstract:
Corporate strategy is considered a central driver of a firm’s long-term orientation, a key influencer in corporate performance, and nowadays being impacted by an increasing business endeavour where complexity is the new normal. Corporate governance suggests that boards of directors have the duty to govern the firms they are responsible for, and doing so in a sustainable way. Hence, boards are supposed to make relevant decisions on corporate strategy. How is, however, strategy translated into the board agenda? Corporate governance faces a new set of challenges as a great deal of countries are progressively getting out of the pandemic constraints that have slowed economic performance for most businesses. The way strategies will be developed will dictate their fit for purpose. Such strategies will have to cope with increasing sustainability goals; provide a competitive edge against competitors’ technological edges and innovation in general. Such strategies will have to deal with innovative usages of IT and potential business disruptions that may be triggered by digital transformation. All such paradigm changes will demand more effort from boards, and force them to dive into unusual fields, such as learning about complexity and systems thinking. As important as strategy formulation is ethical leadership for strategy deployment and sustainability. Overall, such topics are placed high on boards agendas and are addressed in the current issue of Corporate Board: Role, Duties and Composition.
Akshay Damani, Nandip Vaidya
Corporate Ownership and Control, Volume 19, pp 69-83; https://doi.org/10.22495/cocv19i1art6

Abstract:
Mutual fund performance evaluation has seen an ever-growing interest for research amongst industry and academicians alike. In this paper an attempt has been made to compare and correlate global actively managed equity mutual funds’ performance across time intervals, to evaluate and establish how predicting future performance can be made meaningful for investors using analysis of historical data based on monthly net asset values (NAVs) (March 2009–March 2021). Of the top 500 global equity mutual funds based on market-cap (on March 31, 2021), the paper evaluated 180 actively managed funds adding up to approximately USD 5 trillion of the fund assets as of March 31, 2021. The research gap which the paper aims to fill is to bring under one umbrella, prediction analysis using performance measures, downside risk measures, style factor analysis, and market timing models. For sampled equity funds various performance ratios and style attributes were computed and compared across periods for their relative performance. Relative performance was found to be stable (at 1% significance level) across periods and hence predictable. A portfolio of funds constructed optimally using historical performance was seen to be in the top quartile ex-post performance in the subsequent period. However, it was found that the market timing abilities of fund managers were unstable across periods and could not be used for predicting performance. Based on the study findings, it would be appropriate for investors to use the relative past performance of the funds and their style attribute analysis for the future allocation of investible surplus across these funds
PoojaA Gokarna,
Corporate Governance and Sustainability Review, Volume 5, pp 73-80; https://doi.org/10.22495/cgsrv5i3p6

Abstract:
COVID-19 pandemic has long-lasting consequences on the health, economic and social life of a country (He & Harris, 2020). In a developing country like India, the socio-economic disruption has led to collaborative action between the central government and state government machinery together with the development sector to curb the impact caused by the virus. Academia substantiates the symbiotic relationship existing between the business and the society (McGuire, 1963; Carroll & Shabana, 2010). The corporates are contributing towards alleviating the pandemic situation through their corporate social responsibility (CSR) activities (Mahmud, Ding, & Hasan, 2021). This article provides insights into the CSR strategies adopted by corporates in India during the COVID-19 pandemic through exploratory research. The study is based on semi-structured interviews of 27 CSR managers involved in strategizing and implementation of CSR activities in their respective organizations. The results outline the commitment shown by corporates towards alleviating the consequence of the virus by multiple CSR strategies. Thus, this research furthers the understanding of CSR and forms a base for future research on COVID-19 and CSR
Financial literacy in Italy: Empirical evidence and theoretical proposals; https://doi.org/10.22495/flieetp

Abstract:
The purpose of this book is to analyse financial literacy from theoretical and empirical points of view, with a particular focus on the evidence related to Italy. This work is motivated by the increasing complexity of financial instruments as well as by the evolution of individuals’ needs that result in the need to implement measures to increase individuals’ financial literacy. Since financial literacy level seems to determine an individual’s position in the financial system relative to other economic agents, financial illiteracy or the lack of financial knowledge and skills can lead to lifelong financial hardships (Lusardi & Mitchell, 2011). In this regard, a sufficient degree of financial literacy is a necessary condition for financial welfare (Lusardi & Mitchell, 2011).
Venet Shala, Shaip Bytyçi, Patrik Dodaj
Journal of Governance and Regulation, Volume 10, pp 175-182; https://doi.org/10.22495/jgrv10i4art16

Abstract:
Major technological changes, the development of management, and its functions have influenced companies to launch more and more innovative products and services every day, even if these are inventions or improvements in their specific products or services. Innovation is a difficult process, but very valuable and effective for achieving the intended results. Knowing that Kosovo has had a difficult history in the recent past, from this paper we can see that there has been a pretty good technological development and an increase in knowledge by managing quite well the knowledge that has served in the establishment level of service and production, attracting foreign investors, and thus influencing a better economic development thanks to innovations from the above factors. This study examines all types of innovation whether they are product or process and service including their forms which are incremental or marginal innovations and any other form related to innovation and in any form that has influenced or is expected to positively affect the performance of the organization. These conclusions could also be used for the purposes of any business plan analysis for opening a new business or expanding an existing business, comparing search results with current ones and new business expectations. Very little research has been done on the impact of innovation on the growth of firms in Kosovo, but this paper shows concretely this impact by understanding them closely through interviews conducted with firms
Alberto Tron, Federico Colantoni
Published: 30 September 2021
Corporate Ownership and Control, Volume 19, pp 55-68; https://doi.org/10.22495/cocv19i1art5

Abstract:
It is an empirical question whether the use of derivatives hedging among firms actually contributes to enhancing firm performances. Despite the increasing use of derivatives by non-financial firms, existing literature still debates about their effect, especially in countries with peculiar corporate governance mechanisms. By using a sample of non-financial Italian firms listed from 2007 to 2018, this paper investigates if the use of several types (currency, interest rate, and commodity) of financial derivatives can affect the value of a company. For measuring the impact of the derivatives and in order to address any possible endogeneity problem, besides using the conventional methodologies applied by previous literature (fixed-effect regression models and system GMM estimators), we run a random forest model, a machine learning technique not yet applied before in this field, and calculate the relative importance of each independent and control variable. Differently from other European countries, findings show that the use of derivatives does not affect the firm value in the Italian market. Therefore, our results confirm the role of corporate governance mechanisms on the relationship between firm value and the use of derivatives and that their impact is country-specific.
Fabio Franzoi, Mark Mietzner
Risk Governance and Control: Financial Markets and Institutions, Volume 11, pp 41-54; https://doi.org/10.22495/rgcv11i3p3

Abstract:
This study applies financial crises as an exogenous shock to family and non-family firms to identify differences in stock market performance. We investigate 278 firms listed on the German Stock Exchange in the world financial crisis starting in 2007 as well as the Euro crisis starting in 2010. Based on the methodology of Gompers, Ishii, and Metrick (2003), we form portfolios with and without family blockholders and apply equally- as well as value-weighted four-factor models to identify differences in stock market performance. Results show that family firms do not necessarily perform better than non-family firms in years of economic downturn. But our models suggest that they outperform non-family firms three years after the beginning of the world financial crisis and in and after the Euro crisis. This implies that family firms recover faster than their non-family counterparts. We follow that the financial preconditions of family firms, differing financial strategies during recessions and the controlling incentives and capacities that are rooted in the long-term orientation and risk aversion of family blockholders, as well as the country-specific corporate governance framework of Germany, explain these differences. The paper contributes to the ongoing academic exploration on family firm performance as well as crisis resilience of family firms and suggests practical implications for policymakers in countries with high levels of family ownership among firms
Madher Ebrahim Hamdallah, Anan Fathi Srouji, Bushra Khalid Mahadin
Journal of Governance and Regulation, Volume 10, pp 164-174; https://doi.org/10.22495/jgrv10i4art15

Abstract:
This study aims to explore the effect of intrinsic and extrinsic motivation on business school students’ aspirations to become entrepreneurial managers in the future and whether the gender of their university instructor affects such a relationship. Gender equivalence proved to devour an instructive advantage over students (Aragonés-González, Rosser-Limiñana, & Gil-González, 2020), in addition to the idea that gender competence is a key element in the educational field (Palmén et al., 2020). The hypothesized paradigm is tested through multiple regression and univariate tests based on the responses of 321 Jordanian university students who finished entrepreneurship courses to pursue nexuses between the endogenous and exogenous variables. Results indicated that both intrinsic and extrinsic motivations affect students’ aspirations to become entrepreneurial managers in the future in favor of their role models. Additionally, both intrinsic and extrinsic motivations are affected by female instructors. However, male instructors only inspired the intrinsic motivation of the students. As female academic instructors face challenges attributed to gender bias, especially in the Arab and Middle Eastern countries, the results of the study hope to help change the discerning negative perceptions of female instructors in Jordanian and Arab universities. Such problems in gender inspiration affect the prospect of the outcomes required and may have an indirect effect on the educational field in general. The study recommends focusing more on the effect of motivation and innovation efficiency based on gender type in addition to converging entrepreneurship educational research due to the COVID-19 pandemic (Ratten & Jones, 2021).
Jagvinder Singh, Shubham Singhania,
Corporate Governance and Sustainability Review, Volume 5, pp 57-72; https://doi.org/10.22495/cgsrv5i3p5

Abstract:
With growing regulatory changes with respect to the composition of the board of directors, the regulation for the appointment of women directors on the corporate boards has seen an upsurge in recent times. It is quite evident to believe that with so many countries mandating the appointment of women, the reasons are not just social but also economic in nature. The extant literature provides enough evidence based on various social and psychological theories that support the diversity element for better decision-making. This study is an attempt to analyze the scientific articles to understand the growth of this concept under various dimensions. The search, undertaken over the Scopus database, led to the retrieval of a total of 547 articles published during the period 1989–2021 which, after final filtration, brought the total number of results to 352 articles. VOSviewer software was employed for the purpose of analyzing these articles which helped in the formulation of bibliometric citation, co-citation, and co-word maps. The findings suggest the prominent countries, significant authors, major studies, and top journals in this domain. In addition, the study also identifies the various dimensions such as financial performance, social performance, environmental performance, sustainability disclosures being impacted due to the presence of gender diversity. The study is significant and unique based on the pretext that it uses the Scopus database for the purpose of bibliometric mapping whereas past studies have used the Web of Science database, thus the study’s outcome made a strong corroboration in identifying emerging paradigms in the gender diversity literature.
Jean Claude Mutiganda
Published: 23 September 2021
Corporate Ownership and Control, Volume 19, pp 29-41; https://doi.org/10.22495/cocv19i1art3

Abstract:
This paper investigates the ways in which dissensus has influenced governmentality during a longitudinal process of competitive tendering of public services. Data are from a field study conducted in the field of public care for the elderly from 2007 to 2015 in Finland. Public elderly care in Finland is under the responsibility of each municipality. Municipalities have local autonomy; including municipal taxation right. In addition to municipal tax revenues, the central government finances each municipality on a per capita basis annually. Every municipality is run by democratically elected local politicians. The elected politicians have the power to appoint leading public managers in charge of each public service sector. Findings showed that political dissensus arose from a lack of appropriate policies of governing for performance during a new and international competitive tendering process. Managerial dissensus arose from a low-level professional experience and a lack of appropriate technologies to deal with highly advanced profit-making companies competing for entry and expansion into a prestigious public elderly care market. In consequence, costs of outsourced services continued to increase. As time passed, however, political and managerial dissensus improved the process of governing for performance; key decision-makers took reactive measures to limit procurement risks in future competitive tendering processes. The potential contribution is to show the relevance of dissensus when it motivates public managers and political decision-makers to improve specific programs, techniques, and strategies used to manage public services
Noor Arifin,
Journal of Governance and Regulation, Volume 10, pp 156-163; https://doi.org/10.22495/jgrv10i4art14

Abstract:
Islamic philanthropy or zakat has a mission to poverty alleviation and improve welfare for zakat recipients (Fitri, 2017), especially for the poor and affected by natural disasters. This study aims to determine the distribution model and use of productive zakat and to determine the effectiveness of productive zakat in improving welfare after natural disasters in Indonesia. This study uses qualitative methods with the theoretical development of field research. Data collection was carried out through interviews and in-depth observations from national zakat management organizations in Indonesia, including The National Board of Zakat of Republic Indonesia (BAZNAS), The Department of Amil Zakat, Infaq and Alms of Nahdlatul Ulama (NU-Care LAZISNU) The Department of Amil Zakat, Infaq and Alms Muhammadiyah (LAZISMU), as well as communities receiving productive zakat programs. The results of this study indicate that the model of productive zakat distribution by zakat institutions in Indonesia uses two approaches, namely through direct business capital assistance and through proposals addressed to victims of natural disasters. They use zakat for starting businesses or developing businesses that are already owned by the recipient of productive zakat funds. In sum, productive zakat helps the economy of people who receive productive zakat recipients but it is still not effective for their welfare. Therefore, to increase the maximum role of zakat institutions in distributing productive zakat, synergies are needed between zakat institutions, partners (universities, volunteers, business consultants, etc.), and Islamic insurance.
Raef Gouiaa, Pierre-Richard Gaspard
Risk Governance and Control: Financial Markets and Institutions, Volume 11, pp 16-40; https://doi.org/10.22495/rgcv11i3p2

Abstract:
The Canadian financial market is considered to be very conservative and has been using the same practices for a long time. The economies of some countries such as England have adopted a strategy of including Islamic finance in their market and this has produced very satisfactory results. Considering that Islamic finance has been growing in recent years, this type of practice could be relevant to the Canadian market. The objective of this article is to analyze whether the performance of Islamic financial institutions is comparable to traditional banks. A comparison of the efficiency of conventional and Islamic banks will be important to determine because they do not operate in the same way and their primary source of income is different. The results revealed that Islamic banks tended to perform better than conventional banks. Performance ratios were in most cases higher for Islamic banks. This observation was confirmed with the use of the data envelopment analysis (DEA) model, which measures efficiency and effectiveness at the bank level. The results show that although some Islamic banks had significantly fewer assets than conventional banks, they were still able to use resources more efficiently. This confirmed that Islamic finance is an option for Canada and that with government support it will be possible to have a stronger economy overall.
Muhammad Mahboob Ali
Corporate Governance and Organizational Behavior Review, Volume 5, pp 44-55; https://doi.org/10.22495/cgobrv5i2p4

Abstract:
The health sector in Bangladesh is yet to develop and provide universal healthcare services. The aim of this study is to investigate whether the applicability of digitization especially medical robots and blockchain technology can help to improve healthcare enterprises in Bangladesh during the ongoing COVID-19 pandemic. The findings indicate that Bangladesh healthcare enterprises are in a vulnerable situation because of unethical work practices of health workers, the need for medical robots, artificial intelligence, and blockchain technology to improve healthcare management. The study suggests that large investment, pro-patient care, corruption-free and ethical services in the healthcare management and service delivery is required, through joint collaboration with the public and the private sectors and also collaborative effort from the foreign sectors to implement the fourth industrial revolution in healthcare enterprises of the country
Mounira Hamed-Sidhom,
Published: 21 September 2021
Corporate Ownership and Control, Volume 19, pp 17-28; https://doi.org/10.22495/cocv19i1art2

Abstract:
The paper aims to examine the relationship between International Public Sector Accounting Standards (IPSAS) adoption and the perceived level of corruption in developing countries. It also attempts to inspect the mediating effect of political stability on this relationship. We follow the methodology used by the International Federation of Accountants (IFAC) to assess country adoption status and we apply a panel regression analysis to 57 developing countries over the 2016–2019 period. Our findings suggest that country’s decision to adopt IPSAS cannot shortly lead to a reduction of its corruption perceived level. In addition, we make evidence that the level of corruption does not matter on the relationship between the IPSAS adoption and the corruption perceived level. We find also that political stability, while decreases corruption, doesn’t contribute to enhance the effect of IPSAS adoption on the perceived corruption level. This paper provides insights into the role of IPSAS adoption to countries’ corruption levels. It will be of interest to accounting standard-setters, regulators, and policymakers in countries that are transitioning to or considering International Public Sector Accounting Standards. It will also be of interest to regulators and policymakers, multilateral institutions in their effort to fight corruption
Published: 20 September 2021
Corporate Ownership and Control, Volume 19, pp 8-16; https://doi.org/10.22495/cocv19i1art1

Abstract:
Corporate governance of companies is a hot topic for both researchers and practitioners since the last decades. The investigations on this theme revealed the presence of many different approaches and practices in the decision-making process and managing companies among different countries. This paper is focused on Italy, where distinctive features of corporate governance can be identified (i.e., with regard to the ownership structure of companies) due to the peculiar legal and industrial framework in which Italian companies operate. The contribution of the paper is to further shed light on the historical background of the Italian industrial sector that made the Italian industrial system slightly different from the other countries and to give a comprehensive, but synthetic, view of the corporate governance of Italian listed companies. Current and further researches needed are also commented on and suggested
Mahmoud A. Odat, Khaldoon Ahmad Al Daoud, Ziad Mohammad Zurigat
Journal of Governance and Regulation, Volume 10, pp 144-155; https://doi.org/10.22495/jgrv10i4art13

Abstract:
This study examines the impact of corporate governance mechanisms on a firm’s cost of equity. The corporate governance mechanisms examined consist of board size, board independence, CEO duality, multiple directorships held by board members, and board political influence. To accomplish the study objective, 210 firm-year observations for manufacturing companies listed on Amman Stock Exchange (ASE) in the period 2014–2018 are analyzed using panel data analysis techniques. The results of the fixed effects regression model reveal that CEO duality and board political influence negatively affect the cost of equity, while there is no significant effect of board size, board independence, and multiple directorships on the cost of equity. The results suggest that firms’ board of directors is an important factor in mitigating the agency problem suggested by Jensen and Meckling (1976). They also suggest that information risk is priced, which is consistent with previous research such as Easley, Hvidkjaer, and O’Hara (2002), and that the board of directors plays a role in reducing that risk in capital markets.
Hugh Grove, Maclyn Clouse
Corporate Board role duties and composition, Volume 17, pp 54-69; https://doi.org/10.22495/cbv17i2art5

Abstract:
The major research purpose of this paper is to identify the challenges for boards of directors concerning their responsibilities to assess and track their companies’ commitments to zero net emissions goals and performances. A major challenge for boards is to determine whether their companies are sincerely trying to reach zero net emissions or just doing greenwashing, i.e., just making commitments or pledges without any substantial subsequent performance. This literature-search research broadens previous research on companies’ commitments to renewable energy (Grove & Clouse, 2021) to zero net emissions goal commitments and related boards’ monitoring responsibilities, especially to avoid greenwashing. This study also extends previous research on climate change risks and opportunities (Grove, Clouse, & Xu, 2021) to develop and establish board challenges for zero net emissions goals with the following sections: overview of climate risk, current climate lawsuits and board risks, EU climate law, carbon inserts, carbon offsets, carbon credits for agriculture, climate disclosure metrics, global bank greenwashing, and conclusions. The International Organization of Securities Commissions Organization (IOSCO) includes 90% of the public market security regulators in the world and has established a working group that should establish climate disclosure metrics for public companies. Climate disclosure metrics are relevant and needed to help stakeholders, including boards, assess company climate performances, opportunities, and risks.
Amneh Hamad, , Majd Iskandrani, Ali Alhadidi
Journal of Governance and Regulation, Volume 10, pp 137-143; https://doi.org/10.22495/jgrv10i4art12

Abstract:
This research aims to gauge the effect of cash holdings on Jordanian companies’ value and to detect whether there is a non-linear association between them. By conducting a multivariate regression on 86 non-financial companies listed on Amman Stock Exchange (ASE) during the period from 2006 to 2017. The results of the research reveal that there is a significantly positive association between cash holdings and firm value. The study also shows the positive impacts of financial leverage and revenues growth on firm value, while the results show that a size of a company has a negative effect on a value of a company. Moreover, the study notices that there is no optimal level to reserve some cash in order to increase firm value in Jordan. The methodology of the study depends on the work of Martínez-Sola, García-Teruel, and Martínez-Solano (2013) and Nguyen, Nguyen, and Le (2016). This research documents a substantial contribution to the existing research works that investigate the association between cash holdings and firm value in an emerging market like Jordan. Moreover, the findings are recognized to be an interest to policymakers, scholars, and potential investors.
Deepika Saxena, Neelam Dhall, Rashika Malik
Corporate Governance and Sustainability Review, Volume 5, pp 42-56; https://doi.org/10.22495/cgsrv5i3p4

Abstract:
Sustainability is not a mere buzzword in the banking industry now but rather a key concept that will shape the direction of the industry in the years to come (World Finance, 2019). Thus, the study aims to ascertain various sustainable banking practices at a domestic and global levels. It also intends to identify the existing framework developed for assessing the performance of sustainable banking practices. The study makes use of exploratory and descriptive research design and is based on primary (in-depth interviews) and secondary sources of data collection. The dimensions of sustainable banking have been identified as environmental, social and governance (ESG). The research further highlights that sustainability issues focused by banks primarily involve “environmental” and “social” considerations, however, the “governance” aspect has not yet been considered by many. Moreover, the study reveals that there are no guidelines specified by the Reserve Bank of India (RBI) for sustainable banking practices in India to date. The insights gained from the study would enrich the existing literature on sustainable banking. The findings would also help in developing a new framework for assessing the performance of sustainable banking practices.
Bedri Hamza, Petraq Milo
Journal of Governance and Regulation, Volume 10, pp 130-136; https://doi.org/10.22495/jgrv10i4art11

Abstract:
The main purpose of this study is to analyze the effects of fiscal policy on economic growth in the Republic of Kosovo for the time period from January 2006 to September 2018 in terms of their long-term and short-term relationships. The methods used are measured using the second data (monthly series) provided by the Department of Finance as the appropriate national institution. Kosovo as one of the Balkan countries is facing the same problems as other labor countries. This study will contribute greatly to analyzing the impact of fiscal policy and will help policymakers come up with good decision-making. The econometric vector autoregression (VAR) model used in this study uses total public expenditure, total public income, fixed income structure, and consumer price index as independent variables and gross domestic product (GDP) as a dependent variable. In addition, in order of consistency time-series data were evaluated by the augmented Dickey-Fuller unit root test. The study concludes that total public expenditure significantly affects GDP; on the other hand, the total public income has a positive but visible impact on GDP, which means that the impact of government investment is more pronounced on financial development compared to public revenue; and increased demand for co-operation has decreased in monetary terms (World Bank, 2021). It is possible that government spending and structure may be related to key development quality ideas, such as the segregation of wages and environmental support (Halkos & Paizanos, 2015).
Hassan M. Hafez
Journal of Governance and Regulation, Volume 10, pp 113-129; https://doi.org/10.22495/jgrv10i4art10

Abstract:
Egyptian investors have lost a large portion of their investment due to the coronavirus pandemic. This research is novel research that aims to identify the behavioral factors of Egyptian investors that affect their investment decisions, before and after the pandemic. A number of survey questionnaires were distributed to Egyptian investors, in addition to personal interviews. Descriptive statistics and a regression model were used to analyzing the impact of psychological factors on the investment decisions for Egyptian investors. Results revealed that demographic and psychological factors influence investment decisions: overconfidence, loss, and regret aversion, disposition effect, representativeness and herding behavior, but it is not affected by gambler’s fallacy. It is affected also by some other demographic variables. However, income level has no effect. After the pandemic, not all demographic and psychological factors affect Egyptian investor’s behaviour. The behaviour finance theory is valid only and applied before the pandemic. This research opens the door for a new dimension to studying how to work on the governance of investors’ decisions, rationalizing those decisions and their effectiveness, which ultimately contributes to achieving high returns on their investment portfolios.
Journal of Governance and Regulation, Volume 10, pp 104-112; https://doi.org/10.22495/jgrv10i4art9

Abstract:
As governments in different parts of the world seek solutions to the public health emergency created by the COVID-19 pandemic and the impacts on corporate enterprises, different steering committees are constituted to implement measures aimed at containing the spread of the disease. Information that has the potential to impact materially on companies’ securities when made public is shared among committee members in the course of their deliberations. That realization informs the purpose of this paper which is to explore through doctrinal research method the law on insider trading in South Africa in such a manner as would reaffirm the position of the law on insider, inside information, and the prohibited conducts. The findings indicate a propensity by those entrusted with business information to leverage such information for personal benefits which creates a problem of uncertainties on the integrity of the securities market. The paper concludes by advocating the application of the law in such a manner as would ensure that the conduct of persons entrusted with inside information is guided by the legal threshold on insider trading.
Duc Tai Do, Thi Thuy Hang Pham, Binh Minh Tran, Manh Dung Tran
Corporate Governance and Organizational Behavior Review, Volume 5, pp 32-43; https://doi.org/10.22495/cgobrv5i2p3

Abstract:
Corporate governance structures are expected to help a firm have better financial performance through giving proper decision-making (Shivani, Jain, & Yadav, 2017). In recent years, along with the completing process of the business environment, the corporate governance framework in Vietnam has also been gradually built and implemented. However, corporate governance in Vietnam still has some limitations. This study is conducted to investigate the impact level of corporate governance on the financial performance of warehouse transportation firms listed on the Hanoi Stock Exchange (HNX) of Vietnam. We employ both qualitative and quantitative methods for processing data collected from twenty-two listed firms. The results reveal that determinant of corporate governance including the nationality of the board (NB), board composition (BC) has a negative relationship with financial performance; the remaining determinants, such as board size (BS), professional qualifications of the board (BE), the proportion of women (PW), the average age of the board (AA), general director concurrently of the board chairman (PO), do not influence financial performance. However, this impact level changes when we put some controlled variables in the model. In addition, the controlled variable of enterprise continuous uptime (COT) also has a negative impact on financial performance. Based on the findings, some recommendations are proposed relating to corporate governance for enhancing the financial performance of listed warehouse transportation firms in Vietnam
Ali A. Alnodel, Toseef Azid
Journal of Governance and Regulation, Volume 10, pp 93-103; https://doi.org/10.22495/jgrv10i4art8

Abstract:
This paper aims to investigate the board of directors’ (BD) effectiveness in enhancing compliance with regulations in the Saudi context. In particular, it explores whether there is an impact of the board of directors (size, independence, frequency of meeting and CEO serving on board) on the value of fines imposed by the Saudi Capital Market Authority (CMA) during the period from 2010 to 2017. In total 728 year observations were collected and analyzed. Multiple linear regression is performed to examine the association between the value of fines imposed by CMA and companies’ board of directors attributes. The results show that the CEO is serving on board, and ownership concentration significantly impacts the value of the fines imposed by the CMA. These results suggest that power distance could influence the function and effectiveness of the board of directors in compliance with official regulations. This paper provides implications to regulators interested in fostering compliance with regulations in emerging capital markets. The findings can also help investors to enhance their corporate governance practices.
Teresa Izzo, , Matteo Pozzoli
Risk Governance and Control: Financial Markets and Institutions, Volume 11, pp 8-15; https://doi.org/10.22495/rgcv11i3p1

Abstract:
The purpose of this paper is to review academic literature and professional practice guidance in relation to the replacement cost (RC) method of valuation in public sector financial accounting. The replacement cost is regarded as being the most appropriate basis for the determination of fair value when the fair value of the asset could not be reliably determined using market-based evidence (Wyatt, 2009). However, several problems persist in RC definition and application, underlining the lack of a uniform approach in the current valuation standards. The paper explores the current adoption of RC by performing a content analysis of the latest financial statements published by International Public Sector Accounting Standards (IPSAS) adopter jurisdictions across the globe. The analysis highlights interesting patterns in the use of RC and provides an empirical base for further investigations. Additionally, the research offers useful insights to stimulate professional and academic debate on the replacement cost method, particularly in view of amendments proposed by the recently published Exposure Draft.
Published: 10 September 2021
Corporate Ownership and Control, Volume 18, pp 4-6; https://doi.org/10.22495/cocv18i4editorial

Abstract:
The recent issue of Corporate Ownership and Control journal contains both empirical and review papers describing the wide variety of corporate governance issues from the board of directors and executive compensation to mergers and acquisitions, stock market and institutional investors. The geographical representation of the papers provides an excellent opportunity for international comparison.
Mohamed A. K. Basuony
Published: 10 September 2021
Corporate Ownership and Control, Volume 19, pp 84-93; https://doi.org/10.22495/cocv19i1art7

Abstract:
This paper reports on the nature, extent, and determinants of online corporate social responsibility (CSR) disclosure practices among the top 350 companies listed in the London Stock Exchange (FTSE 350). This has been done through two-fold. First, the paper investigates the relationship between firm characteristics, board structure, and ownership structure with CSR information dissemination via social media. The results indicate that the company that has a high number of females on board has a significant effect on CSR and the product and service as a component of CSR. Moreover, the results reveal that the company with a high level of ownership concentration has an effect on community involvement, product and service, and environment. In addition, a company that has a high level of institutional ownership has an effect on the product and service. Finally, the company that has a high percentage of director ownership has an effect on the product and service. Second, the paper studies the effect of board structure and other control variables on the online CSR for the top listed UK firms. The dependent variables consist of a comprehensive index of disclosure and another four sub-indices which namely employees, community involvement, products & services, and environment. The results show that online CSR disclosure through the firms’ websites has been affected by board size, board diversity, audit type, profitability, leverage, firm age, and the sector in which the firm operates
Tunay Aslan, , Erdal Yilmaz
Corporate Governance and Organizational Behavior Review, Volume 5, pp 17-31; https://doi.org/10.22495/cgobrv5i2p2

Abstract:
Implementation of the fuzzy logic is a modern approach for cost-volume-profit analysis and decision-making process under risk and uncertainty (Yuan, 2009). The implementation of the fuzzy logic approach especially makes sense for profit or loss estimations in developing countries, where uncertainties and risks are often observed (Roztocki & Weistroffer, 2005). This study aimed to estimate the profit or loss of indirect Coombs blood test, which is among the 100 blood tests run by the laboratory department of a healthcare organization located in Istanbul, Turkey, that started operations in 2018. Another purpose of the research was to compare the profit or loss estimated by fuzzy logic with the actual values. Research questions of the study were: 1) Can fuzzy logic be used in the health sector’s profitability estimates? 2) What is the estimated success rate of fuzzy logic in the case of uncertainty and complexity? 3) If the fuzzy logic can be used in the health sector’s profit forecasts, how close are the estimated profit sums achieved by the fuzzy logic to the actual profit sums? Based on the findings of the study, profit estimated by the fuzzy logic is in a close range to actual values with a low error rate
Mehadi Mamun
Published: 9 September 2021
Corporate Ownership and Control, Volume 18, pp 231-238; https://doi.org/10.22495/cocv18i4art16

Abstract:
Privatisation affects tens of thousands of workers in Bangladesh, though most research has focused on the relationships between privatisation and profitability of this developing country’s privatisation programmes. This study, therefore, is an attempt to shed light on workers who are very vulnerable and examines the impact of privatisation on workers’ quality of working life. Employing document analysis and semi-structured face-to-face interviews with privatised and state-owned organisations’ workers in Bangladesh, this study finds that workers’ compensation, job security, access to trade unions, and leave entitlements in most privatised case study organisations are less than their counterparts in comparable state-owned organisations. These findings aim at contributing to the body of research by empirically investigating the impact of privatisation on workers who are left behind and possess important implications for the privatisation programmes in Bangladesh as it informs that there is a need to reassess the privatisation programmes through greater awareness of the negative effects of privatisation on workers and renew efforts to develop an approach that is sensitive to the Bangladeshi context.
, Rahmawati Rahmawati, Bandi Bandi,
Journal of Governance and Regulation, Volume 10, pp 84-92; https://doi.org/10.22495/jgrv10i4art7

Abstract:
The family firm literature has found that 73% of empirical studies focus on American and European family firms (De Massis, Sharma, Chua, & Chrisman, 2012). De Massis et al. (2012) propose investigating family firms with contextual nuances of family firms in under-represented areas such as Asia. In addition, study on family firms related to tax aggressiveness activities is limited and the mixed results. Therefore, this study aims to explain the effect of family ownership on corporate tax aggressiveness. This study also investigates whether independent commissioners influence the practice of tax aggressiveness by family firms. The study observed 220 manufacturing companies listed on the Indonesia Stock Exchange (IDX) from 2011 to 2015. We found that family ownership has a negative effect on tax aggressiveness. We also found that independent commissioners reinforce the negative influence of family ownership with tax aggressiveness. Our study contributes to the family firm literature in developing countries, particularly in terms of tax aggressiveness. We also provide practical implications for management to consider independent commissioners to provide adequate supervisors and advisors regarding family firm tax strategies.
Njomëza Zejnullahu
Journal of Governance and Regulation, Volume 10, pp 70-83; https://doi.org/10.22495/jgrv10i4art6

Abstract:
The presence of principal-agent problems in publicly owned enterprises is highlighted by many scholars. Unfortunately, such problems are present in publicly owned enterprises (POEs) in Kosovo too. Capture, rent-seeking, moral hazard, information asymmetry, and adverse selection are some of the agency problems that POEs in Kosovo are facing, negatively impacting their performance and citizens’ welfare. Recently, one of the POEs that used to be the most profitable is on the verge of bankruptcy with bank accounts blocked. This paper aims to explore the relevance of principal-agent problems in the governance of publicly owned enterprises and the failure of the shareholder to play its role and pursue the best interest of POEs. The paper also questions the applicability of the principal-agent model in POEs when the shareholder fails to play its role as a principal by concluding that the lack of “real” principal in publicly owned enterprises undermines the applicability of principal-agent theory and there is a need to make the Government more responsible by taking some measures such as the inclusion of private sector as a shareholder. The paper concludes that the Government must act as a responsible shareholder and exercise its role properly while also raises the opportunity of the inclusion of the private sector as minority shareholders in POEs, which may help in increasing the responsibility of the shareholder in the oversight of the management of POEs. Conclusions of the paper may be relevant for further studies regarding the corporate governance and structure of publicly owned enterprises from the perspective of the agency theory and hence exploring possibilities of reducing principal-agent problems in POEs.
Muzi Khumalo,
Journal of Governance and Regulation, Volume 10, pp 59-69; https://doi.org/10.22495/jgrv10i4art5

Abstract:
South African state-owned enterprises (SOEs) form a critical cog in the state machinery. The significance of sound corporate governance has become more pronounced as citizens demand more accountability and value in the use of public resources (Vicente, 2020). The paper utilised a qualitative desktop approach, a case study design and thematic analysis to investigate board and executive management practices in the North West Development Corporation (NWDC) corporate governance, factors hindering good corporate governance and lastly recommendations that can be offered to enhance good corporate governance. The NWDC is a regional development finance institution in South Africa, which over the years has continued to implement adverse audit outcomes (AGSA, 2019b). The thematic analysis findings revealed a direct relationship between lack of consequence management and the state of poor corporate governance in the NWDC. The lack of ethical leadership lies at the heart of this morass of SOEs in general. The study, therefore, recommends the full implementation of the existing legislative framework, the Codes on Good Governance and the anti-corruption national strategy in order to inculcate accountability in the South African public agencies that include the NWDC. The paper is relevant in addressing the Auditor-General qualified audits, which underlines the ineffectiveness of the existing SOE governance system by not inherently correlating corporate success with the presence of deeper corporate governance standards and ethical behaviour.
Sinan Abbadi, Murad Abuaddous, Ahmad Alwashah
Corporate Governance and Organizational Behavior Review, Volume 5, pp 8-16; https://doi.org/10.22495/cgobrv5i2p1

Abstract:
This study seeks to explore the significance of board gender diversity and its impact on the financial performance of the manufacturing and service companies listed on the Amman Stock Exchange (ASE) between 2013–2018. Prior studies have determined several benefits of female presence in the boardroom. However, gender diversity’s impact on financial performance is still unclear due to the mixed findings regarding this relation. In addition, studies about gender diversity roles in Jordanian companies’ performance are missing in the literature. Hence, in order to fill this gap, data from the listed companies was extracted from the ASE website with a total sample of 1088 companies as follows: 294 manufacturing companies (27%) and 794 service companies (73%). The results showed more males (96.2%) than females (3.8%) on the board of directors among the listed manufacturing and service companies. The manufacturing and service companies reported a mean Tobin’s Q value of 1.044 (SD = 2.164) and 1.304 (SD = 3.554), respectively. Results show that the linear regression shows that board gender diversity has a statistically significant impact on Tobin’s Q (p = 0.043) and ROA (p = 0.062). Therefore, there is a need for both the manufacturing and service companies to consider increasing the number of female members on the board for better financial performance
Journal of Governance and Regulation, Volume 10, pp 40-58; https://doi.org/10.22495/jgrv10i4art4

Abstract:
This study explores the impact of corporate governance mechanisms (CGMs) of compliance with Indian Accounting Standards (Ind-AS). A sample of 70 firms listed on Bombay Stock Exchange (BSE) over a period of two years from 2016–2017 to 2017–2018 was used. The results revealed that board independence, size, expertise, size of the audit committee, expertise and independence exhibit a significant influence on compliance with Ind-AS. However, no significant effect was found regarding the board and audit committee diligence, foreign ownership and audit quality by Big-Four. The current study fills an existing gap in compliance of accounting standards and corporate governance literature in the context of the emergent market. It uses a methodology of comprehensive compliance index to evaluate the level of disclosure of Ind-AS that could generalize the results and benefit other listed firms. Finally, as a practical contribution, the present study brings useful insights and empirical evidence which are very beneficial and are of significant importance to investors, practitioners, academicians and policymakers. It is considered as one of the pioneering studies in this context and a battery for further research. The study recommends that more prominence should be given to compliance with Ind-AS and an overseeing body for compliance with Ind-AS should be created.
Wasfi Al Salamat, Maisaa Elian
Journal of Governance and Regulation, Volume 10, pp 27-39; https://doi.org/10.22495/jgrv10i4art3

Abstract:
Most E-commerce transactions nowadays are electronically executed via well-known internet websites (Amazon, Alibaba, eBay, and others). Online sales in the Middle East, including Jordan, are estimated to count 2% of the overall retail sales, that is too much lower than the 15% in developed markets (Mehta & Bhandari, n.d.); and online sales in Jordan are still limited (Statista, 2020). Therefore, this study comes to determine the threats limiting E commerce in Jordan. The services sector accounts for about two thirds of the Jordanian economy and the insurance sector is considered an important component of it (Ghazal, 2015). The problem is to what extent threats from risks accompanied with E-commerce limit it from the viewpoint of Jordanian insurance companies’ employees. Five (5) insurance companies out of twenty-five (25) are randomly selected for analysis and a questionnaire is conducted according to a psychometric method for data collection. The results show that perceived ease of use, perceived usefulness, and perceived risk with products/services are the main effective factors for predicting transaction loss, while delay time is significantly affected by perceived ease of use and perceived risk with product/service. Policymakers can rely on the results of this study to avoid the risks facing online shopping in Jordan and enhancing it. This study contributes to the literature by reducing the dearth of previous research regarding the determinants of threats and risks limiting online shopping and E-commerce in emerging markets.
Jameel Aljaloudi
Corporate Governance and Sustainability Review, Volume 5, pp 34-41; https://doi.org/10.22495/cgsrv5i3p3

Abstract:
This study aims to estimate the negative effects of COVID-19 on the Jordanian economy. These effects are expected to coincide with the results of studies carried out by international institutions. For example, the International Labor Organization (ILO) estimated indicate an increase in the number of unemployed to 5.3 million (the “low” scenario) and 24.7 million (the “high” scenario), from a baseline of 188 million in 2019 (ILO, 2020a). Experts from the World Bank and the International Monetary Fund (IMF) confirmed that the global economic downturn (caused by the coronavirus pandemic) is the largest in the past eight decades, which will lead to an increase in poverty and inequality and harm economic growth in the long term. (News 18, 2020). To measure the impact of COVID-19 on the Jordanian economy, the following indicators were adopted: an economic growth, an unemployment rate, a foreign trade (imports and exports), public revenues, public spending, a public debt, and a budget deficit. The study relied on data contained in reports issued by international institutions and official institutions in Jordan. The results indicate a slowdown in the rate of economic growth, an increase in the unemployment rate, a decrease in exports and imports, an increase in the public debt and the budget deficit
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