Journal of Governance and Regulation

Journal Information
ISSN / EISSN : 2220-9352 / 2306-6784
Current Publisher: Virtus Interpress (10.22495)
Total articles ≅ 482
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Latest articles in this journal

Williams C. Iheme
Journal of Governance and Regulation, Volume 10, pp 309-317; doi:10.22495/jgrv10i2siart11

In most developing countries with weak rule of law and fledgling democratic institutions, theft of public assets by public office holders is rampant and has a strong correlation with the excruciating level of poverty and underdevelopment that besiege these countries (Ijewereme, 2013). While a myriad number of reasons may be responsible for this situation, the absence of a mature legal framework as well as the scant availability of sufficiently trained government personnel to trace and recover stolen assets, hidden domestically and abroad, arguably remain contributory factors. Granted that corrupt public office holders are typically enabled by porous (domestic) legal frameworks that provide them wide escape routes for their crimes, contestably however, the laws bordering on confiscation of assets in many foreign countries (safe havens) seem intentionally designed to frustrate any recovery of stolen assets by developing countries. In the aftermath of the COVID-19 pandemic, the rate of stealing public assets by public office holders in developing countries is foreseen to rise astronomically and is likely to deepen their existing levels of poverty and hopelessness (Ayode, 2020). Using Nigeria as an example of a developing country, the paper critically examines the underlying defects in the cross-border legal framework on asset recovery and confiscation and proffers suggestions on how these defects could be remedied.
Shaip Bytyçi, Venet Shala, Besime Ziberi, Ervin Myftaraj
Journal of Governance and Regulation, Volume 10, pp 300-308; doi:10.22495/jgrv10i2siart10

COVID-19 pandemic well-known worldwide for its serious health consequences is having a profound effect on every sphere of life. Taking into consideration that COVID-19 is harming the labor market and economic activity in general, we also consider that this situation is affecting the personal consumption expenditures in case of Kosovo (Ziberi, Rexha, & Gashi, 2021). The main aim of this paper is to analyze how the customers’ behavior will shift the traditional business to an online one in case of Western Balkan countries with special emphasis on Kosovo, North Macedonia and Albania. The study considered the mixed methods using the questionnaire as a method for primary data collection in a random sample of citizens from countries in the analysis. The questionnaire was distributed online using social media in a sample of 1250 respondents. The paper uses the SPSS software for data analysis and hypotheses testing. The study comes to the conclusion that buying behavior is changing due to the imposed measures by governance due to the COVID-19 pandemic. Thus, the confidence in online shopping has increased significantly which is a good base for further recommendations for small and medium-sized enterprises (SMEs) to start reworking selling strategies and to shift their activity from purely traditional to hybrid one — traditional and online — promoting so better the traditional business. Our findings also are in line with a study by Bytyçi (2020) who stated that the consumers in case of the Republic of Kosovo prefer online shopping for one main reason — time loss reduction.
Journal of Governance and Regulation, Volume 10, pp 290-299; doi:10.22495/jgrv10i2siart9

An effective governance structure is central to growth, sustainable development and equal income distribution (economic welfare) (Glass & Newig, 2020). Brazil-Russia-India-China-South Africa (BRICS) countries differ in governance structure with varying outcomes on economic welfare. This article explores the extent to which governance impacts economic welfare in BRICS countries viewed as an emerging powerhouse, with significant growth prospects — yet distinct in their governance systems, and income variability amongst its population. The article utilised panel static models (pooled ordinary least squares (OLS) and fixed effects (FEs) estimator) from 1996 to 2019 to investigate the effects of governance proxied by the World Bank World Governance Indicators (WGI) on economic welfare (proxied from two channels): quantitative (output stock/economic growth) and qualitative (reduced income inequality). The two channels combine the ordinary measure of welfare: gross domestic product (GDP), a proxy for economic growth, household and income distribution, and a proxy for income inequality drawing (Heys, 2019). The findings revealed that governance produced varying results on the economic welfare in BRICS. Democratic countries which practise good governance principles (South Africa and Brazil) had a negative economic welfare effect from both channels compared to one-party states, such as China and Russia. Therefore, the findings invalidate the null hypothesis that good governance is a catalyst for economic welfare. Sound policies, especially on structural change and equitable income distribution are necessary to enhance economic welfare in BRICS countries. The article is relevant and discloses iterations of the distinction between good governance and sound policy implications on developing nations’ economic welfare.
Dondon T. Dagdag
Journal of Governance and Regulation, Volume 10, pp 269-289; doi:10.22495/jgrv10i2siart8

Over the past decade, global studies on ecotourism provide an illuminating hope for economic development (Sangpakil, 2017; Kim, Xie, & Cirella, 2019; Wahono, Poernomo, & Kusumah, 2019). However, fewer of these studies work on rural ecotourism. With hopes on the potentiality of rural ecotourism in Quirino Province, this research delved into the management bearings of rural ecotourism. Primarily, it trails the various management practices of ecotourism attractions and significant differences in the responses thereof including problems encountered in this management journey. Anent to, employed descriptive approach. Data were obtained from a survey questionnaire and were statistically analyzed through SPSS. Revealed thereof, management responsibilities on ecotourism sites are most practiced. Interestingly, among these practices training for tourist personnel, facilities, services and infrastructures, cultural heritage, and marketing seemed to be substantial and need attention. Also, problems, such as few numbers of tourist arrival noted, lack of equipment for recreational activities in ecotourism sites, and lack of parking areas were the factors that require attention. With these aforementioned revelations, a proposed sustainable development plan was moulded.
Hugh Grove, Maclyn Clouse, Tracy Xu
Journal of Governance and Regulation, Volume 10, pp 258-268; doi:10.22495/jgrv10i2siart7

The major research question of this paper is to analyze climate change risk as a challenge to corporate governance. Climate action failure was the environmental risk most frequently listed in the top ten country risks. It also becomes a major reason that many companies are taking their own initiatives on climate change action which poses an imminent challenge for corporate governance as boards of directors track and assess such initiatives by their own companies. Boards can play a key role in guiding their organizations into the next new normal in the wake of global pandemic, economic disruptions, and ongoing climate change problems. This paper identifies and studies the corporate governance risks and opportunities related to global climate change risk and provides recommendations to boards of directors. The major sections of this paper are global climate change risks, corporate climate change pledges, climate-related financial disclosures, major topics in the Global Climate Change report, whether companies are ready to manage major climate change risks and opportunities, climate-related investment benchmarks, and conclusions. Future research could investigate this climate change risk challenge with case studies or empirical studies.
Journal of Governance and Regulation, Volume 10, pp 249-257; doi:10.22495/jgrv10i2siart6

Gender balance on company boards is one of the core goals of greater social justice and gender equality in societies (Council of Europe, 2003). To this end, it is pivotal to adequately measure whether boards are balanced and close to parity. This research proposes a gender balance on boards (GBB) index to measure the balance between women and men on the boards of directors of firms. It varies between zero, when the board is homogenous with only women or only men, and one, when the board is totally balanced with 50% women and 50% men. It is designed so that it can be adapted according to the theoretical framework, and it can serve as a practical tool for measuring and monitoring the results and progress of the firm, industry, or context against the desired benchmark. The index can be used as a guide for policymakers, regulators, and other social actors including the media on the degree of uptake of actions required to improve governance practices. It provides simple, objective, and comparable data that can be used to raise awareness in society about progress towards a greater gender-balanced representation on corporate decision-making bodies.
Xhemazie Ibraimi
Journal of Governance and Regulation, Volume 10, pp 238-248; doi:10.22495/jgrv10i2siart5

The main purpose of this paper is to analyze the activity of various state bodies which by implementing the law and bylaws protect the rule of law, democracy and human rights, honesty and social justice, and how these bodies are influenced by factors of various aspects of corruption, such as incompatibility between holding public office and carrying out profitable activities for officials, restrictions on the acceptance of gifts related to the performance of official duties, supervision of their assets and persons in close contact with them. Although corruption is widely and publicly discussed, the clearest definition is that corruption constitutes an abuse of office for private gain (The World Bank Group, 1997). To analyze this phenomenon, we will analyze the data published by the Anti-Corruption Agency (ACA), the data published by the Kosovo Special Prosecution Office, the data published by the EU progress report on Kosovo, as well as the published data by the Courts. Data analysis concludes on descriptive statistics, tables, and graphs of criminal reports, processed cases, and court decisions. Given that, corruption is severely damaging the country, we believe that corruption is the main obstacle for Kosovo to move forward in the dialogue on visa liberalization and get a positive response regarding the Stabilization and Association Agreement (SAA) (Transparency International, n.d.). The study concludes that corruption is widespread in the main institutions of the country and its high presence in the judiciary is a very worrying issue. This paper is of great importance for policymakers, officials, scholars as to the processing, publication, and sanctioning will enable this phenomenon that has become a new way of governing to be stopped and the state to be built for society and to belong to society (Bekim, 2017).
Journal of Governance and Regulation, Volume 10, pp 226-237; doi:10.22495/jgrv10i2siart4

This research empirically investigated the effectiveness of the interest rate policy of the Federal Reserve (Fed) on managing the subprime mortgage crisis. The study employed the autoregressive distributed lag model (ARDL) to analyze the stability of the Fed’s monetary policy, thereby providing an alternative analysis tool. Correlation analysis results showed a strong positive and statistically significant relationship between Fed funds rate and the labor market, a strong negative and statistically significant relationship between Fed funds rate and the housing market, and a strong negative and statistically significant relationship between Fed funds rate and price stability. In contrast, results of the ARDL model bounds test for cointegration indicated that house price index (HPI), labor market, and price stability were cointegrated, hence exhibiting a long-run relationship with Fed funds rate. This research demonstrates that additional empirical studies using new techniques are required to reevaluate the Fisher effect and expand the understanding of the mechanism between interest rates and inflation. This issue is extremely important, particularly for countries such as the U.S., the UK adapting inflation targeting policy using interest rates as an operational target.
Journal of Governance and Regulation, Volume 10, pp 216-225; doi:10.22495/jgrv10i2siart3

This study examines the quality of financial reporting during the period following the corporate governance reforms in Malaysia, as motivated by the importance of investors’ needs for high-quality financial reporting. Using the asymmetric timeliness of the earnings model, we analysed the sample of 6,819 firm-year observations of Malaysian listed companies from 2002 to 2011. The findings show evidence of the high quality of reporting following the corporate governance reforms. We found that firms have reported a more timely recognition of losses than gains in the post-reform period. Our results suggest that conditional conservatism has been prevalent during the period, and the results are robust even after conducting extensive specification tests. This study suggests that after the corporate governance reforms, Malaysian companies’ financial statements have been more reliable for investors in making investment decisions.
Adel Qatawneh, Ayman Bader
Journal of Governance and Regulation, Volume 10, pp 204-215; doi:10.22495/jgrv10i2siart2

The current study aims to investigate the influence of accounting information system (AIS) elements, including human resources, physical resources, and financial data, in delivering the organization to a suitable decision-making process through the mediating role of well-built accounting disclosure. The study applies its model to the commercial banks listed in the Jordanian market at the end of 2019. A quantitative approach was adopted and a questionnaire was applied on 171 financial managers and accounting department heads within 21 commercial banks in Jordan. Based on the results of a structural equation model, the main hypothesis was accepted referring to the positive influence of AIS elements of human resource, physical resource, and financial data on organizational decision-making that is attributed to accounting disclosure within commercial banks in Jordan. These results show the importance of AIS in decision-making and encourage companies to adopt modern AIS in order to help them improve the quality of accounting information. The study recommended focusing on increasing skills and knowledge of accounting and financial managers within banks on the multiple ways of benefitting from AIS applications, this can include holding conferences, seminars, and workshops.
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