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This study expands the empirical understanding of financial fraud victims and the consequences that emerge as a result of financial fraud victimization. In addition, this study aims to assess the impact of the unique role victims play in financial fraud and the impact self-identifying as a victim has on the negative consequences they experience.

Data from the Supplemental Fraud Survey to the National Crime Victimization Survey are used to assess the negative consequences of financial fraud victimization.

Results suggest that victims of financial fraud experience increased distress and financial complications following their victimization experience. In addition, self-reported victim status is found to significantly increase a respondent’s likelihood of reporting emotional distress and financial complications. Implications for research, theory and policy are discussed.

While empirical studies on the consequences of identity theft victimization have been increasing in recent years, financial fraud victimization remains understudied. Given the victim involvement in financial fraud, the consideration of financial fraud independent of identity theft fraud is vital.

This paper aims to investigate the effects of the early adoption of International Standards on Auditing (ISAs) on Financial Market Indicators (FMIs) from a diffusion of innovation (DOI) theory perspective.

Using panel data from 110 countries in a period that spans from 1995 to 2014, this study applies an ordinary least squares regression model to investigate the financial consequences of adopting ISAs. This analysis was supplemented with estimating a fixed-effects and two-stage least squares regression models to address any concerns regarding the possible existence of endogeneity problems.

This study reports three key findings. First, the authors find that early ISAs adoption has a negative effect on several financial market consequences, namely stock market integration, market capitalisation, market turnover, market return, market development, stock price volatility and stock trading volume. Second, using an alternative measure to the one that is proposed by DOI theory, the authors found that some financial indicators have been significantly improved after ISAs adoption, but only for listed firms that prepared their financial statements under International Financial Reporting Standards and audited by ISAs simultaneously. Finally, the financialindicators of European stock markets, however, have insignificantly shrank post the mandatory adoption of ISAs in 2006.

The empirical evidence raises questions about how ISAs were enforced and implemented. For example, countries that adopted ISAs at early stages may have been dominated mostly by recently established stock exchanges. This implies a crucial need to determine and apply the best type of auditing regime that can increase investors trust and enhance the credibility of stock markets information, which might ultimately advance the FMIs over time significantly.

To-date, studies investigating the impact of the adoption of ISAs on FMI from a DOI theory perspective are virtually non-existent. The study, therefore, seeks to contribute to the extant literature by examining the influence of ISAs adoption on a wide range of FMIs.

The purpose of this paper is to analyse the unintended consequences, financial exclusion, of counter-terrorism financing regulations in terms of their impact on financial inclusion and, consequently, the creation of an ineffective counter-terrorism financing framework. A further aim is to make recommendations to mitigate these unintended consequences.

This subject is examined by using the practices of a range of countries and organisations. The interdisciplinary approach of the paper is highlighted, which comprises criminal law, banking law, international law and human rights law.

Financial exclusion is a focal point that results in ineffective counter-terrorism measures which are caused mostly by the formal financial sector, in particular, the banking system. The financial exclusion also leads to counter-productive counter-terrorism financing through a low risk-appetite, de-risking, de-banking, financial exclusion and using unregulated or less-regulated and supervised financial systems.

No article comprehensively analyses financial exclusion as a consequence of counter-terrorism financing framework. The paper examines the process of counter-terrorism financing regulations, which leads to financial exclusion. In addition, the impact of financial exclusion on all relevant actors, such as individuals, correspondent banking relationships, money and value transfer services, charities and virtual currencies, is examined.

The purpose of this article is to develop a theoretical explanation – financial numeracy – for consumer proficiency with financial services. With sufficient financial numeracy, consumers benefit fully from financial services and make competent choices in regard to financial management.

The article builds theory by combining consumer cognitive capacity and customer knowledge theories with findings from prior studies of consumer difficulties with financial services to introduce a comprehensive model of the antecedents and consequences of financial numeracy with testable propositions for many psychographic and cultural influences and moderators.

Financial numeracy demands that consumers possess sufficient financial information processing capacity and ability as well as sufficient prior knowledge of financial concepts. Although partly a function of individual cognitive ability, it can be enhanced through appropriate experience with financial instruments and familiarity through personal financial materials when consumers are motivated to process them. Financial numeracy directly affects financial management outcomes related to borrowing, saving, and taxes. It indirectly affects higher‐order financial consequences, such as a consumer's credit score, interest rates charged on subsequent loans, net worth, likelihood of bankruptcy, and size of inheritance.

Consumers around the world are increasingly experiencing difficulties with financial services. To advance research in financial services marketing beyond documenting troublesome financial behaviours of consumers, this conceptual model provides insights to help increase consumer proficiency in comprehending and managing financial services based on knowledge about consumer information processing, learning, memory and the cultural and psychographic influences on these internal processes.

The purpose of this study is to investigate whether large blockholders are associated with financial statement fraud at their companies. Although a substantial body of prior studies has focused on chief executive officers’ motivations to manipulate financial statements, the correlation between majority shareholders and financial statement fraud has received little attention. This paper aims to fill this gap by investigating whether the sample firms have controlling shareholders or executives (i.e. blockholders vs management) and whether financial statement fraud schemes, motivations and consequences differ between blockholder- and management-controlled firms.

Using a clinical approach, the authors Study 12 Canadian financial statement fraud cases uncovered by the Ontario Securities Commission between 1997 and 2020.

First, the authors find blockholder control in six cases. These findings infer that these large shareholders received private benefits at the expense of minority shareholders. The comparative analyzes suggest that fraudulent firms controlled by blockholders go bankrupt more often than those controlled by managers. The authors also find that improper disclosure is the most common fraud scheme in blockholder-controlled firms.

The authors conduct a deep analysis of financial statement fraud cases to examine the of blockholder control on the likelihood of financial statement fraud. This paper adds new insights to the research on financial crime by investigating whether large shareholders affect the probability of fraud and the extent to which they might do so.

Advertisements often use fear appeals to encourage prevention focused behaviors. This approach has been somewhat successful in changing attitudes and behaviors, often encouraging consumers to secede from behaviors such as smoking or to adopt preventative behaviors such as engaging in health screenings. However, health-care marketers have been less successful in efforts to reduce obesity. The obesity crisis has led to an abundance of marketing communications designed to influence weight loss. Many of these focus on fear of physical health risks associated with being overweight which have a certain degree of uncertainty surrounding them. This study aims to examine financial threats that have lower perceptions of uncertainty, and the differential impact this type of threat has on elements of the Extended Parallel Process Model (EPPM).

A 2 × 2 experimental design is used to examine the differential impact of messages communicating threat of financial and physical risk on evoked fear, perceived uncertainty, perceived susceptibility, efficacy and intention to lose weight.

Overall results indicate that response to weight loss advertising varies given the type of threat presented. Results indicate that there is a greater level of uncertainty associated with physical health threats than that with financial threats. Moreover, even though individuals were more fearful of and felt more susceptible to physical threats, when they believed that the recommended behavior was feasible, financial threat was more influential.

To encourage weight loss and intentions to lose weight advertising in practice and advertising research primarily focus on the physical health risks associated with being overweight as a motivating factor. Current research explores the impact of financial threats on attitudes and behavioral intention and finds that financial threats are perceived as more certain than physical threats, and the communication of financial threats is more salient in its effect on weight loss intentions. An opportunity for future research is to further explore the impact of uncertainty in relation to components of EPPM and how threats varying in degrees of uncertainty may impact weight loss intentions.

This study aims to examine the combined impact of environmental, social and governance (ESG) ratings on the market and financial performance of Egyptian companies during the period from 2007 to 2016 and, thereby, determines the influence of the recent political revolutions –that broke out in the MENA region in early 2011 – on the association between ESG practices and corporate performance.

The present work uses data from the S&P/EGX ESG index, which is the first of its kind in the MENA region. The ESG index is designed to increase the profile of companies listed on the Egyptian Exchange and is expected to boost the level and quality of ESG practices in the Egyptian context. The sample includes the 100 most active Egyptian companies in the Egyptian Stock Exchange as measured by the EGX 100 index in the financial year that ended in 2016. The sample begins in 2007, concurrent with the start of the ESG index, and ends in 2016. The period from 2007 to 2010 represents the pre-revolution period, and the period from 2012 to 2016 is the post-revolution period.

Firms with high ESG ratings are found to enjoy a better financial and market performance. The authors found some evidence that the influence of ESG ratings on financial performance is more obvious after the revolutions than before the revolutions.

This study provides insights regarding the impact of political events on the market in the Middle East region. Despite its increasing economic and political importance, this region still suffers from inadequate attention in the literature. The present work investigates the variances that evolved out of the events that started in early 2011 and the implications of these events on the market. The results of this study have implications for regulators and investors in the Egyptian stock market. The authors believe that the relatively new S&P/EGX ESG index provides a way to enhance ESG ratings in Egypt.

The results of the present study provide insights for policymakers regarding the usefulness of the sustainability indices.

The present results contribute to the growing literature on the economic consequences of ESG ratings, especially in relation to a context characterized by intense political/revolutionary changes. In particular, this study contributes to the few works that have addressed the economic implications of ESG ratings in emerging markets.

At the time they occurred, the savings and loan insolvencies were considered the worst financial crisis since the Great Depression. Contrary to what was then believed, and in sharp contrast with 2007–2009, they in fact had little macroeconomic significance. Savings and Loan (S&L) remediation cost between 2 percent and 3 percent of Gross Domestic Product (GDP), whereas the Troubled Asset Relief Program (TARP) and the conservatorships of Fannie and Freddie actually made money for the US Treasury. But the direct cost of government remediation is largely irrelevant in judging macro significance. What matters is the cumulative output loss associated with and plausibly caused by failing financial institutions. I estimate output losses for 1981–1984, 1991–1998, and 2007–2026 (the latter utilizing forecasts and projections along with actual data through 2015) and, for a final comparison, 1929–1941. The losses associated with 2007–2009 have been truly disastrous – in the same order of magnitude as the Great Depression. The S&L failures were, in contrast, inconsequential. Macroeconomists and policy makers should reserve the word crisis for financial disturbances that threaten substantial damage to the real economy, and continue efforts to identify in advance financial institutions which are systemically important (SIFI), and those which are not.

The purpose of this paper is to explore and analyse the risks in container shipping operations from a logistics perspective. In the paper, risks associated with the three flows in logistics − information, physical, and payment flow are identified and analysed.

The use of case study method was first explained and justified. Second, risk identification was started with supporting references, several interviews were then conducted to identify and validate the potential risks in container shipping operations. A questionnaire was deployed to collect related data; and the impacts of the risks were then assessed and ranked using the method of risk mapping.

The paper has identified a total of 35 risk factors and classified them into different categories. The paper has also revealed that the risks associated with physical flows have more serious risk impacts than the other types of risks; however, one of the risk factors associated with information flow (shippers hiding cargo information) is the most significant one among all the factors.

Although many studies have been conducted on container shipping operational risks, no studies so far have approached this issue from a perspective that inclusively examines all the possible risks and comprehensively evaluates the relative importance of each of them. This study has identified the risks in container shipping operations, and analysed and ranked the level of these risks. The research further “refines” the findings of some previous studies by placing the risk factors addressed therein in a full “risk picture” which was developed systematically.

This paper aims to analyze the economic and financial reporting consequences of International Financial Reporting Standards (IFRS) adoption.

Literature review.

The survey of the IFRS adoption literature shows that the implementation of IFRS has been successful in reducing information asymmetry, improving the quality of information for users, enhancing transparency and comparability and positively influencing capital markets. In general, the positive effects of IFRS are associated with firms in strong enforcement regimes that have incentives to comply. The survey find enforcement of IFRS to be a recurring theme throughout the literature reviewed and is therefore an area which requires development.

In particular, there is a need to develop a mechanism for the enforcement of accounting standards internationally. Hence, there is a need for collaboration between the International Accounting Standards Board and regulatory bodies around the world to maximize the effectiveness of international accounting standards.

Given the considerable discussion about mandating IFRS for US firms by the Securities and Exchange Commission, this study’s results are both important and well-timed.