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Article
Publication date: 3 May 2016

Maria Krambia Kapardis and Konstantinos Papastergiou

The purpose of this paper is to investigate fraud victimisation of Greek companies during the financial crisis years. Moreover, the paper seeks to encourage the…

Abstract

Purpose

The purpose of this paper is to investigate fraud victimisation of Greek companies during the financial crisis years. Moreover, the paper seeks to encourage the implementation of proactive and reactive measures in an effort to minimize fraud victimisation.

Design/methodology/approach

Drawing on an extensive literature review and utilising a questionnaire administered by Krambia-Kapardis and Zopiatis (2010), auditors and management of companies who had fallen victim to fraud provided information on the typology of fraud and on proactive and reactive measures taken after a fraud incident had been reported to them. Both descriptive and inferential statistics were utilized to analyze the collected data and address the postulated research questions.

Findings

The survey has found that no industry or size of company is immune from fraud, with bigger companies and small- and medium-sized enterprises (SMEs) falling victim to industrial espionage and theft of cash and counterfeit, respectively. The banking and insurance sector appeared to be affected mainly by money laundering. Management fraud was mainly in the form of window dressing, whilst employee fraud involved predominately theft of cash and assets. Loss of reputation emerged as the main concern for the victim, and it had a determining impact on deciding not to report cases to the police.

Research limitations/implications

Because of the sensitive topic being investigated and despite having assured the respondents that their anonymity would be guaranteed, the respondents were hesitant in responding. Thus, the response rate was 16.4 per cent, slightly lower than a similar study carried out in Cyprus (Krambia-Kapardis and Zopiatis 2010). The findings, however, are considered to be reliable, given the fact that the respondents were individuals well versed with the topic under investigation and in a position to know if their company had fallen victim to fraud.

Practical implications

The findings have practical relevance to both industry stakeholders and academics who wish to further explore fraud victimization in the Greek business environment. Given that the financial crisis in Greece is continuing, fraud risk assessment ought to concentrate in the area of cash, and preventative measures need to be considered by the regulators and the victims.

Originality/value

Whilst fraud victimisation studies are becoming popular by the Big 4 accounting firms, there is no fraud victimisation study concentrating on the typology of fraud in Greece. With this survey, it will be possible to draw conclusions and make suggestions to the accounting profession on how to combat fraud, at a time, when the economic crisis is persisting and fraud is expected to escalate.

Details

Journal of Financial Crime, vol. 23 no. 2
Type: Research Article
ISSN: 1359-0790

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Article
Publication date: 11 May 2020

Maria Krambia-Kapardis

The purpose of this study is to develop a profile of whistleblowers and to determine whether whistleblowing legislation would encourage those individuals to bring to light…

Abstract

Purpose

The purpose of this study is to develop a profile of whistleblowers and to determine whether whistleblowing legislation would encourage those individuals to bring to light some illegal or unethical behaviour that otherwise would remain in the shadows.

Design/methodology/approach

Having identified whistleblowing correlation, a survey was carried out in Cyprus of actual whistleblowers and could-have-been whistleblowers.

Findings

Males between 46 and55 years of age, regardless of whether they have dependents or hold senior positions in organizations are significantly more likely to blow the whistle. However, could-have-been whistleblowers did not go ahead because they felt that the authorities would not act on their information.

Research limitations/implications

Because of the sensitive nature of the research topic and the fact that only whistleblowers or intended whistleblowers could participate in the study, the sample size is limited as a result. This, in turn, limits both the number of respondents in each category (actual and intended) as well as constrains the statistical analysis that could be carried out on the data.

Practical implications

It remains to be seen whether EU Member States shall implement the European Directive 2019/1937 on the protection of persons who report breaches of Union Law, in its entirety by the due date, namely December 2021.

Originality/value

This study provides a literature review of whistleblowing and reports an original survey against the backdrop of the European Directive.

Details

Journal of Financial Crime, vol. 27 no. 3
Type: Research Article
ISSN: 1359-0790

Keywords

Content available
Article
Publication date: 7 January 2019

Maria Krambia-Kapardis

The purpose of this paper is to provide an adequate account of anti-corruption agency (ACA) ineffectiveness and propose the kind of ACA that would hold the promise of…

Abstract

Purpose

The purpose of this paper is to provide an adequate account of anti-corruption agency (ACA) ineffectiveness and propose the kind of ACA that would hold the promise of success. The paper draws on legitimacy theory, legal process and the notion of integrity of purpose.

Design/methodology/approach

This paper contextualizes the establishment and proliferation of ACAs; explores different ways of conceptualizing them; examines the broad range of factors that have underpinned ACA ineffectiveness and utilizes both legitimacy theory and the notion of the integrity of purpose.

Findings

The one-ACA-model-fits-all approach in corruption-control has been an abysmal failure. Disentangling the reasons for ACA ineffectiveness reveals various endogenous and exogenous factors. It also emphasizes the crucial importance of integrating both legitimacy theory and integrity of purpose in a revamped ACA concept that meets the corruption-control challenge.

Practical implications

It is possible to design and implement an effective ACA by avoiding various factors that have been shown to seriously undermine corruption control efforts by also drawing on legitimacy theory, legal process and integrity of purpose.

Social implications

Corruption in both the public and private sectors cannot be controlled in isolation from other socio-economic problems. An effective ACA is one that fosters integrity and is considered legitimate by its stakeholders.

Originality/value

While there have been some articles the past two decades discussing the effectiveness of ACAs in particular countries, this is the first paper to account for the overall ACA ineffectiveness also using legitimacy theory, legal process and integrity of purpose to revamp the ACA concept.

Details

Journal of Financial Crime, vol. 26 no. 1
Type: Research Article
ISSN: 1359-0790

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Article
Publication date: 1 January 2014

Maria Krambia-Kapardis

The main aim of the paper is to determine whether countries with enacted legislation on electoral accountability issues (such as conflict of interest, revolving doors…

Abstract

Purpose

The main aim of the paper is to determine whether countries with enacted legislation on electoral accountability issues (such as conflict of interest, revolving doors, asset disclosure, lobbying, immunity, political party funding and a code of conduct for politicians) have lower corruption perception than countries that do not have legislation on those variables.

Design/methodology/approach

The author utilised the corruption reports developed by the corruption country experts appointed by the EU DG Home and carried a correlation analysis between the above variables and the Corruption Perception Index (CPI) developed by Transparency International.

Findings

A correlation was only found for the asset disclosure variable and CPI. Alternative factors borne out of the literature are briefly discussed and suggestions for future research are made.

Research limitations/implications

Due to the small sample size (n=26), the statistical analysis that could be carried out was limited.

Practical implications

One policy implication of the negative finding obtained is that politicians are well advised to invest in measures that will enhance the electorate's trust in them. Passing anti-corruption legislation alone does not yield low corruption perception.

Originality/value

This is the first study of its kind addressing corruption correlates by looking at electorate accountability.

Details

Journal of Financial Crime, vol. 21 no. 1
Type: Research Article
ISSN: 1359-0790

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Article
Publication date: 1 September 2002

Maria Krambia‐Kapardis

This paper addresses a fundamental issue in financial regulation ‐ that of the auditor’s ability to detect material irregularities. If an auditor is to detect…

Abstract

This paper addresses a fundamental issue in financial regulation ‐ that of the auditor’s ability to detect material irregularities. If an auditor is to detect irregularities he/she must also be cognisant of fraud aetiology by drawing on such other disciplines as psychology, criminology and sociology. The paper first provides a critique of existing fraud aetiology models and then describes the ROP Fraud Risk‐Assessment Model constructed by the author in a study of convicted serious fraud offenders in Australia. The main concern of the paper is with the eclectic fraud detection model (EFD), of which the ROP model is a component. The EFD model is aimed at enhancing the auditor’s fraud detection ability, it has been constructed by the author and its utility successfully tested in Australia in a survey of auditors. Finally, the policy implications for auditors of the findings obtained are also considered.

Details

Journal of Financial Regulation and Compliance, vol. 10 no. 3
Type: Research Article
ISSN: 1358-1988

Keywords

Content available
Article
Publication date: 21 September 2010

Maria Krambia Kapardis

Abstract

Details

EuroMed Journal of Business, vol. 5 no. 3
Type: Research Article
ISSN: 1450-2194

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Book part
Publication date: 1 December 2009

Maria Krambia-Kapardis and Anastasios Zopiatis

Purpose – Although the proportion of women accountants is rising steadily, their number in partnership position remains constant. This article explores this phenomenon in…

Abstract

Purpose – Although the proportion of women accountants is rising steadily, their number in partnership position remains constant. This article explores this phenomenon in an attempt (a) to identify the reasons behind it and (b) clarify which are the barriers that hinder female accountants from being in the top echelon of the accounting practice in an emerging economy like Cyprus.

Methodology/approach – The study reported in this article builds on two previous studies, quantitative in nature, carried out by one of the present authors. Utilising the findings of the two earlier studies, the authors use a qualitative approach to further explore the reasons as to why there is a ‘concrete wall’ for women in accounting practices at partnership level.

Findings – In contrast to other studies, the present study found that the prohibiting factor creating the barrier is not motherhood but the cultural attitudes and expectations of men imposed on mothers. Another finding is that despite the fact that there is a bigger pool of women today in senior manager positions, it is uncertain if the proportion of female partners will rise in a decade.

Research limitations – Although the qualitative study utilising interviews of both genders identified interesting concerns for the local accounting profession, these findings cannot be representative of all emerging economies.

Practical implications – The article adds to existing knowledge by clarifying the reasons discouraging women accountants from reaching partnership positions. Findings are of interest to industry stakeholders who wish (a) to attract more women accountants to partnership positions and (b) to develop an environment that addresses women's concerns and enhances their career aspirations towards reaching the top echelon of their profession.

Originality/value of article – Most research in this field utilises quantitative or qualitative research independently. In this research we utilise the results of the quantitative studies to indentify in depth the ‘real’ rather than the ‘imaginary’ barrier facing women accountants from entering partnership. Furthermore, this is the first time this is studied in an emerging economy, whereas all other studies are in developed economies.

Details

Accounting in Emerging Economies
Type: Book
ISBN: 978-1-84950-626-7

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Article
Publication date: 27 July 2010

Maria Krambia‐Kapardis, Chris Christodoulou and Michalis Agathocleous

The purpose of the paper is to test the use of artificial neural networks (ANNs) as a tool in fraud detection.

Abstract

Purpose

The purpose of the paper is to test the use of artificial neural networks (ANNs) as a tool in fraud detection.

Design/methodology/approach

Following a review of the relevant literature on fraud detection by auditors, the authors developed a questionnaire which they distributed to auditors attending a fraud detection seminar. The questionnaire was then used to develop seven ANNs to test the usage of these models in fraud detection.

Findings

Utilizing exogenous and endogenous factors as input variables to ANNs and in developing seven different models, an average of 90 per cent accuracy was found in the fraud detection prediction model. It has, therefore, been demonstrated that ANNs can be used by auditors to identify fraud‐prone companies.

Originality/value

Whilst previous researchers have looked at empirical predictors of fraud, fraud risk assessment methods and mechanically fraud risk assessment methods, no other research has combined both exogenous and endogenous factors in developing ANNs to be used in fraud detection. Thus, auditors can use ANNs as complementary to other techniques at the planning stage of their audit to predict if a particular audit client is likely to have been victimized by a fraudster.

Details

Managerial Auditing Journal, vol. 25 no. 7
Type: Research Article
ISSN: 0268-6902

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Article
Publication date: 8 August 2016

Maria Krambia-Kapardis, Colin Clark and Anastasios Zopiatis

Public information disclosure is a manifestation of transparency and contributes to governance-by-disclosure. Also, better financial reporting can improve the credibility…

Abstract

Purpose

Public information disclosure is a manifestation of transparency and contributes to governance-by-disclosure. Also, better financial reporting can improve the credibility and integrity of public finances and contribute to a better management of public resources. A survey was carried out in Cyprus of users’ of public financial reports concerning an expectation gap about the types of information included in such reports (information needs expectation gap) as well as the quality of such information (information quality satisfaction gap). The paper aims to discuss these issues.

Design/methodology/approach

Two focus groups of users and preparers of public financial reports were used to construct the questionnaire. Users of such reports, who belonged to all three categories of public sector financial reporting identified by IPSASB, were surveyed. The quantitative data obtained was analysed using SPSS and quadrant analysis to answer the research questions posed.

Findings

Data from 101 respondents confirmed that each of the information needs identified in the IPSASB Consultation Paper (2008) was rated as being a significant information need. Data analysis also showed that both types of expectation gap exist, especially as far as local authority and semi-public organisations are concerned.

Research limitations/implications

The response rate in the self-administered survey was admittedly rather low but it was not unexpected mainly due to the survey’s very specialised nature and the tendency by people in Cyprus not to critique public bodies.

Practical implications

Deficient financial public sector reporting means the auditor general is not able to adequately express an opinion on public spending at the local government level. This, in turn, means taxpayers do not get the quality of services they pay for. At the same time, the lack of information transparency means corrupt practices are not eradicated. One answer to the problem would be legislating the content of public financial reports.

Social implications

The lack of governance-by-public exposure means that services to the local community cost a lot more, due to corruption and inefficiency. In addition, it contributes to lowering market confidence and eventually contributes to financial crisis at the national level.

Originality/value

The survey conducted was the first of its kind in Cyprus to investigate financial public sector reporting and document both manifestations of the expectation gap. In addition, information needs identified in the IPSASB Consultation Paper (2008) was rated as significantly needed and this is the first time it has been done in Eurozone member state and in a country facing a financial crisis.

Details

Journal of Accounting in Emerging Economies, vol. 6 no. 3
Type: Research Article
ISSN: 2042-1168

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Article
Publication date: 31 December 2002

Maria Krambia‐Kapardis

Focuses on fraud, including in the concept a wide range of offences committed by management, employees or third parties against the employer/corporation/customer/supplier…

Abstract

Focuses on fraud, including in the concept a wide range of offences committed by management, employees or third parties against the employer/corporation/customer/supplier, and involving the taking of material advantage by deception as a result of which the other suffers financial loss; as in the UK, fraud in Cyprus does not exist as specific criminal offence. Describes fraud as an invisible crime, and lists its negative characteristics: no knowledge, poor statistics, no theory, no research, no political importance, no control, and no moral panic. Estimates the cost of fraud in various societies, including the UK and the USA; in Cyprus, despite the fact that most victim companies had not reported the crime, the estimated losses run into hundreds of millions of Cyprus pounds, and it took the forms of mismanagement of public funds, tax evasion, stolen cheques, bounced cheques, forged cheques, pensioner fraud, share price manipulation, deception and false documentation, pharmaceutical and accountancy fraud. Reports the author’s questionnaire‐based research on a sample of Cypriot businesses.

Details

Journal of Financial Crime, vol. 10 no. 2
Type: Research Article
ISSN: 1359-0790

Keywords

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