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Article
Publication date: 8 June 2021

Andreas Koutoupis, Panagiotis Kyriakogkonas, Michail Pazarskis and Leonidas Davidopoulos

The purpose of this study is to review the literature on corporate governance (CG); environmental, social and governance (ESG) issues and corporate social responsibility…

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Abstract

Purpose

The purpose of this study is to review the literature on corporate governance (CG); environmental, social and governance (ESG) issues and corporate social responsibility (CSR) during the Coronavirus disease 2019 (COVID-19) pandemic and addresses three research questions: What are the characteristics of the literature on CG and COVID-19? What are the themes in CG in the COVID-19 era? and What are key areas of future research on CG and COVID-19?

Design/methodology/approach

The authors attempted a systematic literature review of 62 studies published in 2020. The authors used four criteria to identify characteristics of the literature on CG and COVID-19 and three criteria to identify key themes in the literature addressing CG and the pandemic. The authors analyzed answers to the above research questions and proposals from studies reviewed to guide future research.

Findings

CG in the context of COVID-19 has been studied mostly in developed countries and within a theoretical framework. As accounting data are insufficient, more research is required in all countries (developed, emerging and other). Further, there are no conclusive results regarding the relevance of ESG and CSR to financial performance. Future research should use additional methodologies and data sources to fully explain the impact of COVID-19 on CG.

Practical implications

Practitioners and policymakers could benefit from the study, as the authors present key challenges to CG for the present and the future.

Originality/value

This study is the first to provide a systematic literature review on CG during the COVID-19 pandemic and presents current trends, challenges and avenues for future research.

Details

Corporate Governance: The International Journal of Business in Society, vol. 21 no. 6
Type: Research Article
ISSN: 1472-0701

Keywords

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Article
Publication date: 5 October 2018

Andreas Koutoupis, Michail Pazarskis and George Drogalas

The purpose of this paper is to examine the role of internal audit with respect to Auditing Corporate Governance Statements based on a practical approach. Moreover, it…

Abstract

Purpose

The purpose of this paper is to examine the role of internal audit with respect to Auditing Corporate Governance Statements based on a practical approach. Moreover, it examines the application of internal control best practices in the Athens publicly listed firms based on a series of related statements.

Design/methodology/approach

The authors conducted all large and medium capitalization publicly listed companies via a research questionnaire which forms a basis of a descriptive research analysis. The methodology is based on the best worldwide acceptable practices as represented by the Committee of Sponsoring Organizations internal control – integrated framework, as well as the relevant laws and regulations and best practices with respect to Corporate Governance Statements.

Findings

The research concludes that internal auditors limit their role in verifying compliance with the relevant laws and regulations rather than adopt a consulting role toward the improvement of the content and quality of Corporate Governance Statements information. Also, it contributes to the corporate governance research by verifying that the effectiveness of internal controls contributes to sound corporate governance practices.

Practical implications

Internal auditors depending on the organization they serve may adopt different roles regarding Corporate Governance Statements preparation, review and audit such as consultative which may add value to the quality of Corporate Governance Statements.

Originality/value

It is the first research regarding quality characteristics of the Corporate Governance Statements and the role of internal audit in Greece, and it provides the basis for further research among European Union countries.

Details

Corporate Governance: The International Journal of Business in Society, vol. 18 no. 5
Type: Research Article
ISSN: 1472-0701

Keywords

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Article
Publication date: 14 October 2020

Michail Nerantzidis, Michail Pazarskis, George Drogalas and Stergios Galanis

This study reviews post-2009 literature on public sector internal auditing (IA) and addresses three interrelated research questions (RQ): How is research on the public…

Abstract

Purpose

This study reviews post-2009 literature on public sector internal auditing (IA) and addresses three interrelated research questions (RQ): How is research on the public sector IA being developed? What are the focus and criticisms of the literature on public sector IA? What is the future of public sector IA research?

Design/methodology/approach

We adopt a systematic literature review approach and analyze 78 peer-reviewed journal articles published between 2010 and 2019. We evaluate five criteria to identify the development of public sector IA research (RQ1), namely level of government, academic discipline, number of countries, geographic areas and MSCI country classification. Similarly, we use four criteria to present the focus and criticisms of the literature (RQ2), namely, type of organizational respondent, research instrument, theories and research theme examined. Finally, we use two criteria to propose new directions for future research (RQ3), namely, the directions resulted from RQ1 and RQ2 and the directions highlighted by the 10 most cited studies in the IA literature (i.e. out of the 78 papers identified).

Findings

We find an increase of publications up to 2017, most of which are single country–focused, particularly on emerging markets. Moreover, we note that IA has been studied at all government levels, most often at the local government level. Although we identify multiple research themes examined in the literature, most studies emphasize “governance” and “operational effectiveness” using quantitative analysis, without reference to any theory. By analyzing these key features, we critically interpret the challenges as well as the skepticism that may surface by researchers. Finally, considering implications from this stream of research and analyzing the most influential studies, we recommend new avenues for investigation such as comparative studies among countries and different markets that provide further evidence on the international and regional levels and studies on the effect of cultural, institutional and demographical characteristics in IA.

Practical implications

Our results will help researchers, practitioners and consultants to identify the key issues related with IA.

Originality/value

This study is the first to provide a systematic literature review on public sector IA. Furthermore, it develops insights, critical reflections and avenues for future research in this field.

Details

Journal of Public Budgeting, Accounting & Financial Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1096-3367

Keywords

Content available
Article
Publication date: 18 January 2021

Gabriel Eweje, Alfonsina Iona, Maggie Foley and Michail Nerantzidis

Abstract

Details

Corporate Governance: The International Journal of Business in Society, vol. 21 no. 6
Type: Research Article
ISSN: 1472-0701

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Article
Publication date: 8 February 2021

Petros Lois, George Drogalas, Michail Nerantzidis, Ifigenia Georgiou and Eleni Gkampeta

This study aims to investigate the factors associated with the implementation of risk-based internal audit (RBIA).

Abstract

Purpose

This study aims to investigate the factors associated with the implementation of risk-based internal audit (RBIA).

Design/methodology/approach

As a first step, a literature review of the relevant literature is performed and five potential factors related to the implementation of RBIA are identified. Based on that, this paper constructs a questionnaire survey sent out to 185 internal auditors, executives and accountants in Greece to receive 90 responses during the period of November 2019–January 2020. Multiple regression analysis is conducted to identify the factors related to the implementation of RBIA.

Findings

This paper shows that there is a statistically significant positive relationship between the implementation of RBIA and: the provision of risk management training, an active audit committee role and the establishment of a formalized risk management system.

Practical implications

The results have important implications for internal auditors, chief executive officers and accountants who wish to enhance internal audit effectiveness and the accuracy and quality of financial information.

Originality/value

Empirical studies on the factors related to the implementation of RBIA are rare. This is the first study to create empirical variables based on a thorough review of the relevant literature to empirically investigate the factors that are related to the implementation of RBIA in an emerging economy. By focusing on the Greek context, this study also sheds light to other countries with similar corporate governance systems, thus providing insights to settings where the Type II agency problem exists (La Porta et al., 1999).

Details

Corporate Governance: The International Journal of Business in Society, vol. 21 no. 4
Type: Research Article
ISSN: 1472-0701

Keywords

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