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Article
Publication date: 14 April 2023

Gjoko Stamenkov

The purpose of this general review is to address the evolution and development of the Fair Information Practice Principles (FIPPs).

Abstract

Purpose

The purpose of this general review is to address the evolution and development of the Fair Information Practice Principles (FIPPs).

Design/methodology/approach

This study presents FIPPs from several establishments, compare them and map them to the General Data Protection Regulation (GDPR). Additionally, this study presents and discuss similarities and differences among FIPP sets.

Findings

Although the subject matter of the FIPP sets is very similar, there are differences: their scope differs significantly. The comparison among FIPP sets is presented, and it provides relevant information related to the connectedness between privacy principles.

Originality/value

This study considers the GDPR to be the pinnacle of the efforts to improve personal data protection; it became a role model for other countries to implement similar regulations.

Details

International Journal of Law and Management, vol. 65 no. 3
Type: Research Article
ISSN: 1754-243X

Keywords

Open Access
Article
Publication date: 19 May 2023

Georgios Pavlidis

This paper aims to critically examine the digital transformation of anti-money laundering (AML) and countering the financing of terrorism (CFT) in light of the Financial Action…

7202

Abstract

Purpose

This paper aims to critically examine the digital transformation of anti-money laundering (AML) and countering the financing of terrorism (CFT) in light of the Financial Action Task Force (FATF) San Jose principles, the Organisation for Economic Co-operation and Development (OECD) principles for artificial intelligence (AI) and the proposed European Union (EU) Artificial Intelligence Act. The authors argue that AI tools can revolutionize AML/CFT and asset recovery, but there is a need to strike a balance between optimizing AML efficiency and safeguarding fundamental rights.

Design/methodology/approach

This paper draws on reports, legislation, legal scholarships and other open-source data on the digital transformation of AML/CFT, particularly the deployment of AI in this context.

Findings

A new regulatory framework with robust safeguards is necessary to mitigate the risks associated with the use of new technologies in the AML context.

Originality/value

This study is one of the first to examine the use of AI in the AML/CFT context in light of the FATF San Jose principles, the OECD AI principles and the proposed EU AI Act.

Details

Journal of Money Laundering Control, vol. 26 no. 7
Type: Research Article
ISSN: 1368-5201

Keywords

Book part
Publication date: 13 September 2023

Leana Esterhuyse and Elda du Toit

Companies are often accused of using sustainability disclosures as public relations tools to manage financial and non-financial stakeholders' impressions. The purpose of our study…

Abstract

Companies are often accused of using sustainability disclosures as public relations tools to manage financial and non-financial stakeholders' impressions. The purpose of our study was firstly to determine how comprehensive the human rights disclosures of a sample of large international companies were and secondly, whether different narrative styles are associated with levels of disclosure to manage readers' impressions about the company. We analysed the public human rights disclosures for 154 large, international companies obtained from the UN Guiding Principles Reporting website. On average, companies complied with only one-third of the UN Guiding Principles Reporting Framework criteria. Communication about policies has the highest compliance, whilst communication about determining which human rights aspects are salient to the company, remedies for transgressions and stakeholder engagement have the lowest disclosure. When we split the sample between high disclosure and low disclosure companies, we found that the readability of the human rights disclosures is exceptionally low and even more so for low disclosure companies. Low disclosure companies used words implying Satisfaction significantly more than high disclosure companies, which provides some support for suspecting that low disclosure companies practise impression management by only presenting a ‘rosy picture’, as well as obfuscation via low readability. We add to the literature on impression management by large corporations in their sustainability reporting, and specifically human rights disclosures, by revealing how the interplay of low disclosure, low readability and overuse of words signalling Satisfaction contributes to impression management, rather than sincere attempts at accountability to all stakeholders.

Open Access
Article
Publication date: 20 July 2023

Hoang Bui and Zoltán Krajcsák

This study aims to investigate the relationship between corporate governance (CG) and financial performance in the case of publicly listed companies in Vietnam for the period from…

10875

Abstract

Purpose

This study aims to investigate the relationship between corporate governance (CG) and financial performance in the case of publicly listed companies in Vietnam for the period from 2019 to 2021. The topic is crucial in understanding how effective governance practices can influence the financial outcomes of companies. The study sheds light on the link between CG practice and firm financial performance. It also provides insights for policymakers and practitioners to improve CG practices.

Design/methodology/approach

Due to the potential dynamic endogeneity in CG research, this study uses the generalized system methods of moments to effectively address the endogeneity problem. Financial performance is measured by Tobin’s Q, return on equity (ROE) and return on assets (ROA). Based on organization for economic cooperation and development (OECD) standards, these indices were calculated to assess the influence of CG practices on corporate financial performance, namely, for accounting information (ROA and ROE) and market performance (Tobin’s Q and service à resglement différé (SRD) – stock price volatility) for the period 2019–2021. In addition, the study examines the relationship between changes in the CG index and changes in financial performance.

Findings

The study’s main objective is to determine the relationship between CG performance scores and financial performance. The study found a positive relationship between transparency disclosure and financial performance and a positive correlation between CG and company size. The COVID-19 pandemic caused a decrease in transparency and information index scores in 2021 compared to 2019 and 2020 due to delayed General Meetings of Shareholders. The study failed to find a relationship between shareholder rights index (“cg_rosh”) and board responsibility (“cg_reob”) and financial performance, concerning which the findings of this study differ from those of previous studies. Reasons are put forward for these anomalies.

Originality/value

Policymakers need to develop a set of criteria for assessing CG practices. They also need to promulgate specific regulations for mandatory and voluntary information disclosure and designate a competent authority to certify the transparency of company information. The study also suggests that companies should develop CG regulations and focus on regulations relating to the business culture or ethics, as well as implementing a system to ensure equal treatment among shareholders. The study found that good CG practices can positively contribute to a company’s financial performance, which is crucial for investors to evaluate the quality of CG practices for each listed company so that investment risks can be limited.

Details

Journal of Financial Regulation and Compliance, vol. 32 no. 1
Type: Research Article
ISSN: 1358-1988

Keywords

Article
Publication date: 22 December 2022

Sabeeh Ullah, Muhammad Haroon, Shahzad Hussain and Ajid Ur Rehman

Islamic label of an organization attracts Muslims for investment. There is a rising concern with a huge profile of corporate governance related to the Islamic rules (principles)…

Abstract

Purpose

Islamic label of an organization attracts Muslims for investment. There is a rising concern with a huge profile of corporate governance related to the Islamic rules (principles). In this context, this study aims to examine the effect of Islamic labelling on corporate governance in the Pakistani setting.

Design/methodology/approach

This study used a panel data set comprising 120 non-financial Shariah-compliant and non-Shariah-compliant Islamic firms listed on the Pakistan Stock Exchange over the period 2013–2020. For analysis, this study used static panel data estimation techniques. Moreover, for robustness check, this study also applied the system generalized method of movements procedure.

Findings

The findings deduced from empirical estimations reveal that Islamic labelling is positively associated with corporate governance. Overall, results indicate that Islamic labelling promotes corporate governance practices in Pakistan.

Originality/value

It is of utmost importance in terms of both theoretical and empirical context that Pakistan is a Muslim country having a 96.5% Muslim population, and it is evident that Muslims are allowed to execute their business under the guidance of Shariah principles. This study is unique because most of the previous literature provides empirical support related to the impact of corporate governance on capital structure, profitability and firm performance in conventional and Islamic firms. Practically, there is scarce literature on this issue.

Details

Journal of Islamic Accounting and Business Research, vol. 14 no. 6
Type: Research Article
ISSN: 1759-0817

Keywords

Article
Publication date: 28 September 2023

Bhavna Mahadew

The purpose of this study is to provide for critical literature on the legal aspects of corporate governance and their application in Mauritius. The drawbacks of having the…

Abstract

Purpose

The purpose of this study is to provide for critical literature on the legal aspects of corporate governance and their application in Mauritius. The drawbacks of having the principles in the form of a non-binding code are discussed, and a case is made to consider their enshrinement in laws such as the Companies Act 2001 to render them legally enforceable for the good health of companies in Mauritius.

Design/methodology/approach

A doctrinal legal methodology has been adopted to assess the effectiveness of the principles of the 2016 Code of Corporate Governance of Mauritius. Legislations, legal texts, case law and regulations are used to conduct this assessment. In addition, a black-letter approach is taken while discussing the enshrinement of the principles in the Companies Act 2001 of Mauritius. The doctrinal methodology is further supported by a qualitative analysis of the principles of corporate governance based on existing legal literature, which emphasises their relevance and importance.

Findings

The principles of the 2016 Code of Corporate Governance are no doubt a progress over the former 2004 Code in various aspects, aligning the Code with the requirements of the OECD. However, there are still certain loopholes that have been highlighted. In addition, the extent to which these principles are reflected in the Companies Act, which is the primary legislation for companies, has been found to be lacking and inadequate.

Originality/value

This paper is, to the best of the author’s knowledge, the first legal literature concerning the Mauritian legal framework on corporate governance. This is relevant because the country has recently experienced corporate collapses, which could arguably have been avoided with the application of the principles of corporate governance. As such, the paper will present a case study that can be used as a reference for future research on the enforceability and justiciability of these principles.

Details

International Journal of Law and Management, vol. 66 no. 1
Type: Research Article
ISSN: 1754-243X

Keywords

Article
Publication date: 15 February 2024

Alemayehu Yismaw Demamu

Ethiopia has enacted laws on transparency and disclosure of information in state-owned enterprises (SOEs). However, these laws are not strict enough, with the transparency and…

Abstract

Purpose

Ethiopia has enacted laws on transparency and disclosure of information in state-owned enterprises (SOEs). However, these laws are not strict enough, with the transparency and disclosure practices disappointing in the country. Thus, this study aims to investigate the legal framework governing transparency and disclosure in SOEs.

Design/methodology/approach

This study uses doctrinal, qualitative and comparative approaches. Domestic legal texts are appraised based on the organization for economic co-operation and development Guideline on Corporate Governance of State-owned Enterprises, the World Bank Toolkit on Corporate Governance of State-owned Enterprises and best national practices. This approach has been further corroborated by qualitative analysis of the basic principles of transparency and disclosure.

Findings

The finding reveals that the laws on transparency and disclosure do not comply with global practices and are inadequate to ensure transparency and discourse in SOEs. They fail to establish appropriate disclosure frameworks and practices at the SOE and state-ownership entity levels. They also indiscriminately subject enterprises to multiple auditing functions and conflicting responsibilities.

Originality/value

To the author’s knowledge, this study is the first legal literature on transparency and disclosure in Ethiopian SOEs. This study assists the state as owner in reforming the laws and uplifting SOEs from their current unpleasant condition. It can also become a reference for future research.

Details

International Journal of Law and Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1754-243X

Keywords

Book part
Publication date: 15 April 2024

Larisa Mistrean

Introduction: The Republic of Moldova’s economy faces risks caused by the war in Ukraine and the economic crisis, proving that citizens’ prosperity is essential for national…

Abstract

Introduction: The Republic of Moldova’s economy faces risks caused by the war in Ukraine and the economic crisis, proving that citizens’ prosperity is essential for national stability and that financial knowledge influences the standard of living. A minimum financial education provides information, knowledge, and tools to make correct decisions based on informed consent in an increasingly complex financial system. In the financial-banking and academic environment, in-depth research of consumers’ financial education level helps to optimise, streamline, and balance bank–client relations with fairness. This work is the consequence of studying the level of financial education among consumers of financial-banking services, with direct implications for their financial well-being.

Purpose: The main aim of this research is to measure the financial knowledge of consumers of financial-banking services, developing recommendations for measures to improve the situation.

Methodology: To explain the factors of influence, the following research techniques were used: analysis and synthesis of conceptual approaches to financial education; deduction and induction; analysis of the findings of sociological research on the level of financial education of users of financial-banking services; and recommendation synthesis.

Findings: The research validates that enhancing financial education has a positive effect on individuals and the economy, reinstates confidence in financial markets, makes an innovative contribution to accurately assessing consumers’ financial knowledge enabling the implementation of proactive measures.

Implications: This chapter provides insights into consumers’ financial education level, serving as a crucial indicator for institutions and public authorities in formulating and promoting effective educational initiatives to ensure minimal skill gaps.

Details

Contemporary Challenges in Social Science Management: Skills Gaps and Shortages in the Labour Market
Type: Book
ISBN: 978-1-83753-170-7

Keywords

Article
Publication date: 17 October 2022

Renée M. Thompson and Philmore Alleyne

This study aims to investigate measures established to ensure board of directors (BODs) in a state-owned enterprise (SOE) meets the organization for economic cooperation and…

Abstract

Purpose

This study aims to investigate measures established to ensure board of directors (BODs) in a state-owned enterprise (SOE) meets the organization for economic cooperation and development (OECD, 2015) guidelines criteria: how they perform their advising and control roles, and interactions within the boardroom using agency theory and OECD guidelines.

Design/methodology/approach

This research adopts a qualitative approach of a board within a SOE in Barbados involving several stages of data collection. A case study approach was used involving interviews of nine board members and seven key management staff, analysis of board minutes and annual reports.

Findings

BODs follow majority of the OECD (2015) guidelines for good governance. The Chairman allowed full discussion and input from BODs. The board members’ diverse qualifications and skills added value to the organization. However, appointments to the board were heavily slanted toward political considerations which at times may have skewed judgments. Boardroom interactions reflected quality contributions from the BODs. Decision-making was lengthy and tedious. Boardroom atmosphere could be territorial.

Research limitations/implications

Political interference remains an issue facing BODs in executing their roles. This study did not observe board meetings but perceived views via the lens of BODs and management.

Originality/value

This paper adds to the existing body of knowledge of SOE board governance based on OECD (2015) guidelines and how the board performs its advising and control roles. Insights are gained on how board processes contribute to boardroom interaction by using agency theory as the theoretical framework.

Details

Corporate Governance: The International Journal of Business in Society, vol. 23 no. 3
Type: Research Article
ISSN: 1472-0701

Keywords

Article
Publication date: 24 October 2023

Asmita Verma and Anjula Gurtoo

The paper aims to review rules and policy guidelines worldwide around non-personal data (NPD) and evaluate the policies on criteria that allow for the use of data for economic and…

Abstract

Purpose

The paper aims to review rules and policy guidelines worldwide around non-personal data (NPD) and evaluate the policies on criteria that allow for the use of data for economic and social good. A review related to diverse policy approaches of various countries remains a research gap, and hence the analysis in the paper is designed with the intention of developing a research framework and providing policy gaps for further exploration.

Design/methodology/approach

A systematic review of academic and non-academic literature on theoretical foundations, applications of NPD for economic and social good and NPD policies and regulations was conducted to identify the evaluation criteria. A total of 32 dimensions got identified for evaluation. As second step, content analysis was used for evaluation. A total of 13 documents from 6 countries and 1 geographical region were identified for evaluation. The documents were evaluated based on the 32 dimensions spread across 5 domains that facilitate data access and sharing for economic and societal benefit.

Findings

The analysis highlights three distinct emerging perspectives on data exchange: most policy and regulatory documents acknowledge the importance of identifying different types of NPD and accordingly describing the distinct roles and responsibilities of data actors for leveraging the data; the policy and regulatory frameworks clearly focus on increasing business opportunities, data sharing cooperation and innovation; and findings also demonstrate certain gaps in the policy frameworks such as a more comprehensive discussion on data access and sharing mechanisms, particularly data sandboxes and open data, and concrete norms and rigorous standards regarding accountability, transparency, ownership and confidentiality. Furthermore, policies and regulations may include appropriate incentive structures for data providers and users to ensure unhindered and sustainable access to data for the common good.

Originality/value

To the best of the authors’ knowledge, this paper represents one of the first research contributions evaluating global data policies focused on NPD in the context of its increasing use as a public good. The paper first identifies evaluation criteria for the analysis on public and social good, and, thus, provides a conceptual framework for future research. Additionally, the analysis identifies the broad domains of policy analysis on social and public good for data economics.

Details

Digital Policy, Regulation and Governance, vol. 26 no. 1
Type: Research Article
ISSN: 2398-5038

Keywords

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