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In a high‐profile case that first drew big media headlines last February, a New York brokerage firm and a ring of eight brokers on the floor of the New York Stock Exchange were charged with perpetrating a scheme in which they made over $11.1m in illegal profits and at the same time covered their tracks with an elaborate fraud.

The purpose of this study is to examine regulatory sanctions from an emerging economy perspective and analyzing the impact of regulators imposed monetary sanctions on banks’ performance.

The study adopted correlational research design to examine the effect of regulatory penalties on the performance of deposit money banks in Nigeria. This study used panel data from a sample of 15 deposit money banks in Nigeria for the period of 2006-2015. Multiple regression analysis was carried out.

Results showed that penalties imposed by regulators in the Nigerian banking industry have no significant impact on the bottom line of the defaulters. Penalties imposed on foreign exchange and international trade related infraction showed that the cost of penalties is below the benefits enjoyed from such infractions.

The insignificant impact of penalties on performance implies that deposit money banks have considered penalties imposed by regulators as operational expenses and transferred such to customers.

The study differs from other studies that examined regulatory penalties on performance by focusing on financial performance and using data from an emerging economy perceived to have weak regulatory environment.

Using the ethical consequentialist theory of utilitarianism, this paper aims to demonstrate the correlation between the prosecution of Arthur Andersen LLP and the United States Department of Justice’s (DOJ) increased use of pretrial diversion agreements, both nonprosecution and deferred prosecution agreements (N/DPA) for criminal corporations.

Through an analysis of previous literature, the United States Justice Manual, and data from the Corporate Prosecution Registry, this study examines the trend of N/DPAs from 1992 to 2021. Specifically, the data is examined to assess whether a pattern exists before and after the 2002 prosecution of Andersen.

This study finds an exponential increase of N/DPAs after Andersen’s prosecution. The DOJ’s basis for the increased use of these agreements is rooted in the utilitarian theory that the punishment of criminal corporations should deter and rehabilitate behavior while also maximizing the benefit to society (e.g. shareholders, employees and business community). The justice manual, memorandums and public speeches explicitly promote the use of N/DPAs for corporations to minimize collateral damage and the potential for negative societal impact.

This study applies a utilitarian framework to explain the criminal justice system’s increased use of pretrial diversion agreements for criminal corporations.

This study aims to problematize current calls for a “public health” approach to governing illicit drugs and the people who use them.

It draws on a range of historical sources to describe how drugs became a problem for governments, in order to critically diagnose the present and investigate the origins of current perspectives on drugs.

It is argued that there are currently two authoritative drug discourses. The first discourse is the dominant one and is eradicative, with blame and punishment as its primary responses. The second discourse is subauthoritative, but growing in importance, and is sanitorial, with care and cure as its primary responses.

While these two discourses have often been thought of as distinct, this historical exploration demonstrates that the eradicative and sanitorial discourses are both based on similar principles.

The purpose of this paper was to investigate the motivation behind whistleblowing, the tussle between internal and external whistleblowing and the extent whistleblowing laws in the UK and the USA are able to provide protection to whistleblowers. While employees need to be protected against unfair retaliations for making legitimate disclosure, employers seek to prevent irreparable damage from abusive disclosure of sensitive corporate information.

A mix of legal examination and case study analysis of recent whistleblowing cases in the financial services sector is used in this study. It ergo relies mainly on primary data from recent applicable legislations and secondary data available in the public domain, journal articles, media reports and related academic texts.

The study’s findings and analysis suggest that whistleblowing law in the UK, namely, the Public Interest Disclosure Act 1998 appears unable to promote effective whistleblowing awareness among working adults and adequate protection to whistleblowers. The situation is broadly similar in the USA with reports of serious employer retaliations though bounty awards available there have brought some relief to whistleblowers. Consequently, whistleblowing to help safeguard public interest is not appropriately encouraged and protected, suggesting the need for further reform initiatives.

The research mitigates the limits of primary secondary data analysis through triangulation of different sources of data and from the use of different perspectives. This paper suggests that whistleblowing laws in the UK and the USA, while assuring protection for workers for reporting wrongdoings internally or externally to prescribed regulatory agencies, can in theory help the early detection of corporate wrongdoings like those witnessed in the 2007 global financial crisis as employees are likely to first witness such activities. In practice, because of fear of employer reprisals and other social and economic costs, whistleblowers frequently hesitated until way too late. The findings suggest that business corporations missed such occasions to beef up their internal controls and demonstration of their commitment to ethical governance; and ergo would need to address such issues more effectively.

The paper contributes insights from a combined corporate management and legal analysis perspective. It suggests that this type of approach and analysis of whistleblowing would be helpful to employers, employees, policymakers and regulators, as whistleblowing is a complex process involving not just the law, but social, psychological and economic considerations. The paper, by providing further insights on the motivations behind whistleblowing including other considerations as well as the impact of current whistleblowing laws in the UK and the USA, supports earlier suggestions on the lack of whistleblowing contributions to various current financial scandals until way too late and the need to review these laws and current internal corporate controls reporting practices.

This study aims to examine the relationships between the rules that a cooperative membership decides upon and members' motives for action. It considers individual self-interest in relation with motives that are consistent with the values of cooperation.

This paper comprises two parts. The first is theoretical and discusses cooperative governance's features in the context of individual motives. The second part is empirical and based on survey data from Italian multistakeholder, worker-run social cooperatives. It uses cross-sectional data gathered from 4,134 workers and 310 managers in 310 cooperatives in Italy to provide evidence of rules and individual motives. Regression analysis confirms the existence of a linkage between individual self-interest and motives.

Rules mainly, but not exclusively, play an enabling function, which implies responding to both nonmonetary and monetary individual motives. With greater articulation within institutions – through the definition of multiple rights for accessing decision-making – the authors expect increases in individual capabilities to match motives with specific organizational rules in pursuit of consistent ends. This is confirmed by the association that the authors found between individual motives and commitment.

The authors’ illustration is limited to one specific type of cooperative, the social cooperative, in which prosocial motives are expected to be stronger than in other cooperative forms, although one could say that all cooperative models emphasize procommunity and prosocial aims. Data are cross-sectional and do not allow for the identification of causality, only of statistical relations' strength.

The continuous scrutiny and adaptation of motives and means imply that cooperators communicate and engage in a learning process.

While the institutional spheres that support investor-owned organizations and self-interested profit-maximizing behavior have been analyzed, a framework that accommodates personal control rights and a richer view of individual motives is lacking. The value added from the paper is to suggest one.

The main objective of the current study is to provide a framework for business sustainability performance (BSP) in Iran.

To determine the dimensions, components and indicators of BSP, the use of the meta-synthesis method allows for the achievement of research goals. For measuring the quality of selected literature, Critical Appraisals Skills Program (CASP) is used. The total of selected texts is 181, of which 139 were excluded.

This research presented a comprehensive conceptual model for BSP, which includes 23 components and 125 reporting indicators in economic category, social, ethical, environmental and corporate governance.

Although there is an extensive body of literature exploring the nature and extent of sustainability practices in developed countries, empirical studies examining the framework for BSP using meta-synthesis in emerging markets do not exist.

The purpose of this paper is to discuss how the failed finance companies in Sri Lanka used fair value accounting practices as an opportunistic earnings management practice to launder money under weak corporate governance structures.

This paper uses a qualitative design under the philosophy of interpretivism. The case study research strategy is used inductively to investigate how fair value accounting had been used for money laundering.

The dishonest intention of major shareholders and board of directors had forced failed companies to misuse fair value accounting to manipulate performance and use them for personal benefits which were detrimental to the depositors and stability of the companies. The weak corporate governance structures which were developed because of regulatory forbearance were influential for manipulations. The concentrated ownership had reduced agency conflicts between shareholders and managers because major shareholders were the members of the board of directors. The appointed committees were not effective because of an inadequate number of independent directors with sufficient expertise. The reduced agency conflict between shareholders and managers has exaggerated the agency conflict with depositors. Therefore, it is recommended to dilute ownership concentration to establish good corporate governance structures and make stable institutions.

This study does not discuss the dishonest fair value accounting practices of all licensed finance companies because of the sensitivity of the matter for surviving companies.

This paper is an original work of the authors which discusses how fair value accounting practices had been used to launder money in failed finance companies in Sri Lanka as an emerging market context.

The object of this paper is to understand how central–local relations and internal technical characteristics contribute to performance reporting delays at the local level in a Global South context.

The paper develops and tests four propositions using a combination of secondary data analyses and semistructured interviews with 30 local government officials.

The findings indicate that delays in performance reporting are generally high in pre-election years because leadership commitments at the local level largely shift toward national politics (campaigning for re-election of the president). Additional reporting delays were found to be the result of low financial capacity to maintain appropriate data collection and management systems, lack of highly trained monitoring and evaluation experts at the local level and lack of sanctions for noncompliance.

The fact that some types of Districts (large municipalities and metro areas with access to large financial resources) were excluded from the analysis induces some bias to the findings. The choice of 30 out of a total 260 local governments limits the analyses to only 12% of views and perceptions of local government reporting delay. Additionally sourcing responses from a few monitoring and evaluation (M&E) personnel out of hundreds of mid- to upper-level employees limited the breath of discussions that could have resulted from a broader study.

The results of this paper suggest that any attempt at imposing sanctions on late reporting may not be very successful since national party politics, which lie outside the control of municipalities, is one of the main factors that drive reporting delay. Rather than imposing sanctions, government should consider incentivizing the reporting process. On the other hand, since internally generated funds (IGF) and the M&E team are factors that lie within the control of the municipality, any attempt to decrease reporting delay should first focus on improving local revenues and strengthening municipal M&E capacity building.

This paper adds to the existing literature by offering directions for approaching performance reporting delay in two ways. First, it emphasizes central–local relations as an important political determinant of performance reporting delay. Second, it explores reporting delay in Ghana's local governments and therefore provides useful insights from a Global South perspective.

The purpose of this paper is to investigate the impact of three types of peer monitoring and punishment tools on the performance of a group contract for the control of agricultural non-point source pollution (ANPSP) in China.

Experimental economics.

All the three tools result in efficiency improvement and show little difference in performance. In addition, they break the theoretical Nash equilibrium of the team entry auction and help to better reveal bidders’ private cost information.

To the authors’ knowledge, this study can be the first laboratory experiment study in the area of ANPSP in China and might provide some beneficial lessons for China’s policy-makers.