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Book part
Publication date: 17 November 2011

Morris Zelditch

Constructing a theory of the legitimacy of groups, especially groups that mobilize the resources of their own members and provide pure or impure public goods such as…

Abstract

Constructing a theory of the legitimacy of groups, especially groups that mobilize the resources of their own members and provide pure or impure public goods such as collective action, raises some questions not encountered by theories of the legitimacy of acts, persons, or positions. Among these are: First, groups are typically nested in other groups. Groups nested in other groups may differ from each other both in their situations of action and in the larger social framework of norms, values, beliefs, practices, and procedures that guide action in them; or, in other words, in the two chief sources of their legitimacy. Does this pose a problem for the legitimacy of groups? If it does, with what consequences and under what conditions? Second, groups that mobilize the resources of their members for the purpose of providing them with pure or impure public goods have problems of both agency and collective action. Problems of agency and collective action make compliance with the claims made by the group on the resources of its members problematic. Even those willing to comply with them may be deterred by fear of the opportunism of others. Under what conditions do those who would be willing to comply were it not for fear of opportunism by others actually comply? Third, legitimacy is in some sense a resource. It is a characteristic instrumental to the mobilization of resources by a group. But is it a resource like any other? Absent land, labor, capital, technology or organization, does it matter how much legitimacy a group has? If not, what is the relation between legitimacy and resources?

Details

Advances in Group Processes
Type: Book
ISBN: 978-0-85724-774-2

Article
Publication date: 16 September 2013

Diane Mayorga

– This study aims to explore how Australian Securities Exchange (ASX) listed companies manage their statutory continuous disclosure (CD) obligations.

1920

Abstract

Purpose

This study aims to explore how Australian Securities Exchange (ASX) listed companies manage their statutory continuous disclosure (CD) obligations.

Design/methodology/approach

Employing aspects of Gibbins et al.'s corporate financial disclosure framework, this study conducts semi-structured interviews with 22 experienced senior managers from diverse companies to examine in depth the key antecedents, structures and issues influencing the CD process.

Findings

The findings indicate that companies' preference to deal with CD as a commercial or legal issue, managers' practical CD experience, who assumes responsibility for CD, owners' and market expectations, third parties, environmental uncertainties and media are important antecedents in the CD process. The importance of these is contingent on company characteristics. Large companies primarily use structured processes and responsive communication networks whereas small to medium companies rely on informal processes and interpersonal communications. Despite following best practice guidelines, companies face multiple issues in managing CD.

Research limitations/implications

Prior disclosure beliefs and personal biases may have a disproportionate impact on CD behaviour. Future research can examine more closely how these behavioural characteristics influence companies' disclosure policies.

Practical implications

This study offers insights for managers interested in managing CD more effectively. The findings suggest the importance of experience, behaving in a proactive manner and educating employees on companies' CD obligations. It offers insights for regulators on aspects of guidance that could be improved.

Originality/value

The study draws on Gibbins et al.'s theoretical framework to furnish a more complete and refined understanding of the CD process.

Details

Accounting, Auditing & Accountability Journal, vol. 26 no. 7
Type: Research Article
ISSN: 0951-3574

Keywords

Article
Publication date: 14 May 2018

David Mutua Mathuva and H. Gin Chong

This paper aims to utilize institutional theory to examine the impact of the 2008-2010 regulatory reforms on compliance with mandatory disclosures by savings and credit…

Abstract

Purpose

This paper aims to utilize institutional theory to examine the impact of the 2008-2010 regulatory reforms on compliance with mandatory disclosures by savings and credit co-operatives (SACCOs) in Kenya.

Design/methodology/approach

Two-stage least squares panel regression approach is utilized to analyse data covering 1,272 firm-year observations for 212 SACCOs over a six-year period, 2008-2013. An analysis of the pre- and post-regulation impacts on compliance with mandatory disclosure requirements is also performed.

Findings

The results, which are in support of the institutional theory, reveal that licensed SACCOs engage in higher compliance with mandatory disclosures, and this improves from the pre- to the post-regulation period. The results show that SACCOs under inquiry engage in lower compliance with mandatory disclosure requirements, especially in the post-regulation period. The findings also reveal a significant and positive association between SACCO size, co-operative governance and compliance with mandatory disclosure requirements.

Research limitations/implications

The study focuses on transition-level SACCOs in a single country. An extension into other jurisdictions with nascent, transitional and mature SACCOs would provide greater insights into the impact of disclosure regulation. Further, the study uses a self-constructed disclosure checklist which is subject to coding errors and biases.

Practical implications

The findings highlight the need for SACCO regulators and accounting professional body to devise incentives to improve the level of compliance with required disclosures.

Originality/value

The study contributes to the dearth of evidence on the efficacy of the introduction of mandatory disclosure requirements in a developing country where compliance is problematic because of difficulties with enforcement.

Details

Journal of Financial Regulation and Compliance, vol. 26 no. 2
Type: Research Article
ISSN: 1358-1988

Keywords

Article
Publication date: 23 October 2020

Yosra Mnif and Hela Borgi

The purpose of this study is to examine the association between two corporate governance (CG) mechanisms, namely, the board of directors and the audit committee (AC) and…

Abstract

Purpose

The purpose of this study is to examine the association between two corporate governance (CG) mechanisms, namely, the board of directors and the audit committee (AC) and the compliance level with International Financial Reporting Standards (IFRS) mandatory disclosure requirements across 12 African countries.

Design/methodology/approach

This paper uses a self-constructed checklist of 140 items to measure the compliance with IFRS mandatory disclosure requirements (here after, COMP) of 202 non-financial listed firms during the 2012–2016 period. This paper applies panel regressions.

Findings

The findings reveal that CG mechanisms play an important role in enhancing compliance with IFRS in the African context. The results show that board independence, AC independence and the number of meetings held by the AC are positively associated with COMP. Regarding expertize, this paper find that AC industry expertise along with accounting financial expertise is associated with a higher level of COMP than accounting financial expertize alone. These results show the importance of the CG mechanisms to enforce African companies to fully comply with IFRS required disclosures.

Practical implications

The findings should give a signal to supervisory authorities that more effort is necessary to enforce IFRS across African countries if the introduction of IFRS is to bring the expected benefits to investors and other users. Hence, the lack of full compliance should remain a concern for regulators, professional accounting bodies and policymakers.

Originality/value

This study contributes to the literature by providing further insights that, within the African region an understudied context, extend current understanding of the association between CG mechanisms and COMP.

Details

Corporate Governance: The International Journal of Business in Society, vol. 20 no. 7
Type: Research Article
ISSN: 1472-0701

Keywords

Article
Publication date: 4 February 2010

Siân Allen and Anthony Beech

The study examined how nursing staff in a secure forensic unit make judgements about female patients' level of risk and whether a patient's lack of engagement in therapy…

Abstract

The study examined how nursing staff in a secure forensic unit make judgements about female patients' level of risk and whether a patient's lack of engagement in therapy was a salient factor. Results indicate that staff accounted for the following historical factors when making judgements: past aggression, substance misuse, symptoms of psychosis and personality disorder, and the following clinical factors: lack of insight, non‐compliance and lack of motivation. A positive therapeutic alliance between patient and key‐worker, high levels of self‐confidence in staff members, a supportive nursing team and an institution with good procedural security were perceived to be protective factors.

Details

The British Journal of Forensic Practice, vol. 12 no. 1
Type: Research Article
ISSN: 1463-6646

Keywords

Book part
Publication date: 15 August 2002

James Boyd

Financial assurance rules, also known as financial responsibility or bonding requirements, foster cost internalization by requiring potential polluters to demonstrate the…

Abstract

Financial assurance rules, also known as financial responsibility or bonding requirements, foster cost internalization by requiring potential polluters to demonstrate the financial resources necessary to compensate for environmental damage that may arise in the future. Accordingly, assurance is an important complement to liability rules, restoration obligations, and other regulatory compliance requirements. The paper reviews the need for assurance, given the prevalence of abandoned environmental obligations, and assesses the implementation of assurance rules in the United States. From the standpoint of both legal effectiveness and economic efficiency, assurance rules can be improved. On the whole, however, cost recovery, deterrence, and enforcement are significantly improved by the presence of existing assurance regulations.

Details

An Introduction to the Law and Economics of Environmental Policy: Issues in Institutional Design
Type: Book
ISBN: 978-0-76230-888-0

Article
Publication date: 1 February 1994

GRAHAM MANSFIELD

This paper is about apparent failure in an aspect of financial regulation: non‐compliance with regard to taxation. An idealised compliance model of tax advice, from the…

Abstract

This paper is about apparent failure in an aspect of financial regulation: non‐compliance with regard to taxation. An idealised compliance model of tax advice, from the Inland Revenue perspective, merely involves application of revenue law to the facts to determine fiscal liabilities. A less compliant approach involves, for example, creative accounting to amend figures and so reduce such liabilities. The focus here, however, is on legal creativity to reduce or even cancel tax bills: just how tax advisers match, mismatch or rematch their clients' facts interactively with malle‐able interpretations of both revenue and other laws. Following classification of various tax devices — with three examples for each of five categories — recurrent concepts, themes and techniques of avoidance are then further analysed. This analysis not only confirms that legal creativity makes compliance problematic but also offers a novel exposition of just how that paradoxical use of the law occurs.

Details

Journal of Financial Regulation and Compliance, vol. 2 no. 2
Type: Research Article
ISSN: 1358-1988

Article
Publication date: 6 October 2021

Hela Borgi and Yosra Mnif

The purpose of this study is to investigate the effect of enforcement, and more particularly government quality and the stock market development, on compliance with…

Abstract

Purpose

The purpose of this study is to investigate the effect of enforcement, and more particularly government quality and the stock market development, on compliance with International Financial Reporting Standards (IFRS) disclosure requirements in 12 African countries.

Design/methodology/approach

The authors use a self-constructed compliance index from content analysis and apply panel regressions for a sample of 606 firm-year observations during the period 2012 to 2014.

Findings

This analysis illustrates a high level of disparity of information provided by companies, possibly due to the complexity of the selected standards and the depth of information required. The findings reveal that government quality and stock market development have a positive and significant effect on compliance with IFRS disclosure requirements in Africa. This implies that enforcement plays a key role in improving the compliance level across African countries.

Practical implications

These findings should be of interest to government policymakers, professional bodies, regulators and standard setters who are concerned with compliance and financial reporting transparency at a country level. It should be a signal to call for more effort to strengthen the enforcement of accounting standards and capital market supervision by putting in place some disciplinary actions for non-compliance with IFRS. The authors also believe that the results may help African policymakers and regulators enhance the level of compliance with IFRS disclosure requirements by enforcing accounting standards.

Originality/value

This research contributes to the compliance literature by investigating the effect of enforcement on compliance with IFRS disclosure requirements in the African countries, an understudied context where enforcement is a challenge.

Details

Journal of Financial Regulation and Compliance, vol. 30 no. 1
Type: Research Article
ISSN: 1358-1988

Keywords

Article
Publication date: 2 November 2015

Lukas Prorokowski and Hubert Prorokowski

BCBS 239 sets out a challenging standard for risk data processing and reporting. Any bank striving to comply with the principles will be keen to introspect how risk data…

Abstract

Purpose

BCBS 239 sets out a challenging standard for risk data processing and reporting. Any bank striving to comply with the principles will be keen to introspect how risk data is organized and what execution capabilities are at their disposal. With this in mind, the current paper advises banks on the growing number of solutions, tools and techniques that can be used to support risk data management frameworks under BCBS 239.

Design/methodology/approach

This paper, based on a survey with 29 major financial institutions, including G-SIBs and D-SIBs from diversified geographical regions such as North America, Europe and APAC, aims to advise banks and other financial services firms on what is needed to become ready and compliant with BCBS 239. This paper discusses best practice solutions for master data management, data lineage and end user implementations.

Findings

The primary conclusion of this paper is that banks should not treat BCBS 239 as yet another compliance exercise. The BCBS 239 principles constitute a driving force to restore viability and improve risk governance. In light of the new standards, banks can benefit from making significant progress towards risk data management transformation. This report argues that banks need to invest in a solution that empowers those who use the data to manage risk data. Thus, operational complexities are lifted and no data operations team is needed for proprietary coding of the data. Only then banks will stay abreast of the competition, while becoming fully compliant with the BCBS 239 principles.

Practical implications

As noted by Prorokowski (2014), “Increasingly zero accountability, imposed, leveraged omnipresent vast endeavors, yielding ongoing understanding […] of the impact of the global financial crisis on the ways data should be treated” sparked off international debates addressing the need for an effective solution to risk data management and reporting.

Originality/value

This paper discusses the forthcoming regulatory change that will have a significant impact on the banking industry. The Basel Committee on Banking Supervision published its Principles for effective risk data aggregation and risk reporting (BCBS239) in January last year. The document contains 11 principles that Global Systemically Important Banks (G-SIBs) will need to comply with by January 2016. The BCBS 239 principles are regarded as the least known components of the new regulatory reforms. As it transpires, the principles require many banks to undertake a significant amount of technical work and investments in IT infrastructure. Furthermore, BCBS 239 urges financial services firms to review their definitions of the completeness of risk data.

Details

Journal of Investment Compliance, vol. 16 no. 4
Type: Research Article
ISSN: 1528-5812

Keywords

Article
Publication date: 1 October 2005

Jeffrey C. Morton

To provide the investment management industry with a summary of the expectations of the Securities and Exchange Commission (SEC)'s examination staff with regard to the…

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Abstract

Purpose

To provide the investment management industry with a summary of the expectations of the Securities and Exchange Commission (SEC)'s examination staff with regard to the development of a culture of compliance.

Design/methodology/approach

A review of certain elements identified by an SEC staffer that are necessary for a firm to have a strong and effective control environment and culture of compliance was carried out. The article explores a firm's strategic vision or “tone at the top,” risk identification, establishment of controls, documentation, accountability and self reporting, and cooperation.

Findings

Confirmation that a firm's success in establishing a culture of compliance is difficult to prove and harder to document. However, an understanding of the concept of developing a compliance culture can allow compliance officers to demonstrate a commitment to ethical and compliant practices.

Originality/value

The SEC's new inspection program evaluates each firm's commitment to compliance and moral and ethical practices. This article provides a basic understanding of the minimum expectations of the SEC's inspection staff.

Details

Journal of Investment Compliance, vol. 6 no. 4
Type: Research Article
ISSN: 1528-5812

Keywords

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