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This chapter aims to explore the Shari’ah governance rules applied in the Malaysian Islamic banking arena and the effect of Islamic Financial Services Act 2013 on it.

This is a legal exploratory study primarily focused on library research.

Shari’ah governance is a concept that has been developed and applied gradually in Malaysia and the new Islamic Financial Services Act 2013 has taken it to the next level. However, this does not mean that it has resolved the problems in Shari’ah governance that existed before the enactment of the act.

Islamic Financial Services Act 2013 is a new statute that repealed Islamic Banking Act 1983. As such, not many have reviewed this new piece of legislation. This chapter will give insight into the evolution of Shari’ah governance as part of corporate governance of Islamic banks in Malaysia and will help explain the most recent developments in this arena along with the challenges.

Purpose of paper – This paper sets out to introduce the special issue on corporate governance in less developed and emerging economies. It summarises and reflects on themes and findings raised in the papers in the volume.

Design/methodology/approach – The findings reported in the paper are based on desk research and review of the papers contained in the volume.

Findings – The paper finds that the adoption of appropriate corporate governance systems is becoming a central issue in less developed and emerging economies. Factors such as the 1997 Asian financial crisis, the adoption of international donor led reforms, and the globalisation of capital markets are among the factors that are driving corporate governance reforms in less developed and emerging economies.

Research limitations/implications – The pressure from international donors has compelled some less developed and emerging economies to adopt corporate governance models developed in the West with no modification. The paper argues that while it is imperative for less developed and emerging economies to reform their corporate governance systems, it is important that these systems are adapted to suite the specific needs of individual countries.

Originality/value of paper – The paper is a summary of studies exploring various corporate governance issues in less developed and emerging economies. The issues addressed in these studies are important to understand corporate governance issues in both the private and public sectors in less developed and emerging economies.

The aim of this article is to describe and analyze the legal issues of enforcement for corporate governance in Vietnam, focusing primarily on constraints that are faced by companies. And subsequent recommendations to Vietnam's policy makers are raised. In support of working out a legal framework on enforcement of corporate governance, the article has initially focused on assessment of the enforcement for corporate governance in Vietnam. The theoretical framework is that of OECD Principles of Corporate Governance (April 1999, Paris). Furthermore, this article briefly raises some relevant impacts by corporate governance enforcement on compliance with best standards of corporate governance. The article also addresses current impediments on enforcement of corporate governance. It is concluded that enforcement of corporate governance requires making the legal framework perfect to assist inspectors with enforcement of corporate governance; and improvements on the legal framework to enhance the capacity of implementing officials is a need.

The governance of family businesses has attracted considerable scrutiny among scholars and practitioners. This paper explores influences that have defined corporate governance practices in family firms in the last century and reflects on the possible direction of research and practice in the next century.

This manuscript undertakes a literature review of past and recent literature investigating corporate governance practices within family businesses.

The evolution of corporate governance in the family business literature is underpinned by centralised decision-making structures, the need to overcome fundamental corporate governance challenges, the increasing relevance of family governance models and the recognition and adoption of contemporary trends in the corporate governance space. The review also suggests that corporate governance and family business research in the next century will be dominated by technology-based governance, sustainable governance, globalisation and the validation for multi-board structures, greater attention to succession planning and diversity, and channelling significant resources to innovation.

The paper synthesises developments in the corporate governance–family business literature and proposes a future perspective.

This study examines the effect of non-audit fees (NAF) provisions on interest payments classification shifting. In addition, we investigate to what extent the NAF economic bonding and interest payments classification shifting is contingent on internal governance and firm financial well-being.

This study employed probit regression using a sample of UK non-financial firms indexed in FT UK (500) over the period from 2009 to 2017.

We find evidence that the economic bonding of NAF between external auditors and their clients is more likely to encourage managers in UK firms to manipulate operating cash flows through interest payment classification shifting. In addition, and interestingly, our results evince that classification-shifting may be the less costly and soft choice of managers in firms with strong governance and charging higher NAF. Furthermore, we show that financially distressed firms associated with their auditors in purchasing non-audit services are more prone to attempting to manipulate and engage in interest payments classification-shifting. Our result did not provide a significant effect of external auditor tenure on the interest payments classification shifting.

Our findings are subject to the following limitations: First, this study uses a composite index to measure the quality of internal corporate governance. It focuses only on the board of directors, but this index does not reflect other internal governance mechanisms. Second, this study is subject to limited study time due to the implementation of key IFRS standards (IFRS 9 Financial Instruments and IFRS 15 Revenue from Contract with Customers) from 2018–2019.

This study was motivated by the UK’s Financial Reporting Council regulators' pressure on the Big 4 audit firms to move more audit time into main auditing activities, reduce cross-selling to audit clients and separate their audit practices by 2024. Overall, we provide new evidence that directs a close spotlight on the threats of NAF that are potentially useful to regulators, shareholders and investors.

It is motivated by the UK’s Financial Reporting Council regulators' pressure on the Big 4 to move more audit firm time into main auditing activities, reduce cross-selling to audit clients and separate their audit practices by 2024. Overall, we provide new evidence that directs a close spotlight on the threats of NAS that are potentially useful to regulators, shareholders and investors.

The study aims to assess the interplay between financial globalization, effective governance and economic growth in sub-Saharan African (SSA) economies.

This study uses the Generalized Method of Moment Estimation and the Panel Quantile Regression techniques to analyze how financial globalization and governance impact sub-Saharan African economies.

The results show that governance is vital to the region's economic development. In order to achieve significant growth, sub-Saharan African economies must prioritize actions that promote good governance.

The study is limited to sub-Saharan African economies.

It is crucial for the sub-Saharan Africa economies to concentrate on strengthening governance frameworks in order to realize its full economic potential because improvements in governance quality would have a favorable effect on economic growth.

The findings indicate that both capital inflows and governance dynamics are essential for fostering economic growth in SSA economies. Also, balancing globalization's benefits with effective governance is crucial for promoting sustainable growth in SSA.

This paper fills a gap in literature by using the KOF financial globalization index to assess the impact of financial globalization and governance on economic growth in sub-Saharan African economies.

The purpose of this paper is to examine the possibility of a curvilinear relationship between governance structure and nonfinancial risk disclosure. This paper also examines the moderating role of ethical values on the governance structure and nonfinancial risk disclosure relationship.

The sample of this paper contains 71 nonfinancial firms listed on the Saudi Stock Exchange from 2013 to 2020 (568 firm-year observations). The authors use OLS regressions to test the hypotheses.

The authors find there is a U-shaped relationship between governance structure and nonfinancial risk disclosure. Moreover, they show that ethical values moderate the relationship between governance structure and nonfinancial risk disclosure.

The findings of this study offer implications for policy makers and firm managers in Saudi Arabia which there should periodically assess and adapt their governance frameworks due to potential fluctuations in the optimal level resulting from internal or external disruptions.

To the best of the authors’ knowledge, this is the first study in Saudi Arabia that provides new empirical evidence on the curvilinear relationship between governance structure and nonfinancial risk disclosure and the moderating role of ethical values on this relationship.

Organisations are confronted with the challenge of navigating various pressures arising from activities that shape environmental and social impacts, which stakeholders find significant. This research endeavours to ascertain a process facilitating the analysis and seamless integration of sustainability into corporate strategy. The goal is to establish an “integrated” ESG governance framework adept at effectively managing institutional pressures.

This research employs an action research approach, focusing on a leading company within the sugar industry. The investigation delves into the relationship dynamics associated with business issues through a process that engages, either directly or indirectly, board members, top managers, as well as industrial and commercial customers, along with final consumers.

The formulation of a sustainability strategy serves as a guiding framework for the Board of Directors in effectively navigating tensions arising from environmental, social and economic pressures.

The research contributes to bridging the realms of business governance and institutional theory (viewed under a paradoxical lens). On a managerial level, the study introduces a structured process aimed at seamlessly integrating sustainability objectives into governance, aligning with international ESG guidelines (OECD, 2023; WEF, 2020).

The originality of this research lies in crafting a sustainability strategy by the BoD that takes into account the impact of governance and responds to the demands of strategic stakeholders.

This research paper aims to conceptualize digital transformation governance and its conventional mechanisms and to present governance solutions tailored to an organization’s level of digital maturity. The objective is to provide a framework for large organizations to select appropriate governance mechanisms based on their digital maturity level, enabling them to effectively manage and govern their digital transformation journey.

The study employs a meta-synthesis methodology, systematically reviewing and synthesizing findings from 175 academic papers and 31 reports/white papers. The research involves a rigorous qualitative approach, including literature search, selection of relevant texts, information extraction, analysis of qualitative findings, quality control and presentation of findings.

The proposed model suggests a three-tiered approach to digital transformation governance based on the organization’s digital maturity: “beginner,” “intermediate” and “advanced” stages. The findings indicate that as an organization advances in its digital maturity, its governance mechanism tends to be less centralized and involves multiple relevant units. Conversely, organizations with lower digital maturity require a more concentrated approach to digital governance.

The study is based on a systematic review and synthesis of existing literature. Further empirical research could validate and refine the proposed model.

By using the proposed maturity-driven model, organizations can choose a more suitable and effective governance mechanism for the realization of their digital transformation roadmap based on their digital maturity level. The model offers a comprehensive framework for selecting and combining appropriate governance mechanisms at each maturity stage.

The proposed framework offers a strategic and novel yet practical tool, enabling organizations to advance their digital governance capabilities in sync with their transformation roadmap. The study consolidates dispersed findings and expands the range of viable governance mechanisms contingent on digital progression.

This research aims to assess how well the e-governance initiative aligns with its design expectations and on-ground realities for property management to redevelop Delhi, the mega-city of India. Additionally, the study proposes strategic interventions to address any gaps identified, aiming to improve the project’s effectiveness and success.

The research employs a singular exploratory case study methodology to scrutinise the e-governance initiative undertaken by the Government of India to confer property rights. Specifically, the study utilises a qualitative research approach known as design-reality gap (DRG) analysis. The study draws from primary and secondary sources using a mixed-methods data collection strategy. Primary data are gathered through a purposeful and snowball sampling method involving direct engagement with respondents, whilst secondary data are sourced from the project portal.

The investigation reveals a substantial disparity between the planning and execution phases of e-governance projects. This incongruity predominantly manifests in the domains of process, staffing and skills, as well as objectives and values. The study further finds that strategic collaboration amongst stakeholders and the sustainability of decisions are the most critical factors in ensuring the success of e-governance initiatives and bridging the DRG of e-governance projects.

This research highlights the complex challenges faced by e-governance projects in technical, human and organisational aspects. The successful implementation and sustainability of these projects require effective strategies to overcome challenges, which management should proactively identify and act on. To improve services, beneficiaries should be encouraged to provide feedback and suggestions, as they play a crucial role in service enhancement. A dynamic feedback loop would be established by creating a two-way interaction between beneficiaries and service providers, leading to iterative service improvement. It is important to note that the study’s findings are more illustrative than conclusive due to the moderate sample size, reflecting its limitations.

The research contributes to the scholarly discourse on e-governance and policy implementation by comprehensively examining the alignment between conceptual design and real-world execution. It also introduces a normalised scale for the DRG framework, mapping its dimensions to deduce specific outcomes. This innovative approach enhances the research’s originality and value, offering insights applicable in both academic and practical domains.