Forthcoming articles


International Journal of Corporate Governance


These articles have been peer-reviewed and accepted for publication in IJCG, but are pending final changes, are not yet published and may not appear here in their final order of publication until they are assigned to issues. Therefore, the content conforms to our standards but the presentation (e.g. typesetting and proof-reading) is not necessarily up to the Inderscience standard. Additionally, titles, authors, abstracts and keywords may change before publication. Articles will not be published until the final proofs are validated by their authors.


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International Journal of Corporate Governance (9 papers in press)


Regular Issues


    by Sophie Briere, Natalie Rinfret, Helene Lee-Gosselin, Maude Villeneuve 
    Abstract: This study presents a qualitative research conducted with boards of directors in large organisations from various sectors of the Quebec economy. From a critical perspective, this research documents elements related to the perceived impact of the presence of women on boards through the members discourse and the boards practices. The results show that the two types of discourse mentioned in the literature - competence and individual gendered - are present among board members. The results reveal the presence of a discourse on diversity distinct from the other two. Perceived as a catalyst for change, that discourse attaches importance to the significant impact of mixing men and women. However, in the respondents diversity discourse, few tangible changes in gender dynamic within boards are observed. This study highlights the relevance of examining the presence and impact of women on boards from a new angle with a perspective that goes beyond statistical data and multiple discourses.
    Keywords: Women on board; governance; diversity; impact.

  • Corporate Governance and Systemic Risk of Tunisian Banks   Order a copy of this article
    by Aymen Mselmi, Boutheina Regaieg 
    Abstract: This paper studies the relationship between systemic risk measures and internal governance mechanisms of banking institutions and managers entrenchment level. Our study examines a sample of eleven Tunisian listed banks over the 2006 to 2013 period. The aim is to determine systemic banks, the main governance internal mechanisms and managers entrenchment level that contributed to attenuating or amplifying individual and overall systemic risk. The empirical results indicate that the internal governance mechanisms of banking institutions are positively associated with the long run marginal expected shortfall, and that the presence of a risk management committee has no effect on the level of systemic risk incurred by banks. However, the regression on the long run marginal expected shortfall and the firms percentage of financial sector shortfall reveals that the respect of the norms of governance of the banking institutions leads to the minimization of the individual contribution of the banks to the overall systemic risk of the Tunisian banking sector.
    Keywords: Corporate Governance; entrenchment; financial performance; systemic risk.

  • Ownership Structure, Hedging Incentives and Exchange Rate Exposure   Order a copy of this article
    by Ekta Sikarwar, Ganesh Kumar Nidugala 
    Abstract: The study examines the impact of ownership structure on exchange rate exposure using a sample of 651 Indian firms over the period 2001 to 2013. The study finds that ownership structure, in which agency costs and monitoring problems are lower, is associated with a reduced level of exchange rate exposure. The evidence also reveals that currency derivative usage is associated with greater reduction in exchange rate exposure for firms that have lower agency and monitoring problems obtained from their ownership structure. This study has important implications for managers, shareholders and investors who are associated with assessing a firms exposure to exchange rate risk.
    Keywords: Ownership Structure; Exchange Rate Exposure; Hedging; Corporate Governance; India.

  • Audit Committee Roles, Responsibilities and Characteristics in Ghana: The Perception of Agency Stakeholders   Order a copy of this article
    by Teddy Ossei Kwakye, Godfred Matthew Yaw Owusu, Rita Amoah Bekoe 
    Abstract: This paper examines the perception of firms' major agency stakeholders external auditors, investors and senior management of Ghanaian listed companies on the roles, responsibilities and desirable characteristics of an effective corporate audit committee (AC). Employing a survey approach to this study, the paper documents that agency stakeholders in Ghana associate the role and responsibilities of AC more with firms internal audit function and processes than any other unit which AC has oversight responsibilities. It also demonstrates that corporate stakeholders do not attach the same level of importance to the roles, responsibilities and characteristics of AC. The paper, therefore, highlights the need for stakeholders to be aware of and consider the new dynamics of AC functions and processes with equal importance to promote effective practice.
    Keywords: Audit committee; corporate governance; Ghana Stock Exchange; internal audit; stakeholders; agency; perception; board of directors; emerging markets; effectiveness; roles and responsibilities; characteristics.

  • Factors Influencing Adoption and Disclosure of Voluntary Corporate Governance Practices by the Indian Listed Firms   Order a copy of this article
    by Veerma Puri, Manoj Kumar 
    Abstract: This study is aimed at ascertainment of factors influencing adoption and disclosure of voluntary Corporate Governance practices (VCGP) of Indian listed firms. Results revealed that: (a) there exists a large variation in VCGP across Indian firms; (b) VCGP of Indian firms are significantly affected by their size, financial leverage, ownership concentration, industry type, effectiveness of their audit committees, foreign listing status and type of external auditors. Further, this study confirmed the (a) substitution effect of Leverage and Ownership Concentration on adoption and disclosures of VCGP; and (b) presence of interaction (interplay) between Leverage and Ownership Concentration. While firms with high and moderately diversified shareholding pattern depicts substitution effect of leverage on adoption of VCGP, firms with highly concentrated shareholding pattern depicts substitution effect of ownership concentration on adoption of VCGP.
    Keywords: Voluntary Corporate Governance Practices; Voluntary Corporate Governance Index; India; Corporate Governance Theories; Substitution Theory.

  • Audit Committee Characteristics, Board Ethnic Diversity and Earnings Management: Evidence from Kenya and Tanzania   Order a copy of this article
    by Nelson Waweru 
    Abstract: This paper investigates the relationship between audit committee characteristics, board ethnic diversity and earnings management in Eastern Africa. We attempt to determine whether compliance with audit committee guidelines has constrained earnings management in companies operating in an environment where corruption is considered as the most problematic factor of doing business. We include firm performance to the Modified Jones model to measure discretionary accruals. The data are collected from annual reports over the period 2005-2014 resulting to a total of 480 firm-year observations. Panel data models are employed in the analyses. The results show that absolute discretionary accruals average about 11.5%, while the independence of the Audit Committee, the presence of a financial expert on the audit committee and board ethnic diversity were negatively and significantly related to earnings management. We also find that audit committee structures are not country specific.
    Keywords: Corporate Governance; Board Ethnic Diversity; Earnings Management; Discretionary Accruals; Kenya; Tanzania.

  • Corporate Governance and Postcolonialism: the Experience of Sri Lanka   Order a copy of this article
    by Athula Manwaduge, Anura De Zoysa, Kathy Rudkin 
    Abstract: This paper explores the perceived adequacy of Anglo-American corporate governance reforms in an emerging market. Using a perception survey of Sri Lankas corporate governance stakeholders, 277 questionnaire survey responses from five stakeholder groups in Sri Lanka are used in factor and regression analyses. This empirical study finds that adoption of best practice Anglo-American policies and regulations do not result in the perception of good corporate governance by stakeholders. The application of postcolonial theory offers an insight into this discrepancy. Current technical modes of investigation only replicate the modernity narrative. Policy setters and regulators should consider corporate governance as a cultural practice as well as a technical practice, to better serve stakeholder perceptions. This study introduces postcolonial theory as a means of cultural evaluation of corporate governance practices.
    Keywords: Stakeholder; Postcolonial; Emerging Markets; Sri Lanka; Factor Analysis; quality of corporate governance.

    by Mahendra Raj, Rajesh Kumar, Sujit Sukumaran 
    Abstract: Manuscript Type: Empirical Research Question/Issue: This study analyses the effectiveness of the series of post 2008 regulatory reforms in the banking industry by examining whether agency costs have declined in the post 2008 period. The paper aims to identify and classify new measures of agency costs. Research Findings/Insights: The study was based on the US banks during the time period 2007-2013. The results suggest that agency costs have increased in the post economic recession period. Agency costs have increased for all banks irrespective of sizes. Increases in direct and indirect measures of agency costs was higher for large banks compared to medium and small sized banks. The study examined various dimensions of agency costs through factor analysis. The identified factors which capture various aspects of agency costs are better explained by the classification proposed in this article. Theoretical /Academic Implications: A new theoretical framework on behavioral lines can be proposed for the manifestation of agency costs. The study suggests that four types of behavioral factors result in agency costs- Self Enrichment, Complacency, Cover up and Risk Affinity. It can be postulated that agency costs originate due to the self-enrichment behavioral nature of managers. The agency costs are further ballooned up due to the complacent nature of managers towards the financial position of the banks. In a reactionary behavior to reduce agency costs, managers engage in cover up activities, exhibit elements of hubris behavior and seek risk affinity in order to evolve strategies for improving profitability. Practitioner/Policy Implications: The study provides insights to the fact that management behavior may adapt to both the external and internal environment to facilitate agency costs. The study suggest that the new regulatory measures may not have worked well on expected lines or may have provided adverse incentives which would have increased agency costs but of a different nature.
    Keywords: Agency costs; Self Enrichment; Complacency; Cover up; Risk Affinity.

  • Transparency and Microfinance Institutions Risk in Sub-Saharan Africa   Order a copy of this article
    by Haileslasie Tadele Gebremariam, Helen Roberts, Rosalind H. Whiting 
    Abstract: Using a sample of 151 MFIs from 21 countries over the 20052014 period, we examine the impact of transparency on MFIs risk in Sub-Saharan Africa (SSA). We use a three-stage least squares method to address the issue of reverse causality between transparency and risk. Our results indicate that SSA MFIs have low levels of failure risk and operate in a moderate business disclosure environment. We find that higher MFI transparency reduces Not-for-profit MFIs (NFP MFIs) financial and insolvency risk. However, greater transparency is associated with higher credit risk for both for-profit (FP) and NFP MFIs and increases FP MFIs failure risk. Country-level business disclosure does not influence MFI risk. Overall, our results provide new empirical evidence identifying the difference between for-profit and not-for-profit MFIs risk behaviour and highlight the impact of transparency on MFI risk.
    Keywords: Microfinance institution; risk; Sub-Saharan Africa; transparency.