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Journal of Corporate Governance, Insurance, and Risk Management
JAFAS
Journal of Corporate Governance, Insurance, and Risk Management (JCGIRM)
JCHE
ISSN (print): 2958-1923
ISSN (online): 2757-0983
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2024: Vol. 11
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Journal of Corporate Governance, Insurance, and Risk Management (JCGIRM) stands out as a leading scholarly platform, specializing in the nuanced fields of corporate governance, insurance, and risk management. Distinguishing itself from other publications in these domains, JCGIRM commits to deepening the understanding of the intricacies and contemporary challenges within these critical business sectors. The journal serves as a pivotal platform for innovative research and intellectual insights, establishing benchmarks in examining the interplay of governance, insurance policies, and risk management strategies in the corporate sphere. Published bi-annually by Acadlore, the journal typically releases its two issues in June and December each year.

  • Professional Service - Every article submitted undergoes an intensive yet swift peer review and editing process, adhering to the highest publication standards.

  • Prompt Publication - Thanks to our proficiency in orchestrating the peer-review, editing, and production processes, all accepted articles see rapid publication.

  • Open Access - Every published article is instantly accessible to a global readership, allowing for uninhibited sharing across various platforms at any time.

Editor(s)-in-chief(3)
igor todorović
University of Banja Luka, Bosnia and Herzegovina
igor.todorovic@ef.unibl.org | website
Research interests: Corporate Governance; ICT Industry; Business Planning; Quality Management; Strategic Enterprise Management; Management
ercan özen
University of Uşak, Uşak, Turkey
ercan.ozen@usak.edu.tr | website
Research interests: Financial Analysis; Corporate Finance; Finance; Financial Accounting; Financial Statement Analysis; Financial Management; Banking and Finance; Financial Risk Management; Investment; Risk Management
simon grima
University of Malta, Malta
simon.grima@um.edu.mt;simon.grima@lu.lv | website
Research interests: Governance Risk Management and Compliance; Financial Derivatives; Financial Management; Internal Audit; Risk Management; IT Risk Management; Financial Services

Aims & Scope

Aims

The Journal of Corporate Governance, Insurance, and Risk Management (JCGIRM) establishes itself as a leading international, open-access, refereed journal that delves into the intricate realms of corporate governance, insurance, risk management, and related areas such as financial services, auditing, and sustainability. As the successor to the European Journal of Economics and Management, first launched in 2014, JCGIRM’s mission is to disseminate a blend of academic, theoretical, and practical insights, extending its reach to a national and international audience. The journal welcomes diverse original submissions from various institutions and countries, including reviews, research papers, short communications, and special issues on specific topics.

JCGIRM’s objective is to foster a rich exchange of ideas among scientists, researchers, and academics in fields ranging from corporate governance to risk management. It emphasizes the importance of detailed, original research and innovative applications, imposing no restrictions on paper length to ensure comprehensive dissemination of results for reproducibility. Additional features of the journal include:

  • Every publication benefits from prominent indexing, ensuring widespread recognition.

  • A distinguished editorial team upholds unparalleled quality and broad appeal.

  • Seamless online discoverability of each article maximizes its global reach.

  • An author-centric and transparent publication process enhances submission experience.

Scope

The journal covers a wide array of interconnected topics within its domain, including but not limited to:

  • Corporate Governance: Deep dives into leadership, board structures, corporate ethics, and governance models across different industries and regions.

  • Insurance and Risk Management: Comprehensive studies on insurance products, actuarial science, risk assessment, and management strategies in various sectors.

  • Financial Services and Banking: Analysis of financial markets, banking operations, financial regulations, and innovations in financial technologies.

  • Auditing and Compliance: Investigations into auditing practices, compliance standards, and the evolving landscape of corporate accountability.

  • Sustainable Business Practices: Research on sustainability in business operations, corporate social responsibility (CSR), and the integration of environmental, social, and governance (ESG) factors in business strategies.

  • Entrepreneurship and Innovation: Insights into startup ecosystems, entrepreneurial finance, and the role of innovation in business growth and competitiveness.

  • International Economics and Trade: Studies on global trade dynamics, international economic policies, and their impact on corporate governance and risk management.

  • Behavioral Finance: Exploration of the psychological factors influencing financial decision-making and market outcomes.

  • Organizational Behavior and Human Resources: Analysis of human resource management strategies, organizational culture, and employee engagement in relation to corporate governance.

  • Technology Management in Business: The role of emerging technologies like AI, blockchain, and data analytics in transforming business practices, governance, and risk management.

  • Crisis Management and Business Continuity: Strategies for managing corporate crises, disaster recovery planning, and ensuring business continuity.

  • Public Policy and Regulation: Examination of the interface between public policy, regulatory frameworks, and corporate governance.

  • Financial Planning and Wealth Management: Insights into personal financial planning, wealth management strategies, and their implications for risk management.

  • Accounting and Financial Reporting: Trends and challenges in financial accounting, reporting standards, and their relevance to corporate governance.

  • Mergers and Acquisitions: Analysis of M&A strategies, valuation techniques, and their impact on corporate governance and risk management.

Articles
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Open Access
Research article
Ethical Conduct and Code of Ethics Compliance Among Maltese Internal Auditors: An Analytical Perspective
mariah mifsud ,
carlo calleja ,
peter j. baldacchino ,
norbert tabone ,
lauren ellul ,
simon grima
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Available online: 12-30-2023

Abstract

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Through a mixed-methods research approach, this study investigates the factors influencing the ethical conduct of Internal Auditors (IAors) in Malta, assesses their awareness of ethical dilemmas and threats alongside their obligations under the Institute of Internal Auditors' Code of Ethics (the Code), and evaluates how frequently and under what circumstances IAors refer to the Code. Interviews were conducted with twenty-two participants, including nine internal auditors from Maltese listed organizations (MLEreps), five from government entities (Govtreps), and eight outsourced auditors (Outreps). The analysis reveals that IAors' commitment to ethical principles is primarily driven by personal integrity rather than mere obligation to the Code, with personality and character standing out as the foremost predictors of ethical behavior. Nonetheless, the significance of a well-articulated Code of Ethics, organizational culture, the efficacy of the audit committee, and auditors' experience in shaping ethical conduct was also noted. It was found that internal auditors, especially those within government organizations, are more frequently confronted with ethical dilemmas than their external counterparts due to the nature of their work involving scrutiny of colleagues' actions. Outsourced auditors (Outreps) face distinct challenges in maintaining confidentiality. Across all groups, the threat of over-familiarity was identified as a substantial risk to ethical integrity, with government auditors (Govtreps) additionally perceiving intimidation as a significant concern. Despite these challenges, the Code was viewed by many, particularly MLEreps, as insufficient in addressing the ethical issues and risks encountered. Although a majority of IAors exhibit a willingness to comply with the Code, only a small fraction actively consults and reference it in their reports. This has led to calls among Maltese IAors for an enhanced Code and clearer guidelines, highlighting a reliance on the Code of Ethics for Warrant Holders for further direction due to the lack of practical examples in the current framework.

Abstract

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Recent emphasis on environmental stewardship by stakeholders has escalated demands for disclosures on social and environmental impacts from environmentally detrimental companies, underscoring the significance of sustainable reporting. This trend has catalyzed the emergence of sustainability indices in financial markets, highlighting corporate commitment to sustainable practices. The inclusion of firms in these indices is often perceived positively by investors, potentially influencing expectations of stock price surges. Hence, the examination of whether this inclusion prompts investor overreaction becomes pertinent. This study aims to ascertain the existence of investor overreaction to companies listed in the BIST Sustainability Index. The research encompasses companies incorporated into the Borsa Istanbul sustainability index from 2014 to 2022. Adopting the methodology of De Bondt & Thaler (1985), this analysis investigates the prevalence of overreaction. The findings reveal that the overreaction hypothesis holds true for a one-year duration post-inclusion in the index. This indicates that investors exhibit overreaction by purchasing stocks during the initial year of a company's inclusion, yielding returns surpassing market averages. Conversely, holding these stocks for three and five years results in inadequate investor reactions and fails to secure above-market returns. This suggests that the impact of index inclusion on investor behavior is transient, diminishing in the third and fifth years. The study contributes to the discourse on behavioral finance by elucidating the nuanced effects of sustainability indices on financial market dynamics and investor behavior.

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This investigation delves into the dynamics of Turkey’s high-technology investments and their influence on export expansion. In an evolving global economy, the pivotal role of high technology industries for sustained economic success is increasingly acknowledged. This research explores Turkey’s strategic endeavors and investments in high-tech sectors, highlighting their impact on export-driven economic development. Through a multidisciplinary lens, encompassing economic, technological, and policy perspectives, the dynamics of Turkey’s foray into high technology are scrutinized. A fusion of quantitative and qualitative methodologies aids in dissecting the trends, challenges, and prospects associated with the high-technology sector in Turkey. Findings indicate a marked escalation in high-tech investments over the past decade, driven by targeted policy frameworks and synergies among government, industry, and academia. These investments have catalyzed advancements in key sectors, including information technology, aerospace, biotechnology, and renewable energy. A discernible positive correlation between high-tech investments and the augmentation of Turkey’s export market is observed, underscoring the criticality of innovation in enhancing global competitiveness. Nonetheless, challenges such as the necessity for robust regulatory frameworks, talent cultivation, and infrastructure enhancement persist, crucial for the sustained growth of high-tech exports. The study proffers an analysis of these challenges, along with actionable recommendations for policymakers, industry leaders, and scholars to effectively address them.

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This investigation underscores the pivotal role of managerial sustainability and ethical practices in enhancing corporate success. Utilizing a comprehensive approach, the study amalgamates, interprets, and exemplifies pertinent data to delineate the influence of these key elements on business performance. The primary methodology encompasses a meticulous compilation, whereby the effects of sustainability and ethical conduct in management on corporate achievements are scrutinized through an analysis of current and credible resources. This synthesis not only identifies but also elucidates the core components of managerial sustainability and ethics. Furthermore, the study adopts an interpretative lens to explicate this data, thus facilitating its dissemination within the commercial sector. A methodical discussion on various approaches, including case studies and success narratives, concretizes the subject matter, offering pragmatic insights into the application of sustainability and ethics in business contexts. Contemporary businesses are challenged to transcend mere profit-seeking endeavors by embracing ethical norms and principles of environmental, social, and economic sustainability. These facets are identified as crucial determinants for long-term corporate prosperity. Notably, there exists a discernible gap in comprehending how corporations can refine their management practices to effectively incorporate sustainability and ethical considerations. A profound understanding of the interplay between these aspects and business success remains a critical area of exploration. The focus of this study is to bridge this gap by elucidating the synergistic relationship between managerial sustainability, ethics, and corporate success. Intended to spark interest among business managers, sustainability experts, ethicists, and academicians, this review presents an in-depth analysis of managerial sustainability and ethics. The findings serve as a valuable guide for business leaders, scholars, and policymakers, advocating for the integration of sustainable and ethical principles into business strategies. This alignment is posited as a catalyst for constructing a sustainable future, yielding long-term benefits for both the business sector and society at large, thus advancing the vision of a sustainable global community.

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This study examines the interrelation between foreign equity investments (FEIs) and the BIST 100 index, a pivotal indicator of the Turkish economy's overall performance. Given Turkey's emergence as a market with considerable potential returns, this analysis is particularly pertinent. The focus is on the volume of shares held by international investors in Borsa Istanbul and its impact on the BIST 100 index. Data spanning 924 weeks, from 2006 to 2023, form the empirical basis of this investigation. Stationarity of variables was assessed using the Augmented Dickey-Fuller (ADF) and Phillips-Peron (PP) unit root tests. The direction of causality between the studied variables was determined via a Granger causality test, employing a Vector Autoregressive (VAR) model. Findings reveal a bidirectional causality between the returns of the BIST 100 index and FEIs, aligning with prevailing hypotheses that posit a connection between foreign equity flows and stock market indices. This relationship underscores the integral role of international investments in shaping market dynamics within emerging economies. The study contributes to the understanding of financial market interdependencies, highlighting the significance of foreign investments in the context of a developing economy's stock market.

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Energy resources constitute a fundamental necessity for the sustenance of nations, with their security being a critical facet of both national and economic stability. The Eastern Mediterranean, a pivotal route for the global transportation of energy resources, notably oil and natural gas, plays a significant role in this context. It is established that over half of the world's petroleum products are transported via maritime routes, underscoring the strategic importance of this region. The presence of contested zones involving the Turkish Republic of Northern Cyprus (TRNC), Turkey, the Greek Administration of Southern Cyprus (GASC), and Greece, however, raises concerns regarding the security of these maritime corridors. This study commences with an exposition of the concepts of energy and its associated security, followed by an analysis of the Eastern Mediterranean's strategic relevance and the role of the TRNC. Central to this discussion is the Blue Homeland doctrine, a foreign policy approach that prioritizes maritime security interests of the state. The doctrine is dissected to elucidate its implications for regional maritime dynamics. Data pertaining to cargo transportation within the Eastern Mediterranean is presented, highlighting the region's significance in terms of security. The study then pivots to an exploration of the Blue Homeland doctrine, examining its application and impact on the region. Notably, the study avoids first-person perspectives, adhering to a passive voice to maintain academic rigor.

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Currently, the primary focus of the poverty discourse is around the concept of "the feminization of poverty". Similar to other countries, a significant factor contributing to women's poverty in Turkey is the limited availability of employment alternatives that enable women to generate income. Given the escalating prevalence of women's impoverishment, it is evident that the anti-poverty measures implemented by governments often fall short of being enough. Various institutions and groups are introducing alternative financial services in this particular setting. An effective approach to address women's poverty in Turkey is the implementation of the "micro credit" program. Microcredit offers modest financial resources that enable economically disadvantaged women to independently participate in income-generating endeavors. The concept of "microfinance" is crucial in recognizing the significance of capital in combating poverty. Hence, the United Nations designated 2005 as the year of "Microcredit." Microfinance is regarded as a crucial instrument in attaining the Millennium Development Goals of alleviating poverty worldwide by 2015. The purpose of this study was to assess the effects of Microcredit provided by the Turkish Grameen Microfinance Program (TGMP) on the empowerment of women in their efforts to combat poverty, specifically in relation to women's entrepreneurship and their socio-economic well-being. The study was done using surveys administered to a sample of 250 women who utilized microcredit in the Eskişehir province as part of the TGMP program. The data collected were subjected to analysis using Exploratory Factor Analysis (EFA) and the one-way ANOVA approach, which is a parametric testing procedure. The second phase of the analysis involved the utilization of the semi-structured survey methodology, which is a qualitative research method. This approach was administered to a sample of 50 women participating in the study. During the interview, the questions from the initial survey were discussed and further explored, along with the underlying reasoning behind them. The findings indicate that the effects of microcredit on women's entrepreneurship and socio-economic status following microcredit utilization differ based on factors such as women's educational attainment, the nature of the business founded, the extent of income growth, the loan amount, and the number of times the loan is utilized. Conversely, every participant expresses support for microcredit; the majority perceive them as beneficial and motivating. The prevailing opinion among them is that universal benefits should be extended to all individuals. According to their statement, the rise in income resulting from the enterprises they created and expanded using microcredit had a significant role in their family's finances (80%), enabling them to spend more comfortably (20%). Most of them stated that they possess a budget that prioritizes both savings and revenue growth.

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The burgeoning international concern over environmental sustainability has brought to the forefront the unique challenges climate change poses to global economies and financial markets. In the light of this, the role of International Financial Institutions like the International Monetary Fund and the World Bank in transitioning towards a green economy is increasingly critical. This study aims to elucidate the influence of climate risk on financial access and stability within G20 countries, spanning from 2006 to 2017. Employing a comprehensive panel data analysis, which accounts for cross-sectional dependence and slope heterogeneity, a fixed effects model is utilized. The Global Climate Risk Index (CRI) scores, provided by Germanwatch, serve as the primary measure of climate risk, with lower scores indicating heightened risk. The investigation reveals a non-linear relationship, where enhanced financial access correlates with diminishing climate risk, underscoring the positive impact of climate change policies on financial system efficiency. However, no significant connection is found between climate risk and financial fragility, a phenomenon potentially attributed to the resilience of countries with advanced credit markets and preemptive risk insurance measures by households. These findings imply that while climate change significantly influences financial access in G20 countries, its effect on financial fragility within the studied period is negligible. The study underscores the potential for policy interventions in climate change mitigation to augment financial system efficiency. Ensuring the consistency of professional terminology, the analysis provides insights into the nuanced relationship between climate risk and financial dynamics in major economies.

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This study aimed to evaluate the influence of accounting information systems (AIS), employee intrinsic motivation, and internal controls on the productivity of employees at PT. Bank Danamon's Ambon Branch. Primary data collection was conducted through meticulously designed questionnaires, ensuring validity and reliability. Respondents were carefully selected to align with specific criteria pertinent to the research objectives. Complementing the primary data, an extensive literature review was conducted to gather secondary data. Additionally, structured interviews were employed to acquire in-depth insights into the examined factors, bolstering the data's integrity and the study's overall validity. The analytical approach adopted was multiple regression analysis. The findings revealed that each variable—AIS, work motivation, and internal controls—individually exerted a significant influence on employee performance. The variable of AIS, as determined through partial testing, demonstrated a notable impact on performance metrics. Concurrently, the motivation variable, also assessed through partial testing, was found to significantly shape employee performance. Moreover, the study highlighted the pivotal role of internal controls in influencing performance outcomes. A simultaneous assessment of these variables revealed a profound collective impact on employee performance, with a statistical significance level notably low (p < 0.05). The coefficient of determination (R²) was found to be 0.965, elucidating the substantial combined effect of the AIS, motivation, and internal control on employee performance. These insights contribute valuable knowledge to the banking industry, specifically in the realms of financial performance and organizational efficiency.

Open Access
Research article
Impact of COVID-19 on Audit Risk Assessment Procedures: Insights from Malta
lauren ellul ,
kylie-ann ellul ,
peter j. baldacchino ,
norbert tabone ,
simon grima
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Available online: 11-27-2023

Abstract

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This investigation explores the transformative effect of the COVID-19 pandemic on the risk assessment processes employed by auditors. The primary focus is on how the pandemic has reshaped the identification and evaluation of risks, necessitating alterations in the timing, nature, and extent of risk assessment procedures (RAPs) in the audit risk assessment context. This study, through semi-structured interviews with audit partners and senior managers from Big Four and mid-tier firms in Malta, comprising a total of 15 interviews, delves into the evolving landscape of risk assessment. It has been observed that the pandemic demanded increased vigilance and effort from auditors in understanding clients' businesses and their operational environments. This heightened attention was crucial to identify emerging risks aptly. A shift in the RAPs was discerned, favoring inquiries and analytical procedures (APs) over traditional methods like observation and inspection. The incorporation of Information Technology (IT) tools has markedly transformed the approach to gathering sufficient and appropriate audit evidence, particularly in verifying inventories and property, plant, and equipment (PPE), along with third-party confirmations. Furthermore, the study identifies material risks such as going concern (GC), asset impairment (including plant, equipment, inventory, and receivables), and the impact of external events on companies. An important outcome of this shift is the increased reliance on Artificial Intelligence (AI) and blockchain-based applications, heralding a more efficient and effective risk assessment process. This evolution not only enhances audit quality but also serves the public interest more robustly. The findings imply a long-term impact on audit risk assessment, projecting a continued evolution in the post-COVID era. These insights contribute significantly to the discourse on audit practices in times of crisis, underscoring the need for adaptive methodologies and the integration of advanced technologies in audit procedures.

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Corporate social responsibility (CSR) has increasingly gained importance in the globalized business world. CSR is crucial for long-term corporate sustainability and tackling large-scale issues including resource constraints and climate change. Today's competitive landscape prompts firms to differentiate through CSR initiatives while protecting profit margins. Consequently, CSR becomes pivotal for investors and other stakeholders. Previous research indicates firms with robust corporate governance exhibit enhanced CSR relative to peers. Multiple studies also link superior financial performance to socially conscientious firms. The current study aimed to comparatively analyze CSR perceptions between organizations listed under Turkey's Corporate Governance and BIST 100 stock exchange indexes. Analytical procedures were employed to evaluate 108 unique annual reports from both indexes published between 2015-2020. Results suggest that firms with governance guidelines in place adopt a more comprehensive CSR-oriented strategic profile than counterparts solely governed by national commercial regulations. Specifically, organizations subjected to additional listing prerequisites communicated CSR values through a more embedded framework attentive to economic, environmental and social dimensions of activity. In contrast, reportage from the BIST 100 frequently portrayed CSR as ancillary public relations with inadequate consideration for stakeholder interests or long-term impacts. This evaluation offers insight for policymakers seeking to stimulate CSR culture through strengthened compliance directives.

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Managerial proficiency, a multifaceted construct, encompasses numerous attributes and is thought to be augmented by experience. Despite the inherent complexities of management roles, susceptibility to manipulation poses a significant challenge to organizational success. The cultural context in which a manager operates may exert either a positive or negative influence on this vulnerability, highlighting the need for comprehensive examination. However, the existing theoretical basis for addressing this issue remains underdeveloped. The present study seeks to identify the areas most susceptible to manipulation, thereby recognizing potential risks for managers and suggesting strategies for mitigation. A qualitative research approach was employed, with semi-structured interviews conducted and subjected to exploratory factor analysis. Findings from this investigation uncovered a multitude of domains in which managers could be misled. The outcomes of this research are expected to provide valuable insights for managerial practitioners and contribute to the broader field of management studies.

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