Latest open access articles published in Journal of Corporate Governance, Insurance, and Risk Management at https://www.acadlore.com/journals/JCGIRM https://www.acadlore.com/journals/JCGIRM Acadlore en Creative Commons Attribution(CC - BY) JCGIRM support@acadlore.com https://www.acadlore.com/article/JCGIRM/2025_12_4/jcgirm120402 The process of digital transformation entails the development of inclusive and reliable financial infrastructure considered to be crucial for economic stability, especially in developing and transition economies. The financial sector of Kosovo is mainly dominated by commercial banks which heavily rely on the deposits of private clients as the main source of funding, thus customer loyalty is essential for their funding stability. In line with the Sustainable Development Goal 9 which underlies the significance of innovation and sustainable industrialization, the purpose of this research is to investigate the dimensions of e-banking service quality, service price, and the impact of socio-demographic factors on customer satisfaction and loyalty within the banking sector in the Republic of Kosovo. This study applied both qualitative and quantitative methods to collect data and analyze research results. It was noted that the service quality of e-banking emerged with a positive impact on customer satisfaction, yet exerted no significantly direct impact on customer loyalty. Reliability, as a dimension of e-banking service quality, turned out to be the key factor that positively influenced customer satisfaction, followed by responsiveness and sensitivity. Besides, financial innovation was positively perceived by the bank clients in developing countries, despite the adverse impact derived from the negative relationship between price and loyalty. Therefore, precisely identifying and perceiving potential factors that influence e-banking satisfaction and client loyalty is crucial to support efforts striving towards financial inclusion. The findings in the current study suggest that a balanced approach that encourages innovation while maintaining fair pricing strategies is indispensable to ensuring that the positive impact of e-banking translates into a bank’s financial stability in the developing countries. This study offers insightful knowledge for commercial banks and regulators who are interested in factors affecting progressive digital financial inclusion in emerging banking sectors. 12-29-2025 <![CDATA[ The process of digital transformation entails the development of inclusive and reliable financial infrastructure considered to be crucial for economic stability, especially in developing and transition economies. The financial sector of Kosovo is mainly dominated by commercial banks which heavily rely on the deposits of private clients as the main source of funding, thus customer loyalty is essential for their funding stability. In line with the Sustainable Development Goal 9 which underlies the significance of innovation and sustainable industrialization, the purpose of this research is to investigate the dimensions of e-banking service quality, service price, and the impact of socio-demographic factors on customer satisfaction and loyalty within the banking sector in the Republic of Kosovo. This study applied both qualitative and quantitative methods to collect data and analyze research results. It was noted that the service quality of e-banking emerged with a positive impact on customer satisfaction, yet exerted no significantly direct impact on customer loyalty. Reliability, as a dimension of e-banking service quality, turned out to be the key factor that positively influenced customer satisfaction, followed by responsiveness and sensitivity. Besides, financial innovation was positively perceived by the bank clients in developing countries, despite the adverse impact derived from the negative relationship between price and loyalty. Therefore, precisely identifying and perceiving potential factors that influence e-banking satisfaction and client loyalty is crucial to support efforts striving towards financial inclusion. The findings in the current study suggest that a balanced approach that encourages innovation while maintaining fair pricing strategies is indispensable to ensuring that the positive impact of e-banking translates into a bank’s financial stability in the developing countries. This study offers insightful knowledge for commercial banks and regulators who are interested in factors affecting progressive digital financial inclusion in emerging banking sectors. ]]> Impact of E-Banking Service Factors on Client Satisfaction and Sustainable Loyalty in the Republic of Kosovo: A Case Study mimoza morina duresa kilaj fisnik morina doi: 10.56578/jcgirm120402 Journal of Corporate Governance, Insurance, and Risk Management 12-29-2025 Journal of Corporate Governance, Insurance, and Risk Management 12-29-2025 2025 12 4 Article 243 10.56578/jcgirm120402 https://www.acadlore.com/article/JCGIRM/2025_12_4/jcgirm120402 https://www.acadlore.com/article/JCGIRM/2025_12_4/jcgirm120401 This study examined how cost of sales influences the firm value of listed agricultural companies in Nigeria. An ex-post facto research design was adopted to analyze audited historical financial data collected from five listed Nigerian agricultural companies, including Ellah Lakes PLC, FTN Cocoa Processors PLC, Livestock Feeds PLC, Okomu Oil Palm PLC, and Presco PLC, which were selected by census sampling. The secondary data obtained from the annual reports of the firms under investigation was from the period of 2015 to 2024. Hypotheses were tested using panel estimated generalized least squares. The findings revealed that cost of sales had a significantly positive effect on firm value (β = 8.801653, p = 0.0000), indicating that effective management of production and operational costs enhanced financial returns. Therefore, the management of listed agricultural companies was advised to strengthen structured cost management practices that focused on efficient procurement of raw materials, improved inventory control, and optimized production processes, so that spending on cost of sales continued to support the growth of revenue and translate into higher firm value rather than generating unnecessary operational waste. 12-29-2025 <![CDATA[ <p>This study examined how cost of sales influences the firm value of listed agricultural companies in Nigeria. An ex-post facto research design was adopted to analyze audited historical financial data collected from five listed Nigerian agricultural companies, including Ellah Lakes PLC, FTN Cocoa Processors PLC, Livestock Feeds PLC, Okomu Oil Palm PLC, and Presco PLC, which were selected by census sampling. The secondary data obtained from the annual reports of the firms under investigation was from the period of 2015 to 2024. Hypotheses were tested using panel estimated generalized least squares. The findings revealed that cost of sales had a significantly positive effect on firm value (<em>β</em> = 8.801653, <em>p</em> = 0.0000), indicating that effective management of production and operational costs enhanced financial returns. Therefore, the management of listed agricultural companies was advised to strengthen structured cost management practices that focused on efficient procurement of raw materials, improved inventory control, and optimized production processes, so that spending on cost of sales continued to support the growth of revenue and translate into higher firm value rather than generating unnecessary operational waste.</p> ]]> From Costs to Gains: How Cost of Sales Enhances Firm Value in Listed Agricultural Companies ama kalu ikwuo otuagoma florence onororakpoene gilbert ogechukwu nworie doi: 10.56578/jcgirm120401 Journal of Corporate Governance, Insurance, and Risk Management 12-29-2025 Journal of Corporate Governance, Insurance, and Risk Management 12-29-2025 2025 12 4 Article 232 10.56578/jcgirm120401 https://www.acadlore.com/article/JCGIRM/2025_12_4/jcgirm120401 https://www.acadlore.com/article/JCGIRM/2025_12_3/jcgirm120305 Despite the strategic importance of the food and beverage sector in Nigeria’s economy, many firms within the industry continue to experience persistent operational inefficiencies. Challenges such as high production costs, supply chain disruptions, inconsistent power supply, weak capacity utilization, and rising input prices have undermined operational stability and consequently heightened operating risk. While these operational failures are often discussed in relation to profitability and firm survival, their implications for investor value remain insufficiently explored. In this connection, this study examined the effect of operating risk on investor value in Nigerian food and beverage firms via adopting an ex-post facto research design. Secondary data were collected from audited financial statements and annual reports of 13 purposively sampled firms listed on the Nigerian Exchange Group between 2015 and 2024. Panel estimated Generalized Least Squares (GLS) with Seemingly Unrelated Regression (SUR) was employed to test the hypothesis and correct for heteroskedasticity and cross-sectional dependence. The findings revealed that operating risk, measured by operating margin, had a significantly negative impact on investor value (p &lt; 0.05). Since lower operating risk increases investor value, management teams of Nigerian food and beverage firms are advised to implement operational controls and cost monitoring systems that could reduce inefficiencies, stabilize production processes, and maintain optimal operating margins to enhance shareholder returns. 09-29-2025 <![CDATA[ Despite the strategic importance of the food and beverage sector in Nigeria’s economy, many firms within the industry continue to experience persistent operational inefficiencies. Challenges such as high production costs, supply chain disruptions, inconsistent power supply, weak capacity utilization, and rising input prices have undermined operational stability and consequently heightened operating risk. While these operational failures are often discussed in relation to profitability and firm survival, their implications for investor value remain insufficiently explored. In this connection, this study examined the effect of operating risk on investor value in Nigerian food and beverage firms via adopting an ex-post facto research design. Secondary data were collected from audited financial statements and annual reports of 13 purposively sampled firms listed on the Nigerian Exchange Group between 2015 and 2024. Panel estimated Generalized Least Squares (GLS) with Seemingly Unrelated Regression (SUR) was employed to test the hypothesis and correct for heteroskedasticity and cross-sectional dependence. The findings revealed that operating risk, measured by operating margin, had a significantly negative impact on investor value (p &lt; 0.05). Since lower operating risk increases investor value, management teams of Nigerian food and beverage firms are advised to implement operational controls and cost monitoring systems that could reduce inefficiencies, stabilize production processes, and maintain optimal operating margins to enhance shareholder returns. ]]> When Operations Fail to Deliver: Effect on Investor Value in Nigerian Food and Beverages Firms ama kalu ikwuo otuagoma florence onororakpoene oboh john ogenyi gilbert ogechukwu nworie doi: 10.56578/jcgirm120305 Journal of Corporate Governance, Insurance, and Risk Management 09-29-2025 Journal of Corporate Governance, Insurance, and Risk Management 09-29-2025 2025 12 3 Article 221 10.56578/jcgirm120305 https://www.acadlore.com/article/JCGIRM/2025_12_3/jcgirm120305 https://www.acadlore.com/article/JCGIRM/2025_12_3/jcgirm120304 A review of pension scheme literature in Kenya reveals limited multi-factor analyses of pension fund performance. This study examines the influence of corporate governance (CG), investment strategy (IS), and macroeconomic factors on the financial performance of pension funds in Kenya over the period 2012–2022. The study adopts a mixed-methods approach that integrates primary CG and IS survey data with secondary macroeconomic data. CG and IS were measured using survey-based indices, while macroeconomic variables were obtained from national datasets. A multi-equation analytical framework was adopted to assess direct, mediating, and moderating effects among the study variables. Statistical analyses included multiple regression, Pearson’s product–moment correlation, and analysis of variance. The findings showed that CG significantly improves pension fund performance, while IS mediates the relationship between governance and financial outcomes. Macroeconomic factors significantly influenced pension fund returns, although their impacts varied across the variables. These results highlight the importance of effective governance structures and sound investment strategies in enhancing the financial sustainability of pension funds. In addition, the they imply that macroeconomic factors dictate investment decisions, thereby influencing both the valuation of fund assets and the real value of retirement benefits. The study contributes to the literature by integrating insights from Agency Theory, Stakeholder Theory, Modern Portfolio Theory, and Arbitrage Pricing Theory in explaining pension fund performance within a developing-country context. The findings provide practical implications for pension fund managers and policymakers seeking to strengthen governance practices, optimize investment decisions, and enhance long-term retirement security in Kenya. 09-29-2025 <![CDATA[ A review of pension scheme literature in Kenya reveals limited multi-factor analyses of pension fund performance. This study examines the influence of corporate governance (CG), investment strategy (IS), and macroeconomic factors on the financial performance of pension funds in Kenya over the period 2012–2022. The study adopts a mixed-methods approach that integrates primary CG and IS survey data with secondary macroeconomic data. CG and IS were measured using survey-based indices, while macroeconomic variables were obtained from national datasets. A multi-equation analytical framework was adopted to assess direct, mediating, and moderating effects among the study variables. Statistical analyses included multiple regression, Pearson’s product–moment correlation, and analysis of variance. The findings showed that CG significantly improves pension fund performance, while IS mediates the relationship between governance and financial outcomes. Macroeconomic factors significantly influenced pension fund returns, although their impacts varied across the variables. These results highlight the importance of effective governance structures and sound investment strategies in enhancing the financial sustainability of pension funds. In addition, the they imply that macroeconomic factors dictate investment decisions, thereby influencing both the valuation of fund assets and the real value of retirement benefits. The study contributes to the literature by integrating insights from Agency Theory, Stakeholder Theory, Modern Portfolio Theory, and Arbitrage Pricing Theory in explaining pension fund performance within a developing-country context. The findings provide practical implications for pension fund managers and policymakers seeking to strengthen governance practices, optimize investment decisions, and enhance long-term retirement security in Kenya. ]]> Determinants of Pension Fund Performance in Kenya: A Panel Data Approach william akwimbi duncan elly ochieng josephat lishenga martin ogutu doi: 10.56578/jcgirm120304 Journal of Corporate Governance, Insurance, and Risk Management 09-29-2025 Journal of Corporate Governance, Insurance, and Risk Management 09-29-2025 2025 12 3 Article 194 10.56578/jcgirm120304 https://www.acadlore.com/article/JCGIRM/2025_12_3/jcgirm120304 https://www.acadlore.com/article/JCGIRM/2025_12_3/jcgirm120303 This study explores how people’s perceptions of age, gender, education, and religious beliefs, referred to as perceived demographic mortality differentials, are associated with their decision to purchase life insurance in Lagos State, Nigeria. While financial ability is often seen as the primary factor influencing insurance purchase, this research highlights the significant role of individual beliefs about mortality, shaped by personal and cultural identity. Data were collected from 300 residents across three diverse communities in Lagos State using a structured questionnaire, with responses rated on a Likert scale. Regression analysis showed that all four demographic perceptions were significantly associated with life insurance purchase decisions. Religious beliefs exhibited the strongest explanatory strength (β = 0.618, R² = 0.382), closely followed by education (β = 0.614, R² = 0.376), while gender (β = 0.557, R² = 0.310) and age (β = 0.449, R² = 0.202) also played meaningful roles. These findings suggest that people’s perceptions influence how they assess risk and make financial decisions, including the decision to purchase life insurance. The study concludes that efforts to boost life insurance participation in Nigeria should go beyond pricing or access and instead focus on culturally relevant messaging, financial education, and trust-building strategies that speak to people’s beliefs and lived experiences. These insights are valuable for insurers, policymakers, and development practitioners working to expand financial inclusion in diverse and complex societies. 09-09-2025 <![CDATA[ <p>This study explores how people’s perceptions of age, gender, education, and religious beliefs, referred to as perceived demographic mortality differentials, are associated with their decision to purchase life insurance in Lagos State, Nigeria. While financial ability is often seen as the primary factor influencing insurance purchase, this research highlights the significant role of individual beliefs about mortality, shaped by personal and cultural identity. Data were collected from 300 residents across three diverse communities in Lagos State using a structured questionnaire, with responses rated on a Likert scale. Regression analysis showed that all four demographic perceptions were significantly associated with life insurance purchase decisions. Religious beliefs exhibited the strongest explanatory strength (<em>β</em> = 0.618, <em>R²</em> = 0.382), closely followed by education (<em>β</em> = 0.614, <em>R²</em> = 0.376), while gender (<em>β</em> = 0.557, <em>R²</em> = 0.310) and age (<em>β</em> = 0.449, <em>R²</em> = 0.202) also played meaningful roles. These findings suggest that people’s perceptions influence how they assess risk and make financial decisions, including the decision to purchase life insurance. The study concludes that efforts to boost life insurance participation in Nigeria should go beyond pricing or access and instead focus on culturally relevant messaging, financial education, and trust-building strategies that speak to people’s beliefs and lived experiences. These insights are valuable for insurers, policymakers, and development practitioners working to expand financial inclusion in diverse and complex societies.</p> ]]> Perceived Demographic Mortality Differentials and Their Impact on Life Insurance Purchase Behavior in Lagos State olaronke olufemi oyelade joseph nnamdi mojekwu doi: 10.56578/jcgirm120303 Journal of Corporate Governance, Insurance, and Risk Management 09-09-2025 Journal of Corporate Governance, Insurance, and Risk Management 09-09-2025 2025 12 3 Article 181 10.56578/jcgirm120303 https://www.acadlore.com/article/JCGIRM/2025_12_3/jcgirm120303 https://www.acadlore.com/article/JCGIRM/2025_12_3/jcgirm120302 Corruption represents a significant governance and risk management failure that undermines institutional integrity, weakens internal controls, and erodes trust in both public and private organisations. Existing corruption indices measure prevalence; they provide limited insight into the behavioural and institutional risk drivers that enable corrupt conduct. This study examines corruption through a governance and risk management lens to identify the behavioural, sociological, environmental, and demographic triggers that increase corruption risk and expose weaknesses in control and oversight frameworks. A mixed-methods approach is adopted, combining a systematic review of the literature with quantitative and qualitative analysis of primary data collected through a structured questionnaire administered to 454 respondents across diverse demographic groups. Exploratory factor analysis, reliability testing, non-parametric tests, and multiple linear regression were employed to assess the relative importance of corruption triggers and the influence of demographic characteristics. Thematic analysis was used to contextualise and interpret empirical findings. The results indicate that behavioural risk factors, particularly emotional intelligence, moral rationalisation, and social norms, play a central role in enabling corrupt behaviour. Five dominant categories of corruption triggers were identified: positive emotions, environmental conditions, underlying causes, negative emotions, and economic pressures. The findings further reveal that weak governance structures, inadequate internal controls, and tolerance of unethical behaviour amplify corruption risk and contribute to institutional vulnerability. Demographic characteristics also influence perceptions of corruption and risk exposure. Corruption risk cannot be effectively mitigated solely through legal compliance, highlighting the need for organisations to integrate behavioural risk considerations into corporate governance frameworks, enterprise risk management systems, and internal control structures. By reframing corruption as a behavioural and institutional risk phenomenon, this study contributes to the governance and risk management literature. It provides practical insights for boards, regulators, insurers, and risk professionals seeking to strengthen oversight, ethical culture, and risk mitigation strategies. 09-04-2025 <![CDATA[ Corruption represents a significant governance and risk management failure that undermines institutional integrity, weakens internal controls, and erodes trust in both public and private organisations. Existing corruption indices measure prevalence; they provide limited insight into the behavioural and institutional risk drivers that enable corrupt conduct. This study examines corruption through a governance and risk management lens to identify the behavioural, sociological, environmental, and demographic triggers that increase corruption risk and expose weaknesses in control and oversight frameworks. A mixed-methods approach is adopted, combining a systematic review of the literature with quantitative and qualitative analysis of primary data collected through a structured questionnaire administered to 454 respondents across diverse demographic groups. Exploratory factor analysis, reliability testing, non-parametric tests, and multiple linear regression were employed to assess the relative importance of corruption triggers and the influence of demographic characteristics. Thematic analysis was used to contextualise and interpret empirical findings. The results indicate that behavioural risk factors, particularly emotional intelligence, moral rationalisation, and social norms, play a central role in enabling corrupt behaviour. Five dominant categories of corruption triggers were identified: positive emotions, environmental conditions, underlying causes, negative emotions, and economic pressures. The findings further reveal that weak governance structures, inadequate internal controls, and tolerance of unethical behaviour amplify corruption risk and contribute to institutional vulnerability. Demographic characteristics also influence perceptions of corruption and risk exposure. Corruption risk cannot be effectively mitigated solely through legal compliance, highlighting the need for organisations to integrate behavioural risk considerations into corporate governance frameworks, enterprise risk management systems, and internal control structures. By reframing corruption as a behavioural and institutional risk phenomenon, this study contributes to the governance and risk management literature. It provides practical insights for boards, regulators, insurers, and risk professionals seeking to strengthen oversight, ethical culture, and risk mitigation strategies. ]]> Behavioural and Institutional Triggers of Corruption: A Governance and Risk Management Perspective katia galea taylor simon grima doi: 10.56578/jcgirm120302 Journal of Corporate Governance, Insurance, and Risk Management 09-04-2025 Journal of Corporate Governance, Insurance, and Risk Management 09-04-2025 2025 12 3 Article 158 10.56578/jcgirm120302 https://www.acadlore.com/article/JCGIRM/2025_12_3/jcgirm120302 https://www.acadlore.com/article/JCGIRM/2025_12_3/jcgirm120301 This paper investigates whether Indonesia Composite Index (IHSG) volatility persistence exhibits statistically significant structural breaks over 2019–2024 and how short-, medium-, and long-term components shift across regimes. Using daily closing prices from the Indonesia Stock Exchange (IDX), realized volatility is modeled via HAR specification with daily, weekly, and monthly components. Structural stability is tested using CUSUM, CUSUMSQ, and Bai–Perron procedures, identifying breaks in April 2020 (COVID-19) and February 2024 (election). Pre-COVID, the weekly component dominates, indicating medium-term persistence; post-COVID, the monthly component leads, reflecting long-horizon uncertainty. Pre-election adjusted R² drops sharply (0.044), signaling transitory political volatility. Findings demonstrate regime-dependent volatility in emerging markets, showing that ignoring structural breaks biases risk assessment and market monitoring strategies for regulators and investors. 09-04-2025 <![CDATA[ <p>This paper investigates whether Indonesia Composite Index (IHSG) volatility persistence exhibits statistically significant structural breaks over 2019–2024 and how short-, medium-, and long-term components shift across regimes. Using daily closing prices from the Indonesia Stock Exchange (IDX), realized volatility is modeled via HAR specification with daily, weekly, and monthly components. Structural stability is tested using CUSUM, CUSUMSQ, and Bai–Perron procedures, identifying breaks in April 2020 (COVID-19) and February 2024 (election). Pre-COVID, the weekly component dominates, indicating medium-term persistence; post-COVID, the monthly component leads, reflecting long-horizon uncertainty. Pre-election adjusted <em>R²</em> drops sharply (0.044), signaling transitory political volatility. Findings demonstrate regime-dependent volatility in emerging markets, showing that ignoring structural breaks biases risk assessment and market monitoring strategies for regulators and investors.</p> ]]> Detection of Structural Break in Indonesia Composite Index Volatility Using HAR Model and CUSUM Test melly mustikasari auro aurellia simbolon gumgum darmawan doi: 10.56578/jcgirm120301 Journal of Corporate Governance, Insurance, and Risk Management 09-04-2025 Journal of Corporate Governance, Insurance, and Risk Management 09-04-2025 2025 12 3 Article 147 10.56578/jcgirm120301 https://www.acadlore.com/article/JCGIRM/2025_12_3/jcgirm120301 https://www.acadlore.com/article/JCGIRM/2025_12_2/jcgirm120205 The increasing financial opacity among corporate entities in Nigeria has raised concerns due to its detrimental effects on economic stability. Specifically, financial reporting opacity can mislead investors and exacerbate agency costs. Agency theory suggests that boards should be established to mitigate these costs. This study examines the influence of female managing directors (FMD) on one aspect of agency cost—operating cash flow opacity —and explores the moderating effect of their accounting expertise on this relationship. A sample of 19 listed manufacturing companies in the consumer and industrial goods sectors in Nigeria from 2012 to 2024 was analysed using an ex-post facto research design. The theoretical framework incorporated agency theory, resource dependence theory (RDT), and critical mass theory (CMT). Data extracted from the firms' annual reports were analysed employing the Panel-Corrected Standard Errors (PCSE) regression technique. The findings reveal a positive relationship between the presence of FMD and operating cash flow opacity. However, further analysis demonstrates that accounting expertise among FMD significantly moderates this relationship, reducing cash flow opacity. It is therefore recommended that listed manufacturing firms include more FMD with accounting expertise, constituting between 20% and 40% of board membership. Such an approach would mitigate cash flow opacity and enhance corporate governance integrity. Future research could extend this investigation to other sectors within the Nigerian economy and incorporate additional moderating or mediating variables to assess the dynamics of the identified relationships. 06-29-2025 <![CDATA[ The increasing financial opacity among corporate entities in Nigeria has raised concerns due to its detrimental effects on economic stability. Specifically, financial reporting opacity can mislead investors and exacerbate agency costs. Agency theory suggests that boards should be established to mitigate these costs. This study examines the influence of female managing directors (FMD) on one aspect of agency cost—operating cash flow opacity —and explores the moderating effect of their accounting expertise on this relationship. A sample of 19 listed manufacturing companies in the consumer and industrial goods sectors in Nigeria from 2012 to 2024 was analysed using an ex-post facto research design. The theoretical framework incorporated agency theory, resource dependence theory (RDT), and critical mass theory (CMT). Data extracted from the firms' annual reports were analysed employing the Panel-Corrected Standard Errors (PCSE) regression technique. The findings reveal a positive relationship between the presence of FMD and operating cash flow opacity. However, further analysis demonstrates that accounting expertise among FMD significantly moderates this relationship, reducing cash flow opacity. It is therefore recommended that listed manufacturing firms include more FMD with accounting expertise, constituting between 20% and 40% of board membership. Such an approach would mitigate cash flow opacity and enhance corporate governance integrity. Future research could extend this investigation to other sectors within the Nigerian economy and incorporate additional moderating or mediating variables to assess the dynamics of the identified relationships. ]]> The Impact of Female Directors on Operating Cash Flow Opacity in Nigerian Listed Consumer and Industrial Goods Manufacturing Firms: The Moderating Role of Accounting Expertise godwin israel ebirien gospel j. chukwu sunny worlu wonodi doi: 10.56578/jcgirm120205 Journal of Corporate Governance, Insurance, and Risk Management 06-29-2025 Journal of Corporate Governance, Insurance, and Risk Management 06-29-2025 2025 12 2 Article 136 10.56578/jcgirm120205 https://www.acadlore.com/article/JCGIRM/2025_12_2/jcgirm120205 https://www.acadlore.com/article/JCGIRM/2025_12_2/jcgirm120204 Tariff is an effective means to protect domestic enterprises and improve the competitiveness of domestic products. This paper constructs a differentiated duopoly model considering endogenous timing to investigate the tariff policy and the impact of product differentiation on the equilibrium results. The conclusions are presented by analyzing the observable two-period delay game as follows. In quantity competition, the welfare-maximizing government sets the tariff level under the home-leading Stackelberg equilibrium, which is contained in the choices of the two firms in the subsequent observable delay game. In price competition, the Bertrand equilibrium is best for the government. However, either of the two Stackelberg equilibria is optimal in observable delay game. It suggests that adjusting the tariff level cannot sufficiently encourage the firms to adopt the welfare-maximizing duopoly determinately. Moreover, increasing product differentiation enhances the home social welfare in home-leading Stackelberg competition but reduces consumer surplus in Bertrand competition. 06-29-2025 <![CDATA[ <p><span style="color: black; font-family: Times New Roman, serif">Tariff is an effective means to protect domestic enterprises and improve the competitiveness of domestic products. This paper constructs a differentiated duopoly model considering endogenous timing to investigate the tariff policy and the impact of product differentiation on the </span><span>equilibrium results</span>. The conclusions are presented by <span>analyzing the observable two-period delay game</span> as follows. In quantity competition, <span>the welfare-maximizing government sets the tariff level under</span> the home-leading Stackelberg equilibrium, which is contained in the choices of the two firms in the subsequent observable delay game. In price competition, <span>the Bertrand equilibrium is best for the government. However,</span> either of the two Stackelberg equilibria<span> is optimal in </span>observable delay game. It suggests that <span>adjusting the tariff level cannot sufficiently encourage the firms to adopt the welfare-maximizing duopoly determinately. </span>Moreover, increasing product differentiation enhances the home social welfare in home-leading Stackelberg competition but reduces consumer surplus in <span>Bertrand</span> competition.</p> ]]> The Optimal Tariff Policy and Trade Competitiveness with Endogenous Timing in a Differentiated Duopoly xinran xie junlong chen doi: 10.56578/jcgirm120204 Journal of Corporate Governance, Insurance, and Risk Management 06-29-2025 Journal of Corporate Governance, Insurance, and Risk Management 06-29-2025 2025 12 2 Article 123 10.56578/jcgirm120204 https://www.acadlore.com/article/JCGIRM/2025_12_2/jcgirm120204 https://www.acadlore.com/article/JCGIRM/2025_12_2/jcgirm120203 This study examined the impact of historical volatility and spillover volatility on cryptocurrency (Bitcoin), stock market (Standard & Poor’s 500), and commodity market (Bloomberg Commodity Index). The main objective is to shed light on the interrelationships and dynamics of volatility in these three different asset classes, with data collected daily from January 1, 2019 to April 30, 2025. Vector autoregressive (VAR) and structural vector autoregressive (SVAR) models were adopted for analysis, revealing key findings of: (1) a hierarchical volatility structure with Bitcoin often heading other markets; (2) limited short-term spillovers but significant cross-market connections during economic shocks; and (3) the asymmetric role of commodities as partial equity hedges. This study confirmed the principles of modern portfolio theory, as diversification across the three asset classes could still bring benefits during market turbulence. In particular, the combination of Bitcoin and the volatility index (VIX) could improve the portfolio structure and reduce the risk associated with stock volatility. When including these assets in the model, it is, however, necessary to consider long-term imbalances and geopolitical factors. 06-29-2025 <![CDATA[ <p>This study examined the impact of historical volatility and spillover volatility on cryptocurrency (Bitcoin), stock market (Standard & Poor’s 500), and commodity market (Bloomberg Commodity Index). The main objective is to shed light on the interrelationships and dynamics of volatility in these three different asset classes, with data collected daily from January 1, 2019 to April 30, 2025. Vector autoregressive (VAR) and structural vector autoregressive (SVAR) models were adopted for analysis, revealing key findings of: (1) a hierarchical volatility structure with Bitcoin often heading other markets; (2) limited short-term spillovers but significant cross-market connections during economic shocks; and (3) the asymmetric role of commodities as partial equity hedges. This study confirmed the principles of modern portfolio theory, as diversification across the three asset classes could still bring benefits during market turbulence. In particular, the combination of Bitcoin and the volatility index (VIX) could improve the portfolio structure and reduce the risk associated with stock volatility. When including these assets in the model, it is, however, necessary to consider long-term imbalances and geopolitical factors.</p> ]]> Dynamic Market Volatility: Evidence from the Interdependence of Cryptocurrency, Stock Market, and Commodity Market mehmed ganić berina oruč ercan özen doi: 10.56578/jcgirm120203 Journal of Corporate Governance, Insurance, and Risk Management 06-29-2025 Journal of Corporate Governance, Insurance, and Risk Management 06-29-2025 2025 12 2 Article 108 10.56578/jcgirm120203 https://www.acadlore.com/article/JCGIRM/2025_12_2/jcgirm120203 https://www.acadlore.com/article/JCGIRM/2025_12_2/jcgirm120202 The voluntary sector in Malta plays a vital role in supporting communities and delivering essential services. However, delays in financial reporting by voluntary organisations can weaken governance, reduce the usefulness of information, and erode stakeholder trust. This study investigates the financial reporting lag (FRL) among Category 2 and 3 voluntary organisations in Malta from 2018 to 2020 (n = 103), aiming to (i) measure the extent of the lag and (ii) identify the key factors influencing it. A quantitative, hypothesis-driven research design was adopted, employing non-parametric statistical tests and a neural network model to detect both linear and non-linear relationships, marking the first application of neural networks to this topic. Findings reveal that Category 2 organisations consistently exceeded the allowable FRL during the study period, with compliance improving only in 2020 due to extended filing deadlines. Category 3 organisations generally demonstrated better timeliness, except in 2019, when COVID-19 disruptions led to significant delays. Compared with Belgium and the UK, where late filings range between 5% and 24%, Malta’s compliance levels were notably lower, reflecting structural and regulatory challenges. The analysis identified “Year” as the most influential variable, capturing pandemic-related effects, policy changes, and learning curve dynamics. Profitability and equity were also strong predictors, while reliance on donations or grants and liquidity had a moderate impact on the results. The organisation’s category and gearing exerted minimal influence on the model’s predictions. The study provides evidence-based insights to guide regulatory and policy reforms in Malta’s voluntary sector, particularly in light of the recent INPAS, the International Non-Profit Accounting Standard, and ongoing reforms. By integrating neural networks into the analysis of financial reporting timeliness, the research enhances our understanding of the complex factors that shape reporting behaviour. It contributes to strengthening transparency and accountability in Malta’s voluntary sector. 06-29-2025 <![CDATA[ <p>The voluntary sector in Malta plays a vital role in supporting communities and delivering essential services. However, delays in financial reporting by voluntary organisations can weaken governance, reduce the usefulness of information, and erode stakeholder trust. This study investigates the financial reporting lag (FRL) among Category 2 and 3 voluntary organisations in Malta from 2018 to 2020 (<em>n</em> = 103), aiming to (i) measure the extent of the lag and (ii) identify the key factors influencing it. A quantitative, hypothesis-driven research design was adopted, employing non-parametric statistical tests and a neural network model to detect both linear and non-linear relationships, marking the first application of neural networks to this topic. Findings reveal that Category 2 organisations consistently exceeded the allowable FRL during the study period, with compliance improving only in 2020 due to extended filing deadlines. Category 3 organisations generally demonstrated better timeliness, except in 2019, when COVID-19 disruptions led to significant delays. Compared with Belgium and the UK, where late filings range between 5% and 24%, Malta’s compliance levels were notably lower, reflecting structural and regulatory challenges. The analysis identified “Year” as the most influential variable, capturing pandemic-related effects, policy changes, and learning curve dynamics. Profitability and equity were also strong predictors, while reliance on donations or grants and liquidity had a moderate impact on the results. The organisation’s category and gearing exerted minimal influence on the model’s predictions. The study provides evidence-based insights to guide regulatory and policy reforms in Malta’s voluntary sector, particularly in light of the recent INPAS, the International Non-Profit Accounting Standard, and ongoing reforms. By integrating neural networks into the analysis of financial reporting timeliness, the research enhances our understanding of the complex factors that shape reporting behaviour. It contributes to strengthening transparency and accountability in Malta’s voluntary sector.</p> ]]> Timeliness of the Financial Reporting Among Maltese Licensed Voluntary Organisations monique micallef andre cutajar mark anthony caruana peter j. baldacchino simon grima doi: 10.56578/jcgirm120202 Journal of Corporate Governance, Insurance, and Risk Management 06-29-2025 Journal of Corporate Governance, Insurance, and Risk Management 06-29-2025 2025 12 2 Article 84 10.56578/jcgirm120202 https://www.acadlore.com/article/JCGIRM/2025_12_2/jcgirm120202 https://www.acadlore.com/article/JCGIRM/2025_12_2/jcgirm120201 This research investigated the impact of investments in physical banking facilities, specifically the quantity of automated teller machines (ATMs) and branch locations, on the operational effectiveness of commercial banks in 14 Southeast European countries. By employing various analytical techniques such as panel methods (both fixed and random effects), dynamic panel estimation (Arellano-Bond), and population-averaged estimation generalized estimating equation (GEE), it is discovered that on average, an increase in the number of ATMs and branches correlated with a reduction in Bank Net Interest Margin (BankNIMRatio). Specifically, models that account for the overall population indicated that each additional ATM corresponded to a decrease of approximately 0.0945 percentage point in NIM, while each extra branch was linked to a decrease of around 0.1332 percentage point. The results from the Arellano-Bond method lost their statistical significance when dynamic factors were taken into account, implying that some of the observed cross-sectional relationships were influenced by historical performance and persistence. The originality of this study stemmed from (1) its focus on Southeast Europe, a diverse region that is rapidly embracing digital technologies while still maintaining significant traditional branch networks; and (2) its use of multiple complementary econometric techniques to distinguish between immediate and dynamic relationships. The findings suggested important policy considerations, such as emphasizing digital channels in situations where cost-benefit evaluations predicted diminishing returns from additional physical assets, and establishing branches strategically in response to local market dynamics and characteristics of individual banks. 06-29-2025 <![CDATA[ <p>This research investigated the impact of investments in physical banking facilities, specifically the quantity of automated teller machines (ATMs) and branch locations, on the operational effectiveness of commercial banks in 14 Southeast European countries. By employing various analytical techniques such as panel methods (both fixed and random effects), dynamic panel estimation (Arellano-Bond), and population-averaged estimation generalized estimating equation (GEE), it is discovered that on average, an increase in the number of ATMs and branches correlated with a reduction in Bank Net Interest Margin (BankNIMRatio). Specifically, models that account for the overall population indicated that each additional ATM corresponded to a decrease of approximately 0.0945 percentage point in NIM, while each extra branch was linked to a decrease of around 0.1332 percentage point. The results from the Arellano-Bond method lost their statistical significance when dynamic factors were taken into account, implying that some of the observed cross-sectional relationships were influenced by historical performance and persistence. The originality of this study stemmed from (1) its focus on Southeast Europe, a diverse region that is rapidly embracing digital technologies while still maintaining significant traditional branch networks; and (2) its use of multiple complementary econometric techniques to distinguish between immediate and dynamic relationships. The findings suggested important policy considerations, such as emphasizing digital channels in situations where cost-benefit evaluations predicted diminishing returns from additional physical assets, and establishing branches strategically in response to local market dynamics and characteristics of individual banks.</p> ]]> The Impact of Technology Adoption on the Operational Efficiency of Commercial Banks in Southeast European Countries saimir dinaj fisnik morina doi: 10.56578/jcgirm120201 Journal of Corporate Governance, Insurance, and Risk Management 06-29-2025 Journal of Corporate Governance, Insurance, and Risk Management 06-29-2025 2025 12 2 Article 75 10.56578/jcgirm120201 https://www.acadlore.com/article/JCGIRM/2025_12_2/jcgirm120201 https://www.acadlore.com/article/JCGIRM/2025_12_1/jcgirm120105 The contemporary landscape of the insurance industry has been drastically changed alongside the introduction of state-of-the-art technologies like Artificial Intelligence (AI), machine learning, big data, blockchain, and InsurTech. The present study traces the evolution of digital transformation in this sector through a bibliometric analysis of data published between 2015 and 2024 and indexed in the Scopus database. The dataset, consisted of 972 articles, could help identify publication trends, thematic focus areas, and collaborative networks. The findings suggested a rapidly expanding literature base with increasing scientific production in recent years due to the accelerated adoption of technology within the sector. The US, China, and India emerged as the dominant countries in their contribution to publications; in addition to their substantial influence in the field due to active national research programs. International co-authorship occupied around one-quarter of the publications, which demonstrated collaboration among global researchers in this topic. This article filled the existing research gap by examining the correlation between digital transformation and insurance with a bibliometric analysis, while drafting policy documents revealed more topics for discussion and patterns for collaboration. Valuable guidance was provided to policymakers and industrial stakeholders to identify the key strengths in the field with the emergence of AI applications and blockchain technology; furthermore, emphasis was placed in the areas for further research and concerted efforts. 03-30-2025 <![CDATA[ The contemporary landscape of the insurance industry has been drastically changed alongside the introduction of state-of-the-art technologies like Artificial Intelligence (AI), machine learning, big data, blockchain, and InsurTech. The present study traces the evolution of digital transformation in this sector through a bibliometric analysis of data published between 2015 and 2024 and indexed in the Scopus database. The dataset, consisted of 972 articles, could help identify publication trends, thematic focus areas, and collaborative networks. The findings suggested a rapidly expanding literature base with increasing scientific production in recent years due to the accelerated adoption of technology within the sector. The US, China, and India emerged as the dominant countries in their contribution to publications; in addition to their substantial influence in the field due to active national research programs. International co-authorship occupied around one-quarter of the publications, which demonstrated collaboration among global researchers in this topic. This article filled the existing research gap by examining the correlation between digital transformation and insurance with a bibliometric analysis, while drafting policy documents revealed more topics for discussion and patterns for collaboration. Valuable guidance was provided to policymakers and industrial stakeholders to identify the key strengths in the field with the emergence of AI applications and blockchain technology; furthermore, emphasis was placed in the areas for further research and concerted efforts. ]]> Unveiling the Future of Insurance: A Bibliometric Study of Digital Transformation over the Last Decade wissem benkhelouf dhia smaali doi: 10.56578/jcgirm120105 Journal of Corporate Governance, Insurance, and Risk Management 03-30-2025 Journal of Corporate Governance, Insurance, and Risk Management 03-30-2025 2025 12 1 Article 48 10.56578/jcgirm120105 https://www.acadlore.com/article/JCGIRM/2025_12_1/jcgirm120105 https://www.acadlore.com/article/JCGIRM/2025_12_1/jcgirm120104 The relationship between agricultural financing and agricultural output in Nigeria was investigated to provide empirical insights into the efficacy of funding mechanisms in driving agricultural productivity. Government expenditure on agriculture (GOVXA), commercial bank loans to agriculture (CBLA), and disbursements under the Agricultural Credit Guarantee Scheme Fund (ACGSF) were employed as proxies for agricultural financing, while agricultural gross domestic product (AGDP) served as a proxy for agricultural output. Using quarterly data spanning from the first quarter of 2009 to the fourth quarter of 2023, the Autoregressive Distributed Lag (ARDL) model was estimated to capture both the short-run and long-run dynamics of the relationship. The analysis was conducted using EViews 9.0. The empirical findings revealed that among the financing instruments, only CBLA exerted a statistically significant and positive effect on agricultural output in both the short and long term. In contrast, neither GOVXA nor the ACGSF disbursements exhibited a significant impact on agricultural productivity during the study period. Furthermore, the inclusion of annual rainfall as a control variable indicated a robust positive effect on agricultural output, underscoring the sensitivity of Nigerian agriculture to climatic conditions. These findings suggest that while multiple funding mechanisms exist, the effectiveness of such instruments varies considerably. It is implied that the institutional efficiency and direct credit channeling associated with commercial bank lending may render it more impactful compared to broader fiscal allocations or credit guarantee schemes, which often suffer from bureaucratic inefficiencies and implementation gaps. Policy recommendations include the expansion of commercial bank lending to the agricultural sector, alongside strengthened regulatory oversight to ensure the proper utilisation of funds for productive agricultural activities. Furthermore, improvements in credit delivery mechanisms under government schemes are essential to enhance their effectiveness. A more climate-resilient approach to agricultural policy is also advocated, given the significant influence of rainfall variability on output levels. 03-30-2025 <![CDATA[ The relationship between agricultural financing and agricultural output in Nigeria was investigated to provide empirical insights into the efficacy of funding mechanisms in driving agricultural productivity. Government expenditure on agriculture (GOVXA), commercial bank loans to agriculture (CBLA), and disbursements under the Agricultural Credit Guarantee Scheme Fund (ACGSF) were employed as proxies for agricultural financing, while agricultural gross domestic product (AGDP) served as a proxy for agricultural output. Using quarterly data spanning from the first quarter of 2009 to the fourth quarter of 2023, the Autoregressive Distributed Lag (ARDL) model was estimated to capture both the short-run and long-run dynamics of the relationship. The analysis was conducted using EViews 9.0. The empirical findings revealed that among the financing instruments, only CBLA exerted a statistically significant and positive effect on agricultural output in both the short and long term. In contrast, neither GOVXA nor the ACGSF disbursements exhibited a significant impact on agricultural productivity during the study period. Furthermore, the inclusion of annual rainfall as a control variable indicated a robust positive effect on agricultural output, underscoring the sensitivity of Nigerian agriculture to climatic conditions. These findings suggest that while multiple funding mechanisms exist, the effectiveness of such instruments varies considerably. It is implied that the institutional efficiency and direct credit channeling associated with commercial bank lending may render it more impactful compared to broader fiscal allocations or credit guarantee schemes, which often suffer from bureaucratic inefficiencies and implementation gaps. Policy recommendations include the expansion of commercial bank lending to the agricultural sector, alongside strengthened regulatory oversight to ensure the proper utilisation of funds for productive agricultural activities. Furthermore, improvements in credit delivery mechanisms under government schemes are essential to enhance their effectiveness. A more climate-resilient approach to agricultural policy is also advocated, given the significant influence of rainfall variability on output levels. ]]> Impact of Agricultural Financing Mechanisms on Agricultural Output in Nigeria: Evidence from ARDL Modelling (2009–2023) omoruyi aigbovo prince osarobo edohen doi: 10.56578/jcgirm120104 Journal of Corporate Governance, Insurance, and Risk Management 03-30-2025 Journal of Corporate Governance, Insurance, and Risk Management 03-30-2025 2025 12 1 Article 36 10.56578/jcgirm120104 https://www.acadlore.com/article/JCGIRM/2025_12_1/jcgirm120104 https://www.acadlore.com/article/JCGIRM/2025_12_1/jcgirm120103 This study investigates the dynamic interrelationships among credit default swap (CDS) premiums, exchange rates, and the Borsa Istanbul (BIST) Banking Index in the context of the Turkish financial market over the period 2013–2023. Monthly data have been employed, and the analysis has been conducted using the time-varying parameter vector autoregressive (TVP-VAR) model, a framework well-suited for capturing evolving interactions and volatility spillovers over time. Empirical results indicate that fluctuations in exchange rates have exerted a significant influence on the volatility of both CDS premiums and the BIST Banking Index. Furthermore, substantial volatility transmission has been observed from CDS premiums to the BIST Banking Index, highlighting the sensitivity of banking sector equity performance to sovereign credit risk perceptions. It has also been identified that CDS premiums exhibited pronounced volatility prior to 2018, remained highly volatile between 2018 and 2022, and experienced renewed volatility post-2022. Similarly, the BIST Banking Index demonstrated persistent volatility from 2014 through the end of 2022, suggesting an extended period of market instability within Turkey's banking sector. These findings contribute to the broader understanding of systemic risk and financial interconnectivity in emerging markets. They may provide valuable insights for policymakers, institutional investors, risk management professionals, and financial analysts concerned with market stability and investment strategy. Understanding these interdependencies is essential for the formulation of effective hedging strategies, the pricing of financial instruments, and the assessment of macro-financial vulnerabilities in economies subject to external shocks and credit risk fluctuations. 03-30-2025 <![CDATA[ This study investigates the dynamic interrelationships among credit default swap (CDS) premiums, exchange rates, and the Borsa Istanbul (BIST) Banking Index in the context of the Turkish financial market over the period 2013–2023. Monthly data have been employed, and the analysis has been conducted using the time-varying parameter vector autoregressive (TVP-VAR) model, a framework well-suited for capturing evolving interactions and volatility spillovers over time. Empirical results indicate that fluctuations in exchange rates have exerted a significant influence on the volatility of both CDS premiums and the BIST Banking Index. Furthermore, substantial volatility transmission has been observed from CDS premiums to the BIST Banking Index, highlighting the sensitivity of banking sector equity performance to sovereign credit risk perceptions. It has also been identified that CDS premiums exhibited pronounced volatility prior to 2018, remained highly volatile between 2018 and 2022, and experienced renewed volatility post-2022. Similarly, the BIST Banking Index demonstrated persistent volatility from 2014 through the end of 2022, suggesting an extended period of market instability within Turkey's banking sector. These findings contribute to the broader understanding of systemic risk and financial interconnectivity in emerging markets. They may provide valuable insights for policymakers, institutional investors, risk management professionals, and financial analysts concerned with market stability and investment strategy. Understanding these interdependencies is essential for the formulation of effective hedging strategies, the pricing of financial instruments, and the assessment of macro-financial vulnerabilities in economies subject to external shocks and credit risk fluctuations. ]]> Dynamic Interactions Between CDS Premiums, Exchange Rates, and the BIST Banking Index: Evidence from Turkey (2013–2023) nil çağlar adalet hazar şenol babuşcu doi: 10.56578/jcgirm120103 Journal of Corporate Governance, Insurance, and Risk Management 03-30-2025 Journal of Corporate Governance, Insurance, and Risk Management 03-30-2025 2025 12 1 Article 24 10.56578/jcgirm120103 https://www.acadlore.com/article/JCGIRM/2025_12_1/jcgirm120103 https://www.acadlore.com/article/JCGIRM/2025_12_1/jcgirm120102 A comprehensive bibliometric analysis was conducted to systematically examine the development, thematic evolution, and collaborative networks of scholarly research on corporate governance within healthcare systems. Data were extracted from articles indexed in both the Scopus and Web of Science databases. Following an initial retrieval of 315 records, a rigorous screening process was implemented to identify studies with direct relevance to the research focus, yielding a refined dataset of 168 articles. The Biblioshiny interface, an advanced module of the Bibliometrix package, was employed for analytical processing. Key findings included the identification of the most influential publications, authors, and contributing countries in the field. Moreover, a country-level collaboration map was generated, revealing the geographical distribution and intensity of international research partnerships. Through a detailed analysis of author keywords, conceptual structures and prevailing research themes were visualised via word clouds and trend topic plots. Thematic mapping and evolutionary trajectories highlighted the dynamic nature of corporate governance discourse in healthcare, encompassing sub-themes such as hospital governance models, healthcare accountability, stakeholder engagement, and performance-based oversight. By elucidating the intellectual structure and collaborative landscape of this interdisciplinary domain, the study provides critical insights into its historical development and future directions. These findings are expected to inform both academic inquiry and policy implementation, offering a strategic foundation for advancing governance frameworks in health systems worldwide. 03-30-2025 <![CDATA[ A comprehensive bibliometric analysis was conducted to systematically examine the development, thematic evolution, and collaborative networks of scholarly research on corporate governance within healthcare systems. Data were extracted from articles indexed in both the Scopus and Web of Science databases. Following an initial retrieval of 315 records, a rigorous screening process was implemented to identify studies with direct relevance to the research focus, yielding a refined dataset of 168 articles. The Biblioshiny interface, an advanced module of the Bibliometrix package, was employed for analytical processing. Key findings included the identification of the most influential publications, authors, and contributing countries in the field. Moreover, a country-level collaboration map was generated, revealing the geographical distribution and intensity of international research partnerships. Through a detailed analysis of author keywords, conceptual structures and prevailing research themes were visualised via word clouds and trend topic plots. Thematic mapping and evolutionary trajectories highlighted the dynamic nature of corporate governance discourse in healthcare, encompassing sub-themes such as hospital governance models, healthcare accountability, stakeholder engagement, and performance-based oversight. By elucidating the intellectual structure and collaborative landscape of this interdisciplinary domain, the study provides critical insights into its historical development and future directions. These findings are expected to inform both academic inquiry and policy implementation, offering a strategic foundation for advancing governance frameworks in health systems worldwide. ]]> A Systematic Review of Research Trends and Collaborations on Corporate Governance in Healthcare engin yavaş fulya güngör doi: 10.56578/jcgirm120102 Journal of Corporate Governance, Insurance, and Risk Management 03-30-2025 Journal of Corporate Governance, Insurance, and Risk Management 03-30-2025 2025 12 1 Article 10 10.56578/jcgirm120102 https://www.acadlore.com/article/JCGIRM/2025_12_1/jcgirm120102 https://www.acadlore.com/article/JCGIRM/2025_12_1/jcgirm120101 This study critically investigates the strategic transformation of South Korea’s entrepreneurial ecosystem within the broader trajectory of national economic modernization and innovation-centric development. The principal objective is to understand how coordinated governmental strategies, targeted institutional reforms, and private sector alignment have collectively redefined entrepreneurship as a structural pillar of economic advancement. Drawing upon a synthesis of longitudinal economic data, comparative policy frameworks, and a refined production function incorporating entrepreneurship as a distinct variable, the research adopts a multidisciplinary lens. It evaluates key dynamics such as venture investment flows, research and development spending, and startup proliferation between 2005 and 2024. Through the construction of a comprehensive entrepreneurship performance index and the estimation of an entrepreneurship-augmented growth model, the analysis captures both the macroeconomic contribution and the policy effectiveness behind Korea’s startup landscape. The findings underscore that entrepreneurship in Korea functions not as a peripheral activity but as an embedded mechanism for addressing core economic vulnerabilities, including demographic contraction, employment mismatches, and structural dependence on large conglomerates. The paper concludes that Korea’s model, characterized by institutional agility and strategic foresight, offers instructive insights for nations navigating post-industrial transitions. Its broader significance lies in demonstrating how entrepreneurship, when interwoven into national policy, education systems, and regional development, can serve as a lever for sustainable competitiveness. Rather than offering a universal blueprint, the Korean experience presents a flexible framework adaptable to diverse socio-economic contexts, especially in emerging and resource-transitioning economies. 03-30-2025 <![CDATA[ This study critically investigates the strategic transformation of South Korea’s entrepreneurial ecosystem within the broader trajectory of national economic modernization and innovation-centric development. The principal objective is to understand how coordinated governmental strategies, targeted institutional reforms, and private sector alignment have collectively redefined entrepreneurship as a structural pillar of economic advancement. Drawing upon a synthesis of longitudinal economic data, comparative policy frameworks, and a refined production function incorporating entrepreneurship as a distinct variable, the research adopts a multidisciplinary lens. It evaluates key dynamics such as venture investment flows, research and development spending, and startup proliferation between 2005 and 2024. Through the construction of a comprehensive entrepreneurship performance index and the estimation of an entrepreneurship-augmented growth model, the analysis captures both the macroeconomic contribution and the policy effectiveness behind Korea’s startup landscape. The findings underscore that entrepreneurship in Korea functions not as a peripheral activity but as an embedded mechanism for addressing core economic vulnerabilities, including demographic contraction, employment mismatches, and structural dependence on large conglomerates. The paper concludes that Korea’s model, characterized by institutional agility and strategic foresight, offers instructive insights for nations navigating post-industrial transitions. Its broader significance lies in demonstrating how entrepreneurship, when interwoven into national policy, education systems, and regional development, can serve as a lever for sustainable competitiveness. Rather than offering a universal blueprint, the Korean experience presents a flexible framework adaptable to diverse socio-economic contexts, especially in emerging and resource-transitioning economies. ]]> Entrepreneurship Development in South Korea: Economic Foundations, Strategic Reforms, and Forward-Looking Policy Models elchin veyisov doi: 10.56578/jcgirm120101 Journal of Corporate Governance, Insurance, and Risk Management 03-30-2025 Journal of Corporate Governance, Insurance, and Risk Management 03-30-2025 2025 12 1 Article 1 10.56578/jcgirm120101 https://www.acadlore.com/article/JCGIRM/2025_12_1/jcgirm120101 https://www.acadlore.com/article/JCGIRM/2024_11_4/jcgirm110405 Based on panel data of A-share listed companies in China from 2015 to 2023, this study empirically examines the impact of corporate digital transformation on the quality of information disclosure, focusing on the underlying mechanism of the information effect. The findings reveal that digital transformation significantly improves the quality of information disclosure, and this effect remains robust after addressing endogeneity and conducting a series of robustness checks. Further analysis suggests that digital transformation enhances the transparency and reliability of information disclosure by improving internal control quality and reducing information asymmetry, thereby exerting a significant information effect. Moreover, heterogeneity analysis indicates that the positive impact of digital transformation on disclosure quality is more pronounced among state-owned enterprises, non-high-tech firms, and large-scale enterprises. This study provides empirical evidence for policymakers and corporate managers on leveraging digital transformation to enhance information disclosure quality. 12-30-2024 <![CDATA[ Based on panel data of A-share listed companies in China from 2015 to 2023, this study empirically examines the impact of corporate digital transformation on the quality of information disclosure, focusing on the underlying mechanism of the information effect. The findings reveal that digital transformation significantly improves the quality of information disclosure, and this effect remains robust after addressing endogeneity and conducting a series of robustness checks. Further analysis suggests that digital transformation enhances the transparency and reliability of information disclosure by improving internal control quality and reducing information asymmetry, thereby exerting a significant information effect. Moreover, heterogeneity analysis indicates that the positive impact of digital transformation on disclosure quality is more pronounced among state-owned enterprises, non-high-tech firms, and large-scale enterprises. This study provides empirical evidence for policymakers and corporate managers on leveraging digital transformation to enhance information disclosure quality. ]]> Corporate Digital Transformation and Information Disclosure Quality: An Empirical Study from the Perspective of Information Effect cheng wang zhang yue doi: 10.56578/jcgirm110405 Journal of Corporate Governance, Insurance, and Risk Management 12-30-2024 Journal of Corporate Governance, Insurance, and Risk Management 12-30-2024 2024 11 4 Article 260 10.56578/jcgirm110405 https://www.acadlore.com/article/JCGIRM/2024_11_4/jcgirm110405 https://www.acadlore.com/article/JCGIRM/2024_11_4/jcgirm110404 Despite increasing instances of fraudulent activities within the Nepalese insurance sector being periodically revealed by government bodies, regulatory authorities, and investigative journalists, a systematic academic inquiry into this issue has remained notably absent. To address this gap, an exploratory cross-sectional quantitative investigation was conducted to examine stakeholder perceptions regarding the effectiveness of fraud control mechanisms and the primary repercussions of insurance fraud on insurers in Nepal. Data were collected through a structured questionnaire administered to 200 respondents including insurance employees, policyholders, agents, insurance technicians, surveyors, and domain experts within the Pokhara Valley, selected via convenience sampling. Analytical procedures included descriptive statistics, Mann–Whitney U tests, and Kruskal–Wallis H tests. It was identified that robust legal enforcement, particularly the enactment and strict implementation of anti-fraud legislation, was perceived as the most effective control strategy. Institutional reforms, such as the establishment of a dedicated Fraud Investigation Bureau and a centralized Insurance Information Centre, were also emphasized as critical to improving the detection and monitoring of fraudulent activities. Although technology-enabled solutions, including AI-driven digital claim management and anomaly detection systems, were acknowledged for their importance, they were ranked marginally lower in perceived efficacy compared to legal and institutional measures. Fraud was reported to exert significant detrimental effects on insurers, most prominently through the erosion of public trust and social credibility. Additional impacts included claim settlement delays, reduced profitability, destabilization of share prices, and increased insurance premiums, collectively threatening both the short-term financial performance and long-term sustainability of the sector. To safeguard stakeholder interests and ensure sectoral stability, a multi-pronged anti-fraud framework has been recommended. Main recommendations include strengthening the legal framework with stringent penalties, developing a centralised fraud registry for inter-insurer information sharing, enhancing underwriting and claims verification procedures, and investing in intelligent fraud detection technologies. These findings offer empirical insights that can guide policy reform and institutional development in emerging insurance markets. 12-30-2024 <![CDATA[ Despite increasing instances of fraudulent activities within the Nepalese insurance sector being periodically revealed by government bodies, regulatory authorities, and investigative journalists, a systematic academic inquiry into this issue has remained notably absent. To address this gap, an exploratory cross-sectional quantitative investigation was conducted to examine stakeholder perceptions regarding the effectiveness of fraud control mechanisms and the primary repercussions of insurance fraud on insurers in Nepal. Data were collected through a structured questionnaire administered to 200 respondents including insurance employees, policyholders, agents, insurance technicians, surveyors, and domain experts within the Pokhara Valley, selected via convenience sampling. Analytical procedures included descriptive statistics, Mann–Whitney U tests, and Kruskal–Wallis H tests. It was identified that robust legal enforcement, particularly the enactment and strict implementation of anti-fraud legislation, was perceived as the most effective control strategy. Institutional reforms, such as the establishment of a dedicated Fraud Investigation Bureau and a centralized Insurance Information Centre, were also emphasized as critical to improving the detection and monitoring of fraudulent activities. Although technology-enabled solutions, including AI-driven digital claim management and anomaly detection systems, were acknowledged for their importance, they were ranked marginally lower in perceived efficacy compared to legal and institutional measures. Fraud was reported to exert significant detrimental effects on insurers, most prominently through the erosion of public trust and social credibility. Additional impacts included claim settlement delays, reduced profitability, destabilization of share prices, and increased insurance premiums, collectively threatening both the short-term financial performance and long-term sustainability of the sector. To safeguard stakeholder interests and ensure sectoral stability, a multi-pronged anti-fraud framework has been recommended. Main recommendations include strengthening the legal framework with stringent penalties, developing a centralised fraud registry for inter-insurer information sharing, enhancing underwriting and claims verification procedures, and investing in intelligent fraud detection technologies. These findings offer empirical insights that can guide policy reform and institutional development in emerging insurance markets. ]]> Stakeholder Perceptions of Anti-Fraud Mechanisms and Their Implications in the Nepalese Insurance Sector rabindra ghimire anubhuti ghimire vilas waikar doi: 10.56578/jcgirm110404 Journal of Corporate Governance, Insurance, and Risk Management 12-30-2024 Journal of Corporate Governance, Insurance, and Risk Management 12-30-2024 2024 11 4 Article 246 10.56578/jcgirm110404 https://www.acadlore.com/article/JCGIRM/2024_11_4/jcgirm110404 https://www.acadlore.com/article/JCGIRM/2024_11_4/jcgirm110403 The Golden Triangle consisting of cost, time and quality serves as a fundamental framework for assessing the success of infrastructure projects. Effective risk management is critical for optimising these interconnected dimensions by proactively identifying potential threats implementing risk mitigation strategies and ensuring project control. This study investigates the application of the international standard ISO 31000:2018 in enhancing the Golden Triangle’s dimensions—time management, cost optimization and quality assurance—within the context of large-scale infrastructure projects. A qualitative research methodology was employed incorporating semi-structured interviews, document analysis and site observations to collect comprehensive data. Analytical techniques such as Failure Modes and Effects Analysis (FMEA), Bow-Tie analysis and Fishbone diagrams were utilised to prioritise risks, examine preventive measures and identify underlying causes. A total of forty-three (43) critical risks were identified as having significant impacts on the performance of the Algiers Metro project. The findings revealed that the implementation of a structured risk management approach improved adherence to project timelines, optimised cost control and ensured the delivery of quality outcomes. The integration of ISO 31000:2018 principles in conjunction with tailored analytical tools was found to add considerable value providing practical insights for improving infrastructure project performance. This work underscores the importance of systematic risk management and its role in enhancing the efficiency and success of large infrastructure projects. 12-30-2024 <![CDATA[ <p>The Golden Triangle consisting of cost, time and quality serves as a fundamental framework for assessing the success of infrastructure projects. Effective risk management is critical for optimising these interconnected dimensions by proactively identifying potential threats implementing risk mitigation strategies and ensuring project control. This study investigates the application of the international standard ISO 31000:2018 in enhancing the Golden Triangle’s dimensions—time management, cost optimization and quality assurance—within the context of large-scale infrastructure projects. A qualitative research methodology was employed incorporating semi-structured interviews, document analysis and site observations to collect comprehensive data. Analytical techniques such as Failure Modes and Effects Analysis (FMEA), Bow-Tie analysis and Fishbone diagrams were utilised to prioritise risks, examine preventive measures and identify underlying causes. A total of forty-three (43) critical risks were identified as having significant impacts on the performance of the Algiers Metro project. The findings revealed that the implementation of a structured risk management approach improved adherence to project timelines, optimised cost control and ensured the delivery of quality outcomes. The integration of ISO 31000:2018 principles in conjunction with tailored analytical tools was found to add considerable value providing practical insights for improving infrastructure project performance. This work underscores the importance of systematic risk management and its role in enhancing the efficiency and success of large infrastructure projects.</p> ]]> Enhancing the Golden Triangle (Cost, Time, Quality) in Infrastructure Projects through Risk Management: A Case Study of the Algiers Metro Project imene mohammedi wissam belimane mehdi bouchetara doi: 10.56578/jcgirm110403 Journal of Corporate Governance, Insurance, and Risk Management 12-30-2024 Journal of Corporate Governance, Insurance, and Risk Management 12-30-2024 2024 11 4 Article 227 10.56578/jcgirm110403 https://www.acadlore.com/article/JCGIRM/2024_11_4/jcgirm110403 https://www.acadlore.com/article/JCGIRM/2024_11_4/jcgirm110402 Risk management in public-sector project portfolios within developing economies remains an understudied yet critical area, particularly in the context of resource-constrained administrative environments. This study examines the management of risk and uncertainty within the Directorate of Local Administration (DLA) of Ain-Temouchent, Algeria, employing a qualitative case study methodology. Data were collected through semi-structured interviews (n=8) and document analysis to explore the systemic barriers and inefficiencies that hinder effective portfolio-level risk management. The findings reveal that fragmented governance structures, a predominantly reactive approach to risk mitigation, and the limited integration of analytical tools contribute to project delays and subjective risk assessments. While these challenges align with broader critiques of public-sector risk management, significant divergences from Enterprise Risk Management (ERM) and adaptive governance frameworks are identified, primarily due to constraints in institutional capacity and resource availability. The necessity of addressing uncertainty at the portfolio level is emphasized, with a call for the adoption of reflective risk practices, proactive decision-making mechanisms, and the implementation of early-stage adaptive strategies to enhance resilience in multi-project public-sector settings. By contextualizing ERM and adaptive governance theories within a resource-limited administrative framework, this study provides a bridge between theoretical advancements and practical applications, offering actionable insights for policymakers and public administrators seeking to improve strategic alignment and project portfolio success in developing economies. 12-30-2024 <![CDATA[ Risk management in public-sector project portfolios within developing economies remains an understudied yet critical area, particularly in the context of resource-constrained administrative environments. This study examines the management of risk and uncertainty within the Directorate of Local Administration (DLA) of Ain-Temouchent, Algeria, employing a qualitative case study methodology. Data were collected through semi-structured interviews (n=8) and document analysis to explore the systemic barriers and inefficiencies that hinder effective portfolio-level risk management. The findings reveal that fragmented governance structures, a predominantly reactive approach to risk mitigation, and the limited integration of analytical tools contribute to project delays and subjective risk assessments. While these challenges align with broader critiques of public-sector risk management, significant divergences from Enterprise Risk Management (ERM) and adaptive governance frameworks are identified, primarily due to constraints in institutional capacity and resource availability. The necessity of addressing uncertainty at the portfolio level is emphasized, with a call for the adoption of reflective risk practices, proactive decision-making mechanisms, and the implementation of early-stage adaptive strategies to enhance resilience in multi-project public-sector settings. By contextualizing ERM and adaptive governance theories within a resource-limited administrative framework, this study provides a bridge between theoretical advancements and practical applications, offering actionable insights for policymakers and public administrators seeking to improve strategic alignment and project portfolio success in developing economies. ]]> Navigating Uncertainty in Public-Sector Project Portfolios: Risk Management in Resource-Constrained Environments khalid zeriouh mehdi amara safa zeriouh selma amara doi: 10.56578/jcgirm110402 Journal of Corporate Governance, Insurance, and Risk Management 12-30-2024 Journal of Corporate Governance, Insurance, and Risk Management 12-30-2024 2024 11 4 Article 216 10.56578/jcgirm110402 https://www.acadlore.com/article/JCGIRM/2024_11_4/jcgirm110402 https://www.acadlore.com/article/JCGIRM/2024_11_4/jcgirm110401 This study examines the influence of perceived organizational justice on employees’ turnover intention, with a focus on the mediating role of organizational dissent. It aims to identify the key factors contributing to turnover intention within the technology sector and to explore the interplay between organizational justice and organizational dissent in shaping this outcome. A quantitative approach was employed, with data gathered through surveys administered to white-collar employees working in technology companies in Istanbul. The study sample comprised 402 participants. The findings reveal an inverse relationship between perceived organizational justice and turnover intention, indicating that lower perceptions of organizational justice correlate with higher turnover intention. Additionally, organizational dissent was found to significantly impact turnover intention, with perceived organizational justice acting as a mediator in this relationship. The results underscore the critical role of organizational justice in fostering job satisfaction and employee commitment, thereby reducing turnover intention in the technology sector. These findings are consistent with existing literature on the relationship between organizational justice and turnover intention, offering valuable insights into the factors influencing employee retention in high-tech industries. The implications for organizational management are discussed, particularly in terms of the importance of promoting fairness and addressing dissent in order to retain talent within technology firms. 12-30-2024 <![CDATA[ This study examines the influence of perceived organizational justice on employees’ turnover intention, with a focus on the mediating role of organizational dissent. It aims to identify the key factors contributing to turnover intention within the technology sector and to explore the interplay between organizational justice and organizational dissent in shaping this outcome. A quantitative approach was employed, with data gathered through surveys administered to white-collar employees working in technology companies in Istanbul. The study sample comprised 402 participants. The findings reveal an inverse relationship between perceived organizational justice and turnover intention, indicating that lower perceptions of organizational justice correlate with higher turnover intention. Additionally, organizational dissent was found to significantly impact turnover intention, with perceived organizational justice acting as a mediator in this relationship. The results underscore the critical role of organizational justice in fostering job satisfaction and employee commitment, thereby reducing turnover intention in the technology sector. These findings are consistent with existing literature on the relationship between organizational justice and turnover intention, offering valuable insights into the factors influencing employee retention in high-tech industries. The implications for organizational management are discussed, particularly in terms of the importance of promoting fairness and addressing dissent in order to retain talent within technology firms. ]]> The Mediating Role of Organizational Dissent in the Relationship Between Perceived Organizational Justice and Turnover Intention: Evidence from the Technology Sector burçin yiğit derya altiparmak ali özcan ahmet erkasap doi: 10.56578/jcgirm110401 Journal of Corporate Governance, Insurance, and Risk Management 12-30-2024 Journal of Corporate Governance, Insurance, and Risk Management 12-30-2024 2024 11 4 Article 206 10.56578/jcgirm110401 https://www.acadlore.com/article/JCGIRM/2024_11_4/jcgirm110401 https://www.acadlore.com/article/JCGIRM/2024_11_3/jcgirm110305 The occurrence of market anomalies has been steadily increasing in contemporary stock markets, particularly within the context of the current economic climate. The volatility of stock markets, exacerbated by the recent inflation crisis, has heightened the need for anomaly detection and informed investment decisions. This study focuses on the BIST 100 index in Turkey, specifically examining the XU030 spot market and the XU030D1 futures market, where significant economic fluctuations are prevalent. The Three Sigma Rule was applied to establish threshold values for anomaly detection, and a directional impact analysis was conducted based on these thresholds. The findings indicate that a positive anomaly in the spot market leads to an average increase of 7.65% in the futures market, while a negative anomaly in the spot market results in an average decrease of 8.69% in the futures market. Conversely, a positive anomaly in the futures market has an average positive impact of 7.82% on the spot market, while a negative anomaly in the futures market results in an average negative impact of 3.99% on the spot market. These results underscore the interconnected nature of the spot and futures markets, particularly in times of economic volatility, and provide insights into how anomalies in one market can influence the other. The study’s findings have significant implications for investors, highlighting the need for careful monitoring of market anomalies and their potential directional effects on investment strategies. 09-29-2024 <![CDATA[ The occurrence of market anomalies has been steadily increasing in contemporary stock markets, particularly within the context of the current economic climate. The volatility of stock markets, exacerbated by the recent inflation crisis, has heightened the need for anomaly detection and informed investment decisions. This study focuses on the BIST 100 index in Turkey, specifically examining the XU030 spot market and the XU030D1 futures market, where significant economic fluctuations are prevalent. The Three Sigma Rule was applied to establish threshold values for anomaly detection, and a directional impact analysis was conducted based on these thresholds. The findings indicate that a positive anomaly in the spot market leads to an average increase of 7.65% in the futures market, while a negative anomaly in the spot market results in an average decrease of 8.69% in the futures market. Conversely, a positive anomaly in the futures market has an average positive impact of 7.82% on the spot market, while a negative anomaly in the futures market results in an average negative impact of 3.99% on the spot market. These results underscore the interconnected nature of the spot and futures markets, particularly in times of economic volatility, and provide insights into how anomalies in one market can influence the other. The study’s findings have significant implications for investors, highlighting the need for careful monitoring of market anomalies and their potential directional effects on investment strategies. ]]> Detection of Anomalies in Spot and Futures Markets and Their Directional Effects: An Analysis of the BIST 100 Index anıl güzel üzeyir aydın doi: 10.56578/jcgirm110305 Journal of Corporate Governance, Insurance, and Risk Management 09-29-2024 Journal of Corporate Governance, Insurance, and Risk Management 09-29-2024 2024 11 3 Article 199 10.56578/jcgirm110305 https://www.acadlore.com/article/JCGIRM/2024_11_3/jcgirm110305 https://www.acadlore.com/article/JCGIRM/2024_11_3/jcgirm110304 This study investigates risk distribution models in the context of auto insurance in emerging markets, with a focus on the National Insurance Company (SAA), regional directorate of Setif, Algeria. The research applies generalized linear models (GLM) and factor analysis to model the frequency of vehicle accidents and their associated risks. A comprehensive approach is employed, beginning with a discussion of the techniques used for data collection and preliminary descriptive analysis. Following this, a theoretical framework is established for understanding the risk distribution models, highlighting the role of GLM in the modelling of accident frequencies within the insurance industry. Different types of factor analysis, including basic coefficient analysis, cross-factor analysis, generalized cross-factor analysis, and mixed factor analysis, are examined in relation to their applicability to insurance risk modelling. Subsequently, generalized linear models are implemented to derive a robust model for accident frequency, utilizing R software for analysis. The results reveal that the pricing system of the National Insurance Company is influenced by multiple, non-deterministic factors, which complicate the prediction of accident rates and insurance costs. These findings underscore the importance of incorporating various risk factors into pricing strategies, rather than relying on deterministic models. The study highlights the necessity of considering a broader range of factors in the development of pricing systems, particularly in emerging markets where data may be incomplete or subject to considerable variability. Furthermore, the use of Mixed Poisson models is suggested as an effective approach for capturing the non-linear relationship between various risk factors and accident occurrence. This research contributes to the existing body of knowledge by providing a nuanced understanding of the application of GLM and factor analysis in the auto insurance sector, particularly in emerging markets. 09-29-2024 <![CDATA[ <p>This study investigates risk distribution models in the context of auto insurance in emerging markets, with a focus on the National Insurance Company (SAA), regional directorate of Setif, Algeria. The research applies generalized linear models (GLM) and factor analysis to model the frequency of vehicle accidents and their associated risks. A comprehensive approach is employed, beginning with a discussion of the techniques used for data collection and preliminary descriptive analysis. Following this, a theoretical framework is established for understanding the risk distribution models, highlighting the role of GLM in the modelling of accident frequencies within the insurance industry. Different types of factor analysis, including basic coefficient analysis, cross-factor analysis, generalized cross-factor analysis, and mixed factor analysis, are examined in relation to their applicability to insurance risk modelling. Subsequently, generalized linear models are implemented to derive a robust model for accident frequency, utilizing R software for analysis. The results reveal that the pricing system of the National Insurance Company is influenced by multiple, non-deterministic factors, which complicate the prediction of accident rates and insurance costs. These findings underscore the importance of incorporating various risk factors into pricing strategies, rather than relying on deterministic models. The study highlights the necessity of considering a broader range of factors in the development of pricing systems, particularly in emerging markets where data may be incomplete or subject to considerable variability. Furthermore, the use of Mixed Poisson models is suggested as an effective approach for capturing the non-linear relationship between various risk factors and accident occurrence. This research contributes to the existing body of knowledge by providing a nuanced understanding of the application of GLM and factor analysis in the auto insurance sector, particularly in emerging markets.</p> ]]> Modeling Vehicle Accident Risks in Auto Insurance: An Application of Generalized Linear Models in the Context of the National Insurance Company, Regional Directorate of Setif, Algeria chahrazed salhi djamal tebache doi: 10.56578/jcgirm110304 Journal of Corporate Governance, Insurance, and Risk Management 09-29-2024 Journal of Corporate Governance, Insurance, and Risk Management 09-29-2024 2024 11 3 Article 180 10.56578/jcgirm110304 https://www.acadlore.com/article/JCGIRM/2024_11_3/jcgirm110304 https://www.acadlore.com/article/JCGIRM/2024_11_3/jcgirm110303 The global iron and steel sector is currently navigating a period marked by significant volatility, driven by rising overcapacity and stagnating demand. In this challenging environment, businesses are increasingly compelled to compete not only within their local markets but also on the international stage, as the global economy becomes ever more interconnected. This necessitates a thorough evaluation of the financial performance of major firms in the iron and steel industry, particularly those listed on the Borsa İstanbul (BIST). Such assessments are critical for informing strategic decision-making within the sector. This study aims to assess the financial performance of prominent iron and steel companies traded on BIST between 2019 and 2023, employing an advanced multi-criteria decision-making (MCDM) approach. Specifically, an Improved ENTROPY method is combined with the Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS) to rank the fiscal performance of these enterprises. The findings indicate that EREGL stands out as the highest-performing company in terms of financial metrics over the specified period. The study offers valuable insights into the financial health and operational efficiency of iron and steel firms, providing key information for investors and policymakers in the sector. Additionally, the proposed methodology presents a robust framework for the evaluation of corporate performance in other industries facing similar global challenges. 09-29-2024 <![CDATA[ <p>The global iron and steel sector is currently navigating a period marked by significant volatility, driven by rising overcapacity and stagnating demand. In this challenging environment, businesses are increasingly compelled to compete not only within their local markets but also on the international stage, as the global economy becomes ever more interconnected. This necessitates a thorough evaluation of the financial performance of major firms in the iron and steel industry, particularly those listed on the Borsa İstanbul (BIST). Such assessments are critical for informing strategic decision-making within the sector. This study aims to assess the financial performance of prominent iron and steel companies traded on BIST between 2019 and 2023, employing an advanced multi-criteria decision-making (MCDM) approach. Specifically, an Improved ENTROPY method is combined with the Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS) to rank the fiscal performance of these enterprises. The findings indicate that EREGL stands out as the highest-performing company in terms of financial metrics over the specified period. The study offers valuable insights into the financial health and operational efficiency of iron and steel firms, providing key information for investors and policymakers in the sector. Additionally, the proposed methodology presents a robust framework for the evaluation of corporate performance in other industries facing similar global challenges.</p> ]]> Performance Appraisal of Iron and Steel Enterprises Listed on BIST: An ENTROPY-Based TOPSIS Approach hatice özkurt çokgüngör doi: 10.56578/jcgirm110303 Journal of Corporate Governance, Insurance, and Risk Management 09-29-2024 Journal of Corporate Governance, Insurance, and Risk Management 09-29-2024 2024 11 3 Article 168 10.56578/jcgirm110303 https://www.acadlore.com/article/JCGIRM/2024_11_3/jcgirm110303 https://www.acadlore.com/article/JCGIRM/2024_11_3/jcgirm110302 Energy dependency plays a pivotal role in shaping the performance of stock markets, particularly in energy-sensitive indices such as the BIST Industrial Index in Turkey. This study presents a comparative evaluation of traditional statistical models and machine learning (ML) techniques in capturing the complex relationship between energy variables and the BIST Industrial Index. A dataset encompassing energy imports, production levels, and energy prices is utilised to assess the effectiveness of Ordinary Least Squares (OLS) regression, Random Forest (RF), and Gradient Boosting (GB) models. The results reveal that ML models substantially outperform traditional statistical methods in their ability to capture nonlinear, intricate relationships between energy metrics and market behaviour. Among the ML models, RF demonstrates the highest predictive accuracy. Feature importance analysis identifies crude oil production as the most significant variable, underscoring the dominant influence of domestic energy dynamics in shaping the BIST Industrial Index. While ML models offer superior forecasting capabilities, they introduce challenges in terms of model interpretability. In contexts where transparency is crucial, statistical models such as OLS remain more favoured for their simplicity and explainability. The findings highlight the need for a balanced approach in model selection, with hybrid models potentially offering the best of both worlds by combining the strengths of traditional and modern methodologies. The insights derived from this study can inform policymakers and investors, particularly within emerging markets, providing a nuanced understanding of the trade-offs between predictive power and model transparency in forecasting energy-sensitive financial indices. 09-27-2024 <![CDATA[ <p>Energy dependency plays a pivotal role in shaping the performance of stock markets, particularly in energy-sensitive indices such as the BIST Industrial Index in Turkey. This study presents a comparative evaluation of traditional statistical models and machine learning (ML) techniques in capturing the complex relationship between energy variables and the BIST Industrial Index. A dataset encompassing energy imports, production levels, and energy prices is utilised to assess the effectiveness of Ordinary Least Squares (OLS) regression, Random Forest (RF), and Gradient Boosting (GB) models. The results reveal that ML models substantially outperform traditional statistical methods in their ability to capture nonlinear, intricate relationships between energy metrics and market behaviour. Among the ML models, RF demonstrates the highest predictive accuracy. Feature importance analysis identifies crude oil production as the most significant variable, underscoring the dominant influence of domestic energy dynamics in shaping the BIST Industrial Index. While ML models offer superior forecasting capabilities, they introduce challenges in terms of model interpretability. In contexts where transparency is crucial, statistical models such as OLS remain more favoured for their simplicity and explainability. The findings highlight the need for a balanced approach in model selection, with hybrid models potentially offering the best of both worlds by combining the strengths of traditional and modern methodologies. The insights derived from this study can inform policymakers and investors, particularly within emerging markets, providing a nuanced understanding of the trade-offs between predictive power and model transparency in forecasting energy-sensitive financial indices.</p> ]]> Comparative Evaluation of Statistical Models and Machine Learning Approaches in Modelling the Energy Dependency of the BIST Industrial Index: Balancing Predictive Performance and Interpretability ahmet akusta doi: 10.56578/jcgirm110302 Journal of Corporate Governance, Insurance, and Risk Management 09-27-2024 Journal of Corporate Governance, Insurance, and Risk Management 09-27-2024 2024 11 3 Article 160 10.56578/jcgirm110302 https://www.acadlore.com/article/JCGIRM/2024_11_3/jcgirm110302 https://www.acadlore.com/article/JCGIRM/2024_11_3/jcgirm110301 Strategic values play a pivotal role in the long-term success of logistics enterprises, influencing interactions with customers, employees, and stakeholders, and driving sustainable outcomes. In the context of the global logistics sector, the identification and alignment of strategic values are essential for maintaining competitive advantage and fostering resilience. This study systematically investigates the strategic values of the world’s 50 leading logistics companies, focusing on those most strongly associated with sustainable success. Using a qualitative approach, content analysis was employed to evaluate and interpret the strategic documents of these enterprises, revealing key values that contribute significantly to sustainability. Among the values identified, reliability, customer-centricity, and operational efficiency were found to be most influential in ensuring both operational and strategic sustainability. These values were consistently embedded within corporate practices, shaping decision-making processes, stakeholder engagement, and long-term growth strategies. The findings indicate that the integration of sustainability as a core strategic value is critical for enduring success in an increasingly competitive and environmentally conscious market. The results provide valuable insights for both academics and practitioners, offering a framework for logistics companies to refine their strategic management practices and align their operations with sustainable development goals. By highlighting the strategic values that underpin sustainable growth, this study contributes to the understanding of how logistics enterprises can navigate the complex challenges of the modern business environment. 09-19-2024 <![CDATA[ Strategic values play a pivotal role in the long-term success of logistics enterprises, influencing interactions with customers, employees, and stakeholders, and driving sustainable outcomes. In the context of the global logistics sector, the identification and alignment of strategic values are essential for maintaining competitive advantage and fostering resilience. This study systematically investigates the strategic values of the world’s 50 leading logistics companies, focusing on those most strongly associated with sustainable success. Using a qualitative approach, content analysis was employed to evaluate and interpret the strategic documents of these enterprises, revealing key values that contribute significantly to sustainability. Among the values identified, reliability, customer-centricity, and operational efficiency were found to be most influential in ensuring both operational and strategic sustainability. These values were consistently embedded within corporate practices, shaping decision-making processes, stakeholder engagement, and long-term growth strategies. The findings indicate that the integration of sustainability as a core strategic value is critical for enduring success in an increasingly competitive and environmentally conscious market. The results provide valuable insights for both academics and practitioners, offering a framework for logistics companies to refine their strategic management practices and align their operations with sustainable development goals. By highlighting the strategic values that underpin sustainable growth, this study contributes to the understanding of how logistics enterprises can navigate the complex challenges of the modern business environment. ]]> The Role of Shared Strategic Values in Achieving Sustainable Success in Global Logistics Enterprises mesut atasever doi: 10.56578/jcgirm110301 Journal of Corporate Governance, Insurance, and Risk Management 09-19-2024 Journal of Corporate Governance, Insurance, and Risk Management 09-19-2024 2024 11 3 Article 148 10.56578/jcgirm110301 https://www.acadlore.com/article/JCGIRM/2024_11_3/jcgirm110301 https://www.acadlore.com/article/JCGIRM/2024_11_2/jcgirm110205 The rapid emergence of blockchain technology has facilitated the rise of Initial Coin Offerings (ICOs), offering an innovative approach to raising capital for startups and entrepreneurial ventures. Unlike conventional financing, where projects rely on internal resources or traditional external investments, ICOs enable firms to secure funding directly from the public through token sales. As this new form of crowdfunding gains momentum, the structure of national economic and financial systems has been identified as a critical factor influencing the success and performance of ICOs. Recent research has increasingly focused on comparing ICO markets with traditional corporate financing to better understand the dynamics at play. In this study, an econometric model was constructed to investigate how variations in a country’s financial and economic structures shape the fundraising outcomes of ICOs. A sample of 100 startups from diverse countries, including the United Kingdom, the United States, Austria, and South Africa, was analysed. The ordinary least squares (OLS) method was employed to estimate the model, defined as: Log(funds) = α + β1(fin) + β2(b) + β3(n) + β4(in) + $\in$. The variables represent key economic and financial indicators hypothesised to affect ICO performance, with rigorous statistical tests conducted using R Studio and Excel. Findings are expected to contribute to the growing body of literature by clarifying the extent to which national financial systems either facilitate or hinder the success of ICO fundraising campaigns. This research also provides valuable insights into the evolving role of financial innovation and regulation in the cryptocurrency ecosystem. 06-29-2024 <![CDATA[ <p>The rapid emergence of blockchain technology has facilitated the rise of Initial Coin Offerings (ICOs), offering an innovative approach to raising capital for startups and entrepreneurial ventures. Unlike conventional financing, where projects rely on internal resources or traditional external investments, ICOs enable firms to secure funding directly from the public through token sales. As this new form of crowdfunding gains momentum, the structure of national economic and financial systems has been identified as a critical factor influencing the success and performance of ICOs. Recent research has increasingly focused on comparing ICO markets with traditional corporate financing to better understand the dynamics at play. In this study, an econometric model was constructed to investigate how variations in a country’s financial and economic structures shape the fundraising outcomes of ICOs. A sample of 100 startups from diverse countries, including the United Kingdom, the United States, Austria, and South Africa, was analysed. The ordinary least squares (OLS) method was employed to estimate the model, defined as: Log(funds) = α + β1(fin) + β2(b) + β3(n) + β4(in) + $\in$. The variables represent key economic and financial indicators hypothesised to affect ICO performance, with rigorous statistical tests conducted using R Studio and Excel. Findings are expected to contribute to the growing body of literature by clarifying the extent to which national financial systems either facilitate or hinder the success of ICO fundraising campaigns. This research also provides valuable insights into the evolving role of financial innovation and regulation in the cryptocurrency ecosystem.</p> ]]> The Influence of National Economic and Financial Systems on the Performance of Initial Coin Offerings lemsi meriem jamel eddine henchiri doi: 10.56578/jcgirm110205 Journal of Corporate Governance, Insurance, and Risk Management 06-29-2024 Journal of Corporate Governance, Insurance, and Risk Management 06-29-2024 2024 11 2 Article 138 10.56578/jcgirm110205 https://www.acadlore.com/article/JCGIRM/2024_11_2/jcgirm110205 https://www.acadlore.com/article/JCGIRM/2024_11_2/jcgirm110204 Microfinance institutions (MFIs) play a critical role in promoting financial inclusion and driving economic growth, especially in developing economies. However, the prevalence of fraud has increasingly threatened the stability and credibility of these institutions, particularly in Ghana. This study investigates the impact of forensic auditing as a mechanism to mitigate fraud in deposit-taking MFIs, with a focus on the Ghanaian context. Forensic audit, a specialised area of auditing aimed at uncovering financial misconduct, is examined for its effectiveness in reducing fraudulent activities. Data were collected from 92 professional accountants using a purposive sampling method and a structured questionnaire based on a 5-point Likert scale. One hypothesis was formulated to assess the relationship between forensic auditing and fraud reduction, and regression analysis was conducted using the Statistical Package for Social Sciences (SPSS). The results revealed that, at a 5% significance level, the coefficient of the dummy variable representing forensic audit implementation was 2.57. This indicates that the reduction of fraud in MFIs implementing forensic audits was, on average, 2.57% higher compared to those without such audits. These findings underscore the importance of forensic auditing in enhancing financial integrity within MFIs and suggest that its mandatory enforcement by shareholders and regulatory bodies could significantly improve investor confidence in the sector. The study contributes to the limited body of research on forensic auditing in the context of Ghana and highlights its potential to strengthen the financial governance of MFIs, thereby promoting their long-term sustainability. 06-29-2024 <![CDATA[ Microfinance institutions (MFIs) play a critical role in promoting financial inclusion and driving economic growth, especially in developing economies. However, the prevalence of fraud has increasingly threatened the stability and credibility of these institutions, particularly in Ghana. This study investigates the impact of forensic auditing as a mechanism to mitigate fraud in deposit-taking MFIs, with a focus on the Ghanaian context. Forensic audit, a specialised area of auditing aimed at uncovering financial misconduct, is examined for its effectiveness in reducing fraudulent activities. Data were collected from 92 professional accountants using a purposive sampling method and a structured questionnaire based on a 5-point Likert scale. One hypothesis was formulated to assess the relationship between forensic auditing and fraud reduction, and regression analysis was conducted using the Statistical Package for Social Sciences (SPSS). The results revealed that, at a 5% significance level, the coefficient of the dummy variable representing forensic audit implementation was 2.57. This indicates that the reduction of fraud in MFIs implementing forensic audits was, on average, 2.57% higher compared to those without such audits. These findings underscore the importance of forensic auditing in enhancing financial integrity within MFIs and suggest that its mandatory enforcement by shareholders and regulatory bodies could significantly improve investor confidence in the sector. The study contributes to the limited body of research on forensic auditing in the context of Ghana and highlights its potential to strengthen the financial governance of MFIs, thereby promoting their long-term sustainability. ]]> Enhancing Financial Integrity in Ghanaian Microfinance Institutions Through Forensic Auditing: Assessing Its Role in Fraud Reduction justice stephen tetteh zotorvie matthew brains kudo jennifer ellah adaletey doi: 10.56578/jcgirm110204 Journal of Corporate Governance, Insurance, and Risk Management 06-29-2024 Journal of Corporate Governance, Insurance, and Risk Management 06-29-2024 2024 11 2 Article 126 10.56578/jcgirm110204 https://www.acadlore.com/article/JCGIRM/2024_11_2/jcgirm110204 https://www.acadlore.com/article/JCGIRM/2024_11_2/jcgirm110203 The phenomenon of multiple directorships (MDs) within Boards of Directors of listed entities has garnered increasing attention due to its implications on corporate governance (CG) effectiveness. This study examines the prevalence and major implications of MDs on the governance of Maltese listed entities (MLEs), identifying key determinants and evaluating potential management strategies. A mixed-methods approach is utilized, comprising semi-structured interviews with fourteen directors and company secretaries of MLEs. The findings reveal a significant occurrence of MDs among MLE directors, with impacts that vary based on the number of directorships held, individual circumstances of the directors, and the specific corporate environments of the entities involved. Critical factors contributing to the prevalence of MDs include a limited pool of qualified candidates, directors’ aspirations to serve on multiple boards, and the corporate emphasis on the perceived reputation and quality associated with MD holders. The study highlights that director overcommitment, resulting from MDs, poses potential risks to CG effectiveness. Strategies proposed to mitigate these risks include enhanced nomination committee (NC) reviews, self-assessment mechanisms for board members, and the establishment of more comprehensive guidelines within the CG code specific to directors with MDs. The originality of this research lies in its focus on the unique context of MDs within smaller states like Malta, providing valuable insights into CG enhancement in similar environments. This study offers significant contributions to the literature on MDs and CG, particularly relevant for listed companies in smaller jurisdictions and their stakeholders, by proposing actionable strategies to improve governance practices amidst the challenges posed by MDs. 06-29-2024 <![CDATA[ The phenomenon of multiple directorships (MDs) within Boards of Directors of listed entities has garnered increasing attention due to its implications on corporate governance (CG) effectiveness. This study examines the prevalence and major implications of MDs on the governance of Maltese listed entities (MLEs), identifying key determinants and evaluating potential management strategies. A mixed-methods approach is utilized, comprising semi-structured interviews with fourteen directors and company secretaries of MLEs. The findings reveal a significant occurrence of MDs among MLE directors, with impacts that vary based on the number of directorships held, individual circumstances of the directors, and the specific corporate environments of the entities involved. Critical factors contributing to the prevalence of MDs include a limited pool of qualified candidates, directors’ aspirations to serve on multiple boards, and the corporate emphasis on the perceived reputation and quality associated with MD holders. The study highlights that director overcommitment, resulting from MDs, poses potential risks to CG effectiveness. Strategies proposed to mitigate these risks include enhanced nomination committee (NC) reviews, self-assessment mechanisms for board members, and the establishment of more comprehensive guidelines within the CG code specific to directors with MDs. The originality of this research lies in its focus on the unique context of MDs within smaller states like Malta, providing valuable insights into CG enhancement in similar environments. This study offers significant contributions to the literature on MDs and CG, particularly relevant for listed companies in smaller jurisdictions and their stakeholders, by proposing actionable strategies to improve governance practices amidst the challenges posed by MDs. ]]> Multiple Directorships in Maltese Listed Entities: Implications, Determinants, and Governance Strategies peter j. baldacchino joseph camilleri janice camilleri lauren ellul norbert tabone simon grima doi: 10.56578/jcgirm110203 Journal of Corporate Governance, Insurance, and Risk Management 06-29-2024 Journal of Corporate Governance, Insurance, and Risk Management 06-29-2024 2024 11 2 Article 113 10.56578/jcgirm110203 https://www.acadlore.com/article/JCGIRM/2024_11_2/jcgirm110203 https://www.acadlore.com/article/JCGIRM/2024_11_2/jcgirm110202 The increasing global awareness of environmental issues has driven consumers toward eco-friendly products, making green marketing an essential aspect of contemporary business strategy. Originating in the 1980s, the concept of "going green" has significantly evolved, positioning sustainability at the forefront of corporate agendas. Indian companies, in particular, are increasingly adopting green marketing strategies to appeal to environmentally conscious consumers and maintain competitiveness in an eco-aware marketplace. However, significant challenges persist, primarily concerning perceived costs and the effectiveness of these strategies. This study aims to critically examine the landscape of green marketing in India, exploring the concept’s evolution, its strategic importance, and the challenges faced by businesses in this domain. By analyzing secondary data from academic literature and credible sources, the study provides a comprehensive overview of the current state of green marketing in India. The findings highlight that the integration of green marketing practices not only enhances corporate competitiveness but also contributes to broader environmental goals. Nevertheless, the successful adoption of these strategies requires overcoming substantial barriers, including misconceptions about financial implications and the need for greater governmental support. The paper concludes that every incremental effort towards environmental sustainability can significantly impact the resolution of contemporary ecological challenges. As such, the incorporation of green marketing strategies represents a logical and necessary progression for companies aiming to achieve long-term sustainability and societal benefits. The promotion of green marketing, supported by governmental incentives, is essential for fostering a greener future for current and future generations. 06-29-2024 <![CDATA[ The increasing global awareness of environmental issues has driven consumers toward eco-friendly products, making green marketing an essential aspect of contemporary business strategy. Originating in the 1980s, the concept of "going green" has significantly evolved, positioning sustainability at the forefront of corporate agendas. Indian companies, in particular, are increasingly adopting green marketing strategies to appeal to environmentally conscious consumers and maintain competitiveness in an eco-aware marketplace. However, significant challenges persist, primarily concerning perceived costs and the effectiveness of these strategies. This study aims to critically examine the landscape of green marketing in India, exploring the concept’s evolution, its strategic importance, and the challenges faced by businesses in this domain. By analyzing secondary data from academic literature and credible sources, the study provides a comprehensive overview of the current state of green marketing in India. The findings highlight that the integration of green marketing practices not only enhances corporate competitiveness but also contributes to broader environmental goals. Nevertheless, the successful adoption of these strategies requires overcoming substantial barriers, including misconceptions about financial implications and the need for greater governmental support. The paper concludes that every incremental effort towards environmental sustainability can significantly impact the resolution of contemporary ecological challenges. As such, the incorporation of green marketing strategies represents a logical and necessary progression for companies aiming to achieve long-term sustainability and societal benefits. The promotion of green marketing, supported by governmental incentives, is essential for fostering a greener future for current and future generations. ]]> Adoption of Green Marketing Strategies and Challenges in Sustainable Business Practices: Insights from Indian Companies gautam rawat mohan chandra pande doi: 10.56578/jcgirm110202 Journal of Corporate Governance, Insurance, and Risk Management 06-29-2024 Journal of Corporate Governance, Insurance, and Risk Management 06-29-2024 2024 11 2 Article 98 10.56578/jcgirm110202 https://www.acadlore.com/article/JCGIRM/2024_11_2/jcgirm110202 https://www.acadlore.com/article/JCGIRM/2024_11_2/jcgirm110201 This study examines the impact of intellectual capital and leverage on profitability, along with their implications for firm value, focusing on healthcare provider companies listed on the Indonesia Stock Exchange (IDX) from 2018 to 2022. A purposive sampling method was employed, resulting in a sample of seven healthcare provider companies. Secondary data were extracted from the companies' annual reports, with intellectual capital measured using Pulic’s Value-Added Intellectual Coefficient (VAIC) model, leverage assessed through the debt ratio, profitability evaluated via return on equity (ROE), and firm value gauged by the price-to-book ratio (PBR). Multiple and simple linear regression analyses were conducted to investigate the relationships between these variables. The findings reveal that both intellectual capital and leverage significantly influence profitability, accounting for 69.18% of its variation. Furthermore, profitability is found to significantly impact firm value, explaining 70.79% of its variation. These results indicate that intellectual capital plays a critical role in enhancing profitability, while leverage also contributes to profitability, which in turn, significantly affects firm value. The implications of these findings suggest that healthcare providers in Indonesia could optimize their financial strategies by focusing on intellectual capital and leverage to enhance profitability and, consequently, firm value. This study contributes to the existing literature by providing empirical evidence from the Indonesian healthcare sector and offers insights for both practitioners and policymakers aiming to enhance firm value through strategic financial management. 06-25-2024 <![CDATA[ <p>This study examines the impact of intellectual capital and leverage on profitability, along with their implications for firm value, focusing on healthcare provider companies listed on the Indonesia Stock Exchange (IDX) from 2018 to 2022. A purposive sampling method was employed, resulting in a sample of seven healthcare provider companies. Secondary data were extracted from the companies' annual reports, with intellectual capital measured using Pulic’s Value-Added Intellectual Coefficient (VAIC) model, leverage assessed through the debt ratio, profitability evaluated via return on equity (ROE), and firm value gauged by the price-to-book ratio (PBR). Multiple and simple linear regression analyses were conducted to investigate the relationships between these variables. The findings reveal that both intellectual capital and leverage significantly influence profitability, accounting for 69.18% of its variation. Furthermore, profitability is found to significantly impact firm value, explaining 70.79% of its variation. These results indicate that intellectual capital plays a critical role in enhancing profitability, while leverage also contributes to profitability, which in turn, significantly affects firm value. The implications of these findings suggest that healthcare providers in Indonesia could optimize their financial strategies by focusing on intellectual capital and leverage to enhance profitability and, consequently, firm value. This study contributes to the existing literature by providing empirical evidence from the Indonesian healthcare sector and offers insights for both practitioners and policymakers aiming to enhance firm value through strategic financial management.</p> ]]> Impact of Intellectual Capital and Leverage on Profitability and Their Implications for Firm Value in Indonesian Healthcare Providers adi anggoro parulian atang hermawan popo suryana hedie kristiawan yura witsqa firmansyah bhisma jaya prasaja gracelia maharani audria ineswari mulya marhadi roma ave maria doi: 10.56578/jcgirm110201 Journal of Corporate Governance, Insurance, and Risk Management 06-25-2024 Journal of Corporate Governance, Insurance, and Risk Management 06-25-2024 2024 11 2 Article 85 10.56578/jcgirm110201 https://www.acadlore.com/article/JCGIRM/2024_11_2/jcgirm110201 https://www.acadlore.com/article/JCGIRM/2024_11_1/jcgirm110105 The concept of sustainability encompasses a wide array of local government entities, including metropolitan, provincial, and district municipalities. In the current era, citizens residing within these jurisdictions assess not only the immediate services provided but also the long-term sustainability of these services. This assessment is facilitated through sustainability reports that address environmental, economic, and social sustainability, and communicate these findings to the public. Such reports provide an in-depth examination of organisational activities and their alignment with global development goals, revealing the value generated for both organisations and society through resource utilisation and needs fulfillment. This study critically analyses the sustainability report of the İstanbul Environment Management Company (IEMC), a subsidiary of the Istanbul Metropolitan Municipality. The analysis reveals that the report adheres to the Global Reporting Initiative (GRI) Standards, emphasising key themes such as transparency and accountability, social impact and responsibility, environmental impact and green practices, economic sustainability, innovation and technological advancements, stakeholder engagement and feedback, as well as sustainability targets and commitments. The findings indicate that IEMC’s report contributes significantly to the sustainability efforts of local governments. However, it has been identified that the scope and depth of sustainability reporting among local governments in Turkey are not at the desired level, and there exists a lack of adequate knowledge on this matter. Therefore, new initiatives and mechanisms are required to manage, monitor, and support the sustainability reporting processes of local governments effectively. This study underscores the necessity for enhanced capacity-building and strategic frameworks to improve the quality and impact of sustainability reports in the public sector. 03-30-2024 <![CDATA[ The concept of sustainability encompasses a wide array of local government entities, including metropolitan, provincial, and district municipalities. In the current era, citizens residing within these jurisdictions assess not only the immediate services provided but also the long-term sustainability of these services. This assessment is facilitated through sustainability reports that address environmental, economic, and social sustainability, and communicate these findings to the public. Such reports provide an in-depth examination of organisational activities and their alignment with global development goals, revealing the value generated for both organisations and society through resource utilisation and needs fulfillment. This study critically analyses the sustainability report of the İstanbul Environment Management Company (IEMC), a subsidiary of the Istanbul Metropolitan Municipality. The analysis reveals that the report adheres to the Global Reporting Initiative (GRI) Standards, emphasising key themes such as transparency and accountability, social impact and responsibility, environmental impact and green practices, economic sustainability, innovation and technological advancements, stakeholder engagement and feedback, as well as sustainability targets and commitments. The findings indicate that IEMC’s report contributes significantly to the sustainability efforts of local governments. However, it has been identified that the scope and depth of sustainability reporting among local governments in Turkey are not at the desired level, and there exists a lack of adequate knowledge on this matter. Therefore, new initiatives and mechanisms are required to manage, monitor, and support the sustainability reporting processes of local governments effectively. This study underscores the necessity for enhanced capacity-building and strategic frameworks to improve the quality and impact of sustainability reports in the public sector. ]]> Sustainability Reporting in Local Governance: An Analysis of the İstanbul Environment Management Company (IEMC) Sustainability Report atila kılıçarslan doi: 10.56578/jcgirm110105 Journal of Corporate Governance, Insurance, and Risk Management 03-30-2024 Journal of Corporate Governance, Insurance, and Risk Management 03-30-2024 2024 11 1 Article 75 10.56578/jcgirm110105 https://www.acadlore.com/article/JCGIRM/2024_11_1/jcgirm110105 https://www.acadlore.com/article/JCGIRM/2024_11_1/jcgirm110104 This empirical investigation examines the influence of corporate governance mechanisms on agency costs among firms listed on the CAC 40 index from 2005 to 2023. Agency costs were evaluated using three proxies: asset turnover ratio, selling, general and administrative expenses, and the interaction between free cash flow and Tobin's Q ratio. The findings suggest that larger board sizes are more effective in reducing agency costs within the studied French firms. Contrary to traditional agency theory predictions, higher managerial ownership did not correlate with reduced agency costs; rather, it was associated with increased costs. However, at high levels of managerial ownership, a reduction in agency costs was observed, challenging the notion of managerial entrenchment behavior within these firms. The analysis also indicates that CEO duality, board independence, ownership concentration, and institutional ownership contribute negatively to asset utilization efficiency, thus increasing agency costs. These results raise questions about the effectiveness of these governance mechanisms in the French regulatory and corporate environment. Furthermore, the study reveals that the effectiveness of specific governance mechanisms, such as board size and independence, as well as executive and non-executive ownership, is contingent upon the firm's growth opportunities. Specifically, board size appears more effective in low-growth firms, whereas mechanisms like board independence and diverse ownership structures benefit high-growth firms. This study enhances understanding of how corporate governance can influence agency costs, emphasizing the importance of aligning governance structures with firm growth trajectories. 03-30-2024 <![CDATA[ <p>This empirical investigation examines the influence of corporate governance mechanisms on agency costs among firms listed on the CAC 40 index from 2005 to 2023. Agency costs were evaluated using three proxies: asset turnover ratio, selling, general and administrative expenses, and the interaction between free cash flow and Tobin's Q ratio. The findings suggest that larger board sizes are more effective in reducing agency costs within the studied French firms. Contrary to traditional agency theory predictions, higher managerial ownership did not correlate with reduced agency costs; rather, it was associated with increased costs. However, at high levels of managerial ownership, a reduction in agency costs was observed, challenging the notion of managerial entrenchment behavior within these firms. The analysis also indicates that CEO duality, board independence, ownership concentration, and institutional ownership contribute negatively to asset utilization efficiency, thus increasing agency costs. These results raise questions about the effectiveness of these governance mechanisms in the French regulatory and corporate environment. Furthermore, the study reveals that the effectiveness of specific governance mechanisms, such as board size and independence, as well as executive and non-executive ownership, is contingent upon the firm's growth opportunities. Specifically, board size appears more effective in low-growth firms, whereas mechanisms like board independence and diverse ownership structures benefit high-growth firms. This study enhances understanding of how corporate governance can influence agency costs, emphasizing the importance of aligning governance structures with firm growth trajectories.</p> ]]> Impact of Governance Mechanisms on Agency Costs in CAC 40 Listed Firms: An Empirical Analysis (2005-2023) hemza boussenna bilal kimouche doi: 10.56578/jcgirm110104 Journal of Corporate Governance, Insurance, and Risk Management 03-30-2024 Journal of Corporate Governance, Insurance, and Risk Management 03-30-2024 2024 11 1 Article 58 10.56578/jcgirm110104 https://www.acadlore.com/article/JCGIRM/2024_11_1/jcgirm110104 https://www.acadlore.com/article/JCGIRM/2024_11_1/jcgirm110103 This study delineates the current landscape and effectiveness of micro life insurance in India, with a particular focus on its utility for economically disadvantaged populations. Utilizing descriptive statistics, bar diagrams, tables, figures, and scatter plots, the analysis reveals a positive trend in the coverage of lives under micro life insurance, concomitant with an increase in the number of agents. The life insurance corporation of India (LIC) plays a predominant role relative to private insurers, with group insurance schemes proving more effective than individual schemes. Furthermore, factors such as education, age, family size, wealth, financial literacy, bequest motives, and saving behaviors are identified as significant determinants of microinsurance uptake. Critically, micro life insurance is shown to substantially reduce out-of-pocket expenditure (OOP) and alleviate financial hardships among the poor, thereby contributing to poverty reduction. This comprehensive examination not only underscores the expanding reach and impact of micro life insurance but also emphasizes its strategic role in mitigating poverty within vulnerable segments of the population. 03-30-2024 <![CDATA[ This study delineates the current landscape and effectiveness of micro life insurance in India, with a particular focus on its utility for economically disadvantaged populations. Utilizing descriptive statistics, bar diagrams, tables, figures, and scatter plots, the analysis reveals a positive trend in the coverage of lives under micro life insurance, concomitant with an increase in the number of agents. The life insurance corporation of India (LIC) plays a predominant role relative to private insurers, with group insurance schemes proving more effective than individual schemes. Furthermore, factors such as education, age, family size, wealth, financial literacy, bequest motives, and saving behaviors are identified as significant determinants of microinsurance uptake. Critically, micro life insurance is shown to substantially reduce out-of-pocket expenditure (OOP) and alleviate financial hardships among the poor, thereby contributing to poverty reduction. This comprehensive examination not only underscores the expanding reach and impact of micro life insurance but also emphasizes its strategic role in mitigating poverty within vulnerable segments of the population. ]]> The Efficacy of Micro Life Insurance on Poverty Alleviation in India gayatri satapathy alok ranjan behera doi: 10.56578/jcgirm110103 Journal of Corporate Governance, Insurance, and Risk Management 03-30-2024 Journal of Corporate Governance, Insurance, and Risk Management 03-30-2024 2024 11 1 Article 47 10.56578/jcgirm110103 https://www.acadlore.com/article/JCGIRM/2024_11_1/jcgirm110103 https://www.acadlore.com/article/JCGIRM/2024_11_1/jcgirm110102 This study investigates the critical role of corporate governance in facilitating positive organisational transformations and countering the detrimental impacts of egocentric leadership. By embracing a qualitative descriptive methodology, a comprehensive systematic review of literature was conducted, exploring the myriad facets of corporate governance, including its principles, processes, systems, legal frameworks, regulations, and corrective mechanisms. Findings from the review reveal an inverse relationship between robust corporate governance and the prevalence of egocentric leadership. A significant challenge identified is the limitation faced by boards of directors, metaphorically described as being “without a spare wheel”, which hinders their capacity to address these governance challenges effectively in today’s dynamic work environment. Furthermore, conflicts of interest were found to severely compromise the integrity of governance practices. It is recommended that boards failing to rectify non-compliance within their tenure should be subject to dissolution, contingent upon the specifics of the case. Additionally, it is imperative that organisations conduct thorough assessments and reviews of the effectiveness of their corporate governance, enhancing internal controls to enforce governance principles rigorously. This study is pioneering in integrating the transformation of corporate governance while delineating the obstacles encountered, concluding that organisations can promote and uphold exemplary governance by implementing stringent measures against violations and by rewarding adherence among stakeholders. 03-30-2024 <![CDATA[ This study investigates the critical role of corporate governance in facilitating positive organisational transformations and countering the detrimental impacts of egocentric leadership. By embracing a qualitative descriptive methodology, a comprehensive systematic review of literature was conducted, exploring the myriad facets of corporate governance, including its principles, processes, systems, legal frameworks, regulations, and corrective mechanisms. Findings from the review reveal an inverse relationship between robust corporate governance and the prevalence of egocentric leadership. A significant challenge identified is the limitation faced by boards of directors, metaphorically described as being “without a spare wheel”, which hinders their capacity to address these governance challenges effectively in today’s dynamic work environment. Furthermore, conflicts of interest were found to severely compromise the integrity of governance practices. It is recommended that boards failing to rectify non-compliance within their tenure should be subject to dissolution, contingent upon the specifics of the case. Additionally, it is imperative that organisations conduct thorough assessments and reviews of the effectiveness of their corporate governance, enhancing internal controls to enforce governance principles rigorously. This study is pioneering in integrating the transformation of corporate governance while delineating the obstacles encountered, concluding that organisations can promote and uphold exemplary governance by implementing stringent measures against violations and by rewarding adherence among stakeholders. ]]> Corporate Governance Dynamics: Contending with Egocentric Leadership and Enhancing Board Efficacy hlalele matebese zimkhitha f. juqu normah f. mutongerwa doi: 10.56578/jcgirm110102 Journal of Corporate Governance, Insurance, and Risk Management 03-30-2024 Journal of Corporate Governance, Insurance, and Risk Management 03-30-2024 2024 11 1 Article 25 10.56578/jcgirm110102 https://www.acadlore.com/article/JCGIRM/2024_11_1/jcgirm110102 https://www.acadlore.com/article/JCGIRM/2024_11_1/jcgirm110101 This investigation addresses the issuance of preference shares by companies listed on the Malta Stock Exchange (MSE), identifying key determinants and obstacles associated with these initiatives. Semi-structured interviews were conducted with 27 stakeholders, including representatives from 23 MSE-listed companies (MLCs), one MSE official, two stockbrokers, and an advisor from a leading global accounting firm. An evaluation of the financial distress faced by issuers prior to the issuance of preference shares was also undertaken. Despite the establishment of the MSE in 1992, preference shares have been issued by only two listed companies, indicating their minimal utilization as financial instruments within the Maltese market. The findings reveal that preference shares are primarily issued to meet financing needs, support corporate expansion, prevent control dilution, capitalize on favorable market conditions, maintain balanced capital structures, and enhance debt capacity. However, several barriers hinder the issuance of preference shares, including limitations inherent to the Maltese capital market, low investor interest, perceived complexity, and a general lack of understanding regarding this hybrid financial instrument. The study underscores the necessity for improved educational efforts concerning preference shares and elucidates the distinctive characteristics of the local market. 03-30-2024 <![CDATA[ This investigation addresses the issuance of preference shares by companies listed on the Malta Stock Exchange (MSE), identifying key determinants and obstacles associated with these initiatives. Semi-structured interviews were conducted with 27 stakeholders, including representatives from 23 MSE-listed companies (MLCs), one MSE official, two stockbrokers, and an advisor from a leading global accounting firm. An evaluation of the financial distress faced by issuers prior to the issuance of preference shares was also undertaken. Despite the establishment of the MSE in 1992, preference shares have been issued by only two listed companies, indicating their minimal utilization as financial instruments within the Maltese market. The findings reveal that preference shares are primarily issued to meet financing needs, support corporate expansion, prevent control dilution, capitalize on favorable market conditions, maintain balanced capital structures, and enhance debt capacity. However, several barriers hinder the issuance of preference shares, including limitations inherent to the Maltese capital market, low investor interest, perceived complexity, and a general lack of understanding regarding this hybrid financial instrument. The study underscores the necessity for improved educational efforts concerning preference shares and elucidates the distinctive characteristics of the local market. ]]> An Examination of Preference Share Issuance by Companies Listed on the Malta Stock Exchange lauren ellul bernice manché peter j. baldacchino norbert tabone simon grima doi: 10.56578/jcgirm110101 Journal of Corporate Governance, Insurance, and Risk Management 03-30-2024 Journal of Corporate Governance, Insurance, and Risk Management 03-30-2024 2024 11 1 Article 1 10.56578/jcgirm110101 https://www.acadlore.com/article/JCGIRM/2024_11_1/jcgirm110101 https://www.acadlore.com/article/JCGIRM/2023_10_2/jcgirm100210 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. 12-30-2023 <![CDATA[ <p>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.</p> ]]> 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 doi: 10.56578/jcgirm100210 Journal of Corporate Governance, Insurance, and Risk Management 12-30-2023 Journal of Corporate Governance, Insurance, and Risk Management 12-30-2023 2023 10 2 Article 208 10.56578/jcgirm100210 https://www.acadlore.com/article/JCGIRM/2023_10_2/jcgirm100210 https://www.acadlore.com/article/JCGIRM/2023_10_2/jcgirm100209 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. 12-30-2023 <![CDATA[ <p>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.</p> ]]> Investor Overreaction in the BIST Sustainability Index: An Empirical Analysis from 2014-2022 reyhan can doi: 10.56578/jcgirm100209 Journal of Corporate Governance, Insurance, and Risk Management 12-30-2023 Journal of Corporate Governance, Insurance, and Risk Management 12-30-2023 2023 10 2 Article 196 10.56578/jcgirm100209 https://www.acadlore.com/article/JCGIRM/2023_10_2/jcgirm100209 https://www.acadlore.com/article/JCGIRM/2023_10_2/jcgirm100208 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. 12-30-2023 <![CDATA[ <p>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.</p> ]]> Dynamics of High-Tech Investment and Export Growth in Turkey: A Multidisciplinary Analysis sevgi sezer doi: 10.56578/jcgirm100208 Journal of Corporate Governance, Insurance, and Risk Management 12-30-2023 Journal of Corporate Governance, Insurance, and Risk Management 12-30-2023 2023 10 2 Article 186 10.56578/jcgirm100208 https://www.acadlore.com/article/JCGIRM/2023_10_2/jcgirm100208 https://www.acadlore.com/article/JCGIRM/2023_10_2/jcgirm100207 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. 12-30-2023 <![CDATA[ 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. ]]> The Impact of Managerial Sustainability and Ethics on Corporate Success mesut atasever doi: 10.56578/jcgirm100207 Journal of Corporate Governance, Insurance, and Risk Management 12-30-2023 Journal of Corporate Governance, Insurance, and Risk Management 12-30-2023 2023 10 2 Article 176 10.56578/jcgirm100207 https://www.acadlore.com/article/JCGIRM/2023_10_2/jcgirm100207 https://www.acadlore.com/article/JCGIRM/2023_10_2/jcgirm100206 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. 12-30-2023 <![CDATA[ <p>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.</p> ]]> Exploring the Causal Linkage Between Foreign Equity Investments and BIST 100 Index aykut güryel veysel kula doi: 10.56578/jcgirm100206 Journal of Corporate Governance, Insurance, and Risk Management 12-30-2023 Journal of Corporate Governance, Insurance, and Risk Management 12-30-2023 2023 10 2 Article 169 10.56578/jcgirm100206 https://www.acadlore.com/article/JCGIRM/2023_10_2/jcgirm100206 https://www.acadlore.com/article/JCGIRM/2023_10_2/jcgirm100205 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. 12-30-2023 <![CDATA[ <p>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.</p> ]]> Maritime Dynamics and Energy Security in the Eastern Mediterranean: Analyzing the Blue Homeland Doctrine gökçe çiçek ceyhun doi: 10.56578/jcgirm100205 Journal of Corporate Governance, Insurance, and Risk Management 12-30-2023 Journal of Corporate Governance, Insurance, and Risk Management 12-30-2023 2023 10 2 Article 159 10.56578/jcgirm100205 https://www.acadlore.com/article/JCGIRM/2023_10_2/jcgirm100205 https://www.acadlore.com/article/JCGIRM/2023_10_2/jcgirm100204 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. 12-30-2023 <![CDATA[ <p>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.</p> ]]> Microfinance as A Strategy for Alleviating Women's Poverty in Turkey: An Analytical Study Focused on Eskisehir funda râna adaçay gökçe yildiz doi: 10.56578/jcgirm100204 Journal of Corporate Governance, Insurance, and Risk Management 12-30-2023 Journal of Corporate Governance, Insurance, and Risk Management 12-30-2023 2023 10 2 Article 140 10.56578/jcgirm100204 https://www.acadlore.com/article/JCGIRM/2023_10_2/jcgirm100204 https://www.acadlore.com/article/JCGIRM/2023_10_2/jcgirm100203 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. 12-30-2023 <![CDATA[ <p>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.</p> ]]> Evaluating the Impact of Climate Risk on Financial Access and Stability in G20 Countries: A Panel Data Approach (2006-2017) tugba nur serkan sahin emre esat topaloglu ilhan ege doi: 10.56578/jcgirm100203 Journal of Corporate Governance, Insurance, and Risk Management 12-30-2023 Journal of Corporate Governance, Insurance, and Risk Management 12-30-2023 2023 10 2 Article 125 10.56578/jcgirm100203 https://www.acadlore.com/article/JCGIRM/2023_10_2/jcgirm100203 https://www.acadlore.com/article/JCGIRM/2023_10_2/jcgirm100202 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 12-30-2023 <![CDATA[ <p>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.</p> ]]> Impact of Accounting Information Systems, Work Motivation, and Internal Controls on Employee Performance: A Study at PT. Bank Danamon, Ambon Branch elisabeth riupassa maximilian ernst mauwa doi: 10.56578/jcgirm100202 Journal of Corporate Governance, Insurance, and Risk Management 12-30-2023 Journal of Corporate Governance, Insurance, and Risk Management 12-30-2023 2023 10 2 Article 118 10.56578/jcgirm100202 https://www.acadlore.com/article/JCGIRM/2023_10_2/jcgirm100202 https://www.acadlore.com/article/JCGIRM/2023_10_2/jcgirm100201 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. 11-27-2023 <![CDATA[ <p>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.</p> ]]> Impact of COVID-19 on Audit Risk Assessment Procedures: Insights from Malta lauren ellul kylie-ann ellul peter j. baldacchino norbert tabone simon grima doi: 10.56578/jcgirm100201 Journal of Corporate Governance, Insurance, and Risk Management 11-27-2023 Journal of Corporate Governance, Insurance, and Risk Management 11-27-2023 2023 10 2 Article 96 10.56578/jcgirm100201 https://www.acadlore.com/article/JCGIRM/2023_10_2/jcgirm100201 https://www.acadlore.com/article/JCGIRM/2023_10_1/jcgirm100110 Developments in Blockchain technology and their increasing adoption have prompted examination of intersections with organizational internal control systems. Technological solutions leveraging blockchain reportedly enhance operational effectiveness and efficiency, core internal control objectives. Such improvements could increase financial and non-financial reporting reliability and facilitate regulatory compliance. The Committee of Sponsoring Organizations' (COSO) internal control framework provides a systematic methodology for designing and implementing effective controls utilizing blockchain technologies. Within the COSO 2013 framework's context, this study aims to identify risks that may arise from blockchain technology integration into financial reporting processes and outline corresponding control formulations. Specific focal points involve risk evaluation associated with blockchain technology adoption and control implementation proposals addressing identified issues. If properly designed, controls may optimize blockchain technology capabilities for transparent, accountable, and sustainable value generation. This initial examination offers strategic guidance on evidence-based advancement of business-community symbiosis locally and globally through continuous policy evolution. Regional contextualization and adaptability to emerging complexities will determine durability of theoretical edifices established. 06-29-2023 <![CDATA[ <p>Developments in Blockchain technology and their increasing adoption have prompted examination of intersections with organizational internal control systems. Technological solutions leveraging blockchain reportedly enhance operational effectiveness and efficiency, core internal control objectives. Such improvements could increase financial and non-financial reporting reliability and facilitate regulatory compliance. The Committee of Sponsoring Organizations' (COSO) internal control framework provides a systematic methodology for designing and implementing effective controls utilizing blockchain technologies. Within the COSO 2013 framework's context, this study aims to identify risks that may arise from blockchain technology integration into financial reporting processes and outline corresponding control formulations. Specific focal points involve risk evaluation associated with blockchain technology adoption and control implementation proposals addressing identified issues. If properly designed, controls may optimize blockchain technology capabilities for transparent, accountable, and sustainable value generation. This initial examination offers strategic guidance on evidence-based advancement of business-community symbiosis locally and globally through continuous policy evolution. Regional contextualization and adaptability to emerging complexities will determine durability of theoretical edifices established.</p> ]]> Assessing the Impact of Blockchain Technology on Internal Controls Within the COSO Framework gülçin kazan tuğçe uzun kocamış doi: 10.56578/jcgirm100110 Journal of Corporate Governance, Insurance, and Risk Management 06-29-2023 Journal of Corporate Governance, Insurance, and Risk Management 06-29-2023 2023 10 1 Article 86 10.56578/jcgirm100110 https://www.acadlore.com/article/JCGIRM/2023_10_1/jcgirm100110 https://www.acadlore.com/article/JCGIRM/2023_10_1/jcgirm100109 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. 06-29-2023 <![CDATA[ <p>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.</p> ]]> Assessing the Influence of Corporate Governance on Corporate Social Responsibility Perceptions Between Firms in Turkish Governance and Main Stock Exchange Indexes fatih biyikli doi: 10.56578/jcgirm100109 Journal of Corporate Governance, Insurance, and Risk Management 06-29-2023 Journal of Corporate Governance, Insurance, and Risk Management 06-29-2023 2023 10 1 Article 79 10.56578/jcgirm100109 https://www.acadlore.com/article/JCGIRM/2023_10_1/jcgirm100109 https://www.acadlore.com/article/JCGIRM/2023_10_1/jcgirm100108 This investigation elucidates the correlation between membership in a Free Trade Agreement (FTA) and the degree of financial integration among Central European Free Trade Agreement (CEFTA) countries. A particular emphasis is placed on discerning whether CEFTA affiliation enhances financial integration. A comprehensive panel data analysis spanning two decades (2000-2020) is implemented, incorporating cross-sectional and time-series data. The influence of various determinants on financial integration is quantified through an Estimated Generalized Least Squares (EGLS) panel regression model, integrating panel-corrected standard errors. The findings consistently reveal that CEFTA membership bolsters financial integration. Moreover, the study substantiates that control variables such as inflation rate, market size, and corporate tax rate, incorporated in the regression model, significantly contribute to the variance of financial integration at a minimum 5% significance level. Conversely, trade openness demonstrated a positive, albeit statistically insignificant, effect. Empirical evidence suggests that CEFTA affiliation positively impacts financial integration, underscoring the necessity for more profound regional economic amalgamation. The significance of these findings can be observed in two dimensions: the contribution to existing literature on CEFTA region trade integration, and the broader discourse on financial integration. Insight gleaned from these findings recommends that CEFTA members should intensify mutual trade integration and diminish trade barriers to foster comparative advantages. 06-29-2023 <![CDATA[ <p>This investigation elucidates the correlation between membership in a Free Trade Agreement (FTA) and the degree of financial integration among Central European Free Trade Agreement (CEFTA) countries. A particular emphasis is placed on discerning whether CEFTA affiliation enhances financial integration. A comprehensive panel data analysis spanning two decades (2000-2020) is implemented, incorporating cross-sectional and time-series data. The influence of various determinants on financial integration is quantified through an Estimated Generalized Least Squares (EGLS) panel regression model, integrating panel-corrected standard errors. The findings consistently reveal that CEFTA membership bolsters financial integration. Moreover, the study substantiates that control variables such as inflation rate, market size, and corporate tax rate, incorporated in the regression model, significantly contribute to the variance of financial integration at a minimum 5% significance level. Conversely, trade openness demonstrated a positive, albeit statistically insignificant, effect. Empirical evidence suggests that CEFTA affiliation positively impacts financial integration, underscoring the necessity for more profound regional economic amalgamation. The significance of these findings can be observed in two dimensions: the contribution to existing literature on CEFTA region trade integration, and the broader discourse on financial integration. Insight gleaned from these findings recommends that CEFTA members should intensify mutual trade integration and diminish trade barriers to foster comparative advantages.</p> ]]> Evaluating the Influence of CEFTA Membership on Financial Integration: An Empirical Panel Data Analysis agim mamuti nalda zubović engin boztepe doi: 10.56578/jcgirm100108 Journal of Corporate Governance, Insurance, and Risk Management 06-29-2023 Journal of Corporate Governance, Insurance, and Risk Management 06-29-2023 2023 10 1 Article 69 10.56578/jcgirm100108 https://www.acadlore.com/article/JCGIRM/2023_10_1/jcgirm100108 https://www.acadlore.com/article/JCGIRM/2023_10_1/jcgirm100107 The Aftalion methodology of economic crisis theory presents a complex and comprehensive understanding of economic crises, the exploration of which is riddled with nuanced considerations and varied perspectives. Primarily, it emphasizes the counterintuitive reality that the precursor to a crisis can be a period of prosperity, a concept that often remains overshadowed by a multitude of economic factors, including price evolutions and various defining economic junctures. Certain theories postulate that this initial phase of prosperity, paradoxically, sows the seeds for an impending crisis, a proposition that invites ample debate and necessitates further empirical validation. Theories focusing solely on the cost of production elements also come under scrutiny in the context of the Aftalion methodology. The theory recognizes the consequential roles of financial market fluctuations, particularly those pertaining to the stock market, alongside the influential forces of monetary and capitalist markets. Further, the state of employment significantly contributes to the shaping of economic conditions, underscoring the necessity of examining these factors in understanding crises. Finally, the methodology posits that variations in the discount rate could be pivotal triggers for economic crises, an assertion that calls for comprehensive investigation. The Aftalion methodology thus provides an exhaustive framework to examine economic crises, inviting scholars and practitioners alike to delve deeper into these mechanisms and their implications. 06-29-2023 <![CDATA[ <p>The Aftalion methodology of economic crisis theory presents a complex and comprehensive understanding of economic crises, the exploration of which is riddled with nuanced considerations and varied perspectives. Primarily, it emphasizes the counterintuitive reality that the precursor to a crisis can be a period of prosperity, a concept that often remains overshadowed by a multitude of economic factors, including price evolutions and various defining economic junctures. Certain theories postulate that this initial phase of prosperity, paradoxically, sows the seeds for an impending crisis, a proposition that invites ample debate and necessitates further empirical validation. Theories focusing solely on the cost of production elements also come under scrutiny in the context of the Aftalion methodology. The theory recognizes the consequential roles of financial market fluctuations, particularly those pertaining to the stock market, alongside the influential forces of monetary and capitalist markets. Further, the state of employment significantly contributes to the shaping of economic conditions, underscoring the necessity of examining these factors in understanding crises. Finally, the methodology posits that variations in the discount rate could be pivotal triggers for economic crises, an assertion that calls for comprehensive investigation. The Aftalion methodology thus provides an exhaustive framework to examine economic crises, inviting scholars and practitioners alike to delve deeper into these mechanisms and their implications.</p><p></p> ]]> Evaluating Economic Crisis Theory: A Comprehensive Examination of the Aftalion Methodology john a. consiglio doi: 10.56578/jcgirm100107 Journal of Corporate Governance, Insurance, and Risk Management 06-29-2023 Journal of Corporate Governance, Insurance, and Risk Management 06-29-2023 2023 10 1 Article 58 10.56578/jcgirm100107 https://www.acadlore.com/article/JCGIRM/2023_10_1/jcgirm100107 https://www.acadlore.com/article/JCGIRM/2023_10_1/jcgirm100106 In recent years, advances in digital technology have rapidly permeated various business sectors and functions, leading to the digital transformation of numerous traditional paper-based accounting processes. Consequently, e-accounting practices such as e-invoicing, e-archiving, and e-bookkeeping have become increasingly widespread. Although e-accounting applications offer advantages such as cost and time savings, increased efficiency, and reliable data storage, there remain significant obstacles to their adoption. This study investigates the primary limitations hindering the use of e-accounting practices by surveying 100 practicing accountants in Istanbul, Turkey, in 2023. The findings reveal that the primary obstacles perceived by the accountants are an inadequate infrastructure and a lack of qualified personnel. Compared with previous studies on the topic, the sample frame in the present research comprises a wealthier, stronger, and more populous province. However, the results suggest that accountants in different provinces with varying levels of industrialization hold similar views regarding the drawbacks of e-accounting applications. Consequently, nationwide efforts to address infrastructure limitations and skills gaps are crucial for overcoming barriers to e-accounting adoption. By addressing these challenges, Turkish accountants and businesses can fully harness the benefits of digital technology. 06-29-2023 <![CDATA[ <p>In recent years, advances in digital technology have rapidly permeated various business sectors and functions, leading to the digital transformation of numerous traditional paper-based accounting processes. Consequently, e-accounting practices such as e-invoicing, e-archiving, and e-bookkeeping have become increasingly widespread. Although e-accounting applications offer advantages such as cost and time savings, increased efficiency, and reliable data storage, there remain significant obstacles to their adoption. This study investigates the primary limitations hindering the use of e-accounting practices by surveying 100 practicing accountants in Istanbul, Turkey, in 2023. The findings reveal that the primary obstacles perceived by the accountants are an inadequate infrastructure and a lack of qualified personnel. Compared with previous studies on the topic, the sample frame in the present research comprises a wealthier, stronger, and more populous province. However, the results suggest that accountants in different provinces with varying levels of industrialization hold similar views regarding the drawbacks of e-accounting applications. Consequently, nationwide efforts to address infrastructure limitations and skills gaps are crucial for overcoming barriers to e-accounting adoption. By addressing these challenges, Turkish accountants and businesses can fully harness the benefits of digital technology.</p> ]]> Overcoming Barriers to E-Accounting Adoption: A Survey of Accountants in Turkey mehtap baysal artık veysel kula doi: 10.56578/jcgirm100106 Journal of Corporate Governance, Insurance, and Risk Management 06-29-2023 Journal of Corporate Governance, Insurance, and Risk Management 06-29-2023 2023 10 1 Article 50 10.56578/jcgirm100106 https://www.acadlore.com/article/JCGIRM/2023_10_1/jcgirm100106 https://www.acadlore.com/article/JCGIRM/2023_10_1/jcgirm100105 Objective: This study aims to investigate the significance of health insurance in the context of India's growing population, with a particular focus on Uttar Pradesh, the country's most populous state. By examining various factors, such as the cost of health insurance in relation to its perceived benefits, the study seeks to understand the drivers behind health insurance uptake in the state. The importance of health insurance is underscored by the high cost of quality healthcare and the prevalent lack of awareness regarding its benefits. This paper emphasizes the need for health insurance and explores the reasons behind individuals' reluctance to prioritize its benefits over short-term gains.Methods: A mixed-methods approach was employed in this study. Quantitative data was collected to gauge the impact of cost on health insurance adoption and to assess how an individual's income influences their perception of health insurance. Surveys using Google Forms were administered in urban areas to obtain numerical data reflecting the general population's views on the current situation and their willingness to purchase health insurance. The sample comprised 402 respondents from Uttar Pradesh, representing diverse age groups, social backgrounds, and income levels. Data from the National Family Health Survey and the National Sample Survey Office were used as reference points to determine the prevalence of insurance uptake and to evaluate the representativeness of the sample.Results: The findings suggest that the cost factor, specifically the cost of health insurance premiums and the long-term returns they offer, remains the primary determinant of health insurance adoption.Practical Implications: This research underscores the importance of health insurance in the Indian society and identifies the factors influencing individuals' decisions to purchase a policy. Furthermore, the study proposes that making health insurance more affordable and raising awareness among the population could address the issue of low uptake. Consequently, this work aims to heighten awareness of health insurance's importance among Uttar Pradesh residents and recommend that policy makers implement strategies to make it more accessible, thereby influencing public behavior. 06-29-2023 <![CDATA[ <p><strong>Objective:</strong> This study aims to investigate the significance of health insurance in the context of India's growing population, with a particular focus on Uttar Pradesh, the country's most populous state. By examining various factors, such as the cost of health insurance in relation to its perceived benefits, the study seeks to understand the drivers behind health insurance uptake in the state. The importance of health insurance is underscored by the high cost of quality healthcare and the prevalent lack of awareness regarding its benefits. This paper emphasizes the need for health insurance and explores the reasons behind individuals' reluctance to prioritize its benefits over short-term gains.</p><p><strong>Methods:</strong> A mixed-methods approach was employed in this study. Quantitative data was collected to gauge the impact of cost on health insurance adoption and to assess how an individual's income influences their perception of health insurance. Surveys using Google Forms were administered in urban areas to obtain numerical data reflecting the general population's views on the current situation and their willingness to purchase health insurance. The sample comprised 402 respondents from Uttar Pradesh, representing diverse age groups, social backgrounds, and income levels. Data from the National Family Health Survey and the National Sample Survey Office were used as reference points to determine the prevalence of insurance uptake and to evaluate the representativeness of the sample.</p><p><strong>Results:</strong> The findings suggest that the cost factor, specifically the cost of health insurance premiums and the long-term returns they offer, remains the primary determinant of health insurance adoption.</p><p><strong>Practical Implications:</strong> This research underscores the importance of health insurance in the Indian society and identifies the factors influencing individuals' decisions to purchase a policy. Furthermore, the study proposes that making health insurance more affordable and raising awareness among the population could address the issue of low uptake. Consequently, this work aims to heighten awareness of health insurance's importance among Uttar Pradesh residents and recommend that policy makers implement strategies to make it more accessible, thereby influencing public behavior.</p> ]]> Factors Affecting Health Insurance Adoption and Awareness in Uttar Pradesh, India: A Comprehensive Analysis naman mishra manju dahiya steven grima simon grima doi: 10.56578/jcgirm100105 Journal of Corporate Governance, Insurance, and Risk Management 06-29-2023 Journal of Corporate Governance, Insurance, and Risk Management 06-29-2023 2023 10 1 Article 42 10.56578/jcgirm100105 https://www.acadlore.com/article/JCGIRM/2023_10_1/jcgirm100105 https://www.acadlore.com/article/JCGIRM/2023_10_1/jcgirm100104 The burgeoning Metaverse represents an unprecedented technology frontier that is poised to redefine our financial, societal, and cultural paradigms. This research introduces a new economic term, Metanomics, to the academic discourse by conceptualizing an economic structure in which the virtual needs of humans and virtual entities are met in virtual universes, production, distribution and finance processes are designed for this purpose and interact with the real universe. A profound examination of the potential sectoral, macroeconomic, and financial repercussions of Metanomics has been carried out. Expected improvements in sectors like education, healthcare, and tourism include increased productivity, emergence of new job roles, cost efficiencies, and heightened profitability. On the macroeconomic front, an escalation in total factor productivity, employment opportunities, and growth rates is anticipated. The unique aspect of this system pertains to its potential influence on the financial landscape. Novel financial institutions wielding innovative financial instruments are forecasted to emerge in the Metaverse. Consequently, a new arena of financial transactions linking the virtual and real-world economies is predicted to emerge, causing an expansion of the financial transaction volume in the real world. These transactions, primarily facilitated by cryptocurrencies, will contribute to an accelerated globalization process. Therefore, this research endeavours to forecast the ways the Metaverse might reshape future financial systems, predict the repercussions of these interplays on the global economy, delineate potential risks and opportunities, and propose relevant policy recommendations. 06-29-2023 <![CDATA[ <p>The burgeoning Metaverse represents an unprecedented technology frontier that is poised to redefine our financial, societal, and cultural paradigms. This research introduces a new economic term, Metanomics, to the academic discourse by conceptualizing an economic structure in which the virtual needs of humans and virtual entities are met in virtual universes, production, distribution and finance processes are designed for this purpose and interact with the real universe. A profound examination of the potential sectoral, macroeconomic, and financial repercussions of Metanomics has been carried out. Expected improvements in sectors like education, healthcare, and tourism include increased productivity, emergence of new job roles, cost efficiencies, and heightened profitability. On the macroeconomic front, an escalation in total factor productivity, employment opportunities, and growth rates is anticipated. The unique aspect of this system pertains to its potential influence on the financial landscape. Novel financial institutions wielding innovative financial instruments are forecasted to emerge in the Metaverse. Consequently, a new arena of financial transactions linking the virtual and real-world economies is predicted to emerge, causing an expansion of the financial transaction volume in the real world. These transactions, primarily facilitated by cryptocurrencies, will contribute to an accelerated globalization process. Therefore, this research endeavours to forecast the ways the Metaverse might reshape future financial systems, predict the repercussions of these interplays on the global economy, delineate potential risks and opportunities, and propose relevant policy recommendations.</p> ]]> A View of the Future of the Metaverse Economy on the Basis of the Global Financial System: New Opportunities and Risks selim şanlısoy tuğberk çiloğlu doi: 10.56578/jcgirm100104 Journal of Corporate Governance, Insurance, and Risk Management 06-29-2023 Journal of Corporate Governance, Insurance, and Risk Management 06-29-2023 2023 10 1 Article 28 10.56578/jcgirm100104 https://www.acadlore.com/article/JCGIRM/2023_10_1/jcgirm100104 https://www.acadlore.com/article/JCGIRM/2023_10_1/jcgirm100103 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. 06-29-2023 <![CDATA[ <p>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.</p> ]]> Exploring the Determinants of Managerial Vulnerability to Manipulation: A Qualitative Investigation mesut atasever ibrahim kaynar doi: 10.56578/jcgirm100103 Journal of Corporate Governance, Insurance, and Risk Management 06-29-2023 Journal of Corporate Governance, Insurance, and Risk Management 06-29-2023 2023 10 1 Article 21 10.56578/jcgirm100103 https://www.acadlore.com/article/JCGIRM/2023_10_1/jcgirm100103 https://www.acadlore.com/article/JCGIRM/2023_10_1/jcgirm100102 This study aimed to evaluate citizen satisfaction with e-Government (eGov) services in Turkey amid the COVID-19 pandemic and identify the key factors influencing satisfaction levels. Data were collected from a random sample of 396 citizens residing in Usak, Turkey, who utilized eGov services throughout the crisis. Factor analysis and multiple linear regression methods were employed to examine the gathered data. The results revealed that the performance of eGov services and citizens' trust in the government were significant predictors of satisfaction with eGov services in the context of a pandemic. These findings offer valuable insights into enhancing eGov implementation in Turkey and suggest potentially beneficial strategies for nations with similar eGov infrastructures and socio-economic development. The broader implications of these findings for both practical applications and future research are subsequently explored in this study. 06-29-2023 <![CDATA[ <p>This study aimed to evaluate citizen satisfaction with e-Government (eGov) services in Turkey amid the COVID-19 pandemic and identify the key factors influencing satisfaction levels. Data were collected from a random sample of 396 citizens residing in Usak, Turkey, who utilized eGov services throughout the crisis. Factor analysis and multiple linear regression methods were employed to examine the gathered data. The results revealed that the performance of eGov services and citizens' trust in the government were significant predictors of satisfaction with eGov services in the context of a pandemic. These findings offer valuable insights into enhancing eGov implementation in Turkey and suggest potentially beneficial strategies for nations with similar eGov infrastructures and socio-economic development. The broader implications of these findings for both practical applications and future research are subsequently explored in this study.</p> ]]> Citizen Satisfaction and Influential Factors of E-Government Services During the COVID-19 Crisis: A Turkish Case Study fulya akyıldız i̇lker can doi: 10.56578/jcgirm100102 Journal of Corporate Governance, Insurance, and Risk Management 06-29-2023 Journal of Corporate Governance, Insurance, and Risk Management 06-29-2023 2023 10 1 Article 9 10.56578/jcgirm100102 https://www.acadlore.com/article/JCGIRM/2023_10_1/jcgirm100102 https://www.acadlore.com/article/JCGIRM/2023_10_1/jcgirm100101 The future of the world is a topic that continues to generate debate and intrigue across generations, due to uncertainties and evolving concerns. As the industrial revolution, technological advancements, and urbanization have progressed, numerous challenges have arisen. Environmental pollution, income inequality at national and international levels, wars, and social conflicts all serve to underscore the significance of addressing future expectations. As a result, environmental, social, and economic sustainability has emerged as a pressing issue. In response, various economic and political calls have stressed the importance of sustainability. This study examines the relationship between sustainability and quality costs using a case example and explores a long-term benefit-cost analysis. It is suggested that, although quality costs may be higher in the short term, they yield greater benefits in the long run, thereby contributing to sustainable development. 06-29-2023 <![CDATA[ <p>The future of the world is a topic that continues to generate debate and intrigue across generations, due to uncertainties and evolving concerns. As the industrial revolution, technological advancements, and urbanization have progressed, numerous challenges have arisen. Environmental pollution, income inequality at national and international levels, wars, and social conflicts all serve to underscore the significance of addressing future expectations. As a result, environmental, social, and economic sustainability has emerged as a pressing issue. In response, various economic and political calls have stressed the importance of sustainability. This study examines the relationship between sustainability and quality costs using a case example and explores a long-term benefit-cost analysis. It is suggested that, although quality costs may be higher in the short term, they yield greater benefits in the long run, thereby contributing to sustainable development.</p> ]]> The Long-Term Benefits of Quality Costs in Achieving Sustainable Development: A Benefit-Cost Analysis süleyman yükçü erhan polat doi: 10.56578/jcgirm100101 Journal of Corporate Governance, Insurance, and Risk Management 06-29-2023 Journal of Corporate Governance, Insurance, and Risk Management 06-29-2023 2023 10 1 Article 1 10.56578/jcgirm100101 https://www.acadlore.com/article/JCGIRM/2023_10_1/jcgirm100101 https://www.acadlore.com/article/JCGIRM/2022_9_2/jcgirm090208 The article reflects the views of O.F. Nemanzadeh on the problem of education, on teacher’s profession the effective organization of the learning process. The great writer's attitude to enlightenment and education was brought to the fore. It was noted that O.F. Nemanzadeh worked as a teacher in many places, enlightening children and youth by teaching of secular knowledge. He opened schools in Sheki and Shamakhi, where he taught pedagogical skills and was engaged in school management. The article also noted that the school opened by Seyid Azim Shirvani in Shamakhi became the first school of new style. Therefore, the school that O.F. Nemanzade opened is considered the first new school that advanced according to its own methods and rules. The article also talks about the teaching activity of the great educator, intellectual O.F. Nemanzade in Shamakhi. Both in the schools he opened and, in the articles, he wrote O.F. Nemanzadeh showed that knowledge should be given to children not only during classes, but also at home. He spoke about the considerable usefulness of lessons for children, about their role in the development of knowledge and skills. There are significant differences between children studying at school and those studying at madrassas (religious school), since schoolchildren constantly exchange questions with those who study at madrassas. O.F. Nemanzade went to Ganja for treatment and couldn’t keep himself away of informing the reader about the current situation there. He talked about the fact that the situation in Ganja has been divided into two parts - the old and modern period. The article also draws attention to O.F. Nemanzadeh’s views on the teacher, how to be a real, professional teacher, and the role of the teacher in the development of human society. The great writer brought to the fore the problem of education in Sheki, Ganja, Baku and its difficulties, and the attitude to the field of education was elaborated in biographical sequence. 12-30-2022 <![CDATA[ <p>The article reflects the views of O.F. Nemanzadeh on the problem of education, on teacher’s profession the effective organization of the learning process. The great writer's attitude to enlightenment and education was brought to the fore. It was noted that O.F. Nemanzadeh worked as a teacher in many places, enlightening children and youth by teaching of secular knowledge. He opened schools in Sheki and Shamakhi, where he taught pedagogical skills and was engaged in school management. The article also noted that the school opened by Seyid Azim Shirvani in Shamakhi became the first school of new style. Therefore, the school that O.F. Nemanzade opened is considered the first new school that advanced according to its own methods and rules. The article also talks about the teaching activity of the great educator, intellectual O.F. Nemanzade in Shamakhi. Both in the schools he opened and, in the articles, he wrote O.F. Nemanzadeh showed that knowledge should be given to children not only during classes, but also at home. He spoke about the considerable usefulness of lessons for children, about their role in the development of knowledge and skills. There are significant differences between children studying at school and those studying at madrassas (religious school), since schoolchildren constantly exchange questions with those who study at madrassas. O.F. Nemanzade went to Ganja for treatment and couldn’t keep himself away of informing the reader about the current situation there. He talked about the fact that the situation in Ganja has been divided into two parts - the old and modern period. The article also draws attention to O.F. Nemanzadeh’s views on the teacher, how to be a real, professional teacher, and the role of the teacher in the development of human society. The great writer brought to the fore the problem of education in Sheki, Ganja, Baku and its difficulties, and the attitude to the field of education was elaborated in biographical sequence.</p> ]]> Omar Faik Nemanzadeh Education Problem and Professional Competency of a Teacher kubra guliyeva doi: 10.56578/jcgirm090208 Journal of Corporate Governance, Insurance, and Risk Management 12-30-2022 Journal of Corporate Governance, Insurance, and Risk Management 12-30-2022 2022 9 2 Article 374 10.56578/jcgirm090208 https://www.acadlore.com/article/JCGIRM/2022_9_2/jcgirm090208 https://www.acadlore.com/article/JCGIRM/2022_9_2/jcgirm090207 The article discusses the development of school and pedagogical thought in Nakhchivan before and during autonomy. It has been established that, in Nakhchivan, which is an integral part of Azerbaijan, they always pay special attention to education and also take care of it. Studies show that before gaining autonomy in Nakhchivan, new types of urban and emergency educational institutions were created. It should be noted that, the enlightenment movements, science and education, the highest peak of the early twentieth century. During this period, an extensive network of the Nakhchivan education system was created and our people were involved in education. As a result, all the enlightenment captured in this period in Nakhchivan rose to the very high level achieved great success in science and education. Teachers in the social and economic recovery of the country of Nakhchivan stubborn struggle against the old educational system for the reconstruction of old schools. It is still not effective. The old form of training and education in the synopsis took the first steps towards a new one. Progressive changes in education in the development of Nakhichevan enlightening ideas and gave an impetus to the formation of a local educated class. At that time, the achievements of education and culture made basis for future success. 12-30-2022 <![CDATA[ <p>The article discusses the development of school and pedagogical thought in Nakhchivan before and during autonomy. It has been established that, in Nakhchivan, which is an integral part of Azerbaijan, they always pay special attention to education and also take care of it. Studies show that before gaining autonomy in Nakhchivan, new types of urban and emergency educational institutions were created. It should be noted that, the enlightenment movements, science and education, the highest peak of the early twentieth century. During this period, an extensive network of the Nakhchivan education system was created and our people were involved in education. As a result, all the enlightenment captured in this period in Nakhchivan rose to the very high level achieved great success in science and education. Teachers in the social and economic recovery of the country of Nakhchivan stubborn struggle against the old educational system for the reconstruction of old schools. It is still not effective. The old form of training and education in the synopsis took the first steps towards a new one. Progressive changes in education in the development of Nakhichevan enlightening ideas and gave an impetus to the formation of a local educated class. At that time, the achievements of education and culture made basis for future success.</p> ]]> Formation and Development of Education in Nakhchivan (End of the XIX Century Before the Early XX Century) taleh khalilov doi: 10.56578/jcgirm090207 Journal of Corporate Governance, Insurance, and Risk Management 12-30-2022 Journal of Corporate Governance, Insurance, and Risk Management 12-30-2022 2022 9 2 Article 365 10.56578/jcgirm090207 https://www.acadlore.com/article/JCGIRM/2022_9_2/jcgirm090207 https://www.acadlore.com/article/JCGIRM/2022_9_2/jcgirm090206 Purpose: This study aims at determining the existence and, if any, the extent of comparative effects of the CDS premium and the VIX index on the BIST-30 and the Participation-30 indices before and during the pandemic. Methodology: The study explores the relationships of the CDS premium and VIX index to the BIST-30 index and the Participation-30 index for two time periods, as pre-pandemic and pandemic. The date range is set as 02.01.2018-10.03.2020 for the pre-pandemic period and as 11.03.2020-31.12.2021 for the pandemic period. Following the Johansen cointegration and ARDL tests employed to detect the long run relationships between the variables, FMOLS regression tests were used to determine the effect sizes. Results: As a result of the cointegration tests, long-term cointegration relationships of both the BIST-30 and the Participation-30 indices with the variables of the CDS premiums and the VIX index were determined before and during the pandemic period. FMOLS regression results posited that the VIX index had greater effect on the Participation 30 index in both periods. Originality and Practical Implications: The fact that the literature review does not reveal the existence of any study providing the comparative effects of the CDS premiums and the VIX index on both the BIST-30 and Participation-30 indices contributes to the originality of this paper. 12-30-2022 <![CDATA[ <p>Purpose: This study aims at determining the existence and, if any, the extent of comparative effects of the CDS premium and the VIX index on the BIST-30 and the Participation-30 indices before and during the pandemic. Methodology: The study explores the relationships of the CDS premium and VIX index to the BIST-30 index and the Participation-30 index for two time periods, as pre-pandemic and pandemic. The date range is set as 02.01.2018-10.03.2020 for the pre-pandemic period and as 11.03.2020-31.12.2021 for the pandemic period. Following the Johansen cointegration and ARDL tests employed to detect the long run relationships between the variables, FMOLS regression tests were used to determine the effect sizes. Results: As a result of the cointegration tests, long-term cointegration relationships of both the BIST-30 and the Participation-30 indices with the variables of the CDS premiums and the VIX index were determined before and during the pandemic period. FMOLS regression results posited that the VIX index had greater effect on the Participation 30 index in both periods. Originality and Practical Implications: The fact that the literature review does not reveal the existence of any study providing the comparative effects of the CDS premiums and the VIX index on both the BIST-30 and Participation-30 indices contributes to the originality of this paper.</p> ]]> Which Index is More Affected by CDS Premium and VIX Index: BIST-30 or Participation-30? javidan bayramli veysel kula letife özdemir doi: 10.56578/jcgirm090206 Journal of Corporate Governance, Insurance, and Risk Management 12-30-2022 Journal of Corporate Governance, Insurance, and Risk Management 12-30-2022 2022 9 2 Article 355 10.56578/jcgirm090206 https://www.acadlore.com/article/JCGIRM/2022_9_2/jcgirm090206 https://www.acadlore.com/article/JCGIRM/2022_9_2/jcgirm090205 Stock prices reflect the future for investors. Profit and profitability ratios are considered as the data of the enterprises’ past. Accordingly, whether investors make investments decisions regarding profit and profitability factors and they cause the changes in stock prices are crucial issues to be examined. The aim of the study is to investigate the causality between several profitability factors and the change in the prices of banking stocks by performing the Emirmahmutoğlu & Köse (2011) bootstrap causality test on the quarterly data obtained from six commercial banks in Turkey over the period 2010: Q1 – 2020: Q4. The findings of the study reveal that especially the earnings per share figures account for the changes in the stock price of the banks. Nonetheless, such a causal relationship can be detected for neither return on assets nor return on equity. 12-30-2022 <![CDATA[ <p>Stock prices reflect the future for investors. Profit and profitability ratios are considered as the data of the enterprises’ past. Accordingly, whether investors make investments decisions regarding profit and profitability factors and they cause the changes in stock prices are crucial issues to be examined. The aim of the study is to investigate the causality between several profitability factors and the change in the prices of banking stocks by performing the Emirmahmutoğlu & Köse (2011) bootstrap causality test on the quarterly data obtained from six commercial banks in Turkey over the period 2010: Q1 – 2020: Q4. The findings of the study reveal that especially the earnings per share figures account for the changes in the stock price of the banks. Nonetheless, such a causal relationship can be detected for neither return on assets nor return on equity.</p> ]]> Does Profitability Cause the Changes in Stock Prices? Evidence from the Turkish Banking Stocks hatice elanur kaplan şenol babuşcu adalet hazar doi: 10.56578/jcgirm090205 Journal of Corporate Governance, Insurance, and Risk Management 12-30-2022 Journal of Corporate Governance, Insurance, and Risk Management 12-30-2022 2022 9 2 Article 348 10.56578/jcgirm090205 https://www.acadlore.com/article/JCGIRM/2022_9_2/jcgirm090205 https://www.acadlore.com/article/JCGIRM/2022_9_2/jcgirm090204 Purpose: During last years, even because of pandemic situation caused by covid-19 virus, in Albania most of governmental public services for citizens, businesses and other customers were offered in an electronic way by creating a national database (e-Albania), offering more than 2200 services. As this electronic system was newly implemented, time after time it was attacked from hackers in different sectors of services, causing the interruption of service for hours, downloading all the confidential information and publishing them. After several partial attacks, in July 2022 came the general attack of the whole system, which black out the system and services for several days. Cyber actors - identifying as “HomeLand Justice” - launched a destructive cyber-attack against e-Albania which rendered websites and services unavailable. An investigation indicates cyber actors acquired initial access to the victim’s network approximately 14 months before launching the destructive cyber-attack, which included a ransomware-style file encryptor and disk wiping malware. The actors maintained continuous network access for approximately a year, periodically accessing and exfiltrating e-mail content. From late July to mid-August 2022, social media accounts associated with HomeLand Justice demonstrated a repeated pattern of advertising Albanian Government information for release, posting a poll asking respondents to select the government information to be released by HomeLand Justice, and then releasing that information - either in a .zip file or a video of a screen recording with the documents shown. This cyber-attack creates social problems, economical loss and influenced negatively in the reputation of e-Albania and damage as well strategically the country and development of this sector in the future. Methodology: We have monitored the system and the attack, and we continue to do this. We analyze and synthesis the data collected, to come to conclusions and recommendations needed for the future. All the data which we have used are open for public, and mostly are primary data. The research method combines both quantitative and qualitative methods, but it is closer with qualitative method, as far as there in not enough data for using e pure quantitative analysis. We have used mostly the descriptive method. Results/Findings: Improving essentially the cyber infrastructure to avoid in the future such attacks with high social, economic and strategical cost. Conclusions: In the institution there was not a team for Cyber Security Monitoring the system, so called SOC (Security Operation Center), who controls in the real time all the logins. It was missing as well so called “Identifying Behavior”. There was not e separation of active directory, in physic machines and virtual machines, they were altogether. As the administrator had Full Right Privilege, the hacker doesn’t need to create a Privilege Escalation Vertical, so he easily took all the right of Admin. Originality and Practical Implications: The paper is original; it has not been previously published and it is not under consideration by any other publisher. The originality of the method stands in the fact that it is the first case in the world in information age, that a country (a whole electronic system, e-Albania), face a such complex, well organized and hard cyber-attack, which collapse the system for several days. All the data are authentic ones. 12-30-2022 <![CDATA[ <p><strong>Purpose:</strong> During last years, even because of pandemic situation caused by covid-19 virus, in Albania most of governmental public services for citizens, businesses and other customers were offered in an electronic way by creating a national database (e-Albania), offering more than 2200 services. As this electronic system was newly implemented, time after time it was attacked from hackers in different sectors of services, causing the interruption of service for hours, downloading all the confidential information and publishing them. After several partial attacks, in July 2022 came the general attack of the whole system, which black out the system and services for several days. Cyber actors - identifying as “HomeLand Justice” - launched a destructive cyber-attack against e-Albania which rendered websites and services unavailable. An investigation indicates cyber actors acquired initial access to the victim’s network approximately 14 months before launching the destructive cyber-attack, which included a ransomware-style file encryptor and disk wiping malware. The actors maintained continuous network access for approximately a year, periodically accessing and exfiltrating e-mail content. From late July to mid-August 2022, social media accounts associated with HomeLand Justice demonstrated a repeated pattern of advertising Albanian Government information for release, posting a poll asking respondents to select the government information to be released by HomeLand Justice, and then releasing that information - either in a .zip file or a video of a screen recording with the documents shown. This cyber-attack creates social problems, economical loss and influenced negatively in the reputation of e-Albania and damage as well strategically the country and development of this sector in the future. <strong>Methodology: </strong>We have monitored the system and the attack, and we continue to do this. We analyze and synthesis the data collected, to come to conclusions and recommendations needed for the future. All the data which we have used are open for public, and mostly are primary data. The research method combines both quantitative and qualitative methods, but it is closer with qualitative method, as far as there in not enough data for using e pure quantitative analysis. We have used mostly the descriptive method. <strong>Results/Findings:</strong> Improving essentially the cyber infrastructure to avoid in the future such attacks with high social, economic and strategical cost<strong>. Conclusions:</strong> In the institution there was not a team for Cyber Security Monitoring the system, so called SOC (Security Operation Center), who controls in the real time all the logins. It was missing as well so called “Identifying Behavior”. There was not e separation of active directory, in physic machines and virtual machines, they were altogether. As the administrator had Full Right Privilege, the hacker doesn’t need to create a Privilege Escalation Vertical, so he easily took all the right of Admin. <strong>Originality and Practical Implications:</strong> The paper is original; it has not been previously published and it is not under consideration by any other publisher. The originality of the method stands in the fact that it is the first case in the world in information age, that a country (a whole electronic system, e-Albania), face a such complex, well organized and hard cyber-attack, which collapse the system for several days. All the data are authentic ones.</p> ]]> Cyber Attack Against E-Albania and Its Social, Economic and Strategic Effects aleksander biberaj enida sheme alban rakipi sonila xhaferllari renalda kushe mirjeta alinci doi: 10.56578/jcgirm090204 Journal of Corporate Governance, Insurance, and Risk Management 12-30-2022 Journal of Corporate Governance, Insurance, and Risk Management 12-30-2022 2022 9 2 Article 341 10.56578/jcgirm090204 https://www.acadlore.com/article/JCGIRM/2022_9_2/jcgirm090204 https://www.acadlore.com/article/JCGIRM/2022_9_2/jcgirm090203 Businesses need to be financially successful to achieve sustainable growth and maximise firm value. The financial failure of businesses is a situation that is carefully monitored by business managers, shareholders of the business, financial institutions that lend to the business, and the government. For this reason, in this study, the financial failure of 153 manufacturing companies operating in Turkey and traded on Borsa Istanbul has been tried to be estimated. In the research, the annual financial statements between the years 2009-2021 were used and artificial neural networks were preferred as the estimation method. Altman's Z score was used to define financial failure. In the artificial neural network model, 13 financial ratios were used as input variables. As the output variable, the firms that were below the value of 1.81 calculated as the Z score by Altman were considered unsuccessful, and the unsuccessful firms were assigned a value of 1 and the others a value of 0. This dummy variable consisting of 0 and 1 values is accepted as the output variable. According to the findings of the study, 1427 of 1631 observations that were initially considered to be financial failures were correctly estimated and a very high success rate of 87.49% was achieved. The findings will provide an important advantage to businesses and all stakeholders in terms of determining the causes of financial failure in advance. 12-30-2022 <![CDATA[ <p><span style="color: black;">Businesses need to be financially successful to achieve sustainable growth and </span>maximise firm value. The financial failure of businesses is a situation that is carefully monitored by business managers, shareholders of the business, financial institutions that lend to the business, and the government. For this reason, in this study, the financial failure of 153 manufacturing companies operating in Turkey and traded on Borsa Istanbul has been tried to be estimated. In the research, the annual financial statements between the years 2009-2021 were used and artificial neural networks were preferred as the estimation method. Altman's Z score was used to define financial failure. In the artificial neural network model, 13 financial ratios were used as input variables. As the output variable, the firms that were below the value of 1.81 calculated as the Z score by Altman were considered unsuccessful, and the unsuccessful firms were assigned a value of 1 and the others a value of 0. This dummy variable consisting of 0 and 1 values is accepted as the output variable. According to the findings of the study, 1427 of 1631 observations that were initially considered to be financial failures were correctly estimated and a very high success rate of 87.49% was achieved. The findings will provide an important advantage to businesses and all stakeholders in terms of determining the causes of financial failure in advance.</p> ]]> Estimating Financial Failure in Businesses Using Artificial Neural Networks: Turkish Manufacturing Industry Model Study lokman kantar ayşegül ertuğrul ayrancı doi: 10.56578/jcgirm090203 Journal of Corporate Governance, Insurance, and Risk Management 12-30-2022 Journal of Corporate Governance, Insurance, and Risk Management 12-30-2022 2022 9 2 Article 327 10.56578/jcgirm090203 https://www.acadlore.com/article/JCGIRM/2022_9_2/jcgirm090203 https://www.acadlore.com/article/JCGIRM/2022_9_2/jcgirm090202 This study aims to analyze the relationship between renewable energy production and financial development, urbanization, and economic growth in the 1980-2020 period of the Turkish economy, which draws attention to its high growth rate. Methodology: To determine the relationship between financial development, economic growth, urbanization, and renewable Energy, ARDL cointegration analysis, cointegration regression models, and Toda Yamamoto causality analysis will be applied using 1980-2020 period data. Results/Findings: The ARDL boundary test shows a long-run relationship between financial development, economic growth, urbanization, and energy consumption under structural breaks. According to the cointegration regression model results, renewable energy production is determined by financial development and per capita GDP. Toda Yamamoto causality analysis shows the existence of causality running from financial development, per capita GDP, and urbanization variables to renewable energy production. The results reveal that in determining Turkey long-term energy demand projections and strategies of Turkey's, it is necessary to consider both the impact of financial development and economic growth and the supply of energy needs with sustainable resources by minimizing foreign dependency. Originality and Practical Implications: According to the government's estimates, electricity consumption is expected to reach 370 TWh in 2025 and 591 TWh in 2040. These developments reveal the importance of energy consumption in the Turkish economy and make it necessary to investigate the factors affecting energy production. 12-30-2022 <![CDATA[ <p>This study aims to analyze the relationship between renewable energy production and financial development, urbanization, and economic growth in the 1980-2020 period of the Turkish economy, which draws attention to its high growth rate. Methodology: To determine the relationship between financial development, economic growth, urbanization, and renewable Energy, ARDL cointegration analysis, cointegration regression models, and Toda Yamamoto causality analysis will be applied using 1980-2020 period data. Results/Findings: The ARDL boundary test shows a long-run relationship between financial development, economic growth, urbanization, and energy consumption under structural breaks. According to the cointegration regression model results, renewable energy production is determined by financial development and per capita GDP. Toda Yamamoto causality analysis shows the existence of causality running from financial development, per capita GDP, and urbanization variables to renewable energy production. The results reveal that in determining Turkey long-term energy demand projections and strategies of Turkey's, it is necessary to consider both the impact of financial development and economic growth and the supply of energy needs with sustainable resources by minimizing foreign dependency. Originality and Practical Implications: According to the government's estimates, electricity consumption is expected to reach 370 TWh in 2025 and 591 TWh in 2040. These developments reveal the importance of energy consumption in the Turkish economy and make it necessary to investigate the factors affecting energy production.</p> ]]> The Nexus Between Urbanization, Renewable Energy, Financial Development, and Economic Growth: Evidence from Turkey n. serap vurur doi: 10.56578/jcgirm090202 Journal of Corporate Governance, Insurance, and Risk Management 12-30-2022 Journal of Corporate Governance, Insurance, and Risk Management 12-30-2022 2022 9 2 Article 316 10.56578/jcgirm090202 https://www.acadlore.com/article/JCGIRM/2022_9_2/jcgirm090202 https://www.acadlore.com/article/JCGIRM/2022_9_2/jcgirm090201 Our aim is to design a conceptual model illustrating the impact of corporate boards on corporate social responsibility (CSR). Scholars and researchers from various disciplines have all pointed out the increasing importance of CSR as a corporate strategy, and the question of how to manage the corporate attention allocation to CSR issues has shown its values in the field of CSR and corporate governance. The paper first presents the argument of applying a four-category variable, CSR responsiveness, to measure CSR: non-action, symbolic action, compliance, and proactivity. We believe corporate boards influence CSR responsiveness both directly and indirectly. Directly, active board involvement in performing control, strategy, and service tasks could enhance CSR responsiveness. Indirectly, through board attention structures supported by the attention-based view, we have detailed the impact of the boards of directors on attention allocation. They include the characteristics of directors, the communication style of CSR issues, and external and internal environmental forces. We also discuss the implication of the model to conclude. 12-30-2022 <![CDATA[ <p>Our aim is to design a conceptual model illustrating the impact of corporate boards on corporate social responsibility (CSR). Scholars and researchers from various disciplines have all pointed out the increasing importance of CSR as a corporate strategy, and the question of how to manage the corporate attention allocation to CSR issues has shown its values in the field of CSR and corporate governance. The paper first presents the argument of applying a four-category variable, CSR responsiveness, to measure CSR: non-action, symbolic action, compliance, and proactivity. We believe corporate boards influence CSR responsiveness both directly and indirectly. Directly, active board involvement in performing control, strategy, and service tasks could enhance CSR responsiveness. Indirectly, through board attention structures supported by the attention-based view, we have detailed the impact of the boards of directors on attention allocation. They include the characteristics of directors, the communication style of CSR issues, and external and internal environmental forces. We also discuss the implication of the model to conclude.</p> ]]> A Conceptual Approach to Exploring Board Effect on CSR Responsiveness pingying zhang nada kakabadse doi: 10.56578/jcgirm090201 Journal of Corporate Governance, Insurance, and Risk Management 12-30-2022 Journal of Corporate Governance, Insurance, and Risk Management 12-30-2022 2022 9 2 Article 302 10.56578/jcgirm090201 https://www.acadlore.com/article/JCGIRM/2022_9_2/jcgirm090201 https://www.acadlore.com/article/JCGIRM/2020_7_2/jcgirm070205 The purpose of the study to reveal how interest rates on loans offered to consumers by banks in Turkey are affected by macroeconomic factors. For this purpose, the personal loan interest rate is considered as the consumer loan interest rate, mortgage loan interest rate and vehicle loan interest rate. Macroeconomic factors, inflation, gold, exchange rate and money supply are included in the analysis. Three models have been established using monthly data for the period January 2009-June 2020. Firstly, cointegration test was applied to the models and it was determined that there is at least one cointegration relationship in each model. Long-term estimation results for the models are obtained by using the FMOLS method. In general, it was observed that the increase in the exchange rate tended to increase the bank loan interest rates, while the increase in the money supply lowered the bank loan interest rates. As a result of the causality analysis, bidirectional causality relationship from consumer loan interest rate to money supply and inflation, unidirectional causality from interest rate to gold price, unidirectional causality relationship from exchange rate to interest rate was determined. Unidirectional causality relationship from mortgage loan interest rate to money supply, unidirectional causality from exchange rate to interest rate was found. While it was determined that there is a bidirectional causality relationship between vehicle loan interest rate and money supply, gold price and inflation. It is expected that these results may guide banks and policymakers to determine interest rate policies. 12-29-2020 <![CDATA[ <p>The purpose of the study to reveal how interest rates on loans offered to consumers by banks in Turkey are affected by macroeconomic factors. For this purpose, the personal loan interest rate is considered as the consumer loan interest rate, mortgage loan interest rate and vehicle loan interest rate. Macroeconomic factors, inflation, gold, exchange rate and money supply are included in the analysis. Three models have been established using monthly data for the period January 2009-June 2020. Firstly, cointegration test was applied to the models and it was determined that there is at least one cointegration relationship in each model. Long-term estimation results for the models are obtained by using the FMOLS method. In general, it was observed that the increase in the exchange rate tended to increase the bank loan interest rates, while the increase in the money supply lowered the bank loan interest rates. As a result of the causality analysis, bidirectional causality relationship from consumer loan interest rate to money supply and inflation, unidirectional causality from interest rate to gold price, unidirectional causality relationship from exchange rate to interest rate was determined. Unidirectional causality relationship from mortgage loan interest rate to money supply, unidirectional causality from exchange rate to interest rate was found. While it was determined that there is a bidirectional causality relationship between vehicle loan interest rate and money supply, gold price and inflation. It is expected that these results may guide banks and policymakers to determine interest rate policies.</p> ]]> The Effects of Macroeconomic Factors on Bank Loan Interest Rates in Turkey münevvere yıldız doi: 10.56578/jcgirm070205 Journal of Corporate Governance, Insurance, and Risk Management 12-29-2020 Journal of Corporate Governance, Insurance, and Risk Management 12-29-2020 2020 7 2 Article 70 10.56578/jcgirm070205 https://www.acadlore.com/article/JCGIRM/2020_7_2/jcgirm070205 https://www.acadlore.com/article/JCGIRM/2020_7_2/jcgirm070204 Starting from the research assumption that the Corporate Governance Code issued by Bucharest Stock Exchange (BSE) aims at building an internationally attractive capital market in Romania, based on best practices, transparency and trust that encourages companies to build a strong relationship with their shareholders and other stakeholders, communicate effectively and transparently and show openness towards all potential investors, in this paper we would like to present the degree of compliance of the companies listed on the Bucharest Stock Exchange with the principles and provisions of the Corporate Governance Code. The aim of this paper is achieved by presenting and commenting on the principles issued by the BSE regarding the corporate governance and by analysing the Corporate Governance Reports of the companies, presenting at the same time the compliance of the listed companies with these principles and provisions, by using the data issued in 2018 by the entities included in our study, namely the listed companies on the main market of the Bucharest Stock Exchange. Our analysis reflects that, although the provisions and principles of the Corporate Governance Code are not mandatory for the listed companies, they are largely implemented in the activity of companies because an efficient corporate governance system can represent a competitive advantage for any economic entity in the context of globalisation. 04-24-2020 <![CDATA[ <p>Starting from the research assumption that the Corporate Governance Code issued by Bucharest Stock Exchange (BSE) aims at building an internationally attractive capital market in Romania, based on best practices, transparency and trust that encourages companies to build a strong relationship with their shareholders and other stakeholders, communicate effectively and transparently and show openness towards all potential investors, in this paper we would like to present the degree of compliance of the companies listed on the Bucharest Stock Exchange with the principles and provisions of the Corporate Governance Code. The aim of this paper is achieved by presenting and commenting on the principles issued by the BSE regarding the corporate governance and by analysing the Corporate Governance Reports of the companies, presenting at the same time the compliance of the listed companies with these principles and provisions, by using the data issued in 2018 by the entities included in our study, namely the listed companies on the main market of the Bucharest Stock Exchange. Our analysis reflects that, although the provisions and principles of the Corporate Governance Code are not mandatory for the listed companies, they are largely implemented in the activity of companies because an efficient corporate governance system can represent a competitive advantage for any economic entity in the context of globalisation.</p> ]]> The compliance of the Romanian listed companies with the principles and provisions of the Corporate Governance Code oana bogdana alin dumitrescu doi: 10.56578/jcgirm070204 Journal of Corporate Governance, Insurance, and Risk Management 04-24-2020 Journal of Corporate Governance, Insurance, and Risk Management 04-24-2020 2020 7 2 Article 55 10.56578/jcgirm070204 https://www.acadlore.com/article/JCGIRM/2020_7_2/jcgirm070204 https://www.acadlore.com/article/JCGIRM/2020_7_2/jcgirm070203 This paper’s analysis was triggered by the outbreak of the new virus COVID-19. In December 2019, the Chinese officials alerted the World Health Organization (WHO) of the existence of an unknown deadly virus. Coronavirus has rapidly spread across the world - to Europe, Middle East and the USA, forcing the World Health Organization to declare COVID-19 a global pandemic. Its spread has generated major concerns for the health and economic sectors. Meanwhile, all countries hope for the development of a vaccine. Using as a research method the EGARCH model, this paper investigates if it can be applied to model the trend of volatility of the pharmaceuticals and biotechnology markets, especially during the health crisis. More specifically, this paper tries to identify whether different specifications of univariate GARCH models can usefully anticipate volatility in the stock indices market. The study uses estimates from both a symmetric and an asymmetric GARCH models, namely GARCH (1, 1) and EGARCH models, for the Dow Jones Pharmaceuticals and Biotechnology index (DJUSPN). The dataset is extracted from “Investing.com” and covers the period September 2019 - August 2020, resulting in a total of approximately 252 daily closing prices. The data focuses on the response of the highest capitalized pharmaceutical and biotechnology companies from the US to combat the outbreak of the coronavirus. This study concludes that the EGARCH model is better than the unconditional volatility and the conditional GARCH (1, 1) volatility and it is best suited for modelling and forecasting the fluctuations of the stock indexes. 12-15-2020 <![CDATA[ <p>This paper’s analysis was triggered by the outbreak of the new virus COVID-19. In December 2019, the Chinese officials alerted the World Health Organization (WHO) of the existence of an unknown deadly virus. Coronavirus has rapidly spread across the world - to Europe, Middle East and the USA, forcing the World Health Organization to declare COVID-19 a global pandemic. Its spread has generated major concerns for the health and economic sectors. Meanwhile, all countries hope for the development of a vaccine. Using as a research method the EGARCH model, this paper investigates if it can be applied to model the trend of volatility of the pharmaceuticals and biotechnology markets, especially during the health crisis. More specifically, this paper tries to identify whether different specifications of univariate GARCH models can usefully anticipate volatility in the stock indices market. The study uses estimates from both a symmetric and an asymmetric GARCH models, namely GARCH (1, 1) and EGARCH models, for the Dow Jones Pharmaceuticals and Biotechnology index (DJUSPN). The dataset is extracted from “Investing.com” and covers the period September 2019 - August 2020, resulting in a total of approximately 252 daily closing prices. The data focuses on the response of the highest capitalized pharmaceutical and biotechnology companies from the US to combat the outbreak of the coronavirus. This study concludes that the EGARCH model is better than the unconditional volatility and the conditional GARCH (1, 1) volatility and it is best suited for modelling and forecasting the fluctuations of the stock indexes.</p> ]]> Volatility of the Dow Jones Pharmaceuticals and Biotechnology Index in the Context of the Coronavirus Crisis flavius darie ileana tache doi: 10.56578/jcgirm070203 Journal of Corporate Governance, Insurance, and Risk Management 12-15-2020 Journal of Corporate Governance, Insurance, and Risk Management 12-15-2020 2020 7 2 Article 42 10.56578/jcgirm070203 https://www.acadlore.com/article/JCGIRM/2020_7_2/jcgirm070203 https://www.acadlore.com/article/JCGIRM/2020_7_2/jcgirm070202 The objectives of this paper are to investigate the relevance of guidelines on good corporate governance (CG) to family public interest companies (PICs) within the small state of Malta and to recommend how existing guidelines may be improved and tailored for such companies. An explanatory mixed-methods empirical approach is adopted with a structured questionnaire being first administered to 17 respondents in 12 PICs owned by different families. This was then followed by semi-structured interviews with the representatives of 11 of these PICs. Findings indicate that there is a need for the existing guidelines to be improved for them to become more in line with the needs of PICs which are characterised by dominant family interests. In this respect, this paper recommends possible principles and guidelines that may be used by the relevant authorities either to improve the existing PIC guidelines or to issue a new set of guidelines aimed specifically for family PICs. Given the peculiarities of such companies, it is clear that the guidelines have to contain elements that address the CG structure, such as the need to formally document a family governance plan. Clearer guidance is needed on the appointment and composition of the Board of Directors, on the employment, conduct, compensation and performance evaluation of managers, as well as on the composition of the ownership of family PICs. Additionally, the paper concludes that a relevant factor for family PICs in carrying out improvements to their CG is that they continue to place more importance than other PICs to their continued existence. 04-21-2020 <![CDATA[ <p>The objectives of this paper are to investigate the relevance of guidelines on good corporate governance (CG) to family public interest companies (PICs) within the small state of Malta and to recommend how existing guidelines may be improved and tailored for such companies. An explanatory mixed-methods empirical approach is adopted with a structured questionnaire being first administered to 17 respondents in 12 PICs owned by different families. This was then followed by semi-structured interviews with the representatives of 11 of these PICs. Findings indicate that there is a need for the existing guidelines to be improved for them to become more in line with the needs of PICs which are characterised by dominant family interests. In this respect, this paper recommends possible principles and guidelines that may be used by the relevant authorities either to improve the existing PIC guidelines or to issue a new set of guidelines aimed specifically for family PICs. Given the peculiarities of such companies, it is clear that the guidelines have to contain elements that address the CG structure, such as the need to formally document a family governance plan. Clearer guidance is needed on the appointment and composition of the Board of Directors, on the employment, conduct, compensation and performance evaluation of managers, as well as on the composition of the ownership of family PICs. Additionally, the paper concludes that a relevant factor for family PICs in carrying out improvements to their CG is that they continue to place more importance than other PICs to their continued existence.</p> ]]> Corporate Governance Guideline Relevance to Maltese Family Public Interest Companies a Small State Perspective petera baldacchino karla cachia norberta tabone grima simon bezzina franka doi: 10.56578/jcgirm070202 Journal of Corporate Governance, Insurance, and Risk Management 04-21-2020 Journal of Corporate Governance, Insurance, and Risk Management 04-21-2020 2020 7 2 Article 14 10.56578/jcgirm070202 https://www.acadlore.com/article/JCGIRM/2020_7_2/jcgirm070202 https://www.acadlore.com/article/JCGIRM/2020_7_2/jcgirm070201 Lately, economists and policymakers have been paying even closer attention to the hidden economy. Indeed, it makes a difference to the economy how much money goes into the state coffers. In order to uncover the hidden economy however, it is necessary to be familiar with its nature and manifestations. In this paper, with the aid of previous research and literature we attempt to illustrate the characteristics of the hidden economy in Hungary before and after the regime change and to map out the steps that have been taken to uncover it. This publication was preceded by a systematic literature review on the definition, causes, and effects of the hidden economy, consisting of the collection of both data and literature related to the domestic hidden economy. The following summarize the results from the synthesis of literature: The Hungarian hidden economy existed even before the regime change and took a variety of different forms. These include tips, bribes, informal payments, unauthorized work and patchwork, moonlighting, unauthorized rental of real estate, use of social property for personal gain, gains from the infringement of customs and exchange law, tax fraud by craftsmen and retailers, theft of public property, and corruption. Since 1990, not only have the dynamics of the hidden economy strengthened, but its types of activities have changed significantly as well. These include, but are not limited to: omitting a portion of revenue from the register; recognizing non-incurred material production costs among expenditures; including an excessive portion of personal household maintenance costs among production costs; organizing business and study trips abroad; finder’s fee; end-of-year depreciation or 'transfer' of inventories; wages of registered employees paid out of pocket; employment of unreported employees; parallel company formation; economic activity of unincorporated individuals and the income generated thereby. The following are among the concrete steps taken in recent years to uncover the Hungarian hidden economy: the temporary employment booklet; the simplified entrepreneurial tax; the Electronic Trade and Transport Control System; online cash registers; the connection of vending machines to the tax office. 04-21-2020 <![CDATA[ <p>Lately, economists and policymakers have been paying even closer attention to the hidden economy. Indeed, it makes a difference to the economy how much money goes into the state coffers. In order to uncover the hidden economy however, it is necessary to be familiar with its nature and manifestations. In this paper, with the aid of previous research and literature we attempt to illustrate the characteristics of the hidden economy in Hungary before and after the regime change and to map out the steps that have been taken to uncover it. This publication was preceded by a systematic literature review on the definition, causes, and effects of the hidden economy, consisting of the collection of both data and literature related to the domestic hidden economy. The following summarize the results from the synthesis of literature: The Hungarian hidden economy existed even before the regime change and took a variety of different forms. These include tips, bribes, informal payments, unauthorized work and patchwork, moonlighting, unauthorized rental of real estate, use of social property for personal gain, gains from the infringement of customs and exchange law, tax fraud by craftsmen and retailers, theft of public property, and corruption. Since 1990, not only have the dynamics of the hidden economy strengthened, but its types of activities have changed significantly as well. These include, but are not limited to: omitting a portion of revenue from the register; recognizing non-incurred material production costs among expenditures; including an excessive portion of personal household maintenance costs among production costs; organizing business and study trips abroad; finder’s fee; end-of-year depreciation or 'transfer' of inventories; wages of registered employees paid out of pocket; employment of unreported employees; parallel company formation; economic activity of unincorporated individuals and the income generated thereby. The following are among the concrete steps taken in recent years to uncover the Hungarian hidden economy: the temporary employment booklet; the simplified entrepreneurial tax; the Electronic Trade and Transport Control System; online cash registers; the connection of vending machines to the tax office.</p> ]]> Characteristics of the Hidden Economy in Hungary Before and after the Regime Change éva fenyvesi tibor pintér doi: 10.56578/jcgirm070201 Journal of Corporate Governance, Insurance, and Risk Management 04-21-2020 Journal of Corporate Governance, Insurance, and Risk Management 04-21-2020 2020 7 2 Article 1 10.56578/jcgirm070201 https://www.acadlore.com/article/JCGIRM/2020_7_2/jcgirm070201 https://www.acadlore.com/article/JCGIRM/2020_7_1/jcgirm070105 The preparedness for outbreaks of pandemics such as the COVID-19 is a major concern for health authorities and leaders as extensive studies in the past have been reported and well documented. However, engaging with the response to an outbreak demands many decisions with enormous implications on a population and its regions. A review of past response mechanisms sheds light on different scenarios to provide an understanding of the challenges that will emerge, depicting trends, changes to GDP and the impact on the economy and employment. With this article we aim to identify and bring to light the challenges faced by Malta during the pandemic we are currently facing - COVID. This will help risk managers and leaders understand the devastating social and economic impact of such disruptions and act proactively to avoid repetition and embarrassments of being unprepared. Moreover we aim to provide an understanding of the expected cascading economic domino effects, which may result from the workforce unavailability, during a pandemic and the mistakes in estimation, if any, that could have been avoided. A desk research study technique was adopted whereby data was collected from existing sources, including government websites, online statistics, published reports, trends and internal data to the local Maltese markets. The COVID-19 phenomena led to new measures being taken worldwide as professionals, leaders, academics and businesses took unpredecented steps to change their business as usual strategies. This in turn brought about various questions and discussions on how islands like Malta controlled their situation. 08-10-2020 <![CDATA[ <p>The preparedness for outbreaks of pandemics such as the COVID-19 is a major concern for health authorities and leaders as extensive studies in the past have been reported and well documented. However, engaging with the response to an outbreak demands many decisions with enormous implications on a population and its regions. A review of past response mechanisms sheds light on different scenarios to provide an understanding of the challenges that will emerge, depicting trends, changes to GDP and the impact on the economy and employment. With this article we aim to identify and bring to light the challenges faced by Malta during the pandemic we are currently facing - COVID. This will help risk managers and leaders understand the devastating social and economic impact of such disruptions and act proactively to avoid repetition and embarrassments of being unprepared. Moreover we aim to provide an understanding of the expected cascading economic domino effects, which may result from the workforce unavailability, during a pandemic and the mistakes in estimation, if any, that could have been avoided. A desk research study technique was adopted whereby data was collected from existing sources, including government websites, online statistics, published reports, trends and internal data to the local Maltese markets. The COVID-19 phenomena led to new measures being taken worldwide as professionals, leaders, academics and businesses took unpredecented steps to change their business as usual strategies. This in turn brought about various questions and discussions on how islands like Malta controlled their situation.</p> ]]> The Impact of COVID-19 on Malta and its Economy and Sustainable Strategies simon grima rebecca dalli gonzi eleftherios thalassinos doi: 10.56578/jcgirm070105 Journal of Corporate Governance, Insurance, and Risk Management 08-10-2020 Journal of Corporate Governance, Insurance, and Risk Management 08-10-2020 2020 7 1 Article 53 10.56578/jcgirm070105 https://www.acadlore.com/article/JCGIRM/2020_7_1/jcgirm070105 https://www.acadlore.com/article/JCGIRM/2020_7_1/jcgirm070104 Certain tasks in the Republic of Slovenia are in the domain of the state or local community. In order to carry out these tasks, state-owned or public companies have been established.The management of such companies is not always good and transparent, and as a result it often leads to considerable damage to public property. Such situations are mostly caused by poor management by the management boards, and rarely by poor and inadequate control by the supervisory boards. They are also the result of poor and inadequate communication between the management and supervisory boards. Unfortunately, poor governance does not occur in isolated cases and the mismanagement of such companies is often only introduced to the public through affairs that are presented in the media.There are, however, also some positive exceptions with good and transparent corporate governance that bring profits to the shareholders and, consequently, lower the prices of individual services for citizens. 04-21-2020 <![CDATA[ <p>Certain tasks in the Republic of Slovenia are in the domain of the state or local community. In order to carry out these tasks, state-owned or public companies have been established.</p><p>The management of such companies is not always good and transparent, and as a result it often leads to considerable damage to public property. Such situations are mostly caused by poor management by the management boards, and rarely by poor and inadequate control by the supervisory boards. They are also the result of poor and inadequate communication between the management and supervisory boards. Unfortunately, poor governance does not occur in isolated cases and the mismanagement of such companies is often only introduced to the public through affairs that are presented in the media.</p><p>There are, however, also some positive exceptions with good and transparent corporate governance that bring profits to the shareholders and, consequently, lower the prices of individual services for citizens.</p> ]]> Good and Transparent Management of State-Owned Companies – Reality or Utopia? janez balantič doi: 10.56578/jcgirm070104 Journal of Corporate Governance, Insurance, and Risk Management 04-21-2020 Journal of Corporate Governance, Insurance, and Risk Management 04-21-2020 2020 7 1 Article 39 10.56578/jcgirm070104 https://www.acadlore.com/article/JCGIRM/2020_7_1/jcgirm070104 https://www.acadlore.com/article/JCGIRM/2020_7_1/jcgirm070103 Social entrepreneurship is a relatively new topic of interest within the academic and the literature on it is limited. With the increase of interest in recent years from various interest groups the concept of social enterprise has become more widespread. The purpose of this paper is to explore the link between social entrepreneurship and voluntourism, as one of the types of special interest tourism. Voluntourism, according to the concept of sustainable community development, relate all the stakeholders of such development. Moreover, social entrepreneurship could become an important vehicle for sustainable development of destinations. This paper proposes that niche tourism products and more specifically, voluntourism projects, under the prism of social entrepreneurship, can become the means towards Croatian product diversification and long-term environmental, social and economic sustainability. Quantitative research was conducted and the methodology entails a case study approach. Results indicate that there are limited number of projects concerning social entrepreneurship in voluntourism in Croatia and also that discussed projects are not recognized. This study assessed the situation in Croatia and although it was comprehensive under conditions of limited data availability, it cannot speak to social entrepreneurship in voluntourism globally, but it can offer foundation for future research in this area. 04-21-2020 <![CDATA[ <p>Social entrepreneurship is a relatively new topic of interest within the academic and the literature on it is limited. With the increase of interest in recent years from various interest groups the concept of social enterprise has become more widespread. The purpose of this paper is to explore the link between social entrepreneurship and voluntourism, as one of the types of special interest tourism. Voluntourism, according to the concept of sustainable community development, relate all the stakeholders of such development. Moreover, social entrepreneurship could become an important vehicle for sustainable development of destinations. This paper proposes that niche tourism products and more specifically, voluntourism projects, under the prism of social entrepreneurship, can become the means towards Croatian product diversification and long-term environmental, social and economic sustainability. Quantitative research was conducted and the methodology entails a case study approach. Results indicate that there are limited number of projects concerning social entrepreneurship in voluntourism in Croatia and also that discussed projects are not recognized. This study assessed the situation in Croatia and although it was comprehensive under conditions of limited data availability, it cannot speak to social entrepreneurship in voluntourism globally, but it can offer foundation for future research in this area.</p> ]]> Increasing Tourism Through Social Entrepreneurship – The Case of Croatia mijana matošević radić ivona jukić antonija roje doi: 10.56578/jcgirm070103 Journal of Corporate Governance, Insurance, and Risk Management 04-21-2020 Journal of Corporate Governance, Insurance, and Risk Management 04-21-2020 2020 7 1 Article 25 10.56578/jcgirm070103 https://www.acadlore.com/article/JCGIRM/2020_7_1/jcgirm070103 https://www.acadlore.com/article/JCGIRM/2020_7_1/jcgirm070102 The institutional environment in which multinational companies act is unique and complex. It is unique in the sense that the subsidiaries of multinational companies are facing dual pressures from both the host country and the country of the parent company. Further, the complexity of the environment presumes the need for global integration and the need for the local adaptation. Although some countries are characterized by a more favorable institutional environment for establishing and expanding business, in other countries the institutional environment is a challenge for multinational companies. In this paper, the author will present the current theoretical knowledge and references in already conducted research regarding the institutional distance in the context of multinational companies and its subsidiaries. 04-21-2020 <![CDATA[ <p>The institutional environment in which multinational companies act is unique and complex. It is unique in the sense that the subsidiaries of multinational companies are facing dual pressures from both the host country and the country of the parent company. Further, the complexity of the environment presumes the need for global integration and the need for the local adaptation. Although some countries are characterized by a more favorable institutional environment for establishing and expanding business, in other countries the institutional environment is a challenge for multinational companies. In this paper, the author will present the current theoretical knowledge and references in already conducted research regarding the institutional distance in the context of multinational companies and its subsidiaries.</p> ]]> Institutional Distance: Construct of Isomorphism Relevant to Multinational Companies ana krajnović doi: 10.56578/jcgirm070102 Journal of Corporate Governance, Insurance, and Risk Management 04-21-2020 Journal of Corporate Governance, Insurance, and Risk Management 04-21-2020 2020 7 1 Article 15 10.56578/jcgirm070102 https://www.acadlore.com/article/JCGIRM/2020_7_1/jcgirm070102 https://www.acadlore.com/article/JCGIRM/2020_7_1/jcgirm070101 Absorptive capacity (ACAP) as a function of systematic knowledge management is widely recognized as the catalyst for successful innovation performance in firms, particularly when it comes to identifying business opportunity information from the outside world and assimilating it into a firm’s innovation process. The concept of absorptive capacity became a widely researched topic in the area of organization and management, consequently, the definition of the ACAP components, its operationalization and outcomes, is extremely heterogeneous and has greatly affected the research production on ACAP. Therefore, the question arising is: Which approach to absorptive capacity will enable its being truly recognized as a concept at a global level, and in which areas of economy and business is ACAP most frequently encountered, particularly when it is connected to innovation processes? Based on a sample of 1288 papers within Web of Science Core Collection, this paper presents a bibliometric analysis of relevant publications on ACAP with the specific aim of gaining a deeper insight into the relevance of the impact of absorptive capacity on a firm’s innovation strategy. The results were systematized in a form of quantitative bibliographic review. The purpose of the analysis was to determine the existing level of the empirical and theoretical efforts in the research on ACAP, with a particular focus on firms and their innovation processes as well as knowledge management processes. 04-21-2020 <![CDATA[ <p>Absorptive capacity (ACAP) as a function of systematic knowledge management is widely recognized as the catalyst for successful innovation performance in firms, particularly when it comes to identifying business opportunity information from the outside world and assimilating it into a firm’s innovation process. The concept of absorptive capacity became a widely researched topic in the area of organization and management, consequently, the definition of the ACAP components, its operationalization and outcomes, is extremely heterogeneous and has greatly affected the research production on ACAP. Therefore, the question arising is: Which approach to absorptive capacity will enable its being truly recognized as a concept at a global level, and in which areas of economy and business is ACAP most frequently encountered, particularly when it is connected to innovation processes? Based on a sample of 1288 papers within Web of Science Core Collection, this paper presents a bibliometric analysis of relevant publications on ACAP with the specific aim of gaining a deeper insight into the relevance of the impact of absorptive capacity on a firm’s innovation strategy. The results were systematized in a form of quantitative bibliographic review. The purpose of the analysis was to determine the existing level of the empirical and theoretical efforts in the research on ACAP, with a particular focus on firms and their innovation processes as well as knowledge management processes.</p> ]]> The Relevance of Absorptive Capacity in Firms’ Innovation Strategies Measured via Bibliometric Analysis ernest vlačić marina dabić marli gonan božac doi: 10.56578/jcgirm070101 Journal of Corporate Governance, Insurance, and Risk Management 04-21-2020 Journal of Corporate Governance, Insurance, and Risk Management 04-21-2020 2020 7 1 Article 1 10.56578/jcgirm070101 https://www.acadlore.com/article/JCGIRM/2020_7_1/jcgirm070101 https://www.acadlore.com/article/JCGIRM/2019_6_2/jcgirm060205 Our aim with this study is to delve into the perception of Maltese nationals on bancassurance to establish the drivers which are influencing the purchase of bancassurance and whether these factors can be used by banks to positively impact Maltese nationals’ perception of bancassurance and hence increase their sales and revenues. In order to establish the perception of Maltese nationals on bancassurance, we applied three areas of Customer Perception Theory namely 1) self-perception 2) price perception and 3) benefit/risk perception. To establish the perception of Maltese nationals on bancassurance, the whole population of Maltese nationals was taken into consideration from which a sample of 384 people was taken. In order to carry out the survey, the authors used questionnaires which included a number of demographic questions. The authors also included a number of statements which were divided into the three sections of the Customer Perception Theory. For these statements, the authors used a five point Likert scale ranging from strongly disagree to strongly agree where the participants had to rate the statements according to their level of agreement. The authors also included a comment box to allow the participants to express themselves. The study revealed that various factors are stopping Maltese nationals from purchasing insurance products from banks. Advertisements are not motivating Maltese nationals to purchase insurance products from banks, however they do trust banks and hence they might decide to purchase insurance products from them. The uncertainty of Maltese nationals on the premium charged and whether the costs are reduced when purchasing insurance products from banks shows the lack of knowledge amongst Maltese nationals on bancassurance. On the other hand, the idea of a ‘one-stop-shop’ motivates Maltese nationals to purchase insurance products from banks. This study can serve as guidance for local banks, which are engaged in bancassurance as well as to those banks who intend to engage in bancassurance in the future. This is because this study highlights the factors, which are stopping Maltese nationals from purchasing insurance products from banks. The two main sectors in the financial services industry, which play an important role in the Maltese economy, are the banking and the insurance sectors (Finance Malta, 2018). As far as the authors are aware, this study of the perception of Maltese nationals on bancassurance is the first of its kind conducted in Malta. Hence, other researchers may use Malta as a case study to act as a model to transpose the findings to larger countries. 10-19-2019 <![CDATA[ <p>Our aim with this study is to delve into the perception of Maltese nationals on bancassurance to establish the drivers which are influencing the purchase of bancassurance and whether these factors can be used by banks to positively impact Maltese nationals’ perception of bancassurance and hence increase their sales and revenues. In order to establish the perception of Maltese nationals on bancassurance, we applied three areas of Customer Perception Theory namely 1) self-perception 2) price perception and 3) benefit/risk perception. To establish the perception of Maltese nationals on bancassurance, the whole population of Maltese nationals was taken into consideration from which a sample of 384 people was taken. In order to carry out the survey, the authors used questionnaires which included a number of demographic questions. The authors also included a number of statements which were divided into the three sections of the Customer Perception Theory. For these statements, the authors used a five point Likert scale ranging from strongly disagree to strongly agree where the participants had to rate the statements according to their level of agreement. The authors also included a comment box to allow the participants to express themselves. The study revealed that various factors are stopping Maltese nationals from purchasing insurance products from banks. Advertisements are not motivating Maltese nationals to purchase insurance products from banks, however they do trust banks and hence they might decide to purchase insurance products from them. The uncertainty of Maltese nationals on the premium charged and whether the costs are reduced when purchasing insurance products from banks shows the lack of knowledge amongst Maltese nationals on bancassurance. On the other hand, the idea of a ‘one-stop-shop’ motivates Maltese nationals to purchase insurance products from banks. This study can serve as guidance for local banks, which are engaged in bancassurance as well as to those banks who intend to engage in bancassurance in the future. This is because this study highlights the factors, which are stopping Maltese nationals from purchasing insurance products from banks. The two main sectors in the financial services industry, which play an important role in the Maltese economy, are the banking and the insurance sectors (Finance Malta, 2018). As far as the authors are aware, this study of the perception of Maltese nationals on bancassurance is the first of its kind conducted in Malta. Hence, other researchers may use Malta as a case study to act as a model to transpose the findings to larger countries.</p> ]]> Factors Affecting the Perception of Bancassurance: The Case of Malta kelly agius simon grima andre farrugia doi: 10.56578/jcgirm060205 Journal of Corporate Governance, Insurance, and Risk Management 10-19-2019 Journal of Corporate Governance, Insurance, and Risk Management 10-19-2019 2019 6 2 Article 63 10.56578/jcgirm060205 https://www.acadlore.com/article/JCGIRM/2019_6_2/jcgirm060205 https://www.acadlore.com/article/JCGIRM/2019_6_2/jcgirm060204 This paper aims to provide the empirical evidence of the interaction mechanism in the open innovation system with particular attention to aesthetic and rational innovation in an Italian creative sector. Factors including rapid technological development, the advent of innovative openness processes involving sub-sectors belonging to diversified supply chains, shorter product life cycles, more diversified and customized, demande and fierce marketing competition, make today’s business model increasingly unpredictable and risky. Building on relational based view, resource-based view and network analysis the purpose of this paper is to empirically explore the relationships among supply chain integration (SCI) and inter-company performance in global diversified supply chain. This is an exploratory study and the qualitative research method has been employed. This research has founded its context in the Italian knitwear sector which is part of the creative industries of the Italian fashion system. The data were collected through a series of semi-structured interviews with workers belonging to various areas of activity and with external actors such as yarn suppliers, buyers, institutional and non-institutional lenders. The purpose of this research is also to promote research methodological approaches to analyse different uncertainty scenarios for the future. 04-24-2019 <![CDATA[ <p>This paper aims to provide the empirical evidence of the interaction mechanism in the open innovation system with particular attention to aesthetic and rational innovation in an Italian creative sector. Factors including rapid technological development, the advent of innovative openness processes involving sub-sectors belonging to diversified supply chains, shorter product life cycles, more diversified and customized, demande and fierce marketing competition, make today’s business model increasingly unpredictable and risky. Building on relational based view, resource-based view and network analysis the purpose of this paper is to empirically explore the relationships among supply chain integration (SCI) and inter-company performance in global diversified supply chain. This is an exploratory study and the qualitative research method has been employed. This research has founded its context in the Italian knitwear sector which is part of the creative industries of the Italian fashion system. The data were collected through a series of semi-structured interviews with workers belonging to various areas of activity and with external actors such as yarn suppliers, buyers, institutional and non-institutional lenders. The purpose of this research is also to promote research methodological approaches to analyse different uncertainty scenarios for the future.</p> ]]> Innovative Supply Chain in Made-in-Italy System. The Case of Medium-Sized Firms maria rosaria marcone doi: 10.56578/jcgirm060204 Journal of Corporate Governance, Insurance, and Risk Management 04-24-2019 Journal of Corporate Governance, Insurance, and Risk Management 04-24-2019 2019 6 2 Article 50 10.56578/jcgirm060204 https://www.acadlore.com/article/JCGIRM/2019_6_2/jcgirm060204 https://www.acadlore.com/article/JCGIRM/2019_6_2/jcgirm060203 The idea of this paper is to align the business decision-making process with detected product competitiveness characteristics of the domestic company on the domestic market. For this paper was designed "proposal of the operational steps of a simple market and product research methodology", for the existing product in the existing market. These operational steps should be a small contribution for the development of rules and procedures for managing marketing functions in business activities. According to literature, for this paper available and explored, there is a room to research the impact of such procedures and rules in order to increase the selling efficiency of products in terms of detected market circumstances and comparative advantages. Therefore, an indicative question was set down for this paper: "How much domestic product is competitive on the domestic market?" Through an example of geotextile, the competitiveness of domestic products was investigated in compare with foreign products by determining certain characteristics that affect purchasing decisions. An analysis of the Croatian geotextile market was conducted, competitive products were compared and consumer preferences were explored when deciding on purchases. The research results indicate the necessity of applying, even simple, product and market research methodologies. Namely, the analysis of the results showed that the qualitative competitiveness of domestic products in relation to the foreign products is not satisfactory, the price is not the most important deciding factor and the domestic origin of the product as a decision making factor is not important. 04-24-2019 <![CDATA[ <p>The idea of this paper is to align the business decision-making process with detected product competitiveness characteristics of the domestic company on the domestic market. For this paper was designed "proposal of the operational steps of a simple market and product research methodology", for the existing product in the existing market. These operational steps should be a small contribution for the development of rules and procedures for managing marketing functions in business activities. According to literature, for this paper available and explored, there is a room to research the impact of such procedures and rules in order to increase the selling efficiency of products in terms of detected market circumstances and comparative advantages. Therefore, an indicative question was set down for this paper: "How much domestic product is competitive on the domestic market?" Through an example of geotextile, the competitiveness of domestic products was investigated in compare with foreign products by determining certain characteristics that affect purchasing decisions. An analysis of the Croatian geotextile market was conducted, competitive products were compared and consumer preferences were explored when deciding on purchases. The research results indicate the necessity of applying, even simple, product and market research methodologies. Namely, the analysis of the results showed that the qualitative competitiveness of domestic products in relation to the foreign products is not satisfactory, the price is not the most important deciding factor and the domestic origin of the product as a decision making factor is not important.</p> ]]> Contribution to the Methodology for Determining the Competitiveness of a Domestic Product (on Example of Geotextile) ivan novak doi: 10.56578/jcgirm060203 Journal of Corporate Governance, Insurance, and Risk Management 04-24-2019 Journal of Corporate Governance, Insurance, and Risk Management 04-24-2019 2019 6 2 Article 30 10.56578/jcgirm060203 https://www.acadlore.com/article/JCGIRM/2019_6_2/jcgirm060203 https://www.acadlore.com/article/JCGIRM/2019_6_2/jcgirm060202 In contemporary business environment, in which learning and knowledge are considered as the only sustainable competitive advantage of modern organizations, and there is a trend of growing reliance on project type of teams’ and organizations’ functioning, competencies of project team members are becoming more important than ever. By integrating competencies of fundamental managerial functions and competencies of project management’s knowledge areas, this paper investigates the nature of competency profile of project team members, as well as its main effects on project. Established competency profile of project team members is analyzed in relation to project team dynamics and project success. The mediating role of project team dynamics in the effect of competency profile of project team members on project success also investigated in the paper. Cross-sectoral empirical research was conducted during the spring of 2018, through which data from 83 project team members was collected via questionnaire. Collected data was enrolled and processed in SPSS 23.0, with addition of Hayes’ (2018) PROCESS Macro for SPSS - v3.2. Results obtained through descriptive, bivariate and multivariate analyses led to very interesting insights and inferences, especially when considering the cluster analysis’ and mediation effects’ results related to the interplay of project team members’ competency profile, project team dynamics and project success. 04-24-2019 <![CDATA[ <p>In contemporary business environment, in which learning and knowledge are considered as the only sustainable competitive advantage of modern organizations, and there is a trend of growing reliance on project type of teams’ and organizations’ functioning, competencies of project team members are becoming more important than ever. By integrating competencies of fundamental managerial functions and competencies of project management’s knowledge areas, this paper investigates the nature of competency profile of project team members, as well as its main effects on project. Established competency profile of project team members is analyzed in relation to project team dynamics and project success. The mediating role of project team dynamics in the effect of competency profile of project team members on project success also investigated in the paper. Cross-sectoral empirical research was conducted during the spring of 2018, through which data from 83 project team members was collected via questionnaire. Collected data was enrolled and processed in SPSS 23.0, with addition of Hayes’ (2018) PROCESS Macro for SPSS - v3.2. Results obtained through descriptive, bivariate and multivariate analyses led to very interesting insights and inferences, especially when considering the cluster analysis’ and mediation effects’ results related to the interplay of project team members’ competency profile, project team dynamics and project success.</p> ]]> Competency Profile of Project Team Members – Interplay with Team Dynamics and Project Success ana juras doi: 10.56578/jcgirm060202 Journal of Corporate Governance, Insurance, and Risk Management 04-24-2019 Journal of Corporate Governance, Insurance, and Risk Management 04-24-2019 2019 6 2 Article 13 10.56578/jcgirm060202 https://www.acadlore.com/article/JCGIRM/2019_6_2/jcgirm060202 https://www.acadlore.com/article/JCGIRM/2019_6_2/jcgirm060201 This paper considers and presents a model of the use of an exhaustive search algorithm in solving problems of a salesman on the example of the transportation network optimization of Primorsko Goranska County. By identifying the suboptimal solutions of transportation network, that enable insight into more transportation routes and can be significantly influenced by the reduction of transportation costs and creating increased opportunities for the carrier in the context of flexible designing the structure of the commodity flows, greater utilization of transport capacity, and thus achieve greater profit. In the analyzed example, transportation network of Primorje-Gorski Kotar County (PGC) is divided into two sets (segment): 1) a set of cities (nodes) that are located (placed) on the same traffic direction (transportation route) that represents the optimal transportation route, and 2) a set of cities (nodes) that connect through a variety of transport relationships and that are included in the calculation by using the exhaustive search algorithm. In the example are also defined nodes that are common to both the two sets and that are connecting by the virtual transportation route in the spreadsheet optimization model. 04-24-2019 <![CDATA[ <p>This paper considers and presents a model of the use of an exhaustive search algorithm in solving problems of a salesman on the example of the transportation network optimization of Primorsko Goranska County. By identifying the suboptimal solutions of transportation network, that enable insight into more transportation routes and can be significantly influenced by the reduction of transportation costs and creating increased opportunities for the carrier in the context of flexible designing the structure of the commodity flows, greater utilization of transport capacity, and thus achieve greater profit. In the analyzed example, transportation network of Primorje-Gorski Kotar County (PGC) is divided into two sets (segment): 1) a set of cities (nodes) that are located (placed) on the same traffic direction (transportation route) that represents the optimal transportation route, and 2) a set of cities (nodes) that connect through a variety of transport relationships and that are included in the calculation by using the exhaustive search algorithm. In the example are also defined nodes that are common to both the two sets and that are connecting by the virtual transportation route in the spreadsheet optimization model.</p> ]]> Model of Using the Exhaustive Search Algorithm in Solving of Traveling Salesman Problem (TSP) on the Example of the Transport Network Optimization of Primorje-Gorski Kotar County (PGC) slavomir vukmirović zvonko čapko ana babić doi: 10.56578/jcgirm060201 Journal of Corporate Governance, Insurance, and Risk Management 04-24-2019 Journal of Corporate Governance, Insurance, and Risk Management 04-24-2019 2019 6 2 Article 1 10.56578/jcgirm060201 https://www.acadlore.com/article/JCGIRM/2019_6_2/jcgirm060201 https://www.acadlore.com/article/JCGIRM/2019_6_1/jcgirm060104 Purpose: This study is aimed to identify the leading factors for the tourism industry sustainable development in a less developed country.Design/Methodology/Approach: Sustainable development can be defined as a process of economic and social changes as well as an agreed and coordinated process of natural resource exploitation, direction of investment, scientific and technological development, personal development and institutional change enhance the present and future potential of human needs. In this paper, we have tried to show the factors contributing to the development of the tourism industry. These recommendations make it possible to promote the sustainable development and rapid resuscitation of the tourism industry. In many ways it is about ensuring the quality of life of people. The design of the article includes theoretical explanations regarding sustainable development with emphasis in the tourism industry.Findings: There are proposed more effective policies promoting the industry in addition to specific projects improving the infrastructure and the social feelings about tourismPractical Implications: It was defined a set of measures that can have a positive impact, able to influence the industry in a positive way regarding its direct and indirect effects in the state, regional and local economies of tourism destinations.Originality/Value: This is an important contribution describing and identifying issues related to the Georgian tourism sector. It is a valuable piece of information for policy-makers to adopt the studies proposals for the further sustainable development of the industry. 05-26-2019 <![CDATA[ <p><strong>Purpose:</strong> This study is aimed to identify the leading factors for the tourism industry sustainable development in a less developed country.</p><p><strong>Design/Methodology/Approach:</strong> Sustainable development can be defined as a process of economic and social changes as well as an agreed and coordinated process of natural resource exploitation, direction of investment, scientific and technological development, personal development and institutional change enhance the present and future potential of human needs. In this paper, we have tried to show the factors contributing to the development of the tourism industry. These recommendations make it possible to promote the sustainable development and rapid resuscitation of the tourism industry. In many ways it is about ensuring the quality of life of people. The design of the article includes theoretical explanations regarding sustainable development with emphasis in the tourism industry.</p><p><strong>Findings:</strong> There are proposed more effective policies promoting the industry in addition to specific projects improving the infrastructure and the social feelings about tourism</p><p><strong>Practical Implications:</strong> It was defined a set of measures that can have a positive impact, able to influence the industry in a positive way regarding its direct and indirect effects in the state, regional and local economies of tourism destinations.</p><p><strong>Originality/Value:</strong> This is an important contribution describing and identifying issues related to the Georgian tourism sector. It is a valuable piece of information for policy-makers to adopt the studies proposals for the further sustainable development of the industry.</p> ]]> Leading Factors of Sustainable Rural Tourism Development: Case of Georgia maia diakonidze doi: 10.56578/jcgirm060104 Journal of Corporate Governance, Insurance, and Risk Management 05-26-2019 Journal of Corporate Governance, Insurance, and Risk Management 05-26-2019 2019 6 1 Article 49 10.56578/jcgirm060104 https://www.acadlore.com/article/JCGIRM/2019_6_1/jcgirm060104 https://www.acadlore.com/article/JCGIRM/2019_6_1/jcgirm060103 The aim of this paper is to determine resources and competitive factors of sport tourism suitable to tourism business circumstances. For this paper and according to accessible and processed sources, had not been found research that determine and treats concept of sport comprehensively, by the sub-areas of sport. Sport tourism in theory represents a selective form of tourism and should be based, in accordance with contemporary trends, on comparative competitiveness and sustainable development. Sustainable development includes a wide range of relevant platforms. These platforms influence the sustainable planning of sport tourism supply. The question is what are the resources and factors that are important for the planning of sport-tourism supply and fit into comparative competitiveness and sustainable development? The practical and theoretical purpose of this paper are the determination of resources and factors important for the planning and development of sport tourism in those destinations that want to develop this form of selective tourism. In these destinations such created supply of sports and recreational amenities and facilities should resulted with increase in consumption. Previously defined resources and factors should be the basis for the planning of the overall development of a particular destination and, consequently, for decision-making process on potential investment engagements. Such structural changes should also reflected on the structure of the supply and potentially define changes in the guests structure/profile and their demand or consumption. Thus, in this paper determined resources and factors, if applied, should affect directly or indirectly the planning and decisions development in each particular destination. 04-24-2019 <![CDATA[ <p>The aim of this paper is to determine resources and competitive factors of sport tourism suitable to tourism business circumstances. For this paper and according to accessible and processed sources, had not been found research that determine and treats concept of sport comprehensively, by the sub-areas of sport. Sport tourism in theory represents a selective form of tourism and should be based, in accordance with contemporary trends, on comparative competitiveness and sustainable development. Sustainable development includes a wide range of relevant platforms. These platforms influence the sustainable planning of sport tourism supply. The question is what are the resources and factors that are important for the planning of sport-tourism supply and fit into comparative competitiveness and sustainable development? The practical and theoretical purpose of this paper are the determination of resources and factors important for the planning and development of sport tourism in those destinations that want to develop this form of selective tourism. In these destinations such created supply of sports and recreational amenities and facilities should resulted with increase in consumption. Previously defined resources and factors should be the basis for the planning of the overall development of a particular destination and, consequently, for decision-making process on potential investment engagements. Such structural changes should also reflected on the structure of the supply and potentially define changes in the guests structure/profile and their demand or consumption. Thus, in this paper determined resources and factors, if applied, should affect directly or indirectly the planning and decisions development in each particular destination.</p> ]]> Resources and Destination Competitiveness Factors Important for Planning Sport Tourism Supply ivan novak doi: 10.56578/jcgirm060103 Journal of Corporate Governance, Insurance, and Risk Management 04-24-2019 Journal of Corporate Governance, Insurance, and Risk Management 04-24-2019 2019 6 1 Article 22 10.56578/jcgirm060103 https://www.acadlore.com/article/JCGIRM/2019_6_1/jcgirm060103 https://www.acadlore.com/article/JCGIRM/2019_6_1/jcgirm060102 Since its introduction in the late seventies of the last century, mobile wireless communication has undergone significant stages of development, from analogue voice calls to nowadays latest state-of- the-art digital technology. The intense development of mobile communications networks, the increasing number of new types of mobile devices resulted in a large number of new applications being used and will increasingly be used in mobile connectivity and the expected growth of network traffic. The emerging and most promising one, the 5G technology, will probably not appear in the market until 2020 as a full scale commercial platform. 5G platform is expected to significantly improve customer service quality in the context of increased data volume in mobile networks and the growth of wireless devices with different services. In the near future, some of the main goals or requirements to be addressed by the 5G network are increased capacity, improved data transfer rates, reduced latency, and improved service quality. As per technological innovation theory taxonomy and strategic innovative positioning 5G technology is considered as game changer and disruptor. This paper displays how the global level key players, are preparing to introduce and boost the 5G network operability by using an inductive method, where broader EU arena with specific Croatian environment are used as a practitioners show cases. 04-24-2019 <![CDATA[ <p>Since its introduction in the late seventies of the last century, mobile wireless communication has undergone significant stages of development, from analogue voice calls to nowadays latest state-of- the-art digital technology. The intense development of mobile communications networks, the increasing number of new types of mobile devices resulted in a large number of new applications being used and will increasingly be used in mobile connectivity and the expected growth of network traffic. The emerging and most promising one, the 5G technology, will probably not appear in the market until 2020 as a full scale commercial platform. 5G platform is expected to significantly improve customer service quality in the context of increased data volume in mobile networks and the growth of wireless devices with different services. In the near future, some of the main goals or requirements to be addressed by the 5G network are increased capacity, improved data transfer rates, reduced latency, and improved service quality. As per technological innovation theory taxonomy and strategic innovative positioning 5G technology is considered as game changer and disruptor. This paper displays how the global level key players, are preparing to introduce and boost the 5G network operability by using an inductive method, where broader EU arena with specific Croatian environment are used as a practitioners show cases.</p> ]]> Strategic Positioning of Emerging 5G Technology - Barriers and Perspectives ana babić ernest vlačić danijela sokolić doi: 10.56578/jcgirm060102 Journal of Corporate Governance, Insurance, and Risk Management 04-24-2019 Journal of Corporate Governance, Insurance, and Risk Management 04-24-2019 2019 6 1 Article 10 10.56578/jcgirm060102 https://www.acadlore.com/article/JCGIRM/2019_6_1/jcgirm060102 https://www.acadlore.com/article/JCGIRM/2019_6_1/jcgirm060101 This paper will represent a practical approach to re-designing course curriculum and syllabus in order to fit the needs of the job market. The course in question "Business Communication" is taught to 3rd year students in our Faculty of Economics and Business Administration, belonging to the Babeş-Bolyai University from Cluj-Napoca, Romania. The course has been in place for many years; however, lately, we have thought that changes are necessary. These changes are determined by the changing needs of the job market as more and more multinational companies have set up offices in our city. The paper will present the basis for these changes, i.e. how we identified the market needs (qualitative research: meetings/discussions with managers/recruiters from multinationals) and what improvements we intend to bring to the syllabus of the course in order to focus more on the skills employees need in their workplace. At the same time, we would like to show the correlation between business communication skills and language skills (the course is taught in 5 different languages) as they are seen both by students and potential employers (quantitative and qualitative research: survey and focus group) and how this correlation could fit into the new course syllabus. 03-14-2019 <![CDATA[ <p>This paper will represent a practical approach to re-designing course curriculum and syllabus in order to fit the needs of the job market. The course in question "Business Communication" is taught to 3rd year students in our Faculty of Economics and Business Administration, belonging to the Babeş-Bolyai University from Cluj-Napoca, Romania. The course has been in place for many years; however, lately, we have thought that changes are necessary. These changes are determined by the changing needs of the job market as more and more multinational companies have set up offices in our city. The paper will present the basis for these changes, i.e. how we identified the market needs (qualitative research: meetings/discussions with managers/recruiters from multinationals) and what improvements we intend to bring to the syllabus of the course in order to focus more on the skills employees need in their workplace. At the same time, we would like to show the correlation between business communication skills and language skills (the course is taught in 5 different languages) as they are seen both by students and potential employers (quantitative and qualitative research: survey and focus group) and how this correlation could fit into the new course syllabus.</p> ]]> Adapting a Business Communication Course to Market Needs diana zelter doi: 10.56578/jcgirm060101 Journal of Corporate Governance, Insurance, and Risk Management 03-14-2019 Journal of Corporate Governance, Insurance, and Risk Management 03-14-2019 2019 6 1 Article 1 10.56578/jcgirm060101 https://www.acadlore.com/article/JCGIRM/2019_6_1/jcgirm060101 https://www.acadlore.com/article/JCGIRM/2018_5_2/jcgirm050206 A restructuring program has been realized in the Turkish Banking Sector after the crises of 2000 and 2001. At the same time the restructuring program was implemented in the economy. Volatility is considered one of the most important risk indicator. The high volatility in a data set means that the risk is high. The aim of the study is to predict the strong changes in the main activity items of the banking sector from the post-crisis period to the present, based on the number of delays. During the period from the end of 2002 to the end of 2017, the volatility of the main financial items at the end of the three-month period has been analyzed in the Turkish Banking Sector. Afterwards, these main items were taken into consideration of past trends and predictive equations related to the levels that can be reached in the future were established. As a result of the analysis, it is seen that the highest change is primarily in the volume of the sector and in the loans and deposit items immediately afterwards. The high change in these two main factors in balance sheet naturally leads to a high volatility of the balance sheet total as well. 12-18-2018 <![CDATA[ <p>A restructuring program has been realized in the Turkish Banking Sector after the crises of 2000 and 2001. At the same time the restructuring program was implemented in the economy. Volatility is considered one of the most important risk indicator. The high volatility in a data set means that the risk is high. The aim of the study is to predict the strong changes in the main activity items of the banking sector from the post-crisis period to the present, based on the number of delays. During the period from the end of 2002 to the end of 2017, the volatility of the main financial items at the end of the three-month period has been analyzed in the Turkish Banking Sector. Afterwards, these main items were taken into consideration of past trends and predictive equations related to the levels that can be reached in the future were established. As a result of the analysis, it is seen that the highest change is primarily in the volume of the sector and in the loans and deposit items immediately afterwards. The high change in these two main factors in balance sheet naturally leads to a high volatility of the balance sheet total as well.</p> ]]> Analysis of Changes in Financial Items of the Turkish Banking Sector with VAR Model adalet hazar m. oguz koksal doi: 10.56578/jcgirm050206 Journal of Corporate Governance, Insurance, and Risk Management 12-18-2018 Journal of Corporate Governance, Insurance, and Risk Management 12-18-2018 2018 5 2 Article 94 10.56578/jcgirm050206 https://www.acadlore.com/article/JCGIRM/2018_5_2/jcgirm050206 https://www.acadlore.com/article/JCGIRM/2018_5_2/jcgirm050205 Introduction: Strategic management and its most important component, the strategic policies, and the expression of these policies and the implementation of the stated policies are very important. The purpose of this study is to examine the policy statements of the enterprises operating in the field of logistics, which is an important sector for the economy of countries, to examine whether they are current and industry-appropriate statements, and to discuss the reasons. Categorization and interpretation were preferred as methods. As a scope, only policy statements among the strategic concepts shared by the Logistics Association (LODER) member enterprises in the logistics sector have been discussed and studied. Especially in logistics enterprises, the establishment of strategic management and strategic policies, their expression, sharing and their implementation, the concepts emphasized and prioritized in the policies, and whether these concepts are up-to-date and appropriate to the sector should be seen as a problem. According to the findings, an important part of the policy statements are about customers and customer-related concepts. It has been observed that the concepts prioritized in policy statements are not specific to the business, which are popular and shared in most businesses. The fact that the concepts examined are not up to date causes businesses to stay away from the concepts they really need. The fact that the stated policies are not specific to the business will not benefit the strategic management of the business in details. This study is expected to be beneficial to academics and administrators working in this field. 07-25-2018 <![CDATA[ <p>Introduction: Strategic management and its most important component, the strategic policies, and the expression of these policies and the implementation of the stated policies are very important. The purpose of this study is to examine the policy statements of the enterprises operating in the field of logistics, which is an important sector for the economy of countries, to examine whether they are current and industry-appropriate statements, and to discuss the reasons. Categorization and interpretation were preferred as methods. As a scope, only policy statements among the strategic concepts shared by the Logistics Association (LODER) member enterprises in the logistics sector have been discussed and studied. Especially in logistics enterprises, the establishment of strategic management and strategic policies, their expression, sharing and their implementation, the concepts emphasized and prioritized in the policies, and whether these concepts are up-to-date and appropriate to the sector should be seen as a problem. According to the findings, an important part of the policy statements are about customers and customer-related concepts. It has been observed that the concepts prioritized in policy statements are not specific to the business, which are popular and shared in most businesses. The fact that the concepts examined are not up to date causes businesses to stay away from the concepts they really need. The fact that the stated policies are not specific to the business will not benefit the strategic management of the business in details. This study is expected to be beneficial to academics and administrators working in this field.</p> ]]> The Use of Strategic Policy Statements on the Basis of Concepts, An Evaluation in Logistics Businesses mesut atasever semiye çürük doi: 10.56578/jcgirm050205 Journal of Corporate Governance, Insurance, and Risk Management 07-25-2018 Journal of Corporate Governance, Insurance, and Risk Management 07-25-2018 2018 5 2 Article 78 10.56578/jcgirm050205 https://www.acadlore.com/article/JCGIRM/2018_5_2/jcgirm050205 https://www.acadlore.com/article/JCGIRM/2018_5_2/jcgirm050204 Through this research study, the authors set out to analyse the implications of the BRRD on non-core domestic banks as well as investment firms. The main aim behind this study is researchersto gain an insight into how such institutions are managing in view of the requirements of the BRRD. Besides building a thorough understanding of the impact of BRRD provisions on these institutions, this study also sets out to explore the potential challenges that might arise following the application of said provisions. Purposive sampling was applied, whereby the researchers collected the data by holding semi-structured interviews with representatives from a select number of non-core domestic banks and investment firms. The findings converge on a number of points. The institutions under study lacked the necessary guidance, largely because the BRRD was implemented rather quickly to immediately address the weaknesses of resolution and supervision that came to light after the 2008 financial crisis. In this respect, the institutions concerned were not able to invest adequate time in their preparation process. In line with previous local research, an ambivalent approach was also observed in relation to the benefits of the measures under the BRRD, especially in the case of small-sized institutions. These outcomes show that the BRRD might be too recent of a regulatory framework to bear concrete results. Although it has generally been welcomed as a constructive measure bent on bringing improvements in the spheres of recovery and resolution, there needs to be further time, and understanding and work by both authorities and institutions to fully realise its benefits. Given that the BRRD is an important step towards further maintaining financial stability and fighting against financial calamities, this study carries the value of bringing together the existing research done already in this area, further extending the research to cover more domestic institutions and ultimately contributing to a more holistic understanding of the implications of the BRRD in Malta. 10-25-2018 <![CDATA[ <p>Through this research study, the authors set out to analyse the implications of the BRRD on non-core domestic banks as well as investment firms. The main aim behind this study is researchersto gain an insight into how such institutions are managing in view of the requirements of the BRRD. Besides building a thorough understanding of the impact of BRRD provisions on these institutions, this study also sets out to explore the potential challenges that might arise following the application of said provisions. Purposive sampling was applied, whereby the researchers collected the data by holding semi-structured interviews with representatives from a select number of non-core domestic banks and investment firms. The findings converge on a number of points. The institutions under study lacked the necessary guidance, largely because the BRRD was implemented rather quickly to immediately address the weaknesses of resolution and supervision that came to light after the 2008 financial crisis. In this respect, the institutions concerned were not able to invest adequate time in their preparation process. In line with previous local research, an ambivalent approach was also observed in relation to the benefits of the measures under the BRRD, especially in the case of small-sized institutions. These outcomes show that the BRRD might be too recent of a regulatory framework to bear concrete results. Although it has generally been welcomed as a constructive measure bent on bringing improvements in the spheres of recovery and resolution, there needs to be further time, and understanding and work by both authorities and institutions to fully realise its benefits. Given that the BRRD is an important step towards further maintaining financial stability and fighting against financial calamities, this study carries the value of bringing together the existing research done already in this area, further extending the research to cover more domestic institutions and ultimately contributing to a more holistic understanding of the implications of the BRRD in Malta.</p> ]]> Implications of the Bank Recovery and Resolution Directive on Non-Core Banks and Investment Firms in Malta denise azzopardi andre farrugia simon grima peter j. baldacchino doi: 10.56578/jcgirm050204 Journal of Corporate Governance, Insurance, and Risk Management 10-25-2018 Journal of Corporate Governance, Insurance, and Risk Management 10-25-2018 2018 5 2 Article 40 10.56578/jcgirm050204 https://www.acadlore.com/article/JCGIRM/2018_5_2/jcgirm050204 https://www.acadlore.com/article/JCGIRM/2018_5_2/jcgirm050203 Telecommunications infrastructure is critical not only for domestic growth, but also for combining credit with international commodity and financial markets, such as the smooth flow of foreign investment, facilitating the positive value of net exports, and increasing the added value in the economy's GDP. In this study, fixed telephone lines in the period since the Republic of Turkey, is to investigate whether mobile phone and affect the economic growth of the telecommunications sector showing growth in internet connection. In our study, the penetration rate represents the development of telecommunications industry. Penetration rate is defined as the number of fixed line and mobile phone subscribers per 100 people. In order to measure the penetration rate in Turkey, we have used the ratio of the total number of fixed line, mobile subscribers and internet users to the population, taking into account the dates when mobile communication and the internet started. Economic growth is represented as the rate of change to Gross Domestic Product. The data used in this study cover an annual period 1935-2017. After investigating the stationarity of the series of variables, a causal relationship between the Toda-Yamamoto causality test and the penetration rate and GDP change rate series was examined. The findings of the analysis, the development of telecommunications in Turkey revealed that does not affect economic growth. According to this result, the Solow paradox is valid in the period examined in Turkey. 10-25-2018 <![CDATA[ <p>Telecommunications infrastructure is critical not only for domestic growth, but also for combining credit with international commodity and financial markets, such as the smooth flow of foreign investment, facilitating the positive value of net exports, and increasing the added value in the economy's GDP. In this study, fixed telephone lines in the period since the Republic of Turkey, is to investigate whether mobile phone and affect the economic growth of the telecommunications sector showing growth in internet connection. In our study, the penetration rate represents the development of telecommunications industry. Penetration rate is defined as the number of fixed line and mobile phone subscribers per 100 people. In order to measure the penetration rate in Turkey, we have used the ratio of the total number of fixed line, mobile subscribers and internet users to the population, taking into account the dates when mobile communication and the internet started. Economic growth is represented as the rate of change to Gross Domestic Product. The data used in this study cover an annual period 1935-2017. After investigating the stationarity of the series of variables, a causal relationship between the Toda-Yamamoto causality test and the penetration rate and GDP change rate series was examined. The findings of the analysis, the development of telecommunications in Turkey revealed that does not affect economic growth. According to this result, the Solow paradox is valid in the period examined in Turkey.</p> ]]> Do the Developments in Telecommunication Leads to the Solow Paradox on Economic Growth in Turkey? huriye gonca di̇ler doi: 10.56578/jcgirm050203 Journal of Corporate Governance, Insurance, and Risk Management 10-25-2018 Journal of Corporate Governance, Insurance, and Risk Management 10-25-2018 2018 5 2 Article 27 10.56578/jcgirm050203 https://www.acadlore.com/article/JCGIRM/2018_5_2/jcgirm050203 https://www.acadlore.com/article/JCGIRM/2018_5_2/jcgirm050202 The application of the law in terms of meaning is called interpretation. If there is doubt or conflict in determining the meaning of a legal rule or contract, or if there is a gap in the law, interpretation becomes inevitable. There are many methods of interpretation in general law. However, based on the principle of protecting the employee in labour law, the principle of "interpretation in favor of the employee ", which is a special form of interpretation, has emerged. In the study, the place and application of this method in individual labour law are discussed. While examining the principle of "interpretation in favor of the employee" examples from relevant judicial decisions are given. It is understood that the principle of interpretation in favor of the employee has turned into a settled form of interpretation with judicial decisions in labor law. In the study, it was revealed that there are factors and boundaries that should be considered while applying this interpretation method. Conclusions: As a result of the study, it is understood that the principle of interpretation in favor of the employee, which emerged as a result of the obligation to protect the employee who is weak against the employer, is widely applied in the courts. But, making decisions that disrupt the delicate balance between the employee and the employer by completely ignoring the general principles of the law will prevent the realization of the purpose expected from this method of interpretation. In the article, the factors that should be taken into consideration while applying the principle of "interpretation in favor of the employee" are also examined. 10-14-2018 <![CDATA[ <p>The application of the law in terms of meaning is called interpretation. If there is doubt or conflict in determining the meaning of a legal rule or contract, or if there is a gap in the law, interpretation becomes inevitable. There are many methods of interpretation in general law. However, based on the principle of protecting the employee in labour law, the principle of "interpretation in favor of the employee ", which is a special form of interpretation, has emerged. In the study, the place and application of this method in individual labour law are discussed. While examining the principle of "interpretation in favor of the employee" examples from relevant judicial decisions are given. It is understood that the principle of interpretation in favor of the employee has turned into a settled form of interpretation with judicial decisions in labor law. In the study, it was revealed that there are factors and boundaries that should be considered while applying this interpretation method. Conclusions: As a result of the study, it is understood that the principle of interpretation in favor of the employee, which emerged as a result of the obligation to protect the employee who is weak against the employer, is widely applied in the courts. But, making decisions that disrupt the delicate balance between the employee and the employer by completely ignoring the general principles of the law will prevent the realization of the purpose expected from this method of interpretation. In the article, the factors that should be taken into consideration while applying the principle of "interpretation in favor of the employee" are also examined.</p> ]]> The Interpretation Principle in Favour of the Employee in the Turkish Individual Labour Law nurgül emine barin doi: 10.56578/jcgirm050202 Journal of Corporate Governance, Insurance, and Risk Management 10-14-2018 Journal of Corporate Governance, Insurance, and Risk Management 10-14-2018 2018 5 2 Article 15 10.56578/jcgirm050202 https://www.acadlore.com/article/JCGIRM/2018_5_2/jcgirm050202 https://www.acadlore.com/article/JCGIRM/2018_5_2/jcgirm050201 With this paper the author forecasts the out-of-sample volatility of gold price changes in Turkey. Looking at the both the symmetric and the asymmetric evaluation criteria, GJR-GARCH model is the best fitted model for forecasting gold price volatility in Turkey. The GJR-GARCH model findings reveal a negative shock asymmetry for gold prices. Thus, it shows that positive news in the market affects the volatility of gold prices in the next period more than negative news. 12-02-2018 <![CDATA[ <p>With this paper the author forecasts the out-of-sample volatility of gold price changes in Turkey. Looking at the both the symmetric and the asymmetric evaluation criteria, GJR-GARCH model is the best fitted model for forecasting gold price volatility in Turkey. The GJR-GARCH model findings reveal a negative shock asymmetry for gold prices. Thus, it shows that positive news in the market affects the volatility of gold prices in the next period more than negative news.</p> ]]> Forecasting of Gold Prices Volatility with Symmetric and Asymmetric Volatility Models metin teti̇k doi: 10.56578/jcgirm050201 Journal of Corporate Governance, Insurance, and Risk Management 12-02-2018 Journal of Corporate Governance, Insurance, and Risk Management 12-02-2018 2018 5 2 Article 1 10.56578/jcgirm050201 https://www.acadlore.com/article/JCGIRM/2018_5_2/jcgirm050201 https://www.acadlore.com/article/JCGIRM/2018_5_1/jcgirm050104 The highly concentrated ownership in the Bosnia and Herzegovina market provides a rich environment to explore corporate governance practices. The paper will assess effects that ownership structure of companies has on the level of implementation of corporate governance in companies listed on the Official market of the Banja Luka Stock Exchange. Results of implementation of the corporate governance in companies will be presented using Scorecard analysis for evaluation of the implementation of practices and principles of corporate governance for companies which are listed on the Official market of the Banja Luka Stock Exchange. Ownership structure will be presented in three groups of owners determined by controlling owner: government, domestic and foreign owners. Paper will show correlation and effect which different owners of companies have on the level of implementation of corporate governance in these companies. 04-29-2018 <![CDATA[ <p>The highly concentrated ownership in the Bosnia and Herzegovina market provides a rich environment to explore corporate governance practices. The paper will assess effects that ownership structure of companies has on the level of implementation of corporate governance in companies listed on the Official market of the Banja Luka Stock Exchange. Results of implementation of the corporate governance in companies will be presented using Scorecard analysis for evaluation of the implementation of practices and principles of corporate governance for companies which are listed on the Official market of the Banja Luka Stock Exchange. Ownership structure will be presented in three groups of owners determined by controlling owner: government, domestic and foreign owners. Paper will show correlation and effect which different owners of companies have on the level of implementation of corporate governance in these companies.</p> ]]> Corporate Governance and Ownership Structure igor todorović stevo pucar doi: 10.56578/jcgirm050104 Journal of Corporate Governance, Insurance, and Risk Management 04-29-2018 Journal of Corporate Governance, Insurance, and Risk Management 04-29-2018 2018 5 1 Article 45 10.56578/jcgirm050104 https://www.acadlore.com/article/JCGIRM/2018_5_1/jcgirm050104 https://www.acadlore.com/article/JCGIRM/2018_5_1/jcgirm050103 The aim of this study is to examine the Nomination Committee (NC) in Maltese listed companies. The study achieves this by assessing the Maltese regulatory framework relating to this Committee, as well as its roles, status and effectiveness. A predominantly qualitative mixed methodology was employed to achieve these objectives. Twenty-five semi-structured interviews were held with two financial analysts, two MFSA representatives, eight audit firm representatives and 13 representatives of Maltese Listed Companies (MLCs) Research findings show that the NC is not as yet not well established among MLCs. There is a particular lack of insistence on the part of local regulatory authorities, as well as substantial resistance from listed companies, with regard to the adoption of this committee. Furthermore, most &nbsp;NCs &nbsp;in such companies are not performing all of the roles listed in their Code while the roles currently performed may need to be carried out in a more structured manner. Yet it is highly worthwhile for such companies to devote more attention to the NC, this being one of the best possible bastions of appropriate corporate governance. The change in the status of the NC from being merely recommended by the Code of Principles of Good Corporate Governance to becoming mandatory by the Listing Rules is increasingly called for. In this way, Maltese listed companies will need to embrace such a change. It is hoped that this study will contribute towards fostering more awareness about the NC and the corporate governance of Maltese listed companies. 04-29-2018 <![CDATA[ <p>The aim of this study is to examine the Nomination Committee (NC) in Maltese listed companies. The study achieves this by assessing the Maltese regulatory framework relating to this Committee, as well as its roles, status and effectiveness. A predominantly qualitative mixed methodology was employed to achieve these objectives. Twenty-five semi-structured interviews were held with two financial analysts, two MFSA representatives, eight audit firm representatives and 13 representatives of Maltese Listed Companies (MLCs) Research findings show that the NC is not as yet not well established among MLCs. There is a particular lack of insistence on the part of local regulatory authorities, as well as substantial resistance from listed companies, with regard to the adoption of this committee. Furthermore, most &nbsp;NCs &nbsp;in such companies are not performing all of the roles listed in their Code while the roles currently performed may need to be carried out in a more structured manner. Yet it is highly worthwhile for such companies to devote more attention to the NC, this being one of the best possible bastions of appropriate corporate governance. The change in the status of the NC from being merely recommended by the Code of Principles of Good Corporate Governance to becoming mandatory by the Listing Rules is increasingly called for. In this way, Maltese listed companies will need to embrace such a change. It is hoped that this study will contribute towards fostering more awareness about the NC and the corporate governance of Maltese listed companies.</p> ]]> The Nomination Committee in Maltese Listed Companies1 baldacchino peter gatt jessica tabone norbert bezzina frank doi: 10.56578/jcgirm050103 Journal of Corporate Governance, Insurance, and Risk Management 04-29-2018 Journal of Corporate Governance, Insurance, and Risk Management 04-29-2018 2018 5 1 Article 27 10.56578/jcgirm050103 https://www.acadlore.com/article/JCGIRM/2018_5_1/jcgirm050103 https://www.acadlore.com/article/JCGIRM/2018_5_1/jcgirm050102 The emerging use of social media fundamentally changes the communication and interaction of societies and organizations. It revolutionizes the way organizations market their products and interact with their customers. Social media acts as an agent of change within the marketing and communication of organizations. In particular, the tourism sector is affected by these disruptive changes. Social media influences and changes the interaction between touristic supply and demand sides fundamentally. These upcoming opportunities and challenges are especially relevant for destination management organizations (DMOs), which try to coordinate and market the intangible and immaterial tourism product of a destination. Social media marketing transforms the classical marketing and communication of these destination management organizations. Nevertheless, destination management organizations &nbsp;are still in an experimental stage of utilizing social media as a marketing tool, as they slowly start to realize the potential benefits of social media as an agent of change. This study investigates how DMOs in alpine regions implement social media marketing in their classical marketing strategies through a quantitative survey. Furthermore, the paper outlines which upcoming challenges and opportunities DMOs face by conducting qualitative interviews with social media managers in the destinations. Finally, implications and recommendations for DMOs are presented to cope with the emerging use of social media as a marketing tool. 04-29-2018 <![CDATA[ <p>The emerging use of social media fundamentally changes the communication and interaction of societies and organizations. It revolutionizes the way organizations market their products and interact with their customers. Social media acts as an agent of change within the marketing and communication of organizations. In particular, the tourism sector is affected by these disruptive changes. Social media influences and changes the interaction between touristic supply and demand sides fundamentally. These upcoming opportunities and challenges are especially relevant for destination management organizations (DMOs), which try to coordinate and market the intangible and immaterial tourism product of a destination. Social media marketing transforms the classical marketing and communication of these destination management organizations. Nevertheless, destination management organizations &nbsp;are still in an experimental stage of utilizing social media as a marketing tool, as they slowly start to realize the potential benefits of social media as an agent of change. This study investigates how DMOs in alpine regions implement social media marketing in their classical marketing strategies through a quantitative survey. Furthermore, the paper outlines which upcoming challenges and opportunities DMOs face by conducting qualitative interviews with social media managers in the destinations. Finally, implications and recommendations for DMOs are presented to cope with the emerging use of social media as a marketing tool.</p> ]]> The Utilization of Social Media Marketing in Destination Management Organizations birgit bosio stefanie haselwanter michael ceipek doi: 10.56578/jcgirm050102 Journal of Corporate Governance, Insurance, and Risk Management 04-29-2018 Journal of Corporate Governance, Insurance, and Risk Management 04-29-2018 2018 5 1 Article 8 10.56578/jcgirm050102 https://www.acadlore.com/article/JCGIRM/2018_5_1/jcgirm050102 https://www.acadlore.com/article/JCGIRM/2018_5_1/jcgirm050101 Today's popular thinking is that every organization is unique and, in their processes and organizational behavior, specific. However, we witness how organizations, particularly those operating within the same industry, are becoming similar and the same as each other. The explanation for this occurrence is the institutional theory of organization that was created primarily as a critique to contingency theory that supports idiosyncratic of organizations. Institutional theory of organization explains how organizations operating within the same industry or organizational fields tend to adapt to the same structures, behaviors and activities. In the foreground of the institutional theory of organization is the institutional isomorphism that explains the similarity of the companies in an organizational field. In this paper, the author will present the current knowledge regarding this approach in management and will emphasize the lacks of this theory when it is applied with multinational companies and its subsidiaries; the multinational companies are interesting to researchers because of the complexity of operations and the complexity of the external environment and intra-organizational environment. 04-29-2018 <![CDATA[ <p>Today's popular thinking is that every organization is unique and, in their processes and organizational behavior, specific. However, we witness how organizations, particularly those operating within the same industry, are becoming similar and the same as each other. The explanation for this occurrence is the institutional theory of organization that was created primarily as a critique to contingency theory that supports idiosyncratic of organizations. Institutional theory of organization explains how organizations operating within the same industry or organizational fields tend to adapt to the same structures, behaviors and activities. In the foreground of the institutional theory of organization is the institutional isomorphism that explains the similarity of the companies in an organizational field. In this paper, the author will present the current knowledge regarding this approach in management and will emphasize the lacks of this theory when it is applied with multinational companies and its subsidiaries; the multinational companies are interesting to researchers because of the complexity of operations and the complexity of the external environment and intra-organizational environment.</p> ]]> Institutional Theory and Isomorphism: Limitations in Multinational Companies ana krajnović doi: 10.56578/jcgirm050101 Journal of Corporate Governance, Insurance, and Risk Management 04-29-2018 Journal of Corporate Governance, Insurance, and Risk Management 04-29-2018 2018 5 1 Article 1 10.56578/jcgirm050101 https://www.acadlore.com/article/JCGIRM/2018_5_1/jcgirm050101 https://www.acadlore.com/article/JCGIRM/2017_4_2/jcgirm040204 The paper analyses influence of global economic crisis on enterprises from developing countries. Analysis is conducted with the goal of determining the reason of crisis and imposing recommendations for mitigation of effects arose from crisis. Main assumption is that irresponsible behaviour of decision makers is the main cause of economic crisis. Due to this, standards and good practice of corporate governance in OECD countries and the Republic of Srpska are analyzed with goal to indicate the omissions in their implementation. Also attitudes of OECD action plan for improvement of corporate governance are presented and recommendations for improvement for state of corporate governance in the Republic of Srpska are imposed. 11-29-2017 <![CDATA[ <p>The paper analyses influence of global economic crisis on enterprises from developing countries. Analysis is conducted with the goal of determining the reason of crisis and imposing recommendations for mitigation of effects arose from crisis. Main assumption is that irresponsible behaviour of decision makers is the main cause of economic crisis. Due to this, standards and good practice of corporate governance in OECD countries and the Republic of Srpska are analyzed with goal to indicate the omissions in their implementation. Also attitudes of OECD action plan for improvement of corporate governance are presented and recommendations for improvement for state of corporate governance in the Republic of Srpska are imposed.</p> ]]> Corporate Governance and Economic Crisis in Developing Countries igor todorović stevo pucar doi: 10.56578/jcgirm040204 Journal of Corporate Governance, Insurance, and Risk Management 11-29-2017 Journal of Corporate Governance, Insurance, and Risk Management 11-29-2017 2017 4 2 Article 54 10.56578/jcgirm040204 https://www.acadlore.com/article/JCGIRM/2017_4_2/jcgirm040204 https://www.acadlore.com/article/JCGIRM/2017_4_2/jcgirm040203 With regard to both the consumer behavior and the overall competition structure, the retail industry is constantly changing. Each industry has its peculiarities, retail is no exception. The customer loyalty levels are decreasing, therefore, the retail management at large has to decide which effective measures to take, in order to simultaneously gain new customers and retain the existing ones. At present, the average buyer is educated, experienced, and keenly self-aware of his/her importance, as well as of the entire purchasing process. Consequently, it is essential to obtain access and keep the buyer satisfied. The changes required, with regard to the management of retail chains, should thus cover all the stages of the &nbsp;process, ranging from the procurement to sales. In this particular paper, we examine the corporate governance process and its’ requirements of competing on the retail market. The overview of the entire organizational structure and the processes required to operate under current retail management conditions will be analyzed. The findings will prove to be quite beneficial to Croatian retail companies and aid in overcoming the major threat of EU competitors, laying out the changes necessary for &nbsp;survival within this particular industry branch. 11-29-2017 <![CDATA[ <p style="text-align: justify;">With regard to both the consumer behavior and the overall competition structure, the retail industry is constantly changing. Each industry has its peculiarities, retail is no exception. The customer loyalty levels are decreasing, therefore, the retail management at large has to decide which effective measures to take, in order to simultaneously gain new customers and retain the existing ones. At present, the average buyer is educated, experienced, and keenly self-aware of his/her importance, as well as of the entire purchasing process. Consequently, it is essential to obtain access and keep the buyer satisfied. The changes required, with regard to the management of retail chains, should thus cover all the stages of the &nbsp;process, ranging from the procurement to sales. In this particular paper, we examine the corporate governance process and its’ requirements of competing on the retail market. The overview of the entire organizational structure and the processes required to operate under current retail management conditions will be analyzed. The findings will prove to be quite beneficial to Croatian retail companies and aid in overcoming the major threat of EU competitors, laying out the changes necessary for<u> &nbsp;</u>survival within this particular industry branch.</p> ]]> Contemporary Issues in Retail Industry ivana plazibat mario dadić doi: 10.56578/jcgirm040203 Journal of Corporate Governance, Insurance, and Risk Management 11-29-2017 Journal of Corporate Governance, Insurance, and Risk Management 11-29-2017 2017 4 2 Article 44 10.56578/jcgirm040203 https://www.acadlore.com/article/JCGIRM/2017_4_2/jcgirm040203 https://www.acadlore.com/article/JCGIRM/2017_4_2/jcgirm040202 More than ever before, success or a failure of a modern company is the result of managers’ ability to adopt his/her way of managing everyday changing circumstances. The organizational environment demands effective managers with the ability to make effective decisions which will shape business performance. So, it could be acknowledged that among several different factors that can determine a company’s progress, the key factors are managers - their qualities and skills. This paper considers similarities and differences among managers in two companies in Croatia - family owned and nonfamily owned - analyzing eight essential skill areas where they should focus their efforts: understanding team dynamics, selecting and developing the right people, delegating, motivating, managing conflict, communicating, decision making and problem solving, and avoiding common managerial mistakes. Qualitative research was conducted and interesting and somewhat puzzling results were found. Results indicated that ownership made a difference concerning managerial skills. Based on the overall findings, the research offers foundation for future research in this area. The implications of the findings are discussed in terms of value for managers and their companies due to the improvement and development of all essential areas of managing. 04-29-2017 <![CDATA[ <p>More than ever before, success or a failure of a modern company is the result of managers’ ability to adopt his/her way of managing everyday changing circumstances. The organizational environment demands effective managers with the ability to make effective decisions which will shape business performance. So, it could be acknowledged that among several different factors that can determine a company’s progress, the key factors are managers - their qualities and skills. This paper considers similarities and differences among managers in two companies in Croatia - family owned and nonfamily owned - analyzing eight essential skill areas where they should focus their efforts: understanding team dynamics, selecting and developing the right people, delegating, motivating, managing conflict, communicating, decision making and problem solving, and avoiding common managerial mistakes. Qualitative research was conducted and interesting and somewhat puzzling results were found. Results indicated that ownership made a difference concerning managerial skills. Based on the overall findings, the research offers foundation for future research in this area. The implications of the findings are discussed in terms of value for managers and their companies due to the improvement and development of all essential areas of managing.</p> ]]> Managerial Skills: Does Family Ownership Make a Difference? ivana bulog ivona jukić dejan kružić doi: 10.56578/jcgirm040202 Journal of Corporate Governance, Insurance, and Risk Management 04-29-2017 Journal of Corporate Governance, Insurance, and Risk Management 04-29-2017 2017 4 2 Article 28 10.56578/jcgirm040202 https://www.acadlore.com/article/JCGIRM/2017_4_2/jcgirm040202 https://www.acadlore.com/article/JCGIRM/2017_4_2/jcgirm040201 With this paper we show how the natural “science of control and communications in the animal and the machine” identified by Wiener in 1948 can be applied to social organizations to establish a science of governance. Evidence is provided that current practices are &nbsp;not consistent with the laws of nature or the practices of living things that must become self-regulating and self-governing to exist in dynamic unknowable complex environments. Case studies of stakeholder mutual firms with hundreds of boards show how an ecological form of polycentric decision-making provides: (a) division of powers; (b) checks and balances; (c) distributed intelligence to reduce information overload, and (d) decomposition of decision-making labour to introduce tensions &nbsp;of challenge; (e) a requisite variety of cross checking &nbsp;communication and control channels from stakeholder engagement to improve their integrity; (f) integration of management and governance to further self- regulation and self-governance with: (g) operating advantages such as resiliency, sustainability and wellbeing for firm, its stakeholders and society. The case studies illustrate how ecological governance could reduce the size, scope, cost and intrusiveness of government and their regulators while improving economic efficiency and enriching &nbsp; democracy with widespread citizen stakeholder engagement. 11-29-2017 <![CDATA[ <p>With this paper we show how the natural “science of control and communications in the animal and the machine” identified by Wiener in 1948 can be applied to social organizations to establish a science of governance. Evidence is provided that current practices are &nbsp;not consistent with the laws of nature or the practices of living things that must become self-regulating and self-governing to exist in dynamic unknowable complex environments. Case studies of stakeholder mutual firms with hundreds of boards show how an ecological form of polycentric decision-making provides: (a) division of powers; (b) checks and balances; (c) distributed intelligence to reduce information overload, and (d) decomposition of decision-making labour to introduce tensions &nbsp;of challenge; (e) a requisite variety of cross checking &nbsp;communication and control channels from stakeholder engagement to improve their integrity; (f) integration of management and governance to further self- regulation and self-governance with: (g) operating advantages such as resiliency, sustainability and wellbeing for firm, its stakeholders and society. The case studies illustrate how ecological governance could reduce the size, scope, cost and intrusiveness of government and their regulators while improving economic efficiency and enriching &nbsp; democracy with widespread citizen stakeholder engagement.</p> ]]> A Sustainable Future for Corporate Governance Theory and Practice shann turnbull doi: 10.56578/jcgirm040201 Journal of Corporate Governance, Insurance, and Risk Management 11-29-2017 Journal of Corporate Governance, Insurance, and Risk Management 11-29-2017 2017 4 2 Article 1 10.56578/jcgirm040201 https://www.acadlore.com/article/JCGIRM/2017_4_2/jcgirm040201 https://www.acadlore.com/article/JCGIRM/2017_4_1/jcgirm040106 The traditional brick and mortar buildings labeled “Banks” are fast becoming a historical notion being replaced by electronic, paperless and virtual money. Globalisation has ushered a new era resulting in availability of mobile phones to the larger populace of the world despite physical location. Mobile networking has created a platform that has seen acquisition of mobile phones which in turn has accorded billions of people Self Service Technologies (SST). These services know no boundaries. This paper seeks to explore two determinant variables of the Technological Acceptance Model (TAM) which have become major variables in the implementation of mobile banking projects. Perceived Usefulness (PU) and Perceived Ease of Use (PEOU) are arguably the cornerstones if mobile banking is to be successfully implemented, and hence adopted, in these financial services sector advancements. This Paper seeks to hypothetically explore the argument that PU and PEOU have the greatest impact on the implementation of mobile banking projects when considered in relation to other factors. The case of the mobile banking situation in Zimbabwe will be explored. 03-25-2017 <![CDATA[ <p>The traditional brick and mortar buildings labeled “Banks” are fast becoming a historical notion being replaced by electronic, paperless and virtual money. Globalisation has ushered a new era resulting in availability of mobile phones to the larger populace of the world despite physical location. Mobile networking has created a platform that has seen acquisition of mobile phones which in turn has accorded billions of people Self Service Technologies (SST). These services know no boundaries. This paper seeks to explore two determinant variables of the Technological Acceptance Model (TAM) which have become major variables in the implementation of mobile banking projects. Perceived Usefulness (PU) and Perceived Ease of Use (PEOU) are arguably the cornerstones if mobile banking is to be successfully implemented, and hence adopted, in these financial services sector advancements. This Paper seeks to hypothetically explore the argument that PU and PEOU have the greatest impact on the implementation of mobile banking projects when considered in relation to other factors. The case of the mobile banking situation in Zimbabwe will be explored.</p> ]]> Perceived Usefulness (PU) and Perceived Ease Of Use (PEOU) as Key Drivers of Mobile Banking Adoption. A Case of Zimbabwe linda c. gumbo douglas halimani misheck diza doi: 10.56578/jcgirm040106 Journal of Corporate Governance, Insurance, and Risk Management 03-25-2017 Journal of Corporate Governance, Insurance, and Risk Management 03-25-2017 2017 4 1 Article 87 10.56578/jcgirm040106 https://www.acadlore.com/article/JCGIRM/2017_4_1/jcgirm040106 https://www.acadlore.com/article/JCGIRM/2017_4_1/jcgirm040105 Long-term orientation is the tendency to prioritize the long-range implications and impact of decisions and actions that come to fruition after an extended time period. This paper examines the sustainability of entrepreneurs based on long term commitments and respect for tradition. The specific influence of long term commitments and respect for tradition predictors on demographic outcome variables like Age, Gender, Internal Motivation, External motivation, Academic experience and technical experience has been attempted to develop an instrument to measure Hofstede’s cultural dimensions to evaluate its impact on entrepreneur development. 03-25-2017 <![CDATA[ <p>Long-term orientation is the tendency to prioritize the long-range implications and impact of decisions and actions that come to fruition after an extended time period. This paper examines the sustainability of entrepreneurs based on long term commitments and respect for tradition. The specific influence of long term commitments and respect for tradition predictors on demographic outcome variables like Age, Gender, Internal Motivation, External motivation, Academic experience and technical experience has been attempted to develop an instrument to measure Hofstede’s cultural dimensions to evaluate its impact on entrepreneur development.</p> ]]> The Efficacy of Sustainability of Entrepreneurs on Long Term Commitments and Tradition : A Case of India gajendra singh sergey urievich chernikov shailender singh doi: 10.56578/jcgirm040105 Journal of Corporate Governance, Insurance, and Risk Management 03-25-2017 Journal of Corporate Governance, Insurance, and Risk Management 03-25-2017 2017 4 1 Article 72 10.56578/jcgirm040105 https://www.acadlore.com/article/JCGIRM/2017_4_1/jcgirm040105 https://www.acadlore.com/article/JCGIRM/2017_4_1/jcgirm040104 This paper investigated the efficacy of street vending as a means for achieving economic sustenance by those engaged in the business with special interest to those operating in the central business district of Harare. A sample of 225 street vendors was decided on and questionnaires were used to gather data. The questionnaires had a response rate of 89.7%. The paper also adopted the descriptive research design. The study found that most of the street vendors understudy are earning less than $2 per day which is very low. Moreover, the majority cannot afford decent homes and are renting or still living with their parents and relatives. The study also found that street vending could be a means for achieving economic sustenance by those engaged in the business if proper support structures are put in place by the government. 03-25-2017 <![CDATA[ <p>This paper investigated the efficacy of street vending as a means for achieving economic sustenance by those engaged in the business with special interest to those operating in the central business district of Harare. A sample of 225 street vendors was decided on and questionnaires were used to gather data. The questionnaires had a response rate of 89.7%. The paper also adopted the descriptive research design. The study found that most of the street vendors understudy are earning less than $2 per day which is very low. Moreover, the majority cannot afford decent homes and are renting or still living with their parents and relatives. The study also found that street vending could be a means for achieving economic sustenance by those engaged in the business if proper support structures are put in place by the government.</p> ]]> Street Vending in Zimbabwe: An Urban Scourge or Viable Enterprise evelyn madziba doi: 10.56578/jcgirm040104 Journal of Corporate Governance, Insurance, and Risk Management 03-25-2017 Journal of Corporate Governance, Insurance, and Risk Management 03-25-2017 2017 4 1 Article 55 10.56578/jcgirm040104 https://www.acadlore.com/article/JCGIRM/2017_4_1/jcgirm040104 https://www.acadlore.com/article/JCGIRM/2017_4_1/jcgirm040103 Reforms in the insurance sector were introduced much later in fact almost a decade later with the enactment of the Insurance Regulatory and Development Authority Act 1999, which facilitated the liberalization and opening of the insurance sector. There were two options before the Government of India to privatize insurance sector viz. (a) selling of two public sector insurance companies (LIC and GIC) to private and (b) allowing private sector to enter into insurance market and compete with the LIC and GIC. The Government took the latter route to open the insurance sector in 2000 and LIC and GIC were left untouched. Indian private companies entered the market as joint ventures with some of world’s largest insurance companies. Coexistence of private and public companies heightened competition and Indian insurance sector witnessed several significant changes such as a large number of new innovative products, improved distribution channels and the introduction of world class regulatory and supervisory standards. The most significant product innovation in the life insurance segment is the introduction of unit linked products (ULIPs). Unit linked plans offer long term investment option plus life coverage. In fact ULIPs are combination of both investment and insurance.In this research paper an attempt is made (a) to examine the rise and fall of ULIPs across the private insurers and LIC in the Indian insurance market by analyzing the distribution of first year premium during 2003-14 . The materials in the form of data and information are gathered from the Annual Reports of IRDA and Reports of Economic Survey of India of various years. The data and information collected were processed presented and analyzed using SPSS version 20. Mann Whitney Test Z value (equivalent to Wilcoxon’s rank sum z test) is also used in addition to the calculation of growth rate and percentage contribution of ULIPs to the total premium. 03-25-2017 <![CDATA[ <p>Reforms in the insurance sector were introduced much later in fact almost a decade later with the enactment of the Insurance Regulatory and Development Authority Act 1999, which facilitated the liberalization and opening of the insurance sector. There were two options before the Government of India to privatize insurance sector viz. (a) selling of two public sector insurance companies (LIC and GIC) to private and (b) allowing private sector to enter into insurance market and compete with the LIC and GIC. The Government took the latter route to open the insurance sector in 2000 and LIC and GIC were left untouched. Indian private companies entered the market as joint ventures with some of world’s largest insurance companies. Coexistence of private and public companies heightened competition and Indian insurance sector witnessed several significant changes such as a large number of new innovative products, improved distribution channels and the introduction of world class regulatory and supervisory standards. The most significant product innovation in the life insurance segment is the introduction of unit linked products (ULIPs). Unit linked plans offer long term investment option plus life coverage. In fact ULIPs are combination of both investment and insurance.In this research paper an attempt is made (a) to examine the rise and fall of ULIPs across the private insurers and LIC in the Indian insurance market by analyzing the distribution of first year premium during 2003-14 . The materials in the form of data and information are gathered from the Annual Reports of IRDA and Reports of Economic Survey of India of various years. The data and information collected were processed presented and analyzed using SPSS version 20. Mann Whitney Test Z value (equivalent to Wilcoxon’s rank sum z test) is also used in addition to the calculation of growth rate and percentage contribution of ULIPs to the total premium.</p> ]]> Rise And Fall Of Ulips In Indian Life Insurance Market k. vidyavathi doi: 10.56578/jcgirm040103 Journal of Corporate Governance, Insurance, and Risk Management 03-25-2017 Journal of Corporate Governance, Insurance, and Risk Management 03-25-2017 2017 4 1 Article 44 10.56578/jcgirm040103 https://www.acadlore.com/article/JCGIRM/2017_4_1/jcgirm040103 https://www.acadlore.com/article/JCGIRM/2017_4_1/jcgirm040102 The aim of this research is to provide projections of the labor market in the Republic of Serbska, as a part of Bosnia and Herzegovina (RS) in the period 2017 - 2021, based on an analytical approach and precise indicators. The basic methodology in creating projections on the labor market in the Republic of Serbska (RS) is statistical extrapolation of trends in demand and supply of labor at the level of the RS. Data for this study were standard reports of statistical institutions (Statistical Yearbook, Labor Force Survey, etc.), as well as special reports generated for the specific needs of this research. The results show that in the next 6 years, the number of working-age population will shrink by a further 59,000 people with 867,000 to 808,000. Out of the total working-age population, ie the active population. labor force (the sum of employed and unemployed) is will not change greatly, while the level of the inactive population, ie. working-age population not seeking employment will drop significantly. On the other hand, our projections show that, even in terms of the decline in the working-age population, the demand for labor will continue to grow. Also, according to projections, the number of unemployed ie. the excess of supply over demand of the labor force will decrease in the period 2017-2021. All this will not be without impact on wage levels. Total average gross wages will rise by 2021, but wage growth in the manufacturing industry will be much more pronounced. Therefore, it is essential to increase productivity and added value of companies because it is the only way to compensate for this increase in wages. 03-25-2017 <![CDATA[ <p>The aim of this research is to provide projections of the labor market in the Republic of Serbska, as a part of Bosnia and Herzegovina (RS) in the period 2017 - 2021, based on an analytical approach and precise indicators. The basic methodology in creating projections on the labor market in the Republic of Serbska (RS) is statistical extrapolation of trends in demand and supply of labor at the level of the RS. Data for this study were standard reports of statistical institutions (Statistical Yearbook, Labor Force Survey, etc.), as well as special reports generated for the specific needs of this research. The results show that in the next 6 years, the number of working-age population will shrink by a further 59,000 people with 867,000 to 808,000. Out of the total working-age population, ie the active population. labor force (the sum of employed and unemployed) is will not change greatly, while the level of the inactive population, ie. working-age population not seeking employment will drop significantly. On the other hand, our projections show that, even in terms of the decline in the working-age population, the demand for labor will continue to grow. Also, according to projections, the number of unemployed ie. the excess of supply over demand of the labor force will decrease in the period 2017-2021. All this will not be without impact on wage levels. Total average gross wages will rise by 2021, but wage growth in the manufacturing industry will be much more pronounced. Therefore, it is essential to increase productivity and added value of companies because it is the only way to compensate for this increase in wages.</p> ]]> Declining Supply and Rising Demand for Labor – the Consequences in RS stevo pucar doi: 10.56578/jcgirm040102 Journal of Corporate Governance, Insurance, and Risk Management 03-25-2017 Journal of Corporate Governance, Insurance, and Risk Management 03-25-2017 2017 4 1 Article 29 10.56578/jcgirm040102 https://www.acadlore.com/article/JCGIRM/2017_4_1/jcgirm040102 https://www.acadlore.com/article/JCGIRM/2017_4_1/jcgirm040101 The main objective of this study is to assess the social, financial and corporate governance (CG) implications of the proposed social enterprise (SE) legislation in Malta. In light of such implications, the study also assesses the applicability of the SE under such legislation. A mixed methodology was adopted. Fifteen interviews were held with experts. Such data was supplemented by 52 valid responses to a questionnaire sent both to co-operatives and voluntary organisations (VOs) in Malta. The study concludes that the proposed legislation has various positive social, financial and CG implications and that the SE, as being proposed, is applicable and filling a void within the Maltese environment. Although such legislation offers both a new legal form and a label, its reference to the Companies Act which ignores SEs’ unique social dimension is questionable. Alternatively, a holistic SE regulatory framework may be developed. Furthermore, statutory thresholds, such as for dividend distribution and trade income, are to be possibly rendered more flexible. This study aspires to raise awareness about the implications of a proposed regulatory framework in Malta, hence hopefully promoting the application of the concept. 03-25-2017 <![CDATA[ <p>The main objective of this study is to assess the social, financial and corporate governance (CG) implications of the proposed social enterprise (SE) legislation in Malta. In light of such implications, the study also assesses the applicability of the SE under such legislation. A mixed methodology was adopted. Fifteen interviews were held with experts. Such data was supplemented by 52 valid responses to a questionnaire sent both to co-operatives and voluntary organisations (VOs) in Malta. The study concludes that the proposed legislation has various positive social, financial and CG implications and that the SE, as being proposed, is applicable and filling a void within the Maltese environment. Although such legislation offers both a new legal form and a label, its reference to the Companies Act which ignores SEs’ unique social dimension is questionable. Alternatively, a holistic SE regulatory framework may be developed. Furthermore, statutory thresholds, such as for dividend distribution and trade income, are to be possibly rendered more flexible. This study aspires to raise awareness about the implications of a proposed regulatory framework in Malta, hence hopefully promoting the application of the concept.</p> ]]> The Applicability of the Social Enterprise in a Small State: The Case of Malta** peter j. baldacchino lindsay m. farruga simon grima doi: 10.56578/jcgirm040101 Journal of Corporate Governance, Insurance, and Risk Management 03-25-2017 Journal of Corporate Governance, Insurance, and Risk Management 03-25-2017 2017 4 1 Article 1 10.56578/jcgirm040101 https://www.acadlore.com/article/JCGIRM/2017_4_1/jcgirm040101 https://www.acadlore.com/article/JCGIRM/2016_3_S1/jcgirm03S113 The main objective of this research paper is to examine the relationship between corporate social responsibility (CSR) and financial performance (FP) of the companies included in the official share index of the Zagreb Stock Exchange. CROBEX10&reg; includes shares of 10 companies traded at the regulated market in Croatia. Corporate social responsibility is a factor having an important role in the consumer selection of products and services. Thus, CSR is increasingly gaining in importance because it creates organizational value for a company by giving the ability to differentiate the company from its competitors. All successful companies in the world have recognized the importance of CSR, but not all are equally successful in its implementation. Although many empirical studies found a link between the quality of CSR and the company performance measured by financial indicators, there is still a lot of inconsistency in the results of previous research, mainly due to the factors influencing this relation. The paper starts from the general premise that there is no relationship between CSR and FP, for companies included in CROBEX10&reg;. In this paper common indicators such as the measure of the financial performance (such as ROA and ROE) are determined by using document analysis method. Levels of CSR indicators are evaluated by using content analysis. The relationship between CSR and financial performance is interpreted using descriptive statistics, method of simple regression analysis and factor analysis. 07-24-2016 <![CDATA[ <p>The main objective of this research paper is to examine the relationship between corporate social responsibility (CSR) and financial performance (FP) of the companies included in the official share index of the Zagreb Stock Exchange. CROBEX10&reg; includes shares of 10 companies traded at the regulated market in Croatia. Corporate social responsibility is a factor having an important role in the consumer selection of products and services. Thus, CSR is increasingly gaining in importance because it creates organizational value for a company by giving the ability to differentiate the company from its competitors. All successful companies in the world have recognized the importance of CSR, but not all are equally successful in its implementation. Although many empirical studies found a link between the quality of CSR and the company performance measured by financial indicators, there is still a lot of inconsistency in the results of previous research, mainly due to the factors influencing this relation. The paper starts from the general premise that there is no relationship between CSR and FP, for companies included in CROBEX10&reg;. In this paper common indicators such as the measure of the financial performance (such as ROA and ROE) are determined by using document analysis method. Levels of CSR indicators are evaluated by using content analysis. The relationship between CSR and financial performance is interpreted using descriptive statistics, method of simple regression analysis and factor analysis.</p> ]]> Relationship between CSR and Financial Performance - Companies within ZSE CROBEX10® Index robert fabac marina klacmer calopa tanja sestanj-peric doi: 10.56578/jcgirm03S113 Journal of Corporate Governance, Insurance, and Risk Management 07-24-2016 Journal of Corporate Governance, Insurance, and Risk Management 07-24-2016 2016 3 S1 Article 163 10.56578/jcgirm03S113 https://www.acadlore.com/article/JCGIRM/2016_3_S1/jcgirm03S113 https://www.acadlore.com/article/JCGIRM/2016_3_S1/jcgirm03S112 Lately, the role of internal audit is viewed with great importance in the context of the supervisory mechanisms of corporate governance, which is a direct result of requests for more effective corporate governance and the need for control. Corporate governance foundation may be considered through the four cornerstones: Audit Committee, Executive Management, Internal Auditors and External Auditors. Internal audit contributes to corporate governance effectiveness through relations and communication with other cornerstones. It is believed that by providing assurance on the effectiveness of risk management, control and governance processes, internal audit is becoming a "key cornerstone" underlying the effective management. This paper analyzes how internal audit contributes to strengthening the governance processes through its relation with the primary beneficiaries, managers and the Audit Committee. The Audit Committee, focused on oversight of financial reporting, controls and risk management, relies on internal audit to assist in carrying out its responsibilities. Also, internal audit provides advice to managers at all levels and information related to the effectiveness of the internal control and risk management processes as well as other important services. It may be concluded that internal audit activities, through its impact on other participants in governance, affect the quality of corporate governance. Internal audit is an important factor in achieving effective governance and is considered as an "integral part of corporate governance mosaic". 07-24-2016 <![CDATA[ <p>Lately, the role of internal audit is viewed with great importance in the context of the supervisory mechanisms of corporate governance, which is a direct result of requests for more effective corporate governance and the need for control. Corporate governance foundation may be considered through the four cornerstones: Audit Committee, Executive Management, Internal Auditors and External Auditors. Internal audit contributes to corporate governance effectiveness through relations and communication with other cornerstones. It is believed that by providing assurance on the effectiveness of risk management, control and governance processes, internal audit is becoming a "key cornerstone" underlying the effective management. This paper analyzes how internal audit contributes to strengthening the governance processes through its relation with the primary beneficiaries, managers and the Audit Committee. The Audit Committee, focused on oversight of financial reporting, controls and risk management, relies on internal audit to assist in carrying out its responsibilities. Also, internal audit provides advice to managers at all levels and information related to the effectiveness of the internal control and risk management processes as well as other important services. It may be concluded that internal audit activities, through its impact on other participants in governance, affect the quality of corporate governance. Internal audit is an important factor in achieving effective governance and is considered as an "integral part of corporate governance mosaic".</p> ]]> Internal Audit Activities as a Support to Governance Processes boris tušek barišić ivana doi: 10.56578/jcgirm03S112 Journal of Corporate Governance, Insurance, and Risk Management 07-24-2016 Journal of Corporate Governance, Insurance, and Risk Management 07-24-2016 2016 3 S1 Article 146 10.56578/jcgirm03S112 https://www.acadlore.com/article/JCGIRM/2016_3_S1/jcgirm03S112 https://www.acadlore.com/article/JCGIRM/2016_3_S1/jcgirm03S111 In this paper authors have analysed development of legal and technical framework of interconnection of registries of company data at the level of the European Union. Analysis of sources of the European Union Law and case law of the Court of Justice of the European Union has led to the conclusion on importance of integration of registries of Member States of the European Union for affirmation of principle of transparency and development of freedom of establishment. Efforts made so far in this area of law have resulted in adoption of Directive (EU) 2012/17 on interconnection of central, commercial and companies’ registries. The aim of the Directive is to create a framework for easier access to companies’ data and to increase transparency. Amended provisions of Act on Court Register have been analysed, by which provisions of Directive (EU) 2012/17 have been implemented. Legal solutions which would contribute to overall integration of central register of financial data of Croatian Financial Agency into the system of interconnection of companies’ registries are taken into consideration. 07-24-2016 <![CDATA[ <p>In this paper authors have analysed development of legal and technical framework of interconnection of registries of company data at the level of the European Union. Analysis of sources of the European Union Law and case law of the Court of Justice of the European Union has led to the conclusion on importance of integration of registries of Member States of the European Union for affirmation of principle of transparency and development of freedom of establishment. Efforts made so far in this area of law have resulted in adoption of Directive (EU) 2012/17 on interconnection of central, commercial and companies’ registries. The aim of the Directive is to create a framework for easier access to companies’ data and to increase transparency. Amended provisions of Act on Court Register have been analysed, by which provisions of Directive (EU) 2012/17 have been implemented. Legal solutions which would contribute to overall integration of central register of financial data of Croatian Financial Agency into the system of interconnection of companies’ registries are taken into consideration.</p> ]]> The Interconnection of Company Data – a Way Forward in Development of Freedom of Establishment? hana horak kosjenka dumančić kristijan poljanec doi: 10.56578/jcgirm03S111 Journal of Corporate Governance, Insurance, and Risk Management 07-24-2016 Journal of Corporate Governance, Insurance, and Risk Management 07-24-2016 2016 3 S1 Article 128 10.56578/jcgirm03S111 https://www.acadlore.com/article/JCGIRM/2016_3_S1/jcgirm03S111 https://www.acadlore.com/article/JCGIRM/2016_3_S1/jcgirm03S110 League Central America (LCA) is presented as an example of leaders, managers, guides and entrepreneurs who are starting a new era in the management of companies, where values and spirituality mark the path to excellence and define administrative roles, behaviors and attitudes of all members of the organization. Corporate Social Responsibility is the Management Model. Leaders in the business world are judged by hard-number figures, short term actions; added value and wealth creation long term vision & purpose. But, surely, leadership is in itself a risky business role and a visionary leader does not shy away from taking risks because following his/her vision is inherently hazardous. Visionary leaders understand that spirituality, in the work place context, is about finding, meanings and purpose beyond one’s self. It means that need the others. The working life of engagement is about understanding and using our family social values and strengths in the day today. When we experience this deep engagement and absorption we are a state of flow (Csikszentmihaily, 1975 – Gardner 2002). A meaningful life comes from serving others, volunteer activities or visionary work. The visionary leader role may be instrumental by opening opportunities to motivational and positive work.The D.N.A. of Maquila League culture is oriented to task results and processes, it means short term. The professors we are trying to work with its managers, around 20-25, and supervisors, around 60, to develop crucial leadership skills based at medium- long term objectives like: Showing respect for others, Demonstrating fair treatment in conflict situations, Demonstrating fair treatment in conflict situations, Expressing caring and concern, Listening responsively, Recognizing the contributions. Engaging in reflective practice every morning after to know the results of the day before. Mission: Corporate Social Responsibility 07-24-2016 <![CDATA[ <p>League Central America (LCA) is presented as an example of leaders, managers, guides and entrepreneurs who are starting a new era in the management of companies, where values and spirituality mark the path to excellence and define administrative roles, behaviors and attitudes of all members of the organization. Corporate Social Responsibility is the Management Model. Leaders in the business world are judged by hard-number figures, short term actions; added value and wealth creation long term vision & purpose. But, surely, leadership is in itself a risky business role and a visionary leader does not shy away from taking risks because following his/her vision is inherently hazardous. Visionary leaders understand that spirituality, in the work place context, is about finding, meanings and purpose beyond one’s self. It means that need the others. The working life of engagement is about understanding and using our family social values and strengths in the day today. When we experience this deep engagement and absorption we are a state of flow (Csikszentmihaily, 1975 – Gardner 2002). A meaningful life comes from serving others, volunteer activities or visionary work. The visionary leader role may be instrumental by opening opportunities to motivational and positive work.</p><p>The D.N.A. of Maquila League culture is oriented to task results and processes, it means short term. The professors we are trying to work with its managers, around 20-25, and supervisors, around 60, to develop crucial leadership skills based at medium- long term objectives like:</p><p> Showing respect for others, Demonstrating fair treatment in conflict situations, Demonstrating fair treatment in conflict situations, Expressing caring and concern, Listening responsively, Recognizing the contributions. Engaging in reflective practice every morning after to know the results of the day before.</p><p> Mission: Corporate Social Responsibility</p> ]]> Leadership & Corporate Social Responsibility In El Salvador. The Maquila factory League ceferí soler marta flores doi: 10.56578/jcgirm03S110 Journal of Corporate Governance, Insurance, and Risk Management 07-24-2016 Journal of Corporate Governance, Insurance, and Risk Management 07-24-2016 2016 3 S1 Article 118 10.56578/jcgirm03S110 https://www.acadlore.com/article/JCGIRM/2016_3_S1/jcgirm03S110 https://www.acadlore.com/article/JCGIRM/2016_3_S1/jcgirm03S109 Croatian agriculture stagnates over the last quarter of the century. Although it is heavily subsidized and the investment in mechanization was high, Croatian agriculture did not improve its production level, not even after the accession to the European Union. The project of green and blue Croatia, which aim is to connect agricultural production and tourism, did not show significant results import substitution. In this paper non-perennial crops agriculture is analyzed since it forms more than 40% of total agricultural production in Croatia. In order to distinguish the contribution of capital, labour and total factor productivity, a Cobb-Douglas production function is estimated on a panel data set for Croatian non-perennial agriculture in the period of 2008 – 2014. It was discovered that production elasticities do not correspond to the shares of expenditures on labour and capital which is a common production function assumption. Also, it is shown that total factor productivity declines over time, a disinvestment and labour decline caused stagnation of this sector of Croatian economy. A further analysis is made to determine the impact of subsidies and export orientation on TFP and it is found that Croatian agricultural production is affected by export orientation and subsidies, but their impact is almost irrelevant. 07-24-2016 <![CDATA[ <p>Croatian agriculture stagnates over the last quarter of the century. Although it is heavily subsidized and the investment in mechanization was high, Croatian agriculture did not improve its production level, not even after the accession to the European Union. The project of green and blue Croatia, which aim is to connect agricultural production and tourism, did not show significant results import substitution. In this paper non-perennial crops agriculture is analyzed since it forms more than 40% of total agricultural production in Croatia. In order to distinguish the contribution of capital, labour and total factor productivity, a Cobb-Douglas production function is estimated on a panel data set for Croatian non-perennial agriculture in the period of 2008 – 2014. It was discovered that production elasticities do not correspond to the shares of expenditures on labour and capital which is a common production function assumption. Also, it is shown that total factor productivity declines over time, a disinvestment and labour decline caused stagnation of this sector of Croatian economy. A further analysis is made to determine the impact of subsidies and export orientation on TFP and it is found that Croatian agricultural production is affected by export orientation and subsidies, but their impact is almost irrelevant.</p> ]]> Technological Progress in Croatian Non-Perennial Agriculture tomislav herceg ilko vrankić fran galetić doi: 10.56578/jcgirm03S109 Journal of Corporate Governance, Insurance, and Risk Management 07-24-2016 Journal of Corporate Governance, Insurance, and Risk Management 07-24-2016 2016 3 S1 Article 109 10.56578/jcgirm03S109 https://www.acadlore.com/article/JCGIRM/2016_3_S1/jcgirm03S109 https://www.acadlore.com/article/JCGIRM/2016_3_S1/jcgirm03S108 Internationalization has become an inevitable fact in the business world since the 1970s, when a strong liberalization of the market started to take place and the technology came to a level which enabled companies to expand their businesses outside the boundaries of their countries. Businesses use range of different modalities entering foreign markets but this research is focused on exporting companies as one of the most commonly used strategy in foreign market exploitation. Research conducted on the basis of 113 exporting companies examines the role of managerial capabilities regarding their international performance. Managerial capabilities are associated with key organizational requirements necessary for entering these foreign markets, along with the methodical building of a competitive product portfolio and achieving sustainable competitive advantage. Managerial capabilities are measured by the level of their general education, skills and experience, as well as knowledge about international markets. 07-24-2016 <![CDATA[ <p>Internationalization has become an inevitable fact in the business world since the 1970s, when a strong liberalization of the market started to take place and the technology came to a level which enabled companies to expand their businesses outside the boundaries of their countries. Businesses use range of different modalities entering foreign markets but this research is focused on exporting companies as one of the most commonly used strategy in foreign market exploitation. Research conducted on the basis of 113 exporting companies examines the role of managerial capabilities regarding their international performance. Managerial capabilities are associated with key organizational requirements necessary for entering these foreign markets, along with the methodical building of a competitive product portfolio and achieving sustainable competitive advantage. Managerial capabilities are measured by the level of their general education, skills and experience, as well as knowledge about international markets.</p> ]]> Interdependence of Managerial Capabilities and Business Internationalization ivana kovač ivan novak davor vlajčić doi: 10.56578/jcgirm03S108 Journal of Corporate Governance, Insurance, and Risk Management 07-24-2016 Journal of Corporate Governance, Insurance, and Risk Management 07-24-2016 2016 3 S1 Article 97 10.56578/jcgirm03S108 https://www.acadlore.com/article/JCGIRM/2016_3_S1/jcgirm03S108 https://www.acadlore.com/article/JCGIRM/2016_3_S1/jcgirm03S107 Paper examines the impact of a going-concern audit opinion on the corporate governance, measured by the changes in board of directors’ composition. External auditor’s opinion is used as a measure to address agency problems in companies. We examine this impact on sample of 55 companies listed on the Banja Luka Stock Exchange which have received going-concern audit opinion for 2013 financial reports. In this paper, the relationship between going-concern audit opinion and the corporate governance is investigated observing changes in board of director composition and additional requests for rigorous board performance evaluation after the shareholder’s assembly have received external auditor’s report. Results show that board of directors of companies that received going-concern audit opinions have not suffered serious consequences such as rigorous board performance evaluation, reduction of board size or changes of board members. This highlights the importance of measures that need to be put in place in order to increase of external auditor’s role in corporate governance. 07-24-2016 <![CDATA[ <p>Paper examines the impact of a going-concern audit opinion on the corporate governance, measured by the changes in board of directors’ composition. External auditor’s opinion is used as a measure to address agency problems in companies. We examine this impact on sample of 55 companies listed on the Banja Luka Stock Exchange which have received going-concern audit opinion for 2013 financial reports. In this paper, the relationship between going-concern audit opinion and the corporate governance is investigated observing changes in board of director composition and additional requests for rigorous board performance evaluation after the shareholder’s assembly have received external auditor’s report. Results show that board of directors of companies that received going-concern audit opinions have not suffered serious consequences such as rigorous board performance evaluation, reduction of board size or changes of board members. This highlights the importance of measures that need to be put in place in order to increase of external auditor’s role in corporate governance.</p> ]]> The Impact of a Going-Concern Audit Opinion on Board of Directors igor todorović jelena poljašević doi: 10.56578/jcgirm03S107 Journal of Corporate Governance, Insurance, and Risk Management 07-24-2016 Journal of Corporate Governance, Insurance, and Risk Management 07-24-2016 2016 3 S1 Article 87 10.56578/jcgirm03S107 https://www.acadlore.com/article/JCGIRM/2016_3_S1/jcgirm03S107 https://www.acadlore.com/article/JCGIRM/2016_3_S1/jcgirm03S106 The concept of good governance constitutes a wide perspective for academic discussion because it provides a substantial theoretical background for settling many practical problems faced contemporarily by the EU. The basic assumptions of good governance have basically remained unchanged since the 90’s, when the concept was introduced by the World Bank. Notably, the scholarly discussions these days reveal new facets of the said concept, when related to specific domains. The paper discusses the application of the specific elements of the concept of good governance in the field of the international investment law. Specifically, it seeks to demonstrate that the concept of good governance regulates the issue of international investments in that, among others, it requires the application of the alternative dispute resolution in order to make the investment law enforceable in the best possible way. 07-24-2016 <![CDATA[ <p>The concept of good governance constitutes a wide perspective for academic discussion because it provides a substantial theoretical background for settling many practical problems faced contemporarily by the EU. The basic assumptions of good governance have basically remained unchanged since the 90’s, when the concept was introduced by the World Bank. Notably, the scholarly discussions these days reveal new facets of the said concept, when related to specific domains. The paper discusses the application of the specific elements of the concept of good governance in the field of the international investment law. Specifically, it seeks to demonstrate that the concept of good governance regulates the issue of international investments in that, among others, it requires the application of the alternative dispute resolution in order to make the investment law enforceable in the best possible way.</p> ]]> Materialisation of the Concept of Good Governance by Effective Investment Dispute Resolution in the European Union jagna mucha doi: 10.56578/jcgirm03S106 Journal of Corporate Governance, Insurance, and Risk Management 07-24-2016 Journal of Corporate Governance, Insurance, and Risk Management 07-24-2016 2016 3 S1 Article 80 10.56578/jcgirm03S106 https://www.acadlore.com/article/JCGIRM/2016_3_S1/jcgirm03S106 https://www.acadlore.com/article/JCGIRM/2016_3_S1/jcgirm03S105 This paper focuses on the determining the product and process innovation in three different countries: Croatia, Poland and the UK. The purpose of this study is to investigate significant differences among companies that report product and process innovation relative to different market contexts that they operate in and their reported R&D intensity. Using the survey data of 380 entrepreneurs and business executives from three countries: Croatia, Poland and the UK three regression models have been tested as well as significant differences among groups. The empirical results indicate conditional similarities in Croatian, Polish and British firms and respective investment into R&D. Related to product innovation, this study confirmed that UK is significantly better than Croatia, and for process innovation results revealed that UK has significantly better score than both Croatia and Poland. Regarding R&D intensity results indicate that Croatia reports higher levels than Poland. 07-24-2016 <![CDATA[ <p>This paper focuses on the determining the product and process innovation in three different countries: Croatia, Poland and the UK. The purpose of this study is to investigate significant differences among companies that report product and process innovation relative to different market contexts that they operate in and their reported R&D intensity. Using the survey data of 380 entrepreneurs and business executives from three countries: Croatia, Poland and the UK three regression models have been tested as well as significant differences among groups. The empirical results indicate conditional similarities in Croatian, Polish and British firms and respective investment into R&D. Related to product innovation, this study confirmed that UK is significantly better than Croatia, and for process innovation results revealed that UK has significantly better score than both Croatia and Poland. Regarding R&D intensity results indicate that Croatia reports higher levels than Poland.</p> ]]> Product and Process Innovation - A Cross Country Comparison Between Croatia, Poland and the UK marina dabić andrea razum ružica brečić doi: 10.56578/jcgirm03S105 Journal of Corporate Governance, Insurance, and Risk Management 07-24-2016 Journal of Corporate Governance, Insurance, and Risk Management 07-24-2016 2016 3 S1 Article 67 10.56578/jcgirm03S105 https://www.acadlore.com/article/JCGIRM/2016_3_S1/jcgirm03S105 https://www.acadlore.com/article/JCGIRM/2016_3_S1/jcgirm03S104 Can whistleblowing reinforce corporate governance? This will be the subject of this legal study which aims at first identifying legal instruments that exist under French law, and comparing them with those that exist abroad in order to map these mechanisms and identify the structural characteristics. Then, the vocation of whistleblowing as a lever of corporate governance will be discussed, including questioning the effectiveness of this mechanism. 07-24-2016 <![CDATA[ <p>Can whistleblowing reinforce corporate governance? This will be the subject of this legal study which aims at first identifying legal instruments that exist under French law, and comparing them with those that exist abroad in order to map these mechanisms and identify the structural characteristics. Then, the vocation of whistleblowing as a lever of corporate governance will be discussed, including questioning the effectiveness of this mechanism.</p> ]]> Whistleblowing Policy and Corporate Governance Strategy nathalie devillier doi: 10.56578/jcgirm03S104 Journal of Corporate Governance, Insurance, and Risk Management 07-24-2016 Journal of Corporate Governance, Insurance, and Risk Management 07-24-2016 2016 3 S1 Article 50 10.56578/jcgirm03S104 https://www.acadlore.com/article/JCGIRM/2016_3_S1/jcgirm03S104 https://www.acadlore.com/article/JCGIRM/2016_3_S1/jcgirm03S103 The purpose of this paper is to provide a new theoretical insight regarding top managers' personal values in developing countries based on the Schwartz Values Theory (Schwartz, 1992, 1996, 2006; Schwartz and Bilsky, 1990) and to explore the influence of top managers' personal values on sustainability performances of successful businesses.The research describes personal values differences between top managers and their commitment to pro-social and pro-environmental responsibility who were approached through the validated and reliable questionnaire on identifying top managers' personal values (PVQ40) and questionnaire on sustainability indicators observed through the „triple bottom line“ concept which includes three measuring elements: financial, social and environmental performances (Fauzi, Svensson and Rahman, 2010).Given that top managers are very often the owners in SMEs, their values are largely reflected in the organizational values, which means that in small pro-environmentaly oriented firms, the personal values of owners-managers seem to play a much stronger part in motivating pro-environmental behaviors than in other SMEs (Lawrence at al., 2006). With regard to business sustainability, it is still insufficiently known, developed and understood in Southeast Europe and in developing countries. Therefore, this research may be used to encourage companies and local governments to include a sustainability issues in their business activities as a pre-condition for business success and competitiveness. The managers in SMEs can use this research as a guideline on introduction of contemporary principles of sustainability into their companies and to improve and direct their personal values towards sustainability. 07-24-2016 <![CDATA[ <p>The purpose of this paper is to provide a new theoretical insight regarding top managers' personal values in developing countries based on the Schwartz Values Theory (Schwartz, 1992, 1996, 2006; Schwartz and Bilsky, 1990) and to explore the influence of top managers' personal values on sustainability performances of successful businesses.</p><p>The research describes personal values differences between top managers and their commitment to pro-social and pro-environmental responsibility who were approached through the validated and reliable questionnaire on identifying top managers' personal values (PVQ40) and questionnaire on sustainability indicators observed through the „triple bottom line“ concept which includes three measuring elements: financial, social and environmental performances (Fauzi, Svensson and Rahman, 2010).</p><p>Given that top managers are very often the owners in SMEs, their values are largely reflected in the organizational values, which means that in small pro-environmentaly oriented firms, the personal values of owners-managers seem to play a much stronger part in motivating pro-environmental behaviors than in other SMEs (Lawrence at al., 2006). With regard to business sustainability, it is still insufficiently known, developed and understood in Southeast Europe and in developing countries. Therefore, this research may be used to encourage companies and local governments to include a sustainability issues in their business activities as a pre-condition for business success and competitiveness. The managers in SMEs can use this research as a guideline on introduction of contemporary principles of sustainability into their companies and to improve and direct their personal values towards sustainability.</p> ]]> The Influence of Top Managers' Personal Values On Sustainability Of SMEs In Developing Countries azra ahmić aziz šunje emir kurtić doi: 10.56578/jcgirm03S103 Journal of Corporate Governance, Insurance, and Risk Management 07-24-2016 Journal of Corporate Governance, Insurance, and Risk Management 07-24-2016 2016 3 S1 Article 27 10.56578/jcgirm03S103 https://www.acadlore.com/article/JCGIRM/2016_3_S1/jcgirm03S103 https://www.acadlore.com/article/JCGIRM/2016_3_S1/jcgirm03S102 In the current economic environment characterized by globalization, technological innovation, financial crisis, firms are facing a sharp drop in sales, production and number of employees. These changes require firms to formulate viable business responses to prevent market exit. One of the ways to strengthen the production system is represented by network agreement, according to which firms work together to achieve a common goal to be more competitive and to achieve what they themselves could not do because of the limitations inherent in the lack flexibility, expertise and lack of financial resources. The purpose of this paper is to evaluate the effectiveness of the network agreements implemented by firms operating in the industrial sector. The analysis is conducted on the Italian firms that, from 2009, have started collaborative relationships through the network contract introduced by the Italian law n. 33 of 9th April 2009. The paper is structured as follows. The first part examines the main contributions in the literature concerning the topics related to networks and the firms' competitiveness and also the reasons influencing the formation and development of alliances between firms. The second part, instead, is focused on the evaluation of the effectiveness of the network contracts by observing the performance of firms before and after their join the network. In terms of competitiveness has been observed sales while, with regard to profitability was observed the return on investment (ROI). The findings show significant results in relation to both the turnover and profitability. 07-24-2016 <![CDATA[ <p>In the current economic environment characterized by globalization, technological innovation, financial crisis, firms are facing a sharp drop in sales, production and number of employees. These changes require firms to formulate viable business responses to prevent market exit. One of the ways to strengthen the production system is represented by network agreement, according to which firms work together to achieve a common goal to be more competitive and to achieve what they themselves could not do because of the limitations inherent in the lack flexibility, expertise and lack of financial resources. The purpose of this paper is to evaluate the effectiveness of the network agreements implemented by firms operating in the industrial sector. The analysis is conducted on the Italian firms that, from 2009, have started collaborative relationships through the network contract introduced by the Italian law n. 33 of 9th April 2009. The paper is structured as follows. The first part examines the main contributions in the literature concerning the topics related to networks and the firms' competitiveness and also the reasons influencing the formation and development of alliances between firms. The second part, instead, is focused on the evaluation of the effectiveness of the network contracts by observing the performance of firms before and after their join the network. In terms of competitiveness has been observed sales while, with regard to profitability was observed the return on investment (ROI). The findings show significant results in relation to both the turnover and profitability.</p> ]]> The Effects of Network Agreements on Firms’ Performance michele rubino filippo vitolla doi: 10.56578/jcgirm03S102 Journal of Corporate Governance, Insurance, and Risk Management 07-24-2016 Journal of Corporate Governance, Insurance, and Risk Management 07-24-2016 2016 3 S1 Article 17 10.56578/jcgirm03S102 https://www.acadlore.com/article/JCGIRM/2016_3_S1/jcgirm03S102 https://www.acadlore.com/article/JCGIRM/2016_3_S1/jcgirm03S101 Complexity of competitive repertoire is the ability of a firm to undertake a wider range of diverse competitive moves than its competitors. Firm undertaking diverse competitive moves can enhance capabilities and potentially achieve competitive advantage and superior performance, especially in environment with uncertainty and volatility characteristics. Besides, complexity of competitive repertoire gives stakeholders a series of information on the firm characteristics, its resources and/or specific know-how for intense rivalry. The goal of this paper is to provide theoretical and practical overview on the construct of complexity of competitive repertoire and the method of its computing. In addition, relationship between complexity of the competitive repertoire and the firm performance on a sample of seventeen Croatian firm dyads are analyzed. Results show that the higher level of complexity in a competitive repertoire has a positive effect on firm performance. 07-24-2016 <![CDATA[ <p>Complexity of competitive repertoire is the ability of a firm to undertake a wider range of diverse competitive moves than its competitors. Firm undertaking diverse competitive moves can enhance capabilities and potentially achieve competitive advantage and superior performance, especially in environment with uncertainty and volatility characteristics. Besides, complexity of competitive repertoire gives stakeholders a series of information on the firm characteristics, its resources and/or specific know-how for intense rivalry. The goal of this paper is to provide theoretical and practical overview on the construct of complexity of competitive repertoire and the method of its computing. In addition, relationship between complexity of the competitive repertoire and the firm performance on a sample of seventeen Croatian firm dyads are analyzed. Results show that the higher level of complexity in a competitive repertoire has a positive effect on firm performance.</p> ]]> The Complexity of the Competitive Repertoire and Firm Performance darko tipurić radoslav barišić josip arnerić doi: 10.56578/jcgirm03S101 Journal of Corporate Governance, Insurance, and Risk Management 07-24-2016 Journal of Corporate Governance, Insurance, and Risk Management 07-24-2016 2016 3 S1 Article 1 10.56578/jcgirm03S101 https://www.acadlore.com/article/JCGIRM/2016_3_S1/jcgirm03S101 https://www.acadlore.com/article/JCGIRM/2016_3_3/jcgirm030310 In this research, strategic plans, which were prepared by 10 Metropolitan Municipalities in Turkey for the period of 2015-2019, were analysed and to what extent environment and city topics were given place in these plans was put forward comparatively. Content analysis technique was benefited from as the research method. While there are 30 Metropolitan Municipalities in Turkey as of March 2016; 10 of them with the highest populations were taken into the scope of the research. Cities among the researched Metropolis that have the most comprehensive plans have been İstanbul (288 pages), İzmir (227 pages) and Gaziantep (226 pages), respectively. Cities that have given the most place to the city concept have been Adana (3,58 word/page), İzmir (2,89 words/page) and Bursa (1,75 words/page); while cities that have included the concept of environment the most have been Konya (1,39 words/page), Adana (1,24 words/page) and Şanlıurfa (1,16 words/page). 12-29-2016 <![CDATA[ <p>In this research, strategic plans, which were prepared by 10 Metropolitan Municipalities in Turkey for the period of 2015-2019, were analysed and to what extent environment and city topics were given place in these plans was put forward comparatively. Content analysis technique was benefited from as the research method. While there are 30 Metropolitan Municipalities in Turkey as of March 2016; 10 of them with the highest populations were taken into the scope of the research. Cities among the researched Metropolis that have the most comprehensive plans have been İstanbul (288 pages), İzmir (227 pages) and Gaziantep (226 pages), respectively. Cities that have given the most place to the city concept have been Adana (3,58 word/page), İzmir (2,89 words/page) and Bursa (1,75 words/page); while cities that have included the concept of environment the most have been Konya (1,39 words/page), Adana (1,24 words/page) and Şanlıurfa (1,16 words/page).</p> ]]> A Study on the Strategic Plans of the Metropolitan Municipalities: Case of Turkey** kemal yamana doi: 10.56578/jcgirm030310 Journal of Corporate Governance, Insurance, and Risk Management 12-29-2016 Journal of Corporate Governance, Insurance, and Risk Management 12-29-2016 2016 3 3 Article 146 10.56578/jcgirm030310 https://www.acadlore.com/article/JCGIRM/2016_3_3/jcgirm030310 https://www.acadlore.com/article/JCGIRM/2016_3_3/jcgirm030309 This paper aims to report as a study that contributes to the understanding of the roles of strategic corporate social responsibility (CSR) in overall organisational performance. The approach to the paper was by the review of acclaimed researches with linkages between corporate social responsibility, more specifically strategic corporate social responsibility and organisational performance. Strategic CSR undertaken by various organisations were analysed to find how significant they affect to performance metrics. The researchers had difficulties unearthing previous tangential and empirical research as there had not been a wealth of research in the area of CSR relationships especially with regards to strategic CSR practices and performance and at the same time, previous research on CSR mostly focuses on its nature and impact on society and how customer loyalty can be gained with CSR. The study thus revealed that, although some organizations to some extent confuse CSR with philanthropic reasoning, they are aware of how rewarding it is for both societal stakeholders and the firm and intensively work towards integrating CSR with other business undertakings. This research contributes to one’s understanding of the impact that strategic CSR has on organisational performance when instituted in the business. Additionally, the study analyses how business performance may be affected either positively or negatively depending on the level of integration that strategic CSR has been implemented by organisations. The outcome of the study ultimately, will help top level management to amend shortcomings by implementing strategic CSR techniques as well as build formidable business performance. 12-29-2016 <![CDATA[ <p>This paper aims to report as a study that contributes to the understanding of the roles of strategic corporate social responsibility (CSR) in overall organisational performance. The approach to the paper was by the review of acclaimed researches with linkages between corporate social responsibility, more specifically strategic corporate social responsibility and organisational performance. Strategic CSR undertaken by various organisations were analysed to find how significant they affect to performance metrics. The researchers had difficulties unearthing previous tangential and empirical research as there had not been a wealth of research in the area of CSR relationships especially with regards to strategic CSR practices and performance and at the same time, previous research on CSR mostly focuses on its nature and impact on society and how customer loyalty can be gained with CSR. The study thus revealed that, although some organizations to some extent confuse CSR with philanthropic reasoning, they are aware of how rewarding it is for both societal stakeholders and the firm and intensively work towards integrating CSR with other business undertakings. This research contributes to one’s understanding of the impact that strategic CSR has on organisational performance when instituted in the business. Additionally, the study analyses how business performance may be affected either positively or negatively depending on the level of integration that strategic CSR has been implemented by organisations. The outcome of the study ultimately, will help top level management to amend shortcomings by implementing strategic CSR techniques as well as build formidable business performance.</p> ]]> How Organisational Performance is Affected by Strategic Corporate Social Responsibility (CSR) george k amoako gregory amoah attatesey mayqueen doi: 10.56578/jcgirm030309 Journal of Corporate Governance, Insurance, and Risk Management 12-29-2016 Journal of Corporate Governance, Insurance, and Risk Management 12-29-2016 2016 3 3 Article 126 10.56578/jcgirm030309 https://www.acadlore.com/article/JCGIRM/2016_3_3/jcgirm030309 https://www.acadlore.com/article/JCGIRM/2016_3_3/jcgirm030308 Public investment in APBN annually budgeted as capital expenditure. However, public investment not only in the form of physical capital but also in the non-physical forms of human resources that can be looked at education expenditure and health expenditure that called as human capital. The purpose of this study is to provide empirical evidence about causality that occurred between public expenditure and private sector investment in Indonesia with 33 provinces over the study period 2010-2013. The statistical tool used in this study is the Three-stage Least Squares from E- Views. Results of this study indicate that there are causal relationship between public investment in infrastructure and private investment and between public investment in infrastructure and public investment in human resources. However, no causal relationship occurs between the public investment in human resources and private investment. As a control variable, GDP has positive and significance effect on private investment. 12-29-2016 <![CDATA[ <p>Public investment in APBN annually budgeted as capital expenditure. However, public investment not only in the form of physical capital but also in the non-physical forms of human resources that can be looked at education expenditure and health expenditure that called as human capital. The purpose of this study is to provide empirical evidence about causality that occurred between public expenditure and private sector investment in Indonesia with 33 provinces over the study period 2010-2013. The statistical tool used in this study is the Three-stage Least Squares from E- Views. Results of this study indicate that there are causal relationship between public investment in infrastructure and private investment and between public investment in infrastructure and public investment in human resources. However, no causal relationship occurs between the public investment in human resources and private investment. As a control variable, GDP has positive and significance effect on private investment.</p> ]]> Causality Relationship Between Public Investment and Private Investment: the Case of Indonesia prima rosita arini s baldric siregar doi: 10.56578/jcgirm030308 Journal of Corporate Governance, Insurance, and Risk Management 12-29-2016 Journal of Corporate Governance, Insurance, and Risk Management 12-29-2016 2016 3 3 Article 105 10.56578/jcgirm030308 https://www.acadlore.com/article/JCGIRM/2016_3_3/jcgirm030308 https://www.acadlore.com/article/JCGIRM/2016_3_3/jcgirm030307 This study aims at investigating the association between ownership structure (government ownership, family ownership and domestic corporate ownership) and the interaction of board of directors effectiveness and audit committee effectiveness by GCC listed companies. The study utilizes a cross-sectional analysis of 492 firm-year observations during the 2006- 2010 period. A pooled OLS regression analysis is used to estimate the associations proposed in the hypotheses. The study finds that government and domestic corporate ownerships are positively related to the effectiveness of board of directors and audit committee. However, such association could not be reported by the family ownership. The results of this study suggest that government-owned and domestic corporate-owned companies are characterized to have good corporate governance practices in terms of board of directors and audit committee as internal control and monitoring mechanisms. Further, the results of this study contribute to the existing theory and empirical evidence of how the effectiveness of board of directors and audit committee is related to monitoring and controlling ownership type. This study offers policy-makers additional evidence to be used for setting up and/or enacting regulations in GCC. 12-29-2016 <![CDATA[ <p>This study aims at investigating the association between ownership structure (government ownership, family ownership and domestic corporate ownership) and the interaction of board of directors effectiveness and audit committee effectiveness by GCC listed companies. The study utilizes a cross-sectional analysis of 492 firm-year observations during the 2006- 2010 period. A pooled OLS regression analysis is used to estimate the associations proposed in the hypotheses. The study finds that government and domestic corporate ownerships are positively related to the effectiveness of board of directors and audit committee. However, such association could not be reported by the family ownership. The results of this study suggest that government-owned and domestic corporate-owned companies are characterized to have good corporate governance practices in terms of board of directors and audit committee as internal control and monitoring mechanisms. Further, the results of this study contribute to the existing theory and empirical evidence of how the effectiveness of board of directors and audit committee is related to monitoring and controlling ownership type. This study offers policy-makers additional evidence to be used for setting up and/or enacting regulations in GCC.</p> ]]> Family, Governmental, Domestic Corporations and Board of Directors and Audit Committee Effectiveness in GCC** faisal ayid alroqy khaled salmen aljaaid doi: 10.56578/jcgirm030307 Journal of Corporate Governance, Insurance, and Risk Management 12-29-2016 Journal of Corporate Governance, Insurance, and Risk Management 12-29-2016 2016 3 3 Article 89 10.56578/jcgirm030307 https://www.acadlore.com/article/JCGIRM/2016_3_3/jcgirm030307 https://www.acadlore.com/article/JCGIRM/2016_3_3/jcgirm030306 A firm is defined as a form of organisation which performs commercial activities in order to generate income to settle costs and generate profit and in &nbsp;such manner &nbsp;as to accomplish certain objectives. Every firm has different objectives which refer to operating business activites and strategic planning, depending on industry, firm size, environment and other conditions.The subject-matter of this paper is cost behaviour depending on firm size and the way enterprises manage costs in order to optimise their performance. The example of the Unicredit Group will be used to display the analysis of firm growth and cost trend which follows this growth.The objective of this paper is to display to which extend the Unicredit Group, as a firm, managed costs successfully and whether their growth followed their cost trend according to current economic rules. For this purpose, there will be used scientific methods. 12-29-2016 <![CDATA[ <p style="text-align: justify;">A firm is defined as a form of organisation which performs commercial activities in order to generate income to settle costs and generate profit and in &nbsp;such manner &nbsp;as to accomplish certain objectives. Every firm has different objectives which refer to operating business activites and strategic planning, depending on industry, firm size, environment and other conditions.</p><p style="text-align: justify;">The subject-matter of this paper is cost behaviour depending on firm size and the way enterprises manage costs in order to optimise their performance. The example of the Unicredit Group will be used to display the analysis of firm growth and cost trend which follows this growth.</p><p style="text-align: justify;">The objective of this paper is to display to which extend the Unicredit Group, as a firm, managed costs successfully and whether their growth followed their cost trend according to current economic rules. For this purpose, there will be used scientific methods.</p> ]]> Analysis of the Relationship Between Costs and Firm Growth Using the Example of the Unicredit Group S.P.A. martina sopta marija prša doi: 10.56578/jcgirm030306 Journal of Corporate Governance, Insurance, and Risk Management 12-29-2016 Journal of Corporate Governance, Insurance, and Risk Management 12-29-2016 2016 3 3 Article 69 10.56578/jcgirm030306 https://www.acadlore.com/article/JCGIRM/2016_3_3/jcgirm030306 https://www.acadlore.com/article/JCGIRM/2016_3_3/jcgirm030305 The mobile phone has turned out to be a basic necessity in today world with multi-tasking ability based on user’s convenience and need. With staggering increase in mobile phone usage in India in recent years, people consider various factors before the purchase decision. This study is an effort to uncover the underlying factors that might affect customers in purchasing a mobile phone. Data were collected from those people those who live in Bijapur city maintaining equal ratios of various groups like male, female, businessmen, employees, students and others (housewives). To choose desired respondents, convenient sampling method was used. A structured questionnaire was designed based on the previous study with five points Likert scale was used to get responses. Factor analysis was used to elicit the underlying Factors that affect a mobile phone purchasing decision. The results show that the most important factor are physical attributes, pricing, battery life and service facilities, size and weight, friends and social group recommendations and advertising 12-29-2016 <![CDATA[ <p>The mobile phone has turned out to be a basic necessity in today world with multi-tasking ability based on user’s convenience and need. With staggering increase in mobile phone usage in India in recent years, people consider various factors before the purchase decision. This study is an effort to uncover the underlying factors that might affect customers in purchasing a mobile phone. Data were collected from those people those who live in Bijapur city maintaining equal ratios of various groups like male, female, businessmen, employees, students and others (housewives). To choose desired respondents, convenient sampling method was used. A structured questionnaire was designed based on the previous study with five points Likert scale was used to get responses. Factor analysis was used to elicit the underlying Factors that affect a mobile phone purchasing decision. The results show that the most important factor are physical attributes, pricing, battery life and service facilities, size and weight, friends and social group recommendations and advertising</p> ]]> Factors Influencing Customer’s Buying Decisions on Mobile Phone Buyers: A Study on Bijapur City, India akash c.mathapati k vidyavati doi: 10.56578/jcgirm030305 Journal of Corporate Governance, Insurance, and Risk Management 12-29-2016 Journal of Corporate Governance, Insurance, and Risk Management 12-29-2016 2016 3 3 Article 59 10.56578/jcgirm030305 https://www.acadlore.com/article/JCGIRM/2016_3_3/jcgirm030305 https://www.acadlore.com/article/JCGIRM/2016_3_3/jcgirm030304 This research aimed to analyze the relationship model of environmental factors, motivational factors, individual personality factors, and individual innovation capability in the term of knowledge sharing behavior. Environmental factors consist of organizational climate and Organizational Citizenship Behavior (OCB), while motivational factor consist of trust, social capital, and job satisfaction. This research was implemented in two phases. First, we analyzed the relationship of motivational factors and environmental factors on knowledge sharing behavior. Second, we analyzed influence of environmental factors on individual innovation capabilities moderated by individual personality. Data was analyzed using hierarchical regression, multiple regression, and simple linear regression analysis. Sample was employees of Islamic banks in DIY. Results showed that the organizational climate, organizational citizenship behaviour, social capital, trust and job satisfaction affected knowledge sharing behavior positively. Results also showed that individual personality didn’t moderate the relationship between environmental factors and knowledge sharing behavior, and that knowledge sharing behavior impacted individual innovation capability positively. 11-29-2016 <![CDATA[ <p>This research aimed to analyze the relationship model of environmental factors, motivational factors, individual personality factors, and individual innovation capability in the term of knowledge sharing behavior. Environmental factors consist of organizational climate and Organizational Citizenship Behavior (OCB), while motivational factor consist of trust, social capital, and job satisfaction. This research was implemented in two phases. First, we analyzed the relationship of motivational factors and environmental factors on knowledge sharing behavior. Second, we analyzed influence of environmental factors on individual innovation capabilities moderated by individual personality. Data was analyzed using hierarchical regression, multiple regression, and simple linear regression analysis. Sample was employees of Islamic banks in DIY. Results showed that the organizational climate, organizational citizenship behaviour, social capital, trust and job satisfaction affected knowledge sharing behavior positively. Results also showed that individual personality didn’t moderate the relationship between environmental factors and knowledge sharing behavior, and that knowledge sharing behavior impacted individual innovation capability positively.</p> ]]> Environmental Factors, Motivational Factors, and Individual Personality in the Relationship Model Framework of Knowledge Sharing Behavior ninik probosari yuni siswanti herlina dyah kuswanti doi: 10.56578/jcgirm030304 Journal of Corporate Governance, Insurance, and Risk Management 11-29-2016 Journal of Corporate Governance, Insurance, and Risk Management 11-29-2016 2016 3 3 Article 44 10.56578/jcgirm030304 https://www.acadlore.com/article/JCGIRM/2016_3_3/jcgirm030304 https://www.acadlore.com/article/JCGIRM/2016_3_3/jcgirm030303 We studied the performance of 60 firms, 30 each from two types of firms namely, focused and diversified. Further, of the 30 firms in each group, 10 each were selected on the basis of three different sizes; small (with assets&lt;INR10 billion), medium (with assets ranging between INR10 and &lt;INR50 billion) and large (with assets &gt;INR50 billion). Our intent was to determine which of these displayed superior economic performance. We analysed data for two points of time 2006-07 and 2013-14 using three measures of economic performance. These include profit after tax (PAT), return on capital employed (ROCE) and asset turnover ratio (ATR). We employed parametric (MANOVA, ANOVA) as well as nonparametric (Mann- Whitney, Kruskal-Wallis and Chi square) tests. Our analysis started with MANOVA to compare the overall performance of the selected firms for all the three measures. Later, ANOVA was used to further understand specifically, which performance measure was influenced by type and size of the firm. Since, there was a possibility for outliers to influence the findings, nonparametric tests were employed with the assumption that both the finding would give similar results. Our study concluded that there is no significant difference in the performance between focused and diversified firms. However, we found significant difference in the performance of firms based on size, though there were no interaction effects between size and type. Particularly, when diversified and focused firms were separately studied, it was found that for focused firms alone there were significant differences in performance between firms of different sizes. 11-29-2016 <![CDATA[ <p style="text-align: justify;">We studied the performance of 60 firms, 30 each from two types of firms namely, focused and diversified. Further, of the 30 firms in each group, 10 each were selected on the basis of three different sizes; small (with assets&lt;INR10 billion), medium (with assets ranging between INR10 and &lt;INR50 billion) and large (with assets &gt;INR50 billion). Our intent was to determine which of these displayed superior economic performance. We analysed data for two points of time 2006-07 and 2013-14 using three measures of economic performance. These include profit after tax (PAT), return on capital employed (ROCE) and asset turnover ratio (ATR). We employed parametric (MANOVA, ANOVA) as well as nonparametric (Mann- Whitney, Kruskal-Wallis and Chi square) tests. Our analysis started with MANOVA to compare the overall performance of the selected firms for all the three measures. Later, ANOVA was used to further understand specifically, which performance measure was influenced by type and size of the firm. Since, there was a possibility for outliers to influence the findings, nonparametric tests were employed with the assumption that both the finding would give similar results. Our study concluded that there is no significant difference in the performance between focused and diversified firms. However, we found significant difference in the performance of firms based on size, though there were no interaction effects between size and type. Particularly, when diversified and focused firms were separately studied, it was found that for focused firms alone there were significant differences in performance between firms of different sizes.</p> ]]> Single Business Vs Multi Business Firms in India: An Empirical Analysis v s pai chetan v hiremath doi: 10.56578/jcgirm030303 Journal of Corporate Governance, Insurance, and Risk Management 11-29-2016 Journal of Corporate Governance, Insurance, and Risk Management 11-29-2016 2016 3 3 Article 32 10.56578/jcgirm030303 https://www.acadlore.com/article/JCGIRM/2016_3_3/jcgirm030303 https://www.acadlore.com/article/JCGIRM/2016_3_3/jcgirm030302 Apparel industry in India is booming and there is fierce competition among various players in apparel segment in terms of lifestyle format. The present study is aimed at finding out the impact of various dimensions of visual merchandising vis-a-vis impulse buying behavior of the customers visiting “Shopping Malls”. Four dimensions of visual merchandising i.e. window display, in-store form/ mannequin display, floor merchandising and promotional signage are researched to find its impact on IBB. The results reveal that certain dimensions of visual merchandising do affect impulse purchase. Hence, visual merchandising is important for strategic marketing decisions to increase both the sales and the communication effect of the stores. 12-29-2016 <![CDATA[ <p>Apparel industry in India is booming and there is fierce competition among various players in apparel segment in terms of lifestyle format. The present study is aimed at finding out the impact of various dimensions of visual merchandising vis-a-vis impulse buying behavior of the customers visiting “Shopping Malls”. Four dimensions of visual merchandising i.e. window display, in-store form/ mannequin display, floor merchandising and promotional signage are researched to find its impact on IBB. The results reveal that certain dimensions of visual merchandising do affect impulse purchase. Hence, visual merchandising is important for strategic marketing decisions to increase both the sales and the communication effect of the stores.</p> ]]> An Output Driven Sync of Visual Merchandising and Impulse Buying Behavior – An Organized Retail Case from Bhubaneswar dindayal swain doi: 10.56578/jcgirm030302 Journal of Corporate Governance, Insurance, and Risk Management 12-29-2016 Journal of Corporate Governance, Insurance, and Risk Management 12-29-2016 2016 3 3 Article 19 10.56578/jcgirm030302 https://www.acadlore.com/article/JCGIRM/2016_3_3/jcgirm030302 https://www.acadlore.com/article/JCGIRM/2016_3_3/jcgirm030301 Boards’ affects performance through their monitoring and advising functions. The ability to perform these functions depends on among other things, the experience of the board. This paper examines the effects of corporate board experience on firms’ financial performance of listed companies in the Nairobi Securities Exchange for the period 2001-2010 using System GMM. Performance variables are ROA, Tobin’s Q ratio, share price and price to book value. Experience is measured as stock of initial experience and tenure in a particular board. Tenure is found to be positively and significantly associated with the performance variables. Tenure ^2 captures the entrenchment behavior of the board. This entrenchment effect has a significantly negative effect on performance. This negative effect eventually outweighs the positive tenure effect and gives rise to the downward effect of tenure on performance hence the inverted U-relationship between tenure and performance. The study reports an optimal tenure of between 7 and 8 years depending on the &nbsp;performance variable being considered. At shorter tenure; there is a positive effect on performance, but at a longer tenure, entrenchment behavior of the veteran board members outweighs the monitoring effect. In fact these long tenured boards become ‘zombie boards’, thus negatively affecting performance. Stock of initial experience consists of education, and past managerial experience. It has a significant positiverelationship with performance. 11-29-2016 <![CDATA[ <p style="text-align: justify;">Boards’ affects performance through their monitoring and advising functions. The ability to perform these functions depends on among other things, the experience of the board. This paper examines the effects of corporate board experience on firms’ financial performance of listed companies in the Nairobi Securities Exchange for the period 2001-2010 using System GMM. Performance variables are ROA, Tobin’s Q ratio, share price and price to book value. Experience is measured as stock of initial experience and tenure in a particular board. Tenure is found to be positively and significantly associated with the performance variables. Tenure ^2 captures the entrenchment behavior of the board. This entrenchment effect has a significantly negative effect on performance. This negative effect eventually outweighs the positive tenure effect and gives rise to the downward effect of tenure on performance hence the inverted U-relationship between tenure and performance. The study reports an optimal tenure of between 7 and 8 years depending on the &nbsp;performance variable being considered. At shorter tenure; there is a positive effect on performance, but at a longer tenure, entrenchment behavior of the veteran board members outweighs the monitoring effect. In fact these long tenured boards become ‘zombie boards’, thus negatively affecting performance. Stock of initial experience consists of education, and past managerial experience. It has a significant positiverelationship with performance.</p> ]]> Firms’ Financial Performance and Corporate Board Diversity: Evidence from Kenya ** samuel ojwang' oyieke doi: 10.56578/jcgirm030301 Journal of Corporate Governance, Insurance, and Risk Management 11-29-2016 Journal of Corporate Governance, Insurance, and Risk Management 11-29-2016 2016 3 3 Article 1 10.56578/jcgirm030301 https://www.acadlore.com/article/JCGIRM/2016_3_3/jcgirm030301 https://www.acadlore.com/article/JCGIRM/2016_3_2/jcgirm030208 In this study, the two cities, Sheffield in the UK and Karabük in Turkey, which are famous for iron and steel producing, were analyzed through their historical background to focus on the differences and similarities from an urban perspective. Both the rise in the production of iron and steel in the 18th century through Industrial Revolution and the innovations made Sheffield popular throughout the world. Karabük is called “The Republic City” in Turkey because the first iron and steel works were built in Karabük in 1937 shortly after the proclamation of Republic of Turkey. The museums were visited and the local studies and academic papers were sorted out to see the effects of sudden changes which the heavy industry caused in the cities and it’s concluded that the industrial, urban and social experiences of Sheffield may be a guide for Karabük. 08-29-2016 <![CDATA[ <p>In this study, the two cities, Sheffield in the UK and Karabük in Turkey, which are famous for iron and steel producing, were analyzed through their historical background to focus on the differences and similarities from an urban perspective. Both the rise in the production of iron and steel in the 18th century through Industrial Revolution and the innovations made Sheffield popular throughout the world. Karabük is called “The Republic City” in Turkey because the first iron and steel works were built in Karabük in 1937 shortly after the proclamation of Republic of Turkey. The museums were visited and the local studies and academic papers were sorted out to see the effects of sudden changes which the heavy industry caused in the cities and it’s concluded that the industrial, urban and social experiences of Sheffield may be a guide for Karabük.</p> ]]> The Impact of the Iron and Steel Industry to Karabük and Sheffield: A Historical Background** can biçer kemal yaman doi: 10.56578/jcgirm030208 Journal of Corporate Governance, Insurance, and Risk Management 08-29-2016 Journal of Corporate Governance, Insurance, and Risk Management 08-29-2016 2016 3 2 Article 109 10.56578/jcgirm030208 https://www.acadlore.com/article/JCGIRM/2016_3_2/jcgirm030208 https://www.acadlore.com/article/JCGIRM/2016_3_2/jcgirm030207 High stressors can be experienced by employees, both by civil servants and private sector employees. This could have an impact on the positive and negative behaviors of employees and could eventually affect employee performance. The purpose of this study is to examine and analyze the effect of stressors on deviant behavior (negative and positive) and work performance of civil servants in Bantul, Yogyakarta, Indonesia. This research is a survey research using questionnaires given in private to civil servants as respondents, with a purposive sampling technique. Research results concluded that; (1) stressor of individual and task demands has a significant positive effect on negative behavior, (2) stressor of role demand has no significant effect on negative behavior, (3) stressor of individual demand has a significant negative effect on positive behavior, (5) stressor of task demand has no significant effect on positive behavior, (6) stressor of role demand has no significant effect on positive behavior, (7) negative attitudes have a significant negative effect on employee performance, and(8) positive behaviors have a significant positive effect on employee performance. 08-29-2016 <![CDATA[ <p style="text-align: justify;">High stressors can be experienced by employees, both by civil servants and private sector employees. This could have an impact on the positive and negative behaviors of employees and could eventually affect employee performance. The purpose of this study is to examine and analyze the effect of stressors on deviant behavior (negative and positive) and work performance of civil servants in Bantul, Yogyakarta, Indonesia. This research is a survey research using questionnaires given in private to civil servants as respondents, with a purposive sampling technique. Research results concluded that; (1) stressor of individual and task demands has a significant positive effect on negative behavior, (2) stressor of role demand has no significant effect on negative behavior, (3) stressor of individual demand has a significant negative effect on positive behavior, (5) stressor of task demand has no significant effect on positive behavior, (6) stressor of role demand has no significant effect on positive behavior, (7) negative attitudes have a significant negative effect on employee performance, and(8) positive behaviors have a significant positive effect on employee performance.</p> ]]> Are There Relationship among Stressor, Behavior, and Employee Performance? A Case of Civil Servants in Bantul, DIY, Indonesia muafi ninik probosari anis siti hartati doi: 10.56578/jcgirm030207 Journal of Corporate Governance, Insurance, and Risk Management 08-29-2016 Journal of Corporate Governance, Insurance, and Risk Management 08-29-2016 2016 3 2 Article 101 10.56578/jcgirm030207 https://www.acadlore.com/article/JCGIRM/2016_3_2/jcgirm030207 https://www.acadlore.com/article/JCGIRM/2016_3_2/jcgirm030206 This paper explores the forecasting of EUR/CHF exchange rate volatility in short term period in Albanian market, being that Euro is the mostly used currency in financial and commercial transactions and furthermore together with Swiss franc are considered as safe currencies with a probabilistic volatility distribution statistically interesting. Precisely the latter, represents a continuous concern for the economic agents dealing with the above mentioned exchange risk, hence the measurement of its volatility helps them in the assessment and maintenance of capital needed for coverage purposes almost referring to trade balance trend toward Euro-Area and not as well as to the Eurobond issued. Under these circumstances, the financial time series dynamic models such as ARMA (1;1), ARCH (1) and GARCH (1;1) are used to estimate the EUR/CHF exchange rate volatility in short term period. The last one, which at 95% confidence level displays satisfactory statistical parameters in confront of the others in terms of normal residuals distribution is also used to forecast EUR/CHF exchange rate during 2015 in correspondence of moving average method based on latest 252 exchange rate values. In statistical terms the comparison of EUR/CHF exchange rate forecasted data through GARCH (1;1) model with the current ones demonstrated a good robustness of the latter at the confidence level taken into consideration. Therefore, the research in question suggests to the economic agents dealing with these kinds of transactions the implementation of GARCH models for the estimation and forecasting of EUR/CHF exchange rate volatility in the short term period, necessary for risk management purposes. 08-29-2016 <![CDATA[ <p>This paper explores the forecasting of EUR/CHF exchange rate volatility in short term period in Albanian market, being that Euro is the mostly used currency in financial and commercial transactions and furthermore together with Swiss franc are considered as safe currencies with a probabilistic volatility distribution statistically interesting. Precisely the latter, represents a continuous concern for the economic agents dealing with the above mentioned exchange risk, hence the measurement of its volatility helps them in the assessment and maintenance of capital needed for coverage purposes almost referring to trade balance trend toward Euro-Area and not as well as to the Eurobond issued. Under these circumstances, the financial time series dynamic models such as ARMA (1;1), ARCH (1) and GARCH (1;1) are used to estimate the EUR/CHF exchange rate volatility in short term period. The last one, which at 95% confidence level displays satisfactory statistical parameters in confront of the others in terms of normal residuals distribution is also used to forecast EUR/CHF exchange rate during 2015 in correspondence of moving average method based on latest 252 exchange rate values. In statistical terms the comparison of EUR/CHF exchange rate forecasted data through GARCH (1;1) model with the current ones demonstrated a good robustness of the latter at the confidence level taken into consideration. Therefore, the research in question suggests to the economic agents dealing with these kinds of transactions the implementation of GARCH models for the estimation and forecasting of EUR/CHF exchange rate volatility in the short term period, necessary for risk management purposes.</p> ]]> Approching EUR/CHF Exchange Rate Volatility in Albanian Market ardita todri doi: 10.56578/jcgirm030206 Journal of Corporate Governance, Insurance, and Risk Management 08-29-2016 Journal of Corporate Governance, Insurance, and Risk Management 08-29-2016 2016 3 2 Article 88 10.56578/jcgirm030206 https://www.acadlore.com/article/JCGIRM/2016_3_2/jcgirm030206 https://www.acadlore.com/article/JCGIRM/2016_3_2/jcgirm030205 Fraud is global social problem and they occur in all activities. The term fraud implies corruption, misappropriation of assets and fraudulent financial reporting. People that commit fraud are inside and outside of organisation. Factors that affect fraud doing are: motive, opportunity, ability and justification. In our region, it can be said that fraud is not individual problem but it’s a case of systematic fraud, especially in public sector by creating monopoly of private over public sector. Costs related to fraud will be difficult to objectively assess. Everyone is sensitive to health care related frauds, from patients and doctors to whole society. For battle against fraud requires political will, effective legislative framework and anti-fraud strategy. Every strategy has to begin with prevention process. Paper presents model of fraud prevention process. Model is based on increasing awareness of all participants about the importance of battle against the fraud, accepting anti-fraud policies and zero fraud toleration, establishing channels for reporting fraud, as well as defining responsibilities of internal audit in evaluation of internal controls, fraud risk assessment, corporate governance and providing recommendations for process improvement. 08-29-2016 <![CDATA[ <p>Fraud is global social problem and they occur in all activities. The term fraud implies corruption, misappropriation of assets and fraudulent financial reporting. People that commit fraud are inside and outside of organisation. Factors that affect fraud doing are: motive, opportunity, ability and justification. In our region, it can be said that fraud is not individual problem but it’s a case of systematic fraud, especially in public sector by creating monopoly of private over public sector. Costs related to fraud will be difficult to objectively assess. Everyone is sensitive to health care related frauds, from patients and doctors to whole society. For battle against fraud requires political will, effective legislative framework and anti-fraud strategy. Every strategy has to begin with prevention process. Paper presents model of fraud prevention process. Model is based on increasing awareness of all participants about the importance of battle against the fraud, accepting anti-fraud policies and zero fraud toleration, establishing channels for reporting fraud, as well as defining responsibilities of internal audit in evaluation of internal controls, fraud risk assessment, corporate governance and providing recommendations for process improvement.</p> ]]> Modelling Fraud Prevention Process ** darko tomaš igor todorović doi: 10.56578/jcgirm030205 Journal of Corporate Governance, Insurance, and Risk Management 08-29-2016 Journal of Corporate Governance, Insurance, and Risk Management 08-29-2016 2016 3 2 Article 76 10.56578/jcgirm030205 https://www.acadlore.com/article/JCGIRM/2016_3_2/jcgirm030205 https://www.acadlore.com/article/JCGIRM/2016_3_2/jcgirm030204 Using the Autoregressive Distributed Lag (ARDL) approach to cointegration, an error correction model (ECM) is estimated for real private domestic consumption in Lesotho. Lesotho is one of a number of countries with low gross domestic product (GDP) per capita, that are landlocked and of which the national currency is pegged to that of a highly dominant trading partner. Analysis of consumption pattern in such countries is scant in the literature. This paper finds evidence of a long-run relationship between private consumption, income, interest rates, and inflation. The empirical findings suggest that higher income is associated with higher private consumption, higher inflation reduces private consumption and that higher interest rates reduce private consumption, implying that the substitution effect outweighs the income effect in Lesotho in the long term. Although the model is not designed to evaluate consumption theories, the estimated parameters to some extent support the absolute income hypothesis (AIH), relative income hypothesis (RIH), life-cycle hypothesis (LCH) and permanent income hypothesis (PIH). 08-29-2016 <![CDATA[ <p>Using the Autoregressive Distributed Lag (ARDL) approach to cointegration, an error correction model (ECM) is estimated for real private domestic consumption in Lesotho. Lesotho is one of a number of countries with low gross domestic product (GDP) per capita, that are landlocked and of which the national currency is pegged to that of a highly dominant trading partner. Analysis of consumption pattern in such countries is scant in the literature. This paper finds evidence of a long-run relationship between private consumption, income, interest rates, and inflation. The empirical findings suggest that higher income is associated with higher private consumption, higher inflation reduces private consumption and that higher interest rates reduce private consumption, implying that the substitution effect outweighs the income effect in Lesotho in the long term. Although the model is not designed to evaluate consumption theories, the estimated parameters to some extent support the absolute income hypothesis (AIH), relative income hypothesis (RIH), life-cycle hypothesis (LCH) and permanent income hypothesis (PIH).</p> ]]> Determinants of Real Private Consumption Expenditure in Lesotho lira peter sekantsi doi: 10.56578/jcgirm030204 Journal of Corporate Governance, Insurance, and Risk Management 08-29-2016 Journal of Corporate Governance, Insurance, and Risk Management 08-29-2016 2016 3 2 Article 58 10.56578/jcgirm030204 https://www.acadlore.com/article/JCGIRM/2016_3_2/jcgirm030204 https://www.acadlore.com/article/JCGIRM/2016_3_2/jcgirm030203 Consequences of the crime influence the life of the whole society, it permeates to all areas of social life, as well as it penetrates into the lives of ordinary citizens of Slovakia. One of the most significant crimes is the economic crime. The relevance and the seriousness of the economic crime are expressed by its immediate threat of economic life and of the prosperity of society. The relevance of this issue is underlined by the fact that in the recent years there is an increase of new and more dangerous forms of crime.The aim of this paper is to examine the overall number of economic crime and the damages caused by these criminal activities in Slovakia during the last ten years. The emphasis will be put on the analysis of the number of business entities influenced by the economic crime, on the analysis of economic crime by the sectors of national economy and by the forms of economic crime in Slovakia. We will analyse the most common ways of committing tax frauds and accounting frauds, that distorts the business environment and it represents also a significant threat to the public finances. The complex accounting and tax issues enable the defrauders to commit accounting frauds and tax frauds; this is because of the deficiencies in the legislation, inefficient control processes and complexity of management. After that we analyse the number of Slovak companies with the owner from a tax haven. Within the analysis of secondary data in this paper appropriate mathematical and statistical methods will be used. Based on the evaluation of the results of research, conclusions and suggestions will be drawn. 08-29-2016 <![CDATA[ <p style="text-align: justify;">Consequences of the crime influence the life of the whole society, it permeates to all areas of social life, as well as it penetrates into the lives of ordinary citizens of Slovakia. One of the most significant crimes is the economic crime. The relevance and the seriousness of the economic crime are expressed by its immediate threat of economic life and of the prosperity of society. The relevance of this issue is underlined by the fact that in the recent years there is an increase of new and more dangerous forms of crime.</p><p style="text-align: left;">The aim of this paper is to examine the overall number of economic crime and the damages caused by these criminal activities in Slovakia during the last ten years. The emphasis will be put on the analysis of the number of business entities influenced by the economic crime, on the analysis of economic crime by the sectors of national economy and by the forms of economic crime in Slovakia. We will analyse the most common ways of committing tax frauds and accounting frauds, that distorts the business environment and it represents also a significant threat to the public finances. The complex accounting and tax issues enable the defrauders to commit accounting frauds and tax frauds; this is because of the deficiencies in the legislation, inefficient control processes and complexity of management. After that we analyse the number of Slovak companies with the owner from a tax haven. Within the analysis of secondary data in this paper appropriate mathematical and statistical methods will be used. Based on the evaluation of the results of research, conclusions and suggestions will be drawn.</p> ]]> Research in the Field of Economic Crime in Slovakia ladislav suhányi alžbeta suhányiová jarmila horváthová martina mokrišová doi: 10.56578/jcgirm030203 Journal of Corporate Governance, Insurance, and Risk Management 08-29-2016 Journal of Corporate Governance, Insurance, and Risk Management 08-29-2016 2016 3 2 Article 46 10.56578/jcgirm030203 https://www.acadlore.com/article/JCGIRM/2016_3_2/jcgirm030203 https://www.acadlore.com/article/JCGIRM/2016_3_2/jcgirm030202 In this paper we investigate the short term abnormal return to the bidding firm’s shareholders in takeover transactions in Finland during the time period from January 2000 to December 2013. Specific features of the market for corporate acquisitions in Finland are that almost all of the transactions are friendly acquisitions and usually aim for 100 % of the target company. We estimate the abnormal return around 314 individual takeover announcements and investigate determinants of the abnormal returns. Our results show that the takeover announcement on average yields a positive abnormal return to the bidding firm’s shareholders, thus, support the value creating hypothesis. The announcement effect on the announcement day is1.4 % and statistically significant. Both pre-event and post-event abnormal returns are statistically insignificant, although there is sign of a negative revaluation in the post-event period. Among the takeover characteristics, we document a significant impact on the bidder’s abnormal return on the announcement day for small deals yielding a higher abnormal return, but a positive relationship between the announcement effect and the relative size of the deal, cross-border deals giving a smaller abnormal return, and indication of diversification deals giving a higher abnormal return to the bidder’s shareholders. 08-29-2016 <![CDATA[ <p style="text-align: justify;">In this paper we investigate the short term abnormal return to the bidding firm’s shareholders in takeover transactions in Finland during the time period from January 2000 to December 2013. Specific features of the market for corporate acquisitions in Finland are that almost all of the transactions are friendly acquisitions and usually aim for 100 % of the target company. We estimate the abnormal return around 314 individual takeover announcements and investigate determinants of the abnormal returns. Our results show that the takeover announcement on average yields a positive abnormal return to the bidding firm’s shareholders, thus, support the value creating hypothesis. The announcement effect on the announcement day is1.4 % and statistically significant. Both pre-event and post-event abnormal returns are statistically insignificant, although there is sign of a negative revaluation in the post-event period. Among the takeover characteristics, we document a significant impact on the bidder’s abnormal return on the announcement day for small deals yielding a higher abnormal return, but a positive relationship between the announcement effect and the relative size of the deal, cross-border deals giving a smaller abnormal return, and indication of diversification deals giving a higher abnormal return to the bidder’s shareholders.</p> ]]> Short Term Announcement Returns to the Bidder** kenneth högholm johan knif doi: 10.56578/jcgirm030202 Journal of Corporate Governance, Insurance, and Risk Management 08-29-2016 Journal of Corporate Governance, Insurance, and Risk Management 08-29-2016 2016 3 2 Article 17 10.56578/jcgirm030202 https://www.acadlore.com/article/JCGIRM/2016_3_2/jcgirm030202 https://www.acadlore.com/article/JCGIRM/2016_3_2/jcgirm030201 This paper analyses the level of small shareholder (SS) participation in the Annual General Meeting (AGM), assessing how this reflects upon the corporate governance of listed entities. It focuses on SS attendance, voting and proposals (excluding those of institutional and majority shareholders), improving SS participation and the significance of such AGM proceedings to listed company corporate governance. Empirical mixed methodology research is carried out in a Maltese listed company (LC) setting by means of semi-structured interviews with seventeen LC secretaries, five stockbrokers, an online questionnaire responded by fifty-four shareholders in different LCs, as well as the analysis of company notices and documentation relating to the AGM. Results indicate that SS participation is weak. Attendance is poor, and is often spurred both by legitimate factors such as information on current financial performance and by questionable ones such as refreshments served and venue. Shareholders seem uncomfortable in asking management formal questions and even in voting by show of hands, and therefore opt for informal interaction with management and for &nbsp;voting by poll, the latter often rendering attendance fruitless and even unnecessary by permitting proxies. As for proposals, they could induce management’s later action despite seldom, if ever, being approved, but their submission is rare and mostly frivolous, commonly hampered by a lack of financial knowledge. The study concludes that the current level of SS participation does not render the AGM a tool reflecting good corporate governance, as it does not keep in balance the interests of this shareholder with those of other stakeholders. For the sake of better direction and control, and, in particular, for more transparency and accountability, the AGM has to be less stage-managed, as well as more interactive and engaging towards such shareholder. This calls for increased management commitment, particularly towards more investoreducation and guidance. 08-29-2016 <![CDATA[ <p style="text-align: justify;">This paper analyses the level of small shareholder (SS) participation in the Annual General Meeting (AGM), assessing how this reflects upon the corporate governance of listed entities. It focuses on SS attendance, voting and proposals (excluding those of institutional and majority shareholders), improving SS participation and the significance of such AGM proceedings to listed company corporate governance. Empirical mixed methodology research is carried out in a Maltese listed company (LC) setting by means of semi-structured interviews with seventeen LC secretaries, five stockbrokers, an online questionnaire responded by fifty-four shareholders in different LCs, as well as the analysis of company notices and documentation relating to the AGM. Results indicate that SS participation is weak. Attendance is poor, and is often spurred both by legitimate factors such as information on current financial performance and by questionable ones such as refreshments served and venue. Shareholders seem uncomfortable in asking management formal questions and even in voting by show of hands, and therefore opt for informal interaction with management and for &nbsp;voting by poll, the latter often rendering attendance fruitless and even unnecessary by permitting proxies. As for proposals, they could induce management’s later action despite seldom, if ever, being approved, but their submission is rare and mostly frivolous, commonly hampered by a lack of financial knowledge. The study concludes that the current level of SS participation does not render the AGM a tool reflecting good corporate governance, as it does not keep in balance the interests of this shareholder with those of other stakeholders. For the sake of better direction and control, and, in particular, for more transparency and accountability, the AGM has to be less stage-managed, as well as more interactive and engaging towards such shareholder. This calls for increased management commitment, particularly towards more <em>investoreducation and guidance.</em></p> ]]> The Participation of the Small Shareholder in the Annual General Meeting: A Reflection of Good Corporate Governance? ** peter j baldacchino amy camilleri isabel cutajar simon grima frank h bezzina doi: 10.56578/jcgirm030201 Journal of Corporate Governance, Insurance, and Risk Management 08-29-2016 Journal of Corporate Governance, Insurance, and Risk Management 08-29-2016 2016 3 2 Article 1 10.56578/jcgirm030201 https://www.acadlore.com/article/JCGIRM/2016_3_2/jcgirm030201 https://www.acadlore.com/article/JCGIRM/2015_2_S2/jcgirm02S210 a recession context, characterized from a slowing down of the productive activity and from an increment of the unemployment rate, regional development policies of local authorities should consider initiatives apt to stimulate enterprise creation. This paper focuses on the role of academic spin-offs in generating entrepreneurial opportunities for regional development. After an introduction about the importance of networks among universities for technology transfer and development of academic spin-offs and definition of relevant literature on entrepreneurship and processes of identification, evaluation and exploitation of entrepreneurial opportunities to create new business, the paper moves to the analysis of the enabling conditions for promoting the birth of new academic spin-offs. In particular, we investigate how business innovation could take place from patents and research at the university level, in order to contribute to the economic development of a region. Academic spin offs represents an important mechanism for technology transfer from universities and research institutions to the real economy. The paper highlights the results obtained in Apulia Region, which started in 2007 a network called “Rete ILO Apulia” (where ILO stands for Industrial Liaison Office), with the aim of putting together the efforts of Apulia universities and research institutes (ENEA and CNR), providing them a set of resources and capabilities for technological transfer and entrepreneurial innovation. This project has financed the birth of several spin-offs academic from 2007 to 2012, which have been examined at the end of the paper. The main hypothesis of the paper is that the sustainable growth of academic spin offs in this region contributed to the development of the Apulia area and entrepreneurial innovation. 04-19-2015 <![CDATA[ <p>a recession context, characterized from a slowing down of the productive activity and from an increment of the unemployment rate, regional development policies of local authorities should consider initiatives apt to stimulate enterprise creation. This paper focuses on the role of academic spin-offs in generating entrepreneurial opportunities for regional development. After an introduction about the importance of networks among universities for technology transfer and development of academic spin-offs and definition of relevant literature on entrepreneurship and processes of identification, evaluation and exploitation of entrepreneurial opportunities to create new business, the paper moves to the analysis of the enabling conditions for promoting the birth of new academic spin-offs. In particular, we investigate how business innovation could take place from patents and research at the university level, in order to contribute to the economic development of a region. Academic spin offs represents an important mechanism for technology transfer from universities and research institutions to the real economy. The paper highlights the results obtained in Apulia Region, which started in 2007 a network called “Rete ILO Apulia” (where ILO stands for Industrial Liaison Office), with the aim of putting together the efforts of Apulia universities and research institutes (ENEA and CNR), providing them a set of resources and capabilities for technological transfer and entrepreneurial innovation. This project has financed the birth of several spin-offs academic from 2007 to 2012, which have been examined at the end of the paper. The main hypothesis of the paper is that the sustainable growth of academic spin offs in this region contributed to the development of the Apulia area and entrepreneurial innovation.</p> ]]> The Role of Academic Spin-offs in Entrepreneurial Innovation and Regional Development. The Apulia Case ivano de turi antonello garzoni doi: 10.56578/jcgirm02S210 Journal of Corporate Governance, Insurance, and Risk Management 04-19-2015 Journal of Corporate Governance, Insurance, and Risk Management 04-19-2015 2015 2 S2 Article 197 10.56578/jcgirm02S210 https://www.acadlore.com/article/JCGIRM/2015_2_S2/jcgirm02S210 https://www.acadlore.com/article/JCGIRM/2015_2_S2/jcgirm02S209 This paper aims at investigating the reasons why the environmental variable and issues - such as sustainability, social responsibility and all those behaviours that can be attributed to the general definition of Green Economy - , are generally covering a more and more marked and growing influence on the contemporary economy and, in particular, entrepreneurial behaviour. Our intention is to underline how the integration between business ethics and value creation has become inescapable for the business realities, not only to withstand the competition, but also to ensure the survival itself. After a general overview, it has been decided to focus the analysis on the impact that these issues have on a sector such as agri-food in general and wine in particular, which, paradoxically, are the ones that for long time have shown little sensitive towards the above-mentioned issues. The objective of this work was to highlight the importance for contemporary business realities, to pursue the integration of the social and corporate strategies, including environmental performance, economic results and competitive enterprise. The set of human activities, technological progress and the uncontrolled exploitation of resources has led to heavy imbalances in the terrestrial ecosystem, risking compromising the ability of future generations to meet their own needs. One possible solution is, therefore, represented by the sustainable development and the desire to pursue economic growth compatible with social equity. In this context, sustainability, lived in the past as more ethical than economic, is gaining importance and a much more concrete profile, designed to produce economic returns as well as on image. 04-19-2015 <![CDATA[ <p>This paper aims at investigating the reasons why the environmental variable and issues - such as sustainability, social responsibility and all those behaviours that can be attributed to the general definition of Green Economy - , are generally covering a more and more marked and growing influence on the contemporary economy and, in particular, entrepreneurial behaviour. Our intention is to underline how the integration between business ethics and value creation has become inescapable for the business realities, not only to withstand the competition, but also to ensure the survival itself. After a general overview, it has been decided to focus the analysis on the impact that these issues have on a sector such as agri-food in general and wine in particular, which, paradoxically, are the ones that for long time have shown little sensitive towards the above-mentioned issues. The objective of this work was to highlight the importance for contemporary business realities, to pursue the integration of the social and corporate strategies, including environmental performance, economic results and competitive enterprise. The set of human activities, technological progress and the uncontrolled exploitation of resources has led to heavy imbalances in the terrestrial ecosystem, risking compromising the ability of future generations to meet their own needs. One possible solution is, therefore, represented by the sustainable development and the desire to pursue economic growth compatible with social equity. In this context, sustainability, lived in the past as more ethical than economic, is gaining importance and a much more concrete profile, designed to produce economic returns as well as on image.</p> ]]> Green Economy and Social Responsibility in the Italian Agri Food Sector: The Focus on the Wine Sector fabio amatucci anna maria pascale maria carmela serluca doi: 10.56578/jcgirm02S209 Journal of Corporate Governance, Insurance, and Risk Management 04-19-2015 Journal of Corporate Governance, Insurance, and Risk Management 04-19-2015 2015 2 S2 Article 178 10.56578/jcgirm02S209 https://www.acadlore.com/article/JCGIRM/2015_2_S2/jcgirm02S209 https://www.acadlore.com/article/JCGIRM/2015_2_S2/jcgirm02S208 Small-and-medium size enterprises (SMES) are considered to be a key to economic development, and market completion. Small businesses are also a crucial source of innovative potential and job creation. In the aftermath of the recent economic crisis many countries experience high unemployment rates. A strong small business sector can provide employment opportunities and contribute to economic growth and speedy recovery. Though the creation of small firms and self-employment is ostensibly encouraged in formal government policies, in practice small businesses are affected by multitude of barriers, both formal and informal. This study explores the relationship between the level of formal barriers such as taxation, accounting requirements as well as other relevant regulations, and the likelihood of small business creation and survival in Lithuania. It uses statistical data, legal documents, and experts’ evaluations to determine the regulatory burden experienced by small businesses. The results of the research indicate that regulatory requirements are significant factors in small business formation and performance. Findings of the paper contribute to a better understanding of how entrepreneurship happens and how policy makers could shape their policies to effectively encourage small business formation and sustain their operations medium and long-term. 04-19-2015 <![CDATA[ <p>Small-and-medium size enterprises (SMES) are considered to be a key to economic development, and market completion. Small businesses are also a crucial source of innovative potential and job creation. In the aftermath of the recent economic crisis many countries experience high unemployment rates. A strong small business sector can provide employment opportunities and contribute to economic growth and speedy recovery. Though the creation of small firms and self-employment is ostensibly encouraged in formal government policies, in practice small businesses are affected by multitude of barriers, both formal and informal. This study explores the relationship between the level of formal barriers such as taxation, accounting requirements as well as other relevant regulations, and the likelihood of small business creation and survival in Lithuania. It uses statistical data, legal documents, and experts’ evaluations to determine the regulatory burden experienced by small businesses. The results of the research indicate that regulatory requirements are significant factors in small business formation and performance. Findings of the paper contribute to a better understanding of how entrepreneurship happens and how policy makers could shape their policies to effectively encourage small business formation and sustain their operations medium and long-term.</p> ]]> The Assessment of Formal Barriers to the Formation and Survival of Small Businesses in Lithuania liucija birskyte dalia vinauskiene doi: 10.56578/jcgirm02S208 Journal of Corporate Governance, Insurance, and Risk Management 04-19-2015 Journal of Corporate Governance, Insurance, and Risk Management 04-19-2015 2015 2 S2 Article 159 10.56578/jcgirm02S208 https://www.acadlore.com/article/JCGIRM/2015_2_S2/jcgirm02S208 https://www.acadlore.com/article/JCGIRM/2015_2_S2/jcgirm02S207 In the past decade formal corporate governance codes, laws and practices have started to focus on responsible board behavior and transparency in the boardroom. Negative board dynamics have been observed as contributing to business performance issues, damaging corporate behaviors and negative signals to stakeholders. This paper provides an integrated view on board dynamics combining the key theories and concepts from the practical corporate governance literature, the behavioral economics and the neurosciences fields into a comprehensive board dynamics framework. The aim is to help board members/advisors/governance committees to develop better board evaluation practices, by studying new evaluation techniques and theoretical insights into board dynamics. The “fill-out-the-form” board evaluation practices are slowly changing and new trends aim to create long-term value from board governance. 04-19-2015 <![CDATA[ <p>In the past decade formal corporate governance codes, laws and practices have started to focus on responsible board behavior and transparency in the boardroom. Negative board dynamics have been observed as contributing to business performance issues, damaging corporate behaviors and negative signals to stakeholders. This paper provides an integrated view on board dynamics combining the key theories and concepts from the practical corporate governance literature, the behavioral economics and the neurosciences fields into a comprehensive board dynamics framework. The aim is to help board members/advisors/governance committees to develop better board evaluation practices, by studying new evaluation techniques and theoretical insights into board dynamics. The “fill-out-the-form” board evaluation practices are slowly changing and new trends aim to create long-term value from board governance.</p> ]]> Changing Board Dynamics: The Impact of Board Evaluations agota szabo doi: 10.56578/jcgirm02S207 Journal of Corporate Governance, Insurance, and Risk Management 04-19-2015 Journal of Corporate Governance, Insurance, and Risk Management 04-19-2015 2015 2 S2 Article 139 10.56578/jcgirm02S207 https://www.acadlore.com/article/JCGIRM/2015_2_S2/jcgirm02S207 https://www.acadlore.com/article/JCGIRM/2015_2_S2/jcgirm02S206 The practice of using and distributing economic resources in contemporary national economies reflects insufficient effectiveness of their running including human resources management. The continuous trend of their (these resources) unreasonable using indicates that: on the one hand the abilities of workers are realized lower than possible level on the other hand the available potential of human capital is limited to perform certain labor functions. The aim of the article is to elaborate the concept of human resources corporate developing on the basis of staff assessment methods synthesizing the aspects of theory marginal productivity and modern methods of effective human resources management. The author’s idea, which the concept is based on, proposes continuous stage-by-stage corporate training on an employer’s or manager’s initiative and personal learning from the position of employee him/herself. The application of classic and innovative approaches in staff management oriented on labor productivity growth, optional combining professional abilities of a worker in a team as well as effective methods of staff assessment by recruiting and using labor force further the achievement of staff match and settlement of arising contradictions. The presented article will be of use to scholars, post-graduate students, doctoral candidates, human resource managers and persons who are interested in problems of labor performance growth. 04-19-2015 <![CDATA[ <p>The practice of using and distributing economic resources in contemporary national economies reflects insufficient effectiveness of their running including human resources management. The continuous trend of their (these resources) unreasonable using indicates that: on the one hand the abilities of workers are realized lower than possible level on the other hand the available potential of human capital is limited to perform certain labor functions. The aim of the article is to elaborate the concept of human resources corporate developing on the basis of staff assessment methods synthesizing the aspects of theory marginal productivity and modern methods of effective human resources management. The author’s idea, which the concept is based on, proposes continuous stage-by-stage corporate training on an employer’s or manager’s initiative and personal learning from the position of employee him/herself. The application of classic and innovative approaches in staff management oriented on labor productivity growth, optional combining professional abilities of a worker in a team as well as effective methods of staff assessment by recruiting and using labor force further the achievement of staff match and settlement of arising contradictions. The presented article will be of use to scholars, post-graduate students, doctoral candidates, human resource managers and persons who are interested in problems of labor performance growth.</p> ]]> The Concept of Human Resources Corporate Developing as a Factor of Labor Performance Growth victoriya nekrasova veneta baeva doi: 10.56578/jcgirm02S206 Journal of Corporate Governance, Insurance, and Risk Management 04-19-2015 Journal of Corporate Governance, Insurance, and Risk Management 04-19-2015 2015 2 S2 Article 105 10.56578/jcgirm02S206 https://www.acadlore.com/article/JCGIRM/2015_2_S2/jcgirm02S206 https://www.acadlore.com/article/JCGIRM/2015_2_S2/jcgirm02S205 The corporate governance foremost is determined by the expected competitive advantage-oriented changes as well as by the modern and effective management techniques that stimulate the sustainable growth. The complex evaluation of the efficiency of corporation performance may be also indicated as prerogative when reasoning the strategic business decisions and corporate strategy in general. The research aims to generalize the major principles for evaluation of a whole of financial indicators and to construct the adequate assessment models. The framework for complex assessment according to essential financial indicators, identified for a particular corporation and oriented essentially to the multiple criteria evaluation methodology, is presented below. For certain companies from the selected industry (their target group), as basic evaluation criteria, such indicators as profitability, asset and investments return, leverage and liquidity levels, as well as cash flows equilibrium, dividend yield - may be accepted. It is expedient to detail and purposeful group these indicators. For these purposes, Simple Additive Weighting (SAW) method of quantitative evaluation by multiple criteria is suggested. According to the adequate evaluation models, an overall index is determined with respect to the significance of the primary indicators, estimated by expert way. In this assessment process, both the primary criteria (i.e. financial indicators) and the indexes of their groups are also covered. The complex assessment of financial indicators reflecting corporate governance effectiveness is presented for Lithuanian corporation case to illustrate the application of the analytical research results. Such quantitative assessment process is particularly relevant under conditions of dynamic changes of the surrounding macro factors affecting corporate strategy. It is characterized by adaptability (according to the whole of evaluation criteria for an assessment in specific conditions); and it is applicable to the complex investigation of the quality and effectiveness of corporate governance. The algorithmic procedures of proposed assessment process may be incorporated into business management and strategic decisions support system. 04-19-2015 <![CDATA[ <p>The corporate governance foremost is determined by the expected competitive advantage-oriented changes as well as by the modern and effective management techniques that stimulate the sustainable growth. The complex evaluation of the efficiency of corporation performance may be also indicated as prerogative when reasoning the strategic business decisions and corporate strategy in general. The research aims to generalize the major principles for evaluation of a whole of financial indicators and to construct the adequate assessment models. The framework for complex assessment according to essential financial indicators, identified for a particular corporation and oriented essentially to the multiple criteria evaluation methodology, is presented below. For certain companies from the selected industry (their target group), as basic evaluation criteria, such indicators as profitability, asset and investments return, leverage and liquidity levels, as well as cash flows equilibrium, dividend yield - may be accepted. It is expedient to detail and purposeful group these indicators. For these purposes, Simple Additive Weighting (SAW) method of quantitative evaluation by multiple criteria is suggested. According to the adequate evaluation models, an overall index is determined with respect to the significance of the primary indicators, estimated by expert way. In this assessment process, both the primary criteria (i.e. financial indicators) and the indexes of their groups are also covered. The complex assessment of financial indicators reflecting corporate governance effectiveness is presented for Lithuanian corporation case to illustrate the application of the analytical research results. Such quantitative assessment process is particularly relevant under conditions of dynamic changes of the surrounding macro factors affecting corporate strategy. It is characterized by adaptability (according to the whole of evaluation criteria for an assessment in specific conditions); and it is applicable to the complex investigation of the quality and effectiveness of corporate governance. The algorithmic procedures of proposed assessment process may be incorporated into business management and strategic decisions support system.</p> ]]> Complex Assessment of Essential Financial Indicators in Corporate Governance algis zvirblis antanas buracas vytas navickas doi: 10.56578/jcgirm02S205 Journal of Corporate Governance, Insurance, and Risk Management 04-19-2015 Journal of Corporate Governance, Insurance, and Risk Management 04-19-2015 2015 2 S2 Article 84 10.56578/jcgirm02S205 https://www.acadlore.com/article/JCGIRM/2015_2_S2/jcgirm02S205 https://www.acadlore.com/article/JCGIRM/2015_2_S2/jcgirm02S204 Ownership structure with the reference to the comparative studies worldwide, types, forms and patterns identified in companies as well as the logic behind the behavior of different owners constitutes an important theme in management studies. Research reveals the crucial importance of the ownership patterns with the reference to the shareholder identity and concentration of shares for the standards of corporate governance including control and monitoring mechanisms, transparency, board work. Corporate governance literature indicates that certain shareholder types may have impact on the adoption of pyramidal structures, dual class shares, board independence, structure of executive compensation and disclosure.This paper focuses on the specific type of listed companies which remain under the control of the founder. The goal of the paper is to identify the corporate governance mechanisms adopted by founders in listed companies with respect to the way they exert control. It investigates whether founders tend to increase the control over companies via use of ownership mechanisms adopting dual class shares and pyramidal structures and via dominating the board lowering the number of independent directors. Using the hand collected data of a sample of 100 companies listed on the Warsaw Stock Exchange the paper addresses the gap in the literature of the unique form of ownership characterized by the control of the founders (first generation) who need to confront the entrepreneurial spirit and significant dominance in management and governance in the company with the features of listed companies in which ownership and control is shared among investors. 04-19-2015 <![CDATA[ <p>Ownership structure with the reference to the comparative studies worldwide, types, forms and patterns identified in companies as well as the logic behind the behavior of different owners constitutes an important theme in management studies. Research reveals the crucial importance of the ownership patterns with the reference to the shareholder identity and concentration of shares for the standards of corporate governance including control and monitoring mechanisms, transparency, board work. Corporate governance literature indicates that certain shareholder types may have impact on the adoption of pyramidal structures, dual class shares, board independence, structure of executive compensation and disclosure.</p><p>This paper focuses on the specific type of listed companies which remain under the control of the founder. The goal of the paper is to identify the corporate governance mechanisms adopted by founders in listed companies with respect to the way they exert control. It investigates whether founders tend to increase the control over companies via use of ownership mechanisms adopting dual class shares and pyramidal structures and via dominating the board lowering the number of independent directors. Using the hand collected data of a sample of 100 companies listed on the Warsaw Stock Exchange the paper addresses the gap in the literature of the unique form of ownership characterized by the control of the founders (first generation) who need to confront the entrepreneurial spirit and significant dominance in management and governance in the company with the features of listed companies in which ownership and control is shared among investors.</p> ]]> Corporate Governance in Founders’ Controlled Companies maria aluchna doi: 10.56578/jcgirm02S204 Journal of Corporate Governance, Insurance, and Risk Management 04-19-2015 Journal of Corporate Governance, Insurance, and Risk Management 04-19-2015 2015 2 S2 Article 66 10.56578/jcgirm02S204 https://www.acadlore.com/article/JCGIRM/2015_2_S2/jcgirm02S204 https://www.acadlore.com/article/JCGIRM/2015_2_S2/jcgirm02S203 One of the biggest questions battling governments is performance of Electric Utilities, as they are one of the biggest resources and largest State Owned Enterprises. This issue became more important as electricity market has been liberalized and fully opened. Before market liberalization state owned Electric Utilities operated in monopoly market where competition was not possible. Therefore, due to market liberalisation existing companies have to be more competitive than before in order to grow and survive new competition from EU countries. Paper analyses performance of State Owned Electric Utilities from Bosnia and Herzegovina, Slovenia and Croatia. Measuring the success of the State Owned Electric Utilities is based on the analysis of financial statements for period from 2008 to 2012, using indicators of profitability. Electricity market in Slovenia and Croatia have been fully opened in analyzed period while electricity market in Bosnia has been closed. The results reveal that State Owned Electric Utilities operating in opened market have better performance and are more competitive than State Owned Electric Utilities which operate in closed market. The broad conclusion that emerges from the results is that market opening and new competition entering markets has pushed companies to improve their governance practices and performance in order to survive on the market. 04-19-2015 <![CDATA[ <p>One of the biggest questions battling governments is performance of Electric Utilities, as they are one of the biggest resources and largest State Owned Enterprises. This issue became more important as electricity market has been liberalized and fully opened. Before market liberalization state owned Electric Utilities operated in monopoly market where competition was not possible. Therefore, due to market liberalisation existing companies have to be more competitive than before in order to grow and survive new competition from EU countries. Paper analyses performance of State Owned Electric Utilities from Bosnia and Herzegovina, Slovenia and Croatia. Measuring the success of the State Owned Electric Utilities is based on the analysis of financial statements for period from 2008 to 2012, using indicators of profitability. Electricity market in Slovenia and Croatia have been fully opened in analyzed period while electricity market in Bosnia has been closed. The results reveal that State Owned Electric Utilities operating in opened market have better performance and are more competitive than State Owned Electric Utilities which operate in closed market. The broad conclusion that emerges from the results is that market opening and new competition entering markets has pushed companies to improve their governance practices and performance in order to survive on the market.</p> ]]> Performance of State Owned Electric Utilities – Case of Bosnia and Herzegovina, Slovenia and Croatia igor todorović maja daraboš mojca duh doi: 10.56578/jcgirm02S203 Journal of Corporate Governance, Insurance, and Risk Management 04-19-2015 Journal of Corporate Governance, Insurance, and Risk Management 04-19-2015 2015 2 S2 Article 49 10.56578/jcgirm02S203 https://www.acadlore.com/article/JCGIRM/2015_2_S2/jcgirm02S203 https://www.acadlore.com/article/JCGIRM/2015_2_S2/jcgirm02S202 It is almost impossible to imagine a company that does not innovate in today's market. Some companies say they compete on quality and not innovation, but they also innovate, especially in the form of process innovation aiming at enhancing quality. The aim of this paper is to present how the key set of selected organisational factors, company’s organisation, strategy, and processes, learning and links, influences innovation. In this respect, the key set of organisational factors has been measured on Croatian companies. In field research we used a questionnaire developed by Tidd et al. (2005) which was further developed to include measurable parts of innovation. The questionnaire is validated by factor analysis, but the influence of latent variables on innovation outcome, such as the number of innovations, revenues from innovation and length of time for new product launch, was researched by structural equation modelling. The research results showed that the set of strategy and learning factors has a significant influence on the number of innovations in companies (radical or modified). At first glance it might seem as though big companies have more resources and are thus in a privileged position to innovate, but researches show that the companies that are able to mobilise their employees, their knowledge and expertise in delivering new products or services, obtain better innovation results. The research results clearly indicate the relationship between company’s higher innovativeness and higher innovation results. 04-19-2015 <![CDATA[ <p>It is almost impossible to imagine a company that does not innovate in today's market. Some companies say they compete on quality and not innovation, but they also innovate, especially in the form of process innovation aiming at enhancing quality. The aim of this paper is to present how the key set of selected organisational factors, company’s organisation, strategy, and processes, learning and links, influences innovation. In this respect, the key set of organisational factors has been measured on Croatian companies. In field research we used a questionnaire developed by Tidd et al. (2005) which was further developed to include measurable parts of innovation. The questionnaire is validated by factor analysis, but the influence of latent variables on innovation outcome, such as the number of innovations, revenues from innovation and length of time for new product launch, was researched by structural equation modelling. The research results showed that the set of strategy and learning factors has a significant influence on the number of innovations in companies (radical or modified). At first glance it might seem as though big companies have more resources and are thus in a privileged position to innovate, but researches show that the companies that are able to mobilise their employees, their knowledge and expertise in delivering new products or services, obtain better innovation results. The research results clearly indicate the relationship between company’s higher innovativeness and higher innovation results.</p> ]]> Influence of Selected Organisational Factors on Innovation jasna prester marli gonan božac morena paulišić doi: 10.56578/jcgirm02S202 Journal of Corporate Governance, Insurance, and Risk Management 04-19-2015 Journal of Corporate Governance, Insurance, and Risk Management 04-19-2015 2015 2 S2 Article 25 10.56578/jcgirm02S202 https://www.acadlore.com/article/JCGIRM/2015_2_S2/jcgirm02S202 https://www.acadlore.com/article/JCGIRM/2015_2_S2/jcgirm02S201 Over the last years, stakeholders’ pressures over sustainability issues have increased dramatically. Organizations have to demonstrate the inclusion of social and environmental concerns in their operative and strategic decisions processes. For this reason, companies report their sustainability performance in non-financial documents, signaling to markets and stakeholders the outcomes of their CSR policies. As non-financial reporting is a voluntary activity, there is not a common and enforced standard of reporting rules: as a result, the level of disclosure varies from one report to another. Sound and material reporting, with a higher level of disclosure, is a costly activity, requiring large investments in terms of time and resources. Therefore, CSR managers have to determine the grade of disclosure of non-financial reports by evaluating their costs and benefits. The aim of this is paper is to determine whether the market remunerates this investment and if it rewards higher levels of disclosure, providing both managerial and academic implications. This paper analyzes the outcomes on companies’ market value determined by non-financial disclosures strategies in GRI referenced reports, juxtaposing a partial disclosure stance against a full disclosure stance, through a 2 years longitudinal study of the 2012 Fortune Global 500 companies. Results show that while the issuance of a GRI referenced report with partial disclosure (C and B GRI Application Levels) causes a positive effect on market capitalization, a full disclosure stance (A and A+ GRI Application Levels) has a negative effect on market value in the period of analysis. This output suggests that there is an optimum level of disclosure perceived by the market, opening a debate over the quality of disclosure and its ability to satisfy stakeholders’ informative needs. 04-19-2015 <![CDATA[ <p>Over the last years, stakeholders’ pressures over sustainability issues have increased dramatically. Organizations have to demonstrate the inclusion of social and environmental concerns in their operative and strategic decisions processes. For this reason, companies report their sustainability performance in non-financial documents, signaling to markets and stakeholders the outcomes of their CSR policies. As non-financial reporting is a voluntary activity, there is not a common and enforced standard of reporting rules: as a result, the level of disclosure varies from one report to another. Sound and material reporting, with a higher level of disclosure, is a costly activity, requiring large investments in terms of time and resources. Therefore, CSR managers have to determine the grade of disclosure of non-financial reports by evaluating their costs and benefits. The aim of this is paper is to determine whether the market remunerates this investment and if it rewards higher levels of disclosure, providing both managerial and academic implications. This paper analyzes the outcomes on companies’ market value determined by non-financial disclosures strategies in GRI referenced reports, juxtaposing a partial disclosure stance against a full disclosure stance, through a 2 years longitudinal study of the 2012 Fortune Global 500 companies. Results show that while the issuance of a GRI referenced report with partial disclosure (C and B GRI Application Levels) causes a positive effect on market capitalization, a full disclosure stance (A and A+ GRI Application Levels) has a negative effect on market value in the period of analysis. This output suggests that there is an optimum level of disclosure perceived by the market, opening a debate over the quality of disclosure and its ability to satisfy stakeholders’ informative needs.</p> ]]> Disclosure in Non-Financial Reports as Strategic Leverage: Can It Increase Firms’ Value? donato calace doi: 10.56578/jcgirm02S201 Journal of Corporate Governance, Insurance, and Risk Management 04-19-2015 Journal of Corporate Governance, Insurance, and Risk Management 04-19-2015 2015 2 S2 Article 1 10.56578/jcgirm02S201 https://www.acadlore.com/article/JCGIRM/2015_2_S2/jcgirm02S201 https://www.acadlore.com/article/JCGIRM/2015_2_3/jcgirm020309 In 1986, Nigeria introduced a structural adjustment programme (SAP) and one of the policy implications of the programme was the deregulation of the economy. And so the banking sector was also deregulated. This led to sudden increase in the number of banks. However, distress soon hit the financial sector of the economy. In order to avoid the bitter consequences of bank failure, the government established the Nigeria Deposit Insurance Corporation (NDIC) to augment the regulatory power of Central Bank of Nigeria (CBN) as a watch dog over banks and ensure stable, safe and sound system of the banking sector. Various attempts aimed at revamping the banking sector, ranging from recapitalization to outright liquidation failed.In July 2004, a new method aimed at salvaging the banking sector was announced by the CBN. This method includes banking sector reform and bank consolidation. The main thrust of this study is to examine the impact of consolidation on Nigeria economy. To achieve this, SPSS Version 19 econometric software package regression method was adopted. The ordinary least squares (OLS) analytical technique was applied to estimate the empirical relationship between the dependent and independent variables. The study also carried out chow test in order to determine the structural stability of the regression. The study revealed that Nigeria bank consolidation has not impacted significantly on Nigeria’s economic growth under the study period. The study therefore recommended that banking regulations such as bank consolidation needs to be a component of total reform framework of monetary authority to ensure effectiveness in Nigeria banking sector performance. 07-19-2015 <![CDATA[ <p>In 1986, Nigeria introduced a structural adjustment programme (SAP) and one of the policy implications of the programme was the deregulation of the economy. And so the banking sector was also deregulated. This led to sudden increase in the number of banks. However, distress soon hit the financial sector of the economy. In order to avoid the bitter consequences of bank failure, the government established the Nigeria Deposit Insurance Corporation (NDIC) to augment the regulatory power of Central Bank of Nigeria (CBN) as a watch dog over banks and ensure stable, safe and sound system of the banking sector. Various attempts aimed at revamping the banking sector, ranging from recapitalization to outright liquidation failed.In July 2004, a new method aimed at salvaging the banking sector was announced by the CBN. This method includes banking sector reform and bank consolidation. The main thrust of this study is to examine the impact of consolidation on Nigeria economy. To achieve this, SPSS Version 19 econometric software package regression method was adopted. The ordinary least squares (OLS) analytical technique was applied to estimate the empirical relationship between the dependent and independent variables. The study also carried out chow test in order to determine the structural stability of the regression. The study revealed that Nigeria bank consolidation has not impacted significantly on Nigeria’s economic growth under the study period. The study therefore recommended that banking regulations such as bank consolidation needs to be a component of total reform framework of monetary authority to ensure effectiveness in Nigeria banking sector performance.</p> ]]> Empirical Analysis of Bank Recapitatlisation in Nigeria (1986-2011) imahe godfrey doi: 10.56578/jcgirm020309 Journal of Corporate Governance, Insurance, and Risk Management 07-19-2015 Journal of Corporate Governance, Insurance, and Risk Management 07-19-2015 2015 2 3 Article 131 10.56578/jcgirm020309 https://www.acadlore.com/article/JCGIRM/2015_2_3/jcgirm020309 https://www.acadlore.com/article/JCGIRM/2015_2_3/jcgirm020308 The Nigerian University administration is a collection of specialized academic faculties established by law, financed by private and public funds, and staffed by professionals in various disciplines for the purpose of achieving their overall goal (teaching, research, and community service) of service delivery. Since good work ethics represents a critical determinant of effectiveness and productivity vis-à-vis service delivery in all formal organizations, this paper utilizes the “person-situation” theoretical model to assess the level of service delivery in selected public universities in the South-south geo-political region of Nigeria. The present investigation adopted the survey research design. Six hundred and sixty (660) academic and non-academic staff and three hundred (300) students were purposively and randomly sampled respectively. The instrument used for data collection was titled: “good work ethics and service delivery questionnaire”. Data was analyzed using population t-test, multiple regression and Pearson product moment correlation. The study revealed that almost all the public universities under consideration have witnessed poor service delivery in terms of delay in the release of students’ results, delay in the preparation of transcript, failure to adhere to time-tables (crash programme) – leading to frustration by students. The overall consequences of this have been the poor rating of these universities. It was recommended among other things that effort should be made to address the poor work ethics (in terms of initiative, dedication, high standard of responsibility, loyalty, accountability, and self-discipline) among staff and students in the selected universities with a view to strengthening its performance index and therefore service delivery. 07-19-2015 <![CDATA[ <p>The Nigerian University administration is a collection of specialized academic faculties established by law, financed by private and public funds, and staffed by professionals in various disciplines for the purpose of achieving their overall goal (teaching, research, and community service) of service delivery. Since good work ethics represents a critical determinant of effectiveness and productivity vis-à-vis service delivery in all formal organizations, this paper utilizes the “person-situation” theoretical model to assess the level of service delivery in selected public universities in the South-south geo-political region of Nigeria. The present investigation adopted the survey research design. Six hundred and sixty (660) academic and non-academic staff and three hundred (300) students were purposively and randomly sampled respectively. The instrument used for data collection was titled: “good work ethics and service delivery questionnaire”. Data was analyzed using population t-test, multiple regression and Pearson product moment correlation. The study revealed that almost all the public universities under consideration have witnessed poor service delivery in terms of delay in the release of students’ results, delay in the preparation of transcript, failure to adhere to time-tables (crash programme) – leading to frustration by students. The overall consequences of this have been the poor rating of these universities. It was recommended among other things that effort should be made to address the poor work ethics (in terms of initiative, dedication, high standard of responsibility, loyalty, accountability, and self-discipline) among staff and students in the selected universities with a view to strengthening its performance index and therefore service delivery.</p> ]]> Good Work Ethics and Service Delivery in Public Universities in the South-south Region of Nigeria ekwuore monday ushie a. m. ogaboh agba doi: 10.56578/jcgirm020308 Journal of Corporate Governance, Insurance, and Risk Management 07-19-2015 Journal of Corporate Governance, Insurance, and Risk Management 07-19-2015 2015 2 3 Article 117 10.56578/jcgirm020308 https://www.acadlore.com/article/JCGIRM/2015_2_3/jcgirm020308 https://www.acadlore.com/article/JCGIRM/2015_2_3/jcgirm020306 The increasing of internet users affecting the choice of browsers and for now, desktop users still dominate the usage. The research’s goal is to analyze the well-known browser such as Mozilla Firefox, Google Chrome, Internet Explorer, Opera, and Safari from the Indonesian customer point of view. The variables used in the analysis are the speed to display HTML, the speed of executing ECMA Script, the browser security, the need of hardware resource, and the general feature of each browser. We distribute questionnaire to 400 users of the five browsers in Indonesia. The multivariate statistics of multidimensional scaling used to process the data. The research found that Mozilla Firefox is the best browser on speed criteria when displaying the HTML and general feature, as the Google Chrome win the heart of Indonesian users on the speed criteria when executing ECMA Script. As usual, the Apple Safari excels on the security and the hardware resources consumption (KHR1). The Internet Explorer considered the best on the hardware resources consumption criteria. 07-19-2015 <![CDATA[ <p>The increasing of internet users affecting the choice of browsers and for now, desktop users still dominate the usage. The research’s goal is to analyze the well-known browser such as Mozilla Firefox, Google Chrome, Internet Explorer, Opera, and Safari from the Indonesian customer point of view. The variables used in the analysis are the speed to display HTML, the speed of executing ECMA Script, the browser security, the need of hardware resource, and the general feature of each browser. We distribute questionnaire to 400 users of the five browsers in Indonesia. The multivariate statistics of multidimensional scaling used to process the data. The research found that Mozilla Firefox is the best browser on speed criteria when displaying the HTML and general feature, as the Google Chrome win the heart of Indonesian users on the speed criteria when executing ECMA Script. As usual, the Apple Safari excels on the security and the hardware resources consumption (KHR1). The Internet Explorer considered the best on the hardware resources consumption criteria.</p> ]]> Analysis of Desktop Browser Positioning Based on Users Perception in Indonesia osa omar sharif zaenal ali alatas dini turipanam alamanda arif partono prasetio doi: 10.56578/jcgirm020306 Journal of Corporate Governance, Insurance, and Risk Management 07-19-2015 Journal of Corporate Governance, Insurance, and Risk Management 07-19-2015 2015 2 3 Article 80 10.56578/jcgirm020306 https://www.acadlore.com/article/JCGIRM/2015_2_3/jcgirm020306 https://www.acadlore.com/article/JCGIRM/2015_2_3/jcgirm020304 The study examines Lesotho’s demand for holding international reserves and assesses the country’s reserve adequacy position over the period 1981-2012. The results from the standard reserve adequacy benchmarks reveal that Lesotho generally has sufficient stock of foreign reserves to satisfy the minimum adequacy requirements, with the level of reserves in other periods being relatively higher than what is required. Furthermore, the estimates of Lesotho’s reserve demand function from the cointegration analysis suggest that the long-term reserve demand policies for Lesotho are positively related to average propensity to import, economic growth and export volatility while negatively associated with exchange rate volatility and opportunity cost of holding reserves. The former finding confirms that the precautionary motive plays a significant role in determining Lesotho’s demand for holding international reserves, while the latter indicates that reserve accumulation in Lesotho is based on profitability considerations. The results also show that although the demand for foreign reserves increased in the years of democracy, the country sometimes uses part its international reserves to finance government infrastructure projects. 07-19-2015 <![CDATA[ <p>The study examines Lesotho’s demand for holding international reserves and assesses the country’s reserve adequacy position over the period 1981-2012. The results from the standard reserve adequacy benchmarks reveal that Lesotho generally has sufficient stock of foreign reserves to satisfy the minimum adequacy requirements, with the level of reserves in other periods being relatively higher than what is required. Furthermore, the estimates of Lesotho’s reserve demand function from the cointegration analysis suggest that the long-term reserve demand policies for Lesotho are positively related to average propensity to import, economic growth and export volatility while negatively associated with exchange rate volatility and opportunity cost of holding reserves. The former finding confirms that the precautionary motive plays a significant role in determining Lesotho’s demand for holding international reserves, while the latter indicates that reserve accumulation in Lesotho is based on profitability considerations. The results also show that although the demand for foreign reserves increased in the years of democracy, the country sometimes uses part its international reserves to finance government infrastructure projects.</p> ]]> The Demand for International Reserves in Lesotho senei solomon molapo retselisitsoe isaiah thamae doi: 10.56578/jcgirm020304 Journal of Corporate Governance, Insurance, and Risk Management 07-19-2015 Journal of Corporate Governance, Insurance, and Risk Management 07-19-2015 2015 2 3 Article 52 10.56578/jcgirm020304 https://www.acadlore.com/article/JCGIRM/2015_2_3/jcgirm020304 https://www.acadlore.com/article/JCGIRM/2015_2_3/jcgirm020302 Escalating competition among destinations has become more obvious. Shopping for handicrafts is one of important activities in tourism. Handicraft industry is a low technology, labor intensive, and run dominantly by small medium enterprises (SMEs). Handicraft industry is one of creative industries sector in Indonesia that promises to accelerate the growth of the Indonesian economy. To remain competitive, understanding on the competitive nature of handicrafts market need to be continuously monitored and adjusted to SMEs strategies. Using partial least squares path modeling on a cross-sectional sample of 54 SMEs owners in Bantul Yogyakarta, this study examines relationships among factors of destination competitiveness with clusters competitiveness and socio-economic welfare. The predictors assessed include given resources, created resources, related-supporting factors, demand conditions and strategy-structure-rivalry. Results indicate that supporting factors and strategy-structure-rivalry are not significantly impact on cluster competitiveness. The new final model was found that clusters competitiveness mediates the relationships between three destination competitiveness factors and socio-economic welfare. This study enriches theories on destination competitiveness, particularly in assessing clusters as the object of the study. The results are also important for policymakers in strengthening destination competitiveness strategy. 07-19-2015 <![CDATA[ <p>Escalating competition among destinations has become more obvious. Shopping for handicrafts is one of important activities in tourism. Handicraft industry is a low technology, labor intensive, and run dominantly by small medium enterprises (SMEs). Handicraft industry is one of creative industries sector in Indonesia that promises to accelerate the growth of the Indonesian economy. To remain competitive, understanding on the competitive nature of handicrafts market need to be continuously monitored and adjusted to SMEs strategies. Using partial least squares path modeling on a cross-sectional sample of 54 SMEs owners in Bantul Yogyakarta, this study examines relationships among factors of destination competitiveness with clusters competitiveness and socio-economic welfare. The predictors assessed include given resources, created resources, related-supporting factors, demand conditions and strategy-structure-rivalry. Results indicate that supporting factors and strategy-structure-rivalry are not significantly impact on cluster competitiveness. The new final model was found that clusters competitiveness mediates the relationships between three destination competitiveness factors and socio-economic welfare. This study enriches theories on destination competitiveness, particularly in assessing clusters as the object of the study. The results are also important for policymakers in strengthening destination competitiveness strategy.</p> ]]> Destination Competitiveness Analysis for Creative Crafts Industries in Bantul Yogyakarta Indonesia ratna roostika tri wahyuningsih sigit haryono doi: 10.56578/jcgirm020302 Journal of Corporate Governance, Insurance, and Risk Management 07-19-2015 Journal of Corporate Governance, Insurance, and Risk Management 07-19-2015 2015 2 3 Article 16 10.56578/jcgirm020302 https://www.acadlore.com/article/JCGIRM/2015_2_3/jcgirm020302 https://www.acadlore.com/article/JCGIRM/2015_2_3/jcgirm020301 Multinational corporations as the primary holders of foreign direct investments have a significant impact on the national economy with a well-developed and prepared institutional infrastructure, but they have even stronger impact on the transition economies and developing countries. Expanding into new markets, multinational corporations create new jobs; therefore unions have an important role in protecting employees' rights and their representation towards employers. The role of unions in the lives of all employees is even more noticeable because the situation on the labor market is extremely unfavourable and in many countries employees' rights are threatened. But researches also show that the proportion of union membership in the developed countries is decreasing, and also in developing countries and this trend has not bypassed Croatia. The aim of this paper is to investigate the role of unions in the subsidiaries of multinational corporations in Croatia. In more than half of the analyzed subsidiaries of multinational corporations we identified one hundred percent coverage of employees by collective agreements. We analyzed the most common reasons for joining the union and evaluated the relationship between unions and human resource management departments. 07-19-2015 <![CDATA[ <p>Multinational corporations as the primary holders of foreign direct investments have a significant impact on the national economy with a well-developed and prepared institutional infrastructure, but they have even stronger impact on the transition economies and developing countries. Expanding into new markets, multinational corporations create new jobs; therefore unions have an important role in protecting employees' rights and their representation towards employers. The role of unions in the lives of all employees is even more noticeable because the situation on the labor market is extremely unfavourable and in many countries employees' rights are threatened. But researches also show that the proportion of union membership in the developed countries is decreasing, and also in developing countries and this trend has not bypassed Croatia. The aim of this paper is to investigate the role of unions in the subsidiaries of multinational corporations in Croatia. In more than half of the analyzed subsidiaries of multinational corporations we identified one hundred percent coverage of employees by collective agreements. We analyzed the most common reasons for joining the union and evaluated the relationship between unions and human resource management departments.</p> ]]> Union Activity in Subsidiaries of Multinational Corporations in Republic of Croatia najla podrug mario filipović valentina kuč doi: 10.56578/jcgirm020301 Journal of Corporate Governance, Insurance, and Risk Management 07-19-2015 Journal of Corporate Governance, Insurance, and Risk Management 07-19-2015 2015 2 3 Article 1 10.56578/jcgirm020301 https://www.acadlore.com/article/JCGIRM/2015_2_3/jcgirm020301 https://www.acadlore.com/article/JCGIRM/2015_2_1/jcgirm020110 Indian Consumers always remain a marketer’s challenge. The great Indian ever increasing consuming class has arrived and is waiting to be served. Currently as the services sector contributes 60% to GDP of India (Source: IBEF) and 50% population is below 25 years of age, 65% population of the country is below 35 years of age (Census of 2011), Indian retail sector promises to scale new heights in times to come. India’s largest retailers (in terms of turnover) are Future Group, Aditya Birla, Shoppers Stop, RPG, WEST SIDE, Life Style, Ebony, Pyramid and Globus. In Bhubaneswar, the field of Groceries and Consumer Durables is dominated by organized new retail outlets like Reliance Fresh, BIG BAZZAR, Pantaloon, The World, The Grains etc. Hence, data for the purpose of the study was collected from who patronize these retail outlets. The perceptions of the consumers as regards the new retail outlets and select variables like educational qualification and income of the consumers were analyzed by applying the Chi- Square test. Factor Analysis is incorporated to identify the factors that influence the buying decision of consumers. Five factors were identified, viz., product features & assortments, extended marketing mix, pragmatic consumption, customer relationship & loyalty and sales offers. The Chi-Square test was also applied to assess the significance of consumer perception factors. It is concluded that pragmatism and functionality are the hall mark of modern consumption. This research paper is an honest endeavor of the researcher to understand consumer psychology for ONRO. 03-23-2015 <![CDATA[ <p>Indian Consumers always remain a marketer’s challenge. The great Indian ever increasing consuming class has arrived and is waiting to be served. Currently as the services sector contributes 60% to GDP of India (Source: IBEF) and 50% population is below 25 years of age, 65% population of the country is below 35 years of age (Census of 2011), Indian retail sector promises to scale new heights in times to come. India’s largest retailers (in terms of turnover) are Future Group, Aditya Birla, Shoppers Stop, RPG, WEST SIDE, Life Style, Ebony, Pyramid and Globus. In Bhubaneswar, the field of Groceries and Consumer Durables is dominated by organized new retail outlets like Reliance Fresh, BIG BAZZAR, Pantaloon, The World, The Grains etc. Hence, data for the purpose of the study was collected from who patronize these retail outlets. The perceptions of the consumers as regards the new retail outlets and select variables like educational qualification and income of the consumers were analyzed by applying the Chi- Square test. Factor Analysis is incorporated to identify the factors that influence the buying decision of consumers. Five factors were identified, viz., product features & assortments, extended marketing mix, pragmatic consumption, customer relationship & loyalty and sales offers. The Chi-Square test was also applied to assess the significance of consumer perception factors. It is concluded that pragmatism and functionality are the hall mark of modern consumption. This research paper is an honest endeavor of the researcher to understand consumer psychology for ONRO.</p> ]]> An Output Driven Analytical Construct on the Choice Criteria of Indian Consumers for Organized New Retail Outlets dindayal swain doi: 10.56578/jcgirm020110 Journal of Corporate Governance, Insurance, and Risk Management 03-23-2015 Journal of Corporate Governance, Insurance, and Risk Management 03-23-2015 2015 2 1 Article 141 10.56578/jcgirm020110 https://www.acadlore.com/article/JCGIRM/2015_2_1/jcgirm020110 https://www.acadlore.com/article/JCGIRM/2015_2_1/jcgirm020109 We studied the performance of 187 firms drawn from MNC subsidiaries (55), domestic private-owned (76), and domestic state-owned (56) firms operating in India. The underlying objective was to assess which group of firm demonstrated superior economic performance and competitiveness. We analyzed data for two periods of time 2002-03 and 2011-12 using four measures of economic performance namely operating profit margin (OPM), net profit margin (NPM), return on net worth (RONW) and asset turnover ratio (ATR). As the data set did not lend itself to parametric analysis, we adopted the nonparametric method. We employed Kruskal-Wallis H Test, Mann-Whitney U Test, Two-Step Cluster Analysis, and Chi-Square Test. We found that domestic private-owned firms performed better and were more competitive than the other two groups of firms. 03-23-2015 <![CDATA[ <p>We studied the performance of 187 firms drawn from MNC subsidiaries (55), domestic private-owned (76), and domestic state-owned (56) firms operating in India. The underlying objective was to assess which group of firm demonstrated superior economic performance and competitiveness. We analyzed data for two periods of time 2002-03 and 2011-12 using four measures of economic performance namely operating profit margin (OPM), net profit margin (NPM), return on net worth (RONW) and asset turnover ratio (ATR). As the data set did not lend itself to parametric analysis, we adopted the nonparametric method. We employed Kruskal-Wallis H Test, Mann-Whitney U Test, Two-Step Cluster Analysis, and Chi-Square Test. We found that domestic private-owned firms performed better and were more competitive than the other two groups of firms.</p> ]]> Local Firms versus MNCs in India: A Study of Competitive Performance chetan v. hiremath v s pai doi: 10.56578/jcgirm020109 Journal of Corporate Governance, Insurance, and Risk Management 03-23-2015 Journal of Corporate Governance, Insurance, and Risk Management 03-23-2015 2015 2 1 Article 119 10.56578/jcgirm020109 https://www.acadlore.com/article/JCGIRM/2015_2_1/jcgirm020109 https://www.acadlore.com/article/JCGIRM/2015_2_1/jcgirm020108 Total Productive Maintenance (TPM) is an approach in Preventive Maintenance which can be used by a company to evaluate the effectiveness of the company’s facility. This evaluation is conducted to improve the facility value of Overall Equipment Effectiveness (OEE) and to eliminate the main loss known as The Six Big Losses. TPM is a maintenance approach focusing on the equipment which is suitable to be implemented on the manufacture company and production industries. This research is conducted on the Ball Tea machine in PT Kabepe Chakra which is a production machine to dry tea. The calculation of OEE value is conducted based on the data in January-December 2014, the calculation results show that the OEE value is 59.30897433% and it is still under the World Class standard. The calculation of Six Big Losses shows that the percentage of the most dominant of machine losses is on the Set-Up and Adjustment Loss which is 42.6768183%. The research results can be used to show that the effectiveness of Tea Ball machine still has to be improved by focusing on the most dominant loss elimination. 03-23-2015 <![CDATA[ <p>Total Productive Maintenance (TPM) is an approach in Preventive Maintenance which can be used by a company to evaluate the effectiveness of the company’s facility. This evaluation is conducted to improve the facility value of Overall Equipment Effectiveness (OEE) and to eliminate the main loss known as The Six Big Losses. TPM is a maintenance approach focusing on the equipment which is suitable to be implemented on the manufacture company and production industries. This research is conducted on the Ball Tea machine in PT Kabepe Chakra which is a production machine to dry tea. The calculation of OEE value is conducted based on the data in January-December 2014, the calculation results show that the OEE value is 59.30897433% and it is still under the World Class standard. The calculation of Six Big Losses shows that the percentage of the most dominant of machine losses is on the Set-Up and Adjustment Loss which is 42.6768183%. The research results can be used to show that the effectiveness of Tea Ball machine still has to be improved by focusing on the most dominant loss elimination.</p> ]]> An Analysis of Machine Effectiveness on the Production Line by Using Overall Equipment Effectiveness (OEE) Method Based on Total Productive Maintenance (TPM) Principle (A Study Case of Ball Tea Machine in PT Kabepe Chakra) aysha herdiwan sri widiyanesti doi: 10.56578/jcgirm020108 Journal of Corporate Governance, Insurance, and Risk Management 03-23-2015 Journal of Corporate Governance, Insurance, and Risk Management 03-23-2015 2015 2 1 Article 106 10.56578/jcgirm020108 https://www.acadlore.com/article/JCGIRM/2015_2_1/jcgirm020108 https://www.acadlore.com/article/JCGIRM/2015_2_1/jcgirm020107 industry and commercial world. This study aimed at analysing the adoption and usage of Internet banking in Zimbabwe. It covered issues such as various banking services available through internet banking in Zimbabwe, factors influencing internet banking adoption in Zimbabwe, factors impacting negatively on customers’ utilization of internet banking and banks’ perceptions of internet banking. Questionnaires were administered to selected banking customers and staff of commercial banks using purposive and simple random sampling techniques. Findings from the study indicate that internet banking services in Zimbabwe include checking of balances and account activity, request for cheque book and same bank funds transfer. Lack of awareness on internet banking security, accessibility, lack of familiarity, age, gender, educational level and cultural resistance are some of the factors that affect internet banking adoption among customers. Internet banking is still in its teething stage and most of the banks do not offer full-fledged Internet banking though they have plans to do so. Bankers see Internet banking as a strategic opportunity that can be used to reduce transaction costs and enhance customer service delivery. It is therefore recommended that banks develop appropriate internet banking marketing strategies that maximizes value for customers and satisfaction in the long run. 03-23-2015 <![CDATA[ <p>industry and commercial world. This study aimed at analysing the adoption and usage of Internet banking in Zimbabwe. It covered issues such as various banking services available through internet banking in Zimbabwe, factors influencing internet banking adoption in Zimbabwe, factors impacting negatively on customers’ utilization of internet banking and banks’ perceptions of internet banking. Questionnaires were administered to selected banking customers and staff of commercial banks using purposive and simple random sampling techniques. Findings from the study indicate that internet banking services in Zimbabwe include checking of balances and account activity, request for cheque book and same bank funds transfer. Lack of awareness on internet banking security, accessibility, lack of familiarity, age, gender, educational level and cultural resistance are some of the factors that affect internet banking adoption among customers. Internet banking is still in its teething stage and most of the banks do not offer full-fledged Internet banking though they have plans to do so. Bankers see Internet banking as a strategic opportunity that can be used to reduce transaction costs and enhance customer service delivery. It is therefore recommended that banks develop appropriate internet banking marketing strategies that maximizes value for customers and satisfaction in the long run.</p> ]]> Internet Banking Adoption and Usage in Zimbabwean Commercial Banks: An Analytical Approach magweva rabson maribha shiri doi: 10.56578/jcgirm020107 Journal of Corporate Governance, Insurance, and Risk Management 03-23-2015 Journal of Corporate Governance, Insurance, and Risk Management 03-23-2015 2015 2 1 Article 91 10.56578/jcgirm020107 https://www.acadlore.com/article/JCGIRM/2015_2_1/jcgirm020107 https://www.acadlore.com/article/JCGIRM/2015_2_1/jcgirm020106 One of the biggest questions battling governments around the world is performance of State Owned Enterprises (SOEs), as they are one of the biggest companies in every country and have a large share in economics growth and prosperity. Power, water and other types of independence of each country are mainly based on resources controlled by State Owned Enterprises. This issue became more important in last few decades due to globalization and market liberalization. Paper analyses performance of SOEs from the Republic of Slovenia and Bosnia and Herzegovina. To understands differences and similarities between SOEs from Bosnia and Herzegovina and Slovenia we have conducted a comparison analysis. Measuring the success of these SOEs is based on the analysis of financial statements for period from 2008 to 2012, using indicators of profitability and market indicators. The results reveal that SOEs from Bosnia and Herzegovina have poor governance and much lower performance than SOEs from Slovenia. The broad conclusion that emerges from the results is that government of Bosnia and Herzegovina has to conduct extensive reforms and reorganization of its S SOEs in order to survive and grow. 03-23-2015 <![CDATA[ <p>One of the biggest questions battling governments around the world is performance of State Owned Enterprises (SOEs), as they are one of the biggest companies in every country and have a large share in economics growth and prosperity. Power, water and other types of independence of each country are mainly based on resources controlled by State Owned Enterprises. This issue became more important in last few decades due to globalization and market liberalization. Paper analyses performance of SOEs from the Republic of Slovenia and Bosnia and Herzegovina. To understands differences and similarities between SOEs from Bosnia and Herzegovina and Slovenia we have conducted a comparison analysis. Measuring the success of these SOEs is based on the analysis of financial statements for period from 2008 to 2012, using indicators of profitability and market indicators. The results reveal that SOEs from Bosnia and Herzegovina have poor governance and much lower performance than SOEs from Slovenia. The broad conclusion that emerges from the results is that government of Bosnia and Herzegovina has to conduct extensive reforms and reorganization of its S SOEs in order to survive and grow.</p> ]]> Analysis of Performance of State Owned Enterprises – Compression analysis of the Republic of Slovenia and Bosnia and Herzegovina igor todorovic mojca duh doi: 10.56578/jcgirm020106 Journal of Corporate Governance, Insurance, and Risk Management 03-23-2015 Journal of Corporate Governance, Insurance, and Risk Management 03-23-2015 2015 2 1 Article 81 10.56578/jcgirm020106 https://www.acadlore.com/article/JCGIRM/2015_2_1/jcgirm020106 https://www.acadlore.com/article/JCGIRM/2015_2_1/jcgirm020105 Competition in the automotive industry has become increasingly in challenging tandem with time and advances in technology. Based on this situation, it is important for Malaysia to be at the top of the advanced automotive manufacturers, especially among ASEAN members. Therefore, this study aimed to prove not only product innovation as a contributor to the success of the automotive industry, but also has its own role management. By using Green Lean Six Sigma practices (GLSS) as the independent variable, it can help bring about a transformation of management which can improve financial performance. The Structural Equation Modelling (SEM) has been proposed as conceptual model in this study. Based on proposed research model and literature review, a research hypothesis is being developed. 03-23-2015 <![CDATA[ <p>Competition in the automotive industry has become increasingly in challenging tandem with time and advances in technology. Based on this situation, it is important for Malaysia to be at the top of the advanced automotive manufacturers, especially among ASEAN members. Therefore, this study aimed to prove not only product innovation as a contributor to the success of the automotive industry, but also has its own role management. By using Green Lean Six Sigma practices (GLSS) as the independent variable, it can help bring about a transformation of management which can improve financial performance. The Structural Equation Modelling (SEM) has been proposed as conceptual model in this study. Based on proposed research model and literature review, a research hypothesis is being developed.</p> ]]> Green Lean Six Sigma, Managerial Innovation and Financial Performance in Automotive Industry nurul fadly habidin farah izzaida mohd zamri nursyazwani mohd fuzi mad ithnin salleh nor azrin md latip doi: 10.56578/jcgirm020105 Journal of Corporate Governance, Insurance, and Risk Management 03-23-2015 Journal of Corporate Governance, Insurance, and Risk Management 03-23-2015 2015 2 1 Article 66 10.56578/jcgirm020105 https://www.acadlore.com/article/JCGIRM/2015_2_1/jcgirm020105 https://www.acadlore.com/article/JCGIRM/2015_2_1/jcgirm020104 The present study attempts to investigate the relations between the communications on the social network platforms and its effect on the purchase intentions of the consumers and more specifically the young adolescents. Further, this study also attempts to investigate how these relationships vary across young people possessing different learning styles. This study analysed the data in three part. The initial was an exploratory study which consisted of maintaining and excluding those items which enabled the analysis of other dimensions or factors with a suitable degree of reliability or uni-dimensionality. The second part was an exploratory and confirmatory factor analysis and the third being the structural equation modelling, which discarded those items which did not enable suitable dimensionality for the entire construct in the model. Confirmatory Factor Analysis (CFA) and Structural Equation Modelling (SEM) was used to test the present model using AMOS 21 software and basic calculations in statistics such as mean, standard deviation, factor analysis, correlation will be performed using SPSS 21. The study shows that the social media communication influence brand attitude and image leading to purchase intention. 03-23-2015 <![CDATA[ <p>The present study attempts to investigate the relations between the communications on the social network platforms and its effect on the purchase intentions of the consumers and more specifically the young adolescents. Further, this study also attempts to investigate how these relationships vary across young people possessing different learning styles. This study analysed the data in three part. The initial was an exploratory study which consisted of maintaining and excluding those items which enabled the analysis of other dimensions or factors with a suitable degree of reliability or uni-dimensionality. The second part was an exploratory and confirmatory factor analysis and the third being the structural equation modelling, which discarded those items which did not enable suitable dimensionality for the entire construct in the model. Confirmatory Factor Analysis (CFA) and Structural Equation Modelling (SEM) was used to test the present model using AMOS 21 software and basic calculations in statistics such as mean, standard deviation, factor analysis, correlation will be performed using SPSS 21. The study shows that the social media communication influence brand attitude and image leading to purchase intention.</p> ]]> Online Purchase Intention of Tablets (PC): Role of Social Media and Learning Style bidyanand jh k.v.a. balaji doi: 10.56578/jcgirm020104 Journal of Corporate Governance, Insurance, and Risk Management 03-23-2015 Journal of Corporate Governance, Insurance, and Risk Management 03-23-2015 2015 2 1 Article 43 10.56578/jcgirm020104 https://www.acadlore.com/article/JCGIRM/2015_2_1/jcgirm020104 https://www.acadlore.com/article/JCGIRM/2015_2_1/jcgirm020103 This study uses the Graph Model for Conflict Resolution (GMCR) as an approach to describe the optimal solution for resolving the conflict which happened between IDT and its subsidiary IDMT. This conflict arose when IDMT used IDT’s 2.1 frequency band.The main players in the conflict is IDT with its subsidiaries namely IDMT. The other parties involved in the conflict were KTI NGO, Central Jakarta District Court, Attorney General's Office and Policy Institute (MCIT and Administrative Court). The method used in this research is qualitative research that uses literature review as a tool for data collectionBased on the stability analysis, The equilibrium scenario for all the parties in frame I and frame II was the first scenario. The first scenario happened when, KTI NGO reported that there was an alleged misuse of mobile cellular network in the frequency of 2.1 GHz / 3G conducted by IDT and IDMT. IDT and IDMT sent out a counter report stating that they had been extorted by KTI NGO. The Central Jakarta District Court then concluded that KTI NGO had been guilty of extorting IDT and IDMT. However the Attorney General's Office continued their investigation on IDT and IDMT because of their suspected misuse of mobile cellular network and on the Policy Institute who defended IDT and IDMT. Based on the outcome of the conflict as reported on online news portals, it can be concluded there is correlation between the outcome of the conflict and the stable solution (equilibrium) generated through the GCMR approach. The implications of this study can be used as a reference for the Indonesian government and stakeholders in the telecommunications industry to resolve similar conflict in the telecommunications cooperation agreement. 03-23-2015 <![CDATA[ <p>This study uses the Graph Model for Conflict Resolution (GMCR) as an approach to describe the optimal solution for resolving the conflict which happened between IDT and its subsidiary IDMT. This conflict arose when IDMT used IDT’s 2.1 frequency band.</p><p>The main players in the conflict is IDT with its subsidiaries namely IDMT. The other parties involved in the conflict were KTI NGO, Central Jakarta District Court, Attorney General's Office and Policy Institute (MCIT and Administrative Court). The method used in this research is qualitative research that uses literature review as a tool for data collection</p><p>Based on the stability analysis, The equilibrium scenario for all the parties in frame I and frame II was the first scenario. The first scenario happened when, KTI NGO reported that there was an alleged misuse of mobile cellular network in the frequency of 2.1 GHz / 3G conducted by IDT and IDMT. IDT and IDMT sent out a counter report stating that they had been extorted by KTI NGO. The Central Jakarta District Court then concluded that KTI NGO had been guilty of extorting IDT and IDMT. However the Attorney General's Office continued their investigation on IDT and IDMT because of their suspected misuse of mobile cellular network and on the Policy Institute who defended IDT and IDMT. Based on the outcome of the conflict as reported on online news portals, it can be concluded there is correlation between the outcome of the conflict and the stable solution (equilibrium) generated through the GCMR approach. The implications of this study can be used as a reference for the Indonesian government and stakeholders in the telecommunications industry to resolve similar conflict in the telecommunications cooperation agreement.</p> ]]> Conflict Resolution Analysis Using Graph Model for Conflict Resolution (GMCR) Approach (A Case Study in Conflict and Cooperation Agreement Between IDT and IDMT) chintya faradita putri dini turipanam alamanda doi: 10.56578/jcgirm020103 Journal of Corporate Governance, Insurance, and Risk Management 03-23-2015 Journal of Corporate Governance, Insurance, and Risk Management 03-23-2015 2015 2 1 Article 33 10.56578/jcgirm020103 https://www.acadlore.com/article/JCGIRM/2015_2_1/jcgirm020103 https://www.acadlore.com/article/JCGIRM/2015_2_1/jcgirm020101 This research is to construct a model for an accurate prediction of financial distress by finding and including other variables outside the data/information derived the accounting reports. The population of this research is composed of all the non-financial companies listed on the Indonesia Stock Exchange. As for the samples, they are the companies experiencing financial distress which is indicated by their negative profits in two consecutive years; and the control group is composed of the companies in the same industry group with the total asset of almost the same as that of the companies experiencing financial distress; only that these companies do not experience financial distress.The model to construct the financial distress prediction is the Binary Logistic Regression. The results show that the variables of the group of financial ratios, namely liquidity, profitability, leverage, activity, and cash flow, can be used as the variables for the financial distress prediction. However, the variables of the group of market and macroeconomic ratios cannot be employed to predict. Meanwhile, the variable of the group of industry treated as a moderating dummy variable does not indicate to have any moderating influence on the variables of financial ratio that previously proved to have significant influence on the possibility of the financial distress of a company. 03-23-2015 <![CDATA[ <p>This research is to construct a model for an accurate prediction of financial distress by finding and including other variables outside the data/information derived the accounting reports. The population of this research is composed of all the non-financial companies listed on the Indonesia Stock Exchange. As for the samples, they are the companies experiencing financial distress which is indicated by their negative profits in two consecutive years; and the control group is composed of the companies in the same industry group with the total asset of almost the same as that of the companies experiencing financial distress; only that these companies do not experience financial distress.The model to construct the financial distress prediction is the Binary Logistic Regression. The results show that the variables of the group of financial ratios, namely liquidity, profitability, leverage, activity, and cash flow, can be used as the variables for the financial distress prediction. However, the variables of the group of market and macroeconomic ratios cannot be employed to predict. Meanwhile, the variable of the group of industry treated as a moderating dummy variable does not indicate to have any moderating influence on the variables of financial ratio that previously proved to have significant influence on the possibility of the financial distress of a company.</p> ]]> Developing Financial Distress Prediction Model for Companies Going Public: Accounting, Macroeconomic, Market, and Industry Approaches nilmawati shinta heru satoto doi: 10.56578/jcgirm020101 Journal of Corporate Governance, Insurance, and Risk Management 03-23-2015 Journal of Corporate Governance, Insurance, and Risk Management 03-23-2015 2015 2 1 Article 1 10.56578/jcgirm020101 https://www.acadlore.com/article/JCGIRM/2015_2_1/jcgirm020101 https://www.acadlore.com/article/JCGIRM/2014_1_2/jcgirm010216 Mobile gaming and digital music industries’ dynamics and growth show high potential of value network and induce new ways of designing and developing competitive value propositions throughout disruptive innovation processes. These innovative processes have the potential to lead to design and development of new products and services, by combining games with music contents and revolutionizing the current media entertainment sector. In view of that, mobile gaming sector and market analysis were conducted throughout competitive analysis frameworks, analysis of regional innovation systems and online surveys to support the blue ocean opportunities and corroborates its market potential. Hence, the analysis involved the study of the competitive environment and technological convergence of both industries and the impact of this new game in industry dynamics. Moreover, the key drivers and trends influencing the business environment were analysed and competitive strategies were discussed as new trends for the sector, as well as new value chain rearrangements and potential players’ competition models. Finally, there were discussed vertical and horizontal integration processes, industrial clustering and agglomeration economics to lead regional innovation systems, higher knowledge investments and R&D spillovers to support blue ocean opportunities benefiting customers through new and innovative value propositions. Major sectorial changes and societal impacts for the future are also discussed. 03-29-2014 <![CDATA[ <p>Mobile gaming and digital music industries’ dynamics and growth show high potential of value network and induce new ways of designing and developing competitive value propositions throughout disruptive innovation processes. These innovative processes have the potential to lead to design and development of new products and services, by combining games with music contents and revolutionizing the current media entertainment sector. In view of that, mobile gaming sector and market analysis were conducted throughout competitive analysis frameworks, analysis of regional innovation systems and online surveys to support the blue ocean opportunities and corroborates its market potential. Hence, the analysis involved the study of the competitive environment and technological convergence of both industries and the impact of this new game in industry dynamics. Moreover, the key drivers and trends influencing the business environment were analysed and competitive strategies were discussed as new trends for the sector, as well as new value chain rearrangements and potential players’ competition models. Finally, there were discussed vertical and horizontal integration processes, industrial clustering and agglomeration economics to lead regional innovation systems, higher knowledge investments and R&D spillovers to support blue ocean opportunities benefiting customers through new and innovative value propositions. Major sectorial changes and societal impacts for the future are also discussed.</p> ]]> Regional Innovation Systems and Revolutionized Sectors: The Mobile Gaming and Digital Music filipe castro soeiro ana filipa conduto doi: 10.56578/jcgirm010216 Journal of Corporate Governance, Insurance, and Risk Management 03-29-2014 Journal of Corporate Governance, Insurance, and Risk Management 03-29-2014 2014 1 2 Article 261 10.56578/jcgirm010216 https://www.acadlore.com/article/JCGIRM/2014_1_2/jcgirm010216 https://www.acadlore.com/article/JCGIRM/2014_1_2/jcgirm010215 Service quality leads to customers’ satisfaction and gives a competitive advantage to the firms/organisations against their rivals. Furthermore, service quality by firms in a country gives a competitive advantage to the country against rival countries as well. The global financial crisis has affected Cyprus too. The National Strategy plan for economy recovery is included as a main point the attracting of direct foreign investments by non- European High Net Worth Individuals in the island. Banks, Accounting and Legal offices in Cyprus cooperate together in providing full services to them for their corporate and wealth management needs. The aim of this research is to investigate if Banks, Legal and Accounting firms in Cyprus concern about providing a high level of service quality to non-EU HNWIs and examines the ways of implementation based on the five dimensions of SERVQUAL model.It also researches the impact of different ethnicities on service quality expectations and illustrates how this matter is treated by the firms examined. The study also investigates the priority of importance of the different service quality dimensions and emits new service quality dimensions found important for this industry in Cyprus. After studying different service quality models and different ways of research through literature review and academic resources, this research adopted a qualitative methodology. It was conducted through face-to face semistructured interviews with the managers of ten firms and organisations involved. The conclusions of the study confirm that Banks, Legal and Accounting offices in Cyprus do concern about offering high level of service quality to non-EU HNWIs however the whole infrastructure of the industry has been built mostly on Russian speaking customers’ needs. The firms are performing well in the five dimensions of SERVQUAL and ethnicity matters are taken into consideration with a different approach treatment. Responsiveness is found to be the most important dimension after reliability based again on Russians’ demand for quick service while flexibility and transparency emitted to be new important dimensions apart of pricing. 03-29-2014 <![CDATA[ <p>Service quality leads to customers’ satisfaction and gives a competitive advantage to the firms/organisations against their rivals. Furthermore, service quality by firms in a country gives a competitive advantage to the country against rival countries as well. The global financial crisis has affected Cyprus too. The National Strategy plan for economy recovery is included as a main point the attracting of direct foreign investments by non- European High Net Worth Individuals in the island. Banks, Accounting and Legal offices in Cyprus cooperate together in providing full services to them for their corporate and wealth management needs. The aim of this research is to investigate if Banks, Legal and Accounting firms in Cyprus concern about providing a high level of service quality to non-EU HNWIs and examines the ways of implementation based on the five dimensions of SERVQUAL model.It also researches the impact of different ethnicities on service quality expectations and illustrates how this matter is treated by the firms examined. The study also investigates the priority of importance of the different service quality dimensions and emits new service quality dimensions found important for this industry in Cyprus. After studying different service quality models and different ways of research through literature review and academic resources, this research adopted a qualitative methodology. It was conducted through face-to face semistructured interviews with the managers of ten firms and organisations involved. The conclusions of the study confirm that Banks, Legal and Accounting offices in Cyprus do concern about offering high level of service quality to non-EU HNWIs however the whole infrastructure of the industry has been built mostly on Russian speaking customers’ needs. The firms are performing well in the five dimensions of SERVQUAL and ethnicity matters are taken into consideration with a different approach treatment. Responsiveness is found to be the most important dimension after reliability based again on Russians’ demand for quick service while flexibility and transparency emitted to be new important dimensions apart of pricing.</p> ]]> Service Quality Provided to Non-European High Net Worth Individuals (HNWIS) By Banks, Legal and Accounting Offices in Cyprus angelos vouldis eleni zakchaiou constantinou doi: 10.56578/jcgirm010215 Journal of Corporate Governance, Insurance, and Risk Management 03-29-2014 Journal of Corporate Governance, Insurance, and Risk Management 03-29-2014 2014 1 2 Article 241 10.56578/jcgirm010215 https://www.acadlore.com/article/JCGIRM/2014_1_2/jcgirm010215 https://www.acadlore.com/article/JCGIRM/2014_1_2/jcgirm010214 An activity of online buying and selling products causes many online shops on social media. One of social media being used for buying and selling products in society is Instagram. Factors in influencing online purchasing need to be considered by online shops in order to meet the needs and desires of customers. This study aims to determine the factors that influence the online clothes fashion product purchasing on Instagram and other social media to find out the most dominant variables of each factor. This study employs a descriptive quantitative method and factor analysis in SPSS 20:00 in windows seven. The variables analyzed in this study is the impulse purchase orientation, attitude to online shopping, service quality, perceived risk, informativeness, online trust, specific holdup cost, perceived ease of use, and purchase intention. Data collection techniques are on students of Faculty of Economics and Business (FEB) and students of Faculty of Communication and Business (FKB) of Telkom University done by interviews and questionnaires. The sample in this study is using proportionate stratified random sampling of 100 people with a confidence level of 95% and an error of 5%. The results showed that the newly formed five factors that influence online purchase. The fifth factor is the perceived ease of use, online trust, informativeness, attitude to online shopping, and impulse purchase orientation. Online shopping businesses today are expected to pay attention to these factors in order to improve the service. Future studies are expected to use other variables such as enjoyment, perceived usefulness, and innovativeness while also able to use other analytical techniques such as Structural Equation Modelling (SEM). 03-29-2014 <![CDATA[ <p>An activity of online buying and selling products causes many online shops on social media. One of social media being used for buying and selling products in society is <em>Instagram</em>. Factors in influencing online purchasing need to be considered by online shops in order to meet the needs and desires of customers. This study aims to determine the factors that influence the online clothes fashion product purchasing on Instagram and other social media to find out the most dominant variables of each factor. This study employs a descriptive quantitative method and factor analysis in SPSS 20:00 in windows seven. The variables analyzed in this study is the impulse purchase orientation, attitude to online shopping, service quality, perceived risk, informativeness, online trust, specific holdup cost, perceived ease of use, and purchase intention. Data collection techniques are on students of Faculty of Economics and Business (FEB) and students of Faculty of Communication and Business (FKB) of Telkom University done by interviews and questionnaires. The sample in this study is using proportionate stratified random sampling of 100 people with a confidence level of 95% and an error of 5%. The results showed that the newly formed five factors that influence online purchase. The fifth factor is the perceived ease of use, online trust, informativeness, attitude to online shopping, and impulse purchase orientation. Online shopping businesses today are expected to pay attention to these factors in order to improve the service. Future studies are expected to use other variables such as enjoyment, perceived usefulness, and innovativeness while also able to use other analytical techniques such as Structural Equation Modelling (SEM).</p> ]]> Factor Analysis of Online Clothes Fashion Purchase on Social Media Instagram riana satriana indira rachmawati farah alfanur doi: 10.56578/jcgirm010214 Journal of Corporate Governance, Insurance, and Risk Management 03-29-2014 Journal of Corporate Governance, Insurance, and Risk Management 03-29-2014 2014 1 2 Article 231 10.56578/jcgirm010214 https://www.acadlore.com/article/JCGIRM/2014_1_2/jcgirm010214 https://www.acadlore.com/article/JCGIRM/2014_1_2/jcgirm010213 The purpose of the study was to determine the key drivers which influence the shopping behavior of the customers in the retail store. In today’s competitive world with increasing number of retail stores, the retailers need to be more customer oriented. Retail has changed and expanded in all lines of business, be it apparel, jewelry, footwear, groceries.etc. The modern consumer is posing a challenging task for the Indian retailer. More aware, more confident and much more demanding, therefore the retailers are looking for ways to deliver better consumer value and to increase consumer purchase intention. Retailers tend to differentiate themselves by making their service easier to consumers. The study aims to study the key drivers that can influence shopping behavior in retail store. A survey (store intercept) method was employed to elicit primary information from 300 shoppers in different formats of retail stores of Lucknow. The findings reveal the factors that play a greater role in influencing the shopping behavior of customers in retail store. As such, a survey of retail store customer’s attitude towards reduced price, sales promotion, quality of the products, proximity to the home, customer service, store atmospherics were analyzed to identify the key drivers influencing shopping behavior in retail store. A questionnaire based on a five-item Likert scale, as well as random sampling, was employed for data collection. Data analysis was accomplished using SPSS software. The paper has found shopping experience, store image and value for money as three important variable out of which shopping experience emerged as a dominant factor which influences the consumer’s shopping behavior in the retail store. Since the research has established empirical evidences in determining the key drivers which influences the shopping behavior of the customers in the retail store, it serves as a foundation for a deeper probe into the shopping behavior of the customers in the retail store research domain in the Indian context 03-29-2014 <![CDATA[ <p>The purpose of the study was to determine the key drivers which influence the shopping behavior of the customers in the retail store. In today’s competitive world with increasing number of retail stores, the retailers need to be more customer oriented. Retail has changed and expanded in all lines of business, be it apparel, jewelry, footwear, groceries.etc. The modern consumer is posing a challenging task for the Indian retailer. More aware, more confident and much more demanding, therefore the retailers are looking for ways to deliver better consumer value and to increase consumer purchase intention. Retailers tend to differentiate themselves by making their service easier to consumers. The study aims to study the key drivers that can influence shopping behavior in retail store. A survey (store intercept) method was employed to elicit primary information from 300 shoppers in different formats of retail stores of Lucknow. The findings reveal the factors that play a greater role in influencing the shopping behavior of customers in retail store. As such, a survey of retail store customer’s attitude towards reduced price, sales promotion, quality of the products, proximity to the home, customer service, store atmospherics were analyzed to identify the key drivers influencing shopping behavior in retail store. A questionnaire based on a five-item Likert scale, as well as random sampling, was employed for data collection. Data analysis was accomplished using SPSS software. The paper has found shopping experience, store image and value for money as three important variable out of which shopping experience emerged as a dominant factor which influences the consumer’s shopping behavior in the retail store. Since the research has established empirical evidences in determining the key drivers which influences the shopping behavior of the customers in the retail store, it serves as a foundation for a deeper probe into the shopping behavior of the customers in the retail store research domain in the Indian context</p> ]]> Key Drivers Influencing Shopping Behavior in Retail Store aamir hasan subhash mishra doi: 10.56578/jcgirm010213 Journal of Corporate Governance, Insurance, and Risk Management 03-29-2014 Journal of Corporate Governance, Insurance, and Risk Management 03-29-2014 2014 1 2 Article 210 10.56578/jcgirm010213 https://www.acadlore.com/article/JCGIRM/2014_1_2/jcgirm010213 https://www.acadlore.com/article/JCGIRM/2014_1_2/jcgirm010212 Online social support perceived by Facebook users and its effect on stress coping were examined in this study with a sample of 518 college students, who completed a conventional or online survey form, in which they responded to items regarding demographic information, Facebook use, social support from Facebook friends, resilience, and feeling of stress. Four important findings were found: First, the participants reported having received more information and appraisal support than emotional support. Second, Facebook users who frequently used embedded services (i.e., News Feed, Photos, Events, Groups, and Chat) reported having received greater levels of social support than those who occasionally or seldom used these services. Third, Facebook users’ perceived social support and resilience were positively correlated with each other, and were both negatively correlated with feeling of stress. Finally, Facebook social support significantly accounted for the variability of stress, after taking into account the effect of resilience. The results are discussed in terms of characteristics of online social support, implications for coping stress in workplace, and suggestions for future research. 03-29-2014 <![CDATA[ <p>Online social support perceived by Facebook users and its effect on stress coping were examined in this study with a sample of 518 college students, who completed a conventional or online survey form, in which they responded to items regarding demographic information, Facebook use, social support from Facebook friends, resilience, and feeling of stress. Four important findings were found: First, the participants reported having received more information and appraisal support than emotional support. Second, Facebook users who frequently used embedded services (i.e., News Feed, Photos, Events, Groups, and Chat) reported having received greater levels of social support than those who occasionally or seldom used these services. Third, Facebook users’ perceived social support and resilience were positively correlated with each other, and were both negatively correlated with feeling of stress. Finally, Facebook social support significantly accounted for the variability of stress, after taking into account the effect of resilience. The results are discussed in terms of characteristics of online social support, implications for coping stress in workplace, and suggestions for future research.</p> ]]> Online Social Support Perceived by Facebook Users and Its Effects on Stress Coping tsai-yuan chung cheng-ying yang ming-chun chen doi: 10.56578/jcgirm010212 Journal of Corporate Governance, Insurance, and Risk Management 03-29-2014 Journal of Corporate Governance, Insurance, and Risk Management 03-29-2014 2014 1 2 Article 193 10.56578/jcgirm010212 https://www.acadlore.com/article/JCGIRM/2014_1_2/jcgirm010212 https://www.acadlore.com/article/JCGIRM/2014_1_2/jcgirm010211 The data set consists of 58 companies listed on the Baltic Stock Exchange over the period from 2005 to 2012. The study analyses the trade-off and the pecking order theories of capital structure by using regression analysis. The empirical results indicate that Baltic listed companies do not apply pecking order to their capital structure. Speed of adjustment varies for long-term debt and short-term debt. Short-term debt is adjusted more quickly than long-term debt. Speed of adjustment also depends on company size and country. Large companies and companies from Estonia adjust their capital structure more quickly than medium companies and companies from Lithuania. 03-29-2014 <![CDATA[ <p>The data set consists of 58 companies listed on the Baltic Stock Exchange over the period from 2005 to 2012. The study analyses the trade-off and the pecking order theories of capital structure by using regression analysis. The empirical results indicate that Baltic listed companies do not apply pecking order to their capital structure. Speed of adjustment varies for long-term debt and short-term debt. Short-term debt is adjusted more quickly than long-term debt. Speed of adjustment also depends on company size and country. Large companies and companies from Estonia adjust their capital structure more quickly than medium companies and companies from Lithuania.</p> ]]> Capital Structure Choice in the Baltic Countries elvira zelgalve irina berzkalne doi: 10.56578/jcgirm010211 Journal of Corporate Governance, Insurance, and Risk Management 03-29-2014 Journal of Corporate Governance, Insurance, and Risk Management 03-29-2014 2014 1 2 Article 181 10.56578/jcgirm010211 https://www.acadlore.com/article/JCGIRM/2014_1_2/jcgirm010211 https://www.acadlore.com/article/JCGIRM/2014_1_2/jcgirm010210 Along with the government's policy to convert from kerosene to LPG gas, LPG consumer demand is increasing. It requires the LPG distributors to be able to meet the needs of its customers. PT. Limas Raga Inti is an authorized distributor company PT. Pertamina LPG product devoted to distribute 12 kg. The company's main commitment is to provide the best service to the consumer. One of the efforts to improve the quality of service is to provide optimization of the distribution process. Optimization can be done by determining the distribution of the matrix saving method to obtain the optimal route. The purpose of the optimization of route determination is to provide effectiveness and efficiency of the distribution process. Effectiveness and efficiency can be seen with the speed of delivery time and can overcome the problems that exist in the company. In the process of determining the route to saving matrix, is done in the consumer sorting method which has produced the nearest neighbor and nearest the insert. Then do the repair method using 2-opt and or-opt in order to provide the best route to the selected proposal. Furthermore, the delivery time will be calculated based on the productivity of the proposal and indicating the optimal route. The results of this study are are 4 routes proposed by sorting nearest neighbor method with a total delivery time of 10 hours 30 minutes for 100 customers spread in the distribution area D14. The resulting productivity by 85.11%. 03-25-2014 <![CDATA[ <p>Along with the government's policy to convert from kerosene to LPG gas, LPG consumer demand is increasing. It requires the LPG distributors to be able to meet the needs of its customers. PT. Limas Raga Inti is an authorized distributor company PT. Pertamina LPG product devoted to distribute 12 kg. The company's main commitment is to provide the best service to the consumer. One of the efforts to improve the quality of service is to provide optimization of the distribution process. Optimization can be done by determining the distribution of the matrix saving method to obtain the optimal route. The purpose of the optimization of route determination is to provide effectiveness and efficiency of the distribution process. Effectiveness and efficiency can be seen with the speed of delivery time and can overcome the problems that exist in the company. In the process of determining the route to saving matrix, is done in the consumer sorting method which has produced the nearest neighbor and nearest the insert. Then do the repair method using 2-opt and or-opt in order to provide the best route to the selected proposal. Furthermore, the delivery time will be calculated based on the productivity of the proposal and indicating the optimal route. The results of this study are are 4 routes proposed by sorting nearest neighbor method with a total delivery time of 10 hours 30 minutes for 100 customers spread in the distribution area D14. The resulting productivity by 85.11%.</p> ]]> Distribution Route Optimization by Utilizing Saving Matrix: Case Study In. Limas Raga Inti Bandung rizal putranto ratih hendayani doi: 10.56578/jcgirm010210 Journal of Corporate Governance, Insurance, and Risk Management 03-25-2014 Journal of Corporate Governance, Insurance, and Risk Management 03-25-2014 2014 1 2 Article 162 10.56578/jcgirm010210 https://www.acadlore.com/article/JCGIRM/2014_1_2/jcgirm010210 https://www.acadlore.com/article/JCGIRM/2014_1_2/jcgirm010209 In this paper, an in depth theoretical overview on the central question in business strategy is provided: Why some firms outperform others? The latest approaches to the concept of competitive advantage were examined. Recent researches show that sustainable competitive advantage is becoming rarer, and that the duration of competitive advantage decreases (Wiggins and Ruefli, 2002). Sirmon, et. al. (2010) point out that competitive advantage is de facto unsustainable and that each advantage of the firm is reduced, as a result of dynamic interactions with competitors. Thus, the paper gives detailed explanation of how and why new perspectives work to unlock the potential for competitiveness. In other words, the purpose of this paper is to examine the theoretical background and insights of behaviour of the firms and the ways of sustaining competitive advantage in the context of hypercompetition, by examining the modes in which firms successfully compete, evolve and survive in times when specific advantages are not sustainable, but of more temporary nature. This extant literature review shows that still and all we face a knowledge gap in realizing the big picture of competitive advantage. 03-28-2014 <![CDATA[ <p>In this paper, an in depth theoretical overview on the central question in business strategy is provided: Why some firms outperform others? The latest approaches to the concept of competitive advantage were examined. Recent researches show that sustainable competitive advantage is becoming rarer, and that the duration of competitive advantage decreases (Wiggins and Ruefli, 2002). Sirmon, et. al. (2010) point out that competitive advantage is de facto unsustainable and that each advantage of the firm is reduced, as a result of dynamic interactions with competitors. Thus, the paper gives detailed explanation of how and why new perspectives work to unlock the potential for competitiveness. In other words, the purpose of this paper is to examine the theoretical background and insights of behaviour of the firms and the ways of sustaining competitive advantage in the context of hypercompetition, by examining the modes in which firms successfully compete, evolve and survive in times when specific advantages are not sustainable, but of more temporary nature. This extant literature review shows that still and all we face a knowledge gap in realizing the big picture of competitive advantage.</p> ]]> The Growing Importance of Changing Nature of Competition maja daraboš doi: 10.56578/jcgirm010209 Journal of Corporate Governance, Insurance, and Risk Management 03-28-2014 Journal of Corporate Governance, Insurance, and Risk Management 03-28-2014 2014 1 2 Article 149 10.56578/jcgirm010209 https://www.acadlore.com/article/JCGIRM/2014_1_2/jcgirm010209 https://www.acadlore.com/article/JCGIRM/2014_1_2/jcgirm010208 The analysis of monetary policy in Tunisia highlights three main distinct periods with the support of the IMF: the last in 1987 when the country was in deep recession, after 1989 with the gradual privatization plan launched by the government and recently current period in the end of 2012, after revolution, in which the economic and financial balance recorded major shocks remanding back of the ex-period and the rise in arrow of the inflation. This article aims to provide an overview on key reforms Tunisian financial markets from 1989. These reforms have particularly affected the banking system and the implementation of monetary policy based on the interest rate as an instrument controller for the first phase and also the monetary aggregates, M3 mainly, following the evolution of economic conditions to our days 2014. But from the 90's view that the success recorded by the industrialized countries precursors on Inflation Targeting strategy IT and some developing countries as follower, we will demonstrate the inability of the Tunisian Central Bank TCB to pursue this inflation target announce strategy as a primary objective and the main difficulties before its actual realization in the current difficult economic environment. 03-29-2014 <![CDATA[ <p>The analysis of monetary policy in Tunisia highlights three main distinct periods with the support of the IMF: the last in 1987 when the country was in deep recession, after 1989 with the gradual privatization plan launched by the government and recently current period in the end of 2012, after revolution, in which the economic and financial balance recorded major shocks remanding back of the ex-period and the rise in arrow of the inflation. This article aims to provide an overview on key reforms Tunisian financial markets from 1989. These reforms have particularly affected the banking system and the implementation of monetary policy based on the interest rate as an instrument controller for the first phase and also the monetary aggregates, M3 mainly, following the evolution of economic conditions to our days 2014. But from the 90's view that the success recorded by the industrialized countries precursors on Inflation Targeting strategy IT and some developing countries as follower, we will demonstrate the inability of the Tunisian Central Bank TCB to pursue this inflation target announce strategy as a primary objective and the main difficulties before its actual realization in the current difficult economic environment.</p> ]]> Reorganization Strategy for the Tunisian Central Bank brahmi mohsen adala laadjal doi: 10.56578/jcgirm010208 Journal of Corporate Governance, Insurance, and Risk Management 03-29-2014 Journal of Corporate Governance, Insurance, and Risk Management 03-29-2014 2014 1 2 Article 132 10.56578/jcgirm010208 https://www.acadlore.com/article/JCGIRM/2014_1_2/jcgirm010208 https://www.acadlore.com/article/JCGIRM/2014_1_2/jcgirm010207 This study was undertaken to explore the determinants of liquidity in Zimbabwean commercial banks. The research paper was motivated by the persistent high liquidity crunch currently be delving operations of commercial banks. An explanatory research design was adopted to find out variables that determine banks liquidity. An Ordinary Least Squares (OLS) model was developed after testing the variables for stationary to avoid spurious regression using the Augmented Dicker-Fuller (ADF) unit root test. Pearson’s correlation analysis was used to examine the existence of correlation between the repressors and the regressed. The study identified that non-performing loans are highly negatively related with banks liquidity signifying that this variable influence bank liquidity to a larger extent. A positive relationship between bank size and capital adequacy ratio and liquidity was established. Contrary to expectations a positive relationship was obtained between loan growth and banks liquidity. The following recommendations were made. Banks should devise robust credit risk management tools to reduce credit risk, tap into the offshore markets to obtain more credit to extent to their clients and the central banks should speed up the operation of ZAMCO which is meant to take over banks bad debts. 03-29-2014 <![CDATA[ <p>This study was undertaken to explore the determinants of liquidity in Zimbabwean commercial banks. The research paper was motivated by the persistent high liquidity crunch currently be delving operations of commercial banks. An explanatory research design was adopted to find out variables that determine banks liquidity. An Ordinary Least Squares (OLS) model was developed after testing the variables for stationary to avoid spurious regression using the Augmented Dicker-Fuller (ADF) unit root test. Pearson’s correlation analysis was used to examine the existence of correlation between the repressors and the regressed. The study identified that non-performing loans are highly negatively related with banks liquidity signifying that this variable influence bank liquidity to a larger extent. A positive relationship between bank size and capital adequacy ratio and liquidity was established. Contrary to expectations a positive relationship was obtained between loan growth and banks liquidity. The following recommendations were made. Banks should devise robust credit risk management tools to reduce credit risk, tap into the offshore markets to obtain more credit to extent to their clients and the central banks should speed up the operation of ZAMCO which is meant to take over banks bad debts.</p> ]]> Determinates of Commercial Banks Liquidity: Internal Factor Analysis tafirei mashamba doi: 10.56578/jcgirm010207 Journal of Corporate Governance, Insurance, and Risk Management 03-29-2014 Journal of Corporate Governance, Insurance, and Risk Management 03-29-2014 2014 1 2 Article 112 10.56578/jcgirm010207 https://www.acadlore.com/article/JCGIRM/2014_1_2/jcgirm010207 https://www.acadlore.com/article/JCGIRM/2014_1_2/jcgirm010206 The growth rate of unemployment in Nigeria is becoming an issue of great concern therefore calling the attention of stake holders to seeking solution to it. On the other hand, capital flight is another issue that has generated great concerns among economists with regards to its growth over the decades particularly in developing countries of which Nigeria is one on the top of the list as shown in the literature. Given these, it is highly essential that the attendant effects of this incredible growth of capital flight are found, however some of these effects are already mentioned in the literature. Given the growth rate of unemployment in Nigeria and the failure of many policies prescribed by the government of Nigeria to curb it, it has therefore become very clear that there are still more factors contributing to unemployment than the ones known. Solving the unemployment problem demands the knowledge of all factors contributing to it. In this paper, capital flight is identified as one of the factors contributing to unemployment in Nigeria. The Ordinary Least Squares Method including Co-integration and Error Correction Mechanism (ECM) were used to investigate this assertion. It was found that in the short run, capital flight contributes positively to unemployment in both current and next years while in the long run, it only contributes positively in the current year while contributing negatively in the next year but leaving an unemployment gap as the contribution of the current year is greater than that of the next year. 03-29-2014 <![CDATA[ <p>The growth rate of unemployment in Nigeria is becoming an issue of great concern therefore calling the attention of stake holders to seeking solution to it. On the other hand, capital flight is another issue that has generated great concerns among economists with regards to its growth over the decades particularly in developing countries of which Nigeria is one on the top of the list as shown in the literature. Given these, it is highly essential that the attendant effects of this incredible growth of capital flight are found, however some of these effects are already mentioned in the literature. Given the growth rate of unemployment in Nigeria and the failure of many policies prescribed by the government of Nigeria to curb it, it has therefore become very clear that there are still more factors contributing to unemployment than the ones known. Solving the unemployment problem demands the knowledge of all factors contributing to it. In this paper, capital flight is identified as one of the factors contributing to unemployment in Nigeria. The Ordinary Least Squares Method including Co-integration and Error Correction Mechanism (ECM) were used to investigate this assertion. It was found that in the short run, capital flight contributes positively to unemployment in both current and next years while in the long run, it only contributes positively in the current year while contributing negatively in the next year but leaving an unemployment gap as the contribution of the current year is greater than that of the next year.</p> ]]> Capital Flight and Unemployment in Nigeria: An Empirical Investigation afolaranmi tobi benjamin doi: 10.56578/jcgirm010206 Journal of Corporate Governance, Insurance, and Risk Management 03-29-2014 Journal of Corporate Governance, Insurance, and Risk Management 03-29-2014 2014 1 2 Article 91 10.56578/jcgirm010206 https://www.acadlore.com/article/JCGIRM/2014_1_2/jcgirm010206 https://www.acadlore.com/article/JCGIRM/2014_1_2/jcgirm010205 As an analytical approach, decision-making is the process of finding the best option from all feasible alternatives. The application of decision- making process in economics, management, psychology, mathematics, statistics and engineering is obvious and this process is an important part of all science-based professions. Proper management and utilization of valuable data could significantly increase knowledge and reduce cost by preventive actions, whereas erroneous and misinterpreted data could lead to poor inference and decision-making. This paper presents a class of practical methods to analyze high-dimensional event history data to reduce redundant information and facilitate practical interpretation through variable inefficiency recognition. In addition, numerical experiments and simulations are developed to investigate the performance and validation of the proposed methods. 03-29-2014 <![CDATA[ <p>As an analytical approach, decision-making is the process of finding the best option from all feasible alternatives. The application of decision- making process in economics, management, psychology, mathematics, statistics and engineering is obvious and this process is an important part of all science-based professions. Proper management and utilization of valuable data could significantly increase knowledge and reduce cost by preventive actions, whereas erroneous and misinterpreted data could lead to poor inference and decision-making. This paper presents a class of practical methods to analyze high-dimensional event history data to reduce redundant information and facilitate practical interpretation through variable inefficiency recognition. In addition, numerical experiments and simulations are developed to investigate the performance and validation of the proposed methods.</p> ]]> Multidisciplinary Decision-Making Approach to High-Dimensional Event History Analysis through Variable Reduction Methods keivan sadeghzadeh nasser fard doi: 10.56578/jcgirm010205 Journal of Corporate Governance, Insurance, and Risk Management 03-29-2014 Journal of Corporate Governance, Insurance, and Risk Management 03-29-2014 2014 1 2 Article 77 10.56578/jcgirm010205 https://www.acadlore.com/article/JCGIRM/2014_1_2/jcgirm010205 https://www.acadlore.com/article/JCGIRM/2014_1_2/jcgirm010204 Unified process, a leading software development methodology, allows project teams to incrementally build their software and structurally defines project roles, phases, iterations and disciplines. One of the issues that arise when applying unified process is absence of discipline for quality assurance and control. This research aims to define new discipline entitled “quality management of software development” and its processes, in order to produce modified version of unified process, suitable for continually controlling quality in software development projects. This discipline will integrate ISO 9126 “Software engineering – product quality”, which is an international standard for addressing software quality and quality control tools, as proposed by Project Management Book of Knowledge 2010. Main hypothesis of this research is that, by defining and integrating new discipline of quality management, project teams that employ this new, modified version of unified process, will be able to produce software of higher quality level. Experimental research is conducted on four software development projects, ranging from 2009 to 2010, two of which use standard, and two of which use modified unified process model. Research results show higher software quality levels in two projects that use modified unified process methodology. 03-29-2014 <![CDATA[ <p>Unified process, a leading software development methodology, allows project teams to incrementally build their software and structurally defines project roles, phases, iterations and disciplines. One of the issues that arise when applying unified process is absence of discipline for quality assurance and control. This research aims to define new discipline entitled “quality management of software development” and its processes, in order to produce modified version of unified process, suitable for continually controlling quality in software development projects. This discipline will integrate ISO 9126 “Software engineering – product quality”, which is an international standard for addressing software quality and quality control tools, as proposed by Project Management Book of Knowledge 2010. Main hypothesis of this research is that, by defining and integrating new discipline of quality management, project teams that employ this new, modified version of unified process, will be able to produce software of higher quality level. Experimental research is conducted on four software development projects, ranging from 2009 to 2010, two of which use standard, and two of which use modified unified process model. Research results show higher software quality levels in two projects that use modified unified process methodology.</p> ]]> Improving Unified Process Methodology by Implementing New Quality Management Discipline boris todorović doi: 10.56578/jcgirm010204 Journal of Corporate Governance, Insurance, and Risk Management 03-29-2014 Journal of Corporate Governance, Insurance, and Risk Management 03-29-2014 2014 1 2 Article 66 10.56578/jcgirm010204 https://www.acadlore.com/article/JCGIRM/2014_1_2/jcgirm010204 https://www.acadlore.com/article/JCGIRM/2014_1_2/jcgirm010203 This paper judges the welfare implications of anticipated and unanticipated Productivity shocks in a small open economy. The purpose model is two country New Keynesian dynamic stochastic general equilibrium model with the characteristics of nominal rigidities and monopolistic competition. This study finds out the higher degree of openness increase the welfare cost in the anticipated shocks. The response of optimal policy to anticipated shocks demonstrates the larger and delayed on macroeconomic variables than unanticipated shocks. Optimal monetary policy rule has a potential to curb the inflation and meet an optimal level of the real exchange rate volatility. Movements in real exchange rate resist the terms of trade externality and upturn the effectiveness of monetary policy. In addition, monetary authorities focus on the goal of exchange rate stabilization in their policy decisions. 03-29-2014 <![CDATA[ <p>This paper judges the welfare implications of anticipated and unanticipated Productivity shocks in a small open economy. The purpose model is two country New Keynesian dynamic stochastic general equilibrium model with the characteristics of nominal rigidities and monopolistic competition. This study finds out the higher degree of openness increase the welfare cost in the anticipated shocks. The response of optimal policy to anticipated shocks demonstrates the larger and delayed on macroeconomic variables than unanticipated shocks. Optimal monetary policy rule has a potential to curb the inflation and meet an optimal level of the real exchange rate volatility. Movements in real exchange rate resist the terms of trade externality and upturn the effectiveness of monetary policy. In addition, monetary authorities focus on the goal of exchange rate stabilization in their policy decisions.</p> ]]> Anticipated Shock, Monetary Policy and Welfare in the Small Open Economy rabia hasan syed faizan iftikhar doi: 10.56578/jcgirm010203 Journal of Corporate Governance, Insurance, and Risk Management 03-29-2014 Journal of Corporate Governance, Insurance, and Risk Management 03-29-2014 2014 1 2 Article 52 10.56578/jcgirm010203 https://www.acadlore.com/article/JCGIRM/2014_1_2/jcgirm010203 https://www.acadlore.com/article/JCGIRM/2014_1_2/jcgirm010202 This paper seeks to discover whether as a result of the removal of prudence as a concept within the revised 2010 Conceptual Framework, the accounts of companies in the FTSE100 in the UK have displayed any trends to be more or less conservative/prudent. The research design uses the two most popular measures of accounting conservatism (prudence) used in literature, Market-to-Book ratio and the Basu Asymmetric Timeliness model (Basu 1997) and compares the period prior to the change in the 2010 Conceptual Framework with the same measures post the change. The study finds that using both measures of conservatism, the levels of conservatism have fallen since the removal of prudence from the Conceptual Framework. This paper has implications for the users of financial statements and standard setters as the lower levels of prudence or accounting conservatism are associated with higher levels of risk (litigation) and costs (agency costs) which can affect stock valuations. 03-29-2014 <![CDATA[ <p>This paper seeks to discover whether as a result of the removal of prudence as a concept within the revised 2010 Conceptual Framework, the accounts of companies in the FTSE100 in the UK have displayed any trends to be more or less conservative/prudent. The research design uses the two most popular measures of accounting conservatism (prudence) used in literature, Market-to-Book ratio and the Basu Asymmetric Timeliness model (Basu 1997) and compares the period prior to the change in the 2010 Conceptual Framework with the same measures post the change. The study finds that using both measures of conservatism, the levels of conservatism have fallen since the removal of prudence from the Conceptual Framework. This paper has implications for the users of financial statements and standard setters as the lower levels of prudence or accounting conservatism are associated with higher levels of risk (litigation) and costs (agency costs) which can affect stock valuations.</p> ]]> Is UK Financial Reporting Becoming Less Prudent? elaine conway doi: 10.56578/jcgirm010202 Journal of Corporate Governance, Insurance, and Risk Management 03-29-2014 Journal of Corporate Governance, Insurance, and Risk Management 03-29-2014 2014 1 2 Article 20 10.56578/jcgirm010202 https://www.acadlore.com/article/JCGIRM/2014_1_2/jcgirm010202 https://www.acadlore.com/article/JCGIRM/2014_1_2/jcgirm010201 The purpose of this paper is to examine the determinants that associated with IT utilization and further how IT utilization influences competitive advantage and organizational performance in creative SMEs sector. The samples used in this research were 400 creative SMEs in Yogyakarta, Indonesia. Purposive sampling method was taken. Structural Equation Modeling (SEM) by using Partial Least Squares (PLS) was conducted to examine the validity, reliability, and the proposed hypotheses. The determinants of IT utilization covering management commitment, and direct and indirect supports from government were significantly influence IT utilization. IT utilization does not significantly influence performance directly. The influence of IT utilization on performance is indirect via competitive advantage. Considering that management commitment and government supports is vital to IT utilization, management and government collaborations should be developed and improved. Strategic IT development is vital to create competitive advantage and further to achieve higher organizational performance. The management commitment to build people equity for employees and management is urgent since it provides the basis for IT successful engagement. 03-29-2014 <![CDATA[ <p>The purpose of this paper is to examine the determinants that associated with IT utilization and further how IT utilization influences competitive advantage and organizational performance in creative SMEs sector. The samples used in this research were 400 creative SMEs in Yogyakarta, Indonesia. Purposive sampling method was taken. Structural Equation Modeling (SEM) by using Partial Least Squares (PLS) was conducted to examine the validity, reliability, and the proposed hypotheses. The determinants of IT utilization covering management commitment, and direct and indirect supports from government were significantly influence IT utilization. IT utilization does not significantly influence performance directly. The influence of IT utilization on performance is indirect via competitive advantage. Considering that management commitment and government supports is vital to IT utilization, management and government collaborations should be developed and improved. Strategic IT development is vital to create competitive advantage and further to achieve higher organizational performance. The management commitment to build people equity for employees and management is urgent since it provides the basis for IT successful engagement.</p> ]]> Organizational Performance and Competitive Advantage Determinants of Creative SMEs muafi ratna roostika doi: 10.56578/jcgirm010201 Journal of Corporate Governance, Insurance, and Risk Management 03-29-2014 Journal of Corporate Governance, Insurance, and Risk Management 03-29-2014 2014 1 2 Article 1 10.56578/jcgirm010201 https://www.acadlore.com/article/JCGIRM/2014_1_2/jcgirm010201 https://www.acadlore.com/article/JCGIRM/2014_1_1/jcgirm010116 Prerequisites of agent’s limited rationality are defined, when their choice is influenced by preferences, last events, emotional characteristics. An impact of behavioral characteristics on making decision in case of limited rationality of the agent is considered. For example, overconfidence managers encourage an increase in debt in capital structure of the company and overinvestment. The conflicts of interests for the Russian companies with ownership concentration are analyzed. Moreover ownership concentration – is a necessary measure of shareholders protection, not always have a negative effect on financial economic results. Behavioral features and agency problems vary at life cycles of the company. The algorithm of transition from one life stage to another in accordance with determined risks, agency problems and drivers is developed. The challenge to stimulate managers for increase of productivity and their decisions is determined. This article presents investigation a motivation and an encouragement of management; defined behavioral characteristics in the way of incentives; behavioral stereotypes in stimulation methods are presented. 03-26-2014 <![CDATA[ <p>Prerequisites of agent’s limited rationality are defined, when their choice is influenced by preferences, last events, emotional characteristics. An impact of behavioral characteristics on making decision in case of limited rationality of the agent is considered. For example, overconfidence managers encourage an increase in debt in capital structure of the company and overinvestment. The conflicts of interests for the Russian companies with ownership concentration are analyzed. Moreover ownership concentration – is a necessary measure of shareholders protection, not always have a negative effect on financial economic results. Behavioral features and agency problems vary at life cycles of the company. The algorithm of transition from one life stage to another in accordance with determined risks, agency problems and drivers is developed. The challenge to stimulate managers for increase of productivity and their decisions is determined. This article presents investigation a motivation and an encouragement of management; defined behavioral characteristics in the way of incentives; behavioral stereotypes in stimulation methods are presented.</p> ]]> Shareholder and Management Features in the Context of Behavioural Characteristics, Effects and Life Cycle** e.v. krasilnikova doi: 10.56578/jcgirm010116 Journal of Corporate Governance, Insurance, and Risk Management 03-26-2014 Journal of Corporate Governance, Insurance, and Risk Management 03-26-2014 2014 1 1 Article 256 10.56578/jcgirm010116 https://www.acadlore.com/article/JCGIRM/2014_1_1/jcgirm010116 https://www.acadlore.com/article/JCGIRM/2014_1_1/jcgirm010115 The peculiarities of microfinance and prospects of its implementation in the institutional structure of a social and economic system in general and transitional economies systems in particular are considered. Special attention is paid to the problems of investing in microfinance activity under globalization and different institutional configurations. 03-29-2014 <![CDATA[ <p>The peculiarities of microfinance and prospects of its implementation in the institutional structure of a social and economic system in general and transitional economies systems in particular are considered. Special attention is paid to the problems of investing in microfinance activity under globalization and different institutional configurations.</p> ]]> Investing in Microfinance under Different Institutional Configurations (The Paper is Partly Supported by a Grant of Russian Foundation of Basic Research (Project № 14-06-00207))** arman vardanyan bagrat yerznkyan doi: 10.56578/jcgirm010115 Journal of Corporate Governance, Insurance, and Risk Management 03-29-2014 Journal of Corporate Governance, Insurance, and Risk Management 03-29-2014 2014 1 1 Article 224 10.56578/jcgirm010115 https://www.acadlore.com/article/JCGIRM/2014_1_1/jcgirm010115 https://www.acadlore.com/article/JCGIRM/2014_1_1/jcgirm010114 The aim of this paper is to provide an insight in to the world of corporate governance quality as well as to shed light on efforts in measuring the quality of corporate governance through an overview of relevant academic and commercial corporate governance indices by. As the paper will show, measuring the quality of corporate governance is still a relatively new concept. The construction of the index for measuring the quality of corporate governance still comes down to simplification of standards or criteria which mainly revolve around three dimensions - compliance, performance and accountability. In contrast to the level of compliance with good governance standards, scientific assessment of the quality of corporate governance remains a mystery. 03-27-2014 <![CDATA[ <p>The aim of this paper is to provide an insight in to the world of corporate governance quality as well as to shed light on efforts in measuring the quality of corporate governance through an overview of relevant academic and commercial corporate governance indices by. As the paper will show, measuring the quality of corporate governance is still a relatively new concept. The construction of the index for measuring the quality of corporate governance still comes down to simplification of standards or criteria which mainly revolve around three dimensions - compliance, performance and accountability. In contrast to the level of compliance with good governance standards, scientific assessment of the quality of corporate governance remains a mystery.</p> ]]> Measuring the Quality of Corporate Governance – A Review of Corporate Governance Indices** darko tipurić katarina dvorsk mia delić doi: 10.56578/jcgirm010114 Journal of Corporate Governance, Insurance, and Risk Management 03-27-2014 Journal of Corporate Governance, Insurance, and Risk Management 03-27-2014 2014 1 1 Article 224 10.56578/jcgirm010114 https://www.acadlore.com/article/JCGIRM/2014_1_1/jcgirm010114 https://www.acadlore.com/article/JCGIRM/2014_1_1/jcgirm010113 Existence of global rivalry between corporations causes the need for expatriation as one of potential sources of international competitive advantage. Expatriation is standard practice of multinational corporations to accomplish their missions. In this paper focus is put on self-initiated expatriates who represent contemporary trend among global working force. Their importance and uniqueness is elaborated broadly. Special emphasis is put on comparison between traditional and self-initiated expatriates. The most important differences between those two categories are analyzed as well as different motives that lead and encourage them to successfully finish their international assignments. 03-29-2014 <![CDATA[ <p>Existence of global rivalry between corporations causes the need for expatriation as one of potential sources of international competitive advantage. Expatriation is standard practice of multinational corporations to accomplish their missions. In this paper focus is put on self-initiated expatriates who represent contemporary trend among global working force. Their importance and uniqueness is elaborated broadly. Special emphasis is put on comparison between traditional and self-initiated expatriates. The most important differences between those two categories are analyzed as well as different motives that lead and encourage them to successfully finish their international assignments.</p> ]]> Distinctiveness of Self-Initiative Expatriates** najla podrug ana pavlić ana kovačić doi: 10.56578/jcgirm010113 Journal of Corporate Governance, Insurance, and Risk Management 03-29-2014 Journal of Corporate Governance, Insurance, and Risk Management 03-29-2014 2014 1 1 Article 213 10.56578/jcgirm010113 https://www.acadlore.com/article/JCGIRM/2014_1_1/jcgirm010113 https://www.acadlore.com/article/JCGIRM/2014_1_1/jcgirm010112 In past ten years the world of retailing has changed dramatically due to changes to consumer consumption, product saturation and most of all to technology improvements. Retailers have to operate in environment that fluctuates among different challenges that global economy puts on their way of doing business. Also global economy and internationalization of business reduced dependence on home markets and mood swing of domestic consumers. Needless to say attractiveness of foreign-new markets and its possibilities of growth. But unfamiliar and unpredictable territory has its treats and risk. In our paper we are focused on analysis of the strategies that retailers have as option when their wont to internationalize their business. Analysis of theoretical aspects of retail internationalization, and also of motives that shift retailers operations and attention from domestic toward unfamiliar markets are also given. The question for new analysis or research is put is there the best entry strategy for retailers or is it a mix of skill, experience and luck? 03-26-2014 <![CDATA[ <p>In past ten years the world of retailing has changed dramatically due to changes to consumer consumption, product saturation and most of all to technology improvements. Retailers have to operate in environment that fluctuates among different challenges that global economy puts on their way of doing business. Also global economy and internationalization of business reduced dependence on home markets and mood swing of domestic consumers. Needless to say attractiveness of foreign-new markets and its possibilities of growth. But unfamiliar and unpredictable territory has its treats and risk. In our paper we are focused on analysis of the strategies that retailers have as option when their wont to internationalize their business. Analysis of theoretical aspects of retail internationalization, and also of motives that shift retailers operations and attention from domestic toward unfamiliar markets are also given. The question for new analysis or research is put is there the best entry strategy for retailers or is it a mix of skill, experience and luck?</p> ]]> Connection Between Retail Internationalization and Management Strategies** ivana plazibat ivona vrdoljak raguž doi: 10.56578/jcgirm010112 Journal of Corporate Governance, Insurance, and Risk Management 03-26-2014 Journal of Corporate Governance, Insurance, and Risk Management 03-26-2014 2014 1 1 Article 203 10.56578/jcgirm010112 https://www.acadlore.com/article/JCGIRM/2014_1_1/jcgirm010112 https://www.acadlore.com/article/JCGIRM/2014_1_1/jcgirm010111 Since 1995 China officially adopted the Strategy of Revitalizing China through Science and Education to advance towards the knowledge economy. Our paper aims to access China’s progress using international indices of economic and innovation development (Knowledge Economy Index, Global Competitiveness Index, and Human Development Index). We also explore six types of public-private partnerships in innovation activities of the Chinese universities. They are: technology contracts, technology transfer, university-owned enterprises, joint research centers, independent colleges, and university-based science parks. For each partnership we study the role it played in intensification of research and education with an emphasis on government participation mechanisms. Based on the analysis of the official statistics the authors find that the progress of China to the knowledge economy is evident. China’s government played a leading role in the construction of the knowledge economy providing legislation basis and financing. Public-private partnerships in innovation activities in the universities in China significantly contributed to the technological development of the country and the country’s transition towards the knowledge economy. Studying successful experience of the public private-partnerships in the Chinese universities is a first step to possible adaptation of this mechanism in other countries, including Russia. 03-27-2014 <![CDATA[ <p>Since 1995 China officially adopted the Strategy of Revitalizing China through Science and Education to advance towards the knowledge economy. Our paper aims to access China’s progress using international indices of economic and innovation development (Knowledge Economy Index, Global Competitiveness Index, and Human Development Index). We also explore six types of public-private partnerships in innovation activities of the Chinese universities. They are: technology contracts, technology transfer, university-owned enterprises, joint research centers, independent colleges, and university-based science parks. For each partnership we study the role it played in intensification of research and education with an emphasis on government participation mechanisms. Based on the analysis of the official statistics the authors find that the progress of China to the knowledge economy is evident. China’s government played a leading role in the construction of the knowledge economy providing legislation basis and financing. Public-private partnerships in innovation activities in the universities in China significantly contributed to the technological development of the country and the country’s transition towards the knowledge economy. Studying successful experience of the public private-partnerships in the Chinese universities is a first step to possible adaptation of this mechanism in other countries, including Russia.</p> ]]> The Knowledge Economy in China and Public-Private Partnerships of Universities** maria kaneva galina untura doi: 10.56578/jcgirm010111 Journal of Corporate Governance, Insurance, and Risk Management 03-27-2014 Journal of Corporate Governance, Insurance, and Risk Management 03-27-2014 2014 1 1 Article 188 10.56578/jcgirm010111 https://www.acadlore.com/article/JCGIRM/2014_1_1/jcgirm010111 https://www.acadlore.com/article/JCGIRM/2014_1_1/jcgirm010110 This paper analyses the start of the debt crisis in Europe and in Spain, which increased inflation, unemployment and public debt. Although Spanish banking system was considered one of the best, the growing debt brought Spain into one of the worst affected countries in financial crisis. Because of this, Spain was faced to the fiscal consolidation as the imperative for further development. The strength of the crisis in Spain can be seen from main economic indicators. Budget deficit in Spain was almost 12% just two years after it went into surplus for the first time in 30 year period. Public debt has started to rise from 2007 and in 2013 it overcomes 90% of GDP. The rate of unemployment also started to rise from 2007 and in 2013 it is higher than 25%. This paper analyses also Phillips curve in Spain using the actual data after the start of fiscal consolidation. 03-25-2014 <![CDATA[ <p>This paper analyses the start of the debt crisis in Europe and in Spain, which increased inflation, unemployment and public debt. Although Spanish banking system was considered one of the best, the growing debt brought Spain into one of the worst affected countries in financial crisis. Because of this, Spain was faced to the fiscal consolidation as the imperative for further development. The strength of the crisis in Spain can be seen from main economic indicators. Budget deficit in Spain was almost 12% just two years after it went into surplus for the first time in 30 year period. Public debt has started to rise from 2007 and in 2013 it overcomes 90% of GDP. The rate of unemployment also started to rise from 2007 and in 2013 it is higher than 25%. This paper analyses also Phillips curve in Spain using the actual data after the start of fiscal consolidation.</p> ]]> Debt Crisis and Fiscal Consolidation in Spain** fran galetić maja ostojić doi: 10.56578/jcgirm010110 Journal of Corporate Governance, Insurance, and Risk Management 03-25-2014 Journal of Corporate Governance, Insurance, and Risk Management 03-25-2014 2014 1 1 Article 176 10.56578/jcgirm010110 https://www.acadlore.com/article/JCGIRM/2014_1_1/jcgirm010110 https://www.acadlore.com/article/JCGIRM/2014_1_1/jcgirm010109 Environmental pollution and its devastating effects, which have made their mark on the contemporary generation, have generated the need for policies to protect the environment, but at the same time to create a framework conducive to sustainable development. Although in the literature are now numerous concerns for refining the objectives, to identify appropriate methodologies to help protect the environment and ensure sustainable development, however there is no a clear picture about the strategies of development and environmental protection, especially in Romania. The research goal is to capture the impact of pollutant factors on the environment`development, as well as measures that could mitigate the harmful effects of it. The paper presents and analyzes the economic reality of Romania, by drawing up a report on the work of environmental protection agencies, Botoșani. Its importance consist in the fact that it represents an element of strategic guidance on long-term efforts to solve the environmental development and protection issue. Also, the study tries to capture the ability of some strategies of sustainable development on amount of time horizon of 2013-2020. As can be seen in the work, Romania has a relatively large domestic market and the second largest in Central and Eastern Europe, a qualified workforce with low costs compared to Western European countries, and Romania's economic prospects have been improved following the accession to the European Union. 03-27-2014 <![CDATA[ <p>Environmental pollution and its devastating effects, which have made their mark on the contemporary generation, have generated the need for policies to protect the environment, but at the same time to create a framework conducive to sustainable development. Although in the literature are now numerous concerns for refining the objectives, to identify appropriate methodologies to help protect the environment and ensure sustainable development, however there is no a clear picture about the strategies of development and environmental protection, especially in Romania. The research goal is to capture the impact of pollutant factors on the environment`development, as well as measures that could mitigate the harmful effects of it. The paper presents and analyzes the economic reality of Romania, by drawing up a report on the work of environmental protection agencies, Botoșani. Its importance consist in the fact that it represents an element of strategic guidance on long-term efforts to solve the environmental development and protection issue. Also, the study tries to capture the ability of some strategies of sustainable development on amount of time horizon of 2013-2020. As can be seen in the work, Romania has a relatively large domestic market and the second largest in Central and Eastern Europe, a qualified workforce with low costs compared to Western European countries, and Romania's economic prospects have been improved following the accession to the European Union.</p> ]]> Sustainable Development and Environmental Protection in Romania** adina ionela străchinaru alin vasile străchinaru doi: 10.56578/jcgirm010109 Journal of Corporate Governance, Insurance, and Risk Management 03-27-2014 Journal of Corporate Governance, Insurance, and Risk Management 03-27-2014 2014 1 1 Article 156 10.56578/jcgirm010109 https://www.acadlore.com/article/JCGIRM/2014_1_1/jcgirm010109 https://www.acadlore.com/article/JCGIRM/2014_1_1/jcgirm010108 Purpose: The purpose of this paper is to examine Macedonian managers’ behavior and the strategy they most often have facing a conflict situation at work.Design/methodology/approach: Research instrument in a form of questionnaire was used to obtain data about strategies for managing conflict. For assessing which of the five modes: competing, collaborating, compromising, avoiding and accommodating Macedonian managers’ use we used Thomas-Kilmann conflict mode instrument.Findings: The results from the study give new insights in the managerial mind, providing information about managers’ approaches they have facing problems and conflict situations.Research limitations/implications: There is a literature gap in the area of organizational behavior studies in Macedonia. The results from the survey can be used for comparing the profile of Macedonian managers with managers from other countries.Practical implications: This study will increase the understanding of how managers’ behavior is connected with conflict management styles. Also, the results from the study can be used in creating new teams and predicting behavior based on the styles used in learning and conflict resolution.Originality/value: This research contributes to the field of organizational behavior by offering support and new findings. This study adds to the body of literature in what is considered relatively new and unexplored area of study in Macedonia. Also, this study will provide information about the behavior Macedonian managers have and clearer picture of their managerial style. 03-27-2014 <![CDATA[ <p>Purpose: The purpose of this paper is to examine Macedonian managers’ behavior and the strategy they most often have facing a conflict situation at work.</p><p>Design/methodology/approach: Research instrument in a form of questionnaire was used to obtain data about strategies for managing conflict. For assessing which of the five modes: competing, collaborating, compromising, avoiding and accommodating Macedonian managers’ use we used Thomas-Kilmann conflict mode instrument.</p><p>Findings: The results from the study give new insights in the managerial mind, providing information about managers’ approaches they have facing problems and conflict situations.</p><p>Research limitations/implications: There is a literature gap in the area of organizational behavior studies in Macedonia. The results from the survey can be used for comparing the profile of Macedonian managers with managers from other countries.</p><p>Practical implications: This study will increase the understanding of how managers’ behavior is connected with conflict management styles. Also, the results from the study can be used in creating new teams and predicting behavior based on the styles used in learning and conflict resolution.</p><p>Originality/value: This research contributes to the field of organizational behavior by offering support and new findings. This study adds to the body of literature in what is considered relatively new and unexplored area of study in Macedonia. Also, this study will provide information about the behavior Macedonian managers have and clearer picture of their managerial style.</p> ]]> Conflict Management Styles Among Managers in Macedonian Organizations** ljubomir drakulevski leonid nakov angelina taneva-veshoska doi: 10.56578/jcgirm010108 Journal of Corporate Governance, Insurance, and Risk Management 03-27-2014 Journal of Corporate Governance, Insurance, and Risk Management 03-27-2014 2014 1 1 Article 146 10.56578/jcgirm010108 https://www.acadlore.com/article/JCGIRM/2014_1_1/jcgirm010108 https://www.acadlore.com/article/JCGIRM/2014_1_1/jcgirm010107 Ready-mix concrete business as the part of the procurement chain in the construction industry is strongly influenced by the economic and social situation in Slovenia. The financial crisis has revealed all the weaknesses and forced the industry into huge transition that left behind a mass of companies at the edge of survival. The purpose of this study is to investigate and examine the most appropriate strategic change framework with some proposals for the selected organization. After the analysis of current situation a desk research was made to explore different strategic change models. In the next stage the study adopted a quantitative methodology using self-completing questionnaire to collect relevant data about customer values and requirements and a qualitative methodology conducting a focus group interview among company's management team to evaluate most important strategic change issues. New mission, vision, and core values were developed as the core strategic elements of new approach. On the basis of selected strategic model new strategy was transformed into a set of managerial projects. Conclusions of the study confirm that ready-mix concrete production is a commodity business that competes mostly on price and quality on geographically small markets. However, further analysis demonstrates additional opportunities when customers are segmented into more specific groups in view of their core businesses and specialities. In addition to regular ready-mix concrete production for general use, there is a possibility to provide individually developed concrete based solutions. All presented findings and conclusions that constitute a new strategic approach contribute to long term company stabilization, competitive advantage and overall performance. 03-25-2014 <![CDATA[ <p>Ready-mix concrete business as the part of the procurement chain in the construction industry is strongly influenced by the economic and social situation in Slovenia. The financial crisis has revealed all the weaknesses and forced the industry into huge transition that left behind a mass of companies at the edge of survival. The purpose of this study is to investigate and examine the most appropriate strategic change framework with some proposals for the selected organization. After the analysis of current situation a desk research was made to explore different strategic change models. In the next stage the study adopted a quantitative methodology using self-completing questionnaire to collect relevant data about customer values and requirements and a qualitative methodology conducting a focus group interview among company's management team to evaluate most important strategic change issues. New mission, vision, and core values were developed as the core strategic elements of new approach. On the basis of selected strategic model new strategy was transformed into a set of managerial projects. Conclusions of the study confirm that ready-mix concrete production is a commodity business that competes mostly on price and quality on geographically small markets. However, further analysis demonstrates additional opportunities when customers are segmented into more specific groups in view of their core businesses and specialities. In addition to regular ready-mix concrete production for general use, there is a possibility to provide individually developed concrete based solutions. All presented findings and conclusions that constitute a new strategic approach contribute to long term company stabilization, competitive advantage and overall performance.</p> ]]> Strategic Change for Survival: A Case of Construction Company in Slovenia** luka sustersic angelos vouldis doi: 10.56578/jcgirm010107 Journal of Corporate Governance, Insurance, and Risk Management 03-25-2014 Journal of Corporate Governance, Insurance, and Risk Management 03-25-2014 2014 1 1 Article 125 10.56578/jcgirm010107 https://www.acadlore.com/article/JCGIRM/2014_1_1/jcgirm010107 https://www.acadlore.com/article/JCGIRM/2014_1_1/jcgirm010106 This paper analyses the modifications of financial audit reports of Maltese companies between 2005 and 2009. It examines the audit reports of a random sample of 374 limited liability companies registered with the Registry of Companies in Malta. The study shows that the average 2005-2009 modification rate in Malta stood at 22.4%, this representing an increase over previous periods. Most modified reports were noted in the case of private exempt and international trading non-exempt companies. Generally, private exempt companies had their audit report qualified on the basis of a limitation of scope, whilst most international trading companies had their reports qualified on the basis of disagreement with management. Furthermore, the “small company qualification” (which has been long abolished) was still incorrectly being used in Maltese audit reports till 2009. The results therefore show that there is still room for improvement in audit reporting in Malta. Whilst the Big Four audit firms do not appear to have issues in appropriately adhering to audit reporting standards, Maltese smaller audit firms and sole practitioners were found still to be the main cause for inappropriate audit reporting. Towards improvement, the study provides various recommendations including: a more consistent regulatory framework, stricter enforcement of quality assurance, and the reconsideration of the statutory small audit. Such recommendations may also be applicable to other jurisdictions. 03-27-2014 <![CDATA[ <p>This paper analyses the modifications of financial audit reports of Maltese companies between 2005 and 2009. It examines the audit reports of a random sample of 374 limited liability companies registered with the Registry of Companies in Malta. The study shows that the average 2005-2009 modification rate in Malta stood at 22.4%, this representing an increase over previous periods. Most modified reports were noted in the case of private exempt and international trading non-exempt companies. Generally, private exempt companies had their audit report qualified on the basis of a limitation of scope, whilst most international trading companies had their reports qualified on the basis of disagreement with management. Furthermore, the “small company qualification” (which has been long abolished) was still incorrectly being used in Maltese audit reports till 2009. The results therefore show that there is still room for improvement in audit reporting in Malta. Whilst the Big Four audit firms do not appear to have issues in appropriately adhering to audit reporting standards, Maltese smaller audit firms and sole practitioners were found still to be the main cause for inappropriate audit reporting. Towards improvement, the study provides various recommendations including: a more consistent regulatory framework, stricter enforcement of quality assurance, and the reconsideration of the statutory small audit. Such recommendations may also be applicable to other jurisdictions.</p> ]]> Financial Audit Report Modifications in Malta** peter j. baldacchino frank h. bezzina norbert tabone jean paul vassallo doi: 10.56578/jcgirm010106 Journal of Corporate Governance, Insurance, and Risk Management 03-27-2014 Journal of Corporate Governance, Insurance, and Risk Management 03-27-2014 2014 1 1 Article 107 10.56578/jcgirm010106 https://www.acadlore.com/article/JCGIRM/2014_1_1/jcgirm010106 https://www.acadlore.com/article/JCGIRM/2014_1_1/jcgirm010105 The paper is based on UGC sponsored major research project recently completed. Major finding of the project has been that the Indian financial sector has failed to assist in the growth process of the economy. Granger causality tests on quarterly data in the framework of VAR and VEC models have been used to establish the results. These results hold at the aggregate economy level and also at the sectoral level. The reasons are to be found in the working of the financial system as experienced by the demand side of loanable funds. The field study conducted under the project has brought out that not only has the system failed to contribute to economic growth but also that its functioning is highly lopsided. Primary data collected through field survey points to a biased allocation of the available funds by the banking system and a substantial presence of the informal sources of credit in the economy. While the informal real sector is the one that primarily contributes to the growth of the Indian economy the dismal reality is that its financial needs are barely served by the mainstream financial sector. This in itself explains the failure of the financial system to contribute to economic growth. Since the finance growth linkages are found to be weak/ absent, an important implication of the result is that controlling inflation in India using tight credit policies can be achieved with minimum costs to growth of the real sector. 03-28-2014 <![CDATA[ <p>The paper is based on UGC sponsored major research project recently completed. Major finding of the project has been that the Indian financial sector has failed to assist in the growth process of the economy. Granger causality tests on quarterly data in the framework of VAR and VEC models have been used to establish the results. These results hold at the aggregate economy level and also at the sectoral level. The reasons are to be found in the working of the financial system as experienced by the demand side of loanable funds. The field study conducted under the project has brought out that not only has the system failed to contribute to economic growth but also that its functioning is highly lopsided. Primary data collected through field survey points to a biased allocation of the available funds by the banking system and a substantial presence of the informal sources of credit in the economy. While the informal real sector is the one that primarily contributes to the growth of the Indian economy the dismal reality is that its financial needs are barely served by the mainstream financial sector. This in itself explains the failure of the financial system to contribute to economic growth. Since the finance growth linkages are found to be weak/ absent, an important implication of the result is that controlling inflation in India using tight credit policies can be achieved with minimum costs to growth of the real sector.</p> ]]> Financing Indian Growth: A Case Study of Sonepat District in Haryana** anjali bansal doi: 10.56578/jcgirm010105 Journal of Corporate Governance, Insurance, and Risk Management 03-28-2014 Journal of Corporate Governance, Insurance, and Risk Management 03-28-2014 2014 1 1 Article 89 10.56578/jcgirm010105 https://www.acadlore.com/article/JCGIRM/2014_1_1/jcgirm010105 https://www.acadlore.com/article/JCGIRM/2014_1_1/jcgirm010104 The paper discusses the primary and secondary convergence conditions for the second monetary zone in West Africa. The focal point is however the primary conditions as these provide the basis for the attainment of the secondary conditions. Panel data for the research are obtained from the West African Monetary Agency website: www.wami.imao.org. The variables are those given in the primary conditions and these are first tested for unit root and stationarity for each country. A panel cointegration test is then applied to obtain a long-run equation which is used as an objective function in the Simplex method of linear programming with the primary conditions as constraints. The panel unit root test results show that all the variables are integrated with the degree of integration varying from zero to one for different countries. The stationarity test confirms the result, as the variables are non-stationarity in level for some countries but stationarity for others. Since the unit root and stationarity test show conflicting results, the pooled mean group estimator is used to obtain long-run cointegration equation. This equation can be applied irrespective of whether the variables are integrated or not. Linear programming is then used to obtain the optimal condition for attainment of a single currency project for West Africa. The result shows that the objective function is minima at 0.0462 with inflation contributing more to the variation in the government external reserves. The paper recommend that Central Banks in those countries preparing for second monetary zone should avoid implementing inflation targeting as a way to solving their economic problem. 03-27-2014 <![CDATA[ <p>The paper discusses the primary and secondary convergence conditions for the second monetary zone in West Africa. The focal point is however the primary conditions as these provide the basis for the attainment of the secondary conditions. Panel data for the research are obtained from the West African Monetary Agency website: www.wami.imao.org. The variables are those given in the primary conditions and these are first tested for unit root and stationarity for each country. A panel cointegration test is then applied to obtain a long-run equation which is used as an objective function in the Simplex method of linear programming with the primary conditions as constraints. The panel unit root test results show that all the variables are integrated with the degree of integration varying from zero to one for different countries. The stationarity test confirms the result, as the variables are non-stationarity in level for some countries but stationarity for others. Since the unit root and stationarity test show conflicting results, the pooled mean group estimator is used to obtain long-run cointegration equation. This equation can be applied irrespective of whether the variables are integrated or not. Linear programming is then used to obtain the optimal condition for attainment of a single currency project for West Africa. The result shows that the objective function is minima at 0.0462 with inflation contributing more to the variation in the government external reserves. The paper recommend that Central Banks in those countries preparing for second monetary zone should avoid implementing inflation targeting as a way to solving their economic problem.</p> ]]> A Linear Programming Approach to Determine an Optimum Value in a Single Currency Project of West Africa** moses abanyam chiawa doi: 10.56578/jcgirm010104 Journal of Corporate Governance, Insurance, and Risk Management 03-27-2014 Journal of Corporate Governance, Insurance, and Risk Management 03-27-2014 2014 1 1 Article 69 10.56578/jcgirm010104 https://www.acadlore.com/article/JCGIRM/2014_1_1/jcgirm010104 https://www.acadlore.com/article/JCGIRM/2014_1_1/jcgirm010103 The aim of this paper is to examine the return and volatility spillovers and stock market co-movements among Western, Central and Southeast European stock markets. To examine the volatility spillover effects we employ a multivariate GARCH-BEKK (1, 1) model on a daily data from 2005 to 2014. There is a high and stable conditional correlation between Central and Western European markets during most of the analyzed period and the conditional correlation rises sharply during the periods of financial turmoil, suggesting some evidence on contagion. Conditional correlation between Croatian and Romanian markets and their Western counterparts is modest but it increases during the periods of financial crisis. Conditional correlation coefficients indicate that Macedonian and Serbian stock markets are relatively isolated from the advanced European markets. The return spillovers are investigated with the forecast-error variance decomposition based on the generalized VAR model. Following Diebold and Yilmaz (2012), we develop “spillover indices” based on the variance decomposition results on the generalized VAR model. The results indicate that total spillover index rose sharply during the periods of major financial disruptions. DAX and FTSE100 are the major net transmitters of spillovers to Central and Southeast European markets. There are bi-directional spillovers between DAX and FTSE100, between PX and WIG-20 and between MBI10 and BELEX15. 03-24-2014 <![CDATA[ <p>The aim of this paper is to examine the return and volatility spillovers and stock market co-movements among Western, Central and Southeast European stock markets. To examine the volatility spillover effects we employ a multivariate GARCH-BEKK (1, 1) model on a daily data from 2005 to 2014. There is a high and stable conditional correlation between Central and Western European markets during most of the analyzed period and the conditional correlation rises sharply during the periods of financial turmoil, suggesting some evidence on contagion. Conditional correlation between Croatian and Romanian markets and their Western counterparts is modest but it increases during the periods of financial crisis. Conditional correlation coefficients indicate that Macedonian and Serbian stock markets are relatively isolated from the advanced European markets. The return spillovers are investigated with the forecast-error variance decomposition based on the generalized VAR model. Following Diebold and Yilmaz (2012), we develop “spillover indices” based on the variance decomposition results on the generalized VAR model. The results indicate that total spillover index rose sharply during the periods of major financial disruptions. DAX and FTSE100 are the major net transmitters of spillovers to Central and Southeast European markets. There are bi-directional spillovers between DAX and FTSE100, between PX and WIG-20 and between MBI10 and BELEX15.</p> ]]> Volatility Spillovers and Stock Market Co-Movements Among Western, Central and Southeast European Stock Markets** mile ivanov doi: 10.56578/jcgirm010103 Journal of Corporate Governance, Insurance, and Risk Management 03-24-2014 Journal of Corporate Governance, Insurance, and Risk Management 03-24-2014 2014 1 1 Article 44 10.56578/jcgirm010103 https://www.acadlore.com/article/JCGIRM/2014_1_1/jcgirm010103 https://www.acadlore.com/article/JCGIRM/2014_1_1/jcgirm010102 Corporate accounting scandal is not a new phenomenon and it is the outcome of corporate accruals i.e., accruals by management choice. This study investigated the use of corporate accruals in the financial statements of the listed companies in Dhaka Stock Exchange (DSE) through segregating total accruals into corporate (discretionary) and accounting (non-discretionary) accruals. The average rate of corporate accruals was 35 percent and in many cases, cash flow from operation exceeded the net income, the growth in accounts receivable was faster than sales growth, and inventory growth was not consistent with sales growth. In this context, this study may create awareness of the risk factors of corporate accruals among external users’ of accounting information especially analysts, regulator, policy makers, existing and potential shareholders, lenders, trade creditors, external auditors, researchers, financial advisors, and stock brokers. Consequently, it may reduce the use of management discretion in preparing the financial statements. 03-28-2014 <![CDATA[ <p>Corporate accounting scandal is not a new phenomenon and it is the outcome of corporate accruals i.e., accruals by management choice. This study investigated the use of corporate accruals in the financial statements of the listed companies in Dhaka Stock Exchange (DSE) through segregating total accruals into corporate (discretionary) and accounting (non-discretionary) accruals. The average rate of corporate accruals was 35 percent and in many cases, cash flow from operation exceeded the net income, the growth in accounts receivable was faster than sales growth, and inventory growth was not consistent with sales growth. In this context, this study may create awareness of the risk factors of corporate accruals among external users’ of accounting information especially analysts, regulator, policy makers, existing and potential shareholders, lenders, trade creditors, external auditors, researchers, financial advisors, and stock brokers. Consequently, it may reduce the use of management discretion in preparing the financial statements.</p> ]]> Corporate Accruals Practices of Listed Companies in Bangladesh** md. shamimul hasan rashidah abdul rahman syed zabid hossain doi: 10.56578/jcgirm010102 Journal of Corporate Governance, Insurance, and Risk Management 03-28-2014 Journal of Corporate Governance, Insurance, and Risk Management 03-28-2014 2014 1 1 Article 12 10.56578/jcgirm010102 https://www.acadlore.com/article/JCGIRM/2014_1_1/jcgirm010102 https://www.acadlore.com/article/JCGIRM/2014_1_1/jcgirm010101 IPO anomalies in the corporate debt markets are to great extent unexplored field in the academic literature. The aim of this paper is to investigate the underpricing phenomenon of newly issued corporate bonds on the Catalyst market and its determinants. I use event study methodology to test for underpricing and perform regressions to find its determinants. The sample includes 142 corporate bonds issued between March 2010 and August 2013 and listed on the Catalyst market. The computations confirm the uderpricing effect in the CEE market, however do not allow to indicate its determinants. 03-27-2014 <![CDATA[ <p>IPO anomalies in the corporate debt markets are to great extent unexplored field in the academic literature. The aim of this paper is to investigate the underpricing phenomenon of newly issued corporate bonds on the Catalyst market and its determinants. I use event study methodology to test for underpricing and perform regressions to find its determinants. The sample includes 142 corporate bonds issued between March 2010 and August 2013 and listed on the Catalyst market. The computations confirm the uderpricing effect in the CEE market, however do not allow to indicate its determinants.</p> ]]> Underpricing of Newly Issued Corporate Bonds in the CEE Markets** adam zaremba doi: 10.56578/jcgirm010101 Journal of Corporate Governance, Insurance, and Risk Management 03-27-2014 Journal of Corporate Governance, Insurance, and Risk Management 03-27-2014 2014 1 1 Article 1 10.56578/jcgirm010101 https://www.acadlore.com/article/JCGIRM/2014_1_1/jcgirm010101 https://www.acadlore.com/article/JCGIRM/2022_9_S1/jcgirm.9.1.9 Purpose: A claim is always requested at the maturity or occurrence of an event. The claim is a perception influencer and mirror image in the relationships between the insurers and their policyholders. This perception is thus crucial to the claims handling process. Therefore, this study aimed to assess the claims handling process explicitly attributed to the perceptions of motor insurance policyholders in Lagos, Nigeria.Methodology: The study adopted a cross-sectional survey research design. The study population was the total number of registered motorists recorded in 2019 by the Motor Vehicle Administration Agency, 704,828. Thus, quota and convenience sampling methods were adopted in the questionnaire distribution and collection processes. A structured questionnaire was employed for data gathering. A total of 399 copies of the questionnaire were distributed, of which 287 were found usable, representing a 72% response rate. The data procedural technique employed were simple frequency percentages and Friedman’s rank test statistical method.Results/Findings:This study confirms the importance of motor insurance policyholders attached to claims handling processes in Nigeria. This study recommended that claims handling procedures should be strategically designed to incorporate the various attributes explained to provide for a mutually beneficial ambience between policyholders and insurers. Furthermore, motor insurance providers should put in place attractive claims packages to boost the confidence level of the motoring communities. Given the implications of this study, research work is thus encouraged to look at behavioural factors that can influence the claims handling preferences of motor insurance policyholders in Nigeria. 08-30-2022 <![CDATA[ <p><strong>Purpose:</strong> A claim is always requested at the maturity or occurrence of an event. The claim is a perception influencer and mirror image in the relationships between the insurers and their policyholders. This perception is thus crucial to the claims handling process. Therefore, this study aimed to assess the claims handling process explicitly attributed to the perceptions of motor insurance policyholders in Lagos, Nigeria.</p><p><strong>Methodology:</strong> The study adopted a cross-sectional survey research design. The study population was the total number of registered motorists recorded in 2019 by the Motor Vehicle Administration Agency, 704,828. Thus, quota and convenience sampling methods were adopted in the questionnaire distribution and collection processes. A structured questionnaire was employed for data gathering. A total of 399 copies of the questionnaire were distributed, of which 287 were found usable, representing a 72% response rate. The data procedural technique employed were simple frequency percentages and Friedman’s rank test statistical method.</p><p><strong>Results/Findings:</strong>This study confirms the importance of motor insurance policyholders attached to claims handling processes in Nigeria. This study recommended that claims handling procedures should be strategically designed to incorporate the various attributes explained to provide for a mutually beneficial ambience between policyholders and insurers. Furthermore, motor insurance providers should put in place attractive claims packages to boost the confidence level of the motoring communities. Given the implications of this study, research work is thus encouraged to look at behavioural factors that can influence the claims handling preferences of motor insurance policyholders in Nigeria.</p> ]]> Claims Handling Process Attributes: Perceptions Of Motor Insurance Policyholders In Lagos, Nigeria ajemunigbohun, sunday stephen sogunro, ashim babatunde oluwaleye, taiwo olarinre doi: 10.51410/jcgirm.9.1.9 Journal of Corporate Governance, Insurance, and Risk Management 08-30-2022 Journal of Corporate Governance, Insurance, and Risk Management 08-30-2022 2022 9 S1 Article 136 10.51410/jcgirm.9.1.9 https://www.acadlore.com/article/JCGIRM/2022_9_S1/jcgirm.9.1.9 https://www.acadlore.com/article/JCGIRM/2022_9_S1/jcgirm.9.1.8 Purpose: The creation of favourable conditions on the part of the state for the introduction of approaches to responsible business conduct ensures that the development of the national accounting system is in line with modern trends adopted throughout the world. However, adaptation is impossible without proper scientific-analytical and methodological support. Scientific and analytical support of the adaptation process requires constant, consistent and planned work to assess the translation of European legislation into Ukrainian; implementation of a comprehensive comparative analysis of current legislation in accounting with international approaches to the disclosure of information in non-financial reporting.Methodology: The work aims to explore the best practices of forming the institutional framework for non-financial reporting of enterprises, which governments of low-middle economy countries can successfully implement. The object of research is international and national regulations and framework documents in the non-financial reporting of enterprises. Practical Implications: The value of the work is the creation of institutional preconditions for spreading the concept of corporate social responsibility among Ukrainian enterprises, which will increase the favourable business environment of the country and the efficiency of state resources management. The best world practice of non-financial reporting regulation was analyzed to achieve this goal. In addition, the basic principles of formalizing the mechanism of collecting and processing data on non-financial reporting of Ukrainian enterprises through the prism of international experience were studied. 08-30-2022 <![CDATA[ <p><strong>Purpose</strong>: The creation of favourable conditions on the part of the state for the introduction of approaches to responsible business conduct ensures that the development of the national accounting system is in line with modern trends adopted throughout the world. However, adaptation is impossible without proper scientific-analytical and methodological support. Scientific and analytical support of the adaptation process requires constant, consistent and planned work to assess the translation of European legislation into Ukrainian; implementation of a comprehensive comparative analysis of current legislation in accounting with international approaches to the disclosure of information in non-financial reporting.</p><p><strong>Methodology</strong>: The work aims to explore the best practices of forming the institutional framework for non-financial reporting of enterprises, which governments of low-middle economy countries can successfully implement. The object of research is international and national regulations and framework documents in the non-financial reporting of enterprises. <strong>Practical Implications</strong>: The value of the work is the creation of institutional preconditions for spreading the concept of corporate social responsibility among Ukrainian enterprises, which will increase the favourable business environment of the country and the efficiency of state resources management. The best world practice of non-financial reporting regulation was analyzed to achieve this goal. In addition, the basic principles of formalizing the mechanism of collecting and processing data on non-financial reporting of Ukrainian enterprises through the prism of international experience were studied.</p> ]]> Institutional prerequisites for the development of a non-financial reporting organization model in countries with lower-middle-income economies (the case of Ukraine) maria kucheriava doi: 10.51410/jcgirm.9.1.8 Journal of Corporate Governance, Insurance, and Risk Management 08-30-2022 Journal of Corporate Governance, Insurance, and Risk Management 08-30-2022 2022 9 S1 Article 126 10.51410/jcgirm.9.1.8 https://www.acadlore.com/article/JCGIRM/2022_9_S1/jcgirm.9.1.8 https://www.acadlore.com/article/JCGIRM/2022_9_S1/jcgirm.9.1.7 Purpose: The study focused on the effect of technological advancement on the Risk management of insurance companies in Nigeria. The study's objectives were to examine how technological innovations enhance the identification of policyholder risk by insurance companies and evaluate how information technology has improved the identification of risks inherent in investment by insurance companies.Methodology: A survey research design was employed in this study. The study focused on the 14 composite insurance companies in Nigeria, only five of which were selected based on gross premium written and retention ratio. The targeted population of the study was 1569, while the sample size was 181 employees of the selected insurance companies. A well-structured questionnaire was formulated and administered, out of which 163 were filled and used for analyses using regression analysis with the SPSS (IBM 23) package.Results and Findings: The results showed that technological innovation had enhanced insurance companies' identification of policyholder risks. In contrast, information technology has not improved the identification of risks inherent in investment by insurance companies. Thus, the study recommended, among others, that insurance companies should invest more in information technology to help achieve better results. 08-30-2022 <![CDATA[ <p><strong><em>Purpose</em></strong><em>: The study focused on the effect of technological advancement on the Risk management of insurance companies in Nigeria. The study's objectives were to examine how technological innovations enhance the identification of policyholder risk by insurance companies and evaluate how information technology has improved the identification of risks inherent in investment by insurance companies.</em></p><p><strong><em>Methodology</em></strong><em>: A survey research design was employed in this study. The study focused on the 14 composite insurance companies in Nigeria, only five of which were selected based on gross premium written and retention ratio. The targeted population of the study was 1569, while the sample size was 181 employees of the selected insurance companies. A well-structured questionnaire was formulated and administered, out of which 163 were filled and used for analyses using regression analysis with the SPSS (IBM 23) package.</em></p><p><strong><em>Results and Findings</em></strong><em>: The results showed that technological innovation had enhanced insurance companies' identification of policyholder risks. In contrast, information technology has not improved the identification of risks inherent in investment by insurance companies. Thus, the study recommended, among others, that insurance companies should invest more in information technology to help achieve better results.</em></p> ]]> Technological Advancement and Risk Management in Composite Insurance Companies in Nigeria aduloju, kunle azeez, fatimo titilope doi: 10.51410/jcgirm.9.1.7 Journal of Corporate Governance, Insurance, and Risk Management 08-30-2022 Journal of Corporate Governance, Insurance, and Risk Management 08-30-2022 2022 9 S1 Article 112 10.51410/jcgirm.9.1.7 https://www.acadlore.com/article/JCGIRM/2022_9_S1/jcgirm.9.1.7 https://www.acadlore.com/article/JCGIRM/2022_9_S1/jcgirm.9.1.6 Purpose: After the outbreak of COVID-19, the insurance business has experienced losses in terms of decreased demand for an insurance policy, lower return on investment, and increased claim settlement. Thus, risk management plays a significant role in mitigating the risk for businesses. However, risk management is restricted as a predefined approach for managing threats of uncertainty resulting from the activity or error of humans. Furthermore, the life insurance industry faces the challenge of paying claims in case of an increased death rate after the outbreak of COVID-19. Thus, there is a need for a better risk management framework. Methodology: This paper identifies the gap between the existing risk management model and the model specified by IRDA and suggests a model to mitigate the insurance risk. The study posits that whether an individual is more suitable or not for life insurance can be decided based on a simple factor. By using this tool/model of risk management, a life insurance company can reduce its risk of providing insurance to a customer exposed to high risk.Practical Implications: This study will help life insurance companies to mitigate their insurance risk. 08-30-2022 <![CDATA[ <p><strong>Purpose</strong>: After the outbreak of COVID-19, the insurance business has experienced losses in terms of decreased demand for an insurance policy, lower return on investment, and increased claim settlement. Thus, risk management plays a significant role in mitigating the risk for businesses. However, risk management is restricted as a predefined approach for managing threats of uncertainty resulting from the activity or error of humans. Furthermore, the life insurance industry faces the challenge of paying claims in case of an increased death rate after the outbreak of COVID-19. Thus, there is a need for a better risk management framework. <strong>Methodology</strong>: This paper identifies the gap between the existing risk management model and the model specified by IRDA and suggests a model to mitigate the insurance risk. The study posits that whether an individual is more suitable or not for life insurance can be decided based on a simple factor. By using this tool/model of risk management, a life insurance company can reduce its risk of providing insurance to a customer exposed to high risk.</p><p><strong>Practical Implications</strong>: This study will help life insurance companies to mitigate their insurance risk.</p> ]]> A Risk Management Framework for Life Insurance Companies sonal trivedi doi: 10.51410/jcgirm.9.1.6 Journal of Corporate Governance, Insurance, and Risk Management 08-30-2022 Journal of Corporate Governance, Insurance, and Risk Management 08-30-2022 2022 9 S1 Article 89 10.51410/jcgirm.9.1.6 https://www.acadlore.com/article/JCGIRM/2022_9_S1/jcgirm.9.1.6 https://www.acadlore.com/article/JCGIRM/2022_9_S1/jcgirm.9.1.5 Purpose: This study investigated the impact of insurance risk management on fixed capital formation in Nigeria. The study sampled all insurance companies operating in Nigeria.Methodology: Time series data covering the period 1996 - 2019 were obtained from the CBN Statistical Bulletin, Annual Report of National Insurance Commission, and the various Nigerian Stock Exchange Factbook issues. General business insurance and life insurance claims represent risk management (independent variable), while gross capital formation was the dependent variable. Data were analyzed using descriptive statistics, unit root, Auto-Regressive Distributed Lag (ARDL), ARDL Bound cointegration test and model diagnostic test by Stata 15 software.Results and Findings: The study found that life insurance claims exert an insignificant positive impact on gross capital formation, with a reported estimate of (p=0.058 &gt;0.05). On the other hand, general insurance business exerts a negligible negative impact on gross fixed capital formation, with an estimate of (p= 0.065&gt;0.05) and the non-existent long-run connection between gross fixed capital formation and independent risk management.Originality and Practical Implications: Our study suggests that regulatory authorities should implement strategies to encourage Nigerians to patronize life insurance companies since this would lead to more excellent insurance investment and, in turn, growth in Nigeria's gross capital formation, among other things. 08-30-2022 <![CDATA[ <p><strong>Purpose</strong>: This study investigated the impact of insurance risk management on fixed capital formation in Nigeria. The study sampled all insurance companies operating in Nigeria.</p><p><strong>Methodology</strong>: Time series data covering the period 1996 - 2019 were obtained from the CBN Statistical Bulletin, Annual Report of National Insurance Commission, and the various Nigerian Stock Exchange Factbook issues. General business insurance and life insurance claims represent risk management (independent variable), while gross capital formation was the dependent variable. Data were analyzed using descriptive statistics, unit root, Auto-Regressive Distributed Lag (ARDL), ARDL Bound cointegration test and model diagnostic test by Stata 15 software.</p><p><strong>Results and Findings</strong>: The study found that life insurance claims exert an insignificant positive impact on gross capital formation, with a reported estimate of (p=0.058 &gt;0.05). On the other hand, general insurance business exerts a negligible negative impact on gross fixed capital formation, with an estimate of (p= 0.065&gt;0.05) and the non-existent long-run connection between gross fixed capital formation and independent risk management.</p><p><strong>Originality and Practical Implications</strong>: Our study suggests that regulatory authorities should implement strategies to encourage Nigerians to patronize life insurance companies since this would lead to more excellent insurance investment and, in turn, growth in Nigeria's gross capital formation, among other things.</p> ]]> Impact of Insurance Risk Management on Fixed Capital Formation in Nigeria oluwaleye, taiwo olarinre kolapo, funso tajudeen osasona, adedeji viscker doi: 10.51410/jcgirm.9.1.5 Journal of Corporate Governance, Insurance, and Risk Management 08-30-2022 Journal of Corporate Governance, Insurance, and Risk Management 08-30-2022 2022 9 S1 Article 71 10.51410/jcgirm.9.1.5 https://www.acadlore.com/article/JCGIRM/2022_9_S1/jcgirm.9.1.5 https://www.acadlore.com/article/JCGIRM/2022_9_S1/jcgirm.9.1.4 Purpose: This paper aims to test the volatility models for Bitcoin (BTC) and the financial stress index (FSI) and examine the volatility spillover among them. This aim was reached by obtaining weekly data from the 7th of January 2011 and the 24th of December 2021.Methodology: First, volatility modelling for the series is provided, and GARCH (1,1) for the BTC series and IGARC (1,2) for the FSI series are determined as the most appropriate volatility models. Then, residual volatility series are created for each variable over the IGARCH (1,2) and GARCH (1,1) models for the volatility spread between the series. The volatility spread between the series is examined with the diagonal VECH GARCH method. It is concluded that there is a positive volatility spillover effect from the FSI variable to the BTC variable. Then, impulse-response analysis is performed on the volatility residual series created for each variable. The empirical findings from impulse response analysis support a risk transfer between BTC and FSI series.Results and Findings: Changes in the BTC return series and FSI series are caused mainly by themselves, and the series are most affected by their shocks. By comparing the variance decomposition of the volatility series with the analysis results, it can be said that the changes in the volatility series are caused mainly by each other. 08-30-2022 <![CDATA[ <p><strong>Purpose</strong>: This paper aims to test the volatility models for Bitcoin (BTC) and the financial stress index (FSI) and examine the volatility spillover among them. This aim was reached by obtaining weekly data from the 7th of January 2011 and the 24th of December 2021.</p><p><strong>Methodology</strong>: First, volatility modelling for the series is provided, and GARCH (1,1) for the BTC series and IGARC (1,2) for the FSI series are determined as the most appropriate volatility models. Then, residual volatility series are created for each variable over the IGARCH (1,2) and GARCH (1,1) models for the volatility spread between the series. The volatility spread between the series is examined with the diagonal VECH GARCH method. It is concluded that there is a positive volatility spillover effect from the FSI variable to the BTC variable. Then, impulse-response analysis is performed on the volatility residual series created for each variable. The empirical findings from impulse response analysis support a risk transfer between BTC and FSI series.</p><p><strong>Results and Findings</strong>: Changes in the BTC return series and FSI series are caused mainly by themselves, and the series are most affected by their shocks. By comparing the variance decomposition of the volatility series with the analysis results, it can be said that the changes in the volatility series are caused mainly by each other.</p> ]]> Volatility spillover between Bitcoin and financial stress index tuğba nur turhan korkmaz doi: 10.51410/jcgirm.9.1.4 Journal of Corporate Governance, Insurance, and Risk Management 08-30-2022 Journal of Corporate Governance, Insurance, and Risk Management 08-30-2022 2022 9 S1 Article 49 10.51410/jcgirm.9.1.4 https://www.acadlore.com/article/JCGIRM/2022_9_S1/jcgirm.9.1.4 https://www.acadlore.com/article/JCGIRM/2022_9_S1/jcgirm.9.1.3 Purpose: Nowadays, we talk about an increasing number of tools in the IT area that are being used in the accounting field. We can already discuss automation, robotics, artificial intelligence, and digitalization in accounting practices. This reality is giving rise to more and more discussions about how the era of digitalization of processes influences or will influence the activity carried out by accountants. In this context, our study aims to establish to what extent this new reality in the practice of economic entities is advantageous for professionals in the field or, on the contrary, is a threat from the perspective of taking over tasks, operations or activities that accountants currently still have in their portfolio. Methodology: Therefore, using scientific research tools, we will try to clarify whether the accounting profession and professionals are threatened by the developments observed due to the increasing advances that are taking place in digitalization. The research undertaken is based on the analysis of speciality literature, the regulatory framework applicable to accounting in Romania, and the accounting officer based on International Financial Reporting Standards.Results and Findings: The study aims to identify the advantages and threats that digitalization induces in the field of accounting practice and the major paradigm shifts that digitalization will bring to the exercise of the profession by accountants. The study will also look at the limitations that digitalization has in the field of accounting and the significant changes that digitalization will impose on the education and training of professionals in the field of accounting. 08-30-2022 <![CDATA[ <p><strong>Purpose</strong>: Nowadays, we talk about an increasing number of tools in the IT area that are being used in the accounting field. We can already discuss automation, robotics, artificial intelligence, and digitalization in accounting practices. This reality is giving rise to more and more discussions about how the era of digitalization of processes influences or will influence the activity carried out by accountants. In this context, our study aims to establish to what extent this new reality in the practice of economic entities is advantageous for professionals in the field or, on the contrary, is a threat from the perspective of taking over tasks, operations or activities that accountants currently still have in their portfolio. <strong>Methodology</strong>: Therefore, using scientific research tools, we will try to clarify whether the accounting profession and professionals are threatened by the developments observed due to the increasing advances that are taking place in digitalization. The research undertaken is based on the analysis of speciality literature, the regulatory framework applicable to accounting in Romania, and the accounting officer based on International Financial Reporting Standards.</p><p><strong>Results and Findings</strong>: The study aims to identify the advantages and threats that digitalization induces in the field of accounting practice and the major paradigm shifts that digitalization will bring to the exercise of the profession by accountants. The study will also look at the limitations that digitalization has in the field of accounting and the significant changes that digitalization will impose on the education and training of professionals in the field of accounting.</p> ]]> Digitalization - a danger to accounting professionals? valeriu brabete daniel goagără doi: 10.51410/jcgirm.9.1.3 Journal of Corporate Governance, Insurance, and Risk Management 08-30-2022 Journal of Corporate Governance, Insurance, and Risk Management 08-30-2022 2022 9 S1 Article 25 10.51410/jcgirm.9.1.3 https://www.acadlore.com/article/JCGIRM/2022_9_S1/jcgirm.9.1.3 https://www.acadlore.com/article/JCGIRM/2022_9_S1/jcgirm.9.1.2 Purpose: The agricultural sector in Togo has a huge financing problem and numerous other problems mainly related to climate change.Methodology: This study proposes a critical look at the microfinance sector and its relationship with the agricultural industry, which banking institutions have long abandoned.Results/Findings: Based on data from major international institutions and the two most significant microfinance structures in the country, after some analysis, the results show that the microfinance sector in Togo is a very dynamic sector with strong growth, given its aggregates that continue to grow year after year. On the other hand, the share of agricultural credit in the portfolio of microfinance structures is constantly decreasing from year to year, demonstrating that microfinance is also starting to move away from the farming sector. Finally, the credits granted are not, for the most part, adapted to the financial needs of agricultural producers. Most of the time, these rural loans are insufficient or do not respect the cultivation calendars of producers. Also, access to these loans is prohibitive for many producers, primarily small-scale producers. 08-30-2022 <![CDATA[ <p><strong>Purpose</strong>: The agricultural sector in Togo has a huge financing problem and numerous other problems mainly related to climate change.</p><p><strong>Methodology</strong>: This study proposes a critical look at the microfinance sector and its relationship with the agricultural industry, which banking institutions have long abandoned.</p><p><strong>Results/Findings</strong>: Based on data from major international institutions and the two most significant microfinance structures in the country, after some analysis, the results show that the microfinance sector in Togo is a very dynamic sector with strong growth, given its aggregates that continue to grow year after year. On the other hand, the share of agricultural credit in the portfolio of microfinance structures is constantly decreasing from year to year, demonstrating that microfinance is also starting to move away from the farming sector. Finally, the credits granted are not, for the most part, adapted to the financial needs of agricultural producers. Most of the time, these rural loans are insufficient or do not respect the cultivation calendars of producers. Also, access to these loans is prohibitive for many producers, primarily small-scale producers.</p> ]]> The Agricultural Sector and Microfinance in Togo komlan edem agboklou burhan özkan doi: 10.51410/jcgirm.9.1.2 Journal of Corporate Governance, Insurance, and Risk Management 08-30-2022 Journal of Corporate Governance, Insurance, and Risk Management 08-30-2022 2022 9 S1 Article 13 10.51410/jcgirm.9.1.2 https://www.acadlore.com/article/JCGIRM/2022_9_S1/jcgirm.9.1.2 https://www.acadlore.com/article/JCGIRM/2022_9_S1/jcgirm.9.1.19 Purpose: This study examined the effect of the rate of carbon footprints in an economy on the financial performance of listed insurance companies in selected countries in the sub-Saharan African region. It is argued in the study that factors that are external to the insurance industry (carbon footprint) intensify risks faced by the insurance firms.Methodology: The study employs secondary data from the sampled insurance firms' annual audited financial statements. Data was collected from forty-five (45) insurance firms in eight (8) selected sub-Saharan African countries from 2010 to 2019. A dynamic estimation procedure was adopted based on the system GMM estimation technique using dependent variables (ROA, ROE and Tobin’s Q), explanatory variable CO2 emission and moderating variables of firm’s size, economic growth and inflation rate.Results/Findings:The results from the study reveal that the pattern of effects of carbon footprints differ in terms of the measurement used for a performance indicator. In particular, the study found that the level of carbon footprint in the economy exerts significant negative effects on all the performance indicators of insurance firms. Optimal risk and sustainable insurance procedures are therefore recommended in the study. 08-30-2022 <![CDATA[ <p><strong>Purpose:</strong> This study examined the effect of the rate of carbon footprints in an economy on the financial performance of listed insurance companies in selected countries in the sub-Saharan African region. It is argued in the study that factors that are external to the insurance industry (carbon footprint) intensify risks faced by the insurance firms.</p><p><strong>Methodology:</strong> The study employs secondary data from the sampled insurance firms' annual audited financial statements. Data was collected from forty-five (45) insurance firms in eight (8) selected sub-Saharan African countries from 2010 to 2019. A dynamic estimation procedure was adopted based on the system GMM estimation technique using dependent variables (ROA, ROE and Tobin’s Q), explanatory variable CO₂ emission and moderating variables of firm’s size, economic growth and inflation rate.</p><p><strong>Results/Findings:</strong>The results from the study reveal that the pattern of effects of carbon footprints differ in terms of the measurement used for a performance indicator. In particular, the study found that the level of carbon footprint in the economy exerts significant negative effects on all the performance indicators of insurance firms. Optimal risk and sustainable insurance procedures are therefore recommended in the study.</p> ]]> Carbon Footprint and Performance of Quoted Insurance Firms in Sub-Saharan African Countries omoruyi-aigbovo osariemen aigbovo omoruyi doi: 10.51410/jcgirm.9.1.19 Journal of Corporate Governance, Insurance, and Risk Management 08-30-2022 Journal of Corporate Governance, Insurance, and Risk Management 08-30-2022 2022 9 S1 Article 280 10.51410/jcgirm.9.1.19 https://www.acadlore.com/article/JCGIRM/2022_9_S1/jcgirm.9.1.19 https://www.acadlore.com/article/JCGIRM/2022_9_S1/jcgirm.9.1.18 Purpose: This paper aims to provide an analysis of the author's research in relation to legal investment treatments among participants who are not only interested in the topic of national economic development but would like to be aware of additional essential non-purely economic elements and factors of this desirable development.Methodology: For this research, the methods of scientific abstraction, logic and analytics, as well as expedients in the style of historicism of international law and philosophy of modern business, have been applied.Results/Findings: The research highlights the significance of investment legal treatment as a contributor to local investment attractiveness, outlining the importance of developing state guarantees to protect foreign investments by delivering progressive European approaches. 08-30-2022 <![CDATA[ <p><strong>Purpose:</strong> This paper aims to provide an analysis of the author's research in relation to legal investment treatments among participants who are not only interested in the topic of national economic development but would like to be aware of additional essential non-purely economic elements and factors of this desirable development.</p><p><strong>Methodology:</strong> For this research, the methods of scientific abstraction, logic and analytics, as well as expedients in the style of historicism of international law and philosophy of modern business, have been applied.</p><p><strong>Results/Findings:</strong> The research highlights the significance of investment legal treatment as a contributor to local investment attractiveness, outlining the importance of developing state guarantees to protect foreign investments by delivering progressive European approaches.</p> ]]> Interstate investment legal treatment as a factor of investment attractiveness kostiantyn v. cherepovskyi doi: 10.51410/jcgirm.9.1.18 Journal of Corporate Governance, Insurance, and Risk Management 08-30-2022 Journal of Corporate Governance, Insurance, and Risk Management 08-30-2022 2022 9 S1 Article 274 10.51410/jcgirm.9.1.18 https://www.acadlore.com/article/JCGIRM/2022_9_S1/jcgirm.9.1.18 https://www.acadlore.com/article/JCGIRM/2022_9_S1/jcgirm.9.1.17 Purpose: Oman is the first country among the GCC countries to implement corporate governance (CG) principles. Corporate governance regulates the fundamental principles that govern the activities of businesses, like the responsibilities and roles of the Board of Directors (BoD), financial reporting and auditing, remunerations, and internal control system. Banks play a vital role in the economic development of a country. Adopting CG practices and the audit function in banks paves the way for transparent financial reporting. Furthermore, the audit committee has an impact on the financial performance of a firm as they undertake the task of preventing fraudulent financial reporting. From the above discussion, the purpose of this study is to understand and examine the characteristics of the audit committee by exploring its association with its performance.Methodology: All the eight listed banks on the Muscat Stock Exchange (MSX) have been selected for the study, and data has been collected from the banks' annual reports for five years (2016-2020). The study has been conducted based on three CG characteristics such as the number of members in the committee, number of committee meetings and number of non-executive members in the committee. Measuring firm performance has been done by calculating Return on Asset (ROA) and Return on Equity (ROE). Correlation and regression analysis has been used to study the relationship between CG factors and bank performance. ROA and ROE are dependent variables. The three CG factors are independent variables, and bank size has been used as a control variable.Results/Findings: This study shows a positive relationship between the banks' performance and the number of committee meetings and non-executive members and a negative impact between the number of members in the committee and bank performance.Originality and Practical Implications: Further research on this study area can be conducted after 2021, considering the impact of audit committee characteristics on bank performance before and during COVID – 19. 08-30-2022 <![CDATA[ <p><strong>Purpose:</strong> Oman is the first country among the GCC countries to implement corporate governance (CG) principles. Corporate governance regulates the fundamental principles that govern the activities of businesses, like the responsibilities and roles of the Board of Directors (BoD), financial reporting and auditing, remunerations, and internal control system. Banks play a vital role in the economic development of a country. Adopting CG practices and the audit function in banks paves the way for transparent financial reporting. Furthermore, the audit committee has an impact on the financial performance of a firm as they undertake the task of preventing fraudulent financial reporting. From the above discussion, the purpose of this study is to understand and examine the characteristics of the audit committee by exploring its association with its performance.</p><p><strong>Methodology:</strong> All the eight listed banks on the Muscat Stock Exchange (MSX) have been selected for the study, and data has been collected from the banks' annual reports for five years (2016-2020). The study has been conducted based on three CG characteristics such as the number of members in the committee, number of committee meetings and number of non-executive members in the committee. Measuring firm performance has been done by calculating Return on Asset (ROA) and Return on Equity (ROE). Correlation and regression analysis has been used to study the relationship between CG factors and bank performance. ROA and ROE are dependent variables. The three CG factors are independent variables, and bank size has been used as a control variable.</p><p><strong>Results/Findings:</strong> This study shows a positive relationship between the banks' performance and the number of committee meetings and non-executive members and a negative impact between the number of members in the committee and bank performance.</p><p><strong>Originality and Practical Implications:</strong> Further research on this study area can be conducted after 2021, considering the impact of audit committee characteristics on bank performance before and during COVID – 19.</p> ]]> Characteristics of Audit Committee and Banking SectorPerformance in Oman nithya ramachann saeed khalfan al-muqaimi nasser rashid al-hajri doi: 10.51410/jcgirm.9.1.17 Journal of Corporate Governance, Insurance, and Risk Management 08-30-2022 Journal of Corporate Governance, Insurance, and Risk Management 08-30-2022 2022 9 S1 Article 263 10.51410/jcgirm.9.1.17 https://www.acadlore.com/article/JCGIRM/2022_9_S1/jcgirm.9.1.17 https://www.acadlore.com/article/JCGIRM/2022_9_S1/jcgirm.9.1.16 Purpose: The appeal of the Rational Apathy Theory lies in the fact that it is not only a descriptive theory of shareholder behaviour in the modern public firm but also a powerful normative tool which recommends itself to corporate legislators and policymakers. True to their normative logic, proponents of apathy contend that since shareholders of modern public firms will never find it cost-efficient or incentivized to perform their monitoring responsibilities over corporate management, insisting on a shareholder-oriented corporate governance model is undesirable. This article rejects the determinism and immutability of the above thesis and argues that firm investors will embrace activism where the cost of corporate monitoring is reduced, and the benefits of doing so are increased. Given the ability of the internet to reduce monitoring costs for shareholders (predominantly minority shareholders) in public companies, the article campaigns for minority shareholder electronic participation in corporate governance and proposes a careful reform of corporate law and governance in post-covid Nigeria, drawing inspiration from similar reforms on electronic governance in Canada, UK, and the State of Delaware in the US. In a society where digitalization has been identified as a major catalyst for the economic revival of commercial and corporate life, this article recommends itself to policy and lawmakers, corporate boards, corporate law experts, legislators, regulators, and other relevant stakeholders.Methodology: The article adopts doctrinal and comparative methods of legal analysis.Results/Findings: The article finds that while the Rational Apathy Theory may have served the analogue world, it is unsuitable for a digital generation, where issues of cost, communication and participation could be liberalized, through the use of the internet, to serve the interest of shareholder democracy in public companies. 08-30-2022 <![CDATA[ <p><strong>Purpose:</strong> The appeal of the Rational Apathy Theory lies in the fact that it is not only a descriptive theory of shareholder behaviour in the modern public firm but also a powerful normative tool which recommends itself to corporate legislators and policymakers. True to their normative logic, proponents of apathy contend that since shareholders of modern public firms will never find it cost-efficient or incentivized to perform their monitoring responsibilities over corporate management, insisting on a shareholder-oriented corporate governance model is undesirable. This article rejects the determinism and immutability of the above thesis and argues that firm investors will embrace activism where the cost of corporate monitoring is reduced, and the benefits of doing so are increased. Given the ability of the internet to reduce monitoring costs for shareholders (predominantly minority shareholders) in public companies, the article campaigns for minority shareholder electronic participation in corporate governance and proposes a careful reform of corporate law and governance in post-covid Nigeria, drawing inspiration from similar reforms on electronic governance in Canada, UK, and the State of Delaware in the US. In a society where digitalization has been identified as a major catalyst for the economic revival of commercial and corporate life, this article recommends itself to policy and lawmakers, corporate boards, corporate law experts, legislators, regulators, and other relevant stakeholders.</p><p><strong>Methodology:</strong> The article adopts doctrinal and comparative methods of legal analysis.</p><p><strong>Results/Findings:</strong> The article finds that while the Rational Apathy Theory may have served the analogue world, it is unsuitable for a digital generation, where issues of cost, communication and participation could be liberalized, through the use of the internet, to serve the interest of shareholder democracy in public companies.</p> ]]> THE FALLACY OF THE RATIONAL APATHY THEORY: MINORITY SHAREHOLDER ELECTRONIC PARTICIPATION IN NIGERIAN CORPORATE GOVERNANCE gabriel uchechi emeasoba doi: 10.51410/jcgirm.9.1.16 Journal of Corporate Governance, Insurance, and Risk Management 08-30-2022 Journal of Corporate Governance, Insurance, and Risk Management 08-30-2022 2022 9 S1 Article 243 10.51410/jcgirm.9.1.16 https://www.acadlore.com/article/JCGIRM/2022_9_S1/jcgirm.9.1.16 https://www.acadlore.com/article/JCGIRM/2022_9_S1/jcgirm.9.1.15 Purpose: The purpose of the present study, which was based on the increasing relationship between sports and the environment and the importance of this relationship, was to calculate the carbon footprint of Sarıkamış Ski Facilities in the city of Kars, Turkey. To do this purpose, an answer was sought to the following study question: What is the carbon footprint of Sarıkamış Ski Facilities?Methodology: The study was conducted within the scope of quantitative research methods design, which are used frequently in social sciences in recent years. The amount of electricity consumed on the cable car line in Sarıkamış Ski Facilities in Kars and the natural gas consumption amounts of the three hotels that have the highest bed capacity and overnight stays in the hotels area were used as the dataset in the study. To answer the study question, the carbon dioxide emission amount (carbon footprint) of the ski Facilities was calculated by using the calculation methodology (Tier 1 Method) that was put forward by the Intergovernmental Panel on Climate Change (IPCC).Results/Findings: The carbon dioxide emission (carbon footprint) occurring because of the natural gas consumption of three accommodation facilities and the electricity consumption of the cable car lines on the ski slopes in the 2022 ski season in Sarıkamış Ski Facilities was calculated as 12.140.58 tons. According to these calculations, 86% of the carbon footprint of the ski facilities occurred because of electricity consumption. This can be associated with the increasing demand in Sarıkamış Ski Facilities and the intense use of cable car lines to cover this demand. These results, which were limited to Sarıkamış Ski Facilities in Kars in Turkey, indicate that it is necessary to turn to renewable energy sources in Sarıkamış Ski Facilities. Also, it can be argued that the increasing demands on skiing should be covered in an environmentally friendly manner with increasing awareness of environmentally friendly energy. It is inevitable to develop sustainable environmental and sports policies to resolve environmental problems such as climate change, global warming, and carbon footprint. This study, which was limited to only Sarıkamış Ski Facilities, is expected to prepare the ground for a study throughout Turkey, and it is also aimed to help the development of an environmentally friendly sports concept in Turkey. 08-30-2022 <![CDATA[ <p><strong>Purpose:</strong> The purpose of the present study, which was based on the increasing relationship between sports and the environment and the importance of this relationship, was to calculate the carbon footprint of Sarıkamış Ski Facilities in the city of Kars, Turkey. To do this purpose, an answer was sought to the following study question: <em>What is the carbon footprint of Sarıkamış Ski Facilities?</em></p><p><strong>Methodology:</strong> The study was conducted within the scope of quantitative research methods design, which are used frequently in social sciences in recent years. The amount of electricity consumed on the cable car line in Sarıkamış Ski Facilities in Kars and the natural gas consumption amounts of the three hotels that have the highest bed capacity and overnight stays in the hotels area were used as the dataset in the study. To answer the study question, the carbon dioxide emission amount (carbon footprint) of the ski Facilities was calculated by using the calculation methodology (Tier 1 Method) that was put forward by the Intergovernmental Panel on Climate Change (IPCC).</p><p><strong>Results/Findings:</strong> The carbon dioxide emission (carbon footprint) occurring because of the natural gas consumption of three accommodation facilities and the electricity consumption of the cable car lines on the ski slopes in the 2022 ski season in Sarıkamış Ski Facilities was calculated as 12.140.58 tons. According to these calculations, 86% of the carbon footprint of the ski facilities occurred because of electricity consumption. This can be associated with the increasing demand in Sarıkamış Ski Facilities and the intense use of cable car lines to cover this demand. These results, which were limited to Sarıkamış Ski Facilities in Kars in Turkey, indicate that it is necessary to turn to renewable energy sources in Sarıkamış Ski Facilities. Also, it can be argued that the increasing demands on skiing should be covered in an environmentally friendly manner with increasing awareness of environmentally friendly energy. It is inevitable to develop sustainable environmental and sports policies to resolve environmental problems such as climate change, global warming, and carbon footprint. This study, which was limited to only Sarıkamış Ski Facilities, is expected to prepare the ground for a study throughout Turkey, and it is also aimed to help the development of an environmentally friendly sports concept in Turkey.</p> ]]> An evaluation of the carbon footprint problem in winter sports: Carbon footprint of Sarıkamış Ski Facilities ahmet atalay doi: 10.51410/jcgirm.9.1.15 Journal of Corporate Governance, Insurance, and Risk Management 08-30-2022 Journal of Corporate Governance, Insurance, and Risk Management 08-30-2022 2022 9 S1 Article 229 10.51410/jcgirm.9.1.15 https://www.acadlore.com/article/JCGIRM/2022_9_S1/jcgirm.9.1.15 https://www.acadlore.com/article/JCGIRM/2022_9_S1/jcgirm.9.1.14 Purpose: In today’s modernized banking-services, customers compete for comparative time-saving-options and banking-service-providers compete for maximizing profits. In this win-win setup, many factors are unpredictable. These perceived risk (PR) factors have been undermining the vision of cashless-society country-wise such as Bangladesh. Banks can eliminate this issue by adopting Voluntary Insurance (VI) as a new product. But it raises question: how do customers feel about it?Methodology: This study uses a self-designed survey questionnaire, for conducting convenience sampling reliability analysis and tests the results using statistical analysis.Findings: Statistical analyses of customers’ preferences reveal that “age-group” and “occupation-group” of customers have different preferences. The result shows that demographic factors impact customers’ preferences for the new product.Practical Implications: The findings can attract more users by improving customer’s satisfaction, customer-base, banks benefits including reduction of operational-cost. Thus, the answer to the question posed in the title is: Yes. Thus, this effort brings the findings of the Survey-Opinions to the attentions of bank-leaderships and policymakers so that the VI becomes a product in bank-led e-banking services, which can be an example in economy country-wise. 08-30-2022 <![CDATA[ <p><strong>Purpose:</strong> In today’s modernized banking-services, customers compete for comparative time-saving-options and banking-service-providers compete for maximizing profits. In this win-win setup, many factors are unpredictable. These perceived risk (PR) factors have been undermining the vision of cashless-society country-wise such as Bangladesh. Banks can eliminate this issue by adopting <em>Voluntary Insurance</em> (VI) as a new product. But it raises question: how do customers feel about it?</p><p><strong>Methodology: </strong>This study uses a self-designed survey questionnaire, for conducting convenience sampling reliability analysis and tests the results using statistical analysis.</p><p><strong>Findings: </strong>Statistical analyses of customers’ preferences reveal that “age-group” and “occupation-group” of customers have different preferences. The result shows that demographic factors impact customers’ preferences for the new product.</p><p><strong>Practical Implications: </strong>The findings can attract more users by improving customer’s satisfaction, customer-base, banks benefits including reduction of operational-cost. Thus, the answer to the question posed in the title is: Yes. Thus, this effort brings the findings of the Survey-Opinions to the attentions of bank-leaderships and policymakers so that the VI becomes a product in bank-led e-banking services, which can be an example in economy country-wise.</p> ]]> Can Voluntary Insurance Be a New Product in Bank-led e-banking: Statistical Analysis of Customers’ Preferences in Bangladesh-economy? akim m. rahman doi: 10.51410/jcgirm.9.1.14 Journal of Corporate Governance, Insurance, and Risk Management 08-30-2022 Journal of Corporate Governance, Insurance, and Risk Management 08-30-2022 2022 9 S1 Article 215 10.51410/jcgirm.9.1.14 https://www.acadlore.com/article/JCGIRM/2022_9_S1/jcgirm.9.1.14 https://www.acadlore.com/article/JCGIRM/2022_9_S1/jcgirm.9.1.13 Purpose: The prime purpose of this paper is to analyze the risks associated with the retail industry and provide a overview of the risk identification techniques and tools. The paper also investigates the relationship between risk identification and risk management. Research Methodology: This paper is a conceptual paper and the methodology included a literature search. The present study is a literature review that examines available studies based on risk identification and its techniques in the retail business. Findings:Many risks have a high impact on the retail industry. Supplier uncertainty, change in the taste and preference of consumers, data security and threats, inventory risks, etc. all these types of risks are faced by the retail industry. Identifying these risks is a big challenge for the company. There are numerous risk identification techniques that companies can use to identify risks. Brainstorming, expert judgment, Delphi method, root-cause analysis, etc. techniques are discussed in this paper. Tesco plc applies the brainstorming, risk register and top-down and bottom-up approach to identify the risks. The findings of this study can be used as a case study of Tesco's retail operation, which is based in and managed primarily in this specific area. Tesco's decisions may contain some common tactics for identifying hazards, and some extremely unique ones. Practical Implications: Various corporations developed risk departments to identify and manage risks during the modernization and automation era. As a result, there is a demand for experts with specialized skills and experience in managing and assessing risk factors involved in the retail industry. These specialists' job is to identify hazards and develop methods to protect the organization from them. This study will assist the risk managers or professionals of the retail industry to use the techniques of risk identification and assess the risks appropriately. 08-30-2022 <![CDATA[ Purpose: The prime purpose of this paper is to analyze the risks associated with the retail industry and provide a overview of the risk identification techniques and tools. The paper also investigates the relationship between risk identification and risk management. Research Methodology: This paper is a conceptual paper and the methodology included a literature search. The present study is a literature review that examines available studies based on risk identification and its techniques in the retail business. Findings:Many risks have a high impact on the retail industry. Supplier uncertainty, change in the taste and preference of consumers, data security and threats, inventory risks, etc. all these types of risks are faced by the retail industry. Identifying these risks is a big challenge for the company. There are numerous risk identification techniques that companies can use to identify risks. Brainstorming, expert judgment, Delphi method, root-cause analysis, etc. techniques are discussed in this paper. Tesco plc applies the brainstorming, risk register and top-down and bottom-up approach to identify the risks. The findings of this study can be used as a case study of Tesco's retail operation, which is based in and managed primarily in this specific area. Tesco's decisions may contain some common tactics for identifying hazards, and some extremely unique ones. Practical Implications: Various corporations developed risk departments to identify and manage risks during the modernization and automation era. As a result, there is a demand for experts with specialized skills and experience in managing and assessing risk factors involved in the retail industry. These specialists' job is to identify hazards and develop methods to protect the organization from them. This study will assist the risk managers or professionals of the retail industry to use the techniques of risk identification and assess the risks appropriately. ]]> Risk Identification Techniques in Retail Industry: A case study of Tesco Plc aradhana sharmaa ruchika jain neena seth pajni doi: 10.51410/jcgirm.9.1.13 Journal of Corporate Governance, Insurance, and Risk Management 08-30-2022 Journal of Corporate Governance, Insurance, and Risk Management 08-30-2022 2022 9 S1 Article 201 10.51410/jcgirm.9.1.13 https://www.acadlore.com/article/JCGIRM/2022_9_S1/jcgirm.9.1.13 https://www.acadlore.com/article/JCGIRM/2022_9_S1/jcgirm.9.1.12 Purpose: The objective of this article is to identify the types of risks associated with corporate real estate (CRE) and the risk management strategies adopted by companies. Moreover, the aim is to measure business performance and analyze its correlation with CRE risk management strategies.Methodology: Interviews were held in Aurangabad city in India to gather information from respondents about their adoption of CRE risk management strategies. Monte Carlo simulations are used as a tool to measure company performance and the results are then correlated with the average of the strategies drawn from the analysis.Findings: It is found that most organizations have integrated risk management into their strategic business plans.Originality: Although there is much literature on risk management, few researchers examined the relationship between corporate real estate risk management. 08-30-2022 <![CDATA[ <p><strong>Purpose: </strong>The objective of this article is to identify the types of risks associated with corporate real estate (CRE) and the risk management strategies adopted by companies. Moreover, the aim is to measure business performance and analyze its correlation with CRE risk management strategies.</p><p><strong>Methodology: </strong>Interviews were held in Aurangabad city in India to gather information from respondents about their adoption of CRE risk management strategies. Monte Carlo simulations are used as a tool to measure company performance and the results are then correlated with the average of the strategies drawn from the analysis.</p><p><strong>Findings: </strong>It is found that most organizations have integrated risk management into their strategic business plans.</p><p><strong>Originality: </strong>Although there is much literature on risk management, few researchers examined the relationship between corporate real estate risk management.</p> ]]> A Systematic Study on Corporate Real Estate Risk Management and Assessment(Concerning Aurangabad City) dilip. s. chavan doi: 10.51410/jcgirm.9.1.12 Journal of Corporate Governance, Insurance, and Risk Management 08-30-2022 Journal of Corporate Governance, Insurance, and Risk Management 08-30-2022 2022 9 S1 Article 190 10.51410/jcgirm.9.1.12 https://www.acadlore.com/article/JCGIRM/2022_9_S1/jcgirm.9.1.12 https://www.acadlore.com/article/JCGIRM/2022_9_S1/jcgirm.9.1.11 Purpose: This paper is an empirical analysis of Nigeria's determinants of the ceding decision of life insurance companies. It is birthed from the notion that reinsurance, though highly beneficial to the insurance industry, is rarely undertaken by life insurers. Thus, this study aims at expounding on the determinants of reinsurance decisions of life insurance companies in Nigeria and the relationship of each determinant with ceded reinsurance.Methodology: An ex-post facto research design was adopted, and a sample size of seven (7) core life insurance companies in Nigeria was selected using the purposive sampling technique. Data were sourced from the Nigerian Insurers Digest and the websites of the select insurance companies covering the years 2011 to 2019. Descriptive analysis and unit root tests were conducted on the data to justify its suitability. Data were further analyzed using the panel data regression, and a decision was arrived at using the Hausman and redundant fixed effect tests.Results/Findings: The analysis showed a significant relationship between leverage and ceded reinsurance, firm size and ceded reinsurance, as well as return on assets and ceded reinsurance, while underwriting risk and reinsurance price had insignificant relationships with ceded reinsurance. All the explanatory variables also had positive relationships with the ratio of ceded reinsurance. Thus, it was concluded that leverage, firm size and return on assets are major determinants of the ceding decision of these companies, while underwriting risk and reinsurance price are not. Originality and Practical Implications:This study is an original work of the authors. It practically shows the relationship between the factors considered by life insurers in deciding to cede their risks and ceded reinsurance. With previous studies on reinsurance and its benefit to the insurance industry, this study brings factors that impede the life insurer from deriving these benefits. Therefore, it was recommended that to encourage life insurers to cede more risks, policymakers and regulators should align specific regulations on leverage, firm size and return on assets of life insurers in Nigeria. 08-30-2022 <![CDATA[ <p><strong>Purpose:</strong> This paper is an empirical analysis of Nigeria's determinants of the ceding decision of life insurance companies. It is birthed from the notion that reinsurance, though highly beneficial to the insurance industry, is rarely undertaken by life insurers. Thus, this study aims at expounding on the determinants of reinsurance decisions of life insurance companies in Nigeria and the relationship of each determinant with ceded reinsurance.</p><p><strong>Methodology:</strong> An ex-post facto research design was adopted, and a sample size of seven (7) core life insurance companies in Nigeria was selected using the purposive sampling technique. Data were sourced from the Nigerian Insurers Digest and the websites of the select insurance companies covering the years 2011 to 2019. Descriptive analysis and unit root tests were conducted on the data to justify its suitability. Data were further analyzed using the panel data regression, and a decision was arrived at using the Hausman and redundant fixed effect tests.</p><p><strong>Results/Findings:</strong> The analysis showed a significant relationship between leverage and ceded reinsurance, firm size and ceded reinsurance, as well as return on assets and ceded reinsurance, while underwriting risk and reinsurance price had insignificant relationships with ceded reinsurance. All the explanatory variables also had positive relationships with the ratio of ceded reinsurance. Thus, it was concluded that leverage, firm size and return on assets are major determinants of the ceding decision of these companies, while underwriting risk and reinsurance price are not. </p><p><strong>Originality and Practical Implications:</strong>This study is an original work of the authors. It practically shows the relationship between the factors considered by life insurers in deciding to cede their risks and ceded reinsurance. With previous studies on reinsurance and its benefit to the insurance industry, this study brings factors that impede the life insurer from deriving these benefits. Therefore, it was recommended that to encourage life insurers to cede more risks, policymakers and regulators should align specific regulations on leverage, firm size and return on assets of life insurers in Nigeria.</p> ]]> Reinsurance and the determinants of the ceding decision of life insurance companies in Nigeria: An empirical analysis musa adebayo obalola mfon sampson ukpong doi: 10.51410/jcgirm.9.1.11 Journal of Corporate Governance, Insurance, and Risk Management 08-30-2022 Journal of Corporate Governance, Insurance, and Risk Management 08-30-2022 2022 9 S1 Article 169 10.51410/jcgirm.9.1.11 https://www.acadlore.com/article/JCGIRM/2022_9_S1/jcgirm.9.1.11 https://www.acadlore.com/article/JCGIRM/2022_9_S1/jcgirm.9.1.10 Purpose: This paper aims to track the history of financial risk management and how this progress affected the evolution of financial risk management. In the first part of this paper, we will look at how risk is defined, the concept of risk management, and the transaction from risk philosophy to the risk culture. The second part examines the evolution of risk management and different models used in financial risk measurements, such as variance, covariance, standard deviation, and value at risk models. In the third part, the Bretton Woods system, its effects on the global financial system, and after the Bretton Woods system is studied. In the final cut, we conclude and present our recommendations for future studies. Methodology: This theoretical research will focus on the historical evolution of financial risk management and the financial tools used while measuring risk. The finance field has evolved with crises, technological developments, and globalization. While the finance field has been growing, how financial risks are defined, managed, and measured has also changed. In addition to these changes, the finance field was introduced with a new area called "blockchain" and new investment instruments called cryptocurrencies. Practical Implications: This theoretical research investigates the evolution of financial risk management from a historical perspective and argues that the current financial risk management tools are insufficient to project today's risks fully. 08-30-2022 <![CDATA[ Purpose: This paper aims to track the history of financial risk management and how this progress affected the evolution of financial risk management. In the first part of this paper, we will look at how risk is defined, the concept of risk management, and the transaction from risk philosophy to the risk culture. The second part examines the evolution of risk management and different models used in financial risk measurements, such as variance, covariance, standard deviation, and value at risk models. In the third part, the Bretton Woods system, its effects on the global financial system, and after the Bretton Woods system is studied. In the final cut, we conclude and present our recommendations for future studies. Methodology: This theoretical research will focus on the historical evolution of financial risk management and the financial tools used while measuring risk. The finance field has evolved with crises, technological developments, and globalization. While the finance field has been growing, how financial risks are defined, managed, and measured has also changed. In addition to these changes, the finance field was introduced with a new area called "blockchain" and new investment instruments called cryptocurrencies. Practical Implications: This theoretical research investigates the evolution of financial risk management from a historical perspective and argues that the current financial risk management tools are insufficient to project today's risks fully. ]]> The Evolution of Financial Risk Management cantürk kayahan tolga murat doi: 10.51410/jcgirm.9.1.10 Journal of Corporate Governance, Insurance, and Risk Management 08-30-2022 Journal of Corporate Governance, Insurance, and Risk Management 08-30-2022 2022 9 S1 Article 155 10.51410/jcgirm.9.1.10 https://www.acadlore.com/article/JCGIRM/2022_9_S1/jcgirm.9.1.10 https://www.acadlore.com/article/JCGIRM/2022_9_S1/jcgirm.9.1.1 Purpose: The study's primary purpose is to investigate the validity of the Financial Kuznets Curve hypothesis for 15 selected upper and middle-income countries in terms of middle and upper-income group countries. In this context: Income inequality using annual data for the period 2002-2018 of 15 countries, including Turkey, Brazil, Belarus, Armenia, Ecuador, Colombia, Costa Rica, Dominican Republic, Georgia, Mexico, Kazakhstan, Paraguay, Peru, Russian Federation and Thailand. Methodology: The relationship between income inequality and financial development was examined by panel data analysis. At the same time, as in similar studies in the literature, growth, inflation and foreign trade variables, which are among the main variables related to the subject, were also included in the research. Findings: As a result of the findings, results were obtained that support the inverted-U hypothesis between income inequality and financial development. 08-30-2022 <![CDATA[ Purpose: The study's primary purpose is to investigate the validity of the Financial Kuznets Curve hypothesis for 15 selected upper and middle-income countries in terms of middle and upper-income group countries. In this context: Income inequality using annual data for the period 2002-2018 of 15 countries, including Turkey, Brazil, Belarus, Armenia, Ecuador, Colombia, Costa Rica, Dominican Republic, Georgia, Mexico, Kazakhstan, Paraguay, Peru, Russian Federation and Thailand. Methodology: The relationship between income inequality and financial development was examined by panel data analysis. At the same time, as in similar studies in the literature, growth, inflation and foreign trade variables, which are among the main variables related to the subject, were also included in the research. Findings: As a result of the findings, results were obtained that support the inverted-U hypothesis between income inequality and financial development. ]]> Relationship between Financial Development and Income Inequality for Turkey and Selected Countries with Similar Economy zuleyha arat senol babuscu adalet hazar doi: 10.51410/jcgirm.9.1.1 Journal of Corporate Governance, Insurance, and Risk Management 08-30-2022 Journal of Corporate Governance, Insurance, and Risk Management 08-30-2022 2022 9 S1 Article 1 10.51410/jcgirm.9.1.1 https://www.acadlore.com/article/JCGIRM/2022_9_S1/jcgirm.9.1.1 https://www.acadlore.com/article/JCGIRM/2021_8_2/jcgirm.8.2.9 In an environment where competition is becoming increasingly fierce, the primary concern of entities is to find effective solutions to cope with the risks to which they are exposed. In this context, through the entire collection of mechanisms available to corporate governance, companies can limit their risk exposure and thus achieve their goals more quickly. This research aims to study the relationship between the characteristics of corporate governance and the financial performance of the top 65 listed American companies. The research was carried out over a period of 5 years (2015-2019). Regarding the characteristics of corporate governance, four variables were used: the duality of the CEO, the size of the Board of Directors, the independence of the Board, and the frequency of its meetings. In addition, to reflect financial performance, we tracked the rate of financial return (ROE) and return on assets (ROA). The data were processed using the SPSS statistical program, using multiple linear regressions as the quantitative method. The analysis results indicate the existence of a significant positive relationship between the variable of corporate governance represented by the frequency of Board meetings and the financial performance expressed by ROA and ROE. However, variables relating to the duality of the CEO, the size and the independence of the Board were statistically insignificant. 12-30-2021 <![CDATA[ <p>In an environment where competition is becoming increasingly fierce, the primary concern of entities is to find effective solutions to cope with the risks to which they are exposed. In this context, through the entire collection of mechanisms available to corporate governance, companies can limit their risk exposure and thus achieve their goals more quickly. This research aims to study the relationship between the characteristics of corporate governance and the financial performance of the top 65 listed American companies. The research was carried out over a period of 5 years (2015-2019). Regarding the characteristics of corporate governance, four variables were used: the duality of the CEO, the size of the Board of Directors, the independence of the Board, and the frequency of its meetings. In addition, to reflect financial performance, we tracked the rate of financial return (ROE) and return on assets (ROA). The data were processed using the SPSS statistical program, using multiple linear regressions as the quantitative method. The analysis results indicate the existence of a significant positive relationship between the variable of corporate governance represented by the frequency of Board meetings and the financial performance expressed by ROA and ROE. However, variables relating to the duality of the CEO, the size and the independence of the Board were statistically insignificant.</p> ]]> The Impact of Corporate Governance on the Performance of Large Listed American Companies ana maria alexie doi: 10.51410/jcgirm.8.2.9 Journal of Corporate Governance, Insurance, and Risk Management 12-30-2021 Journal of Corporate Governance, Insurance, and Risk Management 12-30-2021 2021 8 2 Article 131 10.51410/jcgirm.8.2.9 https://www.acadlore.com/article/JCGIRM/2021_8_2/jcgirm.8.2.9 https://www.acadlore.com/article/JCGIRM/2021_8_2/jcgirm.8.2.8 DEA is a frequently used non-parametric methodology for measuring the relative efficiency of Decision-Making Units (DMUs) that use the same inputs to produce the same outputs. Emrouznejad and Yang (2018) provided a literature survey on DEA with 10,300 peer-reviewed journal articles from 1978 to the end of 2016. Our article focuses on DEA applications in the insurance industry in convergence with the existing relevant literature as Kaffash et al (2020), who have surveyed 132 DEA articles in the insurance industry for the period from 1993 to 2018. We include particular keyword analyses necessary to identify research hotspots in different periods. This article aims to conduct a bibliometric analysis of DEA-published documents (articles in journals and book chapters) in the insurance industry from 1993 to 2021, focusing on identifying research hotspots based on keyword co-occurrence analysis. We have analyzed published documents from relevant databases, such as Scopus, Web of Science, Ebsco and ProQuest. We use descriptive analytics and text mining as the main methods in our analysis. We provide descriptive statistics for articles per year and category of the insurance industry, geographical distribution, top five journals and authors by citations, and citation analysis. An additional qualitative factor of our article is in-depth keyword cooccurrence analysis by using text mining to identify research hotspots in the insurance industry. Our analysis aims to contribute to researchers and insurance practitioners as an empirical and applicative point for initiating and developing research. 12-29-2021 <![CDATA[ <p>DEA is a frequently used non-parametric methodology for measuring the relative efficiency of Decision-Making Units (DMUs) that use the same inputs to produce the same outputs. Emrouznejad and Yang (2018) provided a literature survey on DEA with 10,300 peer-reviewed journal articles from 1978 to the end of 2016. Our article focuses on DEA applications in the insurance industry in convergence with the existing relevant literature as Kaffash et al (2020), who have surveyed 132 DEA articles in the insurance industry for the period from 1993 to 2018. We include particular keyword analyses necessary to identify research hotspots in different periods. This article aims to conduct a bibliometric analysis of DEA-published documents (articles in journals and book chapters) in the insurance industry from 1993 to 2021, focusing on identifying research hotspots based on keyword co-occurrence analysis. We have analyzed published documents from relevant databases, such as Scopus, Web of Science, Ebsco and ProQuest. We use descriptive analytics and text mining as the main methods in our analysis. We provide descriptive statistics for articles per year and category of the insurance industry, geographical distribution, top five journals and authors by citations, and citation analysis. An additional qualitative factor of our article is in-depth keyword cooccurrence analysis by using text mining to identify research hotspots in the insurance industry. Our analysis aims to contribute to researchers and insurance practitioners as an empirical and applicative point for initiating and developing research.</p> ]]> Literature Survey on DEA in the Insurance Industry with a Focus on Identification of Research Hotspots with Text Mining violeta cvetkoska igor ivanovski marija tasheva doi: 10.51410/jcgirm.8.2.8 Journal of Corporate Governance, Insurance, and Risk Management 12-29-2021 Journal of Corporate Governance, Insurance, and Risk Management 12-29-2021 2021 8 2 Article 114 10.51410/jcgirm.8.2.8 https://www.acadlore.com/article/JCGIRM/2021_8_2/jcgirm.8.2.8 https://www.acadlore.com/article/JCGIRM/2021_8_2/jcgirm.8.2.7 There is no agreed and precise definition of the concept of financial failure. This situation causes the studies of the concept to be associated with bankruptcies. Although not every company experiencing financial failure goes bankrupt, it can be noted that economic fluctuations that happen on a global scale cause many companies to face the risk of financial failure and even bankruptcy. Furthermore, the COVID-19 pandemic has also affected the economic policies of countries and thus affected the operations of companies. This study aims to analyze the financial failure risk of Borsa İstanbul (BIST) manufacturing companies before and after COVID-19. In the research, financial statements of BIST manufacturing industry companies published quarterly between the years 2019-2020 were used. Within the scope of the research, the quarterly financial statements of 146 BIST companies listed in the manufacturing industry for the years 2019-2020 were analyzed with the financial failure models of Altman (1968), Springate (1978), Taffler (1983) and Zmijewski (1984). 12-28-2021 <![CDATA[ <p>There is no agreed and precise definition of the concept of financial failure. This situation causes the studies of the concept to be associated with bankruptcies. Although not every company experiencing financial failure goes bankrupt, it can be noted that economic fluctuations that happen on a global scale cause many companies to face the risk of financial failure and even bankruptcy. Furthermore, the COVID-19 pandemic has also affected the economic policies of countries and thus affected the operations of companies. This study aims to analyze the financial failure risk of Borsa İstanbul (BIST) manufacturing companies before and after COVID-19. In the research, financial statements of BIST manufacturing industry companies published quarterly between the years 2019-2020 were used. Within the scope of the research, the quarterly financial statements of 146 BIST companies listed in the manufacturing industry for the years 2019-2020 were analyzed with the financial failure models of Altman (1968), Springate (1978), Taffler (1983) and Zmijewski (1984).</p> ]]> Analyzing the Impact of COVID-19 on the Financial Failure Risk in Borsa İstanbul Manufacturing Companies emre kaplanoğlu fatma moroğlu doi: 10.51410/jcgirm.8.2.7 Journal of Corporate Governance, Insurance, and Risk Management 12-28-2021 Journal of Corporate Governance, Insurance, and Risk Management 12-28-2021 2021 8 2 Article 83 10.51410/jcgirm.8.2.7 https://www.acadlore.com/article/JCGIRM/2021_8_2/jcgirm.8.2.7 https://www.acadlore.com/article/JCGIRM/2021_8_2/jcgirm.8.2.6 Green concrete is concrete produced using waste materials obtained from various sources to develop an eco-friendly construction and reduce carbon emissions. The present experimental study is carried out to produce concrete using waste material from different industries to partially replace traditional concrete. Many research studies have been made using different waste materials which are available and useful as a replacement. The present study deals with industrial waste such as foundry sand (FS) and ground granulated blast furnace slag (GGBS) in the concrete so that the emission can be reduced and contribute to the environment. This study prepared two mixes for M35 Grade by replacing industrial wastes partially in the concrete mix. The first mix was prepared by partially replacing foundry sand with fine aggregates in proportions of 15%, 20%, 25% and 30%. The second mix was prepared by partially replacing the ground granulated blast furnace slag with cement in proportions of 30%, 40% and 50%. Test results were conducted to check the workability and compressive strength of the mixes prepared. These were then compared with the properties of conventional concrete at the end of 7 and 28 days. Test results indicate that 25% of FS and 30% of GGBS are the optimum percentages of industrial waste to use compared to conventional concrete properties at the end of 7 and 28 days. The present study also indicates the economic benefits of partially replacing the waste materials by reducing carbon emissions, and the study is beneficial to produce eco-friendly green concrete. 12-30-2021 <![CDATA[ <p>Green concrete is concrete produced using waste materials obtained from various sources to develop an eco-friendly construction and reduce carbon emissions. The present experimental study is carried out to produce concrete using waste material from different industries to partially replace traditional concrete. Many research studies have been made using different waste materials which are available and useful as a replacement. The present study deals with industrial waste such as foundry sand (FS) and ground granulated blast furnace slag (GGBS) in the concrete so that the emission can be reduced and contribute to the environment. This study prepared two mixes for M35 Grade by replacing industrial wastes partially in the concrete mix. The first mix was prepared by partially replacing foundry sand with fine aggregates in proportions of 15%, 20%, 25% and 30%. The second mix was prepared by partially replacing the ground granulated blast furnace slag with cement in proportions of 30%, 40% and 50%. Test results were conducted to check the workability and compressive strength of the mixes prepared. These were then compared with the properties of conventional concrete at the end of 7 and 28 days. Test results indicate that 25% of FS and 30% of GGBS are the optimum percentages of industrial waste to use compared to conventional concrete properties at the end of 7 and 28 days. The present study also indicates the economic benefits of partially replacing the waste materials by reducing carbon emissions, and the study is beneficial to produce eco-friendly green concrete.</p> ]]> Experimental Study on Effects of Concrete Properties by Partially Replacement of Industrial Waste: A Green Concrete amreen khatun tanuja rani doi: 10.51410/jcgirm.8.2.6 Journal of Corporate Governance, Insurance, and Risk Management 12-30-2021 Journal of Corporate Governance, Insurance, and Risk Management 12-30-2021 2021 8 2 Article 75 10.51410/jcgirm.8.2.6 https://www.acadlore.com/article/JCGIRM/2021_8_2/jcgirm.8.2.6 https://www.acadlore.com/article/JCGIRM/2021_8_2/jcgirm.8.2.5 The paper examines the impact of COVID-19 on competitiveness and how organizational commitment and productivity have changed as a result of changes in processes, practices, or regulations. This paper analyses how employees fared during COVID in two countries, namely Afghanistan and India and the impact on organizational commitment and productivity. The research paper is based on secondary data and conceptual analysis of COVID-19 conditions or how this covetous environment affects their competitors, work environment, or fight for their rights. Moreover, the authors delved into how human capital management lead to organizational efficiency. Factors like (1) workplace safety, (2) targeted recruitment, (3) self-managed decision-making teams and decentralization, and (4) pay policy were all investigated. Employee engagement is widely assumed to influence organizational commitment, employee productivity, employee dedication, and, most importantly, it will generate comparative advantages for organizations. The primary goal of this research was to discover how people work efficiently and effectively with commitment and dedication during COVID-19. 12-30-2021 <![CDATA[ <p>The paper examines the impact of COVID-19 on competitiveness and how organizational commitment and productivity have changed as a result of changes in processes, practices, or regulations. This paper analyses how employees fared during COVID in two countries, namely Afghanistan and India and the impact on organizational commitment and productivity. The research paper is based on secondary data and conceptual analysis of COVID-19 conditions or how this covetous environment affects their competitors, work environment, or fight for their rights. Moreover, the authors delved into how human capital management lead to organizational efficiency. Factors like (1) workplace safety, (2) targeted recruitment, (3) self-managed decision-making teams and decentralization, and (4) pay policy were all investigated. Employee engagement is widely assumed to influence organizational commitment, employee productivity, employee dedication, and, most importantly, it will generate comparative advantages for organizations. The primary goal of this research was to discover how people work efficiently and effectively with commitment and dedication during COVID-19.</p> ]]> Impact of Organisational Commitment on Employee Productivity During Covıd-19: Evidence from Afghanistan and India mohammad qais rezvani nirmala chaudhary ragif huseynov maohua li anjali sharma raiba jafarova chimnaz huseynova doi: 10.51410/jcgirm.8.2.5 Journal of Corporate Governance, Insurance, and Risk Management 12-30-2021 Journal of Corporate Governance, Insurance, and Risk Management 12-30-2021 2021 8 2 Article 59 10.51410/jcgirm.8.2.5 https://www.acadlore.com/article/JCGIRM/2021_8_2/jcgirm.8.2.5 https://www.acadlore.com/article/JCGIRM/2021_8_2/jcgirm.8.2.4 It has long been acknowledged that the various burgeoning problems inflicting the world are deeply rooted in human behaviour. Governance often entails policy formulation and strategies that initiate behavioural change to alleviate such problems and foster sustainability. However, this often appears as a strenuous endeavour, especially at the macro level. For this reason, implementing the behavioural spillover mechanism is deemed befitting. Few studies have directed their attention towards the relationship of individuals’ sustainable behaviour across different settings, and such a perspective could indicate the way forward required within various future policy frameworks. Hence, the following intervention study attempts to examine behavioural spillover, which entails the transfer of attitudes from one domain to another, in this case, from a work-home perspective. This chapter builds upon such notion through a case study from the Maltese islands, the smallest EU member state, by providing insights from public officers. Such sampling population was selected as these individuals work closely within governmental structures and should act as agents of change in this regard. The methodological framework employs a positivist paradigm, based on a quasi-experimental design through an identical pretest and posttest Likert-scale questionnaire distributed to 14 public officers who undertook an educational module about sustainability at the University of Malta. These tests aimed to examine whether spillover of sustainable behaviour occurs within a spatio-temporal context - across the two different domains and during the entire intervention adopted. Quantitative findings are utilized to address two core research questions, from which various trends have been identified. Results show that positive spillover occurs for those behaviours which involve the least time, cost, and effort. It transpires that respondents are not willing to adopt drastic lifestyle changes. Such findings lay the foundation for the recommendations delineated in the current study, which might be helpful to other practitioners in public policy, management, and sustainable development. 12-30-2021 <![CDATA[ <p>It has long been acknowledged that the various burgeoning problems inflicting the world are deeply rooted in human behaviour. Governance often entails policy formulation and strategies that initiate behavioural change to alleviate such problems and foster sustainability. However, this often appears as a strenuous endeavour, especially at the macro level. For this reason, implementing the behavioural spillover mechanism is deemed befitting. Few studies have directed their attention towards the relationship of individuals’ sustainable behaviour across different settings, and such a perspective could indicate the way forward required within various future policy frameworks. Hence, the following intervention study attempts to examine behavioural spillover, which entails the transfer of attitudes from one domain to another, in this case, from a work-home perspective. This chapter builds upon such notion through a case study from the Maltese islands, the smallest EU member state, by providing insights from public officers. Such sampling population was selected as these individuals work closely within governmental structures and should act as agents of change in this regard. The methodological framework employs a positivist paradigm, based on a quasi-experimental design through an identical pretest and posttest Likert-scale questionnaire distributed to 14 public officers who undertook an educational module about sustainability at the University of Malta. These tests aimed to examine whether spillover of sustainable behaviour occurs within a spatio-temporal context - across the two different domains and during the entire intervention adopted. Quantitative findings are utilized to address two core research questions, from which various trends have been identified. Results show that positive spillover occurs for those behaviours which involve the least time, cost, and effort. It transpires that respondents are not willing to adopt drastic lifestyle changes. Such findings lay the foundation for the recommendations delineated in the current study, which might be helpful to other practitioners in public policy, management, and sustainable development.</p> ]]> Examining Spillover of Sustainable Behaviour: An Intervention Study from the Perspective of Maltese Public Officers clinton cassar doi: 10.51410/jcgirm.8.2.4 Journal of Corporate Governance, Insurance, and Risk Management 12-30-2021 Journal of Corporate Governance, Insurance, and Risk Management 12-30-2021 2021 8 2 Article 36 10.51410/jcgirm.8.2.4 https://www.acadlore.com/article/JCGIRM/2021_8_2/jcgirm.8.2.4 https://www.acadlore.com/article/JCGIRM/2021_8_2/jcgirm.8.2.3 Developed countries have well-designed and developed economies in macroeconomic terms. However, not all countries benefit from the fruits of such an economy. Therefore, some countries are still faced with an economy that requires macroeconomic restructuring and development. People in these countries face high unemployment, evolving fiscal and monetary policies. The state is forced to borrow either internally or externally, where the latter is usually preferred. This paper aims to show the effects of government debt on private consumption with a particular focus on transition countries. Thereby explaining the factors that influence private consumption and the types of debt that governments take into account. The countries in regions, which are facing this problem, will be analysed in more detail. Kosovo is one such country, which will be analysed in detail, particularly the relationship between national debt and private consumption. This study is carried out using the statistical software STATA, whereby private consumption is a dependent variable, whilst national debt, gross fixed capital formation, foreign direct investment, consumer price index, export of goods and services and GDP growth are our independent variables. This paper is a compilation of information from multiple sources to describe the reality that transition countries are faced with when borrowing. 09-18-2021 <![CDATA[ <p>Developed countries have well-designed and developed economies in macroeconomic terms. However, not all countries benefit from the fruits of such an economy. Therefore, some countries are still faced with an economy that requires macroeconomic restructuring and development. People in these countries face high unemployment, evolving fiscal and monetary policies. The state is forced to borrow either internally or externally, where the latter is usually preferred. This paper aims to show the effects of government debt on private consumption with a particular focus on transition countries. Thereby explaining the factors that influence private consumption and the types of debt that governments take into account. The countries in regions, which are facing this problem, will be analysed in more detail. Kosovo is one such country, which will be analysed in detail, particularly the relationship between national debt and private consumption. This study is carried out using the statistical software STATA, whereby private consumption is a dependent variable, whilst national debt, gross fixed capital formation, foreign direct investment, consumer price index, export of goods and services and GDP growth are our independent variables. This paper is a compilation of information from multiple sources to describe the reality that transition countries are faced with when borrowing.</p> ]]> The Effect of Public Debt on Private Consumption: The Case of Countries in Transition fisnik morina argjent berisha doi: 10.51410/jcgirm.8.2.3 Journal of Corporate Governance, Insurance, and Risk Management 09-18-2021 Journal of Corporate Governance, Insurance, and Risk Management 09-18-2021 2021 8 2 Article 25 10.51410/jcgirm.8.2.3 https://www.acadlore.com/article/JCGIRM/2021_8_2/jcgirm.8.2.3 https://www.acadlore.com/article/JCGIRM/2021_8_2/jcgirm.8.2.2 We examine whether countries that have high levels of financial inclusion have fewer non-performing loans and loan loss provisions in their banking sectors. The fixed effect panel regression methodology was used to analyse the effect of financial inclusion on bank non-performing loans and loan loss rovisions. Using data from 48 countries, we find that greater formal account ownership is associated with high non-performing loans. Bank loan loss provisions are fewer in countries that have high levels of financial inclusion only when financial inclusion is achieved through the combined use of formal account ownership, bank branch supply and ATM supply. Also, non-performing loans are fewer in countries that experience economic boom and high levels of financial inclusion. 09-18-2021 <![CDATA[ <p>We examine whether countries that have high levels of financial inclusion have fewer non-performing loans and loan loss provisions in their banking sectors. The fixed effect panel regression methodology was used to analyse the effect of financial inclusion on bank non-performing loans and loan loss rovisions. Using data from 48 countries, we find that greater formal account ownership is associated with high non-performing loans. Bank loan loss provisions are fewer in countries that have high levels of financial inclusion only when financial inclusion is achieved through the combined use of formal account ownership, bank branch supply and ATM supply. Also, non-performing loans are fewer in countries that experience economic boom and high levels of financial inclusion.</p> ]]> Does financial inclusion reduce non-performing loans and loan loss provisions? peterson k. ozili ahmed adamu doi: 10.51410/jcgirm.8.2.2 Journal of Corporate Governance, Insurance, and Risk Management 09-18-2021 Journal of Corporate Governance, Insurance, and Risk Management 09-18-2021 2021 8 2 Article 10 10.51410/jcgirm.8.2.2 https://www.acadlore.com/article/JCGIRM/2021_8_2/jcgirm.8.2.2 https://www.acadlore.com/article/JCGIRM/2021_8_2/jcgirm.8.2.13 Because of its impact on an institution's functionality and performance, organisational culture is one of the most discussed topics in management, organisational behaviour, and sociology. The majority of the debates centre on this organisational phenomenon's ability to significantly contribute to the entity's competitive evolution by mobilising its resources, particularly human resources. Even though there is still debate about the definition of organisational culture, experts agree that most of its components contain the fundamental values of any institution. Moreover, any institution considers a robust organisational culture essential for outstanding performance. This paper aims to highlight the concepts of organisational culture at the organisational level from the standpoint of modern economics. A questionnaire was used as a research tool, and the data collected from it was analysed using quantitative statistical-mathematical analysis. The non-implementation or functioning with deficiencies in organisational culture can raise concerns about the entity's functioning and the managerial act's quality and efficiency. 12-30-2021 <![CDATA[ <p>Because of its impact on an institution's functionality and performance, organisational culture is one of the most discussed topics in management, organisational behaviour, and sociology. The majority of the debates centre on this organisational phenomenon's ability to significantly contribute to the entity's competitive evolution by mobilising its resources, particularly human resources. Even though there is still debate about the definition of organisational culture, experts agree that most of its components contain the fundamental values of any institution. Moreover, any institution considers a robust organisational culture essential for outstanding performance. This paper aims to highlight the concepts of organisational culture at the organisational level from the standpoint of modern economics. A questionnaire was used as a research tool, and the data collected from it was analysed using quantitative statistical-mathematical analysis. The non-implementation or functioning with deficiencies in organisational culture can raise concerns about the entity's functioning and the managerial act's quality and efficiency.</p> ]]> Elеmеnts of Organizational Culturе that Facilitatе thе Conduct of Efficiеnt Activitiеs Within Modеrn Organizations ionuț riza ionela staneci costinel cristian militaru doi: 10.51410/jcgirm.8.2.13 Journal of Corporate Governance, Insurance, and Risk Management 12-30-2021 Journal of Corporate Governance, Insurance, and Risk Management 12-30-2021 2021 8 2 Article 185 10.51410/jcgirm.8.2.13 https://www.acadlore.com/article/JCGIRM/2021_8_2/jcgirm.8.2.13 https://www.acadlore.com/article/JCGIRM/2021_8_2/jcgirm.8.2.12 The Covid-19 virus, which emerged in Wuhan, China, in December 2019, spread all over the world in 2020, bringing commercial, social and economic life to a standstill. Governments have applied many support practices to reduce the impact of the virus on the economy. With public banks' &nbsp;social life support loans, those who lost their income due to the pandemic were supported. In 2020, when the most intense &nbsp;effects of the Covid-19 pandemic were experienced, public banks' loan and deposit volumes grew significantly. Banks profit by using the deposits they hold or collect as loans. Therefore, the efficiency of fiscal and monetary policies is increased through banks. The study aims to investigate whether the Covid-19 pandemic has caused a change in the clustering of banks by using the financial and size data of the deposit banks in the BIST Liquid Bank Index. The study tried to determine which banks included in the Borsa İstanbul (BIST) Liquid Bank Index were clustered using the values published in the 2019 and 2020 year- end annual reports. Cluster analysis was applied using the SPSS program. The study's findings determined that the pandemic process affected the clustering of banks and that public banks were in a different cluster compared to 2019. 11-28-2021 <![CDATA[ <p>The Covid-19 virus, which emerged in Wuhan, China, in December 2019, spread all over the world in 2020, bringing commercial, social and economic life to a standstill. Governments have applied many support practices to reduce the impact of the virus on the economy. With public banks' &nbsp;social life support loans, those who lost their income due to the pandemic were supported. In 2020, when the most intense &nbsp;effects of the Covid-19 pandemic were experienced, public banks' loan and deposit volumes grew significantly. Banks profit by using the deposits they hold or collect as loans. Therefore, the efficiency of fiscal and monetary policies is increased through banks. The study aims to investigate whether the Covid-19 pandemic has caused a change in the clustering of banks by using the financial and size data of the deposit banks in the BIST Liquid Bank Index. The study tried to determine which banks included in the Borsa İstanbul (BIST) Liquid Bank Index were clustered using the values published in the 2019 and 2020 year- end annual reports. Cluster analysis was applied using the SPSS program. The study's findings determined that the pandemic process affected the clustering of banks and that public banks were in a different cluster compared to 2019.</p> ]]> Comparison of Banks with Cluster Analysis Before and After Covid-19 Pandemic salih acikalin hasan huseyin yildirim doi: 10.51410/jcgirm.8.2.12 Journal of Corporate Governance, Insurance, and Risk Management 11-28-2021 Journal of Corporate Governance, Insurance, and Risk Management 11-28-2021 2021 8 2 Article 170 10.51410/jcgirm.8.2.12 https://www.acadlore.com/article/JCGIRM/2021_8_2/jcgirm.8.2.12 https://www.acadlore.com/article/JCGIRM/2021_8_2/jcgirm.8.2.11 To protect against risks arising from fluctuations in spot prices and better manage risk, investors might evaluate futures markets. The role of price discovery in the futures markets and the possibility of reducing certain risks increase the importance of researching the relationship between spot and futures prices. This study aims to determine whether there is a relationship between the Bitcoin spot prices and the Bitcoin futures prices. To this end, the relationship between the two markets is analyzed using Johansen Cointegration analysis and Vector Error Correction Model (VECM) using the daily data of the period 02.23.2017 – 08.31.2021. Unit root tests show that each series are not stationary at the level values and that the first differences of the series are stationary. The results of the cointegration analysis show that there is a long-term equilibrium relationship between the bitcoin spot market and the bitcoin futures market, and it is a single cointegration vector. The Granger causality test based on the vector error correction model was used to determine the causality relationship between the series. It has been determined &nbsp;that there is a unidirectional causality relationship from the Bitcoin spot market to the Bitcoin futures market. Bitcoin is a new financial tool that attracts the attention of investors. Investors make transactions on Bitcoin for speculative purposes. Therefore, unlike other investment instruments, spot prices in the bitcoin market affect futures prices. 12-30-2021 <![CDATA[ <p>To protect against risks arising from fluctuations in spot prices and better manage risk, investors might evaluate futures markets. The role of price discovery in the futures markets and the possibility of reducing certain risks increase the importance of researching the relationship between spot and futures prices. This study aims to determine whether there is a relationship between the Bitcoin spot prices and the Bitcoin futures prices. To this end, the relationship between the two markets is analyzed using Johansen Cointegration analysis and Vector Error Correction Model (VECM) using the daily data of the period 02.23.2017 – 08.31.2021. Unit root tests show that each series are not stationary at the level values and that the first differences of the series are stationary. The results of the cointegration analysis show that there is a long-term equilibrium relationship between the bitcoin spot market and the bitcoin futures market, and it is a single cointegration vector. The Granger causality test based on the vector error correction model was used to determine the causality relationship between the series. It has been determined &nbsp;that there is a unidirectional causality relationship from the Bitcoin spot market to the Bitcoin futures market. Bitcoin is a new financial tool that attracts the attention of investors. Investors make transactions on Bitcoin for speculative purposes. Therefore, unlike other investment instruments, spot prices in the bitcoin market affect futures prices.</p> ]]> Causality Relationship between Spot and Futures Bitcoin Prices in CME letife özdemi̇r doi: 10.51410/jcgirm.8.2.11 Journal of Corporate Governance, Insurance, and Risk Management 12-30-2021 Journal of Corporate Governance, Insurance, and Risk Management 12-30-2021 2021 8 2 Article 158 10.51410/jcgirm.8.2.11 https://www.acadlore.com/article/JCGIRM/2021_8_2/jcgirm.8.2.11 https://www.acadlore.com/article/JCGIRM/2021_8_2/jcgirm.8.2.10 Artificial Intelligence (AI) is rapidly transforming the global financial services industry. The new digitalization model is powered by artificial intelligence technology, and AI has the potential to disrupt and refine the existing financial services industry. The increasing amount of data in banking has revealed the need for fast and reliable service. Banks are financial service organizations that have used AI effectively in recent years. This paper reveals the general profile of artificial intelligence adoption by banks. Based on the evidence from all 17 banks operating in the Afyonkarahisar province of Turkey, it is concluded that AI technologies are applied in almost every area of the banking sector to improve the overall service offered. Moreover, the use of AI is evaluated as a potential that provides ease of use and reduces costs. As for the operations in future, the participants think AI will provide high levels of benefit to banks in their financial services in the incoming years. Given no similar study, this study appears to provide an original contribution to the literature regarding the use of AI in banking services within the Turkish context. 11-28-2021 <![CDATA[ <p>Artificial Intelligence (AI) is rapidly transforming the global financial services industry. The new digitalization model is powered by artificial intelligence technology, and AI has the potential to disrupt and refine the existing financial services industry. The increasing amount of data in banking has revealed the need for fast and reliable service. Banks are financial service organizations that have used AI effectively in recent years. This paper reveals the general profile of artificial intelligence adoption by banks. Based on the evidence from all 17 banks operating in the Afyonkarahisar province of Turkey, it is concluded that AI technologies are applied in almost every area of the banking sector to improve the overall service offered. Moreover, the use of AI is evaluated as a potential that provides ease of use and reduces costs. As for the operations in future, the participants think AI will provide high levels of benefit to banks in their financial services in the incoming years. Given no similar study, this study appears to provide an original contribution to the literature regarding the use of AI in banking services within the Turkish context.</p> ]]> A General Profile of Artificial Intelligence Adoption in Banking Sector: A Survey of Banks in Afyonkarahisar Province of Turkey rezan öztürk veysel kula doi: 10.51410/jcgirm.8.2.10 Journal of Corporate Governance, Insurance, and Risk Management 11-28-2021 Journal of Corporate Governance, Insurance, and Risk Management 11-28-2021 2021 8 2 Article 146 10.51410/jcgirm.8.2.10 https://www.acadlore.com/article/JCGIRM/2021_8_2/jcgirm.8.2.10 https://www.acadlore.com/article/JCGIRM/2021_8_2/jcgirm.8.2.1 Changes in consumer behaviour, coupled with shifting purchasing habits, have led to a new setting, one in which the retailers are seeking novel means of keeping potential consumers inside their stores for the maximum duration possible. This prolonged time span contributes to the increased frequency of impulsive actions, thus resulting in greater customer spending. Impulsive buyers are the most crucial target audience for retailers, for they are purely driven by emotion, making decisions without prior preparation or information gathering. Through the grasp of psychological science, behavioural and cognitive functioning, it is possible to discern the factors that make specific retailers and their stores more appealing than others. The main purpose of this paper is to point out a relatively new concept and a technique, called “nudging”, and to showcase the methods of gaining new customers through its utilisation within the Croatian retail market. The nudging technique is not a forceful one, opting to employ imperceptible and subtle means, such as playing certain music, utilising carefully selected scents, colours and lighting within the store, which all serve to improve consumer perception and satisfaction. The retailer can stand out from the competition, precisely by using nudging, which intertwines sensory perception and other psychological factors, incorporating them in the overall store design. For this particular purpose, a survey was conducted among Croatian customers, which examined the presence of specific nudging techniques in retail, as well as their effects on the consumer behaviour. The research results concluded that the Croatian retailers do indeed utilise some nudging techniques which, although perceived by their customers are ultimately left unaware of the impact they have on their respective decision-making process and behaviour. 09-18-2021 <![CDATA[ <p>Changes in consumer behaviour, coupled with shifting purchasing habits, have led to a new setting, one in which the retailers are seeking novel means of keeping potential consumers inside their stores for the maximum duration possible. This prolonged time span contributes to the increased frequency of impulsive actions, thus resulting in greater customer spending. Impulsive buyers are the most crucial target audience for retailers, for they are purely driven by emotion, making decisions without prior preparation or information gathering. Through the grasp of psychological science, behavioural and cognitive functioning, it is possible to discern the factors that make specific retailers and their stores more appealing than others. The main purpose of this paper is to point out a relatively new concept and a technique, called “nudging”, and to showcase the methods of gaining new customers through its utilisation within the Croatian retail market. The nudging technique is not a forceful one, opting to employ imperceptible and subtle means, such as playing certain music, utilising carefully selected scents, colours and lighting within the store, which all serve to improve consumer perception and satisfaction. The retailer can stand out from the competition, precisely by using nudging, which intertwines sensory perception and other psychological factors, incorporating them in the overall store design. For this particular purpose, a survey was conducted among Croatian customers, which examined the presence of specific nudging techniques in retail, as well as their effects on the consumer behaviour. The research results concluded that the Croatian retailers do indeed utilise some nudging techniques which, although perceived by their customers are ultimately left unaware of the impact they have on their respective decision-making process and behaviour.</p> ]]> Nudging Technique In Retail: Increasing Consumer Consumption ivana plazibat lorena gašperov duje petričević doi: 10.51410/jcgirm.8.2.1 Journal of Corporate Governance, Insurance, and Risk Management 09-18-2021 Journal of Corporate Governance, Insurance, and Risk Management 09-18-2021 2021 8 2 Article 1 10.51410/jcgirm.8.2.1 https://www.acadlore.com/article/JCGIRM/2021_8_2/jcgirm.8.2.1 https://www.acadlore.com/article/JCGIRM/2021_8_1/jcgirm.8.1.9 The function of money plays an essential and indisputable role in developing trade. Typically, banknotes and coins are usually introduced by central authorities. However, Bitcoin, which emerged after the 2008 crisis, was considered the original cryptocurrency and contributed to money in an unprecedented dimension as it is the first decentralized peer-to-peer payment network. Cryptocurrencies are in constant interaction and have a casualty relationship, among other variables, with Brent Oil. This study attempts to investigate the relationship between Bitcoin, Ethereum and Brent Oil price movements using 210 daily data extractions between 10.12.2019 and 01.10.2020, featuring the period of the start and spread of the COVID-19 pandemic. In this study, the casualty relationship among Brent Oil, Bitcoin and Ethereum was examined with the Granger Causality test. As a result of the study, a bidirectional casualty relationship was determined between Brent Oil and Ethereum. However, a one-way causality relationship was also found between Brent Oil and Bitcoin. On the other hand, there is no causality relationship between Ethereum and Bitcoin. 06-08-2021 <![CDATA[ <p>The function of money plays an essential and indisputable role in developing trade. Typically, banknotes and coins are usually introduced by central authorities. However, Bitcoin, which emerged after the 2008 crisis, was considered the original cryptocurrency and contributed to money in an unprecedented dimension as it is the first decentralized peer-to-peer payment network. Cryptocurrencies are in constant interaction and have a casualty relationship, among other variables, with Brent Oil. This study attempts to investigate the relationship between Bitcoin, Ethereum and Brent Oil price movements using 210 daily data extractions between 10.12.2019 and 01.10.2020, featuring the period of the start and spread of the COVID-19 pandemic. In this study, the casualty relationship among Brent Oil, Bitcoin and Ethereum was examined with the Granger Causality test. As a result of the study, a bidirectional casualty relationship was determined between Brent Oil and Ethereum. However, a one-way causality relationship was also found between Brent Oil and Bitcoin. On the other hand, there is no causality relationship between Ethereum and Bitcoin.</p> ]]> Investigation of the Relationship Between Brent Oil and Cryptocurrencies During the COVID-19 Pandemic Period abdulkadir kurt veysel kula doi: 10.51410/jcgirm.8.1.9 Journal of Corporate Governance, Insurance, and Risk Management 06-08-2021 Journal of Corporate Governance, Insurance, and Risk Management 06-08-2021 2021 8 1 Article 137 10.51410/jcgirm.8.1.9 https://www.acadlore.com/article/JCGIRM/2021_8_1/jcgirm.8.1.9 https://www.acadlore.com/article/JCGIRM/2021_8_1/jcgirm.8.1.8 The Covid-19 pandemic and the accompanying uncertainties deeply affected the activities and financial structures of businesses and caused negative effects on their financial statements in many respects. Sports clubs are at the top of the list of businesses that suffer the most from the negativities of the pandemic process and experience a lot of loss in their financial and operational activities. Considering the developments both in Europe and in the World, the temporary postponement of sports matches, the start of competitions without spectators, the restructuring of club debts have seriously affected sports clubs, which are currently experiencing economic difficulties, deteriorate their liquidity, cash flows and increase uncertainty by making debt payments difficult. In addition, as the impact of risks on future performance increases, risk management practices have gained importance. In this context, information on the current ratio, cash ratio, financial leverage ratio, financing ratio, debt / equity ratio, and financial risk ratio obtained from the financial statement data for the period of 2019 and 2020 were used to evaluate the financial risk levels of 12 sports clubs. The deterioration in the financial structures of the sports clubs most affected by the pandemic process was examined and the risks encountered were discussed. In addition, the comparative financial analysis results were evaluated by analysing the effect of the financial structure and financial reporting of the clubs. 06-05-2021 <![CDATA[ <p>The Covid-19 pandemic and the accompanying uncertainties deeply affected the activities and financial structures of businesses and caused negative effects on their financial statements in many respects. Sports clubs are at the top of the list of businesses that suffer the most from the negativities of the pandemic process and experience a lot of loss in their financial and operational activities. Considering the developments both in Europe and in the World, the temporary postponement of sports matches, the start of competitions without spectators, the restructuring of club debts have seriously affected sports clubs, which are currently experiencing economic difficulties, deteriorate their liquidity, cash flows and increase uncertainty by making debt payments difficult. In addition, as the impact of risks on future performance increases, risk management practices have gained importance. In this context, information on the current ratio, cash ratio, financial leverage ratio, financing ratio, debt / equity ratio, and financial risk ratio obtained from the financial statement data for the period of 2019 and 2020 were used to evaluate the financial risk levels of 12 sports clubs. The deterioration in the financial structures of the sports clubs most affected by the pandemic process was examined and the risks encountered were discussed. In addition, the comparative financial analysis results were evaluated by analysing the effect of the financial structure and financial reporting of the clubs.</p> ]]> Evaluation of Financial Statements of Sports Clubs for 2019 and 2020 Operational Periods in Terms of the Covid-19 Pandemic and Research in Terms of Financial Risk adnan sevim doi: 10.51410/jcgirm.8.1.8 Journal of Corporate Governance, Insurance, and Risk Management 06-05-2021 Journal of Corporate Governance, Insurance, and Risk Management 06-05-2021 2021 8 1 Article 118 10.51410/jcgirm.8.1.8 https://www.acadlore.com/article/JCGIRM/2021_8_1/jcgirm.8.1.8 https://www.acadlore.com/article/JCGIRM/2021_8_1/jcgirm.8.1.7 Global risk factors have great impacts on the economies and financial markets. It is observed that the stock markets of countries are affected by globalization especially in times of global crisis. To this end, CDS, VIX and Credit Ratings have started to be examined recently in order to decrease global risk factors. CDS, VIX, and Credit Ratings were determined as global risk indicators and these variables were used as independent variables to detect the effect on BRICS-T (Brazil, Russia, India, China, South Africa and Turkey) stock market returns. Daily data sets of these variables from 2008 to 2020 were gathered for each country. After preliminary analysis, ARDL model was determined as the best-fitting model for each data set. According to ARDL Bound test approach, except for China, a long-term relationship between variables for the all-remaining (Brazil, Russia, India, South Africa, and Turkey) countries was detected. It means that global risk indicators affect the returns of stock markets in emerging markets. 05-29-2021 <![CDATA[ <p>Global risk factors have great impacts on the economies and financial markets. It is observed that the stock markets of countries are affected by globalization especially in times of global crisis. To this end, CDS, VIX and Credit Ratings have started to be examined recently in order to decrease global risk factors. CDS, VIX, and Credit Ratings were determined as global risk indicators and these variables were used as independent variables to detect the effect on BRICS-T (Brazil, Russia, India, China, South Africa and Turkey) stock market returns. Daily data sets of these variables from 2008 to 2020 were gathered for each country. After preliminary analysis, ARDL model was determined as the best-fitting model for each data set. According to ARDL Bound test approach, except for China, a long-term relationship between variables for the all-remaining (Brazil, Russia, India, South Africa, and Turkey) countries was detected. It means that global risk indicators affect the returns of stock markets in emerging markets.</p> ]]> The Effect of Global Risk Indicators on Developing Country Stock Exchanges: The Case of BRICS-T ender baykut selver diyar doi: 10.51410/jcgirm.8.1.7 Journal of Corporate Governance, Insurance, and Risk Management 05-29-2021 Journal of Corporate Governance, Insurance, and Risk Management 05-29-2021 2021 8 1 Article 101 10.51410/jcgirm.8.1.7 https://www.acadlore.com/article/JCGIRM/2021_8_1/jcgirm.8.1.7 https://www.acadlore.com/article/JCGIRM/2021_8_1/jcgirm.8.1.6 Managing customer relations is one of the main contemporary challenges facing banks, especially in terms of new social changes and major changes in human behaviour, generated by the COVID-19 crisis. The currently drifting economic climate affects all of the existing and potential customers and consumer behaviour, being much more demanding on the products and services purchased, their particularities, the conditions proposed by banks, prices and the bank-customer relationship.The new segmentation generated by the pandemic puts additional pressure on banks, which have a difficult task: to better understand these new behaviours and to meet consumer requirements with relevant products and convenient services. Whatever the options, banks must be receptive to the current needs of consumers of financial products and services and to the behaviour they must adopt in order to remain relevant on the market.The general objective of this study is to provide a practical perspective on the impact of the pandemic crisis on consumer behaviour of banking products and services. 05-26-2021 <![CDATA[ <p>Managing customer relations is one of the main contemporary challenges facing banks, especially in terms of new social changes and major changes in human behaviour, generated by the COVID-19 crisis. The currently drifting economic climate affects all of the existing and potential customers and consumer behaviour, being much more demanding on the products and services purchased, their particularities, the conditions proposed by banks, prices and the bank-customer relationship.</p><p>The new segmentation generated by the pandemic puts additional pressure on banks, which have a difficult task: to better understand these new behaviours and to meet consumer requirements with relevant products and convenient services. Whatever the options, banks must be receptive to the current needs of consumers of financial products and services and to the behaviour they must adopt in order to remain relevant on the market.</p><p>The general objective of this study is to provide a practical perspective on the impact of the pandemic crisis on consumer behaviour of banking products and services.</p> ]]> Behavioural Evolution of Consumers of Banking Services in the COVID-19 Pandemic Situation larisa mistrean doi: 10.51410/jcgirm.8.1.6 Journal of Corporate Governance, Insurance, and Risk Management 05-26-2021 Journal of Corporate Governance, Insurance, and Risk Management 05-26-2021 2021 8 1 Article 84 10.51410/jcgirm.8.1.6 https://www.acadlore.com/article/JCGIRM/2021_8_1/jcgirm.8.1.6 https://www.acadlore.com/article/JCGIRM/2021_8_1/jcgirm.8.1.5 Purpose: According to the global pandemic conditions, tourism and therefore, travel insurance market face new challenges. This study is aimed to determine appropriate approaches that will contribute to the tourism development during and post-pandemic period.Design/Methodology/Approach: Tourism insurance is one of the most important elements of travel planning, that protects tourists from certain financial risks and wastage that can occur during traveling. Expenditure can be minor, such as a delayed luggage, or significant - a medical emergency overseas. Within pandemic conditions, emergency medical care, which will cover Covid -19 has become inevitability part of insurance packages being offered. The design of the article includes secondary data review, theoretical explanations and empirical evidence (survey) regarding insurance updates in the travel sector, development of proposals for the future tourism development in Georgia without significant excess or outcomes from the pandemic conditions.Findings: Ideas and examples are proposed to enhance knowledge in adapting insurance in accordance with the requirements of this modern situation, with an aim to continue developing tourism in the future.Practical Implications: Several approaches have been identified in terms of enhancing the quality of tourism services, which is most important in relation to this pandemic period.Originality/Value: This is a first attempt at describing and identifying issues related to the Georgian tourism sector in terms of travel insurance adaptation to the Covid-19 conditions. It is a valuable piece of information for tourism product makers to adopt the article’s proposals for the improvement of future tourism development. 05-24-2021 <![CDATA[ <p><strong>Purpose: </strong>According to the global pandemic conditions, tourism and therefore, travel insurance market face new challenges. This study is aimed to determine appropriate approaches that will contribute to the tourism development during and post-pandemic period.</p><p><strong>Design/Methodology/Approach: </strong>Tourism insurance is one of the most important elements of travel planning, that protects tourists from certain financial risks and wastage that can occur during traveling. Expenditure can be minor, such as a delayed luggage, or significant - a medical emergency overseas. Within pandemic conditions, emergency medical care, which will cover Covid -19 has become inevitability part of insurance packages being offered. The design of the article includes secondary data review, theoretical explanations and empirical evidence (survey) regarding insurance updates in the travel sector, development of proposals for the future tourism development in Georgia without significant excess or outcomes from the pandemic conditions.</p><p><strong>Findings: </strong>Ideas and examples are proposed to enhance knowledge in adapting insurance in accordance with the requirements of this modern situation, with an aim to continue developing tourism in the future.</p><p><strong>Practical Implications:</strong> Several approaches have been identified in terms of enhancing the quality of tourism services, which is most important in relation to this pandemic period.</p><p><strong>Originality/Value:</strong> This is a first attempt at describing and identifying issues related to the Georgian tourism sector in terms of travel insurance adaptation to the Covid-19 conditions. It is a valuable piece of information for tourism product makers to adopt the article’s proposals for the improvement of future tourism development.</p> ]]> Tourism Insurance Market, Risks and Prospects: The Case Study maia diakonidze doi: 10.51410/jcgirm.8.1.5 Journal of Corporate Governance, Insurance, and Risk Management 05-24-2021 Journal of Corporate Governance, Insurance, and Risk Management 05-24-2021 2021 8 1 Article 75 10.51410/jcgirm.8.1.5 https://www.acadlore.com/article/JCGIRM/2021_8_1/jcgirm.8.1.5 https://www.acadlore.com/article/JCGIRM/2021_8_1/jcgirm.8.1.4 Through globalization, the increased integration in financial markets has made the relationship between exchange rate and stocks important. The study aims to model the exchange rate volatility using daily data for the period 04.01.2010-15.10.2020 and investigate the causality relationship between sector returns and exchange rate return volatility. In order to model the volatility of the exchange rate return series, the GARCH model was used to reveal the possible asymmetry feature in the series. As a result of the model applications, GARCH (2,2) was determined as the most suitable model to measure volatility modelling. Then, the Granger causality test was used to see whether there is a relationship between BIST sector return indices and exchange rate return volatility. As a result of the study, one notes that there is a uni-directional causality from the exchange rate return volatility series to the service, technology, and industrial sector indices. There is a bi-directional causality relationship between the financial sector index and the exchange rate return volatility series. It is noteworthy that the causality relationship between the BIST100 index and the exchange rate is towards the volatility of the exchange rate return series from the BIST 100 index, unlike the sector indices. According to this result, it is seen that the changes in the dollar exchange rate affect the decisions of the investors who will invest in the relevant index. The results show that in the case of Turkey, mostly traditional theories are valid. 05-22-2021 <![CDATA[ <p>Through globalization, the increased integration in financial markets has made the relationship between exchange rate and stocks important. The study aims to model the exchange rate volatility using daily data for the period 04.01.2010-15.10.2020 and investigate the causality relationship between sector returns and exchange rate return volatility. In order to model the volatility of the exchange rate return series, the GARCH model was used to reveal the possible asymmetry feature in the series. As a result of the model applications, GARCH (2,2) was determined as the most suitable model to measure volatility modelling. Then, the Granger causality test was used to see whether there is a relationship between BIST sector return indices and exchange rate return volatility. As a result of the study, one notes that there is a uni-directional causality from the exchange rate return volatility series to the service, technology, and industrial sector indices. There is a bi-directional causality relationship between the financial sector index and the exchange rate return volatility series. It is noteworthy that the causality relationship between the BIST100 index and the exchange rate is towards the volatility of the exchange rate return series from the BIST 100 index, unlike the sector indices. According to this result, it is seen that the changes in the dollar exchange rate affect the decisions of the investors who will invest in the relevant index. The results show that in the case of Turkey, mostly traditional theories are valid.</p> ]]> The Relationship of BIST Sector Indices with Exchange Rate Volatility necmiye serap vurur doi: 10.51410/jcgirm.8.1.4 Journal of Corporate Governance, Insurance, and Risk Management 05-22-2021 Journal of Corporate Governance, Insurance, and Risk Management 05-22-2021 2021 8 1 Article 56 10.51410/jcgirm.8.1.4 https://www.acadlore.com/article/JCGIRM/2021_8_1/jcgirm.8.1.4 https://www.acadlore.com/article/JCGIRM/2021_8_1/jcgirm.8.1.3 In this study, the impact on inclusive development of information and communication technologies in Turkey's economy is analyzed. Information and communication technologies are represented by mobile phone penetration measured by mobile cellular subscriptions, and inclusive development is measured by the human development index (IHDI) adapted to inequality. The annual data used in this study covers the period 1990-2019. After examining the stationarity of the series of variables, the cointegration between variables was investigated using the ARDL approach. As a result of the ARDL test, a cointegration between inclusive development and information and communication technologies has been determined. Toda-Yamamoto causality test was conducted to find the direction of the relationship between variables. The findings obtained from the analysis of causality determined that it has an impact on inclusive development of information and communication technologies in Turkey. 05-21-2021 <![CDATA[ <p>In this study, the impact on inclusive development of information and communication technologies in Turkey's economy is analyzed. Information and communication technologies are represented by mobile phone penetration measured by mobile cellular subscriptions, and inclusive development is measured by the human development index (IHDI) adapted to inequality. The annual data used in this study covers the period 1990-2019. After examining the stationarity of the series of variables, the cointegration between variables was investigated using the ARDL approach. As a result of the ARDL test, a cointegration between inclusive development and information and communication technologies has been determined. Toda-Yamamoto causality test was conducted to find the direction of the relationship between variables. The findings obtained from the analysis of causality determined that it has an impact on inclusive development of information and communication technologies in Turkey.</p> ]]> Impact on Inclusive Development of Information and Communication Technologies in Turkey huriye gonca di̇ler doi: 10.51410/jcgirm.8.1.3 Journal of Corporate Governance, Insurance, and Risk Management 05-21-2021 Journal of Corporate Governance, Insurance, and Risk Management 05-21-2021 2021 8 1 Article 39 10.51410/jcgirm.8.1.3 https://www.acadlore.com/article/JCGIRM/2021_8_1/jcgirm.8.1.3 https://www.acadlore.com/article/JCGIRM/2021_8_1/jcgirm.8.1.2 The United Nations Sustainable Development Goals are grouped under three main titles; economic development, environmental sustainability, and improvement of social well-being. Environmental sustainability is one of the most important components of sustainable development goals because it is obvious that without a sustainable environment, economic and social development goals will be abandoned. While the unplanned use of the environment and natural resources threatens environmental sustainability, it can be said that one of the most important actors in this process is sports. Mass production and consumption, facility-establishment, and increase in organizations in sports accelerate environmental and natural destruction. The sustainability of sports is directly proportional to environmental sustainability. Therefore, reduction of the sports-induced negative environmental impacts will make great contributions to environmental sustainability. In this way, it will be possible to transfer both the natural environment and sports to future generations. This study was limited to environmental sustainability, which is one of the three main titles set for sustainable development goals and the effects of sports on environmental sustainability were evaluated in the light of available literature. Again, regarding the existing literature, suggestions were developed to reduce the negative environmental impacts of sports. 05-19-2021 <![CDATA[ <p>The United Nations Sustainable Development Goals are grouped under three main titles; economic development, environmental sustainability, and improvement of social well-being. Environmental sustainability is one of the most important components of sustainable development goals because it is obvious that without a sustainable environment, economic and social development goals will be abandoned. While the unplanned use of the environment and natural resources threatens environmental sustainability, it can be said that one of the most important actors in this process is sports. Mass production and consumption, facility-establishment, and increase in organizations in sports accelerate environmental and natural destruction. The sustainability of sports is directly proportional to environmental sustainability. Therefore, reduction of the sports-induced negative environmental impacts will make great contributions to environmental sustainability. In this way, it will be possible to transfer both the natural environment and sports to future generations. This study was limited to environmental sustainability, which is one of the three main titles set for sustainable development goals and the effects of sports on environmental sustainability were evaluated in the light of available literature. Again, regarding the existing literature, suggestions were developed to reduce the negative environmental impacts of sports.</p> ]]> Environmental Sustainability and Sports: An Evaluation of Sports-Induced Adverse Effects on the Environment ahmet atalay doi: 10.51410/jcgirm.8.1.2 Journal of Corporate Governance, Insurance, and Risk Management 05-19-2021 Journal of Corporate Governance, Insurance, and Risk Management 05-19-2021 2021 8 1 Article 19 10.51410/jcgirm.8.1.2 https://www.acadlore.com/article/JCGIRM/2021_8_1/jcgirm.8.1.2 https://www.acadlore.com/article/JCGIRM/2021_8_1/jcgirm.8.1.13 Entrepreneurs are the leading creators of employment, facilitating the economic-social regeneration of countries. The crisis that occurred in recent years, together with the negative impacts generated by COVID 19, has given rise to an unprecedented scenario, which leads to the need to deepen the study of the determinants of entrepreneurship in youth. This work aims to carry out a bibliographic review on the primary motivators for entrepreneurship in young people in Spain and Turkey and the challenges to overcome under the current scenario. The results show that although there is a positive attitude towards entrepreneurship among young people, they focus on working independently, being an alternative to unemployment or increasing income sources. Due to the devastating global economic-financial crisis that the pandemic has generated, their actions have had to either stop, be limited, or not be able to start. However, those who have done so have found a good option in the digital environment. 05-18-2021 <![CDATA[ <p>Entrepreneurs are the leading creators of employment, facilitating the economic-social regeneration of countries. The crisis that occurred in recent years, together with the negative impacts generated by COVID 19, has given rise to an unprecedented scenario, which leads to the need to deepen the study of the determinants of entrepreneurship in youth. This work aims to carry out a bibliographic review on the primary motivators for entrepreneurship in young people in Spain and Turkey and the challenges to overcome under the current scenario. The results show that although there is a positive attitude towards entrepreneurship among young people, they focus on working independently, being an alternative to unemployment or increasing income sources. Due to the devastating global economic-financial crisis that the pandemic has generated, their actions have had to either stop, be limited, or not be able to start. However, those who have done so have found a good option in the digital environment.</p> ]]> Entrepreneurship Among Young People in Spain and Turkey: Incentives and Challenges to Overcome pedro adalid ruiz cantürk kayahan doi: 10.51410/jcgirm.8.1.13 Journal of Corporate Governance, Insurance, and Risk Management 05-18-2021 Journal of Corporate Governance, Insurance, and Risk Management 05-18-2021 2021 8 1 Article 201 10.51410/jcgirm.8.1.13 https://www.acadlore.com/article/JCGIRM/2021_8_1/jcgirm.8.1.13 https://www.acadlore.com/article/JCGIRM/2021_8_1/jcgirm.8.1.12 Global warming, climate change, reduction of natural resources, damage to biodiversity all increase poverty and unemployment, amongst other things. Environmental and social problems result from an unconscious lifestyle, excessive production and consumption activities. The starting point of sustainability originates from these environmental problems that have been increasing. Sustainable development means meeting the needs of today without endangering future generations and harming natural resources and attaches importance to environmental and social development as well as economic development. For businesses to survive, they need to consider all dimensions of sustainability. Banking is one sector that has come to the forefront in recent years regarding sustainable management. Although the banking sector does not directly affect the environment, it does have indirect effects. This study aims to examine the extent to which the six banks that signed the Responsible Banking Principles from Turkey pay attention to the dimensions of sustainability in their risk management activities announced on their websites. Although there are studies on sustainable banking or risk management in the literature, there is conceptual confusion when the analysis methods are examined. In this study, the author tries to clarify this issue. Results show that the six banks that signed the Responsible Banking Principles paid attention to the sustainability of the environmental and social aspects in their risk management activities. 06-18-2021 <![CDATA[ <p>Global warming, climate change, reduction of natural resources, damage to biodiversity all increase poverty and unemployment, amongst other things. Environmental and social problems result from an unconscious lifestyle, excessive production and consumption activities. The starting point of sustainability originates from these environmental problems that have been increasing. Sustainable development means meeting the needs of today without endangering future generations and harming natural resources and attaches importance to environmental and social development as well as economic development. For businesses to survive, they need to consider all dimensions of sustainability. Banking is one sector that has come to the forefront in recent years regarding sustainable management. Although the banking sector does not directly affect the environment, it does have indirect effects. This study aims to examine the extent to which the six banks that signed the Responsible Banking Principles from Turkey pay attention to the dimensions of sustainability in their risk management activities announced on their websites. Although there are studies on sustainable banking or risk management in the literature, there is conceptual confusion when the analysis methods are examined. In this study, the author tries to clarify this issue. Results show that the six banks that signed the Responsible Banking Principles paid attention to the sustainability of the environmental and social aspects in their risk management activities.</p> ]]> Green Business: Sustainability and Risk Management in Turkish Banking Sector necla kuduz doi: 10.51410/jcgirm.8.1.12 Journal of Corporate Governance, Insurance, and Risk Management 06-18-2021 Journal of Corporate Governance, Insurance, and Risk Management 06-18-2021 2021 8 1 Article 177 10.51410/jcgirm.8.1.12 https://www.acadlore.com/article/JCGIRM/2021_8_1/jcgirm.8.1.12 https://www.acadlore.com/article/JCGIRM/2021_8_1/jcgirm.8.1.11 The internal control and audit system is a component of a company's management system that focuses on defining individual employee tasks, identifying and implementing the most efficient methods, implementing the most effective information system, and meeting all stakeholders' needs, expectations, and requirements. The different parts of the internal management control system can be integrated with the other parts of the general management system in order for the internal control objectives to complement the general objectives of an entity, such as development, financing, profitability, and the environment. This integration can make resource planning and allocation easier, formulate complementary goals, and evaluate the entity's overall efficiency. This reflects the current internal control and auditing method at the entity level regarding organizational culture. The study aims to use organized, statistically measurable (by applying markers of dispersion, central tendency, and correlation) evaluative, predictive, and causal methodologies to verify the theories and hypotheses proposed on the subject. Insurance and counselling add value to the entities' activities and aid management in maintaining efficient and effective internal audit and control, assessing the reliability of the information, evaluating the effectiveness and efficiency of operations funds and public property management processes, and ensuring compliance with laws, regulations, and contracts. 07-11-2021 <![CDATA[ <p>The internal control and audit system is a component of a company's management system that focuses on defining individual employee tasks, identifying and implementing the most efficient methods, implementing the most effective information system, and meeting all stakeholders' needs, expectations, and requirements. The different parts of the internal management control system can be integrated with the other parts of the general management system in order for the internal control objectives to complement the general objectives of an entity, such as development, financing, profitability, and the environment. This integration can make resource planning and allocation easier, formulate complementary goals, and evaluate the entity's overall efficiency. This reflects the current internal control and auditing method at the entity level regarding organizational culture. The study aims to use organized, statistically measurable (by applying markers of dispersion, central tendency, and correlation) evaluative, predictive, and causal methodologies to verify the theories and hypotheses proposed on the subject. Insurance and counselling add value to the entities' activities and aid management in maintaining efficient and effective internal audit and control, assessing the reliability of the information, evaluating the effectiveness and efficiency of operations funds and public property management processes, and ensuring compliance with laws, regulations, and contracts.</p> ]]> Systematic Approach to Internal Control and Audit from the Perspective of Organizational Culture Practiced by Entities of Romania cătălina sitnikov anca băndoi mariana paraschiva olaru alina mădălina belu doi: 10.51410/jcgirm.8.1.11 Journal of Corporate Governance, Insurance, and Risk Management 07-11-2021 Journal of Corporate Governance, Insurance, and Risk Management 07-11-2021 2021 8 1 Article 166 10.51410/jcgirm.8.1.11 https://www.acadlore.com/article/JCGIRM/2021_8_1/jcgirm.8.1.11 https://www.acadlore.com/article/JCGIRM/2021_8_1/jcgirm.8.1.10 The minimum wage has long been regarded as a vital tool for ensuring labour market stability, and its impact and implications on employment, poverty reduction, the informal sector, and economic development, in general, have sparked a multi-year discussion. Based on a poll of 635 respondents, we present an analysis of the minimum wage in Kosovo's economy in this study. Our poll results reveal that our respondents had good attitudes toward the minimum wage and its increase in the Kosovo economy, as measured by the standard of living, employment, private sector, poverty reduction, and other factors. Kosovo has the lowest minimum wage in Central and Eastern Europe - 130 euros for those under 35 and 170 euros for those over 35. 06-30-2021 <![CDATA[ <p>The minimum wage has long been regarded as a vital tool for ensuring labour market stability, and its impact and implications on employment, poverty reduction, the informal sector, and economic development, in general, have sparked a multi-year discussion. Based on a poll of 635 respondents, we present an analysis of the minimum wage in Kosovo's economy in this study. Our poll results reveal that our respondents had good attitudes toward the minimum wage and its increase in the Kosovo economy, as measured by the standard of living, employment, private sector, poverty reduction, and other factors. Kosovo has the lowest minimum wage in Central and Eastern Europe - 130 euros for those under 35 and 170 euros for those over 35.</p> ]]> Attitudes and Beliefs about Minimum Wage in Kosovo – Results of a Public Survey herolinda murati-leka doruntina ajvazi doi: 10.51410/jcgirm.8.1.10 Journal of Corporate Governance, Insurance, and Risk Management 06-30-2021 Journal of Corporate Governance, Insurance, and Risk Management 06-30-2021 2021 8 1 Article 150 10.51410/jcgirm.8.1.10 https://www.acadlore.com/article/JCGIRM/2021_8_1/jcgirm.8.1.10 https://www.acadlore.com/article/JCGIRM/2021_8_1/jcgirm.8.1.1 This paper aims to explore the bank-specific and macroeconomic determinants of the banks' profitability by dividing the Turkish deposit banks into large-scale and small-scale entities. For this purpose, panel data analysis was applied using fixed effects model, based on quarterly data for the period from March 2009 to September 2020 for 24 deposit banks. Return on assets and return on equity are used as a measure of the banks’ profitability. According to the results, the determinants of profitability differ between large-scale banks and small-scale banks. With respect to the bank-specific determinants, the findings show that the equity/assets, deposits/assets and liquidity ratio have significant impact on the profitability of large-scale banks, whereas they have no relationship with the profitability of small-scale banks. The profitability of large-scale banks is negatively affected by their asset quality ratios. On the other hand, while the ratio of loans to total assets has no impact on the profitability of small-scale banks, the non-performing loan ratio has a positive impact. While the asset size and income-expense ratios have positive and significant impacts on the profitability of small-scale banks, they exhibit no relationship with the profitability of large-scale banks. With regard to macroeconomic indicators, small-scale banks’ profitability is negatively affected by economic growth, whilst large-scale banks are not. This study is aimed to contribute to the literature by analysing the determinants of Turkish deposit banks’ profitability under the classification of large-scale and small-scale banks. 04-23-2021 <![CDATA[ <p>This paper aims to explore the bank-specific and macroeconomic determinants of the banks' profitability by dividing the Turkish deposit banks into large-scale and small-scale entities. For this purpose, panel data analysis was applied using fixed effects model, based on quarterly data for the period from March 2009 to September 2020 for 24 deposit banks. Return on assets and return on equity are used as a measure of the banks’ profitability. According to the results, the determinants of profitability differ between large-scale banks and small-scale banks. With respect to the bank-specific determinants, the findings show that the equity/assets, deposits/assets and liquidity ratio have significant impact on the profitability of large-scale banks, whereas they have no relationship with the profitability of small-scale banks. The profitability of large-scale banks is negatively affected by their asset quality ratios. On the other hand, while the ratio of loans to total assets has no impact on the profitability of small-scale banks, the non-performing loan ratio has a positive impact. While the asset size and income-expense ratios have positive and significant impacts on the profitability of small-scale banks, they exhibit no relationship with the profitability of large-scale banks. With regard to macroeconomic indicators, small-scale banks’ profitability is negatively affected by economic growth, whilst large-scale banks are not. This study is aimed to contribute to the literature by analysing the determinants of Turkish deposit banks’ profitability under the classification of large-scale and small-scale banks.</p> ]]> The Determinants of Profitability of Large-Scale and Small-Scale Turkish Deposit Banks pelin kaya şenol babuşçu adalet hazar doi: 10.51410/jcgirm.8.1.1 Journal of Corporate Governance, Insurance, and Risk Management 04-23-2021 Journal of Corporate Governance, Insurance, and Risk Management 04-23-2021 2021 8 1 Article 1 10.51410/jcgirm.8.1.1 https://www.acadlore.com/article/JCGIRM/2021_8_1/jcgirm.8.1.1