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Article
Publication date: 15 April 2020

Mahalaximi Adhikariparajuli, Abeer Hassan, Mary Fletcher and Ahmed A. Elamer

This paper aims to examine the level of disclosure on content elements of integrated reporting (IR) in Scotland, Northern Ireland and Wales higher education institutions (HEIs)…

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Abstract

Purpose

This paper aims to examine the level of disclosure on content elements of integrated reporting (IR) in Scotland, Northern Ireland and Wales higher education institutions (HEIs). The authors suggest that integrated thinking is an internal process that organizations can follow to increase the level of disclosure on IR that can be used as an effective mechanism to enhance accountability with stakeholders.

Design/methodology/approach

International Integrated Reporting Council (IIRC) guidelines and content analysis are used to analyze IR content elements in HEI reports from 2014-2016.

Findings

The results indicate a significant increase in the trend and extent of IR content elements. The HEI-specific characteristics examined, such as establishment of HEI; adoption of IR framework and governing board size are all statistically and positively associated with IR content elements disclosure. This paper introduces signalling theory to explore the idea that appropriate communication via integrated thinking can close the gap between the organization and its stakeholders via increased level of disclosure on IR content elements.

Practical implications

The results will assist policymakers and regulators to assess the benefits of voluntary implementation of IR at HEIs and evaluate possible mandatory implementation of IIRC guidelines. Second, the findings can assist managers of institutions interested in implementing IR.

Social implications

This study recommends universities to explicitly address IR issues in reporting, as this will increase their impact as leaders of educational thought in addition to their roles as partners, advisors, counselors and assessors.

Originality/value

This study explores whether HEIs in Scotland, Northern Ireland and Wales provide disclosure on IIRC content elements as a reflection of integrated thinking and whether the connectivity and interdependence between different departments will help to signal to stakeholders how HEIs create value for society.

Details

Social Responsibility Journal, vol. 17 no. 3
Type: Research Article
ISSN: 1747-1117

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Article
Publication date: 13 January 2025

Hala M.G. Amin, Ehab K.A. Mohamed, Amr S. Abdallah and Ahmed A. Elamer

This study aims to explore how the structure of the board of directors is influenced by national informal culture values and the strength of formal institutional environments, as…

54

Abstract

Purpose

This study aims to explore how the structure of the board of directors is influenced by national informal culture values and the strength of formal institutional environments, as measured through legal regulations, market conditions and investor protection regulations.

Design/methodology/approach

This study analyzes data from 432 companies listed in the S&P Global 1200 index using structural equation modeling. National cultural dimensions from Hofstede’s (2011) framework capture informal cultural aspects, while the World Bank’s Worldwide Governance Indicators assess formal institutions. This study examines board structure in terms of leadership style, board size, board independence, board committee structure and board diversity.

Findings

The results reveal that national cultural values are negatively associated with rule of law institutions, indicating that culture can substitute for legal institutions, acting as “soft” regulation. Cultural values establish social norms and accountability when legal frameworks are weak. In addition, national culture positively relates to open market institutions, enhancing transparency, fairness and competition in strong markets. The findings also show that national culture and formal institutions significantly shape managerial perceptions of the board’s role and structure, impacting how firms prioritize monitoring versus resource provision.

Research limitations/implications

The findings offer valuable insights for managers in diverse institutional contexts, enabling them to adjust board structures according to cultural and institutional factors.

Practical implications

The research advocates for tailored governance practices that fit specific institutional and cultural contexts. Multinational corporations can benefit from customizing their governance structures according to the cultural and institutional environments of the countries in which they operate.

Originality/value

This paper contributes to existing literature by focusing on complementarity as well as substitution mechanisms between national cultural characteristics and formal institutions in shaping board structure.

Details

Journal of Financial Reporting and Accounting, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1985-2517

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Article
Publication date: 10 December 2024

Mohamed M. El-Dyasty and Ahmed Elamer

This study examines the impact of female directors on cash holdings in Egyptian listed firms, particularly in light of Decree 123/2019, which mandates female board representation…

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Abstract

Purpose

This study examines the impact of female directors on cash holdings in Egyptian listed firms, particularly in light of Decree 123/2019, which mandates female board representation. This study aims to determine if female directors mitigate agency conflicts related to cash holdings and how these dynamics shift post-quota implementation.

Design/methodology/approach

Using a panel fixed-effects model, the research analyzes 1,563 firm-year observations from 223 non-financial Egyptian firms listed on the EGX between 2014 and 2022. The robustness of the findings is tested through additional analyses using alternative proxies for cash holdings, different sample periods and a two-stage least squares approach to address endogeneity concerns.

Findings

This study finds a significant negative association between female directors and cash holdings, suggesting that female board members may promote more conservative cash management practices. However, this relationship weakens post-quota implementation, becoming statistically insignificant. This implies that while quotas increase female representation, they do not necessarily enhance corporate governance effectiveness regarding cash management. The pre-quota positive link between female directors and excess cash holdings also becomes insignificant post-quota.

Research limitations/implications

The study focuses on female directors’ impact on cash holdings, excluding potential effects on other board subcommittees or functions. It does not capture long-term benefits of increased female representation, which may emerge as the pool of qualified female directors grows. Future research should explore broader implications of gender diversity guidelines and other diversity dimensions across various corporate governance aspects and institutional contexts.

Originality/value

This research provides empirical evidence from an emerging market context on the understudied impact of gender diversity on cash holdings. It critically evaluates the unintended consequences of mandatory gender quotas, highlighting the complexity of regulatory interventions in corporate governance. The study stresses the need for policymakers to address factors limiting the effectiveness of such quotas and to consider potential suboptimal outcomes when increasing female board representation without a corresponding increase in the supply of qualified female directors.

Details

International Journal of Accounting & Information Management, vol. 33 no. 1
Type: Research Article
ISSN: 1834-7649

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Article
Publication date: 21 May 2024

Mohamed M. El-Dyasty and Ahmed A. Elamer

This study aims to examine how female directors on corporate boards and audit committees, and auditor affiliations (Big 4 versus Egyptian firms affiliated with foreign auditors)…

197

Abstract

Purpose

This study aims to examine how female directors on corporate boards and audit committees, and auditor affiliations (Big 4 versus Egyptian firms affiliated with foreign auditors), influence audit fees. This examination is driven by the global call for increased female representation in leadership roles and its potential implications for audit quality and financial transparency.

Design/methodology/approach

A sample of non-financial companies listed on the Egyptian Stock Exchange is used for the period 2011–2020. The authors used multivariate regression models, the Heckman two-stage and tokenism to support the analysis.

Findings

The results are threefold. First, this analysis reveals that female directors, whether on corporate boards or audit committees, are more likely to choose higher-quality audits in the form of high audit fees. Second, both Big 4 firms and Egyptian audit firms affiliated with foreign auditors are positively associated with audit fees and earn significant audit fee premiums. Third, a minor difference in audit fee premiums could be attributed to the existence of female directors.

Research limitations/implications

Future research may expand the analysis performed in this study by investigating the characteristics related to female directors (e.g. education, experience and age) on audit fees.

Practical implications

This study suggests insights for regulatory bodies, corporate decision-makers, auditors and corporate governance researchers. For instance, this study reveals that the Big 4 are not homogenous and provide different audit quality levels along with significant audit fee premiums.

Originality/value

This study extends and contributes to the growing literature on female representation in corporate leadership. First, this study adds to the limited research in Egypt by examining the effect of female board representation on audit quality. Second, this study adds to the extant literature on the gender of financial experts by demonstrating that female financial expert is more likely to demand high-quality audits. Finally, the results have significant implications for policymakers. For instance, this study reveals that the Big 4 are not homogenous and provide different audit quality levels along with significant audit fee premiums.

Details

Journal of Financial Reporting and Accounting, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1985-2517

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Article
Publication date: 7 July 2023

Mohamed M. Eldyasty and Ahmed A. Elamer

This paper aims to examine the link between audit(or) type and restatements in Egypt, a complex and multifaceted auditing market. The usual big 4 versus non-big 4 comparison is…

362

Abstract

Purpose

This paper aims to examine the link between audit(or) type and restatements in Egypt, a complex and multifaceted auditing market. The usual big 4 versus non-big 4 comparison is insufficient as Egypt has a unique mix of private audit firms, one governmental agency (Accountability State Authority) and mandatory/nonmandatory audit services, including single, joint and dual audits.

Design/methodology/approach

The study uses a sample of listed companies in Egypt and analyzes the impact of auditor type and audit type on explicit, implicit and total restatements. The study uses logistic regression model to examine the underlying relationship.

Findings

Results show no relationship between auditor type and audit quality, positive association between non-big foreign CPA firms and total/implicit restatements and mixed results for the impact of dual audits on audit quality. The study found no link between auditor type and audit quality in Egypt. Egyptian audit firms linked to non-big 4 foreign Certified Public Accounting firms were positively linked to total and implicit restatements. Joint audits did not improve audit quality and were directly related to total and explicit restatements. Dual audits showed mixed results, positively associated with implicit restatements but inversely associated with explicit restatements.

Originality/value

The study provides valuable insights into the complexities of the auditing market in emerging markets and offers valuable insights for stakeholders in the financial statement users, audit firms and governmental agencies.

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Article
Publication date: 11 September 2020

Idris M. Bufarwa, Ahmed A. Elamer, Collins G. Ntim and Aws AlHares

This study aims to investigate the impact of corporate governance (CG) mechanisms on financial risk reporting in the UK.

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Abstract

Purpose

This study aims to investigate the impact of corporate governance (CG) mechanisms on financial risk reporting in the UK.

Design/methodology/approach

The study uses a panel data of 50 non-financial firms belonging to 10 industrial sectors listed on the London Stock Exchange in the period 2011-2015. Multivariate regression techniques are used to examine the relationships.

Findings

The findings of this study reveal that CG has a significant influence on financial risk disclosure. Specifically, it is found that block ownership and board gender diversity have a positive effect on the level of corporate financial risk disclosure (FRD). While there is no significant relationship between board size and corporate FRD.

Research limitations/implications

This study has significant implications for policy-makers, investors and regulators. Evidence of growing FRD implies that efforts by several stakeholders have had some positive impact on the level of FRD in the firms examined. Examples of such changes include, namely, increasing board size and gender diversity acting as effective firm level advisors and monitors of FRD. As a consequence, regulators and policymakers should continually pursue reforms to encourage firms to follow CG principles that are promoted as good practice.

Originality/value

This study adds to the emerging body of literature on CG–risk disclosure relationships in the UK context using content analysis. The study also highlights that gender diversity enhances FRD.

Details

International Journal of Law and Management, vol. 62 no. 6
Type: Research Article
ISSN: 1754-243X

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Article
Publication date: 14 February 2022

Saleh F.A. Khatib, Dewi Fariha Abdullah, Ahmed Elamer and Saddam A. Hazaea

This study aims to provide a comprehensive review of the existing literature on corporate governance (CG) aspects of the Malaysian market. It offers insights into the phases of…

3724

Abstract

Purpose

This study aims to provide a comprehensive review of the existing literature on corporate governance (CG) aspects of the Malaysian market. It offers insights into the phases of Malaysian CG, identifies crucial gaps in the literature and outlines an agenda for impending research.

Design/methodology/approach

Following a systematic literature review approach, a final sample of 125 studies from Scopus and Web of Science databases was used in this study. These studies were selected based on quality assessment criteria. Then, the sample literature was evaluated in terms of journals, methodology, theories, modelling, research outcomes and CG characteristics.

Findings

The results show that there is a growing interest among researchers to further explore CG aspects in Malaysia due to the continuous development of the Malaysian CG codes. Likewise, the review reveals that the majority of prior studies are quantitative and were carried out using archived data from non-financial firms. Also, the existing literature has primarily focused on the outcomes of CG, especially firm performance.

Research limitations/implications

Overall, the results show that there is ample room for future research. The present paper identifies a number of methodological problems and concerns, and discusses the implications of these problems, while also providing recommendations for future research. The main caveat is that the authors use scholarly papers published in academic journals only, but this approach offers them with opportunities for considerable further developments.

Originality/value

To the best of the authors’ knowledge, this study contributes to the literature by being the first of its kind to concentrate on the Malaysian context. It provides a comprehensive knowledge assessment of the Malaysian CG research and offers advice regarding improvements in research, policy and practice by identifying possible knowledge gaps. Consequently, this study provides a cohesive story of the past and a road map for future research on Malaysian CG.

Details

Corporate Governance: The International Journal of Business in Society, vol. 22 no. 5
Type: Research Article
ISSN: 1472-0701

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Article
Publication date: 17 September 2024

Hosam Moubarak and Ahmed A. Elamer

This study aims to explore the auditors’ responses to the COVID-19 pandemic in Egypt, with a focus on how their demographic characteristics – specifically gender, work experience…

176

Abstract

Purpose

This study aims to explore the auditors’ responses to the COVID-19 pandemic in Egypt, with a focus on how their demographic characteristics – specifically gender, work experience and audit firm size – affect their ability to identify key audit matters (KAMs).

Design/methodology/approach

The study used exploratory factor analysis to develop an index for evaluating auditors’ proficiency in distinguishing KAMs from non-KAMs, followed by multivariate regression analysis to analyze the impact of auditors’ demographics on this ability.

Findings

The study’s findings are significant as they highlight the influence of auditors’ gender and work experience on their capability to correctly classify KAMs. However, the size of the audit firm showed no significant effect on the auditors’ decision-making efficacy in identifying KAMs.

Research limitations/implications

While the study illuminates critical aspects of audit judgment during unprecedented times, it acknowledges limitations, including its geographical focus on Egypt and reliance on self-reported data. The implications stress the need for audit firms and regulators to consider auditors’ demographic characteristics when formulating policies to enhance audit quality and reliability during crises.

Originality/value

This research breaks new ground in the auditing literature by shedding light on the distinct role of auditor demographics in shaping audit opinion during crises. It is one of the pioneering studies to quantitatively assess the impact of auditors’ gender, experience and firm size on KAM identification in a global health crisis. It provides a unique perspective on audit practices in emerging economies.

Details

Journal of Financial Reporting and Accounting, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1985-2517

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Article
Publication date: 14 October 2021

Craig McLaughlin, Stephen Armstrong, Maha W. Moustafa and Ahmed A. Elamer

This paper aims to empirically analyse specific characteristics of an audit committee that could be associated with the likelihood of corporate fraud/scandal/sanctions.

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Abstract

Purpose

This paper aims to empirically analyse specific characteristics of an audit committee that could be associated with the likelihood of corporate fraud/scandal/sanctions.

Design/methodology/approach

The sample includes all firms that were investigated by the Financial Reporting Council through the audit enforcement procedure from 2014 to 2019, and two matched no-scandal firms. It uses logistic binary regression analysis to examine the hypotheses.

Findings

Results based on the logit regression suggest that audit member tenure and audit committee meeting frequency both have positive associations to the likelihood of corporate scandal. Complementing this result, the authors find negative but insignificant relationships amongst audit committee female chair, audit committee female members percentage, audit committee qualified accountants members, audit committee attendance, number of shares held by audit committee members, audit committee remuneration, board tenure and the likelihood of corporate scandal across the sample.

Research limitations/implications

The results should help regulatory policymakers make decisions, which could be crucial to future corporate governance. Additionally, these results should be useful to investors who use corporate governance as criteria for investment decisions.

Originality/value

The authors extend, as well as contribute to the growing literature on the audit committee, and therefore, wider corporate governance literature and provide originality in that it is the first, to the knowledge, to consider two characteristics (i.e. remuneration and gender) in a UK context of corporate scandal. Also, the results imply that the structure and diversity of the audit committee affect corporate fraud/scandal/sanctions.

Details

International Journal of Accounting & Information Management, vol. 29 no. 5
Type: Research Article
ISSN: 1834-7649

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Article
Publication date: 18 December 2019

Ibrahem Alshbili, Ahmed A. Elamer and Eshani Beddewela

This study aims to examine the extent to which corporate governance structures and ownership types are associated with the level of corporate social responsibility disclosures…

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Abstract

Purpose

This study aims to examine the extent to which corporate governance structures and ownership types are associated with the level of corporate social responsibility disclosures (CSRD) in a developing country.

Design/methodology/approach

Multiple regression techniques are used to estimate the effect of corporate governance structures and ownership types on CSRD using a sample of Libyan oil and gas companies between 2009 and 2013.

Findings

First, the study results suggest that although the level of CSRD in Libya is low in comparison to its western counterparts, ownership factors have a significant positive influence on CSRD. Second, the authors find board meetings to have a positive impact on CSRD. However, the authors fail to find any significant effect of board size and presence of corporate social responsibility (CSR) committees on CSRD. Overall, the results support prior theoretical evidence that pressures exerted by the government and external stakeholders have a considerable influence in promoting firm-level CSRD activities, specifically as a legitimising mechanism in fragile states.

Research limitations/implications

First, this study is based on the annual reports, and it did not examine any other reports or other mass communication mechanism that companies’ management may use to disclose CSR information. Future studies might consider disclosures in other channels, if any, such as the internet, CSR reports, etc. Additionally, this study adopts the neo-institutional theory perspective. Future studies might integrate multi-theoretical lenses to offer a richer basis for understanding and explaining CSRD determinants.

Originality/value

This study contributes to the literature by first providing additional evidence for existing studies, which suggest that on average, better-governed companies are more liable to follow a more socially responsible agenda than poorly governed companies as a legitimising mechanism in fragile states. Also, this study overcomes a major weakness in existing Libyan studies, which have mainly used descriptive data.

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