Journal articles on the topic 'Revision (Wirtschaft) Corporate governance'

This article aimed to identify the different concepts of corporate governance, in this sense, the first section presents a review of the literature based on the Methodi Ordinatio in relation to the concept of corporate governance (CG), followed by the revision of the theories from which it is studied: Theory of the agency; the shareholder or stockholder theory; the resource dependency theory; Stakeholder theory; the theory of Stewardship or Management Theory, the approach based on knowledge and corporate governance and the performance of the company, finally, the conclusion of the study in which it stands out that the objective of CG theories is not to study how managers govern - that would lead us to confuse the term governance with administration - but rather how it is.

Objective of the study: The purpose of this article was to identify the elements to be considered for boosting innovation by the corporate governances, though. Methodology/approach: It is a literature review, based on the Scopus database, relating the constructs corporate governance and innovation, generating 435 documents in total, using 253 documents imported into the Mendeley application and resulting in 26 documents with effective contributions on governance and innovation.Originality/relevance: The study differs in that it relates corporate governance to the innovation of organizations.Main results: The results show that corporate governance has a positive influence on the innovation of organizations, but it is necessary to adapt to the context of each organization and the innovation characteristics of the sector. The first element to be considered is the presence of innovation in the organization's strategy and policies, followed by the commitment, strategic posture and competence of the board for innovation, adaptation of the governance structure, effective management of key competencies for innovation, investment in research and development, financing of innovation and technology, control over investments in innovation and management of risks inherent to innovation.Theoretical/methodological contributions: The study contributes to the advancement of knowledge by presenting the elements to be considered to boost innovation by corporate governance.Social/management contributions: It is also indicated that there is an effective management of its key competences for innovation, mapping them and ensuring that the governance structure promotes an environment conducive to their development, in addition to investments in RD and financing for innovation and technology.

Purpose The purpose of this paper is to trace a legal evolution of the monitoring board and to reveal what brought the evolution and what is expected to emerge. The paper points to unique complementarities in Japanese corporate governance institutions and norms which will affect how the monitoring board performs its functions. Design/Methodology/Approach Analysis is based on texts on corporate governance legislations in Japan from the revision of Commercial Code in 1950 to the revision of Companies Act in 2014. Other sources include Tokyo Stock Exchange regulations, White Paper on Corporate Governance and other academic literatures on Japanese corporate governance. Findings Changes of non-legal institutions and norms in Japanese corporate governance necessitated legal reforms toward the monitoring board. Persisting institutions and norms, in particular lifetime employment, influences how the monitoring board performs its functions in Japan. Originality/Value This paper explains how the evolution of the monitoring board in Japan emerged and what will cause different expected functions of the monitoring board in Japan and other jurisdictions.

Thisstudy investigatesthe effectiveness of corporate governancecode revisionsonfirm value using 35 countries’ public listed firms over 2007-2014.First, this study finds that progressive code revisions have significant positive relationship with firm value. Second, this study finds that theinterval ofcorporate governancecode revision is significant to influence the effectiveness of code revisions. Further analysis reveals that the relationship between code revision interval and firm value is non-linear, whichis depicted in inverted U-shaped. The findings suggest that a moderate code revision interval, i.e. 4 years once is optimal to maximize firm value. In overall, the findings of thisstudy have suggestedseveral practical implications to the development of thenationalcodesof corporate governance.

Purpose Corporate governance (CG) is an ongoing interesting topic getting the attention of market participant, business regulators and researchers in today’s business environment. The purpose of this study is to analyze the moderating role of earnings management on CG-value and CG-risk relationship in the emerging economy of Pakistan. Design/methodology/approach A panel data analysis is used in this study. A panel data of 71 non-financial listed companies of Pakistan for the 2008-2017 period is considered for this study. Secondary data is collected from the annual reports of non-financial firms listed on PSX. Seven econometric equations are developed to test the research hypothesis. Findings The results reveal that CG significantly enhances the firm value and performance measures. Moreover, CG mitigates the practices of earning management and eliminates the risk that develops opportunistic behavior among managers to commit frauds. Practical implications The results of this study suggest that the board of directors (BODs) should intensify their governance role and ensure that the executives perform their duties to maximize the wealth of the shareholders and not engage in any misrepresentation of accounts that may lower the company position and decrease the firm value. Moreover, the managers should be informed about their accountability and acknowledged that at the end of the year, they would be audited by an expert’s auditors for their responsibilities. Concerning regulatory bodies, regulatory authorities should ensure that there must be at least one independent member on the board. The better-governed system reduces both agency conflicts and enhances firm value. Originality/value A number of studies have already been undertaken by multiple investigators to build connection among CG with firm performance, but there is not even a single study in the literature that considers CG, firm value, firm Risk and discretionary earning management as a whole in one model to generalize its results in the emerging economy of Pakistan. A fundamental element of current analyzation process addresses that this is the very first graft of study conducted in Pakistan having combination of four variables together in one revision. There is minimal work that focuses on moderating effects of earning management on the CG-value and CG-risk relationships. This study uses two standard measures of firm performance (i.e. ROA and Tobin’s Q), one proxy of earning management (DEM) and three attributes of CG (board size, audit quality and ownership structure). Previously, researchers have not investigated a model that combines variables (CG as independent and Firm performance and Firm Risk as dependent along with DEM as moderator) in a single study.

Purpose This paper aims to investigate whether the revised Malaysian Code on Corporate Governance in 2007 enhances earnings conservatism. In addition, the authors examine the relationship between board of directors’ expertise and conservatism. The third objective is to investigate the relationship between audit committee characteristics and earnings conservatism. Design/methodology/approach The sample of this study is based on 3,183 firm-year observations for a period of 2004-2009. The authors hand collected the corporate governance variables, whereas the remaining data were extracted from Compustat Global. The authors used two measures of conservatism. The first is the market-based model by Basu’s (1997), and the second measure is the accrual-based measure by Ball and Shivakumar (2005). Findings The authors find that the revision of Malaysian Code on Corporate Governance 2007 results in improving earnings conservatism. The authors find two audit committee characteristics, namely, audit committee financial expertise and independence increase earnings conservatism, after 2007. However, the authors could not find support whether board financial expertise mix affect conservatism. Research limitations/implications This study did not consider other possible corporate governance variables that could influence earnings conservatism, as it would be a difficult task to gather them. Originality/value The authors provide evidence on the role of corporate governance and earnings conservatism in Malaysia.

Purpose The purpose of this paper is to examine the impact of corporate governance on the capital market participants’ abilities to forecast future performance, as measured by the properties of analysts’ earnings forecasts in Asian stock markets. Design/methodology/approach This paper hypothesizes that higher corporate governance is associated with lower forecast errors, lower forecast dispersion and lower forecast revision volatility. Findings These predictions are supported with a sample of companies across eleven Asian economies over 2004-2012. The results of this paper suggest that corporate governance plays a significant role in the predictability of firm’s future performance and, therefore, improves the financial environment in Asian stock markets. Furthermore, the impact of corporate governance on analysts’ forecast properties is more pronounced in countries with strong investor protection. Research/limitations/implications The authors acknowledge the following limitations of this paper. First, the results of this paper may be subject to omitted-variable bias and endogeneity issue. The authors have used control variables in the regressions to reduce the omitted variable bias. The authors have run lead-lag regressions to address causality issue. Second, CLSA corporate governance scores are collected for largest companies in each jurisdiction. Therefore, the sample is biased towards the largest companies in those jurisdictions and may not be representative of the average firm in the Asia. Originality/value The results of this paper speak to the benefit of having strong corporate governance in terms of reducing the information asymmetry between investors and corporate management.

The objective of this study is to investigate the relationship between Corporate Governance (CG) mechanisms and Intellectual Capital (IC) efficiency following the revision of the Malaysian Code of Corporate Governance (MCCG) in 2012. A final sample of 150 large companies was chosen from the companies listed on the main board of Bursa Malaysia for 2014. The Value Added Intellectual Coefficient (VAIC™) model was utilized to measure the IC efficiency and tested using multiple regression analysis. The multiple regression analysis revealed that board size and frequency of audit committee meetings have a significant and positive association with IC efficiency, but no evidence existed for an association between board composition and role duality on IC efficiency.The result of this study could be useful for regulators and policy makers, particularly to the Securities Commission Malaysia, to further revise and strengthen its MCCG. This study adds to the shortage of literature by providing evidence on the effects of CG attributes on IC efficiency subsequent to the revised Malaysian Code on Corporate Governance (MCCG) 2012.

In recent years, the topic of ‘digital transformation’ has become a primary focus in the areas of business and research. Among digital technologies, the area attracting the most investment is artificial intelligence (AI). Research shows that AI can benefit corporate governance in a variety of ways. In this article, we identify two academic streams on the topic and evaluate the existing literature. The first stream analyses AI-driven improvements in governance mechanisms such as boards of directors (BoD). The second stream explores the digital-driven organisational changes and broad governance adaptations necessary for AI improvements. We evaluate the evidence for AI implementation in improving and evolving traditional aspects of corporate governance. The examined authors argue that digital technologies transform the nature of a firm, making it less based on traditional sources of authority. There is consensus that this environment calls for fundamental reconsideration of corporate governance and for the revision of regulatory models, moving towards decentralisation. Specific areas examined in these contexts include jobs automation, agency conflict, auditing processes, the selection of BoD members, compliance functions, data analytics, and capital allocation.The examined research indicates that AI improves corporate governance and lowers agency cost by automating decision making using real-time big data analysis. However, while researchers propose multiple novel approaches to governance, practical implementation of those approaches or an empirical analysis of the results of such experiments is yet to occur. Despite the consensus among researchers on the positive impact of AI for governance and implementations as making AI a part of BoD, open questions and skepticism persist. This is indicative of the immaturity of AI as a technology in terms of development and implementation, and as such there is ample scope for future research. We propose multiple areas within this article where opportunities exist for further insight within this burgeoning field.

The main purpose of the article is to analyze the reforming process of the corporate governance of state banks in Ukraine. The research is based on the review of existing theories, statistical data and official documents. The article discloses information on financial results and provides the main activity indicators of state banks of Ukraine. It is considered the main risks of Ukrainian banking system stability, among which are the high level of the state share and the presence of poor-quality assets in the state-owned banks of Ukraine. The features of existing corporate governance of state-owned banks in Ukraine were investigated. The results of comparing the international principles of corporate governance in banks with domestic practice have made it possible to highlight the main issues of Ukrainian state banks. It has been shown that the corporate governance system in Ukrainian state banks did not correspond to the best international practices, owning to the fact that legislation determined the status, powers, composition and work principles of the board of directors locally. The consequences of the low level of corporate governance (insider lending for business of individual politicians and their associated individuals, state-owned enterprises with a low level of creditworthiness) were considered. The new approaches for corporate governance in state-owned banks, which were focus on revision of the principles and mechanism of corporate management of state-owned banks and have to change the business and operating models of state banks in order to achieve the highest efficiency of their activities, were considered. The article shows the positive aspects of reforms, as well as possible risks. The findings are useful for practitioners and researchers to gain knowledge of the implementation of corporate governance reforms in state-owned banks.

This paper presents a framework for building governance regimes for large complex projects. The framework is based on three sources: 1) a re-examination of a study of 60 large capital projects (Miller & Lessard, 2000), 2) the institutional, corporate, and project governance literatures and 3) interviews centered on the revision of the British Private Finance Initiative and on the development of the Norwegian project approval process. The literature tends to treat governance issues as being static, but project development processes and environments are dynamic. The governance regimes must adapt to the specific project and context, deal with emergent complexity, and change as the project development process unfolds. Learning to manage project governance regimes is difficult for organizations that are not involved in great numbers of large complex projects. The framework based on the progressive shaping of the project through the project development life cycle is designed to help overcome this dilemma.

This article provides additional insight on the effectiveness of long-term value creation as a legally enforceable norm in the corporate governance system and provides a framework to anchor long-term value creation in takeover decisions. Since the 2008 financial crisis, a growing number of voices in the business world, government and academia, have urged Western economies to move towards a long-term sustainable growth agenda. Boards have a vital part to play in the development of responsible companies. Corporate governance should encourage boards to do so. This could be viewed as a reaction to the negative effects of capital markets and the resulting short-termism. One key method to encourage sustainable value creation in companies is by incorporating long-term value creation as an open norm in corporate governance systems. In the case of a hostile takeover, the risk of short-termism is exacerbated. As a guiding principle, long-term value (LTV) creation should prevent hostile takeovers that could harm the success of the company concerned. In this research paper, we argue that the recent shift in Dutch case law and revision of the Corporate Governance Code in the Netherlands may serve as an important catalyst for ‘sustainable’ takeover decisions. Through ground-breaking judgments by the Dutch Supreme Court and Enterprise Court, Cancun and Akzo Nobel, LTV has acquired the status of an enforceable norm. We investigated whether this legal norm is empirically substantiated. The research results allow us to make well-grounded statements about the effectiveness of enforcing LTV in future hostile takeover situations.

This paper examines the effect of firm characteristics on analyst reaction to management disclosures. Prior studies have overlooked the fact that analysts can react differently as a result of firm characteristics that can affect the management forecasts’ credibility and usefulness, as well as specific situation like SEO or management forecast characteristics itself. This study extends this line of research by considering firm characteristics after controlling for factors with respect to management forecast characteristics that may affect analyst reaction. I provide evidence that good news management disclosures by firms with high levels of conservatism have more impact to the analysts; therefore, analysts react more to good news management disclosures issued by firms with a high level of conservatism than good news management disclosures that are issued by firms with low levels of conservatism. Similarly, the study finds that analysts react less to bad news management disclosure issued by firms with a high level of conservatism. I also find that analysts have a stronger reaction to management disclosures announced by firms with strong governance and a lower level of managerial ownership. These results show that firm characteristics are also factors that are considered by analysts in the revision of their earnings forecasts following management disclosure.

Subject. This article discusses the innovations of the revised International Integrated Reporting Framework. Objectives. The article aims to highlight the major changes made to the International Integrated Reporting Framework in relation to their revision and assess their impact on integrated reporting practices. Methods. The study relies upon analysis and synthesis, comparison, generalization, and abstraction. Results. The article gives the reasons for the need to revise the International Integrated Reporting Framework and explains the essence of the major changes. Conclusions. The major changes relate to the responsibility for the integrated reporting of corporate governance, the explanation of the term Outcomes when describing the business model, and approaches to disclosure in an integrated report of results information in terms of the impact (positive and negative) on different types of capital. The revised International Integrated Reporting Framework (January 2021) does not contain fundamental changes, while at the same time addressing the urgent terminology and practical problems identified in their application. Their application can improve corporate disclosure practices.

Purpose – The purpose of this paper is to examine the impact of audit committee (AC) attributes on the performance of finance companies in Malaysia in both period before and after the Malaysian Code on Corporate Governance (MCCG) was issued in order to determine which of the AC attributes enhances performance of finance companies in Malaysia. Design/methodology/approach – The population of the study comprises firms listed under finance sector of the main market of Bursa Malaysia. The number of firms listed on the main market of Bursa Malaysia as at the time of data collection (2012) was 822, out of which 37 were finance firms. Since the number of finance companies listed on the main market was only 37, all companies were used as sample for this study. This comprises companies involved in commercial, investment and Islamic banking, insurance, Takaful and other finance-related services. The sample for the period prior to MCCG varies over the period of observation. The number of finance companies in 1992, 1993, 1994, 1995 and 1996 was 36, 40, 44, 47 and 54, respectively. The sample comprises companies in commercial banking, investment banking, Islamic banking, insurance, Takaful and other finance-related services. The sample comprises firms listed on the main board of Kuala Lumpur stock exchange as it was called before the name was changed to Bursa Malaysia. The companies listed under the Ace market are not included due to their small number and because they are subject to different listing requirements. The list of the finance companies for the period 2007-2011 is obtained from the web site of Bursa Malaysia while for the period 1992-1996, the list is obtained from Bursa Malaysia knowledge centre. The observation period for the study covers financial period from 2007 to 2011 which represents post MCCG period while period from 1992 to 1996 represents the period before MCCG. Findings – The findings suggests a significant positive relationship between independent AC members and profitability while dual membership of directors on audit and nomination committee is significant and negatively related with profitability. The result supports agency theory which suggests that independent directors provide effective monitoring of the management thereby enhancing profitability and reducing possibility for opportunistic behavior by the management and ultimately enhancing performance. In addition, the result indicates that there was significant improvement in corporate governance in finance companies after the MCCG was issued compared to the period before it was issued. Research limitations/implications – The study focussed only on finance companies listed on Bursa Malaysia. The attributes examined include independence, expertise, experience, executive membership and interlock of directors, future studies could examine other attributes such as internal process of the committee and personal characteristics of the directors. Furthermore, the study used secondary data future studies could use primary data or a combination of primary and secondary data. The study only examined the period before MCCG and after the code was issued, future study could examine the impact of the first and second revision and compare it with period after the first and second revision. Practical implications – The findings contribute to the literature and the understanding of the influence of AC attributes such as independence and experience of the directors on the committee by showing an association between director independence, expertise, experience and improved performance. Management and board of companies may use the findings to make appropriate choices about AC attributes and governance mechanisms to improve performance particularly with regards to independence, expertise, experience and interlock of the directors. Social implications – The study has provided policy makers with a better understanding of the various features a AC should have which could be incorporated in future policy formulation in order to safeguard investments of shareholders, protect the interest of various stakeholders and enhance the flow of capital and foreign direct investment into finance companies and the economy in general. Comparison of the result between the pre MCCG and post MCCG period shows an improvement in corporate governance in finance companies after the MCCG was issued. This implies that the initial issue of MCCG impacted positively on the governance of the finance companies. Originality/value – To best of the authors knowledge the study is the first to examine the attributes of AC in finance sector as a whole and to examine the impact in the period before and after the MCCG was issued.

Current and past economic and financial crises have changed the behaviour of busi-ness leaders, managers, and investors, as well as accounting professionals (financial accountants, bookkeepers, management accountants, auditors). The fear of further financial crises has forced accounting reforms, the revision of auditing standards, and a restructuring of corporate governance systems in many countries to provide a relia-ble framework for companies’ activities and performance. The International Federa-tion of Accountants (IFAC) board founded the International Ethics Standard Board for Accountants (IESBA), which issued the Code of Ethics for Professional Account-ants (IFAC Code) as a set of globally accepted guidelines for ethical conduct. The first version was published in 1990, and it was recommended (but not mandatory) for IFAC members to adopt. Establishing a unified code of ethics was one of the major achievements of IFAC that provided solid guidelines for accounting professionals across the world. Prior research indicates that the IFAC Code has been moderately successful in the attempt to harmonise ethics standards for professional accountants worldwide. As globalisation continues to affect business culture and technology, and, consequently, the focus of business, the accounting profession must keep pace and reassess its role in the world economy, but also in society. This is especially important during economic and financial crises, when the classic entrepreneurial model is not sustainable. Not only can a code of ethics can provide a framework for appropriate employee behaviour and establish a better corporate culture, it can also improve lead-ership, help organisations to comply with government guidelines, and enable organisa-tions to be more socially responsible. Many ethical issues could be explored in the con-text of Corporate Social Responsibility (CSR), not only in times of crisis. The high-profile ethical failures of professional accountants in recent decades taught us the importance of ethics education. A professional accountant’s responsibility is not exclusively to satisfy the needs of an individual client or employing organization. All accountants should act in the public interest by complying with fundamental ethical principles (integrity, objectivity, professional competence and due care, confidentiality, and professional behaviour) since these principles establish the standard of expected behaviour. Therefore, accounting ethics should be promoted much more in education and in practice. Accounting and business educators have a special responsibility to ex-amine and teach ethics in the broader context of globalisation. Regulations and volun-tary standards aim at minimizing fraud and manipulation of business information, but ethical behaviour is the key to achieving an honest business environment and sustaina-ble growth.

The key risks and problems in the field of decentralization and formation of united territorial communities in Ukraine in the context of providing transparent and responsible management of utility sector enterprises by local self-government bodies are identified. In the framework of Ukraine’s implementation of the provisions of the Association Agreement with the European Union in domestic practice, the reasonability of reforming the utility sector in Ukraine at the regional level based on the positive experience and best practices of the European countries and on the generally recognized world standards and principles of corporate governance is substantiated. The paper outlines the mechanisms for ensuring the management efficiency of utility sector and for introduction of new standards of transparency and accountability of utility sector enterprises. On the basis of the analysis of the respective provisions of the national legislation the authors conclude that Ukraine has created the legislative preconditions for the transparency and accountability of utility sector enterprises within the territorial communities. However, the changes introduced into the national legislation on accounting and financial reporting, as well as the revision of the Law of Ukraine on Auditing, imposes more stringent requirements for the disclosure of information about the activities of utility companies, recognizing them as companies of public interest and / or as the subjects of natural monopoly within the national market. In order to strengthen the supervision over such enterprises the collegial bodies - audit committees or appropriate supervisory boards - should be established within their management system. The article considers the differences of such bodies’ functioning and the procedural peculiarities of the respective supervisory councils’ establishment that are based on the legislative norm that is of recommendatory nature as for the establishment of such councils for village and city, and for all others - district, region - is of obligatory nature. The paper proves that it is not economically feasible to create supervisory boards within all utility sector enterprises. The author analyzes the competences of the relevant local councils within the national legislation of Ukraine. On the basis of the generalization of the best European experience and practices, criteria for determining the economic justification for the establishment of supervisory boards at domestic utility sector enterprises in Ukraine are proposed. Moreover, the recommendations for local authorities regarding the criteria for the selection of independent auditors (audit firms) for carrying out the statutory audit of annual financial statements of utility sector enterprises are also formulated. The introduction of the proposed recommendations will increase the competitiveness of the utility sector companies of Ukraine compared to the enterprises of private sector of economy, as well as will promote the implementation of international standards and European principles and the best practices of effective management of large corporations in the utility sector of Ukraine.

Current and past economic and financial crises have changed the behaviour of busi-ness leaders, managers, and investors, as well as accounting professionals (financial accountants, bookkeepers, management accountants, auditors). The fear of further financial crises has forced accounting reforms, the revision of auditing standards, and a restructuring of corporate governance systems in many countries to provide a relia-ble framework for companies’ activities and performance. The International Federa-tion of Accountants (IFAC) board founded the International Ethics Standard Board for Accountants (IESBA), which issued the Code of Ethics for Professional Account-ants (IFAC Code) as a set of globally accepted guidelines for ethical conduct. The first version was published in 1990, and it was recommended (but not mandatory) for IFAC members to adopt. Establishing a unified code of ethics was one of the major achievements of IFAC that provided solid guidelines for accounting professionals across the world. Prior research indicates that the IFAC Code has been moderately successful in the attempt to harmonise ethics standards for professional accountants worldwide. As globalisation continues to affect business culture and technology, and, consequently, the focus of business, the accounting profession must keep pace and reassess its role in the world economy, but also in society. This is especially important during economic and financial crises, when the classic entrepreneurial model is not sustainable. Not only can a code of ethics can provide a framework for appropriate employee behaviour and establish a better corporate culture, it can also improve lead-ership, help organisations to comply with government guidelines, and enable organisa-tions to be more socially responsible. Many ethical issues could be explored in the con-text of Corporate Social Responsibility (CSR), not only in times of crisis. The high-profile ethical failures of professional accountants in recent decades taught us the importance of ethics education. A professional accountant’s responsibility is not exclusively to satisfy the needs of an individual client or employing organization. All accountants should act in the public interest by complying with fundamental ethical principles (integrity, objectivity, professional competence and due care, confidentiality, and professional behaviour) since these principles establish the standard of expected behaviour. Therefore, accounting ethics should be promoted much more in education and in practice. Accounting and business educators have a special responsibility to ex-amine and teach ethics in the broader context of globalisation. Regulations and volun-tary standards aim at minimizing fraud and manipulation of business information, but ethical behaviour is the key to achieving an honest business environment and sustaina-ble growth. The articles submitted for the special edition will be aimed at clarifying knowledge about ethics from the perspective of the accounting profession. Suggested topics Taking the above into consideration, it is of great importance to obtain answers to the following questions: 1. What are the cross-cultural influences of accounting-related ethical dilemmas? 2. How can accounting ethics affect capital markets? 3. What are the practical barriers for accountants that make ethical behaviour in times of crisis more difficult? 4. What affects the adoption and implementation of the IFAC Code? 5. What is the role of auditors in promoting a higher level of ethical behaviour? 6. Why is accounting education so important in the development of ethics awareness in business and accounting practice? 7. What are the approaches in accounting ethics education? 8. What can be done to improve the quality of accounting ethics education? 9. What measures should be used to enhance accounting ethics? 10. How do accountants deal with the situations and circumstances that might create threats to their compliance with the fundamental principles and can their behaviour be compromised? 11. Which are the safeguards that accountants apply as a way of addressing the threats? 12. What is the role of the codes of ethics for management accountants developed by IMA and CIMA in resolving ethical dilemmas in the area of management accounting? Articles (ca. 40,000 characters) may present the results of research conducted using different methods, e.g., theoretical approaches or empirical approaches (surveys, case studies). We want to underline that the articles should pertain to the theme of the special issue of ZTR and should not have been published earlier in hard copy nor electronic version, whether in magazines, books, or conference materials. The deadline for submitting papers is 31st March 2021. The deadline for the publication of ZTR is 31st October 2021. Each manuscript should be prepared in accordance with the guidance given in the sec-tion “Instructions for authors” of our website: http://ztr.skwp.pl/resources/html/cms/FORAUTHORS. Articles should be submitted through the online ICI Publishers Panel: http://ztr.skwp.pl/resources/html/cms/DEPOSITSMANUSCRIPT When submitting an article, please enter that your article is for Special Issue 2021 with Guest Editor in the additional comment in the Publishers Panel Index Copernicus system. Coordinator of the Special Issue of ZTR with Guest Editor: dr hab. Halina Waniak- -Michalak (ztr@skwp.pl)

Director tenure attracts attention worldwide and is increasingly being recognised as a crucial element in assessing an external (independent non-executive) director’s independence. Director tenure has recently come under the spotlight in South Africa. Shareholder activists are expressing disapproval of lengthy tenures of directors serving on boards of listed public companies and exerting pressure on long-serving directors to resign from office. This article examines whether the South African corporate governance principles regulating director tenure are adequate or in need of revision. The article examines further the corporate governance practices in leading jurisdictions such as the United Kingdom, Malaysia, Singapore, Hong Kong, and India that have recently revised their corporate governance practices. It then makes recommendations for enhancing the South African corporate governance approach to director tenure. It also calls on directors to collaborate with shareholders and independent external experts to examine their approach to director tenure and, if circumstances allow, revise the company’s memorandum of incorporation to limit directors’ tenure or provide for a staggered rotation of directors on the board.

The practicing of earnings management in banking companies certainly has pro and con's from the stockholders, because it tends to harm the users of information and the service of financial report. This research, therefore, aims to investigate the effect of application of PSAK 50/55 (2006 revision) toward earnings management with corporate governance as the moderating variable. This research was implemented in banking companies that listed in Indonesia Stock Exchange. This research used 28 banking companies that published financial report in period of 2009 — 2011 completely. The test result indicated that the application of PSAK 50/55 (2006 revision), moderation of foreign ownership, composition of commissioner council, standard of KAP and committee of audit as the moderator did not have any significance effect toward the practicing of earnings management in banking companies that listed in ISE. On the other hand, the application of PSAK 50/55 (Revision 2006) moderated by the KAP size had the positive effect toward practicing of earnings management.

Abstract A series of recent reform proposals in Malaysia have started to consider enhancing shareholders’ self-help remedies by expanding shareholders’ powers in corporate decision-making. The reform of listing rules, codes of corporate governance, and securities law legislation is intended to enhance shareholders’ participatory rights in decision-making in Malaysia. Some of the proposals echo the present UK position under the UK Companies Act 2006. These changes, occurring in several common law countries such as Malaysia, Hong Kong and UK, and the recent EU revision proposals, indicate a change of legal position towards expanding shareholders’ power even to the extent of giving instruction to the board. But are these sufficient or can more be done? For Malaysia and other developing economies, we argue for a self-enforcing model that requires expansion of shareholders’ general power by identifying and removing legal barriers to shareholders’ empowerment. This is recommended for other developing countries which share a similar corporate and regulatory architecture.

The phenomenon of false financial statements still exists. However, in addition to the risk of being punished, what kind of price do companies have to pay? In recent decades, with China's rapid progress in economic, the relevant accounting system and corporate governance standards are actively improving, and the earnings quality is improving. This paper takes China's listed companies from 2015 to 2019 as samples, and adopts quantile regression supplemented by ordinary least square method to explore the relationship between earnings quality and capital cost. The research findings show that the higher the earnings management, the higher the capital cost, especially for the company with low capital cost. Nevertheless, for the extremely company with high capital cost, earnings management can reduce the capital cost. The research results can provide the focus of regulators of listed companies and reference for the revision of relevant accounting system.

PurposeThere is no literature that sought the revision and integration of ecological modernization of theory (EMT) and circular economy (CE). This article aims to answer the questions: How have companies developed circular economy practices within their operations? Why have companies invested in circular economy practices? Based on the answers to these questions, it would be possible to understand how the assumptions of EMT explain the adoption of CE practices.Design/methodology/approachThe research method is based on multiple case studies with Brazilian craft brewery companies.FindingsCompanies studied have pursed the adoption of circular economy practices, but the full potential of the use of biological cycles within their processes of production has been hampered by the lack of external policies and clear governance toward circular economy. Thus, pollution prevention policies may be an important driver for organizations be able to advance in circular economy practices.Research limitations/implicationsResearch limitations are coverage only of organizations located in an emerging country. A second limitation is that the data saturation was partially achieved in some of the analyzed cases, especially by the limitation of the time period surveyed (transversal research). The longitudinal evaluation is timely for circular economy surveys.Practical implicationsThe formulation of a regulatory framework through a participative, interactive and decentralized process, capable of delegating responsibilities and incentives to all entities, to contemplate a tax restructuring for the alcoholic beverage sector, could corroborate to create a new standard of action for the sector.Social implicationsThis document highlights how the principles of ecological modernization can contribute to the advancement of the circular economy. The understanding can help in the design of processes that provide circular and sustainable operations as a social good in a effective value.Originality/valueThe principles from EMT, such as the development of an institutional environment towards corporate environmental proactive, could enhance the adoption of circular economy practices within the brewery sector. Despite of the class association of the brewery sector has supported the companies studied to move forward in other matters, a clear governance is necessary to guide organizations towards circular economy practices.

Critique of Ability In July 2008, we could be on the eve of an enormously important shift in disability in Australia. One sign of change is the entry into force on 3 May 2008 of the United Nations convention on the Rights of Persons with Disabilities, which will now be adopted by the Rudd Labor government. Through this, and other proposed measures, the Rudd government has indicated its desire for a seachange in the area of disability. Bill Shorten MP, the new Parliamentary Secretary for Disabilities and Children’s Services has been at pains to underline his commitment to a rights-based approach to disability. In this inaugural speech to Parliament, Senator Shorten declared: I believe the challenge for government is not to fit people with disabilities around programs but for programs to fit the lives, needs and ambitions of people with disabilities. The challenge for all of us is to abolish once and for all the second-class status that too often accompanies Australians living with disabilities. (Shorten, “Address in reply”; see also Shorten, ”Speaking up”) Yet if we listen to the voices of people with disability, we face fundamental issues of justice, democracy, equality and how we understand the deepest aspects of ourselves and our community. This is a situation that remains dire and palpably unjust, as many people with disabilities have attested. Elsewhere I have argued (Goggin and Newell) that disability constitutes a systemic form of exclusion and othering tantamount to a “social apartheid” . While there have been improvements and small gains since then, the system that reigns in Australia is still fundamentally oppressive. Nonetheless, I would suggest that through the rise of the many stranded movements of disability, the demographic, economic and social changes concerning impairment, we are seeing significant changes in how we understand impairment and ability (Barnes, Oliver and Barton; Goggin and Newell, Disability in Australia; Snyder, Brueggemann, and Garland-Thomson; Shakespeare; Stiker). There is now considerable, if still incomplete, recognition of disability as a category that is constituted through social, cultural, and political logics, as well as through complex facets of impairment, bodies (Corker and Shakespeare), experiences, discourses (Fulcher), and modes of materiality and subjectivity (Butler), identity and government (Tremain). Also there is growing awareness of the imbrication of disability and other categories such as sex and gender (Fine and Asch; Thomas), race, age, culture, class and distribution of wealth (Carrier; Cole; Davis, Bending over Backwards, and Enforcing Normalcy; Oliver; Rosenblum and Travis), ecology and war (Bourke; Gerber; Muir). There are rich and wide-ranging debates that offer fundamental challenges to the suffocating grip of the dominant biomedical model of disability (that conceives disability as individual deficit — for early critiques see: Borsay; Walker), as well as the still influential and important (if at times limiting) social model of disability (Oliver; Barnes and Mercer; Shakespeare). All in all,there have been many efforts to transform the social and political relations of disability. If disability has been subject to considerable examination, there has not yet been an extended, concomitant critique of ability. Nor have we witnessed a thoroughgoing recognition of unmarked, yet powerful operations of ability in our lives and thought, and the potential implications of challenging these. Certainly there have been important attempts to reframe the relationship between “ability” and “disability” (for example, see Jones and Mark). And we are all familiar with the mocking response to some neologisms that seek to capture this, such as the awkward yet pointed “differently-abled.” Despite such efforts we lack still a profound critique of ability, an exploration of “able”, the topic that this special issue invites us to consider. If we think of the impact and significance of “whiteness”, as a way to open up space for how to critically think about and change concepts of race; or of “masculinity” as a project for thinking about gender and sexuality — we can see that this interrogation of the unmarked category of “able” and “ability” is much needed (for one such attempt, see White). In this paper I would like to make a small contribution to such a critique of ability, by considering what the concept of innovation and its contemporary rhetorics have to offer for reframing disability. Innovation is an important discourse in contemporary life. It offers interesting possibilities for rethinking ability — and indeed disability. And it is this relatively unexplored prospect that this paper seeks to explore. Beyond Access, Equity & Diversity In this scene of disability, there is attention being given to making long over-due reforms. Yet the framing of many of these reforms, such as the strengthening of national and international legal frameworks, for instance, also carry with them considerable problems. Disability is too often still seen as something in need of remediation, or special treatment. Access, equity, and anti-discrimination frameworks offer important resources for challenging this “special” treatment, so too do the diversity approaches which have supplemented or supplanted them (Goggin and Newell, “Diversity as if Disability Mattered”). In what new ways can we approach disability and policies relevant to it? In a surprisingly wide range of areas, innovation has featured as a new, cross-sectoral approach. Innovation has been a long-standing topic in science, technology and economics. However, its emergence as master-theme comes from its ability to straddle and yoke together previously diverse fields. Current discussions of innovation bring together and extend work on the information society, the knowledge economy, and the relationships between science and technology. We are now familiar for instance with arguments about how digital networked information and communications technologies and their consumption are creating new forms of innovation (Benkler; McPherson; Passiante, Elia, and Massari). Innovation discourse has extended to many other unfamiliar realms too, notably the area of social and community development, where a new concept of social innovation is now proposed (Mulgan), often aligned with new ideas of social entrepreneurship that go beyond earlier accounts of corporate social responsibility. We can see the importance of innovation in the ‘creative industries’ discourses and initiatives which have emerged since the 1990s. Here previously distinct endeavours of arts and culture have become reframed in a way that puts their central achievement of creativity to the fore, and recognises its importance across all sorts of service and manufacturing industries, in particular. More recently, theorists of creative industries, such as Cunningham, have begun to talk about “social network markets,” as a way to understand the new hybrid of creativity, innovation, digital technology, and new economic logics now being constituted (Cunningham and Potts). Innovation is being regarded as a cardinal priority for societies and their governments. Accordingly, the Australian government has commissioned a Review of The National Innovation System, led by Dr Terry Cutler, due to report in the second half of 2008. The Cutler review is especially focussed upon gaps and weaknesses in the Australian innovation system. Disability has the potential to figure very strongly in this innovation talk, however there has been little discussion of disability in the innovation discourse to date. The significance of disability in relation to innovation was touched upon some years ago, in a report on Disablism from the UK Demos Foundation (Miller, Parker and Gillinson). In a chapter entitled “The engine of difference: disability, innovation and creativity,” the authors discuss the area of inclusive design, and make the argument for the “involvement of disabled people to create a stronger model of user design”:Disabled people represented a market of 8.6 million customers at the last count and their experiences aren’t yet feeding through into processes of innovation. But the role of disabled people as innovators can and should be more active; we should include disabled people in the design process because they are good at it. (57) There are two reasons given for this expertise of disabled people in design. Firstly, “disabled people are often outstanding problem solvers because they have to be … life for disabled people at the moment is a series of challenges to be overcome” (57). Secondly, “innovative ideas are more likely to come from those who have a new or different angle on old problems” (57). The paradox in this argument is that as life becomes more equitable for people with disabilities, then these ‘advantages’ should disappear” (58). Accordingly, Miller et al. make a qualified argument, namely that “greater participation of disabled people in innovation in the short term may just be the necessary trigger for creating an altogether different, and better, system of innovation for everyone in the future” (58). The Demos Disablism report was written at a time when rhetorics of innovation were just beginning to become more generalized and mainstream. This was also at a time in the UK, when there was hope that new critical approaches to disability would see it become embraced as a part of the diverse society that Blair’s New Labor Britain had been indicating. The argument Disablism offers about disability and innovation is in some ways a more formalized version of vernacular theory (McLaughlin, 1996). In the disability movement we often hear, with good reason, that people with disability, by dint of their experience and knowledge are well positioned to develop and offer particular kinds of expertise. However, Miller et al. also gesture towards a more generalized account of disability and innovation, one that would intersect with the emerging frameworks around innovation. It is this possibility that I wish to take up and briefly explore here. I want to consider the prospects for a fully-fledged encounter between disability and innovation. I would like to have a better sense of whether this is worth pursuing, and what it would add to our understanding of both disability and innovation? Would the disability perspective be integrated as a long-term part of our systems of innovation rather than, as Miller et al. imply, deployed temporarily to develop better innovation systems? What pitfalls might be bound up with, or indeed be the conditions of, such a union between disability and innovation? The All-Too-Able User A leading area where disability figures profoundly in innovation is in the field of technology — especially digital technology. There is now a considerable literature and body of practice on disability and digital technology (Annable, Goggin, and Stienstra; Goggin and Newell, Digital Disability; National Council on Disability), however for my purposes here I would like to focus upon the user, the abilities ascribed to various kinds of users, and the user with disability in particular. Digital technologies are replete with challenges and opportunities; they are multi-layered, multi-media, and global in their manifestation and function. In Australia, Britain, Canada, the US, and Europe, there have been some significant digital technology initiatives which have resulted in improved accessibility for many users and populations (Annable, Goggin, and Stienstra; National Council on Disability) . There are a range of examples of ways in which users with disability are intervening and making a difference in design. There is also a substantial body of literature that clarifies why we need to include the perspective of the disabled if we are to be truly innovative in our design practices (Annable, Goggin and Stienstra; Goggin and Newell, “Disability, Identity and Interdependence”). I want to propose, however, that there is merit in going beyond recognition of the role of people with disability in technology design (vital and overlooked as it remains), to consider how disability can enrich contemporary discourses on innovation. There is a very desirable cross-over to be promoted between the emphasis on the user-as-expert in the sphere of disability and technology, and on the integral role of disability groups in the design process, on the one hand, and the rise of the user in digital culture generally, on the other. Surprisingly, such connections are nowhere near as widespread and systematic as they should be. It may be that contemporary debates about the user, and about the user as co-creator, or producer, of technology (Haddon et al.; von Hippel) actually reinstate particular notions of ability, and the able user, understood with reference to notions of disability. The current emphasis on the productive user, based as it is on changing understandings of ability and disability, provides rich material for critical revision of the field and those assumptions surrounding ability. It opens up possibilities for engaging more fully with disability and incorporating disability into the new forms and relations of digital technology that celebrate the user (Goggin and Newell, Digital Disability). While a more detailed consideration of these possibilities require more time than this essay allows, let us consider for a moment the idea of a genuine encounter between the activated user springing from the disability movement, and the much feted user in contemporary digital culture and theories of innovation. People with disability are using these technologies in innovative ways, so have much to contribute to wider discussions of digital technology (Annable, Goggin and Stienstra). The Innovation Turn Innovation policy, the argument goes, is important because it stands to increase productivity, which in turn leads to greater international competitiveness and economic benefit. Especially with the emergence of capitalism (Gleeson), productivity has strong links to particular notions of which types of production and produce are valued. Productivity is also strongly conditioned by how we understand ability and, last in a long chain of strong associations, how we as a society understand and value those kinds of people and bodies believed to contain and exercise the ordained and rewarded types of ability, produce, and productivity. Disability is often seen as antithetical to productivity (a revealing text on the contradictions of disability and productivity is the 2004 Productivity Commission Review of the Disability Discrimination Act). When we think about the history of disability, we quickly realize that productivity, and by extension, innovation, are strongly ideological. Ideological, that is, in the sense that these fields of human endeavour and our understanding of them are shaped by power relations, and are built upon implicit ‘ableist’ assumptions about productivity. In this case, the power relations of disability go right to the heart of the matter, highlighting who and what are perceived to be of value, contributing economically and in other ways to society, and who and what are considered as liabilities, as less valued and uneconomical. A stark recent example of this is the Howard government workplace and welfare reforms, which further disenfranchised, controlled, and impoverished people with disability. If we need to rethink our ideas of productivity and ability in the light of new notions of disability, then so too do we need to rethink our ideas about innovation and disability. Here the new discourses of innovation may actually be useful, but also contain limited formulations and assumptions about ability and disability that need to be challenged. The existing problems of a fresh approach to disability and innovation can be clearly observed in the touchstones of national science and technology “success.” Beyond One-Sided Innovation Disability does actually feature quite prominently in the annals of innovation. Take, for instance, the celebrated case of the so-called “bionic ear” (or cochlear implant) hailed as one of Australia’s great scientific inventions of the past few decades. This is something we can find on display in the Powerhouse Museum of Technology and Design, in Sydney. Yet the politics of the cochlear implant are highly controversial, not least as it is seen by many (for instance, large parts of the Deaf community) as not involving people with disabilities, nor being informed by their desires (Campbell, also see “Social and Ethical Aspects of Cochlear Implants”). A key problem with the cochlear implant and many other technologies is that they are premised on the abolition or overcoming of disability — rather than being shaped as technology that acknowledges and is informed by disabled users in their diverse guises. The failure to learn the lessons of the cochlear implant for disability and innovation can be seen in the fact that we are being urged now to band together to support the design of a “bionic eye” by the year 2020, as a mark of distinction of achieving a great nation (2020 Summit Initial Report). Again, there is no doubting the innovation and achievement in these artefacts and their technological systems. But their development has been marked by a distinct lack of consultation and engagement with people with disabilities; or rather the involvement has been limited to a framework that positions them as passive users of technology, rather than as “producer/users”. Further, what notions of disability and ability are inscribed in these technological systems, and what do they represent and symbolize in the wider political and social field? Unfortunately, such technologies have the effect of reproducing an ableist framework, “enforcing normalcy” (Davis), rather than building in, creating and contributing to new modes of living, which embrace difference and diversity. I would argue that this represents a one-sided logic of innovation. A two-sided logic of innovation, indeed what we might call a double helix (at least) of innovation would be the sustained, genuine interaction between different users, different notions of ability, disability and impairment, and the processes of design. If such a two-sided (or indeed many-sided logic) is to emerge there is good reason to think it could more easily do so in the field of digital cultures and technologies, than say, biotechnology. The reason for this is the emphasis in digital communication technologies on decentralized, participatory, user-determined governance and design, coming from many sources. Certainly this productive, democratic, participatory conception of the user is prevalent in Internet cultures. Innovation here is being reshaped to harness the contribution and knowledge of users, and could easily be extended to embrace pioneering efforts in disability. Innovating with Disability In this paper I have tried to indicate why it is productive for discourses of innovation to consider disability; the relationship between disability and innovation is rich and complex, deserving careful elaboration and interrogation. In suggesting this, I am aware that there are also fundamental problems that innovation raises in its new policy forms. There are the issues of what is at stake when the state is redefining its traditional obligations towards citizens through innovation frameworks and discourses. And there is the troubling question of whether particular forms of activity are normatively judged to be innovative — whereas other less valued forms are not seen as innovative. By way of conclusion, however, I would note that there are now quite basic, and increasingly accepted ways, to embed innovation in design frameworks, and while they certainly have been adopted in the disability and technology area, there is much greater scope for this. However, a few things do need to change before this potential for disability to enrich innovation is adequately realized. Firstly, we need further research and theorization to clarify the contribution of disability to innovation, work that should be undertaken and directed by people with disability themselves. Secondly, there is a lack of resources for supporting disability and technology organisations, and the development of training and expertise in this area (especially to provide viable career paths for experts with disability to enter the field and sustain their work). If this is addressed, the economic benefits stand to be considerable, not to mention the implications for innovation and productivity. Thirdly, we need to think about how we can intensify existing systems of participatory design, or, better still, introduce new user-driven approaches into strategically important places in the design processes of ICTs (and indeed in the national innovation system). Finally, there is an opportunity for new approaches to governance in ICTs at a general level, informed by disability. New modes of organising, networking, and governance associated with digital technology have attracted much attention, also featuring recently in the Australia 2020 Summit. Less well recognised are new ideas about governance that come from the disability community, such as the work of Queensland Advocacy Incorporated, Rhonda Galbally’s Our Community, disability theorists such as Christopher Newell (Newell), or the Canadian DIS-IT alliance (see, for instance, Stienstra). The combination of new ideas in governance from digital culture, new ideas from the disability movement and disability studies, and new approaches to innovation could be a very powerful cocktail indeed.Dedication This paper is dedicated to my beloved friend and collaborator, Professor Christopher Newell AM (1964-2008), whose extraordinary legacy will inspire us all to continue exploring and questioning the idea of able. 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