Development Of Corporate Governance Research Articles

Historical and legal aspects of corporate governance in LLCs according to the legislation of Poland and Ukraine

The article provides a detailed examination of the evolution of corporate governance in Ukraine and Poland, focusing on the development of legislation in both countries. The author analyzes the historical development of corporate structures, tracing their evolution from antiquity and the Middle Ages to the present day, highlighting key stages and changes in legal norms regulating corporate governance in Poland and Ukraine. The article begins with a review of early forms of corporate structures in ancient civilizations and tracks their development through significant historical periods in Europe. The stages of corporate governance development in Poland and Ukraine during the 19th and 20th centuries are separately examined. In Ukraine, the formation of corporate governance was constrained by the legal norms of the Russian Empire, and only with the transition to a market economy in the 1990s a significant development of corporate forms was noticed, particularly it concerned limited liability companies (LLCs). In contrast, Poland’s development of corporate law was marked by intense changes, especially after the fall of the communist regime and accession to the European Union, which facilitated the eligibility of Polish corporate law according to European standards. The author provides a detailed analysis of the key stages of legal changes in both countries, including the codification of corporate law, adaptation to European norms, and the challenges encountered at each stage. The article also explores the impact of economic and political changes on the development of corporate governance in both countries, emphasizing that although the initial stages of corporate governance development in Ukraine and Poland were somehow similar due to geographical and historical closeness, their further development differed significantly. Poland went through stages of intensive reforming and EU integration, which substantially influenced the modernization of its corporate law. Meanwhile, significant changes in corporate governance in Ukraine began only in the 1990s and continue to modern days, facing certain challenges and obstacles on the way to full integration into European legal standards. The article reveals both common and different features of the evolution of corporate law in these countries. The findings provide a deeper understanding of the impact of historical and political factors on the formation of modern corporate practices and norms in both countries. The author concludes that despite the fact that both countries started moving into corporate governance from similar foundations, their subsequent development was significantly different because of the influence of both internal and external reasons. Poland has managed to successfully adapt its legislation according to European standards, while Ukraine is still in the process of transformation. This highlights the necessity for continued reforms in Ukraine, particularly for integration into the European legal space, which is critical for ensuring the stability and transparency of corporate governance in the country.

Good Corporate Governance (GCG) and Islamic Social Reporting (ISR): A bibliometric approach

Research aims: This study aims to visualize the topics of Good Corporate Governance and Islamic Social Reporting from previous studies to provide opportunities for further, more diverse research.Design/Methodology/Approach: This study employed a bibliometric approach study in the field of Good Corporate Governance and Islamic Social Reporting published in journals indexed by Scopus, SINTA, Emerald Insight, DOAJ, Research Gate, Science Direct, Garuda, and Google Scholar.Research findings: Research in the field of Good Corporate Governance and Islamic Social Reporting was carried out in 2010-2022, and authors from Indonesia wrote 398 articles. These findings identify publication metadata converted into visualizations in the fields of science, not only economics but also arts, humanities, and psychology, which have not been widely researched. Hence, they could be interesting topics for future research.Theoretical contribution/Originality: This paper is one of the articles that provides a better understanding of Good Corporate Governance and Islamic Social Reporting as a research topic. It examines its evolution in an academic context through bibliometric analysis.Practitioner/Policy implication: These findings are beneficial for academic researchers and industry practitioners as they aid their understanding of the development of Good Corporate Governance research and Islamic Social Reporting, identify the underlying context, and assist in the development of a coherent concept.Research limitation/Implication: This research is also expected to expand the sub-themes related to the implementation and development of Islamic Social Reporting and Good Corporate Governance, where the number of themes has not been widely studied from 2010 to 2023.

Corporate Governance and the Sustainable Development

Nowadays the issues of sustainable development are everywhere around us. Everybody talks about sustainability in all aspects of our life. It is becoming also part of the agenda of the business world not only for the small and medium size companies, but also for the big corporations. Gradually environmental and social issues begin to pose new topics in the agenda for board meetings of the big corporations. The corporate governance begins to pay more and more attention not only to the return rate of the investments but also to the footprint that the company has on the society. In this framework we decided to examine the relationship and interconnectivity between corporate governance and sustainable development. The research that backed this paper encompasses literature survey and analysis, on one hand and empirical research on another. This paper present some of the results from our survey showing the changes that occur in the corporate governance and the position of the managing boards of directors due to the sustainable development policy applied worldwide.

Revealing the Path to a Green Economy: Insights and Recommendations for Sustainable Development in Malaysia

This study proposes a green economy framework leading to Malaysia's green economy roadmap and raising society's sustainability awareness. The framework has catered actionable insight into promoting a green economy to industrial sectors by integrating Environmental, social, and corporate governance (ESG) and Sustainable Development (SD) principles to improve Malaysia's achievement of Sustainable Development Goals (SDGs). This paper has critically analyzeda systematic review from 2209 journal articles indexed from two prominent databases, Scopus, and Web of Science. The data were analyzed using visualizing bibliometric networks and a computer-assisted qualitative method. The thematic pattern result was verified and strengthened using in-depth interviews with industrial business leaders. The result shows that establishing a green economy framework should align with a clear regulatory policy and incentives. This study provided a unique combination of proposing a green economy framework employing advanced analysis techniques and providing specific recommendations for the Malaysian context. Adopting the green economy framework led by integrated ESG, SD, and SDGs would lead to Malaysia's Shared Prosperity Vision 2030. The public listed companies should step ahead in adopting green economy frameworks.

Fraud and corruption as an object of internal audit in corporate governance

Introduction. Fraud and corruption in the modern world is a pressing issue that significantly affects the functioning of the corporate sector and economic development in general. These phenomena generate serious losses for businesses, violate investor and consumer confidence, and undermine the effectiveness of the corporate governance system. Nevertheless, despite their importance, fraud and corruption remain complicated phenomena to detect and control. Therefore, internal audit is proving to be a key tool in combating these negative developments in corporate governance. It aims to identify, analyze and minimize risks related to fraud and corruption, as well as to improve the control and management system in accordance with best practices. The purpose of the paper is to analyze fraud and corruption as phenomena that affect corporate governance in order to identify their causes, forms, scope and consequences. Results. The paper examines the problem of fraud and corruption in organizations based on the complex interaction of economic, sociocultural and organizational factors. Different types of fraud and corruption such as financial manipulation, exploitation of conflict of interest, and misuse of resources are explored, as well as methods for identifying and analyzing potential fraud and corruption in organizations. Emphasized the importance of integrating these techniques into the internal control and audit system to ensure effective detection and prevention of fraud and corruption in organizations. The author presents the optimal principles that contribute to the effective role of internal audit in preventing fraud and corruption in organizations. Conclusions. Fraud and corruption, as an object of internal audit in corporate governance, are key aspects that require attention and systematic measures to detect, prevent and effectively control them. Detecting and eliminating fraud and corruption in organizations has a significant impact on business, including financial stability, reputation and efficiency. Solving these problems requires joint efforts on the part of all stakeholders, as well as the implementation of strategies and mechanisms aimed at counteracting and preventing the occurrence of such phenomena in the future.

Sustainability Reporting Nexus to Corporate Governance: A Comprehensive Analysis

In today’s dynamic landscape, sustainable development permeates every facet of our lives. Conversations about sustainability abound, extending beyond small and medium-sized enterprises to encompass large corporations. As environmental and social concerns take center stage, corporate governance now extends its purview beyond mere investment returns. It scrutinizes the societal impact of companies, emphasizing their footprint. In this context, we delve into the intricate relationship between corporate governance and sustainable development. Our research combines literature review and empirical investigation. This paper presents select findings from our survey, shedding light on shifts in corporate governance practices and the evolving role of boards of directors worldwide, influenced by sustainable development policies. By examining the interplay between governance structures and sustainable practices, we contribute to a deeper understanding of how organizations can align their strategies with global sustainability goals. The implications of our findings extend beyond boardrooms, affecting policy formulation, stakeholder engagement, and long-term business viability. As we navigate the complexities of a rapidly changing world, the synergy between corporate governance and sustainable development remains pivotal for shaping a more resilient and responsible future.

The Bank of England and the ‘prehistory’ of corporate governance

Most accounts of the evolution of corporate governance in the UK take the Cadbury Report of 1992 as ground zero. This article draws on archival research to explore the work done from 1970 onwards by the Bank of England to institutionalise non-executive directors (NEDs) and investor engagement. It shows that many of the norms at the heart of the Cadbury Report of 1992 were already fully formed within the Bank by the early 1970s, and were then disseminated informally through contacts with City financial institutions and persistent efforts to identify the right kind of people to act as NEDs. The Cadbury Report was a formalisation of pre-existing norms rather than a rupture with what came before. More generally, the article highlights the influence of the idea of shareholders as ‘owners’ and the path dependent nature of the norms that now form the basis of corporate governance codes around the world.

The Impact of Integrated Business Communications on the Success of Enterprises and Organizations

This paper evaluates the impact of business communications on the performance of companies and organizations and briefly outlines the history of the formation of the conceptual apparatus in the process of integrating integrated communications. Their role in corporate governance, as well as in the implementation of the ESG agenda in Russia, is considered. The relevance of the study is determined by the accelerated changes in the concepts of communication integration, the constant updating of forms, methods, tools and technologies, as well as the ambiguity of interpretations and the insufficient development of methodological approaches, which requires a new understanding of their content and implementation possibilities. The similarities and differences between integrated marketing communications and integrated communications are analyzed, the uncertainty in the use of these concepts is shown, as well as the distinctive features of the latter, which interact with all groups of stakeholders. The subject of the study is the system of relations in the process of interaction of companies and organizations with all groups of stakeholders. The purpose of the article is to show the advantages and possibilities of practical application of integrated communications, as well as new approaches to management strategizing. The article uses such research methods as content analysis of scientific periodicals, comparative analysis of semantic constructions of terms, study of practical experience in managing communications of companies and organizations, criteria and indicators for assessing their quality. The current trends in the development of integrated communications and their growing influence on the performance of companies and organizations are shown. The scientific novelty of the publication is justified by the author’s interpretation of the process of communication integration. The analysis showed that in the methods for compiling ESG ratings, the set of criteria for assessing the quality of block “G” is limited to the indicators of corporate governance codes. Therefore, the authors propose to expand this set using metrics for assessing the effectiveness of integrated communications management taken from the “corporate management” and “communications management” systems. The practical significance of the work is the opportunity to attract the attention of stakeholders to the problem of integrated communications and expand the horizon of their perception in theory and practice. Further directions of research may be related to the consideration of the characteristics of Russian communications practices in the business environment. Effective integrated communications can play a key role in the development of sustainable corporate governance in Russia.

Corporate governance for sustainable development in Vietnam: Criteria for SOEs based on MCDM approach.

This research explores the nexus between corporate governance and sustainable development, focusing on State-Owned Enterprises (SOEs) in Vietnam. Recognizing the pivotal role of SOEs in the national economy, this study employs a Multi-Criteria Decision-Making approach (MCDM) to assess and enhance the corporate governance frameworks of these entities. First, the Data Envelopment Analysis (DEA) model is employed to identify the most qualified prospective SOEs firms based on several quantitative criteria. Then, the spherical fuzzy analytic hierarchy process (SF-AHP) model is used to identify priority weights for a given set of qualitative criteria, the Evaluation based on distance from average solution (EDAS) model is implemented to rank enterprises in the SOEs sector. To validate the proposed models, a case study conducted within the Vietnamese electric power industry is utilized. The MCDM methodology integrates diverse factors such as business management, corporate social responsibility, and corporate governance shareholder to construct a comprehensive evaluation framework. By applying this approach, the study aims to identify the key drivers and barriers influencing corporate governance practices within Vietnamese SOEs. The study's findings illustrate the efficacy of the suggested approach in evaluating corporate governance performance, providing valuable insights for policymakers, corporate leaders, and stakeholders involved in shaping the governance landscape of SOEs in Vietnam. By aligning corporate governance with sustainable development principles, the research aims to contribute to the ongoing discourse on responsible business practices, offering practical recommendations to enhance the performance and resilience of SOEs in the pursuit of long-term socio-economic and environmental sustainability.

The role of the media in corporate governance and economic development: North African democratic transition

The role of the media in corporate governance and economic development: North African democratic transition

The role of the media in corporate governance and economic development: North African democratic transition

The role of the media in corporate governance and economic development: North African democratic transition

THE CONCEPT OF CORPORATE GOVERNANCE: THE HISTORY OF FORMATION

The purpose of the research. The article is devoted to the study of the history of formation of the concept of corporate governance. The historical period of development of the concept of corporate governance is no less important than the modern concept of corporate governance and it is necessary to study it, analyze the dynamics and trends. The purpose of the study is to analyze the formation of the concept of corporate governance in dynamics. Results. According to the results of the study, the author's view of the history of the emergence and development of corporate governance is presented. It is proved that the concept of corporate governance was not yet formed in the period of the Roman Empire. It seems more correct to define the period when the terminology began to be formed as associated with the beginning of the Industrial Revolution. Modern terminology is formed, but the understanding of the essence of corporate definition is not uniform. In general, opinions are divided into two groups: those who propose to include only participants of the corporation and management, and those who exclude subjects other than participants of the corporate legal entity and persons performing management. The author's conclusion that the expansion of the concept of corporate governance by increasing the subject composition of legal relations does not correspond to the essence, because the participation of other persons in corporate legal relations is secondary, indirect.

An Investigation on Klarna Financial Technology Fintech

Studying the organisational structure is always essential in understanding how businesses operate both externally and internally. In that sense, by researching on the structure of business oragnisations, it is predicted for the researcher to obtain some valuable results. This approach can be seen as using a case study method in which detailed investigations are conducted into the organisation structure, which yield fruitful observations. The current study delves into Klarna, a prominent Swedish Fintech company, focusing on its history, corporate governance evolution, impact on the financial and business sectors, technological aspects, and the challenges it faces. Klarna has revolutionized the financial industry with its Buy-Now-Pay-Later (BNPL) services, but it also confronts corporate governance, technological, regulatory, and financial challenges. This analysis underscores the significance of Klarna's transformation in the financial and business sectors while acknowledging the hurdles it must overcome to ensure its sustained growth. Klarna needs to embraces these chanllenges to move forward to future prospects.

THE IMPACT OF POLITICAL TIES, FAMILY OWNERSHIP AND BOARD POSITIONS ON GOOD GOVERNANCE: A LITERATURE REVIEW

This article explores the evolution of corporate governance in Indonesia through literature review approach. The article accentuates the pivotal role of political connections in surmounting external challenges, while vigilantly recognizing potential risks, such as manipulated financial reporting aligned with the interests of controlling shareholders. Within the realm of family-owned enterprises, where familial influence often permeates key leadership roles, the centralized nature of family ownership introduces complexities in decision-making, necessitating a careful examination of policy quality to attain organizational objectives. In its conclusion, the study also underscores the perpetual necessity for transparent practices, stringent regulatory enforcement, and ethical governance. The intricate interplay between ownership structures, political affiliations, and corporate performance emerges as a crucial focal point for fostering enduring prosperity and resilience within the landscape of Indonesian businesses.

The quest for sustainable sports management: evidence from the football industry

PurposeThis study investigates how the COVID-19 pandemic has affected the sustainability of sports business models by means of a specific case analysis, conducted on M-I Stadio S.r.l., the service management firm that provides all types of backstage activities related to football matches performed at San Siro Stadium in Italy.Design/methodology/approachBuilding on interviews on its management team's direct experience and on archival data, the authors depict the consequences of the pandemic in terms of corporate governance, accounting choices and overall strategic business development through information triangulation from a forward-looking perspective.FindingsComplying with restrictions, M-I Stadio S.r.l. preserved its financial position by embracing digitalization, increasing information flows with partners and adopting a risk aversion behaviour. Overall, results indicate that the pandemic played a catalyst role in the transformation process of the football industry. Moreover, apart from the physical and virtual merge acceleration, well-being for athletes, society and the planet, transcending the gaming part of sports activities has also been taking place. The study also illustrates the foreseeable developments of sustainable sport management practices from a critical perspective.Originality/valueSince the San Siro Stadium management company might represent one of the forefront companies, within the sports industry, this study results should be conveniently taken into consideration by sporting authorities and international bodies, emphasizing the relevance of sustainability (i.e. environmental and social practices within the sports industry) and digitalization so as to better prepare sports organizations and to provide the overall industry with the tools deemed necessary to navigate this important transition in a smoother way.

Corporate governance and family business: a perspective article

PurposeThe governance of family businesses has attracted considerable scrutiny among scholars and practitioners. This paper explores influences that have defined corporate governance practices in family firms in the last century and reflects on the possible direction of research and practice in the next century.Design/methodology/approachThis manuscript undertakes a literature review of past and recent literature investigating corporate governance practices within family businesses.FindingsThe evolution of corporate governance in the family business literature is underpinned by centralised decision-making structures, the need to overcome fundamental corporate governance challenges, the increasing relevance of family governance models and the recognition and adoption of contemporary trends in the corporate governance space. The review also suggests that corporate governance and family business research in the next century will be dominated by technology-based governance, sustainable governance, globalisation and the validation for multi-board structures, greater attention to succession planning and diversity, and channelling significant resources to innovation.Originality/valueThe paper synthesises developments in the corporate governance–family business literature and proposes a future perspective.

Research on ESG Report from the Perspective of Sustainable Development

China's economy has entered a stage of high-quality development, and sustainable, green and low-carbon are becoming important keywords for economic development. The "dual carbon" goal proposed by China in 2020 has further promoted the society's attention to green and low-carbon development. At the same time, more people and enterprises are gradually realizing the importance of assuming social responsibility for the sustainable development of enterprises. ESG includes environmental, social and governance aspects, and advocates that enterprises should not only pay attention to the growth of their own financial performance in the process of business development, but also pay attention to the coordinated development of non-financial performance, and promote sustainable development of enterprises through active ESG practices to help enterprises transform green. Moreover, as an important driving force for economic and social development, ESG practice can promote the high-quality development of China's economy. In recent years, ESG has gradually become a hot social issue, and how to achieve sustainable development has attracted extensive discussion and research, so the research of ESG report has become more and more important.This paper takes Fuyao Group's ESG report as the research object to explore its ESG reporting practice and its impact on the sustainable development of enterprises. Through the study of this paper, it is found that the practice of ESG reporting carried out by Fuyao Group first achieves energy conservation and emission reduction in environmental aspects, responds to the national strategy, and reduces energy costs; Secondly, in terms of society, improve employee efficiency by protecting the rights and interests of employees, participate in philanthropy to enhance corporate visibility, cooperate with all parties in the supply chain, and obtain government recognition; Thirdly, in terms of governance, we continue to promote the improvement of governance mechanisms and improve the efficiency of enterprise management; Finally, ESG practices affect corporate performance from two aspects: promoting R&D innovation and helping enterprises alleviate information asymmetry. ESG practices have a positive impact on corporate sustainable development, non-financial performance is most directly reflected in product added value, overseas revenue proportion increase, accumulated reputation and promote corporate green and sustainable development, financial performance has also been better long-term promotion, at the same time, the release of ESG practice report has achieved good market response, promoting the growth of corporate value. In conclusion, this paper argues that ESG practices can help improve corporate performance and promote sustainable development, and enterprises should attach importance to the coordinated development of environmental protection, social responsibility and corporate governance in the process of operation, and participate in ESG practices to promote the sustainable development of society.

The Statutory Development for Criminal Responsibility based on International Trade Law of Aggressive Tax under Travaux Preparatoires: A Case Report of Joe Cinque

Purpose: Taxes are responsibilities of a company to comply with the goals of sustainable development. Corporate Code of Conduct must exercise tax compliance and avoid tax evasion as source of criminal liability. This paper aims to develop tax avoidance based on statutory interpretation concerning Hague Convention as its extrinsic material to extend the legal principle of travaux preparatoires. Hence, UNCITRAL legal modelling framework is utilized to make commercial transactions universal to trade law, for addressing legal gaps in marketing behavior of taxation system involving intellectual property of product design. Thus, this statutory interpretation intends to resolve issues for the lack of legal measures in protecting public safety resulting to increase in domestic violence proportional to massive terrorism serving as a question in deontology.
 Methodology: Tax aggressiveness is the obligation of the company to provide revenue distribution to public sector. Unlawful behavior on tax aggressiveness is known as tax evasion while tax avoidance is not a violation and serves as a loophole to the taxation system. UNCITRAL model law is a legal arbitration concept of making “commercial” expand to other comparable jurisdiction of international trade. Hague Convention drafted travaux preparatoires to conceptualize a legal framework of making the commercial transactions universal to other extended territories in terms of international trade law.
 Findings: Corporate Governance is a systematic design of stakeholders and their corporate social responsibility to advocate sustainable development. Therefore, in terms of tax avoidance, the strict liability of the company must be addressed with constitutional issues and commercial responsibilities of selling its product design with elemental performance of domestic violence under Contracts for the International Sale of Goods (CISG) of United Nations Convention. The statutory interpretation for tax avoidance serves as a developed measurement to allocate funds, from sources of criminal actions, since deviation of tax avoidance would result to illegal diversions as criminal offenses from tax avoidance, for promotion of public welfare and safety in public sector, as well as in police enforcement of constitutional right.
 Recommendation: Corporate social responsibility must be observed as fulfillment of business ethics’ goals of financial intelligence to sustainable development of Corporate Governance. Thus, it is suggested for advocacy of artificial intelligence adoption as authorless works for promoting intellectual property as a constitutional right.

Non-financial information assurance: a review of the literature and directions for future research

PurposeThis study aims to review the literature on non-financial information (NFI) assurance including external assurance of sustainability reports (SRA) and integrated reports (IRA). The objectives are as follows: provide an overview of academic research; understand the nature of NFI assurance engagements by organising the literature around the five key elements of an assurance engagement; develop a framework for understanding NFI assurance; and provide directions for future research.Design/methodology/approachThe study undertakes a structured literature review of 179 articles published from 1999 to 2023.FindingsThe review identified 324 researchers located in 35 different countries who published 179 articles on SRA and IRA. The researchers, their locations, journals, methods, theories and themes are examined. The literature is structured around the definition of an assurance engagement including a tripartite arrangement, subject matter, a suitable criterion, sufficient appropriate evidence and a written assurance report. A framework for understanding NFI assurance is offered. Avenues for future research, structured around the five elements of an assurance engagement, are presented.Practical implicationsResearchers will benefit from an overview of the literature and guidance on areas for future research. Lecturers can use the findings to develop content for their auditing courses. Reporting managers will benefit from a better understanding of this new form of assurance. Regulators can use this study’s insights to better inform the development of laws and corporate governance codes mandating NFI assurance. Standard setters can use these findings to guide the emergence of the new assurance standards. Assurance practitioners may use this research to inform practice.Social implicationsThe findings may prove useful in addressing capture, which deters NFI assurance from enhancing disclosure credibility and fulfilling its transparency and accountability role. This is to the detriment of the wider society.Originality/valueThe consolidation of the literature around the five key elements of an assurance engagement is unique. The framework devised offers useful insights into the dynamics of assurance generally and NFI assurance more specifically. The study is timely given the new European Union regulations on NFI reporting and assurance and the work of the International Audit and Assurance Standards Board in developing a specialist NFI assurance standard.

ESG Evaluation in Automobile Industry --Take Ford Motor Company and Tesla Company as Example

With the outbreak of natural disasters and extreme weather, people are paying more and more attention to protecting the environment and society. This society is gradually de-manding more and more from companies. In this context, the new concept of ESG has emerged under the call of the United Nations. This article details MSCI's ESG scoring sys-tem and what it covers. Through the ESC scoring system of MSCI, this paper analyzes Ford Motor Company, represented by gasoline cars, and Tesla Company, represented by electric cars, to reflect the current development of environment, society, and governance in the American automobile industry. We found that the overall ESG development of the American automotive industry still needs to be improved. Companies should also strength-en the development of management social aspects and corporate governance while consid-ering the development of environmentally friendly products.