Corporate Governance Standards Research Articles

Enterprise risk management (ERM) adoption in developing and developed markets: a comparative study

Purpose This study aims to explore the adoption of enterprise risk management (ERM) in developing and developed countries. Is there a similarity or difference between the two contrasting institutional markets and the reasons behind them? Design/methodology/approach The adoption of ERM is analyzed on the basis of the institutional framework. The author draws empirical evidence by comparing the cases of a British and an Indian insurance company using evidence from multiple sources. This paper focuses on extra-organizational pressures exerted by economic, social and political situations across two countries that influenced the adoption decision of ERM. Findings The findings of this research revealed that early adopters of ERM in different institutional markets face coercive and normative pressure but not mimetic pressure. The adoption of ERM in India and the UK is dissimilar. Companies in the British insurance market encounter higher institutional forces than those in the Indian market because of higher coercive and normative pressure. The aspirations to adopt ERM in the Indian and UK markets included improved strategic decision-making to maintain stakeholder expectations and higher standards of corporate governance. In the UK, ERM was adopted to reduce surprises and fluctuations under flexible regulations but with stricter adoption and to improve credit ratings. Originality/value Previous literature has discussed ERM adoption in similar markets or within one market with similar institutional pressure. In contrast, this research is a comparative study that explains the analysis of institutional theory in two different institutional environments in the adoption of ERM.

Corporate Governance and Performance of Listed Firms in Nigerian Exchange Group

The performance of listed firms in Nigeria is a topic of significant concern and interest among stakeholders, including investors, regulators, and policymakers. Despite the considerable growth and development of the Nigerian economy in recent years, some persistent challenges and issues affect the performance of listed firms, hindering their ability to achieve optimal results and contribute effectively to economic prosperity. There is a growing need to explore the relationship between corporate governance mechanisms and firm performance in Nigerian firms.The study adopted an ex-post facto research design, extracting secondary data from the annual reports of 153 companies listed on the Nigerian Exchange Group (NGX) that made up the study's population. Using a purposive sampling approach, 10 firms were chosen across different industries as the sample size. The scope spanned from 2013 to 2021, a period of nine years, and data underwent descriptive and inferential statistical analyses. The empirical investigations found that board size had a positive significant effect on return on assets, while the number of non-executive directors had a negative significant effect on return on assets. The overall results demonstrated that corporate governance had a significant effect on the firm performance. The findings suggest that companies adhering to robust corporate governance standards tend to excel across various performance metrics compared to those with weaker governance practices. This study recommends that Policymakers of Nigerian firms should consider optimizing board size to enhance performance, ensuring a balance between diversity and efficiency.

Dissemination and development of global corporate governance standards: comparing approaches to ‘comply or explain’ in Philippines and Malaysia

ABSTRACT This article contributes to understanding how global standards are disseminated, adopted and modified in specific contexts. It does so with attention to two factors: economic logics and socio-cultural logics. These factors are explored in the context of the distribution of corporate governance standards in two developing countries in Southeast Asia, namely, the Philippines and Malaysia. The article examines part of a UK-based corporate governance code, a ‘comply or explain’ regulatory compliance approach, that has been adopted by many countries around the world. While some jurisdictions have maintained the standard unadulterated, others have opted to innovate. Both the Philippines and Malaysia have adopted comply or explain; however, while the Philippines has continued with the adopted approach, Malaysia has shifted to an apply or explain an alternative approach. The article argues that countries adopt and modify corporate governance standards to align with the norms of dominant providers of foreign investment rather than economic logics.

АНАЛІЗ ЕФЕКТИВНОСТІ КОРПОРАТИВНОГО УПРАВЛІННЯ АГРОПРОМИСЛОВИМИ ПІДПРИЄМСТВАМИ

The article assesses the efficiency of corporate governance in the largest integrated enterprises of the agricultural sector of Ukraine. The research was conducted using the methods of induction and deduction, comparative analysis and theoretical generalization. The main provisions of large enterprises of the agricultural sector of Ukraine and their experience in implementing corporate governance were studied. The author has developed algorithms (methods) for assessing the corporate governance rating with the relevant classification areas of assessment and indicators for assessing the relevant areas, a four-level rating scale for assessing the level of formation of the corporate governance institution in integrated agricultural formations (agroholdings) of Ukraine. It is established that the main characteristic components of the assessment of the level of corporate governance are: supervisory board, board of directors, committees, corporate secretary, audit committee, charter, etc. It is determined that agriholdings whose shares are listed on international stock exchanges meet the highest level of corporate governance standards, the level of which reaches the maximum value. It is also established that this level is ensured mainly by compliance with corporate governance standards introduced by international stock exchanges (Warsaw and London). The weighted average level of corporate governance in integrated agrarian formations (agroholdings) of Ukraine is at an unsatisfactory level, which causes significant risks for shareholders and investors. It is proved that the existing theoretical and practical provisions and recommendations for the formation and development of the institution of corporate governance in integrated formations have been deepened and new theoretical and practical provisions and recommendations for the formation and development of the institution of corporate governance in integrated enterprises in the agricultural sector have been developed. The obtained practical results are a recommendation base and are aimed at solving the problems of formation and development of the institution of corporate governance of integrated enterprises in the agricultural sector, can be used by state institutions to improve the existing institutional support for the development of economic entities. The results of the research can be used by the legislative and executive bodies of the country, as well as by agrarian organizations engaged in production, harvesting and processing of products, and creation of a market system for dissemination of agricultural knowledge and information. Keywords: agrarian enterprise, corporate management, valuation of effectiveness, integrate formation, agroholdings, joint-stock company.

Dual-Class Share Structure in the Indonesian Equity Market

A lot of major equity markets abroad have allowed the listing of the Dual-Class Share Structure (DCSS) corporations. DCSS is an agreement in which two types of shares are issued by the very same firm, with one type of share conferring greater power compared to the other. The Indonesian Stock Exchange only allows for limited access for DCSS technology-related corporations to list on its Mainboard. To remain attractive as Southeast Asia's top financial centre, Indonesia needs to alter its securities regulations while making its listing market adaptable to meet the needs of various enterprises. This research aims to analyse and elaborate on permitting DCSS corporations to go public and devise suitable governance safeguards to guarantee the highest possible standards of corporate governance are upheld. This research explores the legal certainty and applicability of DCSS in the Indonesian equity market and abroad, using a qualitative approach and thematic analysis of secondary data. The major finding of this research is the acceptance of DCSS adds to issues with abuse of power by the controlling shareholders, which was outweighed by their cash flow rights. While those in favour of DCSS argue that the existing shareholders' main reason for choosing a DCSS arrangement is to preserve company control. Most major exchanges in the world have taken action to accommodate DCSS going public, like those in the USA, Hong Kong, Singapore, and China. Considering the magnitude of the Asian market, Indonesia can emulate the accomplishments of other exchanges too. A series of recommendations are provided to guarantee the highest standards of corporate governance can be upheld, such as: permitting DCSS for new entrants and innovative businesses, regulating the ownership of enhanced voting shares, and setting out sunset provisions for DCSS arrangement.

The Parmalat Scandal: An Analysis of Financial Deception and Its Implications for Global Business

The Parmalat scandal, often compared to Europe's Enron case, highlights one of the biggest financial frauds in global business history. Revealed in 2003, the case exposed an astonishing €14 billion deficit in the company's accounts, resulting from fraud, mismanagement, and oversight failures. This case study delves into the complexities of the Parmalat scandal, exploring its causes, impacts, and lessons for global businesses. It examines inadequate corporate governance, strategic missteps, auditing failures, and ethical violations, highlighting the importance of maintaining an ethical and transparent corporate culture. The role of auditing is emphasized, pointing out deficiencies in both internal and external audits, and the need for stricter controls and a whistleblowing culture. Parmalat's strategic decisions are scrutinized to understand how they contributed to the company's decline. The problematic relationship between majority and minority shareholders is discussed, revealing internal conflicts. The response to the scandal included a push for better corporate governance standards, regulatory reforms, and the adoption of more robust governance models. The importance of an ethical corporate culture, financial transparency, and the empowerment of whistleblowers are underscored as essential for preventing future frauds. The Parmalat case serves as a warning of the need for transparent and ethical practices in business, reinforcing that profitability should not override ethical considerations. This study provides a blueprint for companies to avoid similar pitfalls, highlighting corporate governance, business ethics, and oversight as pillars for trust and economic stability.

The practice of applying the squeeze-out procedure and its impact on the introduction of escrow accounts as a new type of bank accounts in Ukraine

The article deals with the peculiarities of the squeeze-out procedure in Ukraine within the framework of European integration and implementation of European corporate governance standards. The author analyzes the positions of European courts on the legality and constitutionality of the squeeze-out procedure in the context of violation of minority shareholders’ property rights. The author ivestigates the grounds for declaring squeeze-out unconstitutional in Georgia, in particular, the procedure for determining the price of shares, that resulted in an imbalance of interests of the participants in the procedure. Taking into account the Court’s position, a new entity was involved in the process of share buyback – a court which, upon the application of the majority shareholder, appoints an independent expert or a brokerage company to price the shares and fixes the price of shares and the date of their compulsory buyback in its decision. It is found out that the main interests of a majority shareholder in the squeeze-out procedure are to reduce administrative costs of holding a general meeting, to get rid of passive shareholders and to minimise opposition from minority shareholders, and to avoid free-ridering. At the same time, the interests of minority shareholders in the implementation of this mechanism are to obtain favourable terms from the sale of the shareholding. It is found out that most of the lawsuits of minority shareholders in Ukraine were related to the underpricing of alienated shares. The method of determining the price of shares was to establish the market value of the company’s shares by a valuation entity. However, due to the lack of effective regulatory framework for this procedure, such a price often did not meet the fairness criterion. The author examines the position of the Commercial Court of Cassation as part of the Supreme Court of 2022 regarding the understanding of the fair price of shares, which means not a specific amount of money (value), but compliance by the issuer (supervisory board) with the procedure for determining the market value of shares provided for by law. The author analyzes the implementation of an escrow account contract into the legislation of Ukraine. The author clarifies the procedure for paying the price of shares to minority shareholders by transferring funds to the bank where the claimant has opened an escrow account in accordance with the Law of Ukraine “On Joint Stock Companies”.

A Data-Driven Review of the Financial Performance and Environmental Compliance of Shariah-Compliant Businesses

In order to analyze their investment choices and achieve better impact investments, investors are increasingly considering environmental, social, and Governance aspects. Investors are under increasing pressure from society to make sure that, in addition to profitability reasons, the environment's effect, society's impact, and corporate governance standards are taken into consideration when allocating funds. As a result, there has been an increase in the divestment of firms that use forced labor, lack diversity in their workforces, and operate in highly polluting sectors. Islamic banking incorporates Shariah law's guiding principles, which place a heavy emphasis on protecting the environment and advancing society. It can be difficult to determine if firms are Shariah-compliant in terms of the environment since environmental ESG ratings could not accurately reflect all of a corporation's environmental effects or its compliance with Shariah. In addition to evaluating a company's financial success, this article introduces a new data-driven approach for assessing its Shariah-compliant environmental performance. The deep learning system uses an unsupervised-random forest learning method to classify environmental compliance while also measuring these firms' financial performance. Large Islamic-compliant US listed firms were the subject of an investigation, which revealed high clustering performance and a difference between Islamic environmental compliance and non-compliance.

The financialization of healthcare

In contemporary capitalism, finance has extended its reach to encompass a growing array of economic sectors traditionally associated with public provisioning or social policy, with healthcare emerging as a prominent domain where fictitious capital has flourished. Financialization exerts a direct influence on the delivery of public health services while also reshaping the behavior and operations of private healthcare providers and health insurance firms. This paper aims to characterize the process of financialization of healthcare in Brazil by analyzing the behavior of firms in the private health insurance market from 2007 to 2019. These firms provide healthcare coverage alongside the functioning of the Unified Health System (SUS), constituting an avenue for the accumulation of capital. The paper analyzes how the strategies for managing assets, liabilities, and the equity of leader firms operating in the market of private healthcare plans firms, as expressed by the movements recorded in their balance sheets, inform us on their process of financialization. A set of financialization indexes is developed, addressing: (i) asset financialization; (ii) liability financialization; and (iii) the maximization of shareholder value. Economic-financial data and financial statements made available by the Brazilian Regulatory Agency for Private Health Insurance (ANS) are used to build such indexes. The results show a greater engagement of leader firms in the allocation of their resources in financial assets, but the weight of financial gains in total profits is small. Regarding indebtedness, results do not show an increase in leverage and financial burden, and does not confirm the hypothesis of increased susceptibility to creditor influence. Finally, changes in the equity structure and initial public offerings suggest a greater alignment of management practices with the standards of corporate governance established in capital markets. We conclude that those firms are increasingly serving as platforms for the financial accumulation of other economic agents and set a research agenda on this topic.

ФУНКЦІОНУВАННЯ НЕБАНКІВСЬКИХ ФІНАНСОВИХ УСТАНОВ В УМОВАХ СУЧАСНИХ ВИКЛИКІВ

The stability and development of the country's financial sector is determined by the presence of a well-developed network of non-bank financial institutions. The latter include financial and insurance companies. The purpose of the article is to assess the activities of non-bank financial institutions, identify the advantages and disadvantages of their activities and develop proposals for improving their performance in the context of current challenges. The article analyses the current challenges facing the financial intermediary market, which require an immediate response. It presents the dynamics of the financial sector in Ukraine and analyses its changes since the beginning of the Russian aggression. It is found that the war has created additional risks for non-bank financial institutions, such as the risk of client insolvency, the risk of changes in legislation and regulation, the risk of falling asset prices, rising inflation and exchange rate depreciation. This may lead to increased losses and reduced financial stability of non-bank financial institutions, negatively affecting their liquidity and solvency. Proposals are made to improve the activities of non-bank financial institutions in the face of current challenges, in particular: the market of non-bank financial institutions should adhere to high standards of corporate governance and transparency, which will have a positive impact on the level of confidence in the market and give it an additional impetus for development; adhere to the Strategy for the Development of the Financial Sector of Ukraine until 2025, as the current military-political situation has made adjustments that need to be taken into account; the system of regulation and supervision of the non-bank sector should be improved. In market segments where there are no EU standards, national standards based on international experience will be introduced. It is noted that non-bank financial institutions should continue to actively develop their activities, improve and develop new products and services of interest to consumers. Non-bank financial institutions play a particularly important role for large companies which, due to the nature of their activities, have business contacts with many counterparties with which it is technically impossible to settle without the assistance of financial intermediaries.

Corporate Governance Practices: A Global Perspective with a Focus on Ghana

Following the burst of the high-tech bubble and corporate finance scandals, corporate governance (CG) has emerged as a critical global concern. This study explores corporate practices on a global scale, with particular attention to the International Corporate Governance Standards. It seeks to comprehend how organizations prioritize CG practices, especially from the Ghanaian perspective.The study employed both secondary and primary data to investigate the research. Relying on secondary data, the researcher reviewed relevant textbooks, journals, web-based sources, official company documents, published reports, newspapers, articles and monographs. The researcher also gathered primary data by administering questionnaire to respondents. Out of 99 respondents to whom questionnaires were sent, 78 (representing 79%) returned their responses. Upon receipt, the researcher used SPSS 15.0 to draw bar chart in order to analyse the results. The findings indicate that while Ghana has made significant strides in promoting CG awareness and implementing robust policies supported by laws and institutions, there remain gaps between stated priorities and actual practices. Issues such as conflicts of interest, lack of effective oversight by audit committees, and discrepancies in disclosure practices suggest areas for improvement.

The Impact of Basel III Corporate Governance Standards on the Financial Performance of Commercial Banks in Kenya

The Impact of Basel III Corporate Governance Standards on the Financial Performance of Commercial Banks in Kenya

Corporate Governance and Ethical Practice in the Nigerian Financial Sector

This study investigated corporate governance and ethical practice in the Nigerian financial sector. The study specifically examined the influence of corporate governance measured by audit committee, board composition, board size and Chief Executive Officer Duality on accountability and transparency and the relationship between corporate governance and ethical practice in the Nigerian financial sector. This study used a descriptive survey research design. The population of the study consists of 102 employees of Pension Fund Administration Companies (Leadway Pensure and ARM Pension) in Ondo and Ekiti States. However, due to the size of the population and the accessibility of the respondents, 50 respondents were chosen at random from the population, including 25 employees of Leadway and 25 employees of ARM. Data for the study were gathered using a self-created survey called the “Corporate Governance and Ethical Practice in the Nigerian Financial Sector” (CGEPNFC). Three null hypotheses were generated and tested at the significance level of 0.05. Data were analyzed using inferential statistics such as correlation and simple regression analysis. The study’s findings revealed corporate governance significantly influenced accountability and transparency. Also, the study revealed a positive correlation between corporate governance and ethical practice in the Nigerian financial sector. Based on the findings, the study recommended that Regulatory bodies, including the SEC and CBN, should increase their efforts to monitor and enforce corporate governance standards. Also, Organizations should invest in training programmes to instill ethical behavior in their employees.

تأثير مسؤوليات مجلس الإدارة على جودة المعلومات المحاسبية (The Effect of the Responsibilities of the Board of Directors, on the Quality of Accounting Information)

Based on the world's crises over the last two decades, international bodies have sought to establish rules that govern commercial banks' standards of control and supervision. Although the banking sector is the backbone of economic life, governance has evolved over the last decade to include more transparency in management and regulate the relationship between the company's parties. Furthermore, to achieve a high level of quality in these reports, more trust should be placed in the information in these companies' financial reports. The problem statement addresses the effect of applying corporate governance standards of the responsibilities of the board of directors on the performance of Libyan commercial banks. The study aims to determine the effect of this standard's implementation on the quality of accounting information in Libyan commercial banks. In order to achieve the study's objectives, the questionnaire was used to collect data and assess the impact of applying standards of the responsibilities of the board of directors of corporate governance on the quality of accounting information. The Organization for Economic Cooperation and Development criterion was used as an independent variable, standards of the responsibilities of the board of directors, to measure it on the dependent variable (the quality of accounting information in banks). The study sample included several members of the board of directors, non-auditors, internal auditors, accountants and heads of departments in some branches of Libyan commercial banks. The descriptive approach was used in the analysis using the SPSS program. The study concluded that this governance standard positively impacts Libyan commercial banks' accounting information quality. However, this result was strong in the responsibilities of the board of directors on the quality of accounting information, in contrast to this study's standards and to previous studies. Comparing earlier research, it was found that the environment in which Libyan banks operate is different from that of these studies because Libyan banks confront a variety of hazards, including those related to the environment, the economy, politics, and security. The study also recommended that: the Central Bank should verify the banks' implementation of the Governance Guide issued by the Central Bank of Libya. Banks must have a guide to corporate governance principles and a committee responsible for ensuring compliance with the practice of these principles.

Implementation of Shariah Hospital Management Fatwa and Good Corporate Governance Principles: Another Fact from Shariah Hospital

The development of Shariah hospitals must be accompanied by good corporate governance standards based on Shariah principles. Instead, the Fatwa of the Indonesian Ulama Council has become a guideline for Shariah hospital governance but is still not well implemented by the majority of Shariah hospitals in Indonesia. This research analyzes the implementation of the Fatwa of the Indonesian Ulama Council regarding Guidelines for Organizing Hospitals Based on Shariah Principles using indicators of Good Corporate Governance principles. This research used qualitative methods and approaches. Data collection used observation, interviews and document studies. The research location was the East Java Province Shariah Hospital. The research results show that the implementation of the Fatwa of the Indonesian Ulama Council regarding Shariah-based hospitals management in East Java Province has been effective. The fulfillment of the elements of the principles of Good Corporate Governance proves it. For example, the principle of transparency emphasizes a one-stop service with Islamic moral and ethical foundations. The principle of accountability in Standard Operating Procedures is based on the value of devotion to Allah SWT. The principle of responsibility prioritizes honesty and guidance to patients and internal hospital staff, in line with the principle of monotheism. The principle of independence is realized in each unit in the hospital, not to dominate each other, and there is no intervention from other parties, in line with the principle of ridha.

Shaping corporate ESG performance: role of social trust in China's capital market

PurposeThis study investigates the influence of social trust on the attainment of corporate environmental, social and governance (ESG) objectives.Design/methodology/approachThis study conducts panel regression analysis on a distinctive dataset for 2009–2017 on Chinese firms.FindingsThe analysis reveals a significant positive association between social trust and firm-level ESG practices. Moreover, the impact of social trust on shaping ESG outcomes is further amplified by factors such as economic growth, corporate governance standards and institutional quality. This relationship remains statistically positive when the authors employ alternative measures and methodologies, such as the instrumental variables, propensity score matching and difference-in-differences approaches. Notably, the results of heterogeneity tests indicate that the Trust–ESG nexus is more prominent for state-owned enterprises and firms with substantial market capitalization, superior profitability and higher leverage.Originality/valueThis study expands the comprehension of the determinants of ESG and underscores the influential role of social trust as an informal institution in enhancing a firm's ESG performance.

Організаційно-правові основи проведення корпоративної реформи в державному секторі економіки в умовах євроінтеграції України

The article analyzes the state and directions of development of the organizational and legal foundations of corporate reform in the state sector of the economy in the context of the tasks defined in the Association Agreement between Ukraine and the EU countries. The normative-legal and organizational principles of the implementation of measures for corporate reform of the activities of state-owned enterprises and companies were studied, the main achievements and limitations in the process of their implementation were highlighted. It is argued that as a result of the creation of supervisory boards at a number of domestic state-owned companies, the organizational model of management decision-making has changed. This made it possible to take a more balanced approach to justifying the necessary decisions and personnel appointments, to form the basis for attracting competent independent directors to participate in the work of supervisory boards, and to initiate a movement towards the implementation of established international standards of corporate governance. However, the implementation of corporate reform in the state sector of the economy of Ukraine is limited due to the fact that the creation of supervisory boards of state unitary enterprises is not accompanied by the elimination of inherent shortcomings of the organizational and legal form of these economic structures, the means of ensuring the control of the performance of the functions entrusted to the members of the supervisory boards and independent directors are not clearly fixed, there are organizational uncertainties during the competitive selection of applicants for relevant positions, the implementation of the institution of supervisory boards of state-owned companies is not consistent with efforts to implement other essential components of modern corporate management – the development of strategic plans for specific economic structures, the use of risk management mechanisms, the clear declaration of ownership policy as state level, as well as at the level of each state enterprise. Taking into account the influence of the mentioned factors, promising directions for the development of the organizational and legal foundations of corporate reform in the state sector of the economy of Ukraine are specified, measures for their implementation in modern economic conditions are outlined.

دور الرقابة الداخلية في تفعيل حوكمة الشركات

The study dealt with the role of internal control in activating corporate governance. The problem of study is that the weak internal control system within the framework of corporate governance creates an inappropriate environment that hinders officials within the company in the performance of their responsibilities. Which in turn represent an impediment to the implementation of the governance system in the Sudanese banks that can be formulated in the following question: What is the contribution of internal control in the activation of corporate governance? The study aimed to highlight the aspects through which the concept and importance of internal control can be identified, to identify the concept and components of governance, and reflect the extent of the contribution of internal control in activating corporate governance. The study has reached a number of results, the most important of which are: The internal control system applied in the bank contributed to ensure effective governance and provides sufficient, fair, and integrated information, moreover provides an Organizational chart consistent with the functions of the bank. The study came out with a number of recommendations, the most important of which are: Issuing a guide to corporate governance standards and binding Sudanese banks, public shareholding companies, and audit offices to work on them.

Rethinking accountability in developing countries: an institutional pillars perspective

PurposeThis paper aims to fill gap in the literature and explore policy options for resolving the problems of accountability by framing three research questions. The research questions are (i) whether certain elements of Scott’s (2014) institutional pillars attenuate (accentuate) corporate and public accountability; (ii) whether the presence of ruling party-affiliated enterprises (RPAEs) create an increase (decrease) in the degree of corporate (public) accountability; and (iii) whether there is a particular form of ownership change that transforms RPAEs into public investment companies.Design/methodology/approachUsing a qualitative research methodology that involves term frequency and thematic analysis of publicly available textual information, the paper examines Mechkova et al.’s (2019 forms of government accountability. The paper analyzes the gaps between the de jure and de facto accountability using the institutional pillars framework.FindingsThe findings of the paper are three. First, there are gaps between de jure and de facto in all three (vertical, horizontal and diagonal) forms of government (public) accountability. Second, the study finds that more than three fourth of the parties that contested the June 2021 election did have regional focus. They did not advocate for accountability. Third, Ethiopia’s RPAEs are unique. They have regional focus and are characterized by severe forms of agency and information asymmetry problems.Research limitations/implicationsThe main limitation of the paper is its exploratory nature. Extending this research by using cross-country data could provide a more complete picture of the link between corporate (public) accountability and a country’s institutional pillars.Practical implicationsAcademic research documents that instilling modern corporate (public) governance standards in the Sub Sahara Africa (SSA) region has shown mixed results. The analysis made in this paper is likely to inform researchers and policymakers about the type of change that leads to better corporate (and public) accountability outcomes.Social implicationsThe institutional change proposed in the paper is likely to advance the public interest by mitigating agency and information asymmetry problems and enhancing government accountability. The changes make the enterprises investable, save scarce jobs, enhance diversity and put the assets in RPAEs to better use.Originality/valueTo the best of the authors’ knowledge, this is the first paper that uses the institutional pillars analytical framework to examine an SSA country's corporate (public) accountability problem. It demonstrates that accountability is a domestic and a (novel) traveling theory. The paper identifies the complexity of resolving the interlock between political institutions and business enterprises. It theorizes that it is impossible to instill modern corporate (public) accountability standards without changing regulatory, normative and cultural cognitive pillars of institutions. The paper contributes to the change management and public interest literature.

Some aspects of shares accounting legal regulation for limited liability company members

The article deals with the provisions regarding the accounting of company shares in the shares accounting system of limited liability companies as well as of companies with additional liability. This legal institute is brand new in the law system of Ukraine. The purpose of this legal institute is to introduce European standards for corporate governance in limited liability companies (as in companies with additional liability also) as well as to provide additional protection guarantees for rights and legitimate interests of corporate rights owners in companies.
 The provisions of the legislation regarding the accounting of company shares in the accounting system of limited liability companies shares have an alternative nature, however, the final decision remains with the participants of a certain limited liability company, since the implemented system of accounting for limited liability company shares is similar to the current system of depository accounting of securities, but it will be applied in a voluntary manner by the unanimous decision of the certain company members, if the expediency of such accounting shares and compliance with the rights of participants in corporate legal relations in the context of limited liability companies activities will be proved for the members of the company.
 As of today, the question remains unanswered as to which version of accounting for shares will be preferred by certain limited liability company participants, taking into account the lack of practice need for applying relevant legal norms, in particular, the practice of applying norms by the Supreme Court and other courts, which should be formed after 01.01.2024.
 The Central Securities Depository protection of corporate rights against illegal acquisition by third parties (raiding) is determined by the advantages of shares accounting for limited liability company participants. The ability to clearly determine the moment of acquisition of limited liability company participant share rights as well as to control over the commission of other transactions, the subject of which is the share of limited liability company member is determined by the advantages of shares accounting for limited liability company participants also. The possibility of using the electronic resources of the Central Securities Depository in the part of implementing corporate management of a limited liability company or a company with additional liability is determined by the advantages of shares accounting for limited liability company participants also.