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Research on Corporate Governance and Financial Reporting
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Research on Corporate Governance and Financial Reporting

A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Business and Entrepreneurship".

Deadline for manuscript submissions: 31 May 2026 | Viewed by 18131

Special Issue Editor

Dr. Omer Unsal

E-Mail Website
Guest Editor
Girard School of Business, Merrimack College, 315 Turnpike Street, North Andover, MA 01845, USA
Interests: corporate governance;labor lawsuits; employee treatment; innovation
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

Corporate governance and financial reporting are critical components of modern business operations. Effective governance structures and transparent financial reporting are essential for maintaining investor confidence and ensuring regulatory compliance. Any violations or issues arising from poor governance or inaccurate financial reporting can create severe consequences for firms, including direct costs (e.g., fines) and indirect costs (e.g., loss of reputation). This Special Issue will address the importance of corporate governance and financial reporting in the context of social responsibility. We aim to publish novel research on various aspects of governance structures, financial transparency, regulatory challenges, and best practices in financial reporting. Theoretical and empirical research papers focusing on the above-listed issues are welcome, whether from an economics, finance, management, or policymaking perspective.

Dr. Omer Unsal
Guest Editor

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 250 words) can be sent to the Editorial Office for assessment.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Journal of Risk and Financial Management is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1600 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • corporate governance
  • financial reporting
  • transparency
  • regulatory compliance
  • investor confidence
  • governance structures
  • financial transparency
  • financial disclosure
  • accountability
  • risk management
  • board of directors
  • auditing
  • ethics in finance
  • corporate social responsibility
  • financial performance

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Published Papers (8 papers)

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Research

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16 pages, 670 KB  
Article
Equity at the Top: Board Diversity and Executive Remuneration in South Africa
by Gretha Steenkamp, Mareli Dippenaar, Tamzin de Lange, Jenna Frade and Cara Jordaan
J. Risk Financial Manag. 2026, 19(2), 109; https://doi.org/10.3390/jrfm19020109 - 3 Feb 2026
Viewed by 496
Abstract
For listed companies, board diversity is often associated with improved decision-making, sustainability and financial performance. However, prior studies have neglected the interplay between board diversity and executive remuneration, especially in developing countries, over extended time horizons, and at the level of individual executives. [...] Read more.
For listed companies, board diversity is often associated with improved decision-making, sustainability and financial performance. However, prior studies have neglected the interplay between board diversity and executive remuneration, especially in developing countries, over extended time horizons, and at the level of individual executives. This study addressed this gap by examining the evolution of board diversity and executive remuneration in South African listed companies from 2002 to 2017. Specifically, it investigated trends in board diversity and the determinants of executive remuneration, with particular attention to gender and ethnic pay gaps. Descriptive and regression analyses were conducted on a dataset comprising 8835 executive-level observations. Findings reveal a steady increase in female and non-white executive representation, possibly to align with societal expectations and remain legitimate. However, persistent gender and ethnic pay gaps were also noted, which might indicate that white and/or male executives are more entrenched and able to extract additional remuneration in line with the managerial power theory. The study contributes to the literature by documenting long-term trends in diversity and remuneration, providing empirical evidence on the influence of demographic attributes on remuneration outcomes, and offering insights for regulators, investors and non-executive directors seeking to advance equity and effective governance. Full article
(This article belongs to the Special Issue Research on Corporate Governance and Financial Reporting)
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21 pages, 370 KB  
Article
Corporate Governance and Dividend Policy Under Concentrated Ownership: Evidence from Post-Reform Korea
by Okechukwu Enyeribe Njoku, Younghwan Lee and Justin Yongyeon Ji
J. Risk Financial Manag. 2026, 19(2), 103; https://doi.org/10.3390/jrfm19020103 - 2 Feb 2026
Viewed by 851
Abstract
This study investigates how ownership structure conditions the transmission of corporate governance mechanisms into dividend policy within the context of South Korea’s evolving regulatory environment. Using a balanced panel of 5022 firm-year observations from 558 non-financial KOSPI-listed firms over 2011–2019, we analyze governance [...] Read more.
This study investigates how ownership structure conditions the transmission of corporate governance mechanisms into dividend policy within the context of South Korea’s evolving regulatory environment. Using a balanced panel of 5022 firm-year observations from 558 non-financial KOSPI-listed firms over 2011–2019, we analyze governance quality using data from the Korea Corporate Governance Service. We employ both an aggregate score and four constituent dimensions: board effectiveness, shareholder rights protection, audit committee competency, and disclosure transparency. The empirical framework combines firm fixed effects estimation, binary logistic regressions, and a two-step dynamic System GMM approach to account for unobserved heterogeneity, payout persistence, and endogeneity. The results reveal systematic heterogeneity across ownership regimes. Among non-Chaebol firms, higher governance quality across all dimensions is associated with higher dividend payouts, consistent with the governance outcome hypothesis. In contrast, among Chaebol-affiliated firms, the effectiveness of governance mechanisms is selective rather than uniform. While the aggregate governance score and shareholder rights protection retain explanatory power for dividend outcomes, internal oversight mechanisms related to board structure, audit competency, and disclosure do not exert independent influences once ownership structure is taken into account. These findings show that concentrated ownership structures condition which governance mechanisms remain effective in shaping payout policy. Regulators seeking to mitigate valuation discounts in conglomerate-dominated economies should prioritize the substantive empowerment of minority shareholder rights, as these mechanisms retain influence over payout policy even under concentrated ownership structures. Full article
(This article belongs to the Special Issue Research on Corporate Governance and Financial Reporting)
25 pages, 416 KB  
Article
Determinants of Goodwill Impairment Recognition and Measurement: New Evidence from Moroccan Listed Firms
by Mounia Hamidi, Sara Khotbi and Youssef Bouazizi
J. Risk Financial Manag. 2026, 19(1), 57; https://doi.org/10.3390/jrfm19010057 - 8 Jan 2026
Viewed by 1084
Abstract
This study examines the determinants of goodwill impairment recognition under IFRS 3 in the context of Moroccan listed firms. Using an unbalanced panel covering the period of 2006–2024 and comprising 862 firm-year observations, we employ a three-stage empirical strategy that integrates a Probit [...] Read more.
This study examines the determinants of goodwill impairment recognition under IFRS 3 in the context of Moroccan listed firms. Using an unbalanced panel covering the period of 2006–2024 and comprising 862 firm-year observations, we employ a three-stage empirical strategy that integrates a Probit model to estimate the likelihood of impairment, a Tobit model to assess the magnitude of the loss, and a Heckman two-step procedure to correct for potential self-selection. The results show that goodwill impairment reflects key economic and financial fundamentals, including revenue growth, book-to-market ratios, and operating performance. However, both real and accrual-based earnings management significantly influence the probability and intensity of impairment, particularly through abnormal cash flows and income-smoothing behavior. Discretionary accruals become significant only after correcting for selection bias, indicating that they do not drive the recognition decision but contribute to determining the size of the impairment once it has been recorded. The findings are robust across multiple specifications and contribute to the broader literature on financial reporting quality under IAS/IFRS, while enriching empirical evidence on managerial discretion and earnings management in emerging-market environments. Full article
(This article belongs to the Special Issue Research on Corporate Governance and Financial Reporting)
15 pages, 951 KB  
Article
Corporate Governance and Tax Aggressiveness: The Moderating Role of Audit Quality
by Nacer Mahouat, Anas Azenzoul, Sara Nait Slimane, Mohamed Es-Sanoun, Khalil Mokhlis and Mourad Jbene
J. Risk Financial Manag. 2026, 19(1), 10; https://doi.org/10.3390/jrfm19010010 - 23 Dec 2025
Cited by 1 | Viewed by 1527
Abstract
Tax-aggressive behavior by firms can undermine tax revenues, corporate transparency, and overall economic governance. Corporate governance mechanisms are increasingly recognized as critical tools for mitigating such behavior, particularly in emerging markets such as Morocco. This study investigates how corporate governance structures influence the [...] Read more.
Tax-aggressive behavior by firms can undermine tax revenues, corporate transparency, and overall economic governance. Corporate governance mechanisms are increasingly recognized as critical tools for mitigating such behavior, particularly in emerging markets such as Morocco. This study investigates how corporate governance structures influence the reduction in tax aggressiveness in a developing-country context, while also assessing the moderating role of audit quality. Using financial data from firms listed on the Casablanca Stock Exchange, the hypotheses are tested through OLS regression with firm and year fixed effects to examine the impact of board characteristics and audit quality on tax aggressiveness. The results show that the separation of the CEO and chairman roles and larger board size significantly reduce tax-aggressive behavior. Moreover, audit quality strengthens the negative relationship between board size and tax aggressiveness, with higher-quality audits further constraining aggressive tax practices. Additionally, ownership concentration is associated with higher tax aggressiveness, reflected in lower effective tax rates, whereas board independence exhibits no significant association with tax aggressiveness (p-value = 0.500879). Overall, the findings suggest that robust corporate governance and high-quality audits effectively mitigate tax-aggressive practices among Moroccan listed firms. This study contributes novel evidence from the Moroccan context, highlighting governance structures and audit mechanisms most effective at curbing such behavior. Policymakers and regulators are encouraged to promote stronger governance frameworks and enhance audit quality standards, while firms should reinforce these mechanisms to improve tax compliance and transparency Full article
(This article belongs to the Special Issue Research on Corporate Governance and Financial Reporting)
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20 pages, 630 KB  
Article
Can Corporate Governance Structures Reduce Fraudulent Financial Reporting in the Banking Sector? Insights from the Fraud Hexagon Framework
by Imang Dapit Pamungkas, Melati Oktafiyani, Prasada Agra Swatyayana, Rahma Kurniawati, Annisa Amelia Putri and Mohamed Abdulwahb Ali Alfared
J. Risk Financial Manag. 2025, 18(12), 698; https://doi.org/10.3390/jrfm18120698 - 5 Dec 2025
Cited by 1 | Viewed by 1664
Abstract
This study investigates the determinants of Fraudulent Financial Reporting (FFR) in the banking sector from 2021 to 2024 by integrating the Fraud Hexagon framework within a risk and financial management perspective. Using panel data comprising 140 bank-year observations (35 banks over four years), [...] Read more.
This study investigates the determinants of Fraudulent Financial Reporting (FFR) in the banking sector from 2021 to 2024 by integrating the Fraud Hexagon framework within a risk and financial management perspective. Using panel data comprising 140 bank-year observations (35 banks over four years), the research applies an empirical analysis to examine six key elements—pressure, opportunity, rationalization, capability, arrogance, and collusion—that shape fraud risk behavior in financial institutions. The results indicate that leverage does not significantly influence fraud incentives, suggesting that financial pressure alone is insufficient to drive fraudulent reporting without weak governance structures. In contrast, factors related to ineffective monitoring, auditor switching, and director change show varying effects on FFR. The findings also reveal that CEO image does not reflect arrogance, which has no significant effect on FFR, and political connections of entities do not automatically reduce fraud risk unless supported by strong and independent governance mechanisms. The study underscores the crucial moderating role of the audit committee in enhancing financial reporting integrity. From a policy perspective, the research provides strategic insights for regulators and supervisory bodies such as the Financial Services Authority (OJK) to strengthen governance frameworks, enforce stricter disclosure requirements, and integrate fraud risk management practices into corporate oversight. Overall, this study contributes to the financial governance literature by demonstrating how effective risk management and governance alignment can reduce fraudulent reporting and improve the sustainability of the banking sector. Full article
(This article belongs to the Special Issue Research on Corporate Governance and Financial Reporting)
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16 pages, 291 KB  
Article
Founder CEOs and Utility Firms’ Financial Choices
by Md Asif Ul Alam, Md Maruf Ul Alam and Toufiq Nazrul
J. Risk Financial Manag. 2025, 18(10), 531; https://doi.org/10.3390/jrfm18100531 - 23 Sep 2025
Viewed by 1471
Abstract
Founder CEOs lead a significant number of public U.S. firms, and these firms often differ from other firms led by non-founder CEOs in terms of various important firm characteristics. In our paper, we investigate the financial choices of founder-CEO-led firms and non-founder-CEO firms [...] Read more.
Founder CEOs lead a significant number of public U.S. firms, and these firms often differ from other firms led by non-founder CEOs in terms of various important firm characteristics. In our paper, we investigate the financial choices of founder-CEO-led firms and non-founder-CEO firms in a utility industry setting within the context of the U.S. Our results show that founder CEO status has a significant positive influence on financial choices (cash holdings, investment ratio, equity ratio, and interest coverage) of utility companies. After addressing potential causality and performing additional robust measures, our findings still hold and suggest that CEO origin is important for explaining variation in financial choices of utility companies. Overall, our findings make a valuable contribution to the literature on utility firms, founder CEOs, and CEO characteristics by connecting them through an angle that is previously unexplored. Full article
(This article belongs to the Special Issue Research on Corporate Governance and Financial Reporting)
21 pages, 1088 KB  
Article
Corporate Governance and Shareholders’ Value: The Mediating Role of Internal Audit Performance—Empirical Evidence from Listed Companies in Ghana
by Dawuda Abudu and Syed Ahmed Salman
J. Risk Financial Manag. 2025, 18(9), 499; https://doi.org/10.3390/jrfm18090499 - 8 Sep 2025
Viewed by 4911
Abstract
The relationship between corporate governance and shareholder value remains a subject of contention, with studies reporting positive, weak, or context-dependent effects. Drawing on multiple theoretical perspectives, this study examines how and when corporate governance influences shareholder value, with a focus on the mediating [...] Read more.
The relationship between corporate governance and shareholder value remains a subject of contention, with studies reporting positive, weak, or context-dependent effects. Drawing on multiple theoretical perspectives, this study examines how and when corporate governance influences shareholder value, with a focus on the mediating role of internal audit performance (IAP) among listed companies on the Ghana Stock Exchange. Using an explanatory design and a sample of 300 respondents (74.3% response rate), we employed partial least squares structural equation modelling (PLS-SEM) to test the relationships. The findings show that corporate governance significantly enhances internal audit performance, which in turn improves shareholder value. In contrast, the direct impact of corporate governance on shareholder value is insignificant. Bootstrapped tests confirm a near-full mediation effect, positioning internal audit performance as the critical engine that translates governance structures into value creation. These results help clarify the inconsistent findings on the relationship between corporate governance and shareholder value in emerging markets. We provide regulators, boards, and management with a roadmap for strengthening internal audit capabilities and aligning audit and governance functions with corporate objectives to maximize shareholder value. Full article
(This article belongs to the Special Issue Research on Corporate Governance and Financial Reporting)
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Review

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22 pages, 760 KB  
Review
Strengthening Corporate Governance and Financial Reporting Through Regulatory Reform: A Comparative Analysis of Greek Laws 3016/2002 and 4706/2020
by Savvina Paganou, Ioannis Antoniadis, Panagiota Xanthopoulou and Vasilios Kanavas
J. Risk Financial Manag. 2025, 18(8), 426; https://doi.org/10.3390/jrfm18080426 - 1 Aug 2025
Cited by 2 | Viewed by 5069
Abstract
This study explores how corporate governance reforms can enhance financial reporting quality and organizational transparency, focusing on Greece’s transition from Law 3016/2002 to Law 4706/2020. The legislative reform aimed to modernize governance structures, align national practices with international standards, and strengthen investor protection [...] Read more.
This study explores how corporate governance reforms can enhance financial reporting quality and organizational transparency, focusing on Greece’s transition from Law 3016/2002 to Law 4706/2020. The legislative reform aimed to modernize governance structures, align national practices with international standards, and strengthen investor protection in a post-crisis economic environment. Moving beyond a simple legal comparison, the study examines how Law 3016/2002’s formal compliance model contrasts with Law 4706/2020’s more substantive accountability framework. We hypothesize that Law 4706/2020 introduces substantively stronger governance mechanisms than its predecessor, thereby improving transparency and investor protection, while compliance with the new law imposes materially greater administrative and financial burdens, especially on small- and mid-cap firms. Methodologically, the research employs a narrative literature review and a structured comparative legal analysis to assess the administrative and financial implications of the new law for publicly listed companies, focusing on board composition and diversity, internal controls, suitability policies, and disclosure requirements. Drawing on prior comparative evidence, we posit that Law 4706/2020 will foster governance and disclosure improvements, enhanced oversight, and clearer board roles. However, these measures also impose compliance burdens. Due to the heterogeneity of listed companies and the lack of firm-level data following Law 4706/2020’s implementation, the findings are neither fully generalizable nor quantifiable; future quantitative research using event studies or panel data is required to validate the hypotheses. We conclude that Greece’s new framework is a critical step toward sustainable corporate governance and more transparent financial reporting, offering regulators, practitioners, and scholars examining legal reform’s impact on governance effectiveness and financial reporting integrity. Full article
(This article belongs to the Special Issue Research on Corporate Governance and Financial Reporting)
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