You are on page 1of 29

Accounting, Auditing & Accountability Journal

Corporate governance, accountability and mechanisms of accountability: an overview


Niamh M. Brennan Jill Solomon

Downloaded by Universitas Bunda Mulia, Mr Universitas Bunda Mulia At 07:34 13 April 2016 (PT)

Article information:
To cite this document:
Niamh M. Brennan Jill Solomon, (2008),"Corporate governance, accountability and mechanisms of
accountability: an overview", Accounting, Auditing & Accountability Journal, Vol. 21 Iss 7 pp. 885 - 906
Permanent link to this document:
http://dx.doi.org/10.1108/09513570810907401
Downloaded on: 13 April 2016, At: 07:34 (PT)
References: this document contains references to 126 other documents.
To copy this document: permissions@emeraldinsight.com
The fulltext of this document has been downloaded 20072 times since 2008*

Users who downloaded this article also downloaded:


(2008),"Stakeholder accountability: A field study of the implementation of a governance improvement
plan", Accounting, Auditing & Accountability Journal, Vol. 21 Iss 7 pp. 933-954 http://
dx.doi.org/10.1108/09513570810907429
(2008),"Internal control, accountability and corporate governance: Medieval and modern Britain
compared", Accounting, Auditing & Accountability Journal, Vol. 21 Iss 7 pp. 1052-1075 http://
dx.doi.org/10.1108/09513570810907474
(2003),"Risk management: The reinvention of internal control and the changing role of internal
audit", Accounting, Auditing & Accountability Journal, Vol. 16 Iss 4 pp. 640-661 http://
dx.doi.org/10.1108/09513570310492335

Access to this document was granted through an Emerald subscription provided by emerald-srm:602772 []

For Authors
If you would like to write for this, or any other Emerald publication, then please use our Emerald for
Authors service information about how to choose which publication to write for and submission guidelines
are available for all. Please visit www.emeraldinsight.com/authors for more information.

About Emerald www.emeraldinsight.com


Emerald is a global publisher linking research and practice to the benefit of society. The company
manages a portfolio of more than 290 journals and over 2,350 books and book series volumes, as well as
providing an extensive range of online products and additional customer resources and services.
Emerald is both COUNTER 4 and TRANSFER compliant. The organization is a partner of the Committee
on Publication Ethics (COPE) and also works with Portico and the LOCKSS initiative for digital archive
preservation.
*Related content and download information correct at time of download.

The current issue and full text archive of this journal is available at
www.emeraldinsight.com/0951-3574.htm

GUEST EDITORIAL

Downloaded by Universitas Bunda Mulia, Mr Universitas Bunda Mulia At 07:34 13 April 2016 (PT)

Corporate governance,
accountability and mechanisms
of accountability: an overview

Guest editorial

885

Niamh M. Brennan
University College Dublin, Ireland, and

Jill Solomon
University of Cardiff, Wales, UK
Abstract
Purpose This paper aims to review traditional corporate governance and accountability research,
to suggest opportunities for future research in this field.
Design/methodology/approach The first part adopts an analytical frame of reference based on
theory, accountability mechanisms, methodology, business sector/context, globalisation and time
horizon. The second part of the paper locates the seven papers in the special issue in a framework of
analysis showing how each one contributes to the field. The paper presents a frame of reference which
may be used as a roadmap for researchers to navigate their way through the prior literature and to
position their work on the frontiers of corporate governance research. The paper is primarily
discursive and conceptual.
Findings The paper encourages broader approaches to corporate governance and accountability
research beyond the traditional and primarily quantitative approaches of prior research. Broader
theoretical perspectives, methodological approaches, accountability mechanism, sectors/contexts,
globalisation, and time horizons are identified.
Research limitations/implications Greater use of qualitative research methods are suggested,
which present challenges particularly of access to the black box of corporate boardrooms.
Originality/value Drawing on the analytical framework, and the papers in the special issue, the
paper identifies opportunities for further research of accountability and corporate governance.
Keywords Corporate governance, Management accountability, Research
Paper type General review

1. Introduction
Corporate governance is an eclectic subject but for the purposes of this Accounting,
Auditing & Accountability Journal special issue the focus is exclusively on corporate
governance research within the accounting and finance discipline, given the nature of
the journal. In this editorial, first the traditional body of research in corporate
governance within accounting and finance is reviewed. Then, the ways in which
corporate governance and accountability research is expanding are discussed,
The authors are indebted to the many authors who made submissions to this special issue. The
authors are also grateful for the large number of colleagues who reviewed those submissions.
The authors thank James Guthrie and Lee Parker for their guidance throughout the preparation
of the special issue. Finally, the authors thank the referees and Howard Mellett (Cardiff
University) for their constructive and useful comments on this introduction to the special issue.

Accounting, Auditing &


Accountability Journal
Vol. 21 No. 7, 2008
pp. 885-906
q Emerald Group Publishing Limited
0951-3574
DOI 10.1108/09513570810907401

AAAJ
21,7

Downloaded by Universitas Bunda Mulia, Mr Universitas Bunda Mulia At 07:34 13 April 2016 (PT)

886

providing a frame of reference depicting the frontiers of research into corporate


governance. This frame of reference is used to show how each paper in the special issue
represents a significant contribution to corporate governance research, and the ways in
which each paper is adding to knowledge on the frontiers of the discipline. The special
issue fills a gap in the academic literature by building on existing work in order to
extend the boundaries of corporate governance research along a number of dimensions.
The paper is organized as follows. In Section 2, the traditional body of corporate
governance research is summarised. The extent to which corporate governance
research is broadening away from the traditional body of work is shown in Section 3.
Also, it highlights how the frame of reference depicting the frontiers of work in the area
emerges from the discussion. Section 4 locates the papers included in this special issue
within the frame of reference. The discussion in Section 5 concludes with a summary of
main themes arising from the special issue as well as some suggestions for future
research in corporate governance.
2. Corporate governance research: the nature of prior research
Excellent reviews of corporate governance have been published (Shleifer and Vishny,
1997; Becht et al., 2002; Huse, 2005). In this section, prior corporate governance research
is reviewed, from an accountability perspective the theoretical perspectives adopted,
the mechanisms of accountability studied, the methodologies applied, and the
sectors/contexts, countries and time horizons considered.
2.1 Theoretical framework and accountability
Traditionally, research into corporate governance has adopted an agency theory
approach, focusing exclusively on resolving conflicts of interest (agency problems)
between corporate management and the shareholder (Jensen and Meckling, 1976;
Fama, 1980; Fama and Jensen, 1983; Eisenhardt, 1989). This finance paradigm
dominating corporate governance research emanated from the USA, arising from the
original work of Berle and Means (1932) on the separation of ownership and control in
listed companies. Other disciplines treated corporate governance similarly, for example
transactions cost theory in economics (Williamson, 1985, 1996).
The effective dominance of corporate governance research in accounting and
finance by agency theory has engendered shareholder-centric definitions of corporate
governance, for example:
[. . .] the process of supervision and control [. . .] intended to ensure that the companys
management acts in accordance with the interests of shareholders (Parkinson, 1993, p. 159).

The prior literature has provided significant insights into the problems associated with
requiring companies to discharge their accountability to the dominant stakeholder
group, the shareholders. This shareholder-oriented perspective has been reflected in
corporate governance policy documents and codes of practice. For example, in the UK,
The Cadbury Report (1992), The Combined Code (1998), The Combined Code on
Corporate Governance (2003, 2006), the Greenbury Report (1995) and the Higgs Report
(2003) all approached corporate governance reform from the perspective of protecting
and enhancing shareholder wealth; similarly in the USA with the arguably costly
Sarbanes-Oxley (SOX) legislation. Other countries have adopted similar approaches
and perspectives.

Downloaded by Universitas Bunda Mulia, Mr Universitas Bunda Mulia At 07:34 13 April 2016 (PT)

2.2 Mechanisms of accountability


Traditionally, accounting and finance researchers have focused on a variety of
corporate governance mechanisms of accountability, where accountability has been
interpreted only as corporate accountability to shareholders. Finance researchers have
focused on internal company mechanisms relating to boards and board performance.
Studies of the impact of boards/board effectiveness on corporate profitability and
shareholder value have dominated corporate governance research in finance. These
researchers focused on the influence of non-executive directors, splitting of the roles of
chairman and chief executive, or the introduction of board sub-committees, have
enhanced board effectiveness which in turn has added to shareholder value. For
example, Dahya et al. (2002) investigated the relationship between top management
turnover (a measure of board effectiveness) and financial performance (a measure of
management effectiveness). Others have studied the appointment of non-executive
directors and their role in monitoring company management, on behalf of shareholders
(Byrd and Hickman, 1992; Ezzamel and Watson, 1997; Hermalin and Weisbach, 1991;
Kirkbride and Letza, 2005). Research has considered whether there is a positive
relationship between the number of non-executive directors and corporate financial
performance, generally showing that there is (Kaplan and Reishus, 1990; Ferris et al.,
2003).
Another area of research has examined sub-committees of the board as mechanisms
for improving board effectiveness, for example remuneration committees (Main and
Johnston, 1993; Newman and Mozes, 1999; Newman, 2000) and nomination committees
(Ruigrok et al., 2006). Some studies have suggested, for example, that the existence of
remuneration committees affects the level and structure of top management pay
(Conyon and Peck, 1998), whereas other work has found evidence to the contrary
(Daily et al., 1998).
Managerial turnover, proportion of non-executive directors, CEO duality and
existence/composition of board subcommittees are crude proxies for board
effectiveness. Brennan (2006) has critiqued this kind of research calling for more
pertinent measures relating to firm performance to be included in this kind of research,
especially measures of CEO competence and activity.
Researchers have also investigated the relationship between executive
remuneration and financial performance (Jensen and Murphy, 1990; Core et al.,
1999)[1]. A host of corporate governance research has focused on takeovers and
mergers and their relationship with performance, stemming from a seminal study
which identified takeover as a disciplining mechanism over company management,
again within the finance paradigm of agency theory (Jensen and Ruback, 1983).
Another important mechanism for improving corporate governance is the role of
institutional investors. There has been a steady growth of research into their
developing role as monitors of corporate management (Coffee, 1991; Karpo et al., 1996;
Faccio and Lasfer, 2000) and the evolving relationship between institutional investors
and their investee company management (Holland and Stoner, 1996; Holland, 1998).
Accounting researchers have concerned themselves with mechanisms of
transparency (particularly financial reporting) which seek to align the interests of
management and shareholders, and with mechanisms of accountability such as audit
committees, internal audit and risk management as assurances of the quality of
financial reporting. Cohen et al. (2004) reviewed the relationships between financial

Guest editorial

887

AAAJ
21,7

Downloaded by Universitas Bunda Mulia, Mr Universitas Bunda Mulia At 07:34 13 April 2016 (PT)

888

reporting quality and corporate governance mechanisms. As such, their review article
goes to the heart of this Accounting, Auditing & Accountability Journal special issue,
in which they discuss the interrelationships between financial reporting quality,
management and boards of directors, audit committees, internal audit and external
audit. They also acknowledged the influence of regulations (legislators, the courts,
stock exchanges), financial analysts and shareholders. However, this special issue
considers accountability issues beyond the financial reporting focus of Cohen et al.
(2004).
Mechanisms of transparency, in the form of accounting, financial reporting and
voluntary disclosures have also taken their place in corporate governance research.
Again, traditionally, these have been researched from an agency theory perspective
whereby transparency in the form of disclosures to shareholders is an important
mechanism for aligning shareholder and management interests (Healy et al., 1999;
Hermanson, 2000; Bushman and Smith, 2001; Healy and Palepu, 2001). The influence of
corporate governance on transparency/corporate disclosures has been studied at the
level of country (Bushman and Smith, 2001, 2003; Francis et al., 2003; Bushman et al.,
2004a) and also at the level of the firm (Forker, 1992; Bushman et al., 2004b; Beekes
and Brown, 2006; Cheng and Courtenay, 2006). The governance variables predicted to
influence disclosure and transparency vary from external mechanisms in the form of
legal systems for the country-level studies, to internal governance mechanisms relating
to the board of directors, its committees, its independence, share ownership by
directors and managers, ownership concentration among large shareholders and the
quality of auditors.
Again in the accounting discipline, within the area of transparency, the US
(The Treadway Commission, 1987) and the UK Turnbull Report (1999, 2005)
highlighted companies systems of internal control as important aspects of the
corporate governance framework. There has been some academic research into this
area, although admittedly less than in other areas, which has examined mechanisms
of risk identification, assessment, management and disclosure (Solomon et al., 2000;
Spira and Page, 2003; Linsley and Shrives, 2006).
Audit committees are board mechanisms to enhance accountability around the
financial reporting and accounting functions, and have been extensively researched
(Collier, 1992, 1996; Kalbers and Fogarty, 1993, 1998; DeZoort and Salterio, 2001; Klein,
2002a, b; Collier and Gregory, 1999; Gendron et al., 2004; Collier and Zaman, 2005;
Gendron and Bedard, 2006; Turley and Zaman, 2007). Also, DeZoort et al. (2002)
provides a comprehensive review of the literature in this area. There has been relatively
less research on internal audit. However, Raghunandan et al. (2001), Davidson et al.
(2005), Goodwin-Stewart and Kent (2005), Gendron and Bedard (2006) and Turley and
Zaman (2007) have touched on the subject to varying extents. Also, Gramling et al. (2005)
provided an overview of the role of internal audit in a corporate governance context.
2.3 Methodology, sector/context, globalisation and time horizon
The traditional preoccupation with the agency theory framework has affected a series
of other choices made by researchers, namely the methodological approach adopted,
the sector/context chosen, the analytical techniques applied, internationalisation of
corporate governance and the time horizon studied. It is probably accurate to say that
the traditional, dominant approach to researching and analysing corporate governance

Downloaded by Universitas Bunda Mulia, Mr Universitas Bunda Mulia At 07:34 13 April 2016 (PT)

has involved adopting quantitative, positive methodology, including the application of


econometric techniques. Previous studies investigating a wide range of governance
factors relating to board performance have adopted such methodologies.
Corporate governance research has mainly focused on the corporate sector,
particularly listed companies. The way that other types of organisations have been
directed and controlled has not been the primary focus of accounting and finance
researchers until relatively recently. Parker (2007b, 2008) is an exception he
considers the unique governance context of non-profit organisations, and studies board
processes in two such organisations.
Particular contexts have also been the subject of corporate governance research,
notably corporate failures and corporate fraud. Studies of governance failures have
pinpointed corporate governance weaknesses contributing to the failure. For example,
Beasley (1996) and Beasley et al. (2000) examined the relation between fraud and
corporate governance mechanisms, while Agrawal and Chadha (2005) considered the
influence of corporate governance on the probability of firms having to restate their
earnings. Clarke (2004) considered the cyclical nature of corporate governance failures,
which he predicted was likely to continue.
Traditionally, accounting and finance research in corporate governance has focused
on Anglo-Saxon stock markets, again reflecting the traditional dominance of agency
theory. Since the publication of the first code of best practice in corporate governance
(The Cadbury Report, 1992), there has been a proliferation in codes of practice across
the globe, with the majority of countries developing codes of practice suited to their
individual needs. As a result, corporate governance research has started to focus on
systems which do not fit the Anglo-Saxon, market-based mould. Indeed, most countries
have been shown to fall into the insider-dominated model of corporate governance,
where companies tend to be owned and controlled by insiders such as founding
families, the state, banks, or other companies. A body of research has examined the
factors determining different models of corporate governance, concluding that legal
systems dictate stock market growth, according to the level of shareholder protection
they provide (La Porta et al., 1997, 1998, 1999). However, until recently, the majority of
work in international corporate governance has been pre-occupied with developing
economies and their uptake of corporate governance best practice.
Researchers often use The Cadbury Report (1992) as the starting point for corporate
governance research, and most research is located in the period since it publication.
However, governance issues have arisen for as long as there has been separation of
ownership and control in business, and merits a broader time horizon. It now seems
important for researchers to begin adopting a less myopic view by delving into the past
in order to gain insights and lessons for future corporate governance research and
policy. The next section turns to the ways in which corporate governance research is
starting to expand, away from the traditional mould, and suggests the dimensions and
frontiers of this expansion.
3. Broadening frontiers of corporate governance, accountability and
mechanisms of accountability research
There are movements among the accounting and finance academic community to
extend the established body of work in corporate governance in several ways.
An in-depth analysis of the extant literature suggests these may be as follows.

Guest editorial

889

AAAJ
21,7

Downloaded by Universitas Bunda Mulia, Mr Universitas Bunda Mulia At 07:34 13 April 2016 (PT)

890

Figure 1 shows the analytical frame of reference adopted in this paper. This frame of
reference was developed through a careful analysis of the extant literature in corporate
governance within the accounting and finance field. An in-depth knowledge and
consideration of the corporate governance literature formed the basis for the analysis.
From a methodological point of view, the development of the analytical framework was
similar to factor analysis in quantitative research, in that factors or themes were
derived from their interpretation of existing research[2]. The analytical framework has
six elements, based on theory, accountability mechanisms, methodology, business
sector/context, globalisation and time horizon. These six dimensions of corporate
governance research are extended in Figure 1 to point to the frontiers and to indicate how
researchers are starting to broaden understanding by considering broader perspectives
on theory, studying a wider range of mechanisms, using different methodological
approaches, adopting a broader set of techniques, looking at governance and
accountability in different sectors/contexts, seeking to study models in previously
un-researched markets, and extending the time horizon studied.
The following sections discuss how corporate governance research could be
extended for each of the six dimensions in the analytical framework.
3.1 Broadening the theoretical framework and notion of accountability
More recently, as the consideration of corporate governance has started to broaden in
its coverage, there has been a change of emphasis, away from the traditional
shareholder-centric approach towards a more stakeholder-oriented approach to
corporate governance. There is now a growing interest among researchers in broader
theoretical frameworks (Parker, 2007a), which incorporate other non-shareholding
stakeholders. Stakeholder theory and enlightened shareholder theory are being
used increasingly to offer a more inclusive approach to corporate governance (Hill
and Jones, 1992; Wheeler and Sillanpaa, 1997; Coyle, 2007; Solomon, 2007).
Acknowledging, incorporating, and considering the needs and requirements of a
greater number of company stakeholders has been a relatively recent stage in the
development of corporate governance as a discipline in its own right.
This broader approach has started to seep into the practitioner arena, as The Tyson
Report (2003) in the UK, for example, sought to broaden boardroom diversity and
inclusivity, by encouraging non-executive directors to be drawn from more diverse
backgrounds, representing a broader group of external constituencies. The two reports
produced in South Africa, represented a turning point in the international agenda for
corporate governance reform, as they drew attention to the need for companies to act
responsibly towards their diverse stakeholders (The King Report, 1994, 2002). These
reports laid the foundations for the more stakeholder-oriented code of best practice
produced by the Commonwealth Association on Corporate Governance CACG (1999).
Also, international initiatives, epitomised by the OECDs approach (OECD, 1999, 2004)
have highlighted the need for corporate accountability to stakeholders by making
stakeholder concerns one of the primary principles of corporate governance best practice.
An increasingly stakeholder-oriented view of corporate governance has resulted in
redefining corporate governance in broader terms, for example:
[. . .] the system of checks and balances, both internal and external to companies, which
ensures that companies discharge their accountability to all their stakeholders and act in a
socially responsible way in all areas of their business activity (Solomon, 2007, p. 14).

Guest editorial

Downloaded by Universitas Bunda Mulia, Mr Universitas Bunda Mulia At 07:34 13 April 2016 (PT)

891

Figure 1.
Frontiers of corporate
governance research in
accounting and finance

AAAJ
21,7

Downloaded by Universitas Bunda Mulia, Mr Universitas Bunda Mulia At 07:34 13 April 2016 (PT)

892

In exploring the ways in which corporate governance research is broadening by


incorporating a broader corporate accountability, researchers are starting to ask
accountability to whom? Recent years have witnessed a growing realisation that
corporate governance and corporations per se have an impact on a constantly expanding
number of groups in society. Stakeholder accountability is increasingly intertwined with
corporate governance, with stakeholders representing any group who affect, or are
affected by, a companys operations. Recent research has begun to acknowledge the
links between corporate governance and corporate social responsibility (Cobb et al.,
2005). In our view, one of the frontiers of corporate governance research is represented
by a gradual adoption and acceptance of theoretical frameworks which seek to extend
corporate accountability to non-shareholding stakeholder groups.
Other theoretical approaches mostly adopted in the management literature could be
extended to accounting studies, including resource dependency theory, stewardship
theory and institutional theory. For example, Toms and Filatotchev (2004) examined
managerial accountability in the context of resource dependency theory but there are
few other studies marrying corporate governance, accountability and resource
dependency. OConnell (2007) called for more stewardship-related research in financial
reporting, what he calls stewardship reporting. Roberts et al. (2005) challenged the
dominance of agency theory and called for greater theoretical pluralism in studying
the dynamic processes of accountability in the boardroom.
3.2 Broadening research into mechanisms of accountability
Accompanying the gradual shift away from agency theory towards stakeholder theory
and enlightened shareholder theory, corporate governance research has started to
examine a broader range of mechanisms of accountability. Traditional mechanisms of
accountability include governance regulations, boards of directors, financial reporting and
disclosure, audit committees, external audit and institutional investors. In the finance
discipline, research into institutional investors as a mechanism for improving corporate
governance has started to adopt a more stakeholder-oriented approach. For example, there
is a greater focus on financial services accountability to a broader range of stakeholders.
The financial services industry has responded in practice by starting to consider
environmental, social and governance considerations in institutional investment
(Freshfields Bruckhaus Deringer, 2005). This broader orientation is represented by
recent research into socially responsible investment, a corporate governance mechanism
by which institutional investors aim to encourage their investee companies to be more
stakeholder inclusive (Friedman and Miles, 2001; Solomon and Solomon, 2006). This
reorientation within the financial services industry is paving the way for new research in
corporate governance which examines the broader accountability of financial institutions.
In the accounting field, there has been a broadening of research in the area of
transparency, towards greater stakeholder inclusivity, again reflecting a deep shift away
from the dominance of agency theory frameworks and towards a more
stakeholder-oriented framework. For example, a relatively recent departure has
involved growing research into the social responsibility aspects of transparency,
namely social, environmental and sustainability reporting and assurance as means of
improving corporate accountability to a broader range of stakeholders, (Gray et al., 1987,
1993, 1996; Gray, 1992; Unerman et al., 2007). Research in this area has intensified
over the last decade. Not only is the theoretical framework extended in such work by

Downloaded by Universitas Bunda Mulia, Mr Universitas Bunda Mulia At 07:34 13 April 2016 (PT)

adopting a broader stakeholder approach, but it also analyses different governance


mechanisms.
3.3 Broadening the methodological approach and techniques applied
Corporate governance research is broadening along the dimension of methodological
approach and application of research techniques. As research into corporate
governance has developed, researchers are using a variety of analytical techniques,
associated not solely with a positivist, econometric, hypothesis-testing approach, but
with a more interpretative methodological approach. Studies involving interviews,
case studies (Matthews, 2005) and questionnaires/surveys (Fitzgerald, 2001; Vermeer
et al., 2006) are becoming increasingly common. Parker (2007b, 2008) uses a more
in-depth participant observer methodology. Researchers are focusing less on testing
established hypotheses derived from finance theory and more on developing new
theoretical models using, for example, a grounded theory approach to research
(Holland, 1998; Goddard, 2004; Solomon and Solomon, 2006). There are also a range of
analytical techniques which can be applied to corporate governance research, such as
newly developed econometric techniques, focus groups studies, content analysis, and
archival analysis.
3.4 Broadening research into different sectors and different contexts
Parker (2005, 2007a) has pointed to a dearth of studies in financial and external
reporting research from a corporate governance perspective, suggesting significant
future opportunities for accounting researchers. What research there is has
traditionally focused on listed companies. There is extensive scope for academics to
turn their attention to other sectors and contexts.
While there has been some governance research into private companies (family
businesses and small and medium enterprises), subsidiaries (especially multinational
subsidiaries), public sector bodies, voluntary bodies and charities, these have not
necessarily focussed on accountability aspects of governance. The charity, public and
voluntary sectors provide a rich source of data and a wide variety of mechanisms of
accountability which require research and researchers are starting to turn their
attention in this direction (Fitzgerald, 2001; ACEVO, 2003 for emerging work in
these areas). Research examining the suitability of private sector models of governance
applied to the public sector is emerging (Clatworthy et al., 2000), with the governance
needs of non-private sector models differing from traditional models (Vermeer et al.,
2006). Also, Jenkins et al. (2008) represents an interesting new sector audit firms
for governance research.
While there has been some prior governance and accountability research on corporate
governance failures and fraud, there are many more one-off corporate events such as firms
going public, privatization, demutualization, takeovers, mergers or acquisitions, factory
closures, strikes, etc. that might add insights into our understanding of governance and
accountability. Mizruchi, (2004, p. 18, fn 73) suggested that boards are passive when there
is satisfactory performance and in boom times. There are therefore advantages in
examining boards and accountability in more unique non-routine contexts when boards
might behave in different ways. Filatotchev et al. (2006) also pointed to changes in
governance systems occur during firm life-cycles and suggested a conceptual framework
that rejects the notion of a universal governance template.

Guest editorial

893

AAAJ
21,7

Downloaded by Universitas Bunda Mulia, Mr Universitas Bunda Mulia At 07:34 13 April 2016 (PT)

894

3.5 Broadening globalisation and time horizon in corporate governance research


There has been a growing body of literature investigating the agenda for corporate
governance reform in individual countries (Solomon (2007) for a Reference Dictionary of
corporate governance in different countries). These country studies tended to focus
initially on major developed economies such as Japan, Germany, Australia, and Canada.
However, researchers are now turning their attention to corporate governance in
developing economies, as more established models of governance, applied and tested in
developed economies, are starting to be implemented in countries with emerging stock
markets. This work on ways of improving corporate governance in developing economies
represents research which is pushing forward the boundaries of corporate governance, as
it considers how existing models can be reinterpreted and redesigned, so they are suitable
for developing economies. For example, the development of new agency theory, which
examines the role of non-executive directors as mediators between traditional founding
family owner-managers and external shareholder groups represents an extension of
corporate governance along the dimension of theoretical paradigm. There are plentiful
opportunities for research into developing economy corporate governance. Insights may
also be gained from more comparative analysis of governance and accountability systems
in different countries. An under-researched aspect of governance in a global context is the
issue of culture. Patel (2003), for example, conducted an interesting study on the influence
of culture on whisteblowing as an internal control mechanism.
Much of the traditional corporate governance research is cross-sectional, based on
large datasets, and is often conducted in response to major governance failures or their
consequent regulatory changes. In relation to time horizon, there is an emerging
realisation that research into corporate governance does not have to start with The
Cadbury Report (1992), Enron, or the SOX legislation. Corporate governance (i.e. the
way in which companies are directed and controlled), is as old as companies and stock
markets. There are, clearly, exceptions, especially in the theoretical literature, where
researchers have considered the development of theoretical paradigms over time and
the historical roots of corporate governance systems in countries around the world.
Filatotchev et al. (2006) referred to the absence of longitudinal data restricting
sensitivity to corporate governance changes over the life cycles of firms.
This section has discussed the frame of analysis adopted in this paper, and how
research is taking a broader approach in relation to the six elements of the framework.
Section 4 discusses the contribution of the seven papers in this Accounting, Auditing
and Accountability Journal special issue, illustrating how each one extends the
boundaries in the analytical framework.
4. Pushing the frontiers of corporate governance research
This section shows how each paper within this Accounting, Auditing and
Accountability Journal special issue is located along one or more of the dimensions
identified in the frame of reference (Figure 1). Figure 2 shows the contribution made by
the authors in this special issue according to the frame of reference presented in the
previous section. The ways in which each paper pushes at the frontiers of research in
corporate governance is identified, according to the six dimensions along which
corporate governance is starting to broaden away from the traditional mould.
In relation to the framework shown in Figure 2, each paper is presented according to
order in which it appears in this special issue, identifying the ways in which it extends

Guest editorial

Downloaded by Universitas Bunda Mulia, Mr Universitas Bunda Mulia At 07:34 13 April 2016 (PT)

895

Figure 2.
Locating the special issue
papers on the frontiers of
corporate governance
research

AAAJ
21,7

Downloaded by Universitas Bunda Mulia, Mr Universitas Bunda Mulia At 07:34 13 April 2016 (PT)

896

the prior literature. Gupta et al. (2008) paper is to some extent couched in the traditional
mould of corporate governance research. They adopt a shareholder-oriented view of
corporate governance, by focusing on the relationship between outside director
appointments and financial performance. From a methodological perspective, they are
also consistent with the majority of finance research in adopting an essentially
positive approach. However, the paper makes a significant contribution to existing
work in the area of outside directors on a number of levels. First, the authors recognise,
for the first time, the heterogeneity of outside board appointments, and attempt to
proxy for the quality of appointments. They construct an index of directorship quality
using a series of observable firm-specific characteristics to proxy for three latent
aspects of quality (as it is not directly observable), namely, prestige, reputational risk
and compensation. This is a novel approach. Also, although this paper is compatible
with the traditional agency theory approach, the authors expand their concluding
discussion to consider how their work may potentially have accountability
implications not just for shareholders but also for non-shareholding stakeholders.
Although Gupta et al. (2008) opine that:
[. . .] the benefits of a positive link between shareholder-based measures of executives own
firm performance and the quality of additional outside board appointments remain unclear
for those concerned about board accountability to non-shareholder groups.

they consider that there may be two potential outcomes. The first outcome would be
negative for non-shareholding stakeholders in the sense that directors would be
pre-occupied with maximising the value of their own human capital rather than
concerning themselves with broader stakeholder issues which could threaten
short-term financial performance. The second alternative outcome suggested by the
authors is that there is likely to be some coincidence between the needs of shareholders
and other non-shareholding stakeholders, because factors affecting corporate
profitability would affect all groups. This consideration of stakeholder
accountability represents a relatively novel departure in finance research.
Collier (2008) also extends the frontiers of corporate governance research along
several dimensions. In terms of theoretical paradigm and accountability, the paper
adopts a stakeholder accountability approach. Collier focuses on three stakeholder
groups, namely the regulator in social housing, lenders and tenants. This paper also
broadens the context of corporate governance and accountability by examining
governance in the public sector, namely governance within a social housing
organisation. This allows Collier to examine different mechanisms of accountability,
such as the complicated relationships between the parent board and subsidiary boards.
A third dimension which is relevant in Colliers work is that of methodology, as he
moves away from orthodox econometric modelling by employing a longitudinal field
study via participant observation.
The paper by Sikka (2008) focuses on the who of accountability and corporate
governance. The paper contributes significantly to the consideration of stakeholder
accountability in corporate governance research by focusing entirely on the role and
importance of workers within systems of corporate governance. Sikka (2008) starts
from the premise that this essential group of stakeholders have been effectively
ignored both in the academic research and in corporate governance practice. He focuses
on empirical evidence relating to severe income inequalities, thereby highlighting

Downloaded by Universitas Bunda Mulia, Mr Universitas Bunda Mulia At 07:34 13 April 2016 (PT)

accountability to stakeholders as an essential role for corporate governance. This paper


extends corporate governance research along the dimension of accountability. Sikka
also broadens the application of theoretical paradigm by adopting a political economy
perspective on his research question. Further, there is a departure in terms of
technique, as the paper provides detailed analysis of publicly available statistics, an
unusual approach in academic research in the area.
Regulation is a mechanism of governance, and is usually studied at the level of
country (La Porta et al., 1997, 1998) or the firm. Dewing and Russell (2008) examine
corporate governance regulation from a different perspective, the object of the
regulation (i.e. the individual regulated). They use Becks risk society thesis (that risks
largely manufactured by-products of an industrial machine controlled by politics),
and the knock-on effects and consequences for individuals, as their analytical
framework. In this way, the authors extend corporate governance research along the
dimension of theoretical paradigm. They examine the Financial Services Authority
(FSA) approved persons regime in the UK. Three methodologies are adopted: content
analysis of FSA documents, interviews with high-level individuals in the financial
services industry and finally, by way of illustration, they analyse the outcome of FSA
enforcement actions against individuals. Their analysis contributes to the field by
showing how regulators make corporate governance through regulation.
While quite a different paper, Stein, 2008 work resonates with that of Dewing and
Russell (2008) in that Stein examines the impact of government, governmental
techniques, and regulatory reform to normalise the behaviour of managers and
accountants. The regulations examined are those of SOX. A socio-political perspective
is adopted, characterising the power relationships of government, and the social
construction of corporate governance and reforms through autonomous agents,
including managers and accountants. Stein adopts neo-liberalism to present SOX as
governmental form of thinking to ensure the security of existing neo-liberal techniques,
practices and thought encompassed in the state rather than to protect investors.
Drawing on Weberian notions of traditionalism and rationality, Uddin and
Choudhury (2008) use semi-structured interviews to study corporate governance in
Bangladesh. The authors choice of qualitative methodology demonstrates the way
in which corporate governance research in the accounting and finance discipline is
starting to broaden along the dimension of methodological approach, away from the
traditional quantitative, positivist stance. They show how traditional local cultures
and values are in conflict with the rational ideas imported from a different setting.
Their work illustrates a broadening of the corporate governance mechanisms
analysed, as they examine accounting reports, shareholder ownership, directors and
auditors. They find that families have a dominant presence in all aspects of corporate
governance and that they effectively subvert and weaken the states power in
enforcing governance regulations. By investigating structures within Bangladeshi
corporate governance, the authors push the frontiers of context and global reach in
corporate governance research.
By exploring mechanisms of accountability and governance in mediaeval England,
Jones (2008) extends the extant work in corporate governance by considering corporate
governance mechanisms which long pre-date the establishment of the limited
company. The paper makes a significant contribution by focusing the attention
of researchers on early forms of governance. This paper also extends existing

Guest editorial

897

AAAJ
21,7

research along the dimension of sector, by examining governance and mechanisms of


accountability in the governmental sector. Jones broadens corporate governance
research with respect to the methodological dimension, as he employs historical
archival evidence from medieval sources. Further, the paper studies a variety of
medieval mechanisms of accountability, such as the exchequer, the use of tallies, and
the ultimate sanction, death.

Downloaded by Universitas Bunda Mulia, Mr Universitas Bunda Mulia At 07:34 13 April 2016 (PT)

898
5. Concluding comments
The initial call for papers for this special issue invited submissions which focused on
corporate governance from an accountability perspective. Papers adopting
methodologies, techniques and approaches which departed from the orthodox,
positivist, quantitative and shareholder-centric approach to corporate governance were
particularly welcomed. Work which sought to break new ground by investigating
corporate governance issues in novel contexts or through different lens from previous
work were of special interest. A substantial number of submissions were received for
the special issue, all of which represented high-quality research. Following a rigorous
review process, the seven papers included in this special issue represent, in our view,
corporate governance research which pushes at the frontiers of the discipline. Indeed,
using our diagrammatic framework, we have identified the various ways in which each
paper may be located on the frontiers of corporate governance research. Throughout
this paper we have sought to distinguish between the traditional mould of corporate
governance research and the way which research into corporate governance is
expanding along the six dimensions shown in Figure 1. It is important to draw this
distinction between the orthodox approach to researching corporate governance in the
accounting and finance discipline in order to open up new paths for research and
establish new research agendas.
This special issue devoted to Corporate Governance, Accountability and
Mechanisms of Accountability, contributes to the existing body of corporate
governance research within the accounting and finance field by:
.
summarising the extant literature;
.
identifying the ways in which the corporate governance literature is expanding;
.
providing a diagrammatic frame of reference to identify the frontiers of the
literature according to six dimensions, along which corporate governance
research is expanding, namely: theoretical framework, mechanisms of
accountability, methodological approach and techniques applied, sectors and
context, globalisation and time horizon; and
.
positioning the contributions included in this special issue on the frontiers of
research.
The overriding theme of this special issue is to identify and push forward the frontiers
of corporate governance research. As well as showcasing seven outstanding examples
of research which push at these frontiers, the special issue provides a roadmap for
researchers in the accounting and finance discipline. This roadmap should help
researchers to navigate their way through the existing body of work so as to ensure
their new research contributes to the extant literature according to the dimensions and
frontiers identified in our frame of reference. The framework should help researchers to
locate their research questions, research ideas and to develop their methodologies in

Downloaded by Universitas Bunda Mulia, Mr Universitas Bunda Mulia At 07:34 13 April 2016 (PT)

ways which add to existing work and which lead to new, novel approaches to the
subject. We hope that our image of corporate governance research portrayed in this
paper and in the contributions to this special issue will inspire researchers
imaginations so that they will take the discipline into new territory, experimenting
with novel methodological approaches, techniques, contexts, timeframes and
geographical locations. We also hope that this special issue will inspire researchers
in their quest for new theoretical lens through which corporate governance may be
viewed and analysed.
There are policy implications which may be drawn from the content and focus of
this special issue. The main issue for corporate governance policymakers seems to be a
need for revised codes and principles of best practice in corporate governance to adopt
a more stakeholder-oriented focus. Traditionally, codes have adopted a predominantly
agency theory perspective, with the primary focus on ways of reconciling the
conflicting aims and objectives of company management and the companys
shareholders. The framework, and the papers in this special issue, demonstrate a shift
away from such a shareholder-centric approach to corporate governance.
Accountability to shareholders can no longer represent the sole aim and objective of
corporate governance policy and reform. Stakeholder accountability and social
responsibility are now acknowledged both in the practitioner and academic
environments as key ingredients for business success, as well as crucial elements
for enhancing social welfare. This special issue leads the way for both academics and
practitioners to pursue joint goals of shareholder wealth maximisation and stakeholder
accountability. Policy makers are encouraged to adopt a more long-term view of
corporate governance in their attitude to reform. Instead of reacting to corporate
governance events as they arise, and using the Cadbury Report as a starting point, it
would be useful for practitioners as well as academics to look backwards, analyse
models, evolutions and practice from the past in order to inform the present and the
future of policy making.
Notes
1. Tosi et al. (2000) and Bruce and Buck (2005) provide useful reviews of literature in this
area.
2. Clearly, such an analysis dons a subjective, normative coat, as the analytical framework is
derived from the authors personal interpretation of the work they have read.
References
ACEVO (2003), Rethinking Governance, The Association of Chief Executives in Voluntary
Organisations, London.
Agrawal, A. and Chadha, S. (2005), Corporate governance and accounting scandals, Journal of
Law & Economics, Vol. 48 No. 2, pp. 371-406.
Beasley, M.S. (1996), An empirical analysis of the relation between board of
director composition and financial statement fraud, Accounting Review, Vol. 71 No. 4,
pp. 443-65.
Beasley, M.S., Carcello, J.V., Hermanson, D.R. and Lapides, P. (2000), Fraudulent financial
reporting industry traits and corporate governance mechanisms, Accounting Horizons,
Vol. 14 No. 4, pp. 441-54.

Guest editorial

899

AAAJ
21,7

Downloaded by Universitas Bunda Mulia, Mr Universitas Bunda Mulia At 07:34 13 April 2016 (PT)

900

Becht, M., Bolton, P. and Roell, A. (2002), Corporate governance and control, Working Paper
No. 9371, National Bureau of Economic Research (NBER), New York, NY.
Beekes, W. and Brown, P. (2006), Do better-governed Australian firms make more informative
disclosures?, Journal of Business Finance & Accounting, Vol. 33 Nos 3/4, pp. 422-50.
Berle, A. and Means, G. (1932), The Modern Corporation and Private Property, The Macmillan
Company, New York, NY.
Brennan, N. (2006), Boards of directors and firm performance: is there an expectations gap?,
Corporate Governance: An International Review, Vol. 14 No. 6, pp. 577-93.
Bruce, A. and Buck, T. (2005), Executive pay and UK corporate governance, in Keasey, K.,
Thompson, S. and Wright, M. (Eds), Corporate Governance: Accountability, Enterprise and
International Comparisons, Wiley, Chichester.
Bushman, R.M. and Smith, A.J. (2001), Financial accounting information and corporate
governance, Journal of Accounting and Economics, Vol. 32, pp. 237-333.
Bushman, R.M. and Smith, A.J. (2003), Transparency financial reporting and corporate
governance, New York Federal Reserve Banks Economic Review, Vol. 9 No. 1, pp. 65-87.
Bushman, R.M., Piotroski, J.D. and Smith, A.J. (2004a), What determines corporate
transparency, Journal of Accounting Research, Vol. 42 No. 2, pp. 207-52.
Bushman, R.M., Chen, Q., Engel, E. and Smith, A. (2004b), Financial accounting information,
organizational complexity and corporate governance systems, Journal of Accounting and
Economics, Vol. 37 No. 2, pp. 167-201.
Byrd, J.W. and Hickman, K.A. (1992), Do outside directors monitor managers?, Journal of
Financial Economics, Vol. 32, pp. 195-221.
CACG (1999), Principles for Corporate Governance in the Commonwealth, Commonwealth
Association on Corporate Governance, Marlborough.
(The) Cadbury Code (1992), Report of the Committee on the Financial Aspects of Corporate
Governance: The Code of Best Practice, Gee Professional Publishing, London.
Cheng, E.C.M. and Courtenay, S.M. (2006), Board composition, regulatory regime and voluntary
disclosure, The International Journal of Accounting, Vol. 41 No. 3, pp. 262-89.
Clarke, T. (2004), Cycles of crisis and regulation: the enduring agency and stewardship
problems of corporate governance, Corporate Governance: An International Review,
Vol. 12 No. 2, pp. 153-61.
Clatworthy, M., Mellett, H.J. and Peel, M. (2000), Corporate governance under new public
management: an exemplification, Corporate Governance: An International Review, Vol. 8
No. 2, pp. 166-76.
Cobb, G., Collison, D., Power, D. and Stevenson, L. (2005), FTSE4Good: perceptions and
performance, ACCA Research Report No. 88, Certified Accountants Educational Trust,
London.
Coffee, J.C. Jr (1991), Liquidity versus control: the institutional investor as corporate monitor,
Columbia Law Review, Vol. 91 No. 6, pp. 1277-368.
Cohen, J., Krishnamurthy, G. and Wright, A.M. (2004), Corporate governance mosaic and
financial reporting, Journal of Accounting Literature, Vol. 23, pp. 87-152.
Collier, P.A. (1992), Audit Committees in Large UK Companies, Research Board of the Institute of
Chartered Accountants in England and Wales, London.
Collier, P.A. (1996), Audit committees in UK quoted companies: a curious phenomenon?,
Accounting & Business History, Vol. 6, pp. 121-40.

Downloaded by Universitas Bunda Mulia, Mr Universitas Bunda Mulia At 07:34 13 April 2016 (PT)

Collier, P.M. (2008), Stakeholder accountability: a field study of the implementation of a


governance improvement plan, Accounting, Auditing, Accountability Journal, Vol. 21
No. 7, pp. 933-54.
Collier, P.A. and Gregory, A. (1999), Audit committee activity and agency costs, Journal of
Accounting & Public Policy, Vol. 18 Nos 4/5, pp. 311-32.
Collier, P.A. and Zaman, M. (2005), Convergence in European corporate governance: the audit
committee concept, Corporate Governance: An International Review, Vol. 13 No. 6,
pp. 753-68.
(The) Combined Code (1998), The Combined Code, The London Stock Exchange Limited, London.
(The) Combined Code on Corporate Governance (2003), The Combined Code on Corporate
Governance, Financial Reporting Council, London.
(The) Combined Code on Corporate Governance (2006), The Combined Code on Corporate
Governance, Financial Reporting Council, London.
Conyon, M.J. and Peck, S. (1998), Board control, remuneration committees, and top management
compensation, Academy of Management Journal, Vol. 41, pp. 146-57.
Core, J.E., Holthausen, R.W. and Larcker, D.F. (1999), Corporate governance, chief executive
officer compensation, and firm performance, Journal of Financial Economics, Vol. 51,
pp. 371-406.
Coyle, B. (2007), Corporate Governance, 5th ed., Institute of Chartered Secretaries and
Administrators, London.
Dahya, J., McConnell, J.J. and Travlos, N.G. (2002), The Cadbury Committee, corporate
performance, and top management turnover, Journal of Finance, Vol. 57 No. 1, pp. 461-83.
Daily, C.M., Johnson, J.L., Ellstrand, A.E. and Dalton, D.R. (1998), Compensation committee
composition as a determinant of CEO compensation, Academy of Management Journal,
Vol. 41, pp. 209-20.
Davidson, R., Goodwin-Stewart, J. and Kent, P. (2005), Internal governance structures and
earnings management, Accounting and Finance, Vol. 45 No. 2, pp. 241-67.
Dewing, I.P. and Russell, P.O. (2008), The individualization of corporate governance: the
approved persons regime for UK financial services firms, Accounting, Auditing,
Accountability Journal, Vol. 21 No. 7, pp. 978-1000.
DeZoort, F.T. and Salterio, S.E. (2001), Effects of corporate governance experience and financial
reporting and auditing knowledge, Auditing: A Journal of Practice & Theory, Vol. 20
No. 2, pp. 31-47.
DeZoort, F.T., Hermanson, D.R., Archambeault, D.S. and Reed, S.A. (2002), Audit committee
effectiveness: a synthesis of the empirical audit committee literature, Journal of
Accounting Literature, Vol. 21, pp. 38-75.
Eisenhardt, K. (1989), Agency theory: an assessment and review, Academy of Management
Review, Vol. 14, pp. 57-74.
Ezzamel, M. and Watson, R. (1997), Wearing two hats: the conflicting control and management
roles of non-executive directors, in Keasey, K., Thompson, S. and Wright, M. (Eds),
Corporate Governance: Economic, Management and Financial Issues, Oxford University
Press, Oxford.
Faccio, M. and Lasfer, M.A. (2000), Do occupational pension funds monitor companies in which
they hold large stakes?, Journal of Corporate Finance, Vol. 6, pp. 71-110.
Fama, E.F. (1980), Agency problems and the theory of the firm, Journal of Political Economy,
Vol. 88, pp. 288-307.

Guest editorial

901

AAAJ
21,7

Downloaded by Universitas Bunda Mulia, Mr Universitas Bunda Mulia At 07:34 13 April 2016 (PT)

902

Fama, E.F. and Jensen, M.C. (1983), Separation of ownership and control, Journal of Law &
Economics, Vol. 27, pp. 301-25.
Ferris, S.P., Jagannathan, M. and Pritchard, A.C. (2003), Too busy to mind the business?
Monitoring by directors with multiple board appointments, Journal of Finance, Vol. 58
No. 3, pp. 1087-112.
Filatotchev, I., Toms, S. and Wright, M. (2006), The firms strategic dynamics and
corporate governance life cycle, International Journal of Managerial Finance, Vol. 2
No. 4, pp. 256-79.
Fitzgerald, P. (2001), Corporate Governance in the Public and Voluntary Sectors, Royal Society for
the Encouragement of Arts, Manufactures and Commerce (RSA), Bristol.
Forker, J.J. (1992), Corporate governance and disclosure quality, Accounting & Business
Research, Vol. 22 No. 86, pp. 111-24.
Francis, J.R., Khurana, I.K. and Pereira, R. (2003), The role of accounting and auditing in
corporate governance and the development of financial markets around the world,
Asia-Pacific Journal of Accounting and Economics, Vol. 10, pp. 1-31.
Freshfields Bruckhaus Deringer (2005), A legal framework for the integration of environmental,
social and governance issues into institutional investment, UNEP Finance Initiative,
produced for the Asset Management Working Group of the UNEP Finance Initiative,
October.
Friedman, A.L. and Miles, S. (2001), Socially responsible investment and corporate social and
environmental reporting in the UK: an exploratory study, British Accounting Review,
Vol. 33, pp. 523-48.
Gendron, Y. and Bedard, J.C. (2006), On the constitution of audit committee effectiveness,
Accounting Organizations and Society, Vol. 31 No. 3, pp. 211-39.
Gendron, Y., Bedard, J. and Gosselin, M. (2004), Getting inside the black box: a field study of
effective audit committees, Auditing: A Journal of Practice & Theory, Vol. 23 No. 1,
pp. 153-71.
Goddard, A. (2004), Budgetary practices and accountability habitus a grounded theory,
Accounting, Auditing & Accountability Journal, Vol. 17 No. 4, pp. 543-77.
Goodwin-Stewart, J. and Kent, P. (2005), The use of internal audit by Australian companies,
Managerial Auditing Journal, Vol. 21 No. 1, pp. 81-101.
Gramling, A.A., Maletta, M.J., Schneider, A. and Church, B.K. (2005), The role of the internal
audit function in corporate governance: a synthesis of the extant internal auditing
literature and directions for future research, Journal of Accounting Literature, Vol. 23,
pp. 194-244.
Gray, R. (1992), Accounting and environmentalism: an exploration of the challenge of gently
accounting for accountability, transparency and sustainability, Accounting,
Organizations and Society, Vol. 17 No. 5, pp. 399-426.
Gray, R., Bebbington, J. and Walters, D. (1993), Accounting for the Environment, Paul Chapman
Publishing, London.
Gray, R., Owen, D. and Adams, C. (1996), Accounting and Accountability, Prentice-Hall, London.
Gray, R., Owen, D. and Maunders, K. (1987), Corporate Social Reporting: Accounting and
Accountability, Prentice-Hall, London.
Greenbury Report (1995), Directors Remuneration, report of a study group chaired by
Sir Richard Greenbury, Gee Professional Publishing, London.

Downloaded by Universitas Bunda Mulia, Mr Universitas Bunda Mulia At 07:34 13 April 2016 (PT)

Gupta, A., Otley, D. and Young, S. (2008), Does superior firm performance lead to higher quality
outside directorships?, Accounting, Auditing, Accountability Journal, Vol. 21 No. 7,
pp. 907-32.
Healy, P.M. and Palepu, K.G. (2001), Information asymmetry, corporate disclosure, and the
capital markets: a review of the empirical disclosure literature, Journal of Accounting and
Economics, Vol. 31, pp. 405-40.
Healy, P.M., Hutton, A. and Palepu, K. (1999), Stock performance and intermediation changes
surrounding sustained increases in disclosure, Contemporary Accounting Research,
Vol. 16, pp. 485-520.
Hermalin, B.E. and Weisbach, M.S. (1991), The effects of board composition and direct
incentives on firm performance, Financial Management, Vol. 20, pp. 101-12.
Hermanson, H.M. (2000), An analysis of the demand for reporting on internal control,
Accounting Horizons, Vol. 14 No. 3, pp. 325-41.
Higgs Report (2003), Review of the Role and Effectiveness of Non-Executive Directors, Department
of Trade and Industry, London.
Hill, C.W. and Jones, T.M. (1992), Stakeholder-agency theory, Journal of Management Studies,
Vol. 29, pp. 134-54.
Holland, J. (1998), Private disclosure and financial reporting, Accounting & Business Research,
Vol. 28 No. 4, pp. 255-69.
Holland, J. and Stoner, G. (1996), Dissemination of price sensitive information and management
of voluntary corporate disclosure, Accounting & Business Research, Vol. 26 No. 4,
pp. 295-313.
Huse, M. (2005), Accountability and creating accountability: a framework for exploring
behavioural perspectives of corporate governance, British Journal of Management,
Vol. 16, pp. S65-S79, supplement.
Jenkins, J.G., Deis, D.R., Bedard, J.C. and Curtis, M.B. (2008), Accounting firm culture and
governance: a research synthesis, Behavioral Research in Accounting, Vol. 20 No. 1,
pp. 45-74.
Jensen, M. and Meckling, W.H. (1976), Theory of the firm: managerial behaviour, agency costs
and ownership structure, Journal of Financial Economics, Vol. 3, pp. 305-60.
Jensen, M. and Murphy, K.J. (1990), Performance pay and top-management incentives,
Journal of Political Economy, Vol. 98, pp. 225-64.
Jensen, M. and Ruback, R.S. (1983), The market for corporate control: the scientific evidence,
Journal of Financial Economics, Vol. 11, pp. 5-50.
Jones, M.J. (2008), Internal control, accountability and corporate governance: medieval
and modern Britain compared, Accounting, Auditing, Accountability Journal, Vol. 21
No. 7, pp. 1052-75.
Kalbers, L.P. and Fogarty, T.J. (1993), Audit committee effectiveness: an empirical investigation
of the contribution of power, Auditing: A Journal of Practice & Theory, Vol. 12 No. 1,
pp. 24-49.
Kalbers, L.P. and Fogarty, T.J. (1998), Organization and economic explanations of audit
committee oversight, Journal of Managerial Issues, Vol. 10 No. 2, pp. 129-50.
Kaplan, S. and Reishus, D. (1990), Outside directorships and corporate performance, Journal of
Financial Economics, Vol. 27, pp. 389-410.
Karpo, J.M., Malatesta, P.H. and Walkling, R.A. (1996), Corporate governance and
shareholder initiatives: empirical evidence, Journal of Financial Economics, Vol. 42,
pp. 365-95.

Guest editorial

903

AAAJ
21,7

Downloaded by Universitas Bunda Mulia, Mr Universitas Bunda Mulia At 07:34 13 April 2016 (PT)

904

(The) King Report (1994), The King Report on Corporate Governance, The Institute of Directors
in South Africa, Johannesburg, 29 November.
(The) King Report (2002), The King Report on Corporate Governance for South Africa,
King Committee on Corporate Governance, Institute of Directors in Southern Africa,
Johannesburg.
Kirkbride, J. and Letza, S. (2005), Can the non-executive director be an effective gatekeeper?
The possible development of a legal framework of accountability, Corporate Governance:
An International Review, Vol. 13 No. 4, pp. 542-9.
Klein, A. (2002a), Economic determinants of audit committee independence, The Accounting
Review, Vol. 77 No. 2, pp. 435-52.
Klein, A. (2002b), Audit committee, board of director characteristics, and earnings
management, Journal of Accounting and Economics, Vol. 33 No. 3, pp. 375-400.
La Porta, R., Lopez-de-Silanes, F. and Shleifer, A. (1999), Corporate ownership around the
world, Journal of Finance, Vol. 54, pp. 471-518.
La Porta, R., Lopez-de-Silanes, F., Shleifer, A. and Vishny, R.W. (1997), Legal determinants of
external finance, Journal of Finance, Vol. 52 No. 3, pp. 1131-50.
La Porta, R., Lopez-de-Silanes, F., Shleifer, A. and Vishny, R.W. (1998), Law and finance,
Journal of Political Economy, Vol. 106, pp. 1113-55.
Linsley, P.M. and Shrives, P.J. (2006), Risk reporting: a study of risk disclosures in the annual
reports of UK companies, British Accounting Review, Vol. 38 No. 4, pp. 387-404.
Main, B.G.M. and Johnston, J. (1993), Remuneration committees and corporate governance,
Accounting & Business Research, Vol. 23, pp. 351-62.
Matthews, D. (2005), London and county securities: a case study in audit and regulatory failure,
Accounting, Auditing & Accountability Journal, Vol. 18 No. 4, pp. 518-36.
Mizruchi, M.S. (2004), Berle and Means revisited: the governance and power of large US
corporations, Theory and Society, Vol. 33 No. 5, pp. 579-617.
Newman, H.A. (2000), The impact of ownership structure on the structure of
compensation committees, Journal of Business Finance & Accounting, Vol. 27 Nos 5/6,
pp. 653-78.
Newman, H.A. and Mozes, H.A. (1999), Does the composition of the compensation
committee influence CEO compensation practices?, Financial Management, Vol. 28
No. 3, pp. 41-53.
OConnell, V. (2007), Reflections on stewardship reporting, Accounting Horizons, Vol. 21 No. 2,
pp. 215-27.
OECD (1999), OECD Principles of Corporate Governance, OECD, Paris.
OECD (2004), OECD Principles of Corporate Governance, OECD, Paris.
Parker, L.D. (2005), Corporate governance crisis downunder: post-Enron accounting education
and research inertia, European Accounting Review, Vol. 14 No. 2, pp. 303-14.
Parker, L.D. (2007a), Financial and external reporting research: the broadening
corporate governance challenge, Accounting & Business Research, Vol. 37 No. 1,
pp. 39-54.
Parker, L.D. (2007b), Professional association boardroom strategising: processual and
institutional perspectives, Journal of Management Studies, Vol. 44 No. 8, pp. 1454-80.
Parker, L.D. (2008), Boardroom operational and financial control: an insiders view, British
Journal of Management, Vol. 19 No. 1, pp. 65-88.

Downloaded by Universitas Bunda Mulia, Mr Universitas Bunda Mulia At 07:34 13 April 2016 (PT)

Parkinson, J.E. (1993), Corporate Power and Responsibility: Issues in the Theory of Company Law,
Oxford University Press, Oxford.
Patel, C. (2003), Some cross-cultural evidence on whistle-blowing as an internal control
mechanism, Journal of International Accounting Research, Vol. 2 No. 1, pp. 69-96.
Raghunandan, K., Read, W.K. and Rama, D.V. (2001), Audit committee composition gray
directors and interaction with internal auditing, Accounting Horizons, Vol. 15 No. 2,
pp. 105-18.
Roberts, J., McNulty, T. and Stiles, P. (2005), Beyond agency conceptions of the work of the
non-executive director: creating accountability in the boardroom, British Journal of
Management, Vol. 16, pp. S5-S26, special issue.
Ruigrok, W., Peck, S., Tacheva, S., Greve, P. and Hu, Y. (2006), The determinants and effects of
board nomination committees, Journal of Management and Governance, Vol. 10 No. 2,
pp. 119-48.
Shleifer, A. and Vishny, R.W. (1997), A survey of corporate governance, Journal of Finance,
Vol. 52 No. 2, pp. 737-83.
Sikka, P. (2008), Corporate governance: what about the workers?, Accounting, Auditing,
Accountability Journal, Vol. 21 No. 7.
Solomon, J.F. (2007), Corporate Governance and Accountability, 2nd ed., Wiley, New York, NY.
Solomon, J.F. and Solomon, A. (2006), Private social, ethical and environmental disclosure,
Accounting, Auditing & Accountability Journal, Vol. 19 No. 4, pp. 564-91.
Solomon, J.F., Solomon, A., Norton, S.D. and Joseph, N.L. (2000), A conceptual framework for
corporate risk disclosure emerging from the agenda for corporate governance reform,
British Accounting Review, Vol. 32 No. 4, pp. 447-78.
Spira, L. and Page, M. (2003), Risk management. The reinvention of internal control and the
changing role of internal audit, Accounting Auditing Accountability Journal, Vol. 16 No. 4,
pp. 640-61.
Stein, M.J. (2008), Beyond the boardroom: governmental perspectives on corporate governance,
Accounting, Auditing, Accountability Journal, Vol. 21 No. 7.
Toms, S. and Filatotchev, I. (2004), Corporate governance, business strategy, and the dynamics
of networks: a theoretical model and application to the British cotton industry, 1830-1980,
Organization Studies, Vol. 25 No. 4, pp. 629-51.
Tosi, H.L., Werner, S., Katz, J.P. and Gomez-Mejia, L.R. (2000), How much does performance
matter? A meta-analysis of CEO pay studies, Journal of Management, Vol. 26 No. 2,
pp. 301-39.
(The) Treadway Commission (1987), The Treadway Commission, Report of the National
Commission on Fraudulent Financial Reporting, New York, NY.
Turley, S. and Zaman, M. (2007), Audit committee effectivness: informal processes
and behavioural effects, Accounting Auditing Accountability Journal, Vol. 20 No. 5,
pp. 765-88.
Turnbull Report (1999), Internal Control. Guidance for Directors on the Combined Code, Institute
of Chartered Accountants in England and Wales, London.
Turnbull Report (2005), Internal Control. Revised Guidance for Directors, Financial Reporting
Council, London.
(The) Tyson Report (2003), The Tyson Report on the Recruitment and Development of
Non-Executive Directors, London Business School, London.

Guest editorial

905

AAAJ
21,7

Downloaded by Universitas Bunda Mulia, Mr Universitas Bunda Mulia At 07:34 13 April 2016 (PT)

906

Uddin, S. and Choudhury, J.A. (2008), Rationality, traditionalism and the state of corporate
governance mechanisms: illustrations from a less developed country, Accounting,
Auditing, Accountability Journal, Vol. 21 No. 7, pp. 1026-51.
Unerman, J., Bebbington, J. and ODwyer, B. (2007), Sustainability, Accounting and
Accountability, Routledge, London.
Vermeer, T.K., Raghunandan, K. and Forgione, D.A. (2006), The composition of nonprofit audit
committees, Accounting Horizons, Vol. 20 No. 1, pp. 75-90.
Wheeler, D. and Sillanpaa, M. (1997), The Stakeholder Corporation, Pitman, London.
Williamson, O.E. (1985), The Economic Institutions of Capitalism, The Free Press,
New York, NY.
Williamson, O.E. (1996), The Mechanisms of Governance, Oxford University Press,
New York, NY.
Corresponding author
Niamh M. Brennan can be contacted at: niamh.brennan@ucd.ie

To purchase reprints of this article please e-mail: reprints@emeraldinsight.com


Or visit our web site for further details: www.emeraldinsight.com/reprints

Downloaded by Universitas Bunda Mulia, Mr Universitas Bunda Mulia At 07:34 13 April 2016 (PT)

This article has been cited by:


1. Stephen Korutaro Nkundabanyanga Makerere University Kampala Uganda HassanMohamed Selim
Ahmed United Arab Emirates University AlAin United Arab Emirates HassanMohamed Selim Ahmed
United Arab Emirates University AlAin United Arab Emirates . 2016. Board governance, intellectual
capital and firm performance: importance of multiplicative effects. Journal of Economic and Administrative
Sciences 32:1. . [Abstract] [PDF]
2. Wayne van Zijl, Warren Maroun. 2016. Discipline and punish: Exploring the application of IFRS 10 and
IFRS 12. Critical Perspectives on Accounting . [CrossRef]
3. Cameron Sabadoz Department of Political Science, University of Toronto, Toronto, Canada Lindsay
McShane Sprott School of Business, Carleton University, Ottawa, Canada . 2016. Organizational
accountability relations: de facto or de jure?. Social Responsibility Journal 12:1, 32-53. [Abstract] [Full
Text] [PDF]
4. Niamh M. Brennan Lochlann Quinn School of Business, University College Dublin, Ireland Collette E.
Kirwan Lochlann Quinn School of Business, University College Dublin, Dublin, Ireland John Redmond
Electricity Supply Board, Dublin, Ireland . 2016. Accountability processes in boardrooms. Accounting,
Auditing & Accountability Journal 29:1, 135-164. [Abstract] [Full Text] [PDF]
5. Eleni N. Giannakopoulou, Eleftherios I. Thalassinos, Theodoros V. Stamatopoulos. 2016. Corporate
governance in shipping: an overview. Maritime Policy & Management 43, 19-38. [CrossRef]
6. Venancio Tauringana, Lyton Chithambo. 2015. The effect of DEFRA guidance on greenhouse gas
disclosure. The British Accounting Review 47, 425-444. [CrossRef]
7. Warren Maroun University of the Witwatersrand, Johannesburg, South Africa . 2015. Culture,
profitability, non-financial reporting and a meta-analysis. Meditari Accountancy Research 23:3, 322-330.
[Abstract] [Full Text] [PDF]
8. Laura Sierra-Garca, Ana Zorio-Grima, Mara A. Garca-Benau. 2015. Stakeholder Engagement,
Corporate Social Responsibility and Integrated Reporting: An Exploratory Study. Corporate Social
Responsibility and Environmental Management 22:10.1002/csr.v22.5, 286-304. [CrossRef]
9. Jill Atkins Henley Business School, University of Reading, Henley on Thames, UK Warren Maroun
School of Accountancy, University of the Witwatersrand, Johannesburg, South Africa . 2015. Integrated
reporting in South Africa in 2012. Meditari Accountancy Research 23:2, 197-221. [Abstract] [Full Text]
[PDF]
10. Warren Maroun, Wayne van Zijl. 2015. Isomorphism and resistance in implementing IFRS 10 and IFRS
12. The British Accounting Review . [CrossRef]
11. Eksa Kilfoyle Odette School of Business, University of Windsor, Windsor, Canada Alan J. Richardson
Odette School of Business, University of Windsor, Windsor, Canada . 2015. Governance and control in
networks: a case study of the Universal Postal Union. Accounting, Auditing & Accountability Journal 28:4,
551-580. [Abstract] [Full Text] [PDF]
12. Dr Giuseppe Grossi, Dr Ulf Papenfu and Dr Marie-Soleil Tremblay Giuseppe Grossi School of
Health and Society, Kristianstad University, Kristianstad, Sweden Ulf Papenfu Economics Department,
University of Leipzig, Leipzig, Germany Marie-Soleil Tremblay cole Nationale d'administration
publique, Quebec, canada . 2015. Corporate governance and accountability of state-owned enterprises.
International Journal of Public Sector Management 28:4/5, 274-285. [Abstract] [Full Text] [PDF]
13. Ranjith Appuhami Department of Accounting and Corporate Governance, Macquarie University,
Sydney, Australia Mohammed Bhuyan Department of Accounting and Corporate Governance, Macquarie

Downloaded by Universitas Bunda Mulia, Mr Universitas Bunda Mulia At 07:34 13 April 2016 (PT)

University, Sydney, Australia . 2015. Examining the influence of corporate governance on intellectual
capital efficiency. Managerial Auditing Journal 30:4/5, 347-372. [Abstract] [Full Text] [PDF]
14. Joe Christopher, Philomena Leung. 2015. Tensions Arising from Imposing NPM in Australian
Public Universities: A Management Perspective. Financial Accountability & Management 31:10.1111/
faam.2015.31.issue-2, 171-191. [CrossRef]
15. Kathyayini Rao, Carol Tilt. 2015. Board Composition and Corporate Social Responsibility: The Role of
Diversity, Gender, Strategy and Decision Making. Journal of Business Ethics . [CrossRef]
16. Warren Maroun. 2015. Reportable irregularities and audit quality: Insights from South Africa. Accounting
Forum 39, 19-33. [CrossRef]
17. Luu Trong Tuan School of Government, University of Economics (UEH), Ho Chi Minh City, Vietnam
AND School of Management (SOM), Asian Institute of Technology (AIT), Pathumthani, Thailand .
2015. From corporate social responsibility, through entrepreneurial orientation, to knowledge sharing.
The Learning Organization 22:2, 74-92. [Abstract] [Full Text] [PDF]
18. Zinatul Iffah Binti Abdullah, Mahmoud Khalid Almsafir, Ayman Abdal-Majeed Al-Smadi. 2015.
Transparency and Reliability in Financial Statement: Do They Exist? Evidence from Malaysia. Open
Journal of Accounting 04, 29-43. [CrossRef]
19. Dessalegn Getie Mihret. 2014. How can we explain internal auditing? The inadequacy of agency theory
and a labor process alternative. Critical Perspectives on Accounting 25, 771-782. [CrossRef]
20. Gary F. Peters, Andrea M. Romi. 2014. Does the Voluntary Adoption of Corporate Governance
Mechanisms Improve Environmental Risk Disclosures? Evidence from Greenhouse Gas Emission
Accounting. Journal of Business Ethics 125, 637-666. [CrossRef]
21. P.W. Senarath Yapa. 2014. In whose interest? An examination of public sector governance in Brunei
Darussalam. Critical Perspectives on Accounting 25, 803-818. [CrossRef]
22. Philmore Alleyne Department of Management Studies, University of the West Indies, Bridgetown,
Barbados Diana Weekes-Marshall Department of Management Studies, University of the West Indies,
Bridgetown, Barbados Tracey Broome Department of Management Studies, University of the West Indies,
Bridgetown, Barbados . 2014. Accountants perceptions of corporate governance in public limited liability
companies in an emerging economy. Meditari Accountancy Research 22:2, 186-210. [Abstract] [Full Text]
[PDF]
23. Warren Maroun, David Coldwell, Milton Segal. 2014. SOX and the Transition from Apartheid to
Democracy: South African Auditing Developments through the Lens of Modernity Theory. International
Journal of Auditing 18:10.1111/ijau.2014.18.issue-3, 206-212. [CrossRef]
24. Warren Maroun, Jill Atkins. 2014. Section 45 of the Auditing Profession Act: Blowing the whistle for
audit quality?. The British Accounting Review 46, 248-263. [CrossRef]
25. Peni Nugraheni Accounting Department, Universitas Muhammadiyah Yogyakarta (UMY), Yogyakarta,
Indonesia Hairul Azlan Anuar Department of Accounting, Kulliyyah of Economics and Management
Sciences, International Islamic University Malaysia (IIUM), Kuala Lumpur, Malaysia . 2014. Implications
of Shariah on the voluntary disclosure of Indonesian listed companies. Journal of Financial Reporting and
Accounting 12:1, 76-98. [Abstract] [Full Text] [PDF]
26. Mohamed M. Shamil School of Business, Curtin University, Miri, Malaysia Junaid M. Shaikh School of
Business, Curtin University, Miri, Malaysia Poh-Ling Ho School of Business, Curtin University, Miri,
Malaysia Anbalagan Krishnan School of Business, Curtin University, Miri, Malaysia . 2014. The influence

Downloaded by Universitas Bunda Mulia, Mr Universitas Bunda Mulia At 07:34 13 April 2016 (PT)

of board characteristics on sustainability reporting. Asian Review of Accounting 22:2, 78-97. [Abstract]
[Full Text] [PDF]
27. Renfred Wong Accounting, Finance and Economics, Oxford Brookes University, Oxford, UK Andrew
Millington School of Management, University of Bath, Bath, UK . 2014. Corporate social disclosures:
a user perspective on assurance. Accounting, Auditing & Accountability Journal 27:5, 863-887. [Abstract]
[Full Text] [PDF]
28. Warren Maroun School of Accountancy, University of the Witwatersrand, Johannesburg, South Africa
Jill Atkins Henley Business School, University of Reading, Henley-on-Thames, UK . 2014. Whistleblowing by external auditors in South Africa. Accounting, Auditing & Accountability Journal 27:5, 834-862.
[Abstract] [Full Text] [PDF]
29. Warren Maroun, Jill Solomon. 2014. Whistle-blowing by external auditors: Seeking legitimacy for the
South African Audit Profession?. Accounting Forum 38, 109-121. [CrossRef]
30. Barbara Marie LHuillier Coordinator of the College of Business Female Campus, Associate Chair for
the Department of Finance and Accounting, Prince Mohammad Bin Fahd University, Al-Khobar, The
Kingdom of Saudi Arabia . 2014. What does corporate governance actually mean?. Corporate Governance:
The international journal of business in society 14:3, 300-319. [Abstract] [Full Text] [PDF]
31. Ville-Pekka Sorsa, Jan-Erik Johanson. 2014. Institutional work and accountability in publicprivate
partnerships. International Review of Public Administration 19, 193-205. [CrossRef]
32. Lzaro Rodrguez-Ariza, Jos V. Fras Aceituno, Raquel Garca Rubio. 2014. El consejo de administracin
y las memorias de sostenibilidad. Revista de Contabilidad 17, 5-16. [CrossRef]
33. Jean Claude Mutiganda. 2013. Budgetary governance and accountability in public sector organisations:
An institutional and critical realism approach. Critical Perspectives on Accounting 24, 518-531. [CrossRef]
34. Eija Vinnari, Salme Nsi. 2013. Financial and technical competence of municipal board members:
Empirical evidence from the water sector. Critical Perspectives on Accounting 24, 488-501. [CrossRef]
35. Andrew P. Williams, Jennifer A. Taylor. 2013. Resolving Accountability Ambiguity in Nonprofit
Organizations. VOLUNTAS: International Journal of Voluntary and Nonprofit Organizations 24, 559-580.
[CrossRef]
36. Elisabetta Barone, Nathan Ranamagar, Jill F. Solomon. 2013. A Habermasian model of stakeholder
(non)engagement and corporate (ir)responsibility reporting. Accounting Forum 37, 163-181. [CrossRef]
37. Nava Subramaniam School of Accounting Economics and Finance, Deakin University, Melbourne,
Australia Jenny Stewart Griffith University, Brisbane, Australia Chew Ng Griffith University, Brisbane,
Australia Art Shulman Griffith University, Brisbane, Australia . 2013. Understanding corporate governance
in the Australian public sector. Accounting, Auditing & Accountability Journal 26:6, 946-977. [Abstract]
[Full Text] [PDF]
38. Jos V. Frias-Aceituno, Lazaro Rodriguez-Ariza, I.M Garcia-Sanchez. 2013. The Role of the Board
in the Dissemination of Integrated Corporate Social Reporting. Corporate Social Responsibility and
Environmental Management 20:10.1002/csr.v20.4, 219-233. [CrossRef]
39. D.A. Leite, H.C. Melo, S. Nunes, P. Morilha. 2013. Pesquisa em Governana Corporativa no Brasil:
Anlise Terica e Agenda de Pesquisa Luz da Dimenso Holstica da Governana Corporativa de 1998
a 2010. Revista Tecer 6:10.15601/1983-7631/rt.v6n10, 62-79. [CrossRef]
40. Stephen K. NkundabanyangaMakerere University Business School, Kampala, Uganda Augustine
AhiauzuRivers State University of Science and Technology, Port Harcourt, Nigeria Samuel K.
SejjaakaMakerere University Business School, Kampala, Uganda Joseph M. NtayiMakerere University

Downloaded by Universitas Bunda Mulia, Mr Universitas Bunda Mulia At 07:34 13 April 2016 (PT)

Business School, Kampala, Uganda. 2013. A model for effective board governance in Uganda's services
sector firms. Journal of Accounting in Emerging Economies 3:2, 125-144. [Abstract] [Full Text] [PDF]
41. Michael Jones and Jill SolomonBristol University and Henley Business SchoolMark C. FreemanSchool
of Business and Economics, Loughborough University, Loughborough, UK Ben GroomDepartment of
Geography and Environment, London School of Economics, London, UK. 2013. Biodiversity valuation
and the discount rate problem. Accounting, Auditing & Accountability Journal 26:5, 715-745. [Abstract]
[Full Text] [PDF]
42. Sivakumar VelayuthamSchool of Accountancy, Massey University, Palmerston North, New Zealand. 2013.
Governance without boards: the Quakers. Corporate Governance: The international journal of business in
society 13:3, 223-235. [Abstract] [Full Text] [PDF]
43. Grant Richardson, Grantley Taylor, Roman Lanis. 2013. The impact of board of director oversight
characteristics on corporate tax aggressiveness: An empirical analysis. Journal of Accounting and Public
Policy 32, 68-88. [CrossRef]
44. Michelle Rodrigue, Michel Magnan, Charles H. Cho. 2013. Is Environmental Governance Substantive or
Symbolic? An Empirical Investigation. Journal of Business Ethics 114, 107-129. [CrossRef]
45. Terhi ChakhovichSchool of Economics, University of Turku, Turku, Finland and Aalto University,
Espoo, Finland. 2012. Perceptions of share price: longterm or shortterm oriented?. Accounting, Auditing
& Accountability Journal 26:1, 133-155. [Abstract] [Full Text] [PDF]
46. Joe Christopher. 2012. Governance Paradigms of Public Universities: An international comparative study.
Tertiary Education and Management 18, 335-351. [CrossRef]
47. Joe Christopher. 2012. Tension between the corporate and collegial cultures of Australian public
universities: The current status. Critical Perspectives on Accounting 23, 556-571. [CrossRef]
48. Teerooven SoobaroyenCentre for Research in Accounting, Accountability and Governance, University of
Southampton, Southampton, UK Jyoti Devi MahadeoDepartment of Management, Faculty of Law and
Management, Reduit, Mauritius. 2012. Do corporate governance codes improve board accountability?.
Qualitative Research in Accounting & Management 9:4, 337-362. [Abstract] [Full Text] [PDF]
49. Marie-Soleil Tremblay. 2012. Illusions of Control? The Extension of New Public Management
Through Corporate Governance Regulation. Financial Accountability & Management 28:10.1111/
faam.2012.28.issue-4, 395-416. [CrossRef]
50. Florian Hoos, Grgoire Bollmann. 2012. Is accountability a double-edged sword? Experimental evidence
on the effectiveness of internal controls to prevent fraud. Journal of Management Control 23, 115-132.
[CrossRef]
51. Aila Virtanen. 2012. Women on the boards of listed companies: Evidence from Finland. Journal of
Management & Governance 16, 571-593. [CrossRef]
52. Juliana Jetty, Vivien Beattie. 2012. The determinants of audit committees: evidence from the charity
sector. Public Money & Management 32, 371-378. [CrossRef]
53. Vivien Beattie, Stella Fearnley, Tony Hines. 2012. Do UK audit committees really engage with auditors
on audit planning and performance?. Accounting and Business Research 42, 349-375. [CrossRef]
54. Giovanna Michelon, Antonio Parbonetti. 2012. The effect of corporate governance on sustainability
disclosure. Journal of Management & Governance 16, 477-509. [CrossRef]
55. Cory Searcy. 2012. Corporate Sustainability Performance Measurement Systems: A Review and Research
Agenda. Journal of Business Ethics 107, 239-253. [CrossRef]

Downloaded by Universitas Bunda Mulia, Mr Universitas Bunda Mulia At 07:34 13 April 2016 (PT)

56. Jean Shaoul, Anne Stafford, Pamela Stapleton. 2012. Accountability and corporate governance of public
private partnerships. Critical Perspectives on Accounting 23, 213-229. [CrossRef]
57. Garry D. CarnegieRoger L. BurrittCentre for Accounting, Governance and Sustainability, University of
South Australia, Adelaide, Australia. 2012. Environmental performance accountability: planet, people,
profits. Accounting, Auditing & Accountability Journal 25:2, 370-405. [Abstract] [Full Text] [PDF]
58. George Joseph. 2012. Ambiguous but tethered: An accounting basis for sustainability reporting. Critical
Perspectives on Accounting 23, 93-106. [CrossRef]
59. Jyoti D. Mahadeo, Teerooven Soobaroyen Corporate Governance Implementation in an African Emerging
Economy: The Case of State-Owned Entities 227-254. [Abstract] [Full Text] [PDF] [PDF]
60. James GuthrieMacquarie University, Sydney, Australia and Bologna University, Italy Lee D. ParkerSchool
of Commerce, The University of South Australia, Adelaide, Australia, and University of St Andrews,
St Andrews, UK. 2011. Reflections and projections. Accounting, Auditing & Accountability Journal 25:1,
6-26. [Abstract] [Full Text] [PDF]
61. Ben MarxDepartment of Accountancy, University of Johannesburg, Johannesburg, South Africa Vanessa
van DykDepartment of Accountancy, University of Johannesburg, Johannesburg, South Africa. 2011.
Sustainability reporting and assurance. Meditari Accountancy Research 19:1/2, 39-55. [Abstract] [Full
Text] [PDF]
62. Jyoti Devi Mahadeo, Vanisha Oogarah-Hanuman, Teerooven Soobaroyen. 2011. Changes in social and
environmental reporting practices in an emerging economy (20042007): Exploring the relevance of
stakeholder and legitimacy theories. Accounting Forum 35, 158-175. [CrossRef]
63. Christine A. Mallin, Giovanna Michelon. 2011. Board reputation attributes and corporate social
performance: an empirical investigation of the US Best Corporate Citizens. Accounting and Business
Research 41, 119-144. [CrossRef]
64. Folake OlowokudejoDepartment of Insurance and Actuarial Science, University of Lagos, Lagos, Nigeria
S.A. AdulojuDepartment of Insurance and Actuarial Science, University of Lagos, Lagos, Nigeria S.A.
OkeDepartment of Mechanical Engineering, University of Lagos, Lagos, Nigeria. 2011. Corporate social
responsibility and organizational effectiveness of insurance companies in Nigeria. The Journal of Risk
Finance 12:3, 156-167. [Abstract] [Full Text] [PDF]
65. Joe Christopher. 2010. Corporate governanceA multi-theoretical approach to recognizing the wider
influencing forces impacting on organizations. Critical Perspectives on Accounting 21, 683-695. [CrossRef]
66. Vincent OConnell, Nicole Cramer. 2010. The relationship between firm performance and board
characteristics in Ireland. European Management Journal 28, 387-399. [CrossRef]
67. Roger L. Burritt and Stefan SchalteggerRichard MacveLondon School of Economics, London, UK Xiaoli
ChenTesco Group, Taishan City, People's Republic of China. 2010. The equator principles: a success
for voluntary codes?. Accounting, Auditing & Accountability Journal 23:7, 890-919. [Abstract] [Full Text]
[PDF]
68. Claus Holm, Finn Schler. 2010. Reduction of Asymmetric Information Through Corporate Governance
Mechanisms - The Importance of Ownership Dispersion and Exposure toward the International
Capital Market. Corporate Governance: An International Review 18:10.1111/corg.2010.18.issue-1, 32-47.
[CrossRef]
69. Ken Mcphail. 2010. Board diversity, the logic of difference & the logic of equivalence: a critical study of
the emergence of corporate democracy. Revista de Contabilidad 13, 125-143. [CrossRef]
70. Whistle Blowing 152-161. [CrossRef]

Downloaded by Universitas Bunda Mulia, Mr Universitas Bunda Mulia At 07:34 13 April 2016 (PT)

71. Artie W. Ng, Florence HoDynamics of Knowledge Renewal for Professional Accountancy Under
Globalization 2223-2238. [CrossRef]
72. Artie W. Ng, Florence HoDynamics of Knowledge Renewal for Professional Accountancy Under
Globalization 264-278. [CrossRef]