Articles

Tax Risk Management: A Systematic Literature Review and Future Research Agenda

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The recent financial scandals (Enron, WorldCom…) have contributed to placing corporate governance at the heart of the productive organization and to presenting it as the new reality of management. Today, these initiatives are gaining ground in several countries. In this context, researchers emphasize the importance of and the need to develop an increased awareness of enterprise risk management and internal control. Although it is now identified as an integral part of corporate governance, tax risk management has received less attention than risk management in general, and research in this area is still very limited. The aim of this article is two-fold. First, it attempts to analyze the current state of the literature on tax risk management, and second, to propose some avenues for future research in this area. Using a systematic review process, we collected 57 articles published in highly regarded journals listed in the Web Of Science and Google Scholar databases. The review highlights that the results of this literature can be presented in two sections: (I) A discussion of current studies on TRM, including the conceptualization of tax risk, the determinants of the TRM implementation, its tools and mechanisms, and the adoption effects of its process; and (II) recommendations for future research programs. This article makes significant contributions to the academic literature, which can be used by researchers to explore gaps in TRM research. Not only that, practitioners can also draw on the findings presented to gain insight into the importance of a TRM process within their organizations.

Socially Responsible Consumption: Myths And Realities in the Context of Agri-Food Companies

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The objective of this article was to analyze the factors explaining socially responsible consumption within agri-food companies in Cameroon. We achieved this by conducting a quantitative study using a questionnaire as a data collection tool. The questionnaire was administered to 50 respondents, whose responses were coded using SPSS software, and the determinants of SRC were highlighted using SmartPLS software. The main finding is that all the factors studied have a positive impact on the implementation of SRC in agri-food companies in Cameroon, but with very different degrees of influence; they must therefore be ranked in order of importance. However, governance and certification criteria are more important than the others.

Transparency as an Instrument for Fraud Prevention in the Digital Business Ecosystem

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Digital transformation has reshaped the global business landscape, increasing efficiency while also giving rise to new risks in the form of digital fraud. This research aims to analyze the role of transparency as a strategic instrument in preventing fraud in the Indonesian digital business ecosystem. Using a qualitative multiple case study approach, data was collected through interviews, observations, and analysis of policy documents from technology-based companies. The results show that transparency significantly contributes to increased accountability and the effectiveness of internal controls. The implementation of digital audit systems, real-time monitoring, and blockchain technology has proven to reduce information asymmetry and the opportunities for fraud. However, its effectiveness is still influenced by institutional factors, digital ethics, and collaboration among regulators. Therefore, further research is recommended to develop a quantitative model that measures the impact of transparency on reducing fraud risk longitudinally across various digital business sectors in Indonesia.

Comparative Corporate Responses to Climate Risk: ESG Integration in New Zealand Businesses

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This study investigates the integration of Environmental, Social, and Governance (ESG) principles into corporate strategy amo ng New Zealand businesses, focusing on their responses to climate-related risks. Despite the global proliferation of ESG research, evidence from small, open economies like New Zealand remains limited, particularly in the context of recent regulatory mandates such as the 2023 mandatory climate-related financial disclosures introduced by the Financial Markets Authority (FMA). Using a mixed-methods approach, the study combines quantitative analysis of ESG scores, disclosure indicators, and financial performance metrics for NZX-listed firms between 2018 and 2025 with qualitative multiple case studies across the energy, agriculture, and finance sectors. Results reveal a positive relationship between ESG integration and financial outcomes, including return on assets, market valuation, and operational resilience. Sectoral analyses indicate that technology and finance firms exhibit the highest ESG maturity, while agriculture and energy sectors demonstrate moderate adoption, often constrained by resource limitations and compliance-driven approaches. Qualitative findings highlight the critical role of governance mechanisms, stakeholder engagement, and strategic alignment in converting ESG adoption into meaningful organizational benefits. The study identifies regulatory frameworks, dynamic capabilities, and internal governance as key enablers of effective ESG integration, while emphasizing that early adoption provides a competitive advantage in managing climate risks. Limitations include reliance on secondary ESG data and a focus on publicly listed firms, suggesting the need for future research encompassing SMEs and longitudinal analyses. Overall, the study contributes to the understanding of ESG integration in small, open economies and offers practical insights for policymakers and corporate managers seeking to enhance resilience and sustainable value creation in the face of climate change.

A Global Examination of Audit Quality and its Contribution to Transparent Financial Reporting

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In the context of corporate governance, this article offers a worldwide analysis of the connection between audit quality and financial reporting transparency.  The study synthesizes results from professional literature, regulatory frameworks, and scholarly research using document analysis and grounded theory to determine the factors that influence audit quality.  Alongside legislative actions and corporate governance procedures, important factors such audit firm size, auditor tenure, industry specialization, and audit fees are assessed.  According to the analysis, audit quality strengthens the independence, skill, and moral behaviour of auditors, which greatly increases the credibility and dependability of financial disclosures.  Simultaneously, it has been demonstrated that robust governance procedures, efficient regulatory supervision, and developing institutional and technology frameworks are necessary for financial reporting transparency.  The results demonstrate how audit quality and transparency are interdependent and how they work together to promote investor trust, accountability, and long-term market expansion.  By providing insights into how worldwide differences in audit procedures and governance contexts impact financial reporting transparency, the study advances both professional practice and scholarly discourse.

Corporate Governance Framed by Local Culture: Ownership’s Power, Less-Independency Monitoring of Commissioners Board and Audit Committee

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This study aims to discuss the involvement of local cultural factors in corporate governance. The involvement of local cultural factors results in two phenomena: (1) controlling the power of owners and (2) reduced independence of the board of commissioners and audit committee in monitoring CEO and board performance. Design/methodology/approach – This qualitative study employs in-depth interviews and focus group discussions with respondents from five private and state-owned enterprises. Interviews and discussions were conducted with CEOs, commissioners, audit committee members, and owners. Findings – The study reveals (1) owners exert significant controlling power over CEOs and boards, influencing strategic decisions and distorting professional performance. (2) Non-interventionist owners utilize the board of commissioners and audit committee for indirect control, reducing independence. (3) Controlling power of ownership is more dominant in private enterprises than state-owned enterprises, reflecting Indonesia’s local culture, where CEOs and boards are perceived as “staff” accountable to owners. (4) Lack of independence among commissioners and audit committees is more prevalent in private enterprises due to cultural influences.

The Influence of Good Corporate Governance on Firm Value before and during COVID-19 in Indonesia

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This study investigates the impact of independent commissioners, audit committees, institutional ownership, and managerial ownership on the firm value of Indonesian manufacturing companies, both before and during the COVID-19 pandemic. Employing a quantitative research design and associative research approach, our findings reveal a positive relationship between independent commissioners and firm value, supporting existing literature on the role of independent commissioners in enhancing corporate governance. Conversely, the analysis indicates a negative influence of audit committees on firm value, emphasizing the need for a balanced approach to their formation to avoid undue restrictions on managerial autonomy. The examination of institutional and managerial ownership’s effects on firm value yields inconclusive results, suggesting the need for further exploration. Additionally, our study evaluates the impact of the COVID-19 pandemic on firm value using a dummy variable and a t-test, revealing no significant change in values during the pandemic. The focus on the Indonesian manufacturing sector provides valuable context, suggesting potential sector-specific resilience to pandemic challenges. Overall, this research contributes nuanced insights into corporate governance dynamics and their resilience in the face of unprecedented global events.

Investment Strategy, Manager Characteristics, and Corporate Governance Effects on Mutual Fund Performance: A Study of PT Asuransi Jiwasraya (Persero) During Period of 2013-2018

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This study aims to examine the relationships between investment strategies, investment manager characteristics, and corporate governance on the investment performance of PT Asuransi Jiwasraya (Persero)’s mutual funds investment from 2013 to 2018. The year 2013 marked the introduction of a new bancassurance product, which necessitated PT AJS to generate higher returns on investment in a short-term period. The sudden change in management in 2018 brought the mismanagement case to public attention. The analysis utilized a cross-sectional multilinear regression approach, allowing for the examination of multiple independent variables and their relationship with the dependent variable. Data for the study is collected from various sources, including annual reports, financial reports, prospectuses, and court documents. The relationships are assessed using seven regression models, with measures such as mean return, standard deviation, beta, Sharpe ratio, Treynor ratio, Jensen’s Alpha, and state loss as the dependent variables. The regression models are estimated using SPSS software, and assumptions of linearity, independence of errors, homoscedasticity, and absence of multicollinearity are checked to ensure the validity of the analysis. Hypothesis testing is conducted to determine the statistical significance of the relationships, and measures such as R-squared, adjusted R-squared, and F-statistic are used to assess the overall goodness-of-fit of the models. The findings indicate that the models for mean return, Treynor ratio, Jensen’s Alpha, and state loss are statistically significant, demonstrating a strong correlation and high explanatory power. The results suggest that value investing and smaller market capitalization of constituent stocks have a positive association with investment performance. Additionally, reducing the presence of dividend-paying and suspect stocks is beneficial for investment performance. Factors such as management fees, education background, and years of experience show significant positive relationships, while investment horizon, asset size, and past performance have significant negative relationships with investment performance. The age of the investment manager does not exhibit a significant relationship. Furthermore, corporate governance demonstrates a negative relationship with investment performance. These findings provide valuable insights for improving investment performance and offer important lessons to prevent similar cases of mismanagement of investment funds in the future.

Effect of Corporate Governance on Performance of SACCOs in Rubanda District South Western Uganda

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The goal of this study was to evaluate the effect of corporate governance on the performance of SACCOs, in Rukiga District. SACCO governance was a predictor variable and performance of SACCOs was the study’s outcome variables. A cross-sectional survey was the precursor to the study. Quantitative and qualitative analysis were combined with the collection and analysis of data from 109 respondents. Descriptive, bivariate, and multivariate analyses were used in the analysis, which was done on three different levels. Frequency tables were employed to portray the data as descriptive analysis required presentation of a single variable and its characteristics. A Pearson correlation matrix was used to determine the correlations between the predictor factors and the dependent variable at the bivariate level. The modified predictor variables for corporate governance were regressed against the dependent variable at the multivariate level (performance of SACCOs). To fit the data, a linear regression model was employed. Corporate governance (coef. = 0. 532) has a positive influence on the performance of SACCO in Rukiga District, according to research results from the regression model. The key finding of this study is that corporate governance significantly affects SACCOS performance. The study therefore suggests that in order to ensure the sustainability of SACCO performance in Rubanda District, greater emphasis should be placed on implementing corporate governance.

The Effects of Corporate Governance, Intellectual Capital and Company Size on Financial Performance in Manufacturing Companies Lister on the Indonesia Stock Exchange for the Period of 2017-2021 in the Consumer Goods Industry Sector

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This study aims to determine the relationship between corporate governance, intellectual capital, and company size with the financial performance of manufacturing companies in the consumer goods industry sector listed on the Indonesia Stock Exchange (IDX) in 2017–2021. The objective of this study, which falls under the genre of causal investigation, is to undertake research to identify the cause of one or more issues. This research sample approach employed purposeful sampling, which led to the collection of 70 firms. The analysis method used in this study is panel data regression with the E views program. The study’s findings suggest that the board of commissioners has a mixed impact on financial success. Financial performance is partially unaffected by the audit committee. Financial performance is partially influenced favorably by intellectual capital and firm size.