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Corporate Governance in Global Shocks and Risk Management
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Corporate Governance in Global Shocks and Risk Management

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

Deadline for manuscript submissions: closed (20 September 2022) | Viewed by 13765

Special Issue Editor

Prof. Dr. Omar Al Farooque

E-Mail Website
Guest Editor
UNE Busines School, University of New England, Armidale, NSW 2351, Australia
Interests: corporate governance; disclosure quality; institutional quality; finance; banking
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

The recurring nature of global financial and health crises has made greater challenges for corporate risk management resulting from corruption and agency issues. Despite improvements in good governance, transparency, and accountability through regulations, reforms, disclosure, market mechanisms, etc. in the last few decades or so, sound financial and risk management remain at stake to maintain sustainable business operations due to global shocks and associated corruption and agency problems. This Special Issue focuses on the broad topic of “Corporate Governance in Global Shocks and Risk Management” and includes rigorous research on governance risk associated with global crises, pandemic, and agency and corruption risks. Both theoretical and empirical articles bringing together contemporary governance issues relating to financial and health crises, corruption or agency-linked risk management and disclosure in stock exchange listed public companies are welcome. Manuscripts featuring original research that complements our understanding of new ideas, innovation, and challenges to mitigate governance risk in today’s complex world as well as contribution through rich data analysis are encouraged.

Prof. Dr. Omar Al Farooque
Guest Editor

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

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

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • Corporate governance
  • Global shocks
  • Agency and corruption risk
  • Risk management
  • Listed public companies

Published Papers (5 papers)

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Research

17 pages, 1240 KiB  
Article
Cross-Border Acquisitions and Shareholders’ Wealth: The Case of the Indian Pharmaceutical Sector
by Abdul Wajid, Anjim Sabiha, Shakeb Akhtar, Mosab I. Tabash and Linda Nalini Daniel
J. Risk Financial Manag. 2022, 15(10), 437; https://doi.org/10.3390/jrfm15100437 - 27 Sep 2022
Cited by 2 | Viewed by 2511
Abstract
Cross-border acquisitions by Indian companies have increased tremendously, especially during the last two decades, and the pharmaceutical industry is one of the top acquiring industries. This study verifies the relationship between cross-border acquisitions and shareholders’ wealth in the Indian pharmaceutical sector. For this [...] Read more.
Cross-border acquisitions by Indian companies have increased tremendously, especially during the last two decades, and the pharmaceutical industry is one of the top acquiring industries. This study verifies the relationship between cross-border acquisitions and shareholders’ wealth in the Indian pharmaceutical sector. For this purpose, the data related to acquisitions were acquired from 2005 to 2019 and the event study methodology was applied along with two parametric tests. The findings of the current research prescribe that cross-border acquisitions have a positive and significant impact on shareholders’ wealth. Furthermore, the outcomes also indicate higher positive abnormal returns in the short run when the targets are based in the US and the UK as compared to the positive but insignificant abnormal returns when the targets are based in locations other than the US and the UK. Full article
(This article belongs to the Special Issue Corporate Governance in Global Shocks and Risk Management)
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9 pages, 820 KiB  
Article
Multiplicative Methodology for Assessing Investment Attractiveness and Risk for Industries
by Yulia Vertakova, Maria Klevtsova and Anna Zadimidchenko
J. Risk Financial Manag. 2022, 15(10), 419; https://doi.org/10.3390/jrfm15100419 - 21 Sep 2022
Viewed by 1899
Abstract
Creating favorable conditions for the development of industry is one of the key tasks with an increased level of complexity, the solution of which is associated with attracting investments and forming an investment policy that takes into account various specific characteristics of its [...] Read more.
Creating favorable conditions for the development of industry is one of the key tasks with an increased level of complexity, the solution of which is associated with attracting investments and forming an investment policy that takes into account various specific characteristics of its implementation. However, modern science requires a deeper development of tools related to the study of the investment attractiveness of industries and the level of risk of investing in them, including taking into account market value factors. The purpose of this study is the development and practical approbation of a multiplicative methodology for assessing investment attractiveness and risk for individual industries. The methodological basis of the study was the scientific works of domestic and foreign scientists in the field of industrial and investment policy, its goals, tools for implementation and features of formation in individual industry complexes. The work also used the methods of structural-functional, economic-statistical, and comparative analysis, as well as tabular and graphical interpretation of empirical-factual information. The proposed methods for assessing investment attractiveness make it possible to take into account not only quantitatively measured indicators, but also more obscure indicators, which is especially important for obtaining a more complete result and can be used in conditions of limited access to information. As a result of this study, the most investment-attractive enterprises and a separate industry were identified, which at the initial stage should become the priorities of the industrial policy of the regions, since they are a kind of growth pole that can create a propulsive effect for the development of other enterprises and the territory as a whole. Full article
(This article belongs to the Special Issue Corporate Governance in Global Shocks and Risk Management)
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12 pages, 307 KiB  
Communication
Corporate Financial Strategy in an Emerging Market: Evidence from Indonesia
by Erik Syawal Alghifari, Atang Hermawan, Ardi Gunardi, Agus Rahayu and Lili Adi Wibowo
J. Risk Financial Manag. 2022, 15(8), 362; https://doi.org/10.3390/jrfm15080362 - 15 Aug 2022
Cited by 4 | Viewed by 3545
Abstract
This paper focuses on strategic corporate financial decisions related to capital structure to increased firm value, moderated by the COVID-19 pandemic under MM theory, trade-off theory, and pecking order theory. The analytical method used is panel data analysis, with observations of 1828 non-financial [...] Read more.
This paper focuses on strategic corporate financial decisions related to capital structure to increased firm value, moderated by the COVID-19 pandemic under MM theory, trade-off theory, and pecking order theory. The analytical method used is panel data analysis, with observations of 1828 non-financial companies on the Indonesia Stock Exchange from the years 2019 to 2021. The results show that there is an effect of capital structure on firm value in a positive direction, and the moderating role of the COVID-19 pandemic weakens the effect of capital structure on firm value. The findings show that capital structure only has a significant effect on firm value for the debt-dominant group, but not for the equity-dominant group. The moderating effect of the COVID-19 pandemic affects firm value for the debt-dominant group, but not for the equity-dominant group. Full article
(This article belongs to the Special Issue Corporate Governance in Global Shocks and Risk Management)
15 pages, 366 KiB  
Article
Family Ownership, Corporate Governance and Risk-Taking
by Luis Otero-González, Luis-Ignacio Rodríguez-Gil, Milagros Vivel-Búa and Aracely Tamayo-Herrera
J. Risk Financial Manag. 2022, 15(3), 110; https://doi.org/10.3390/jrfm15030110 - 26 Feb 2022
Cited by 3 | Viewed by 2754
Abstract
This paper analyses the effect of family ownership and the characteristics of the board of directors on the risk assumed by Spanish non-financial companies. The sample consists of 176 Spanish non-financial companies listed on Spanish stock exchanges during the period 2012–2015. The results [...] Read more.
This paper analyses the effect of family ownership and the characteristics of the board of directors on the risk assumed by Spanish non-financial companies. The sample consists of 176 Spanish non-financial companies listed on Spanish stock exchanges during the period 2012–2015. The results show that the level of family ownership concentration affects the level of exposure to risk non-linearly and confirms the importance of the characteristics of the board of directors in risk-taking. Full article
(This article belongs to the Special Issue Corporate Governance in Global Shocks and Risk Management)
16 pages, 305 KiB  
Article
Agency-Linked Risk Management with Ownership and Board Sub-Committee Governance: Evidence from an OECD Economy
by Omar Al Farooque
J. Risk Financial Manag. 2021, 14(10), 472; https://doi.org/10.3390/jrfm14100472 - 7 Oct 2021
Cited by 2 | Viewed by 2070
Abstract
From a risk management perspective, this study examines the role of ownership and board sub-committee governance on direct measures of agency costs in a small OECD economy—New Zealand. Using Logistic and OLS regression approaches, two proxies of direct agency costs are tested on [...] Read more.
From a risk management perspective, this study examines the role of ownership and board sub-committee governance on direct measures of agency costs in a small OECD economy—New Zealand. Using Logistic and OLS regression approaches, two proxies of direct agency costs are tested on a pooled sample of 466 firm-year observations ranging from 2012 to 2018. The study provides evidence that insider ownership concentration outperforms outsider ownership concentration in constraining agency costs. Moreover, audit committee independence can also effectively deter agency costs. These findings suggest that both insider ownership concentration and audit committee structure are important risk management mitigating factor for deterring agency costs in New Zealand companies. Full article
(This article belongs to the Special Issue Corporate Governance in Global Shocks and Risk Management)
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