This study investigates the industry-wide and regional spillover effects of penalties for noncompliance with information disclosure regulations, focusing on publicly listed firms in China. The analysis is based on panel data from Chinese listed companies, revealing that penalties imposed by the China Securities Regulatory Commission (CSRC) on noncompliant firms lead to significant improvements in the quality of information disclosure by other firms in the same industry or geographical region that were not subject to penalties. These spillover effects are found to be contingent on factors such as the competitive dynamics within the industry and the level of regional economic development. Furthermore, the results indicate that the impact of penalties on neighbouring firms is amplified when the publication cycle for penalty announcements is shorter, though the effect diminishes over time as the information becomes less salient. These findings contribute to the understanding of regulatory enforcement mechanisms and their broader influence on corporate transparency, highlighting the role of both industry and regional contexts in shaping compliance behaviour.
Corporate governance remains a fundamental issue for stakeholders in the oversight of organisations, particularly within the context of public sector auditing. Effective governance, coupled with robust auditing practices, is essential for ensuring transparency and accountability in governmental operations. However, in many African nations, corporate governance frameworks have been either inadequately implemented or have failed to achieve their intended outcomes. This study explores the challenges faced by auditees in relation to corporate governance and their subsequent impact on the efficacy of public sector auditing across Africa. Employing a phenomenological research approach, the study utilised an exploratory sequential qualitative design to gather insights from focus group discussions. A total of 33 key affinities and 153 sub-affinities, encompassing critical corporate governance issues, were identified by three focus groups from selected Supreme Audit Institutions (SAIs) in Africa. These identified affinities included audit execution and recommendations, audit acceptance, political interference, ineffective audit committees, inadequate collaboration and communication, and weaknesses in legislative oversight. Among the key themes emerging from the analysis, the auditee corporate governance policy framework was highlighted as a significant factor influencing auditing outcomes. The findings provide a detailed examination of the unique factors affecting the effectiveness of public sector audits in promoting accountability and transparency. The study proposes a comprehensive policy framework based on a resource-based theoretical perspective, designed to enhance the impact of public sector auditing in African nations. This framework is intended to guide executive governments, legislative bodies, SAIs, citizens, and other stakeholders towards improving governance and securing better public sector outcomes. The empirical evidence provided herein offers valuable insights into the complex interplay between corporate governance and auditing effectiveness, contributing to the ongoing discourse on accountability and transparency in the African public sector.
This study investigates the relationship between capital structure and financial performance at Robin Corporation Ltd, a leading beverage manufacturer in Zimbabwe. A quantitative research methodology was employed, with data collected from 31 employees through structured questionnaires. The study focuses on external and internal financing sources—debt, equity, retained earnings, and reserves—and their impact on the company’s financial outcomes. The analysis reveals a positive correlation between capital structure and financial performance, suggesting that both debt and equity financing play significant roles in shaping financial results. However, it was also observed that factors such as managerial efficiency, inflation, and broader economic conditions exert substantial influence on performance. While capital structure is a critical determinant, the results indicate that effective management of these other variables is equally essential for optimizing financial outcomes. The findings underscore the importance of strategic capital management in the Zimbabwean beverage sector, emphasizing that an appropriate balance between external and internal financing is pivotal for enhancing financial performance. The study contributes to the broader understanding of capital structure in emerging markets and provides valuable insights for companies seeking to navigate the complexities of financial decision-making in volatile economic environments.
This study investigates the harmonising potential of complex systems theory in non-financial reporting of sustainable finance practices within Zimbabwean commercial banks. The increasing prominence of sustainable finance in Zimbabwe can be attributed to the adoption of international frameworks such as the United Nations’ 2030 Agenda and the Paris Agreement, which have led to its integration into banks' non-financial reporting. Sustainable finance, however, is recognised as a wicked problem—an issue characterised by its complexity, involving numerous interacting agents, emergent properties, and the need for a holistic approach. Such problems cannot be adequately addressed through conventional financial theories, which are often insufficient to capture their complexity. Despite the existence of various sustainability reporting standards, a unified framework to harmonise non-financial reporting and enable comparability across banks is still lacking. Using content analysis, this research examines annual reports from 17 Zimbabwean commercial banks, analysing 136 reports spanning from 2016 to 2023. The findings suggest that most banks have adopted a weak sustainability approach, guided by complex systems theory, which enables some degree of harmonisation in reporting standards but ultimately compromises long-term sustainability. This weak approach has been found to encourage greenwashing practices, with policies and strategies that, while aligned with sustainability rhetoric, may perpetuate environmental and social harm. The study makes several key contributions: it provides empirical evidence on the current state of sustainable finance reporting in Zimbabwean banks, offers a theoretical framework for harmonising non-financial reporting using complex systems theory, and proposes the adoption of a stronger sustainability-oriented framework to ensure genuine, long-term sustainability outcomes.
The prospectus, as the primary vehicle for issuers to disclose information to the public, plays a crucial role in protecting investors’ rights. Review inquiries serve as an important tool to ensure the quality of the prospectus, as the inquiry and feedback mechanism helps to identify potential risks and enhance the quality of information disclosure. This paper, based on the theory of responsive regulation and the attention-based view, takes companies applying for Initial Public Offering (IPO) on the Science and Technology Innovation Board (STAR) Market and ChiNext Board between 2019 and 2023 as the research samples. Using text analysis methods such as the Latent Dirichlet Allocation (LDA) topic model and dictionary-based methods, this study measures the intensity of review inquiries and the extent of information disclosure. It examines the impact of inquiry topics on the disclosure of corresponding information in the prospectus and explores the moderating effects of company ownership structure, sponsor reputation, and auditor reputation on these relationships. Empirical results indicate that: (1) an increase in the formality of review inquiries enhances the optimization of information disclosure in the prospectus; (2) the focus of review inquiries on specific topics has a significant positive impact on the update of relevant information disclosure in the prospectus; and (3) at the ownership structure level, state-owned enterprises dampen the positive influence of review inquiries on the textual features of the prospectus.
Ghana has enacted various policies and programmes, often with support from international agencies, to strengthen public sector financial management. These efforts aim to mitigate mismanagement and misappropriation of public financial resources, yet many reform policies have yielded suboptimal outcomes. A critical examination of Ghana's financial reform initiatives reveals a notable oversight: none adequately recognize the role of audit committees (ACs) as a governance mechanism, which diverges from international standards and best practices in public sector financial management. This study aims to identify and analyze the determinants influencing the effectiveness of ACs within Ghana’s public institutions. The research was motivated by persistent financial infractions and irregularities documented in the Auditor-General’s annual reports. An Interactive Qualitative Analysis (IQA) approach was employed to facilitate a focus group session, through which data were gathered, analyzed, and interpreted. Key factors, or affinities, impacting AC effectiveness were identified, including AC member characteristics, inter-stakeholder coordination, funding allocation, meeting frequency and attendance, AC independence, internal audit function (IAF) autonomy, institutional management commitment, the nature of the audited institution, regulatory policies governing ACs, political influence, professional competence of internal auditors, and the quality of quality control processes and recommendations. These affinities were validated through participant interpretation and researcher refinement. The study contributes to the body of knowledge on public sector audit governance by addressing a critical gap concerning the role of ACs in Ghana. By establishing an effective governance mechanism, this research seeks to enhance the strategic oversight and accountability of public financial resources in Ghana’s public institutions.
This study examines the development and trends in financial inclusion research between 2004 and 2023, with a focus on the trajectory of publication growth, key contributors (including influential authors, journals, and institutions), and dominant themes within the field. A systematic review and bibliometric analysis were conducted following the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) framework. A total of 1,784 articles were identified from the Scopus database for inclusion. Analytical tools such as VOSviewer and Microsoft Excel were employed to explore publication patterns, citation networks, and thematic concentrations. The findings reveal a marked increase in financial inclusion research, with 2022 recording the highest output, contributing 473 publications. Among scholars, Ozili emerged as a leading author with significant influence in the domain. The Journal of Sustainability (Switzerland) was identified as the most prolific journal, publishing 173 relevant articles, while the University of International Business and Economics in Beijing, China, was found to be the most productive institution. Keyword analysis highlighted recurring themes and revealed underexplored areas, offering promising directions for future research. This comprehensive analysis not only provides insights into the past and current state of financial inclusion scholarship but also identifies gaps that warrant further academic investigation. By offering performance metrics and mapping the evolution of the field, the study serves as a valuable resource for scholars and practitioners seeking to understand emerging research trends and guide future inquiries.
The mining sector plays a pivotal role in the economies of South Africa and Zimbabwe, yet limited attention has been given to the determinants of human capital disclosure within this industry. This study aims to address this gap by investigating the key factors influencing human capital reporting practices among the largest mining companies in these two countries. A quantitative approach was employed, utilising self-administered questionnaires to gather data from six major mining companies operating in both South Africa and Zimbabwe. Factor analysis was conducted to identify the primary determinants shaping human capital disclosure. The findings reveal that company structure, including audit committee characteristics, board size and composition, and assets, significantly influence disclosure practices. Performance-related factors, such as cost-effectiveness, return on training investments, liquidity, employee return on investments, and return on equity, also play a crucial role. Furthermore, market-related factors, including lobby pressure groups, media exposure, levels of debt, creditor pressure, and government regulations, were found to impact disclosure decisions. The results indicate that human capital disclosure mitigates information asymmetry, thereby strengthening relationships between company management and key stakeholders. It is also suggested that improved disclosure enhances corporate transparency, boosts investor confidence, and can positively influence a company’s perceived value. Given these findings, it is recommended that mining companies in South Africa and Zimbabwe adopt comprehensive reporting frameworks that incorporate human capital metrics. The adoption of such frameworks may align corporate practices with global reporting standards and enhance the sustainability and accountability of companies in the sector.
Internal audits serve as critical assurance services that support the enhancement of operational efficiency and financial performance within organizations. This study examines the role of internal auditing in improving these aspects in privatised financial institutions, specifically focusing on BLESSING Finance. Given the profit-driven orientation of management in such institutions, there is a pressing need to identify strategies that maximize profitability. Enhancing operational efficiency is pivotal, as it reduces operational costs while increasing productivity. Internal auditing contributes significantly by identifying deficiencies within internal controls and providing audit opinions that inform management in drafting appropriate policies and procedures. This research utilized a mixed-methods approach, combining qualitative data from interviews and quantitative data from questionnaires, to assess the impact of internal auditing on operational efficiency and financial performance. The findings demonstrate that internal audits have a positive and significant effect on both operational efficiency and financial performance, highlighting the value of internal audits as a strategic tool for financial institutions. It is recommended that BLESSING Finance’s management prioritize the recruitment of qualified auditors with the necessary skills and expertise to perform audits effectively and efficiently, thereby further enhancing the institution’s operational efficiency and financial outcomes. The study underscores the importance of robust internal audit functions as a key driver of strategic and financial success in financial institutions.
In the contemporary digital era, individuals are afforded the convenience of instantaneous transactions through electronic wallets (e-wallets) when engaging in online shopping. This study aims to investigate the extent to which the adoption of e-wallets influences impulsive purchasing behavior, with a particular focus on the moderating effects of low distribution costs (LDC) and short transit times. A descriptive quantitative methodology was employed, targeting users of Indonesian e-wallets. A non-probability research design was utilized, specifically employing snowball sampling techniques. Data were collected through a Google Forms questionnaire, yielding 297 responses. Partial Least Squares (PLS) analysis was conducted to evaluate the data. The results revealed that perceived risk, perceived usefulness, and perceived ease of use (PEOU) significantly and positively impacted the adoption of e-wallets. However, the adoption of e-wallets did not necessarily result in impulsive purchases driven by utilitarian needs. Moreover, LDC and short transit times did not moderate the relationship between e-wallet usage and impulsive buying (IB) behavior. This suggests that most respondents did not use e-wallets for purchases motivated solely by practical considerations, even when LDC and quick transit times were available. These findings contribute to the existing literature on digital money and e-wallets, offering insights for online merchants and digital wallet providers. It is recommended that digital wallet providers enhance accessibility, improve transparency regarding customer data protection, and disseminate information about the benefits and utility of e-wallets to foster wider adoption. Online retailers are encouraged to offer diverse payment options to attract customers. This study provides valuable implications for the optimization of customer service in the context of Indonesia.
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