No abstract

PurposeThis paper reviews the field of internal auditing (IA) post-Enron to develop insights into how IA research has developed, offer a critique of the research to date and identify ways that future research can help to advance IA.Design/methodology/approachA structured literature review (SLR) was used to analyse 471 papers from 64 journals published between 2005 and 2018 based on a number of criteria, namely author, journal type, journal location, year, theme, theory, nature of research, research setting, regional focus, method and citations.FindingsThe IA literature has not significantly contributed to knowledge of the internal audit function (IAF), and one still knows relatively little about the factors that contribute to making the impact of IA practice effective and measurable. The IA literature is US-dominated (authors and journals), focussed on the American context (publicly listed companies), reliant on positivist analyses and largely makes no explicit reference to theory. Central regions (emerging economies) and key organisational settings (private SMEs and not-for-profit organisations) are largely absent in prior IA research. This paper evaluates and identifies avenues through which future research can help to advance IA in order to address emerging challenges in the field.Originality/valueThis is the first comprehensive review to analyse IA research in the post-Enron period (2005–2018). The findings are relevant to researchers who are looking for appropriate research outlets and emerging scholars who wish to identify their own research directions.

Purpose While there have been extensive empirical investigations of pay-performance sensitivity, the perspective of performance-pay has received less attention to date. While executive compensation is sensitive to firm performance, firm performance is also likely to be affected by executive compensation. Adopting multiple theoretical perspectives, the purpose of this paper is to examine whether executive compensation has a greater influence on firm performance or whether the latter has a greater influence on compensation. Design/methodology/approach Using data from a five-year period (2010-2014) for Financial Times and Stock Exchange 350 companies, the authors employ a set of simultaneous equation modelling to jointly investigate, after accounting for endogeneity problem, the mutual association of executive compensation and firm performance by employing four control variables (board size, non-executive directors, leverage and boardroom ownership). Findings The authors find strong evidence for the greater influence of executive compensation on firm performance than the pay-performance framework. This finding supports the tournament theory compared with the agency perspective. Research limitations/implications Inevitably, there are limitations in a wide-ranging study of this nature that could be addressed in future research. As any empirical study utilising company data, there may be concerns to the effect of survivorship bias and the manner in which companies have reorganised, if there is any, themselves during the period under examination. There are also issues as to missing data, some measures relating to both executive compensation and corporate governance are not provided by the BoardEx database. Practical implications The study results provide evidence that using the tournament perspective by remuneration committees as a guide for determining executive compensation helps in achieving better performance. This helps in developing appropriate mechanisms for setting executive remuneration. Originality/value This paper combines an empirical investigation of the frameworks of pay-performance and performance-pay and develops a system of six simultaneous equations to examine the associations between executive compensation and firm performance.

Research on Industry 4.0 was initiated in 2012. Since then, the term "Industry 4.0" has been widely used among researchers to further investigate the development of technologies in the related industry. Thus, the aim of this study is to analyze the scientific literature published in the field of Industry 4.0. Scopus database was utilized to collect all literature in Industry 4.0. Publish or Perish software was used to incorporate the obtained data, while VOSviewer was used for data visualization. SPSS and Microsoft Excel were employed for data analysis. The growth of publications, research productivity and citation analysis were presented using standard bibliometric analysis. Based on the search results, a total of 1256 documents were retrieved. The growth rate of literature in Industry 4.0 increased drastically year by year since 2012. Most of the articles were published in journals and conferences, mainly in English. Most of the research in Industry 4.0 was in the engineering field. Keywords of the Internet of Things (IoT) and Cyber-Physical Systems (CPS) were the most keywords used and represent the main areas of research covered in Industry 4.0. Most of the research related to Industry 4.0 was conducted in Germany and multi-authored with a mean collaboration index of 3.65 authors per article. This study presents the evolution of the scientific literature in Industry 4.0 and identifies areas of current research interests and potential directions for future research.