This paper aims to assess the effect of corporate governance mechanisms, including board members’ and audit committee members’ characteristics, particularly their independence, expertise in terms of finance and industry and efforts on the level of fraud and money laundering (ML) in financial statements of the listed firm on the Tehran Stock Exchange. The procedure of the study is descriptive correlation based on published information from firms listed on the Tehran Stock Exchange from 2014 to 2020, using a sample of 154 firms with 1071 observations. The method used for hypothesis testing is linear regression using panel data. The Benish model is used measure the level of fraud in financial statements, and for ML, the auditors’ opinion are used. The results show that board characteristics, including independence, financial expertise, industry expertise and board effort, as well as audit committee features, such as independence, financial expertise, industry expertise and audit committee effort, have a significant and negative impact on the fraudulent financial reporting and ML. Moreover, since this paper was carried out in an emerging financial market, particularly in Iran, to figure out the effect of corporate governance structures on financial statement fraud and ML, it can provide helpful information for investors and policymakers in this regard.
A defined forested area performs various functions such as economic, protective and social. Regardless of the level of civilization development and human knowledge, it cannot be stated that humans have full control over the phenomena occurring in forests or their surroundings. Forest hazards, including fire hazards, constitute a direct or indirect factor of human activity that has an effect on nature. Forest fires cause specific losses and generate costs, thus affecting a financial result. The research area of the study is forest fires and losses caused by them, i.e. determining the financial and non-financial effects of fires. The main aim of the study is to present the problem of forest fires in selected European countries, including Poland, and to determine the level of losses caused by them. The research hypothesis is: "Forest fires occurring in European countries, including Poland, cause significant losses in the natural and social environment, which forces organizations to incur costs of implementing measures to protect forest areas against fires". In the case of Poland, the area of interest is public forests managed by the State Forests National Forest Holding. The following research methods were used: critical analysis of the literature, comparative method, desk research, the method of induction and synthesis. In the field of empirical research, the current research results and studies of the Central Statistical Office and the reports of the State Forests were used.
The article aims to present how the COVID-19 pandemic lockdown affects the functioning and circulation of complementary currencies in entities that have joined the complementary currency system with a special focus on the complementary currency Zielony (PLZ) in Poland. The main research problem of the paper is formulated in the form of a question concerning the impact of the lockdown during the COVID-19 pandemic on the use of the Zielony in Poland in commercial transactions by entities belonging to the local currency system. In order to achieve the objective and solve the main problem, the article uses such research methods as: the method of critical analysis of literature, historical method, statistical method, comparative method, observational method, free expert interview, as well as analysis and synthesis, deduction and induction and abstraction. We conducted a critical analysis of the literature and analysis of statistical data of the complementary currency Zielony in Poland in the period from March 2015 to June 2021, and the results of the expert interview showed that this currency is not a tool to support the functioning of local economy entities during non-financial crises, such as COVID-19 pandemic. This is influenced by, among other things, full or partial lockdown and other restrictions on the functioning of commercial entities during a pandemic. The consequences of such solutions include the weakening of economic activity and a decrease in the value of turnover of entities operating in various sectors of the local economy, especially entities of a service nature, which constitute about 80% of the structure of the Zielony complementary currency system in Poland. The main conclusion resulting from the conducted research is as follows: the complementary currency Zielony in Poland can influence the creation of local entrepreneurship and sustainable development and support the activities of the sector of small- and medium-sized enterprises, but these benefits are possible to achieve primarily in conditions of stable and undisturbed functioning of the economy. The realization of the payment function of the complementary currency, the Zielony, and its use in payments of entities belonging to those industries covered by lockdown and other administrative restrictions is impossible (or insignificant) at this time due to the absence (or hindered) of its circulation in the economy. The research results and conclusions presented in the article meet the assumptions of the application objective and can provide the entities of the micro-, small- and medium-sized enterprise sector with knowledge about the dependencies resulting from the use of the complementary currency in the lockdown period by the entities that implement the assumptions of the system of complementary currencies.
The business model is understood as a way of generating revenue and creating value. This article aimed to define the framework and detailed characteristics of the business model in corporate reporting in the energy sector. The study also addressed the issue of value creation and examined the correlation between reporting information about the business model and the value of the enterprise, calculated using selected accounting measures. The research was conducted in 2021 on all listed companies in the energy sector included in the WIG20 index in 2019–2020. The research methodologies included critical analysis of the literature, analysis of the content of corporate publications, comparative analysis, analysis of phenomena and synthesis of results, Spearman’s rank correlations, and graphical data presentation. The originality of our research concerns directing attention to the disclosure and reporting of information about the business model in corporate reports in the energy sector in Poland. This is the first such study in Poland conducted on companies in the energy sector; therefore, it is treated by the authors as a pilot study. The results show that companies in the energy sector included in the WIG20 index do not disclose information about their business models in reports and the structure of published reports is very diverse, which makes it even more difficult to compare financial and non-financial data. Enterprises in the energy sector disclose financial and non-financial information in financial statements and the reports of the management board on the activities of the company and the capital group. The financial information disclosed by the companies most often included financial and productive capital. Energy companies are reluctant to disclose information about by-products and waste.
Local currencies are tools typical of the social economy, affecting the real economy and serving as an instrument for reducing instability, including economic fluctuations, especially in times of crisis, difficult economic situation, etc. They are an alternative to national currencies, but they also help to support local traders. An example of a local currency is the Zielony Polish Local Currency introduced by the group of enthusiasts in 2015. Local currencies contribute to building the local community, supporting cooperative activity and the local economy, and promoting sustainable development. They also protect local communities from the negative consequences of economic fluctuations. The aim of the work is to determine the impact of local currencies on increasing the level of economic security of the region especially during periods of economic security risks, e.g. in the context of the epidemic risk caused by COVID-19. The work is theoretical. The methods used in the work are: critical literature analysis and statistical method.
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