IDEAS home Printed from https://ideas.repec.org/a/col/000475/012690.html
   My bibliography  Save this article

The new international financial architecture: Lessons and experiences from Africa

Author

Listed:
  • Erick R. Outa

Abstract

The purpose of this paper is to examine the requirements and successes of the New International Financial Architecture (NIFA) on transparency and corporate governance from a global perspective with a special focus on Africa. In recent years, transparency, accountability and governance have become key topics with many countries around the world having adopted International Financial Reporting Standards (IFRS) and corporate governance codes. The outcomes of these initiatives have been unconvincing. Desktop research was used to gather literature and data on compliance with corporate governance codes and International Financial Reporting Standards (IFRS) and other NIFA requirements. This study established that in spite of many regional and global initiatives by the World Bank and relevant regulators, compliance with IFRS and governance in parts of Africa has yet to reach its best level and guidelines are not fully followed leading to opportunities for improvement and policy adjustments. This research has implications and uses for both global and local institutions and regulators concerned with economic stability and growth including the World Bank, central banks, capital markets and boards of companies and the government in general. The findings contribute to governance debates by providing additional perspectives from Africa on compliance with accounting standards and codes in a region where research and corporate governance and reporting issues are still confusing.

Suggested Citation

  • Erick R. Outa, 2014. "The new international financial architecture: Lessons and experiences from Africa," Revista Ad-Minister, Universidad EAFIT, November.
    • Handle: RePEc:col:000475:012690
    as

    Download full text from publisher

    File URL: http://publicaciones.eafit.edu.co/index.php/administer/article/view/2506
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Mary E. Barth & Wayne R. Landsman & Mark H. Lang, 2008. "International Accounting Standards and Accounting Quality," Journal of Accounting Research, Wiley Blackwell, vol. 46(3), pages 467-498, June.
    2. World Bank, 2005. "Poland : Report on the Observance of Standards and Codes (ROSC), Corporate Governance Country Assessment," World Bank Publications - Reports 8763, The World Bank Group.
    3. Shleifer, Andrei & Vishny, Robert W, 1997. "A Survey of Corporate Governance," Journal of Finance, American Finance Association, vol. 52(2), pages 737-783, June.
    4. World Bank, 2010. "West Bank and Gaza : Report on the Observance of Standards and Codes - Accounting and Auditing," World Bank Publications - Reports 2898, The World Bank Group.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Saeed Siyal, Waqas Ahmed, Muhammad Musa Kaleem, Lulu Wang, 2020. "Determinants of Real Earning Management: A Study in Public Listed Companies in Pakistan Stock Exchange," Journal of Finance and Economics Research, Geist Science, Iqra University, Faculty of Business Administration, vol. 5(2), pages 96-111, October.
    2. Alessandro Mechelli & Riccardo Cimini, 2021. "The effect of corporate governance and investor protection environments on the value relevance of new accounting standards: the case of IFRS 9 and IAS 39," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 25(4), pages 1241-1266, December.
    3. Elisabete F. Simões Vieira, 2016. "Earnings Management in Public Family Firms under Economic Adversity," Australian Accounting Review, CPA Australia, vol. 26(2), pages 190-207, June.
    4. Erik P. M. Vermeulen, 2013. "Beneficial Ownership and Control: A Comparative Study - Disclosure, Information and Enforcement," OECD Corporate Governance Working Papers 7, OECD Publishing.
    5. Rezaee, Zabihollah, 2016. "Business sustainability research: A theoretical and integrated perspective," Journal of Accounting Literature, Elsevier, vol. 36(C), pages 48-64.
    6. Ester Chen & Ilanit Gavious & Nadav Steinberg, 2019. "Dividends from unrealized earnings and default risk," Review of Accounting Studies, Springer, vol. 24(2), pages 491-535, June.
    7. In Tae Hwang & Kang Sung Hur & Sun Min Kang, 2018. "Does the IFRS Effect Continue? An International Comparison," Sustainability, MDPI, vol. 10(12), pages 1-20, December.
    8. Isidro, Helena & Raonic, Ivana, 2012. "Firm incentives, institutional complexity and the quality of “harmonized” accounting numbers," The International Journal of Accounting, Elsevier, vol. 47(4), pages 407-436.
    9. Cai, Lei & Rahman, Asheq & Courtenay, Stephen, 2014. "The Effect of IFRS Adoption Conditional Upon the Level of Pre-adoption Divergence," The International Journal of Accounting, Elsevier, vol. 49(2), pages 147-178.
    10. Omrane Guedhami & Jeffrey A. Pittman & Walid Saffar, 2014. "Auditor Choice in Politically Connected Firms," Journal of Accounting Research, Wiley Blackwell, vol. 52(1), pages 107-162, March.
    11. Bouvatier, Vincent & Lepetit, Laetitia & Strobel, Frank, 2014. "Bank income smoothing, ownership concentration and the regulatory environment," Journal of Banking & Finance, Elsevier, vol. 41(C), pages 253-270.
    12. Ozili, Peterson K & Outa, Erick R, 2018. "Bank Income Smoothing in South Africa: Role of Ownership, IFRS and Economic fluctuation," MPRA Paper 102567, University Library of Munich, Germany.
    13. Marra, Antonio & Mazzola, Pietro & Prencipe, Annalisa, 2011. "Board Monitoring and Earnings Management Pre- and Post-IFRS," The International Journal of Accounting, Elsevier, vol. 46(2), pages 205-230, June.
    14. Zhang, Yuyang & Uchida, Konari & Bu, Hua, 2013. "How do accounting standards and insiders' incentives affect earnings management? Evidence from China," Emerging Markets Review, Elsevier, vol. 16(C), pages 78-99.
    15. Sri Murni & Rahmawati Rahmawati & Ari Kuncara Widagdo & Eko Arief Sudaryono & Doddy Setiawan, 2023. "Effect of Family Control on Earnings Management: The Role of Leverage," Risks, MDPI, vol. 11(2), pages 1-15, January.
    16. Trinh, Quoc Dat & Haddad, Christian & Salameh, Elie, 2023. "Financial institutional blockholders and earnings quality: Do blockholders contestability and countries' institutions matter?," International Review of Financial Analysis, Elsevier, vol. 87(C).
    17. Anna Loyeung & Zoltan Matolcsy & Joseph Weber & Peter Wells, 2016. "The cost of implementing new accounting standards: The case of IFRS adoption in Australia," Australian Journal of Management, Australian School of Business, vol. 41(4), pages 611-632, November.
    18. Pierre Bonetti & Antonio Parbonetti & Michel Magnan, 2013. "The Influence of Country- and Firm-Level Governance on Financial Reporting Quality: Revisiting the Evidence," CIRANO Working Papers 2013s-03, CIRANO.
    19. Houqe, Muhammad Nurul & van Zijl, Tony & Dunstan, Keitha & Karim, A.K.M. Waresul, 2012. "The Effect of IFRS Adoption and Investor Protection on Earnings Quality Around the World," The International Journal of Accounting, Elsevier, vol. 47(3), pages 333-355.
    20. Zhong, Rong (Irene), 2018. "Transparency and firm innovation," Journal of Accounting and Economics, Elsevier, vol. 66(1), pages 67-93.

    More about this item

    Keywords

    Corporate governance; International Financial Reporting Standards (IFRS); New International Financial Architecture (NIFA); transparency.;
    All these keywords.

    JEL classification:

    • G3 - Financial Economics - - Corporate Finance and Governance
    • M1 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration
    • M2 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:col:000475:012690. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Heiner Mercado Percia (email available below). General contact details of provider: https://edirc.repec.org/data/eaeafco.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.