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The association between corporate governance guidelines and risk management and internal control practices

Author

Listed:
  • Gerrit Sarens
  • Joe Christopher

Abstract

Purpose - The purpose of this paper is to investigate whether the weaker focus on risk management and internal control within the Belgian corporate governance guidelines is associated with less developed risk management and internal control systems within Belgian companies, when compared to Australian companies. Design/methodology/approach - Theoretical arguments were drawn from institutional theory. Data for the study were collected through a questionnaire that was sent out to chief audit executives in Australia and Belgium. Findings - The paper finds that the weaker focus of the Belgian corporate governance guidelines on risk management and internal control is associated with less developed risk management and internal control systems in Belgian companies than in Australian companies. Originality/value - The paper contributes to the literature on corporate governance, as it suggests that the specific content of corporate governance guidelines is an important variable to take into account. This paper also confirms that institutional theory is a relevant framework to study on the one hand, corporate governance practices in a “comply or explain” context, and on the other hand, corporate governance practices within unlisted companies.

Suggested Citation

  • Gerrit Sarens & Joe Christopher, 2010. "The association between corporate governance guidelines and risk management and internal control practices," Managerial Auditing Journal, Emerald Group Publishing Limited, vol. 25(4), pages 288-308, April.
  • Handle: RePEc:eme:majpps:02686901011034144
    DOI: 10.1108/02686901011034144
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    Cited by:

    1. Chen, Tao, 2023. "Common auditors and internal control similarity: Evidence from China," The British Accounting Review, Elsevier, vol. 55(2).

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