Research Handbook of Finance and Sustainability
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Research Handbook of Finance and Sustainability

Edited by Sabri Boubaker, Douglas Cumming and Duc K. Nguyen

The severe consequences of the global financial crisis 2008-2009 and numerous accounting frauds and financial scandals over the last fifteen years have let to calls for more ethical and responsible actions in all economic activities including consumption, investing, governance and regulation. Despite the fact that ethics in business and corporate social responsibility rules have been adopted in various countries, more efforts have to be devoted to motivate and empower more actors to integrate ethical behavior and rules in making business and managerial decisions. The Research Handbook of Finance and Sustainability will provide the readers but particularly investors, managers, and policymakers with comprehensive coverage of the issues at the crossroads of finance, ethics and sustainable development as well as proposed solutions, while focusing on three different levels: corporations, investment funds, and financial markets.
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Chapter 26: Corporate governance and fraud: Causes and consequences

Yan Alperovych, Riccardo Calcagno and Philipp Geiler


A comprehensive survey of the existing literature substantiates that the structure of the systemic environment and of the firm’s corporate governance system, as well as the manager’s individual characteristics all have material implications on the incidence of corporate fraud. This chapter reviews research articles referring to either of the above-mentioned sources of corporate fraud, and examines the respective reactions of financial markets. We advance the idea that a comprehensive corporate governance system that is effective in tackling fraudulent behavior, should take into account the insights from all three sources. Moreover, we argue that a study of their interaction is likely to be one of the most innovative subjects of research in this field. We further discuss potential avenues for future research and advance a number of important policy recommendations.

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