New issue of Risk Governance and Control Financial Markets Institutions journal

The recent (Volume 8, issue 3) issue of Risk Governance and Control: Financial Markets & Institutions journal deals with the topics of risk management, Islamic banks, social and financial disclosure, emerging economies issues, etc. The full issue of the journal is available following the link.

Thao Ngoc Nguyen, Chris Stewart & Roman Matousek examine risk management of the Vietnamese banking system. To be able to carry out a comparative analysis and provide policy recommendations for risk management, the authors carry out an original survey of Vietnamese commercial banks using a questionnaire. 42% of the interviewees are General/Deputy General Directors and 58% are Heads/Deputies of a risk management department.

El-Halaby Sherif, Khaled Hussainey, Marie Mohamed & Mohsen Hussien study disclosure levels in the annual report and websites related to Islamic accountability pillars which are Sharia, social and financial. The study also aims to measure the association between disclosure levels and firm-specific characteristics. The manual content analysis is employed. Our sample consists of 117 Islamic banks (IBs) based on data of 2016 across 23 countries. The authors adopted 3 indices for Corporate Social Responsibility Report (CSRR); Sharia Supervisory Board Report (SSBR) and financial statements (FS) based on the holistic benchmark. Descriptive analysis shows relatively high disclosure level for financial and Sharia disclosure (62% and 52% respectively) and relatively low for social disclosure (28%). Concerned with holistic disclosure level that measuring accountability’ pillars for all sections in the annual report, disclosure levels about Sharia, social and financial are 40%; 28% and 81% respectively.

Charlie Charoenwong, David K. Ding and Nuttawat Visaltanachoti explore Stock Exchange of Thailand that provides an ideal platform for comparing the trading characteristics of warrants and their underlying stocks since both of them trade in the same market under identical trading rules. If their patterns diverge significantly, it may be possible for an astute trader to devise profitable arbitrage strategies during the life of the warrants. We find that both their patterns are downward-sloping for spreads, U-shaped for flow toxicity, volatility, depth concentration, and trading volume; and upward-sloping for depth and market order flow ratio.

Hlako Choma & Tshegofatso Kgarabjang study the case of Public Servants Association obo Olufunmilayi Itunu Ubogu v Head of Department of Health, Gauteng and Others (2018) the Constitutional Court found that the provisions of the Public Service Act of 1994 which empowered the state to unilaterally deduct moneys that was onerously paid to the salaries of employees were unconstitutional.

Hussam Hanifa, Mohammed Hamdan & Mohamed Haffar attempt to identify the key factors affecting it in the financial sector that have been neglected in the literature. Using panel data on 621 Group of Seven (G-7) banks and 68 Gulf Cooperation Council (GCC) banks, five main factors namely, banks’ size, profitability, growth, leverage, and last year’s dividend were empirically tested regarding their impact on dividend payout ratios. In addition to comparing the two economies descriptively, the researchers employed panel data analysis using multiple regression with random effects. The findings revealed that the dividend payout ratio for the GCC countries is higher than G-7 countries in every year of the examined period (2010-2015).

Ahmed Eltweri, Mohamed Altarawnah, Krayyem Al-Hajaya & Wa’el Al-Karaki aim to explore the common regulatory approaches for audit and accounting profession and identify the suitable approach to the Libyan audit profession. Mixed methods both quantitative and qualitative approaches were employed, in which a questionnaire was completed by 196 respondents. Statistical analysis, via the SPSS, was performed on the data. The outcomes are believed to be generalized given the size of the sample. In addition to 9 semi-structured interviews were conducted, representing five stakeholder groups in the Libyan auditing arena. This study has found that the majority of respondents are clearly in favour of the appointment of an independent regulator, believing this to be the most beneficial option of the list available for the Libyan audit profession, while statutory regulation (government intervention) is considered the next beneficial choice. Likewise, the findings from the interviewee exercise show a preference for an independent regulator.

The Journal of Risk Governance and Control: Financial Markets & Institutions is published quarterly. Currently, we announce a call for papers for the next issue of the journal. In order to submit a manuscript, please contact the managing editor of the journal Polina Bahmetenko directly at