Corporate governance and compliance with IFRSs: the case of Tanzanian Savings and Credit Cooperatives

References

• Abdul Rahman, A., & Hamdan, M. D. (2017). The extent of compliance with FRS 101 standard: Malaysian evidence. Journal of Applied Accounting Research, 18(1), 1–18. https://doi.org/10.1108/JAAR-10-2013-0078
   Google Scholar
• Abdullah, H., Isiksal, A. Z., & Rasul, R. (2023). Dividend policy and firm value: Evidence of financial firms from Borsa Istanbul under the IFRS adoption. Journal of Financial Reporting and Accounting, 21(2), 1–21. https://doi.org/10.1108/JFRA-04-2022-0147
   Google Scholar
• Abdullah, W. R. W., Maruhun, E. N. S., Tarmizi, M. A., & Rahman, L. A. (2018). Mitigating earnings management: Adoption of IFRS and Corporate Governance Practices in Malaysia. International Journal of Academic Research in Business and Social Sciences, 8(2), 760–772. https://doi.org/10.6007/IJARBSS/v8-i2/3983
   Google Scholar
• Abrar, A. (2019). The impact of financial and social performance of microfinance institutions on lending interest rate: A cross-country evidence. Cogent Business & Management, 6(1), 1–21. https://doi.org/10.1080/23311975.2018.1540072
   Google Scholar
• Adams, J., Hayunga, D., Mansi, S., Reeb, D., & Verardi, V. (2019). Identifying and treating outliers in finance. Financial Management, 48(2), 345–384. https://doi.org/10.1111/fima.12269
   Web of Science ®Google Scholar
• Adusei, M. (2019). Board gender diversity and the technical efficiency of microfinance institutions: Does size matter? International Review of Economics & Finance, 64, 393–411. https://doi.org/10.1016/j.iref.2019.07.008
   Web of Science ®Google Scholar
• Agyei-Mensah, B. K. (2017). The relationship between corporate governance mechanisms and IFRS 7 compliance: Evidence from an emerging market. Corporate Governance: The International Journal of Business in Society, 17(3), 446–465. https://doi.org/10.1108/CG-06-2016-0129
   Web of Science ®Google Scholar
• Alade, M. (2018). Effect of IFRS adoption on values Relevance of Accounting Information of Nigerian Firms. PhD Thesis, Jomo Kenyata Unoversity of Agriculture and Technology.
   Google Scholar
• Alfaraih, M. (2009). Compliance with International Financial Reporting Standards (IFRS) and the Value Relevance of Accounting Information in Emerging Stock Markets: Evidence. Thesis. http://core.kmi.open.ac.uk/download/pdf/10899571.pdf
   Google Scholar
• Alfraih, M. M. (2016). The effectiveness of board of directors’ characteristics in mandatory disclosure compliance. Journal of Financial Regulation and Compliance, 24(2), 154–176. https://doi.org/10.1108/JFRC-07-2015-0035
   Web of Science ®Google Scholar
• Almujamed, H. I., & Alfraih, M. M. (2020). Corporate governance and value relevance of accounting information. International Journal of Ethics and Systems, 36(2), 249–262. https://doi.org/10.1108/IJOES-08-2019-0140
   Web of Science ®Google Scholar
• Alnaas, A. A. A. (2017). Measuring the degree of international harmonisation in selected accounting practice: The case of Tunisian Firms. IOSR Journal of Business and Management, 19(01), 18–25. https://doi.org/10.9790/487X-1901041825
   Google Scholar
• Alnaas, A., & Rashid, A. (2019). Firm characteristics and compliance with IAS/IFRS: Evidence from North African companies. Journal of Financial Reporting and Accounting, 17(3), 383–410. https://doi.org/10.1108/JFRA-06(2)018-0052
   Web of Science ®Google Scholar
• Alnodel, A. A. (2018). The impact of IFRS adoption on the value relevance of accounting information: Evidence from the insurance sector. International Journal of Business and Management, 13(4), 138. https://doi.org/10.5539/ijbm.v13n4p138
   Google Scholar
• Al-Sartawi, A. M. A. M., Alrawahi, F., & Sanad, Z. (2016). Corporate governance and the level of compliance with international accounting standards (IAS-1): Evidence from Bahrain Bourse. International Research Journal of Finance and Economics, 157, 110–122. http://www.internationalresearchjournaloffinanceandeconomics.com
   Google Scholar
• Al-Shammari, B. (2005). Compliance with international accounting standards by listed companies in the Gulf Co-Operation Council Member States: An empirical study. This Thesis Is Presented for the Degree of Doctor of Philosophy of The University of Western Australia UWA Business School, 1–210.
   Google Scholar
• Al-Shammari, B. (2014). An investigation of the impact of corporate governance mechanisms on level of corporate risk disclosure: Evidence from Kuwait. International Journal of Business and Social Research, 4(6), 51–70. https://doi.org/10.18533/ijbsr.v4i6.491
   Google Scholar
• Al-Shammari, B., Brown, P., & Tarca, A. (2008). An investigation of compliance with international accounting standards by listed companies in the Gulf Co-Operation Council member states. The International Journal of Accounting, 43(4), 425–447. https://doi.org/10.1016/j.intacc.2008.09.003
   Google Scholar
• Bagudo, M. M. (2016). Compliance and value relevance of international financial reporting standards (IFRS) mandatory adoption in Doctor of Philosophy Universiti Utara Malaysia November 2016. Thesis.
   Google Scholar
• Bananuka, J., Tumwebaze, Z., Musimenta, D., & Nuwagaba, P. (2019). Determinants of adoption of International Financial Reporting Standards in Ugandan micro finance institutions. African Journal of Economic and Management Studies, 10(3), 336–355. https://doi.org/10.1108/AJEMS-08-2018-0236
   Web of Science ®Google Scholar
• Bhatia, M., & Mulenga, M. J. (2019). Value relevance of accounting information: A review of empirical evidence across continents. Jindal Journal of Business Research, 8(2), 179–193. https://doi.org/10.1177/2278682118823307
   Google Scholar
• Bijman, J., Hanisch, M., & van der Sangen, G. (2014). Shifting control? The changes of internal governance in agricultural cooperatives in the EU. Annals of Public and Cooperative Economics, 85(4), 641–661. https://doi.org/10.1111/apce.12055
   Google Scholar
• Bushee, B. J., & Miller, G. S. (2012). Investor relations, firm visibility, and investor following. The Accounting Review, 87(3), 867–897. https://doi.org/10.2308/accr-10211
   Web of Science ®Google Scholar
• Chen, Y., & Rezaee, Z. (2012). The role of corporate governance in convergence with IFRS: Evidence from China. International Journal of Accounting & Information Management, 20(2), 171–188. https://doi.org/10.1108/18347641211218470
   Google Scholar
• Christensen, H. B., Hail, L., & Leuz, C. (2013). Mandatory IFRS reporting and changes in enforcement. Journal of Accounting and Economics, 56(2-3), 147–177. https://doi.org/10.1016/j.jacceco.2013.10.007
   Web of Science ®Google Scholar
• COASCO. (2020). The Co-operative Audit and Supervision Corporation (Annual Report for the year 2020.
   Google Scholar
• COASCO. (2022). Co-operative audit and supervision annual Report for the year 2021/22. The Co-operative Audit and Supervision Corporation.
   Google Scholar
• Davidson, R., Goodwin-Stewart, J., & Kent, P. (2005). Internal governance structures and earnings management. Accounting and Finance, 45(2), 241–267. https://doi.org/10.1111/j.1467-629x.2004.00132.x
   Google Scholar
• Degos, J. G., Levant, Y., & Touron, P. (2019). The history of accounting standards in French-speaking African countries since independence: The uneasy path toward IFRS. Accounting, Auditing & Accountability Journal, 32(1), 75–100. https://doi.org/10.1108/AAAJ-03-2016-2459
   Web of Science ®Google Scholar
• Dobre, E., Stanila, G. O., & Brad, L. (2015). The influence of environmental and social performance on financial performance: Evidence from Romania’s listed entities. Sustainability, 7(3), 2513–2553. https://doi.org/10.3390/su7032513
   Web of Science ®Google Scholar
• Ezenwoke, O., & Tion, W. (2020). International financial reporting standards (IFRSs) adoption in Africa: Abibliometric analysis. Cogent Social Sciences, 6(1), 1–21. https://doi.org/10.1080/23311886.2020.1801370
   Web of Science ®Google Scholar
• Fama, E. F., & Jensen, M. C. (2019). Separation of ownership and control. Corporate Governance: Values, Ethics and Leadership, XXVI(June), 163–188. https://doi.org/10.1086/467037
   Google Scholar
• Favalli, R. T., Gori Maia, A., & da Silveira, J. M. F. J. (2020). Governance and financial efficiency of Brazilian credit unions. RAUSP Management Journal, 55(3), 355–373. https://doi.org/10.1108/RAUSP-02-2019-0018
   Web of Science ®Google Scholar
• Fuente, J. A., García-Sánchez, I. M., & Lozano, M. B. (2017). The role of the board of directors in the adoption of GRI guidelines for the disclosure of CSR information. Journal of Cleaner Production, 141, 737–750. https://doi.org/10.1016/j.jclepro.2016.09.155
   Web of Science ®Google Scholar
• Gassen, J. (2017). The effect of IFRS for SMEs on the financial reporting environment of private firms: An exploratory interview study. Accounting and Business Research, 47(5), 540–563. https://doi.org/10.1080/00014788.2017.1314105
   Web of Science ®Google Scholar
• Gebremichael, B. Z., & Gessesse, H. T. (2016). Technical efficiency of Microfinance Institutions (MFIs): Does ownership matter? Evidence from African MFIs. International Journal of Development Issues, 15(3), 224–239. https://doi.org/10.1108/IJDI-04-2016-0026
   Google Scholar
• Guerrero, S., Lapalme, M. È., Herrbach, O., & Séguin, M. (2017). Board member monitoring behaviors in credit unions: The role of conscientiousness and identification with shareholders. Corporate Governance: An International Review, 25(2), 134–144. https://doi.org/10.1111/corg.12196
   Web of Science ®Google Scholar
• Gujarati, D. N., & Porter, D. C. (2009). Basic econometrics (5th ed.). McGraw-Hill Irwin.
   Google Scholar
• Hellman, N., Carenys, J., & Moya Gutierrez, S. (2018). Introducing more IFRS principles of disclosure–will the poor disclosers improve? Accounting in Europe, 15(2), 242–321. https://doi.org/10.1080/17449480.2018.1476772
   Web of Science ®Google Scholar
• Houcine, A., Zitouni, M., & Srairi, S. (2022). The impact of corporate governance and IFRS on the relationship between financial reporting quality and investment efficiency in a continental accounting system. EuroMed Journal of Business, 17(2), 246–269. https://doi.org/10.1108/EMJB-06-2020-0063
   Web of Science ®Google Scholar
• IASB. (2019). Why global accounting standards? In Ifrs. https://www.ifrs.org/use-around-the-world/why-global-accounting-standards
   Google Scholar
• Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behaviour, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X
   Web of Science ®Google Scholar
• Joecks, J., Pull, K., & Scharfenkamp, K. (2019). Perceived roles of women directors on supervisory boards : Insights from a qualitative study. German Journal of Human Resource Management: Zeitschrift für Personalforschung, 33(1), 5–31. https://doi.org/10.1177/2397002218783925
   Web of Science ®Google Scholar
• Jones, P. A., Money, N., & Swoboda, R. (2017). Credit union strategic governance. Liverpool John Moores University.
   Google Scholar
• Juhmani, O. (2017). Corporate governance and the level of Bahraini corporate compliance with IFRS disclosure. Journal of Applied Accounting Research, 18(1), 22–41. https://doi.org/10.1108/JAAR-05-2015-0045
   Web of Science ®Google Scholar
• Kaaya, I. D. (2019). Financial reporting and value relevance: Empirical evidence from Indian and Tanzanian listed firms. Business Management Review, 22(2), 100–118.
   Google Scholar
• Kabwe, M., Mwanaumo, E., & Chalu, H. (2021). Effect of corporate governance attributes on IFRS compliance: Evidence from a developing country. Corporate Governance: The International Journal of Business in Society, 21(1), 1–22. https://doi.org/10.1108/CG-03-2020-0103
   Web of Science ®Google Scholar
• Koppeschaar, Z. (2012). International financial reporting standard for small and medium-sized entities. The Southern African Journal of Entrepreneurship and Small Business Management, 5(1), 54. https://doi.org/10.4102/sajesbm.v5i1.27
   Google Scholar
• Kent, P., & Stewart, J. (2008). Corporate governance and disclosures on the transition to International Financial Reporting Standards. Accounting & Finance, 48(4), 649–671. https://doi.org/10.1111/j.1467-629X.2007.00257.x
   Web of Science ®Google Scholar
• Krismiaji, K., & Surifah, S. (2020). Corporate governance, compliance level of ifrs disclosure and value relevance of accounting information – Indonesian evidence. Journal of International Studies, 13(2), 191–211. https://doi.org/10.14254/2071-8330.2020/13-2/14
   Google Scholar
• Kyazze, L. M., Nkote, I. N., & Wakaisuka-Isingoma, J. (2017). Cooperative governance and social performance of cooperative societies. Cogent Business & Management, 4(1), 1284391. https://doi.org/10.1080/23311975.2017.1284391
   Web of Science ®Google Scholar
• Lu, Y., Ntim, C. G., Zhang, Q., & Li, P. (2022). Board of directors’ attributes and corporate outcomes: A systematic literature review and future research agenda. International Review of Financial Analysis, 84, 102424. https://doi.org/10.1016/j.irfa.2022.102424
   Web of Science ®Google Scholar
• Mahadeo, J. D., Soobaroyen, T., & Hanuman, V. O. (2012). Board composition and financial performance: Uncovering the effects of diversity in an emerging economy. Journal of Business Ethics, 105(3), 375–388. https://doi.org/10.1007/s10551-011-0973-z
   Web of Science ®Google Scholar
• Marie, A., John, W., & Ward, A. M. (2015). Financial management effectiveness and board gender diversity in member-governed, community financial institutions. Journal of Business Ethics, 141(2), 351–366. https://doi.org/10.1007/s10551-015-2699-9
   Web of Science ®Google Scholar
• Marwa, N., & Aziakpono, M. (2015). Financial sustainability of Tanzanian saving and credit cooperatives. International Journal of Social Economics, 42(10), 870–887. https://doi.org/10.1108/IJSE-06-2014-0127
   Web of Science ®Google Scholar
• Matolcsy, Z., Tyler, J., & Wells, P. (2012). Is continuous disclosure associated with board independence? Australian Journal of Management, 37(1), 99–124. https://doi.org/10.1177/0312896211428492
   Web of Science ®Google Scholar
• Mbir, D. E. G., Agyemang, O. S., Tackie, G., & Abeka, M. J. (2020). IFRS compliance, corporate governance and financial reporting quality of GSE-listed non-financial firms. Cogent Business & Management, 7(1), 1759856. https://doi.org/10.1080/23311975.2020.1759856
   Web of Science ®Google Scholar
• Mlay, L., Temu, S., & Mataba, L. (2022). Influence of board attributes on board roles performance in savings and credit co-operative societies (SACCOS) in Tanzania. Business Management Review, 25(1), 90–110. https://doi.org/10.56279/bmrj.v25i1.6
   Google Scholar
• Mmari, G. A., & Thinyane, L. C. (2019). Analysis of factors influencing financial performance of savings and credit co-operative societies in Lesotho: Evidence from Maseru District. International Journal of Financial Research, 10(2), 121–136. https://doi.org/10.5430/ijfr.v10n2p121
   Google Scholar
• Mnif Sellami, Y., & Borgi Fendri, H. (2017). The effect of audit committee characteristics on compliance with IFRS for related party disclosures: Evidence from South Africa. Managerial Auditing Journal, 32(6), 603–626. https://doi.org/10.1108/MAJ-06-2016-1395
   Web of Science ®Google Scholar
• Mnif, Y., & Borgi, H. (2020). The association between corporate governance mechanisms and compliance with IFRS mandatory disclosure requirements: Evidence from 12 African countries. Corporate Governance: The International Journal of Business in Society, 20(7), 1371–1392. https://doi.org/10.1108/CG-08-2019-0270
   Web of Science ®Google Scholar
• Mnif, Y., & Znazen, O. (2020). Corporate governance and compliance with IFRS 7: The case of financial institutions listed in Canada. Managerial Auditing Journal, 35(3), 448–474. https://doi.org/10.1108/MAJ-08-2018-1969
   Web of Science ®Google Scholar
• Mori, N. (2014). Directors’ diversity and board performance: Evidence from East African Microfinance institutions. Journal of African Business, 15(2), 100–113. https://doi.org/10.1080/15228916.2014.920654
   Google Scholar
• Mousa, G. A., & Desoky, A. M. (2014). The value relevance of international financial reporting standards (IFRS): The case of the GCC countries. International Journal of Accounting and Financial Reporting, 1(1), 215–235. https://doi.org/10.5296/ijafr.v4i2.6501
   Google Scholar
• Msuya, R., & Maleko, G. (2015). Non-compliance and Challenges of Implementing IFRS in Saving and Credits Cooperative Societies (SACCOS) in Shinyanga Region – Tanzania. Journal of Business Administration and Education, 7(1), 17–33.
   Google Scholar
• Musleh Alsartawi, A. (2019). Board independence, frequency of meetings and performance. Journal of Islamic Marketing, 10(1), 290–303. https://doi.org/10.1108/JIMA-01-2018-0017
   Web of Science ®Google Scholar
• Nalukenge, I. (2020). Board role performance and compliance with IFRS disclosure requirements among micro finance institutions in Uganda. International Journal of Law and Management, 62(1), 47–66. https://doi.org/10.1108/IJLMA-08-2017-0195
   Web of Science ®Google Scholar
• Nalukenge, I., Nkundabanyanga, S. K., & Ntayi, J. M. (2018). Corporate governance, ethics, internal controls and compliance with IFRS. Journal of Financial Reporting and Accounting, 16(4), 764–786. https://doi.org/10.1108/JFRA-08-2017-0064
   Web of Science ®Google Scholar
• NBAA. (2023). Guidence on evaluating presentation of Financial statements. Tanzania National Board of Accountant and Auditors.
   Google Scholar
• Nguyen, T. H. H., Ntim, C. G., & Malagila, J. K. (2020). Women on corporate boards and corporate financial and non-financial performance: A systematic literature review and future research agenda. International Review of Financial Analysis, 71, 101554. https://doi.org/10.1016/j.irfa.2020.101554
   Web of Science ®Google Scholar
• Ntim, C. G., & Soobaroyen, T. (2013). Corporate governance and performance in socially responsible corporations: New empirical insights from a neo-institutional framework. Corporate Governance: An International Review, 21(5), 468–494. https://doi.org/10.1111/corg.12026
   Web of Science ®Google Scholar
• Nyamsogoro, G. D. (2010). Financial Sustainability of Rural Microfinance Institutions (MFIs) in Tanzania Ganka Daniel Nyamsogoro requirements of the University of Greenwich for the Degree of Doctor of Philosophy September 2010. September.
   Google Scholar
• Okafor, O. N., Anderson, M., & Warsame, H. (2016). IFRS and value relevance: Evidence based on Canadian adoption. International Journal of Managerial Finance, 12(2), 136–160. https://doi.org/10.1108/IJMF-02-2015-0033
   Web of Science ®Google Scholar
• Omeke, M., Ngoboka, P. T., Nkote, I. N., & Kayongo, I. (2019). The relationship between complexity behavior and enterprise growth: A case of savings and credit cooperatives in Uganda. Cogent Business & Management, 6(1), 1–15. https://doi.org/10.1080/23311975.2018.1564421
   Web of Science ®Google Scholar
• Outa, E. R., Ozili, P., & Eisenberg, P. (2017). IFRS convergence and revisions: Value relevance of accounting information from East Africa. Journal of Accounting in Emerging Economies, 7(3), 352–368. https://doi.org/10.1108/JAEE-11-2014-0062
   Web of Science ®Google Scholar
• Pallant, J. (2020). SPSS survival manual: A step by step guide to data analysis using IBM SPSS. Routledge.
   Google Scholar
• Périlleux, A., & Szafarz, A. (2015). Women leaders and social performance: Evidence from financial cooperatives in Senegal. World Development, 74, 437–452. https://doi.org/10.1016/j.worlddev.2015.05.011
   Web of Science ®Google Scholar
• Rixon, D., & Lightstone, K. (2016). Impact of International Financial Reporting Standards on Canadian Credit Unions. International Journal of Business, Accounting, & Finance, 10(1), 90–102.
   Google Scholar
• Sebhatu, K. T., Tesfay, H., & Tesfay, A. (2013). Relative efficiency of rural saving and credit cooperatives: An application of data envelopment analysis. International Journal of Cooperative Studies, 2(1), 16–25. https://doi.org/10.11634/216826311302263
   Google Scholar
• Sellami, Y. M., & Tahari, M. (2017). Factors influencing compliance level with AAOIFI Financial accounting standards by Islamic banks. Journal of Applied Accounting Research, 18(1), 137–159. https://doi.org/10.1108/JAAR-01-2015-0005
   Web of Science ®Google Scholar
• Semaw Henock, M. (2019). Financial sustainability and outreach performance of saving and credit cooperatives: The case of Eastern Ethiopia. Asia Pacific Management Review, 24(1), 1–9. https://doi.org/10.1016/j.apmrv.2018.08.001
   Web of Science ®Google Scholar
• Serebour, O., Yao Ofoe, A., Serebour Agyemang, O., Aboagye, E., & Yao Ofoe Ahali, A. (2013). Prospects and Challenges of Corporate Governance in Ghana, 47117.
   Google Scholar
• Singh, R. D., & Newberry, S. (2008). Corporate governance and international financial reporting standard(ifrs): The case of developing countries. Research in Accounting in Emerging Economies, 8, 483–518. https://doi.org/10.1016/S1479-3563(08)08016-X
   Google Scholar
• Tawiah, V., & Boolaky, P. (2019). Determinants of IFRS compliance in Africa: Analysis of stakeholder attributes. International Journal of Accounting & Information Management, 27(4), 573–599. https://doi.org/10.1108/IJAIM-09-2018-0110
   Web of Science ®Google Scholar
• TCDC. (2022). Tanzania co-operative statistics. Tanzania Co-operatives Development Commission.
   Google Scholar
• Towo, N., Mori, N., & Ishengoma, E. (2019). Financial leverage and labor productivity in microfinance co-operatives in Tanzania. Cogent Business & Management, 6(1), 1–17. https://doi.org/10.1080/23311975.2019.1635334
   Web of Science ®Google Scholar
• Tsegba, I. N., Semberfan, J., & Tyokoso, G. M. (2017). Firm characteristics and compliance with International Financial Reporting Standards (IFRS) by Listed Financial Services Companies in Nigeria. Applied Finance and Accounting, 3(1), 83. https://doi.org/10.11114/afa.v3i1.2196
   Google Scholar
• van den Heuvel, F. P., de Langen, P. W., van Donselaar, K. H., & Fransoo, J. C. (2011). Identification of employment concentration and specialization areas: Theory and application. Beta Working Paper, 354(August), 26p. https://doi.org/10.1002/agr
   Google Scholar
• Verriest, A., Gaeremynck, A., & Thornton, D. B. (2013). The impact of corporate governance on IFRS ADOPTION CHOICES. European Accounting Review, 22(1), 39–77. https://doi.org/10.1080/09638180.2011.644699
   Web of Science ®Google Scholar
• WOCCU. (2020). World Council of Credit Unions 2019 statistical report. World Council of Credit Union.
   Google Scholar
• Wooldridge, J. (2013). Introductory econometrics: A modern approach. Cengage Learning.
   Google Scholar
• Yan, S. (2020). The Effect of Convergence with IFRS on Value Relevance : Evidence from Chinese Capital Markets. January.
   Google Scholar
• Zango, A. G., Kamardin, H., & Ishak, R. (2015). Risk management committee effectiveness and international financial reporting standards 7 (IFRS7) compliance by listed banks in Nigeria. International Journal of Advanced Research, 3(6), 160–165.
   Google Scholar