Corporate Governance and Fraud: A Systematic Review
DOI:
10.33395/owner.v9i2.2643Keywords:
Corporate governance, Fraud prevention, Systematic reviewAbstract
The increasing phenomenon of fraud across various business sectors emphasizes the importance of implementing effective corporate governance. Strong corporate governance is believed to enhance company transparency and accountability, thereby reducing the risk of fraud occurrence. This study aims to analyze the role of corporate governance in preventing fraud through a systematic review approach using PRISMA guidelines. It examines 22 articles published between 2020 and 2024 from the Scopus, ScienceDirect, and Emerald Insight databases, focusing on corporate governance and fraud prevention. The findings reveal that the implementation of strong corporate governance mechanisms, such as board independence, gender diversity, board size, audit committees, internal controls, and audit quality, significantly contributes to fraud prevention. However, the effectiveness of these mechanisms depends on cultural, regulatory, and institutional contexts. This study also highlights the importance of Islamic governance in fraud prevention, particularly in the Islamic financial sector, by emphasizing principles of justice, transparency, and the role of the Sharia Supervisory Board (SSB). Overall, effective corporate governance enhances transparency and accountability, reducing the risk of fraud, although further research is needed to explore the variations in the effectiveness of governance mechanisms across different cultural and regulatory contexts.
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Gam, Y. K., Gupta, P., Im, J., & Shin, H. (2021). Evasive shareholder meetings and corporate fraud. Journal of Corporate Finance, 66(June 2020), 101807. https://doi.org/10.1016/j.jcorpfin.2020.101807
Ghozali, I. (2020). 25 Teori Besar (Grand Theory) Ilmu Manajemen, Akuntansi, dan Bisnis. Yoga Pratama.
Gullkvist, B., & Jokipii, A. (2013). Perceived importance of red flags across fraud types. Critical Perspectives on Accounting, 24(1), 44–61. https://doi.org/10.1016/j.cpa.2012.01.004
Healy, P. M., & Palepu, K. G. (2003). The fall of enron. Journal of Economic Perspectives, 17(2), 3–26. https://doi.org/10.1257/089533003765888403
Kassem, R. (2022). Elucidating corporate governance’s impact and role in countering fraud. Corporate Governance (Bingley), 22(7), 1523–1546. https://doi.org/10.1108/CG-08-2021-0279
Kerres, M., & Bedenlier, S. (2020). Systematic Reviews in Educational Research. In Systematic Reviews in Educational Research. https://doi.org/10.1007/978-3-658-27602-7
Khadra, A.H. and Delen, D. (2020). Nonprofit organization fraud reporting: does governance matter? International Journal of Accounting and Information Management, 28(3), 409–428. https://doi.org/10.1108/IJAIM-10-2019-0117
Kitchenham, B. and Charters, S. (2007). Guidelines for performing Systematic Literature Reviews in Software Engineering. https://doi.org/10.1541/ieejias.126.589
Larcker, D., & Tayan, B. (2016). Corporate Governance Matters: A Closer Look at Organizational Choices and Their Consequences (2nd ed.). Pearson Education.
Liberati, A., Altman, D. G., Tetzlaff, J., Mulrow, C., Gøtzsche, P. C., Ioannidis, J. P. A., Clarke, M., Devereaux, P. J., Kleijnen, J., & Moher, D. (2009). The PRISMA statement for reporting systematic reviews and meta-analyses of studies that evaluate health care interventions: Explanation and elaboration. PLoS Medicine, 6(7). https://doi.org/10.1371/journal.pmed.1000100
Lubis, H. Z., Sari, M., Ramadhany, A. A., Ovami, D. C., & Brutu, I. R. (2024). Effect of internal audit, internal control, and audit quality on fraud prevention: Evidence from the public sector in Indonesia. Problems and Perspectives in Management, 22(2), 40–50. https://doi.org/10.21511/ppm.22(2).2024.04
Mangala, D., & Kumari, P. (2015). Corporate Fraud Prevention and Detection: Revisiting the Literature. Journal of Commerce and Accounting Research, 4(1). https://doi.org/10.21863/jcar/2015.4.1.006
Martins, O. S., & Júnior, R. V. (2020). The influence of corporate governance on the mitigation of fraudulent financial reporting. Revista Brasileira de Gestao de Negocios, 22(1), 65–84. https://doi.org/10.7819/rbgn.v22i1.4039
Matei, A., & Drumasu, C. (2015). Corporate Governance and public sector entities. Procedia Economics and Finance, 26(15), 495–504. https://doi.org/10.1016/S2212-5671(15)00879-5
McLaughlin, C., Armstrong, S., Moustafa, M. W., & Elamer, A. A. (2021). Audit committee diversity and corporate scandals: evidence from the UK. International Journal of Accounting and Information Management, 29(5), 734–763. https://doi.org/10.1108/IJAIM-01-2021-0024
Md Nasir, N. A., & Hashim, H. A. (2021). Corporate governance performance and financial statement fraud: evidence from Malaysia. Journal of Financial Crime, 28(3), 797–809. https://doi.org/10.1108/JFC-09-2020-0182
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