Corporate Governance Policies under COVID-19 Pandemic: Experiences of Some Emerging Economies

Authors

  • Bello Yakubu Aminu Central Bank of Nigeria, Tafawa Balewa Way, P.M.B 0187, Abuja, Nigeria https://orcid.org/0000-0001-9631-1054
  • Amiya Bhaumik Lincoln University College, 47301 Petaling Jaya, Selangor D. E., Malaysia
  • Afolabi Abiodun Ademola National Open University of Nigeria, Plot 91, Cadastral Zone Nnamdi Azikiwe Expressway Jabi, Abuja Nigeria

DOI:

https://doi.org/10.31674/ijmhs.2024.v08i01.003

Abstract

The COVID-19 pandemic surprised the global community, which led to the transformation of how the global economy conducts its day-to-day businesses. The primary purpose of this paper was to investigate the mitigating policies that countries put in place to curb the havoc caused by the pandemic. The study documented the impact of the pandemic on corporate governance outcomes (annual general meetings, audit committees, executive pay, and disclosure). The findings showed that governments in the emerging markets studied had implemented policies and regulations for business continuity in addition to the globally coordinated responses. The study also found that emerging countries must develop far-reaching policies and capabilities to deal with similar pandemics.

Keywords:

Corporate Governance, Global Economy, Policy Implementation, Crisis Management

Downloads

Download data is not yet available.

References

Addison, T., Sen, K., & Tarp, F. (2020). COVID-19: Macroeconomic dimensions in the developing world (No. 2020/74). WIDER Working Paper. https://doi.org/10.35188/UNU-WIDER/2020/831-3

Aghaei, M., Sahebi, A. G., & Kordheydari, R. (2021). The Effect of COVID-19 on Sustainable Consumption Behavior in Chain Stores. Asia-Pacific Journal of Management and Technology (AJMT), 2(2), 35-51. https://doi.org/10.46977/apjmt.2021v02i02.005

Alshhadat, Q. M., & Al-Hajaya, K. (2023). Corporate governance in the COVID-19 pandemic: current practices and potential improvement. Corporate Governance, 1-16. https://doi.org/10.1108/CG-05-2022-0203

Arcuri, A., & Violi, F. (2021). Public Interest and International Investment Law: A Critical Perspective on Three Mainstream Narratives. In Handbook of International Investment Law and Policy (pp. 1-27). Singapore: Springer Singapore.

Benczúr, P., & Kónya, I. (2022). Convergence to the Centre. In Emerging European Economies after the pandemic (pp. 1-51). Springer, Cham. https://doi.org/10.1007/978-3-030-93963-2_1

Bozkurt, A., Jung, I., Xiao, J., Vladimirschi, V., Schuwer, R., Egorov, G., ... & Paskevicius, M. (2020). A global outlook to the interruption of education due to COVID-19 pandemic: Navigating in a time of uncertainty and crisis. Asian Journal of Distance Education, 15(1), 1-126. https://doi.org/10.5281/zenodo.3878572

Brunner, B. R., & Smallwood, A. M. (2019). Prioritizing public interest in public relations: Public interest relations. Public Relations Inquiry, 8(3), 245–264. https://doi.org/10.1177/2046147X19870275

Cassells, R., Duncan, A., Dockery, M., Kiely, D., & Mavisakalyan, A. (2020). Potential job losses in the COVID-19 pandemic. Bankwest Curtin Econ. Cent. COVID-19 Res. Brief, 2, 1–5. http://hdl.voced.edu.au/10707/539052

Chalevas, C., Giannopoulos, P., Koutoupis, A., & Samara, A. (2021). Evaluating the role and effectiveness of the audit committee on the quality of financial reporting: evidence from Greek PIEs. International Journal of Banking, Accounting, and Finance, 12(4), 368-388.

de Barros, F. E. E., dos Santos, R. C., Orso, L. E., & Sousa, A. M. R. (2021). The evolution of corporate governance and agency control: the effectiveness of mechanisms in creating value for companies with IPO on the Brazilian stock Exchange. Corporate Governance: The International Journal of Business in Society. http://dx.doi.org/10.1108/CG-11-2019-0355

Diallo, I., Ndejjo, R., Leye, M. M. M., Egbende, L., Tusubira, A., Bamgboye, E. A., ... & Seck, I. (2023). Unintended consequences of implementing non-pharmaceutical interventions for the COVID-19 response in Africa: experiences from DRC, Nigeria, Senegal, and Uganda. Globalization and Health, 19(1), 1-16. https://doi.org/10.1186/s12992-023-00937-6

Emmanuel, I. E., Esther, L.-O. O., Attayi, I. F., & Taiwo, O. S. (2023). Strategic Management and Performance of Information Technology Firms in Nigeria. Asia-Pacific Journal of Management and Technology (AJMT), 3(3), 38-49. https://doi.org/10.46977/apjmt.2023.v03i03.005

Gamil, Y., & Alhagar, A. (2020). The impact of the pandemic crisis on the survival of the construction industry: a case of COVID-19. Mediterranean Journal of Social Sciences, 11(4), 122-122. https://doi.org/10.36941/mjss-2020-0047

Gourinchas, P. O. (2020). Flattening the pandemic and recession curves. Mitigating the COVID economic crisis: Act fast and do whatever, 31(2), 57–62.

Gupta, V., Santosh, K. C., Arora, R., Ciano, T., Kalid, K. S., & Mohan, S. (2022). Socioeconomic impact due to COVID-19: An empirical assessment. Information Processing & Management, 59(2), 102810. https://doi.org/10.1016%2Fj.ipm.2021.102810

Heo, K. (2018). Effects of corporate governance on the performance of state-owned enterprises. World Bank Policy Research Working Paper, (8555). http://dx.doi.org/10.1596/1813-9450-8555

Hirst, S., & Kastiel, K. (2019). Corporate governance by index exclusion. BUL Rev., 99, 1229.

IMF (2023). IMF Country Information. https://imf.org/en/Countries/

Jurcik, T., Jarvis, G. E., Zeleskov Doric, J., Krasavtseva, Y., Yaltonskaya, A., Ogiwara, K., ... & Grigoryan, K. (2021). Adapting mental health services to the COVID-19 pandemic: reflections from professionals in four countries. Counselling Psychology Quarterly, 34(3-4), 649-675. https://doi.org/10.1080/09515070.2020.1785846

Kazziha, M. K. (2020). The Effects of Macroeconomic Policies Interaction & Macro-Prudential and Monetary Policies Coordination on Financial Stability: Evidence from Turkey (Doctoral dissertation, Anadolu University (Turkey)).

Kirchner, S., & Schüßler, E. (2020). Regulating the sharing economy: a field perspective. In Theorizing the sharing economy: Variety and trajectories of new forms of organizing. Emerald Publishing Limited.

Lamba, J. & Jain, E. (2022). The Emerging Need for Corporate Social Responsibility and Sustainable Investment in the Healthcare Sector during COVID 19. International Journal on Recent Trends in Business and Tourism (IJRTBT), 6(3), 10-26. https://doi.org/10.31674/ijrtbt.2022.v06i03.002

Licong, H., Hui, Y., & Bhaumik, A. (2023). Economic Globalization and Income Inequality. International Journal on Recent Trends in Business and Tourism (IJRTBT), 7(3), 108-117. https://doi.org/10.31674/ijrtbt.2021.v07i03.008

Mahmut, Ö. Z. E. R., & Suna, H. E. (2020). The linkage between vocational education and the labor market in Turkey: Employability and skill mismatch. Kastamonu Eğitim Dergisi, 28(2), 558-569. https://doi.org/10.24106/kefdergi.704878

Malanski, L. K., & Póvoa, A. C. S. (2021). Economic growth and corruption in emerging markets: Does economic freedom matter? International Economics, 166, 58-70. https://doi.org/10.1016/j.inteco.2021.02.001

Manero, A., Smith, P., Koontz, A., Dombrowski, M., Sparkman, J., Courbin, D., & Chi, A. (2020). Leveraging 3D printing capacity in times of crisis: recommendations for COVID-19 distributed manufacturing for medical equipment rapid response. International journal of environmental research and public health, 17(13), 4634. https://doi.org/10.3390%2Fijerph17134634

Nam, H., & Nam, T. (2021). Exploring Strategic Directions of Pandemic Crisis Management: A Text Analysis of World Economic Forum COVID-19 Reports. Sustainability, 13(8), 4123. https://doi.org/10.3390/su13084123

Netswera, F., & Moyo, S. (2022). Making Sense of the Role of the State: Managing the South African Higher Education Sector during the COVID-19 Pandemic Crisis Times. In Higher Education and the COVID-19 Pandemic (pp. 280-299). Brill. https://doi.org/10.1163/9789004520554_017

O'Neil, S. (2022). Policing, Prejudice, and Policies: The Shaping of The COVID-19 Pandemic Behind Bars (Doctoral dissertation, University of Oregon).

Our World in Data (2023). COVID-19-Data. https://github.com/owid/COVID-19-data/tree/master/public/data

Pu, G., Qamruzzaman, M., Mehta, A. M., Naqvi, F. N., & Karim, S. (2021). Innovative finance, technological adaptation, and SMEs sustainability: the mediating role of government support during COVID-19 pandemic. Sustainability, 13(16), 9218. https://doi.org/10.3390/su13169218

Rasul, G., Nepal, A. K., Hussain, A., Maharjan, A., Joshi, S., Lama, A., ... & Sharma, E. (2021). Socioeconomic implications of COVID-19 pandemic in South Asia: emerging risks and growing challenges. Frontiers in sociology, 6, 629693. https://doi.org/10.3389/fsoc.2021.629693

Ronaghi, M., & Scorsone, E. (2023). The impact of governance on poverty and unemployment control before and after the COVID outbreak in the United States. Journal of Poverty. 1-25. https://doi.org/10.1080/10875549.2023.2173708

Sa'ad, A. A., Muneeza, A., Haron, R., & Othman, A. H. A. (2022). Ṣukūk structure for deficit financing during the COVID-19 crisis. Islamic Economic Studies, (ahead-of-print). https://doi.org/10.1108/IES-01-2021-0007

Singer, M., & Rylko-Bauer, B. (2021). The syndemics and structural violence of the COVID pandemic: anthropological insights on a crisis. Open Anthropological Research, 1(1), 7-32. https://doi.org/10.1515/opan-2020-0100

Stuber, W., Stuber, A. M. G., Rios, M., Rodriguez, S. M., Herrera, J., Sharma, A., ... & Ferrer, M. (2008). International Investment and Development Committee. The International Lawyer, 511-527.

Sturgeon, T. J. (2021). Upgrading strategies for the digital economy. Global Strategy Journal, 11(1), 34-57. http://dx.doi.org/10.1002/gsj.1364

Thukral, E., & Ratten, V. (2022). Entrepreneurial Framework Conditions in Brazil. In Brazilian Entrepreneurship (pp. 63-73). Springer, Cham. http://dx.doi.org/10.1007/978-3-031-09392-0_5

Trebilcock, A. (2021). Governance Challenges and Opportunities for the International Labour Organization in the Wake of the COVID-19 Pandemic. International Organizations Law Review, 18(3), 370-396. https://dx.doi.org/10.2139/ssrn.3993648

Uvalić, M., Cerović, B., & Atanasijević, J. (2020). The Serbian economy ten years after the global economic crisis. Economic Annals, 65(225), 33-71. https://doi.org/10.2298/EKA2025033U

Van Loo, R. (2020). The New Gatekeepers. Virginia Law Review, 106(2), 467–522.

Walker, J., Pekmezovic, A., & Walker, G. (2019). Sustainable development goals: harnessing business to achieve the SDGs through finance, technology, and law reform. John Wiley & Sons.

Westbrook, A. D. (2020). We ('re) Working on Corporate Governance: Stakeholder Vulnerability in Unicorn Companies. U. Pa. J. Bus. L., 23, 505. https://dx.doi.org/10.2139/ssrn.3703995

Zhang, L., Sindakis, S., Dhaulta, N., & Asongu, S. (2023). Economic crisis management during the COVID-19 pandemic the role of entrepreneurship for improving the Nigerian mono-economy. Journal of the Knowledge Economy, 1-8. https://doi.org/10.1007/s13132-023-01117-y

Published

15-01-2024

How to Cite

Aminu, B. Y. ., Bhaumik, A. ., & Ademola, A. A. . (2024). Corporate Governance Policies under COVID-19 Pandemic: Experiences of Some Emerging Economies. International Journal of Management and Human Science (IJMHS), 8(1), 27-41. https://doi.org/10.31674/ijmhs.2024.v08i01.003

Metrics