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Ethical Finance Accountability and Governance
A research group of the Business School.
Prior to the financial crisis of 2008 the role of ethics in finance and the adoption of alternative financial and governance systems was considered as needless. In addition, the recurrent corporate collapses have raised great concerns about the failure of the conventional governance and accountability systems. As a result, there has been much questioning of the values underpinning the conventional financial, governance and accountability systems, and the search for ethical alternatives has intensified.
The EFAG Centre conducts empirical research on Ethics, Finance, Governance & Accountability by bringing together an experienced team of researchers across disciplines within the University of Durham. The expertise of the Centre is augmented by a group of internationally excellent scholars in the field who are associate members of the centre.
The EFAG provides a relevant platform for high quality research on ethical finance, accountability and governance. The EFAG’s objectives include disseminating research in conferences, seminars and leading journals and promoting intelligent debate and understanding of ethical finance, faith based finance, socially responsible investment, governance and accountability. The Centre encourages internal school collaboration as well as interaction with external academic institutions, industry, government bodies and policy makers. The EFAG’s research on ethical finance, governance and accountability is relevant to central banks, regulators and industry.
Faculty, Durham University Business School, Mill Hill Lane, Durham DH1 3LB
- Professor Omneya Abdelsalam
- Prof Carol Adams
- Professor Habib Ahmed
- Dr Frankie Chau
- Dr. Mercy Denedo
- Professor Rob Dixon
- Dr Ahmed Elsayed
- Dr Amir Michael
- Professor Geoff Moore
- Professor Richard Slack
- Dr Rebecca Stratling
- Prof Abderrahim Taamouti
- Dr Anna Tilba
- Professor Julian Williams
- Dr Ayse Yazici
Publications by staff in this group
- Leventis, S., Dedoulis, E. & Abdelsalam, O. (2018). The Impact of Religiosity on Audit Pricing. Journal of Business Ethics 148(1): 53-78.
- Platonova, E., Asutay, M., Dixon, R. & Mohammad, S. (2018). The Impact of Corporate Social Responsibility Disclosure on Financial Performance: Evidence from the GCC Islamic Banking Sector. Journal of Business Ethics 151(2): 451-471.
- Abdelsalam, O., Duygun, M., Matallín, J. C. & Tortosa-Ausina, E. (2017). Is Ethical Money Sensitive to Past Returns? The Case of Portfolio Constraints and Persistence in Islamic Funds. Journal of Financial Services Research 51(3): 363-384.
- Dixon, R., Guariglia, A. & Vijayakumaran, R. (2017). Managerial Ownership, Corporate Governance, and Firms’ Exporting Decisions: Evidence from Chinese listed companies. European Journal of Finance 23(79): 802-840.
- Stratling, R. (2017). The complementary use of audience response systems and online tests to implement repeat testing: A case study. The British Journal of Educational Technology 48(2): 370-384.
- de Gramatica, M., Massacci, F., Shim, W., Turhan, U. & Williams, J. (2017). Agency Problems and Airport Security: Quantitative and Qualitative Evidence on the Impact of Security Training. Risk Analysis 37(2): 372-395.
- Yazici, A. (2017). Probabilistic stable rules and Nash equilibrium in two-sided matching problems. International Journal of Game Theory 46(1): 103-124.
- Abdelsalam, O., Dimitropoulos, P., Elnahass, M. & Leventis, S. (2016). Earnings Management Behaviors under Different Monitoring Mechanisms: The Case of Islamic and Conventional Banks. Journal of Economic Behavior & Organization (special issue on Islamic Finance).
- McPhail, K.J. & Adams, C.A. (2016). Corporate respect for Human Rights: meaning, scope, and the shifting order of discourse. Accounting, Auditing and Accountability Journal 29(4): 650-678.
- Adams, C.A., Potter, B., Singh, P.J. & York, J. (2016). Exploring the implications of integrated reporting for social investment (disclosures). The British Accounting Review 48(3): 283-296.
- Young, S., Nagpal, S. & Adams, C. (2016). Sustainable Procurement in Australian and UK Universities. Public Management Review 18(7): 993-1016.
- Ahmed, H. & Salleh, H. (2016). Inclusive Islamic Financial Planning: A Conceptual Framework. International Journal of Islamic and Middle Eastern Finance and Management 9(2): 170-189.
- Dixon, R., Zhang, Z. & Dai, Y. (2016). Exchange Rate Flexibility in China: Measurement, Regime Shifts and Driving Forces of Change. Review of International Economics 24(5): 875-892.
- Cumming, D., Dixon, R., Hou, W. & Lee, E. (2016). Media coverage and foreign share discount puzzle in China. European Journal of Finance 22(4-6): 393-412.
- Slack, R. & Matthias, M. (2016). Intellectual capital reporting, leadership and strategic change. Journal of Applied Accounting Research 17(1): 61-83.
- Gomes, P. & Taamouti, A. (2016). In search of the determinants of European asset market comovements. International Review of Economics and Finance 44: 103-117.
- Elliott, K., Massacci, F. & Williams, J. (2016). Action, Inaction, Trust, and Cybersecurity’s Common Property Problem. IEEE Security and Privacy 14(1): 82-86.
- Massacci, F., Ruprai, R., Collinson, M. & Williams, J. (2016). Economic Impacts of Rules- versus Risk-Based Cybersecurity Regulations for Critical Infrastructure Providers. IEEE Security & Privacy 14(3): 52-60.
- Buckle, M., Chen, J. & Williams, J. (2016). Realised higher moments theory and practice. European journal of finance 22(13): 1272-1291.
- Belal, A., Abdelsalam, O. & Nizamee, S. (2015). Ethical Reporting in Islami Bank Bangladesh Limited (1983–2010). Journal of Business Ethics 129(4): 769-784.
- Coulson, A., Adams, C., Nugent, M. & Haynes, K. (2015). Exploring metaphors of capitals and the framing of multiple capitals: challenges and opportunities for IR. Sustainability Accounting, Management and Policy Journal 6(3): 290-314.
- Adams, C.A. (2015). The International Integrated Reporting Council: a call to action. Critical Perspectives on Accounting 27(3): 23-28.
- Kasri, R. & Ahmed, H. (2015). Assessing Socio-Economic Development based on Maqāṣid al-Sharīʿah Principles: Normative Frameworks, Methods and Implementation in Indonesia. Islamic Economic Studies 23(1): 73-100.
- Ahmed, H. (2015). Basel III liquidity requirement ratios and Islamic banking. Journal of banking regulation 16(4): 251-264.
- Chau, F., Kuo, J. & Shi, Y. (2015). Arbitrage opportunities and feedback trading in emissions and energy markets. Journal of international financial markets, institutions and money 36: 130-147.
- Chau, F. & Deesomsak, R. (2015). Business cycle variation in positive feedback trading evidence from the G-7 economies. Journal of International Financial Markets, Institutions and Money 35: 147-159.
- Das, S., Dixon, R. & Michael, A. (2015). Corporate Mandatory Reporting: A longitudinal Investigation of Listed Companies in Bangladesh. Global Review of Accounting and Finance 6(1): 64-85.
- Moore, G. (2015). Corporate character, corporate virtues. Business Ethics: a European Review 24(S2): S99-S114.
- Fernando, M. & Moore, G. (2015). MacIntyrean virtue ethics in business a cross-cultural comparison. Journal of Business Ethics 132(1): 185-202.
- Slack, R., Corlett, S. & Morris, R. (2015). Exploring employee engagement with (corporate) social responsibility a social exchange perspective on organisational participation. Journal of Business Ethics 127(3): 537-548.
- Cooper, S. & Slack, R. (2015). Reporting practice, impression management and company performance: a longitudinal and comparative analysis of water leakage disclosure. Accounting and Business Research 45(6-7): 801-840.
- Taamouti, A. (2015). Finite-Sample Sign-Based Inference in Linear and Nonlinear Regression Models with Applications in Finance. L'actualité économique: revue d'analyse économique 91(1-2): 89-113.
- Taamouti, A. (2015). Stock Market's Reaction to Money Supply: Nonparametric Analysis. Studies in Nonlinear Dynamics and Econometrics 19(5): 669-689.
- De Gramatica, M., Massacci, F., Shim, W., Tedeschi, A. & Williams, J. (2015). IT Interdependence and the Economic Fairness of Cyber-security Regulations for Civil Aviation. IEEE Security & Privacy 13(5): 52-61.
- Buckland, R., Williams, J. & Beecher, J. (2015). Risk and regulation in water utilities a cross-country comparison of evidence from the CAPM. Journal of regulatory economics 47(2): 117-145.
- Abdelsalam, O., Duygun, D., Matallín-Sáez, J.C. & Tortosa-Ausina, E. (2014). Do ethics imply persistence? The case of Islamic and socially responsible funds. Journal of Banking & Finance 40: 182-194.
- Abdelsalam, O. & El-Komi, M. (2014). Islamic Finance: An introduction. Journal of Economic Behaviour and Organization 103(Supplement): S1-S3.
- Elnahass, M., Izzeldin, M. & Abdelsalam, O. (2014). Loan loss provisions, bank valuations and discretion: A comparative study between conventional and Islamic banks. Journal of Economic Behavior & Organization 103(Supplement): S160-S173.
- Abdelsalam, O., Duygun Fethi, M., Matallín, J.C. & Tortosa-Ausina, E. (2014). On the comparative performance of socially responsible and Islamic mutual funds. Journal of Economic Behavior & Organization 103: S108-S128.
- Adams, C.A. (2014). Changing the way business is done: A critical review of two South African integrated reports. The Sustainability and Integrated Reporting Handbook 1.
- Adams, C.A., Muir, S. & Hoque, Z. (2014). Measurement of sustainability performance in the public sector. Sustainability Accounting, Management and Policy Journal 5(1): 46-67.
- BinMahfouz, Saeed & Ahmed, Habib (2014). 'Shariah Investment Screening Criteria: A Critical Review'. Journal of King Abdulaziz University: Islamic Economics 27(1): 111-145.
- Ahmed, H. & Mohammad, A.N. (2014). Debate on Tawarruq: Historical Discourse and Current Rulings. Arab Law Quarterly 28(3): 278-294.
- Ahmed, H. (2014). Islamic Banking and Shari’ah Compliance: A Product Development Perspective. Journal of Islamic Finance 3(2): 15-29.
- Ahmed, H. (2014). Microtakaful: Financial inclusion and microtakaful. Middle Eastern Insurance Review 56-57.
- Chau, F. & Deesomsak, R. (2014). Does Linkage Fuel the Fire? The Transmission of Financial Stress across the Markets. International Review of Financial Analysis 36: 57-70.
- Chau, F., Deesomsak, R. & Wang, J. (2014). Political Uncertainty and Stock Market Volatility in the Middle East and North African (MENA) Countries. Journal of International Financial Markets, Institutions and Money 28: 1-19.
- Charteris, A., Chau, F., Gavriilidis, K. & Kallinterakis, V. (2014). Premiums, Discounts and Feedback Trading: Evidence from Emerging Markets’ ETFs. International Review of Financial Analysis 35: 80-89.
- Jizi, M., Salama, A., Dixon, R. & Stratling, R. (2014). Corporate Governance and Corporate Social Responsibility Disclosure: Evidence from the US Banking Sector. Journal of Business Ethics 125(4): 601-615.
- Moore, G., Beadle, R. & Rowlands, A. (2014). Catholic Social Teaching and the Firm. Crowding in Virtue: a MacIntyrean Approach to Business Ethics. American Catholic Philosophical Quarterly 88(4): 779-805.
- Slack, R., Loughran, J. & Abrahams, K. (2014). Corporate Associate Partnerships: Practitioners’ involvement in the delivery of an Auditing course based on a case-study: A Teaching Resource. Accounting Education: An international journal 23(3): 262-276.
- Bin Muhammed, A. Stratling, R. & Salama, A. (2014). The impact of government investment organisations in Malaysia on the performance of their portfolio companies. Annals of Public and Cooperative Economics 85(3): 453-473.
- Luque, J. & Taamouti, A. (2014). Did the Euro Change the Effect of Fundamentals on Economic Uncertainty?. The B.E. Journal of Macroeconomics 14(1): 625-660.
- Taamouti, A., Bouezmarni, T. & El Gouch, A. (2014). Nonparametric estimation and inference for conditional density based Granger causality measures. Journal of Econometrics 180(2): 251-264.
- Bouezmarni, T. & Taamouti, A. (2014). Nonparametric Tests for Conditional Independence Using Conditional Distribution. Journal of Nonparametric Statistics 26(4): 697-719.
- Feunou, B., Fontaine, J.S., Taamouti, A. & Tédongap, R. (2014). Risk Premium, Variance Premium, and the Maturity Structure of Uncertainty. Review of Finance 18(1): 219-269.
- Afonso, A., Gomes, P. & Taamouti, A. (2014). Sovereign Credit Ratings and Financial Markets Volatility. Computational Statistics and Data Analysis 76: 20-33.
- Buckle, M., Chen, J. & Williams, J. (2014). How predictable are equity covariance matrices? Evidence from high frequency data for four markets. Journal of Forecasting 33(7): 542-557.
- Klijn, F. & Yazici, A. (2014). A Many-to-Many 'Rural Hospital Theorem'. Journal of Mathematical Economics 54: 63-73.
- Williams, S. & Adams, C.A. (2013). Moral accounting? Employee disclosures from a stakeholder accountability perspective. Accounting, Auditing and Accountability Journal 26(3): 449-495.
- Adams, C.A. (2013). Sustainability reporting and performance management in Universities: challenges and benefits. Sustainability Accounting, Management and Policy Journal 4(3): 384-391.
- Yang Spencer, S., Adams, C.A. & Yapa, P. (2013). The mediating effects of the use of an environmental information system on top management's commitment and environmental performance. Sustainability Accounting, Management and Policy Journal 4(1).
- Dian Masyita & Habib Ahmed (2013). Why is Growth of Islamic Microfinance Lower than its Conventional Counterparts in Indonesia? Islamic Economic Studies 21(1): 35-62.
- Zhang, Z., Chau, F. & Li, X. (2013). Accumulation of Large Foreign Reserves in China: A Behavioural Perspective. Economic Change and Restructuring 46(1): 85-108.
- Zhang, Z., Chau, F. & Zhang, W. (2013). Exchange Rate Determination and Dynamics in China: A Market Microstructure Analysis. International Review of Financial Analysis 29: 303-316.
- Mostafa, W. & Dixon, R. (2013). The impact of earnings extremity on information content of cash flow. Review of Accounting and Finance 12(1): 81-104.
- Linsley, P.M. & Slack, R.E. (2013). Crisis management and an ethic of care: The case of Northern Rock Bank. Journal of Business Ethics 113(2): 285-295.
- Bouezmarni, T., El Gouch, A. & Taamouti, A. (2013). Bernstein estimator for unbounded copula densities. Statistics & Risk Modeling 30(4): 343-360.
- Bouaddi, M. & Taamouti, A. (2013). Portfolio Selection in a Data-Rich Environment. Journal of Economic Dynamics and Control 37(12): 2943-2962.
- Calice, G., Chen, J. & Williams, J. (2013). Are there benefits to being naked? The returns and diversification impact of capital structure arbitrage. The European Journal of Finance 19(9): 815-840.
- Calice, G., Chen, J. & Williams, J. (2013). Liquidity spillovers in sovereign bond and CDS markets: An analysis of the Eurozone sovereign debt crisis. Journal of Economic Behavior & Organization 85: 122-143.
- Adams, C.A. & Weldin, K. (2014). What is sustainability reporting? And what has it got to do with the CFO?. CFO India (November-December 2014): 68-69.