Accountability, Governance & Law

This research area includes the domains of accountability and governance of public and private actors, as well as the supportive legal frameworks. For an effective transition from a linear economy into a circular and just economy, public and private actors are searching for new accountability regimes and governance models. The overall goal is to support public and private actors in creating trust in the economic, financial, and political systems.

Focus

In this area, we focus on how auditing-, financial- and non-financial-, governance- and legal frameworks can coordinate the societal demand for information and advance the desired behavior of organizations. Such frameworks include auditing standards and professional regulations, financial- and non-financial reporting standards, governance codes, and innovative legal approaches.

In collaboration with public and private actors, we build theory as well as develop and test new entrepreneurial, accountability, reporting, governance, and stewardship models that contribute to system change and generate positive societal impact.

Examples of relevant challenges

• How can accounting, governance, and legal frameworks improve corporate practice to enhance public trust concerning their accountability?
• How can information systems and management accounting support the transition to more sustainable organizational behavior?
• How can mutual trust be developed in the triangle of organizations, stakeholders, and society?
• How can innovative governance structures developed by social enterprises inspire larger and listed companies and financial institutions?

The research output below showcases how we contribute to advancing understanding and develop effective solutions for global challenges. Through these publications we aim to support public and private actors in creating trust in economic, financial, and political systems.

Key publications

• Adam-Mueller, A. F. A., & Erkens, M. H. R. (2020). Risk disclosure noncompliance. Journal of Accounting and Public Policy, 39(3). https://doi.org/10.1016/j.jaccpubpol.2020.106739
• Argyrou, A., Lambooy, T., & van Schaik, M. (2024). Novel company law forms for social change: The development of tailor-made legislation for social enterprises in the Netherlands. Societal Impacts, 3, 100038. https://doi.org/10.1016/j.socimp.2024.100038
• Bedford, D. S., Speklé, R. F., & Widener, S. K. (2022). Budgeting and employee stress in times of crisis: Evidence from the Covid-19 pandemic. Accounting, Organizations and Society, 101346. https://doi.org/10.1016/j.aos.2022.101346
• Breijer, R., Erkens, M. H. R., Orij, R. P., & Vergoossen, R. G. A. (2024). Mandatory versus voluntary non-financial reporting: Reporting practices and economic consequences. Accounting Forum. Advanced online publication. https://doi.org/10.1080/01559982.2024.2326334
• Breijer, R., & Orij, R. P. (2022). The comparability of non-financial information: An exploration of the impact of the non-financial reporting directive (NFRD, 2014/95/EU). Accounting in Europe, 19(2), 332–361. https://doi.org/10.1080/17449480.2022.2065645
• Erkens, M.H.R., Gan, Y., & Yurtgolgu, B. (2018). Not all clawbacks are the same: Consequences of strong vs. weak clawback provisions. Journal of Accounting and Economics, 66(1), 291-317. https://doi.org/10.1016/j.jacceco.2018.06.002
• Fabozzi, F. J., Breemen, V. van, Vink, D., Nawas, M. E., & A. Gengos (2022). How much do investors rely on credit ratings: Empirical evidence from the U.S. and E.U. CLO primary market. Journal of Financial Services Research, 63, 221-247. https://doi.org/10.1007/s10693-021-00372-x
• Lambooy, T., Kievit, H., Argyrou, A., Blomme, R. J. & Vuletic, O. (2023) The contribution of social enterprises to solving crises in Europe: Case Study Report - The sustainable business model of Dopper BV in the Netherlands, in B. Sjåfjell, G. Tsagas, C. Villiers (Eds). Sustainable value creation under EU law transdisciplinary perspectives on the EU social market economy. Cambridge University Press.
• Radtke, R. R., Speklé, R.F., & Widener, S. K. (2023). Flourish or flounder: Do trust-centric management controls encourage knowledge sharing and team performance? Accounting, Organizations and Society, 107, 101429. https://doi.org/10.1016/j.aos.2022.101429
• Rouwelaar, J. A. ten, Schaepkens, F. F. J. M., & Widener, S. K. (2021).  Skills, influence and effectiveness of management accountants. Journal of Management Accounting Research, 33(2), 211-235. https://doi.org/10.2308/jmar-18-048
• Sjåfjell, B., Liao, C., & Argyrou, A. (2022). Innovating business for sustainability: Regulatory approaches in the Anthropocene. Edward Elgar Publishing.
• van Brenk, H., Renes, R., & Trompeter, G. M.  (2022). Auditing in the public interest: Reforming the profession by building on the strengths of the existing accounting firms, Critical Perspectives on Accounting, 83, 102184. https://doi.org/10.1016/j.cpa.2020.102184
• van Elten H., Howard S. W., de Loo I., & Schaepkens F. F. J. M. (2023). Reflections on managing the performance of value based healthcare: a scoping review. International Journal of Health Policy Management, 12, 7366, https://doi.org/10.34172/ijhpm.2023.7366
• van Nieuw Amerongen, N., Renes, R., & de Bos, A. (2023). Dubbele materialiteit: De toekomst van duurzaamheidsverslaggeving volgens ESRS en experts. In: Majoor B, Gold A, Oord A (Eds) De controle verklaard: Ontwikkelingen in ESG & sustainability assurance. Maandblad voor Accountancy en Bedrijfseconomie 97(3/4): 101-113. https://doi.org/10.5117/mab.97.101191
• Vink, D., Nawas, M.E., & V. Breemen (2021). Security design and credit rating risk in the CLO market. Journal of International Financial Markets, Institutions & Money, 72, 101305. https://doi.org/10.1016/j.intfin.2021.101305

In this Research Collaboration Area, we actively engage in partnerships with various organizations and institutions to amplify the practical relevance of our research.

Report in collaboration with SEO Amsterdam Economics

This report is the result of a collaborative effort between SEO Amsterdam Economics and several prominent academics. Dr. Herman van Brenk and Drs. Remko Renes from Nyenrode Business University partnered with Dr. Katlijn Haesebrouck from Maastricht University. They were joined by Prof. Dr. Crawford Spence and Dr. Dorothy Toh from King's College London and the FinWork Futures Research Centre. The responsibility for the report lies with SEO Economisch Onderzoek.

Engagement with institutions such as the ECB and DNB

A key aspect of our research is the opportunity to engage closely with regulators and supervisors through numerous dedicated meetings. Our work has been frequently discussed in research sessions with institutions such as the European Central Bank (ECB) in Germany and the Dutch Central Bank (DNB) in the Netherlands.

We were honored to present our findings at the European System of Central Banks (ESCB) Research Cluster 3 Annual Workshop in Portugal, where we shared insights on regulation and housing markets. Additionally, our research on the impacts of financial reforms on securitization markets was featured at the Central Bank Research Association (CEBRA) in New York. Our presentations reached a broad academic audience, including sessions at the Paris Financial Management Conference and twice at the American Finance Association Conference.

Beyond conferences, we engaged in bilateral discussions with leading credit rating agencies and other European regulatory authorities. These dialogues not only enhanced our research but also allowed us to provide valuable insights directly to the regulators, which they found beneficial for their professional practice. For example, regulators have proactively sought our advice on the implications of our findings for future regulatory frameworks. The recognition of our work's significance by both academia and regulatory bodies, often through direct outreach and conference interactions, highlights the impact and added value of our research.

Impact cases showcase the impact our faculty and its research has on society, the business world, and our students.

Impact cases are short cases that represent a portfolio of research around a central theme. Here you'l find the impact cases that serves the research area Accounting, Governance & Law. For all Impact Cases, please visit www.nyenrode.nl/impact.