IADITI - Dutch Journal of Finance and Management
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The Dutch Journal of Finance and Management (DJFM) is an international biannual peer-reviewed journal that provides a platform for analysis in the fields of economics, accounting, finance and management. DJFM aims to create a multidisciplinary platform on which these topics are analysed by an international network of scientists.
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- A Comparative Analysis of the 2017 and 2024 Global Internal Auditing Standards and Their Implementation Challenges in Developing Countries: Toward Adapting to ChangePublication . Attaf, Wala FaridThe mandatory implementation of the Global Internal Audit Standards issued by the Institute of Internal Auditors (IIA) in 2024 marks a significant transformation in the regulation and practice of internal auditing worldwide, particularly in developing-country contexts. This study provides a comparative analysis of the 2017 International Professional Practices Framework (IPPF) standards and the 2024 Global Internal Audit Standards, with a focus on structural changes, conceptual evolution, and implementation challenges. Methodologically, the study employs a qualitative documentary analysis, combined with a descriptive and comparative approach. It analyzes official IIA standards and supporting documents, complemented by professional reports and recent peer-reviewed academic literature published between 2022 and 2025. The findings reveal that the 2024 Standards introduce a unified, principle-based framework that strengthens governance integration, quality management, stakeholder engagement, and the strategic role of internal audit, while embedding emerging priorities such as digital transformation, sustainability, and risk-based value creation. However, the analysis also indicates that the increased prescriptiveness and strategic expectations of the 2024 Standards pose significant implementation challenges in developing countries, where institutional maturity, regulatory support, technological readiness, and professional capacity often remain limited. The study contributes to the internal auditing literature by providing a critical synthesis of the evolution of global internal audit standards and by advancing an interpretive, context-sensitive perspective on their adoption in developing-country contexts. It provides insights for Chief Audit Executives, regulators, and policymakers on how to balance global standardization with contextual adaptation, capacity building, and phased implementation strategies.
- Diaspora networks and export performance of small-scale agroprocessing firms in NigeriaPublication . Isichei, Ejikeme Emmanuel; Mohammed, Awwal Mohammed; Isichei,This study examines how diaspora networks influence the export performance of small-scale agro-processing firms in the Federal Capital Territory, Abuja, Nigeria. Drawing on social network theory and diaspora entrepreneurship theory, the study conceptualises diaspora networks through three dimensions: remitting behaviour, diaspora knowledge transfer, and diaspora trade facilitation. Primary data were collected through a structured questionnaire administered to owners and managers of small-scale agro-processing firms, and the hypothesised relationships were analysed using partial least squares structural equation modelling. The results indicate that remitting behaviour, diaspora knowledge transfer, and diaspora trade facilitation each exhibit positive and statistically significant relationships with export performance. The findings highlight the multidimensional role of diaspora communities as providers of financial capital, market-relevant knowledge, and cross-border trade support that can strengthen the international competitiveness of small firms. The study contributes to the diaspora networks and small firm internationalisation literature by providing firm-level evidence from an emerging economy context and by clarifying actionable pathways through which diaspora engagement can be leveraged to improve export outcomes. Policy and managerial implications are discussed, particularly regarding programmes that support productive remittance channelling, structured knowledge exchange platforms, and diaspora-enabled trade linkages.
- Indian Financial Markets Functioning and the Impact of Geopolitics in Present ScenarioPublication . Qadri, Syed MuzammilIn recent decades, India’s financial markets have undergone remarkable change, marked by growing foreign participation, rapid technological advancement, and increasing integration with the global economy. At the same time, shifting power equations, regional conflicts, and trade disputes have made the geopolitical environment more uncertain, creating new challenges for India’s financial sector. This study explores how such geopolitical developments influence key segments of the Indian financial system—equity, bond, foreign exchange, and banking markets—over the period January 2012 to April 2024, a timeframe that includes major events such as the Russia–Ukraine war and U.S.–China trade tensions. Adopting a quantitative approach, the analysis uses the Quantile Vector Autoregression (QVAR) framework to trace how shocks from global geopolitical risk spread across financial markets under low, medium, and high-risk conditions. The Geopolitical Risk Index (GPRI) proposed by Caldara and Iacoviello (2024) serves as the primary measure of geopolitical uncertainty, while relevant financial data are drawn from sources such as NSE, RBI, and Bloomberg. The findings indicate that the effect of geopolitical risk is uneven across markets and more pronounced during periods of heightened tension. The study also points to the underlying resilience of Indian markets, supported by sound regulation, economic diversification, and institutional strength, while stressing the importance of continued policy vigilance to manage risk and sustain financial stability.
- The Value-Added Requirements of the Internal Audit Function and Its Challenges in Islamic Banks: A Theoretical StudyPublication . Attaf, Wala Farid; Bensbahou, AzizThis study is a theoretical literature review that examines the value-added requirements of the internal audit function in Islamic banks and the challenges associated with performing this role. It systematically reviews and synthesizes previous academic studies, professional reports, and regulatory guidelines through a structured process of identifying, selecting, and analyzing relevant literature. The review explores the concept of value-added, the risk-based approach to internal auditing, and the prerequisites for enabling internal audit to add value. The study highlights the internal audit’s contributions to governance, internal control, risk management, and stakeholder value creation. To evaluate this contribution, the study references commonly identified indicators in the literature that specifically measure the extent of the internal audit’s added value, including auditor competencies, risk mitigation, cost efficiency, and stakeholder satisfaction. At the same time, the review gathers evidence on the key challenges hindering value creation. These include structural constraints, such as limited auditor independence and weak governance frameworks; a shortage of professionals with dual expertise in Shariah and auditing; technological constraints, such as outdated tools and a lack of IT training; and conceptual ambiguity around whether internal audit should operate primarily as a compliance mechanism or as a strategic partner. The study concludes with recommendations drawn from the literature, emphasizing the adoption of unified standards, the development of dual competencies, investment in capacity building, technological advancements, and strategic alignment with financial and Shari’ah objectives. Together, these reforms can enable internal audit to serve as a true value-adding partner for Islamic financial institutions.
- Prognosis of Stakeholder Management’s Leveraging Effects on Successful Implementation of Bank Crisis Management StrategiesPublication . Davis-Adesegha, JenniferUsing integrative review, this study provides a critical analysis of the leveraging effects of stakeholder management on the successful implementation of bank crisis management strategies. The study was motivated by the observation that, due to the panic experienced by the banking executives and managers in their efforts to navigate through a crisis, the integration of effective stakeholder management as part of a bank’s crisis management strategies is often overlooked. This creates a weakness that affects the effectiveness of bank crisis management. To respond to such problems, this study used an integrative review, as a qualitative research method which was structured according to four steps encompassing the formulation of the integrative review questions, literature search, data extraction, and data analysis. From the thematic analysis of twenty-six articles, findings insinuated that effective bank crisis management is intricately intertwined with change management strategies. The integration of crisis management with change management facilitates the introduction of resources, structural, process and system changes and modifications that enable the bank to recover from the crisis. These modifications and changes often provoke resistance from employees if effective stakeholder management is not implemented to establish a compromise and trade-off that supports the successful execution of crisis management strategies. In the absence of such initiatives, poor stakeholder management can increase the likelihood of employee resistance, ultimately undermining the successful implementation of the essential bank crisis management strategies. By examining the leveraging effects of stakeholder management on bank crisis management, this study addresses these complexities. However, future research should consider employing exploratory factor analysis to investigate the structure of a stakeholder management model that enhances the effectiveness of bank crisis management.
- E-Governance Initiatives and Financial Management in the Nigerian Public Sector: An Integrated Conceptual Framework for Enhancing Transparency and EfficiencyPublication . Paul, Chima; Malachy, JosephPublic Financial Management (PFM) reforms in Nigeria have increasingly embraced digital innovations to enhance transparency, efficiency, and accountability in fiscal governance. This study develops a conceptual framework for restructuring Nigeria’s PFM system, focusing on four interdependent pillars: Digital Financial Systems, Transparency and Accountability, Capacity Building, and Infrastructure and Security. The adoption of digital financial systems such as the Treasury Single Account (TSA), Integrated Personnel and Payroll Information System (IPPIS), and Government Integrated Financial Management Information System (GIFMIS) has shown potential to improve fiscal discipline and reduce financial irregularities. However, the effectiveness of these systems depends on strong governance structures, well-trained personnel, and secure digital infrastructure. Transparency and accountability mechanisms, exemplified by Nigeria’s Open Treasury Portal, are crucial in curbing corruption and fostering public trust but require enhanced enforcement and citizen engagement. Capacity building is essential for equipping public sector personnel with the necessary skills to manage digital financial tools effectively to address ongoing human capital deficiencies. Infrastructure and security are also fundamental to ensuring the sustainability of digital PFM reforms, particularly in mitigating cybersecurity threats and bridging ICT infrastructure gaps in underserved regions. This study adopts a qualitative research approach, relying on the critical analysis of existing documents and policy reports. It follows a grounded theory methodology, which is effective for analyzing complex governance structures and financial management reforms. Through a critical analysis of these interdependent elements, the study argues that a holistic and integrated approach as opposed to a siloed approach is vital for achieving sustainable PFM reforms in Nigeria. The study concludes by recommending targeted policy interventions to enhance institutional efficiency, strengthen governance mechanisms, and promote a resilient public financial management system.
- Foreign aid and Africa’s economic independence: the lingering economic paradox for African leaderPublication . Okanga, BonifaceThe tendency of even wealthier African nations to over-rely on foreign aid, even if it exceeds the acceptable debt-to-GDP ratio of 40%, is the same tendency that has affected the effective utilisation of Africa’s natural wealth to attain economic independence. It is the same tendency that frustrates the creation of an environment that inspires private sector businesses to meaningfully contribute to the improvement of Africa’s economic self-sufficiency. To respond to such dynamics, this study uses integrative review as a qualitative research method to offer a critical analysis of Africa’s economic independence challenges and debates as instigated in recent days by Donald Trump’s closure of USAID (United States Agency for International Development) and termination of American aid and financial support to several developing countries. Through such analysis, the study aims to discern the strategies that can be adopted for reducing Africa’s over-reliance on foreign aid whilst also bolstering its economic independence. While striving to attain economic independence, results from integrative review revealed Africa to face conflicting situations and paradoxes of having to balance decolonisation quests with over- reliance on foreign aid for economic development. Africa also experiences paradoxes of undertaking meaningful economic investment vis-à-vis quests of keeping away self-serving interests and temptations like corruption. It further faces difficulties of serving selfish political interests instigating instabilities vis-à-vis quests of enhancing economic sustainability and independence. Combined with poor governance, controls and conflicts of politicizing state support to private sector businesses vis-à-vis quests of seeking to grow a vibrant private sector, these create a paradox that African leaders must deal with if they are to seamlessly sail to economic freedom. Given these findings, the paper proposes that while mitigating the politicization of state support to private sector businesses, African governments must prioritize the provision of unfettered private sector support. African governments should also harness revenues generated from their vast natural resources’ exploitation to diversify into economic sectors and industries that they have weaknesses. This would create economic linkages that boost intra-Africa economic activities, productivity and growth to spur Africa to the desired state of economic independence.
- Analysing the Trend and Variability in Corruption Perception: A Study of Sub-Sahara African Countries from 2012-2020Publication . Paul, Chima; Adams, Samuel OlorunfemiThis study examines trends and variability in the Corruption Perception Index (CPI) across 48 Sub-Saharan African (SSA) nation using cross-sectional data from 2012 to 2020 from Transparency International. Based on expert polls, the CPI rates public sector corruption from 0 (high corruption) to 100 (low corruption). Analysis was conducted using STATA 15 and included descriptive statistics, data visualization, correlation matrices, and one-way ANOVA. The findings show a steady yearly growth in the CPI, with major anti-corruption advancements in Botswana, Rwanda, Namibia, and Senegal. While the Democratic Republic of Congo, Sudan, and South Sudan continued to struggle with corruption, Niger, Gabon, Mali, and Togo demonstrated only little progress. The average CPI decreased somewhat from 32.9 in 2012 to 32.2 in 2020, indicating a minor regional impact, notwithstanding individual country efforts. ANOVA results showed no significant variations in corruption levels over time (F = 0.031, P = 0.987), but strong correlations (P < 0.01) suggest persistent CPI trends. These results highlight the necessity of focused policy initiatives and long-term governance reforms to solve persistent corruption problems in SSA. The study concludes that, in spite of evidence of relative effectiveness in governance and anti-corruption initiatives countries like Botswana, Rwanda, Namibia, and Senegal stand out as the top nations with the lowest perceived levels of corruption.
- Managing and improving a Bank’s profitability and liquidity in times of crisisPublication . Davis-Adesegha, JenniferAs banks in recent years have been exposed to a series of crises ranging from the 2008 financial crisis, the Covid-19 pandemic, and now the devastating economic effects of Russia-Ukraine War, a critical analysis of how banks manage and improve their profitability and liquidity during a crisis is essential for discerning the improvement measures that must be adopted. In that context, this study used the integrative review as the methodology for evaluating different theories and literature on the strategies that most contemporary banks use for managing and improving their profitability and liquidity during times of crisis. Outcomes of thematic and narrative analysis of different studies on the strategies for managing and improving a bank’s profitability and liquidity during times of crisis revealed that the major strategies used by most banks encompass maintaining balanced portfolios of liquid assets, liquidity ratio analysis, and stress testing. Other strategies were found to include asset-liability management (ALM), diversification of a bank’s funding sources, a risk-based management approach, and the use of a contingency funding plan. Even if there is no crisis, the outcomes of the integrative review imply that bank crisis management, aimed at managing and improving a bank’s profitability and liquidity, must be part of the organisational culture. It must be part of the organisational culture that improves a bank’s overall resilience and constant preparedness to respond to and withstand all unfolding disruptions and discontinuities. Unfortunately, due to a gap arising from lack of a comprehensive model for managing and improving a bank’s profitability and liquidity during a crisis, most banks were still found to face challenges of discerning how to do so more effectively and comprehensively whenever a crisis erupts. To respond to such a gap, this study proposed the proactive stress testing model for managing and improving a bank’s profitability and liquidity during times of crisis. Such a model not only enriches the existing theories and literature on bank crisis management, but also its adoption will leverage effective mitigation of the crisis’s devastating effects to improve a bank’s overall profitability and liquidity during the crisis, and for a long period after the crisis.
- Exploring Digital Accounting Challenges at Vila do Conde City CouncilPublication . Sousa, Cristiana; Oliveira, Helena Costa; Maldonado, IsabelThe advancement of information technologies in the digital age has significantly impacted human activity and various professional fields, becoming increasingly prevalent in society. Over time, technology has profoundly transformed public accounting, enabling more efficient, effective, and optimized practices. Innovative tools, such as blockchain, artificial intelligence, and cloud computing, have emerged as key drivers of this evolution. This paper aims to analyze the impact of information technologies on the accounting practices of the Vila do Conde City Council, in Portugal. The study identifies the technological systems and the changes due to the Accounting Standardization System for Public Administrations (SNC-AP) and explores the advantages and challenges of these technologies. This qualitative research method uses interviews and documentary analysis. The findings reveal that while the council has already implemented systems such as Enterprise Resource Planning, there are opportunities to introduce more advanced accounting technologies. Issues such as budgetary constraints and cultural resistance to change influence the pace of technological implementation. However, the council has taken a proactive approach in other areas, focusing on service digitalization and community engagement. This study provides a valuable reference for other public entities looking to modernize their processes and enhance community services. Identifying challenges and barriers in implementing technology enables public administrations to anticipate issues and implement effective solutions.