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Blockchain and Corporate Fraud
Corporate Frauds
Frauds in the form of misappropriation of funds or assets of the company, manipulation of the financial statement and various other forms of corruptions which may be due to lack of transparency is a growing problem and a serious threat for the businesses globally. There have been various measures implemented including changes in policies like the Sarbanes-Oxley (SOX) in United States and many other countries after the notorious corporate frauds in Enron, WorldCom and Global Crossing. As stated by Coates and Srinivasan, (2014); Dyck et al., (2013) despite of changes in the legislatures it is not clear whether there have been decrease in corporate frauds or not. There were many countries who tried to make their own versions of SOX along with support from international organizations like organization from Economic Co-operation and Development, International Criminal Police organization, United Nations Office on Drugs and Crime and from the World Bank. Generally, these frauds are conducted with a purpose to acquire financial benefits (Asian Development Bank, 2019). As per Kiymaz, (2020), misappropriation of the funds is the common type of frauds whereas per Pricewaterhouse Coopers, (2013) it stated that the financial frauds range from bankruptcy proceedings to changes in the ownership and delisting of the company from the stock market.
Companies involved in frauds
In companies like Enron the fraud which took place were mostly due to market to market positions where the accounting procedure used by Enron was based on fair value rather than book value. Although a valid accounting process fair value method of accounting was difficult for the external parties to understand the complex and the illiquid values. Also, in order to show a lower level of debt they misused the Special Purpose Entity accounting and used the stocks of Enron as security to borrow the funds and subsequently transferred the back to Enron. Due to this the entire company was engulfed into accounting irregularities and its stock plummeted from $83 to $0.67 per share making a loss of $63 billion for the shareholders. In WorldCom it was violation of the US GAAP and by inflating the net income by wrongly capitalizing $4 billion as...