“…As a result, these firms are under pressure to leverage their internal control system, which is an essential pillar of corporate governance (Aziz, 2013). As a result of this challenge, interest in the various roles of internal control systems in business operations is growing in the emerging market context, including preventing law violation (Le et al, 2021), promoting innovation capability (Chan et al, 2021; Li et al, 2019), and lowering equity capital and agency costs (Khlif et al, 2019; Zhang et al, 2022). In this context, many recent studies have been conducted to explore the internal and external factors that are related to the effectiveness of internal control, including corporate culture (Shu et al, 2018), the characteristics of audit and market competition (Kim & Kim, 2017), and the separation of the roles of the board chair and chief executive officer (CEO) (Abernethy et al, 2019).…”