**2. Theories of corporate executive fraud**

Albrecht el al. (2004) describe a Broken Trust theory to explain corporate executive fraud. It should be noted that they have never used the term "Broken Trust" in their theory. We took the liberty of labeling their theory as the Broken Trust theory. Since Albrecht el al. (2004) derive their Broken Trust theory by linking the Agency theory and Stewardship theory to the Fraud Triangle concept in corporate fraud literature, we first describe the Agency theory, follow by the Stewardship theory, and then the Broken Trust theory. We are aware that research and publication in Agency and Stewardship theories are very extensive, but only those that are specifically related to corporate executive fraud are cited in this paper.
