Miracle-dz/UniFAR-FTUs huggingface dataset:
Stock Pledge, Risk of Losing Control and Corporate Innovation

Abstract This paper investigates the effects of stock pledge by controlling shareholder on corporate's future innovation productivity and the mechanism through which stock pledge affects innovation. We find that both the existence of stock pledge by controlling shareholder and the percentage of shares pledged by controlling shareholder are significantly negatively related to firms' future innovation outputs and quality, and these baseline results are robust to a variety of tests on sample selections, model specifications, and variable definitions. We further adopt several methodologies to address endogeneity concerns and establish a causal relationship between stock pledge by controlling shareholder and innovation. We then provide evidence to show that the impediment effect of stock pledge by controlling shareholder on innovation is possibly due to controlling shareholder's fear of losing corporate control in case of innovation failure. Finally, we find that although stock pledge is a possible channel to relieve a firm's financial constraint, it does not encourage the firm to invest more in innovation.
Spillover Effects of US Monetary Policy on Banking Development: Evidence from the Asian Region

This study investigates the dynamic impacts of local interest rate volatility and the spillover effects of the US policy rate on the banking development of Asian countries from 1980 to 2015. Bounds testing within the autoregressive distributed lag (ARDL) framework is employed to explore the long-term and short-term impacts. In addition, the study adopts a principal components analysis to create a comprehensive index for banking development to capture the major dimensions of the banking development concept. The empirical findings indicate that local interest rate volatility has negative impacts on the banking industry of Asian countries. Moreover, the existence of the negative spillover impact of the US policy rate on the banking development proxy is revealed in the sampled countries. These impacts continue to play a significant role in dampening the path of banking sector development. Therefore, the banking industry of Asian countries seems to be vulnerable to interest rate risk. The results could provide important implications for policymakers to improve the banking systems of Asian economies. Bankers must consider the impacts of local interest rate policies, as well as the role of US interest rates.
The Effects of Voting Ownership Concentration on Social and Environmental Disclosure: Empirical Evidence from Brazil

Purpose – This study aims to analyze the effects of voting ownership concentration on the social and environmental disclosure of Brazilian companies in their Annual Financial Statements. Design/methodology/approach – Econometric models were estimated considering a sample of 1,252 annual observations of 252 companies in the period 2010-2014, and the social and environmental disclosure was measured through a lexical analysis performed by counting 75 words and key expressions related to social and environmental practices. Findings – Our findings suggest that the social and environmental disclosure of Brazilian companies is positively correlated with their voting ownership concentration. In addition, if the company is listed in the Corporate Sustainability Index or if it is in a potentially aggressive industry with respect to the environment, this also positively contributes to a higher degree of social and environmental disclosure. Originality/value – Our study contributes to the literature on social and environmental disclosure and its association with ownership structure by providing evidence in an emerging market characterized by a high concentration of control.
Knowledge Management and the Sustainable Development of Social Work

The growing shortage of skilled social workers, accompanied by an ageing population and the increasing number of fragile, elderly individuals that require social services, poses a serious challenge for our society. The magnitude of this problem is seen in the various predictions hypothesizing that, globally, there is likely to be a shortfall of millions of social workers for the successful provision of social services. To make matters worse, there are not enough social work students to fill that void, whereas the existing employee turnover is another serious concern for the social work field. Policy makers in many countries do not yet understand the pattern of growing needs and have no tool to forecast the future increase in educational requirements for creating a pool of adequately skilled social workers. In addition to this, understanding the patterns of workforce entrance and exit for social workers and the dynamics of transition becomes important for national policy and decision makers. In our paper, we build on current research about knowledge management in social work settings to demonstrate that knowledge management can have a positive impact in helping to fulfil the important role of social work in any ageing society. With our research, we contribute to the underdeveloped literature about knowledge management in the public sector and especially in social work settings and to the knowledge-based view of the organization. We present a multiple decrement model of social workers’ entrance and transition from social work student and social worker trainee to fully productive social worker, to their exit, whether by changed profession, retirement or death. We argue that the availability of social workers in a national economy depends on the development and operationalization of appropriate policies, where knowledge management can be influential. Our model allows measuring the quality of the national policy system related to the social work profession, something which has not been achieved yet, and shows how knowledge management solutions can positively influence the whole field of social work. We apply an objective measuring tool, grounded in an already developed actuarial–mathematical method. Our case relies on the collection and analysis of relevant data found in publicly available statistical reports for Slovenia. Existing data enables us to provide assumptions on how to better forecast the transition of social workers.
Policies tackling the “web of constraints” on resource efficient practices: the case of mobility

Abstract In practice, environmental policy is only moving slowly from a focus on promoting environmental technologies to a focus on greening socio-technical systems. Policy measures to stimulate resource efficiency (RE) typically address the national, sectoral, or company level. This article shows how an analysis addressing practices that citizens engage in, such as eating or mobility, can contribute to more effective RE policy. It is instrumental to highlight policy contradictions in the current mix of policies and offer suggestions for stronger policy synergies. We offer a conceptual and empirical analysis based on the results of a large-scale survey (1200+ respondents) in three countries (Austria, Hungary, and The Netherlands), focusing on one of the most resource intensive consumption domains: mobility. We apply a framework that includes the social context of resource consumption, addressing how practices that citizens engage in are shaped by both “collective” physical infrastructures, the business models of products, social meanings, and regulatory incentives, and also by “individual” knowledge and skills, values, and financial capabilities. Our “web of constraints” perspective on RE highlights the interrelatedness of individual actor and collective factors. It is instrumental for an integrative policy discussion, addressing a range of factors hindering RE, anticipating policy contradictions, to capitalize on synergies.
Default Recovery Rates and Aggregate Fluctuations

Default recovery rates in the US are highly volatile and pro-cyclical. We show that state-of-the-art models with a Bernanke-Gertler-Gilchrist financial accelerator mechanism imply that recovery rates are flat over the cycle. We propose a model where financially constrained entrepreneurs face an idiosyncratic cost of redeploying liquidated capital. The resulting endogenous liquidation costs magnify the effect of the financial accelerator. We fit the model to US data and find that it explains a substantial amount of variation in recovery rates. Our mechanism alters the transmission of structural disturbances and leads to novel policy implications about the effectiveness of subsidies for liquidated assets.
The national strategy for Roma inclusion in Italy: between contradictions and loss of responsibilities

ABSTRACT After decades of emergency initiatives and a widespread institutional disengagement, in 2012, Italy adopted the National Strategy for the inclusion of Roma, Sinti and Caminanti communities, which opts for a unifying approach to dealing with the Roma presence. Even though in its formal objectives, the Strategy aims at overcoming the fragmentation of the policies focused on the Roma, seven years after its implementation only disconnected, often inconsistent, interventions have followed. The article examines whether and to what extent the implementation of this document has represented a break with the ambiguities and contradictions that characterised the structure of the relevant policies aimed at Roma integration in Italy before 2012. The analysis highlights a failed activation of the beneficiaries of the strategy in terms of both empowerment and participation in the decision-making arena. Although the strategy represents an unavoidable step – at least from a formal point of view – towards a coordinated approach to a controversial issue, it has failed to trigger virtuous circles able to affect the life conditions of the Roma, which remain alarming.
Effects of the event and its destination image on sport tourists’ attachment and loyalty to a destination: the cases of the Chinese and U.S. Formula One Grand Prix

ABSTRACT We aim to determine the antecedents of sport tourists’ loyalty toward both the event and destination. Data were collected from both the 2017 Chinese Grand Prix (n = 361) and the 2017 U.S. Grand Prix (n = 351). Then, the data were analyzed by using confirmatory factor analysis and structural equation modeling. The results showed the image associated with the hosting destination and the event is positively related to the sport tourists’ attachment and loyalty. The outcome may be utilized in planning a recurring sport event that achieves higher sport tourist destination loyalty.
Analisis Kecurangan Laporan Keuangan: Pendekatan Fraud Pentagon Theory

The purpose of this study aims to test the fraud pentagon theory in detecting fraudulent financial statements. It consisting of three variables from the pressure component, e.g., financial target, financial stability, and external pressure. Others, two variables from the opportunity component (effectivity monitoring and external auditor quality), one variable from the rationalization component (changes in auditor), two variables from the competency component (change of directors and board members with international experience), as well as one variable from the arrogance component (CEO duality). The research population was banking companies listed on the Indonesia Stock Exchange (IDX) in 2015-2017. Data analysis tool used is panel data regression using the program EViews 9. The results of the study show that financial stability has a negative and significant effect on fraudulent financial statements. Meanwhile, financial target, external pressure, effectivity monitoring, external auditor quality, changes in auditor, change of directors, board members with international experience, and CEO duality doesn’t effect on fraudulent financial statements. Tujuan penelitian ini adalah untuk menguji teori fraud pentagon dalam mendeteksi kecurangan laporan keuangan. Terdiri dari tiga variabel komponen tekanan yaitu target keuangan, stabilitas keuangan, dan tekanan eksternal. Selain itu, dua variabel dari komponen kesempatan (efektivitas pengawasan dan kualitas auditor eksternal), satu variabel dari komponen rasionalisasi (pergantian auditor), dua variabel dari komponen kompetensi (pergantian direksi dan pengalaman internasional anggota dewan), serta satu variabel dari komponen arogansi (CEO duality). Populasi penelitian ini adalah perusahaan perbankan yang terdaftar di Bursa Efek Indonesia (BEI) pada tahun 2015-2017. Alat analisis data yang digunakan yaitu regresi data panel dengan menggunakan program Eviews 9. Hasil penelitian menunjukkan bahwa stabilitas keuangan berpengaruh negatif dan signifikan terhadap kecurangan laporan keuangan. Sementara itu, target keuangan, tekanan eksternal, efektivitas pengawasan, kualitas auditor eksternal, pergantian auditor, pergatian direksi, pengalaman internasional anggota dewan, dan CEO duality tidak berpengaruh terhadap kecurangan laporan keuangan.
Getting the opposition together: protest coordination in authoritarian regimes

ABSTRACT It is widely recognized that unified oppositions present a bigger threat to dictators than divided oppositions. In this paper, we use micro-level data on opposition protests in Putin-era Russia to examine the factors that facilitate co-operation among different opposition forces. In particular, we focus on what leads so-called systemic opposition parties – those who have been granted some institutional accommodation by the regime – to join forces with non-systemic opposition forces. We propose a novel permutation-based method for analyzing protest coordination using event count data and find that coordination is most likely on issues of fundamental importance to the systemic opposition’s base supporters. We also find that state co-optation reduces the extent of coordination. These findings illustrate the politically precarious position of “loyal” oppositions under autocracy; they must simultaneously show fealty to the state and maintain some measure of credibility as an opposition party that cares about its supporters’ demands.
An examination of the impact of compliance with internal audit standards on financial reporting quality

Purpose The purpose of this study is to explore the impact of internal audit (IA) compliance with the International Standards for the Professional Practice of Internal Auditing (ISPPIA) on financial reporting quality (FRQ). Design/methodology/approach Data were gathered from 142 chief audit executive from Saudi listed companies, and also from the annual reports of the participating companies. Two proxies are used to measure FRQ, namely, discretionary accruals and accruals quality. Findings The findings reveal that companies demonstrating higher IA compliance with standards have better FRQ. They also indicate that the interaction between IA competency and its compliance with standards has an impact on FRQ. Further, the findings provide evidence that FRQ is higher in companies where IA departments have formal documentation, that is, entirely consistent with the ISPPIA. These results retain their robustness after further analysis. Originality/value In offering these findings, the paper contributes to the existing IA literature by introducing evidence from a Middle Eastern context, namely, Saudi Arabia, of the link between IA compliance with the ISPPIA and FRQ. It confirms the role of IA in FRQ, and hence, as an element of corporate governance, information, which is valuable for both the institute of internal auditors and companies.
Intraday disposition effect of day traders and its relationship with investment performance: evidence from the KOSPI 200 futures market

ABSTRACT This paper investigates the intraday disposition effect of day traders and its relationship with investment performance. Using a unique data set from the KOSPI 200 futures market, we find that day traders are reluctant to close losing day trades and that this behaviour has a negative relationship with investment performance. In most cases, the disposition effect is mitigated as the closing of the trading day approaches. However, successful day traders show that the disposition effect in the afternoon is slightly greater than that in the morning, which indicates a lower possibility of compulsory loss realization as the market closes. Our findings imply that the investment performance of day traders is positively related to minimizing the realization of compulsory loss near market closures.
Does Board Gender Diversity Influence Voluntary Disclosure of Intellectual Capital in Initial Public Offering Prospectuses? Evidence from China

Research question/issue. Using a multitheoretic view of boards, this study examines the impact of boardroom gender diversity (BGD) on voluntary intellectual capital (IC) disclosure in initial public offering (IPO) prospectuses in China&#8212;the world's second&#8208;biggest economy, which is moving from a planned economy to a market&#8208;oriented one. Furthermore, this study also investigates the impact of family ownership on the relationship between BGD and IC disclosure in the Chinese environment, which is characterized by less&#8208;developed corporate governance mechanisms. Research findings/insights. Based on a comprehensive content analysis of Chinese IPO prospectuses between 2009 and 2017 and measuring disclosure index at 78 dimensions under six broad categories of IC, the empirical results document (a) a significant positive relation between BGD and IC disclosure&#8212;in line with resource dependence theory, (b) a significant negative impact of female independent directors on IC disclosure&#8212;opposite to agency theory predictions, and that (c) the BGD&#8211;IC disclosure relationship is generally stronger for firms with two or more women on boards&#8212;in line with critical mass theory in China. Finally, this study also reveals that family ownership has adverse impacts on the BGD&#8211;IC disclosure relationship. These results are robust to a battery of sensitivity analyses. Practitioner/policy implications. This study provides positive capital market implications of BGD through enhanced IC disclosure in IPO prospectuses. In doing so, the study has important implications for regulators and top management teams in devising policies concerning female representation on boards and voluntary disclosure of IC to inform the market participants of the true value of the company.
Disagreement in the Equity Options Market and Stock Returns

We estimate investor disagreement from synthetic long and short stock trades in the equity options market. We show that high disagreement predicts low stock returns after positive earnings surprises and high stock returns after negative earnings surprises. The negative effect is stronger for high-beta stocks and stocks that are more difficult to sell short. In the cross-section of all stocks and the subset of the 500 largest companies, high disagreement robustly predicts low monthly and weekly stock returns.
A Canadian Perspective on the ‘NCLEX-RN World’: Pragmatism When the Stakes are High

According to the Ontario nursing regulatory body, the American-designed high stakes nursing licensure examination, the NCLEX-RN, is a valid measure to assess the Canadian entryto-practice competencies requisite of each new graduate registered nurse. This examination is used to “. ensure that it grants registration only to those who demonstrate the nursing knowledge to provide safe care” (para. 1). However, limited research exists that explores, examines and evaluates the impact of the NCLEX-RN in Canada since adoption from the United States of America in January 2015. Particularly, no studies existed that explored the experiences and perceptions of practicing Registered Nurses (RNs) who have written the NCLEX-RN, outside of the first-year test-takers. This thesis document describes the findings of a collective case study to better understand the NCLEX-RN, as experienced by six Canadian RNs from both acute and non-acute healthcare environments in Ontario, Canada. A within-case, document, and cross-case thematic analysis was used. The participants described their experiences with, and perceptions about, the NCLEX-RN within four main themes – influencing preparedness; examining the Canadian RN; becoming ready for safe practice; and reflecting as a practicing RN. The findings of this study support existing literature that a lack of content reflective of Canadian healthcare values exists in the NCLEX-RN. The educational impact and consequences of high stakes testing such as, curricular molding to external evaluation and concerns related to exam validity, are also highlighted. Presently, Canadian nurse educators and future test-takers must approach the NCLEX-RN pragmatically to ensure licensure of graduates with minimal disruption to the Canadian baccalaureate nursing education.
Norm internalisation revisited: Norm contestation and the life of norms at the extreme of the norm cascade

Abstract: Finnemore and Sikkink’s norms life cycle model (NLCM) is a powerful heuristic device that continues to be a mandatory point of reference for theoretical and empirical scholarship on norm change. Yet the internalisation stage as conceptualised in the NLCM is problematic. Drawing from Wiener’s Theory of Contestation, this article proposes to reconceptualise the norm internalisation stage as the phase at the extreme of the norm cascade in which inherently contested norms simultaneously enjoy formal validity, social recognition, and cultural validation among stakeholders. Unlike Finnemore and Sikkink’s, this conceptualisation focuses solely on norm validity and does not assume ‘almost automatic’ compliance. While Finnemore and Sikkink emphasise habit and institutionalisation as mechanisms of internalisation, the proposed conceptualisation highlights the role of applicatory contestation under conditions of high contestedness. Furthermore, I argue that internalised norms continue to be contested. Finally, my conceptualisation explicitly incorporates norm regression as the fourth stage of the NLCM. Norms might regress because they become obsolete, they change, or they are replaced. To assess the descriptive power of the proposed conceptualisation vis-à-vis Finnemore and Sikkink’s, the article applies them to the analysis of the norm that prohibits torture.
Study on adherence and interrelated factors of AIDS patients receiving antiretroviral treatment in Henan rural area

Aim:To assess the adherence to antiretroviral therapy of AIDS patients in Henan,and to determine interrelated factors.Methods:Two counties were selected in Henan Province.The survey method was used to investigate AIDS patients.Results:In two counties AIDS patients antiretroviral treatment rate was 99.2%;In terms of age,sex and marital status,the compliance had no significant difference.The people taking drug at time were 1 056 each month,accounting for 49.3%. With the monthly missing drug less than 2 times as 95% adherence,the rate was 83.3%. The main reasons for missing drug were away from home,busy and forgotten.Conclusion:The compliance to antiretroviral therapy of AIDS patients in Henan rural area has greatly improved,but relevant departments would need to intensify their work.