bluuebunny/crossref_metadata_2025 huggingface dataset:
ADSORPSI PENCEMARAN LIMBAH CAIR INDUSTRI PENYAMAKAN KULIT OLEH KITOSAN YANG MELAPISI ARANG AKTIF TEMPURUNG KELAPA
Authors: Lasindrang Musrowati
Published: December 2016

Chitosan has been used as biosorbent. In addition to having advantages, chitosan as biosorbent also has disadvantages. Chitosan is very soluble in low pH, so it cannot adsorb Cr (total) at low pH. It is because the active site (amine group) of chitosan undergoes protonation, and its adsorption capability is easily influenced by anions in waters. Therefore, this research studied the use of chitosan coating on active charcoal of coconut shell to increase the adsorption capability of Cr (total), BOD, and COD. This research was done to evaluate the characteristics of the liquid waste quality with or without Wastewater treatment unit (IPAL), and compare them with the Regulation of DIY Governor number 7/2010. It also studied the effect of pH and Concentration of chitosan coating on active charcoal as adsorbent on the decrease of Cr (total), BOD, and COD concentration in the liquid waste of leather tanning. The results indicate that the liquid waste of the leather tanning industry with and without Wastewater treatment unit (IPAL) have exceeded the quality standard for the liquid waste of leather tanning industry. An ANOVA statistical test indicated that Cr (total), BOD, and COD are significant at 0.05 (p < 0.05), with various pH influencing the decrease in Cr (total), BOD, and COD. The highest removal percentage resulting from the effect of chitosan concentration coating on active charcoal is obtained in adsorbent C (K3A1), with Cr (total) (91.9%); BOD (99.5%); and COD (98.47%).;
KATA-KATA KANSEI PADA PRODUK BERBASIS BUDAYA UNTUK PEMENUHAN KEBUTUHAN MASLOW
Authors: Heddy Shri Ahimsa-Putra Ratih Setyaningrum, I.G. Bagus Budi Dharma, dan
Published: December 2016

Cultural aspect is not a priority within a product design and development process in Indonesia. On the other hand,cross culture products have success in the global market. That product is included in each Maslow level. Culturalaspect in product design is applied with a semantics, such as kansei words. The purpose of the research is to identifyculture products and kansei words based on Maslow needs. The research stage begins with mapping cultureproducts based on Maslow needs and determining kansei words. The result of this research is a classification ofkansei words. It is used to guide product development. Product development based on Maslow needs is one strategyto attract consumers. Therefore, product development and diversification product had met the needs of Maslow
APLIKASI TANK MODEL DAN KESEIMBANGAN NERACA AIR STUDI KASUS MODEL DAS MIKRO (MDM),SUB-DAS CISAMPORA, DAS CIMANUK, KABUPATEN MAJALENGKA PROVINSI JAWA BARAT
Authors: Nana Mulyana Arifjaya Syampadzi Nurroh Dan
Published: December 2016

The influence of forest cover in landuse is an important concern in the goverment’s regulation for distributionof water flow into the rivers. The River flow is one of the hydrology paramater importantness in order to bepriority in managamenet environmental. The one of hydrology which could be used for water balancepredictionbyTank Model. The Tank Model was applied using daily rainfall, evapotranspiration, and discharge river. Basedon research results that water balance are calculated by input parameter (precipitation, 678 mm) with outputparameter by discharge (623,48 mm) inequation curve discharge(Q = 1,606 (TMA1, 494)) with the correlation (R2)is 0,993and evapotranspiration (631,04 mm). Based on the indicators of the reliability of the Tank model thatthe value of the correlation coefficient (R) of 0,84 can be presented the results of verification in this case quitesatisfactory. The water balancewas surplus ouput by calculated 550 mm of water storage in ground water (38,80%),outflowdistributed recharge river 622,21 mm(33,90%) regard to runoff including 24% (runoff coefficient 0,24)and evapotranspiration 504,8 mm (27,30%).
RESPON KOMUNITAS BENTHIK INSEKTA EMPAT BULAN PASCA-KEBAKARAN HUTAN 2002 DI HULU KALI BOYONG GUNUNG MERAPI
Authors: Djohan Tjut Sugandawaty
Published: December 2016

The purpose of this research is to study the response of benthic insect community in the headwater of BoyongRiver, Mount Merapi, four months post-forest fire in 2002. Energy at the headwater ecosystem was based on thedetritus food-chain. The presence of benthic community indicated forest health. The forest fire caused energy whichentered into the river changed from allochtonous coarse particulat organic matter (CPOM) to fine particulatorganic matter (FPOM). This change would be responded by the functional group of benthic community. Datawere collected with Surber Sampler. The result showed that there were 12 genus constituent of benthic insectsconsisted of functional groups of collector gather, collector filter, predator, dan scrapper. The dominant functionalgroups were collector gather and collector filters, 2256 individual/m3 or 86.02% and the dominant genus of Baetisand Leutcra. Otherwise, scrapper was founded 111 individual/m3 or 4% and predator 256 individual/m3 or 10%.This condition showed that four months post-forest fire indicated dominant allochtonous in Boyong River wasCPOM and FPOM with size of 1 mm. The quality of nutrients in the water was low, otherwise, the sedimentnutrients was high. The dominance of functional group of collectors indicated that ecosystem of headwater forestin Boyong River had not been fully recovered.
RESENSI Biologi Molekular adalah Ilmu yang Menyenangkan dan Mudah
Authors: Wahyudi Ivan Arie
Published: December 2016

Biologi molekuler merupakan ilmu pengetahuan merupakan multi disiplinilmu dari biokimia, biologisel, dan genetika yang mempelajari aktivitas biologi pada level molekular, termasuk interaksi antara perbedaan tipe DNA, RNA, protein, dan biosintesisnya. Aktivitas atau mekanisme apa yang terjadi pada level molecular sangat penting untuk dipelajari sehingga dapat   menunjukkan gen apa yang mempengaruhi suatu penyakit genetik, identifikasi gen,identifikasi DNA, identifikasi DNA forensik, terapi gen dalam mengobati, dan mencegah penyakit dan sebagainya.
Healthy Dietary Patterns and Risk of Mortality and ESRD in CKD: A Meta-Analysis of Cohort Studies
Authors: Kelly Jaimon T. , Palmer Suetonia C. , Wai Shu Ning , Ruospo Marinella , Carrero Juan-Jesus , Campbell Katrina L. , Strippoli Giovanni F. M.
Published: December 2016

Background and objectives

Patients with CKD are advised to follow dietary recommendations that restrict individual nutrients. Emerging evidence indicates overall eating patterns may better predict clinical outcomes, however, current data on dietary patterns in kidney disease are limited.

Design, setting, participants, & measurements

This systematic review aimed to evaluate the association between dietary patterns and mortality or ESRD among adults with CKD. Medline, Embase, and reference lists were systematically searched up to November 24, 2015 by two independent review authors. Eligible studies were longitudinal cohort studies reporting the association of dietary patterns with mortality, cardiovascular events, or ESRD.

Results

A total of seven studies involving 15,285 participants were included. Healthy dietary patterns were generally higher in fruit and vegetables, fish, legumes, cereals, whole grains, and fiber, and lower in red meat, salt, and refined sugars. In six studies, healthy dietary patterns were consistently associated with lower mortality (3983 events; adjusted relative risk, 0.73; 95% confidence interval, 0.63 to 0.83; risk difference of 46 fewer (29–63 fewer) events per 1000 people over 5 years). There was no statistically significant association between healthy dietary patterns and risk of ESRD (1027 events; adjusted relative risk, 1.04; 95% confidence interval, 0.68 to 1.40).

Conclusions

Healthy dietary patterns are associated with lower mortality in people with kidney disease. Interventions to support adherence to increased fruit and vegetable, fish, legume, whole grain, and fiber intake, and reduced red meat, sodium, and refined sugar intake could be effective tools to lower mortality in people with kidney disease.
Impact of Capital Market on Domestic Resource Mobilization for Economic Development in Nigeria (2000-2015)
Authors: B. O. Agu, , S. N. P. Nwankwo, , I. O. Onwuka,
Published: December 2016

The study investigated the impact of Nigerian capital market on domestic resource mobilization for economic development, using time series data from 2000 to 2015. The study employed secondary data obtained from the Central Bank of Nigeria Statistical Bulletin, the Nigerian Stock Exchange Fact Book and Securities and Exchange Commission database. To evaluate the impact of the independent variables on the dependent, the Ordinary Least Square (OLS) method of estimation was employed. Augmented Dickey Fuller (ADF) test was used to identify the order of integration. Economic growth was proxied by Gross Domestic Product (GDP) while the capital market variables considered include: Market Capitalization (MCAP), Total New Issues (TNI) and Value of Transactions (VLT). Applying Johansen and Juselius co-integration test, the result showed that there was at most one co-integrating equation in the model, implying that there is a long run relationship between the variables in the model. The causality test results suggest bidirectional causation between the GDP and the Value of Transactions (VLT) and to the GDP but not vice-versa. Using two-tailed test, the F-statistics is significant at 5 percent level of significance. Furthermore, there was no evidence of reverse causation from GDP to market capitalization and there was no evidence of independence causation between the GDP and Total New Issues (TNI). The study showed that the major problem with domestic resource mobilization in Nigeria have been that not enough savings are being generated to facilitate the required investment. Also, the type of savings available does not easily make financial intermediation possible. The Nigerian stock market has been constrained by policies that tend to make the exchange look like a mechanism by which government raise loan finance rather than an instrument for mobilizing industrial finance. It is recommended therefore that the regulatory authority should appraise and modify the restrictive policies that constrained resource mobilization capacity of the Nigerian capital market.
Avaliação da Equivalência Semântica de uma Ferramenta de Análise de Riscos e Vulnerabilidade
Authors: Santos Elaine Hora , Oliveira Andreia Ferreira
Published: December 2016

O objetivo foi avaliar a equivalência semântica de uma ferramenta de Análise de Risco e Vulnerabilidade. O processo foi desenvolvido em duas etapas: 1) Painel de especialistas; 2) Pré-testagem junto a usuários. Quanto ao grau de concordância, verificou-se que não houve total coesão na identificação dos riscos que compõem a ferramenta. Quanto à avaliação do conteúdo, obteve-se a concordância esperada em relação à maioria dos riscos/eventos. Os seguintes foram retirados: tsunami, vulcão, nevasca e tornado. O terrorismo (radiológico e químico) foi deslocado para dimensão Humana. Furacão e terremoto foram mantidos. Quanto ao grau de clareza/compreensão, os usuários e especialistas concordaram quanto ao nível satisfatório de entendimento.  A equivalência semântica foi obtida, fazendo-se necessário trabalho futuro para alcance das equivalências conceitual, itens, mensuração e operacional, além da realização de novo pré-teste.
Corporate governance and Chinese ghost cities
Authors: Grove Hugh , Clouse Mac
Published: December 2016

Sir David Tweedy, the former chair of the International Accounting Standards Board, observed: “The scandals that we have seen in recent years are often attributed to accounting although, in fact, I think the U.S. cases are corporate governance scandals involving fraud” (Tweedy, 2007). This paper will show that many of the recent Chinese cases of fraudulent financial reporting are also really corporate governance scandals involving fraud.
Strategic risk management for enhanced corporate governance
Authors: Grove Hugh , Clouse Maclyn
Published: December 2016

The purpose of this research is to develop and apply risk management procedures to enhance corporate governance, using examples of Chinese company investments. Strategy and risk should be considered together by management and boards of directors as they need to know what risks are embedded in potential or approved strategies. Strategy and risk are linked and may be viewed as two sides of the same coin. One of the fastest ways to massive value destruction is to undertake a strategy without a thorough consideration of the related risks. Well-known financial fraud prediction models and ratios are applied to an ongoing, possible fraudulent Chinese company. They generated numerous red flags for possible fraudulent financial reporting, using one and two standard deviation measurements for risk assessment. This paper finds potential international equity and debt investment destruction of $12.9 billion for this one company and $34.5 billion when this company’s investment losses are combined with three other ongoing possible Chinese fraud companies. In summary, a risk management approach for enhanced corporate governance is developed and applied to the strategy of international investing. A case study is used to demonstrate both a macro-economic risk assessment of an investment target country and a micro-economic risk assessment of an investment target company, using fraud models and ratios
Project control as a technique for organisational efficiency: A case study of selected firms in delta state, Nigeria
Authors: Egwuenu Sylvester , Kifordu Anthony , Ukpere Wilfred Isioma
Published: December 2016

The focus of this study is to investigate Project Control as a technique for achieving organizational efficiency. Efficient Management of project demands that project should be executed according to specification. This further requires control in the areas of time, quality, and cost. Control enables project managers to check variances, and possible reasons for deviation. This work seeks to address the problems of operational inefficiency in terms of deviation from project cost allocation, project time allocation resulting to delay, and finally deviation from required quality. To achieve the set objectives from a population of 125 employees, a sample size of 96 respondents was gathered from two companies in Warri, Delta State, and analysed using percentage. Based on the analysis, the following findings emerged; Project control measures operational efficiency in the areas of time, cost and quality. In the face of the above findings, the study concludes that Time plays a major role in organizational performance. Consequently, absence of project schedule and proper time management will negatively affect organizational operational efficiency. The impact of project cost control cannot be overemphasized. Without cost control project goals may not be accomplished, as working out of the approved budget is detrimental. Quality control enables the comparison of performance against set standard, to correct possible deviation from project objectives. Also, the following recommendations emerged ‘in achieving success in project management, Project control should be a major concern of project managers. Suitable control plan should be formulated in advance, together with suitable information system to aid effective project control. More than that, project control in the area of cost, time and quality should be integrated in the managerial process to avoid deviations, and thus, achieving efficiency, and optimal performance.
A model for the evaluation trends performance in small and medium enterprises
Authors: Giacosa Elisa , Culasso Francesca , Mazzoleni Alberto , Matteo Rossi
Published: December 2016

The purpose is to propose a model thanks to which the management, the owners and the stakeholders could assess the evolution in time of small and medium-sized enterprises’ state of health, in terms of different criteria during the considered three year period. For this purpose, our framework is represented by a model developed in the previous publication (Giacosa and Mazzoleni, forthcoming), which distinguishes small and medium-sized enterprises into several typologies, in terms of above-mentioned criteria. The originality of the research is consistent to the current context in which the companies operate, which is changing in a intensive way because of the world financial crisis. In particular, the company manifests the need to understand its situation and be encouraged to adopt a series of measures to improve its situation. Concluding, the companies could commit themselves to undertake a path toward virtuous positions, after determining the current starting condition.
The resource provision capability of independent directors in family-controlled, publicly-listed companies in Malaysia
Authors: Sharif Saeed Pahlevan , Yeoh Ken Kyid
Published: December 2016

To develop a comprehensive measurement index that captures a wide range of independent director characteristics that collectively reflect their overall resource provision capability in the context of Malaysian publicly-listed companies. A detailed content analysis of independent director-related disclosures in the annual reports of 217 family-controlled companies listed on the Malaysian stock exchange (Bursa Malaysia). Ten distinctive types of ‘resource’ that independent directors bring to their respective companies were identified. These resources (e.g. government contracts, networks, loans, expertise, etc.) are then utilized to develop a resource provision capability index. The resultant index provides a fair indication of independent directors’ contribution to enhancing/sustaining their respective companies’ performance. The developed comprehensive resource provision capability index can be used to explore as well identify the specific nature of independent director contribution to their respective firms. This study makes a contribution to the governance literature by elaborating on independent directors’ resource provision role that has been generally ignored in “Western” studies. More specifically, not only we are proposing that independent directors’ role transcends the classic, Western-inspired monitoring role, we provide evidence of other specific means by which they can contribute to their respective firms and offer a framework to capture all such capability in a concurrent manner
How narrative reporting changed the business world: providing a new measurement tool
Authors: Garefalakis Alexandros , Dimitras Augustinos , Floros Christos , Lemonakis Christos
Published: December 2016

Research on the quality of the narrative portion of the annual report has long been hampered by a lack of tools that permit an objective analysis of qualitative disclosure. This study is the first piece of accounting disclosure quality research which proposes a comprehensive index that uses Key Performance Indicators (KPIs) to enhance understanding of the quality of narrative information disclosure in a very important transitional period of 2002 to 2007. Our results show that after the adoption of IFRS, the level of narrative disclosure compliance with the IASB’s Management Commentary Framework (MCF) is medium, ranging from 8% to 75%, averaging 53% and this shows that there is much room for improvement with respect to the financial statements. Thus, despite the continued demand for better comparability in financial reporting practices, in our sample, a large number of firms do not seem to converge toward a single set of standards for both the narrative and financial disclosure. On the other hand, the region forced to comply with mandatory requirements (e.g., the US) will not provide a greater amount of disclosure information in their MCF reporting than the regions that are not required to comply with these disclosure guidelines (e.g., Western Europe and Northern Europe)
Corporate succession practices: A public sector perspective
Authors: Pita Nomalinge Amelia , Mafini Chengedzai , Dhurup Manilall
Published: December 2016

In today’s globally competitive and modern environments, organisational future plans often fail due to the lack of succession planning. Literature has shown that in most public services, very little is done to transfer employee skills before they leave the organisation, which largely is attributed to the lack of proper corporate succession planning. This study examined the association between corporate succession planning practices, internal succession barriers and intentions to leave within a public service in South Africa. The study was inspired by the absence of documented evidence of corporate succession planning initiatives, the barriers to succession planning and turnover intentions of employees in the public sector in the South African context. The study is located within a quantitative research paradigm in which a three-section structured questionnaire was administered to a sample of 243 public service employees. Two factors; namely, replacement planning and employee development/grooming were extracted using exploratory factor analysis. The Pearson correlation coefficient showed that corporate succession planning practices and internal succession barriers are negatively related to intentions to leave in the public service. Regression analysis showed that replacement planning and employee grooming are predictors of intention to quit. The results of the study are significant in that they facilitate the development as well as the effective implementation of succession planning initiatives that enable public services to improve human resource practices and counter any existing barriers to internal succession.
Agency conflicts in Brazilian stock funds: Categorizing funds in clientele and fee types
Authors: Sanematsu Flávio C. , Leal Ricardo P. C.
Published: December 2016

This article investigates the behavior of equity mutual funds at calendar semester ends in Brazil between 2004 and 2013. Results suggest that the sampled funds present positive abnormal returns on the last trading day of calendar semesters, followed by negative abnormal returns on the subsequent day. Funds oriented to retail investors and those that charge incentive fees are more likely to display this abnormal return behavior. Exclusive funds present the smallest incidence of abnormal returns. There seems to be evidence of portfolio pumping
Equity valuation using benchmark multiples: An improved approach using regression-based weights
Authors: Chan Kelly
Published: December 2016

This paper examine the improvement in multiple-based valuations from using a composite of price to earnings (P/E) and price to book (P/B) ratios and firm-specific regression-based weights. The results support that composite benchmark multiples lead to improved valuations over single multiples and further improvement is achieved by incorporating firm characteristics to derive firm-specific regression-based weights. The unrestricted regression-weighted composite multiples perform better than other approaches in predicting year one to year three share prices. Our results remain unchanged when the analysis is conducted using different estimation regressions, different sample periods and subsamples based on firm size, age and the book to market ratio. This research provides a comprehensive comparison between single, equal-weighted and regression-weighted composite multiples that reflect cross-sectional variations in firm growth, profitability and cost-of-capital in equity valuation. The results highlight the usefulness of composite multiple-based valuation in settings where current market prices are not readily available
Freight rail transport governance: An international issue
Authors: Pienaar Wessel
Published: December 2016

Since the economic deregulation of freight transport operations internationally, it has been necessary to have a workable knowledge and an understanding of the types of freight wagons that can help to be instrumental in the efficient and effective market participation of rail technology in the freight transport market. The article identifies and describes the most commonly used rail freight wagons for commercial purposes internationally. The investigation has indicated that subsequent to the economic deregulation of freight transport, there are nine rail wagon types manufactured and commonly used internationally. They are: (1) covered wagon/van; (2) refrigerated wagon/van; (3) flat wagon; (4) tank wagon; (5) container wagon; (6) open wagon; (7) hopper wagon; (8) side stanchion and centre partition wagon; and (9) motorcar wagon. The study revealed that the following three factors mainly dictate wagon design: (1) characteristics of the freight to be transported; (2) physical railway characteristics; and (3) the type of freight terminals and handling equipment necessary to efficiently and effectively accommodate and support rail freight transport.
Capital structure determinants: Evidence from Spanish listed firms
Authors: Ntoung Agbor Tabot Lious , Huarte Galván Cecilio , Puime Guillén Félix
Published: December 2016

Using annual data that records leverage levels of 77 non-financial firms in Spain prior and during the financial crisis, we demonstrate that tangibility, size, volatility, profitability, non-debt tax shield, growth opportunities and industry effect are factors that determine the capital structure of a company. Our results show that leverage is positively and statistically significant with size, non-debt tax shield and industry-effect. Our findings illustrate that profitability; growth opportunity and volatility are negatively and statistically significant with the debt issues on the balance sheet of these public traded firms. We discuss the extent to which these results are consistent with empirical evidence illustrated by prior studies with reference to the 2008 financial crisis. Also, during the 2008 financial crisis the cost of financial distress is high, and as such when size is used as a proxy for the probability of bankruptcy a negatively relationship is inevitable. Lastly, majority of the listed firms were more attached by equity finance as a result of the reluctant behavior of the international investors and the falling Spanish economy.
The determinants of firm value: The role of earnings management and good corporate governance
Authors: Subanidja Steph , Rajasa Aiaz , Suharto Eduardus , Atmanto Jalu Dwi
Published: December 2016

The conflict of interest between managers (agents) and the owner (principals) occurs all the time, although the level of the conflict is not always similar. This is because there are separation roles or a difference of interests. In many Indonesian banks, the implementation of Good Corporate Governance (GCG) is mandatory. But, in manufacturing companies in Indonesia, GCG is still not a must. So, what is the role of GCG in conjunction with firm value in manufacturing companies? In addition, many manufacturing companies use earnings management as a benchmark of firm value. It is clear that earnings management can be placed as an antecedent of firm value. The purpose of this research is to analyze the determinants of firm value in relation to earnings management and the mechanism of GCG as a moderating variable. The GCG is not viewed as an antecedent variable. The research sample is 46 companies in the entire industry of consumer goods of manufacturing companies in the Indonesia Stock Exchange. By specific considerations, the number of the sample is reduced to 39 out of 46 companies. The method used is a moderated regression analysis (MRA). The results show that the earnings management and the mechanism of GCG have an impact on the firm value. The dimension of GCG, namely, independent commissioner, managerial ownership, and audit quality can be placed as moderating variables and as determinants of firm value. In order to increase the firm value, it is advisable that this industry should strictly apply the mechanism of GCG as mandatory. However, the issue of GCG as an independent or moderating variable still remains debatable.
Revisiting the contractual effect of the company’s constitution in corporate operations
Authors: Nwafor Anthony O.
Published: December 2016

The extent to which a company’s constitution defines the relationships between the company, its members and officers as such have been a subject of debate. A number of varying judicial decisions and academic opinions have been expressed on these issues. The controversies are embedded in the manner of drafting of the relevant provisions of the regulating instruments with the attendant difficulties in interpretation. In recent times the parliament in some jurisdictions have intervened by enacting laws intended to introduce some level of clarity into the debated issues. The paper examines, by a comparative analysis, the provisions in the Companies Acts of the United Kingdom, Nigeria and South Africa. While a significant improvement seems to have been made in those jurisdictions in redefining the contractual effects of the companies’ constitution in their respective extant companies’ legislation, the gale of controversy on the enforcement of those contracts are far from settled
Public debt issuance and corporate governance in the United States and Brazil
Authors: Santos Moizinho Luzelia Calegari , de Sousa Ribeiro Kárem Cristina , Barboza Flavio
Published: December 2016

Debentures are important financing resources for U.S. and Brazilian companies. The manner of securing a debenture can improve a company’s capital structure and maintain its ownership structure while diversify risk. Most credible companies have better opportunities because they implement good corporate governance practices that tend to provide instruments to ensure greater protection for their creditors. Motivated by this, our research makes a multi-case analysis of Brazilian and American companies with respect to the characteristics of their corporate governance mechanisms during security emission processes. The methodology is based on the Economic Commission for Latin America and the Caribbean index, a quantitative tool that was developed to measure governance and the internal control of risk levels. The results show differences in governance between these countries. Two possible causes of this difference are the market’s most selective characteristics and internationalization, which require Brazilian companies to adapt to global rules
Proxy fights as agency discipline
Authors: Huang Jian , Torna Gökhan , Singer Daniel
Published: December 2016

This paper investigates how proxy fights function to discipline corporate boards of directors to function as agents of the shareholders. One hundred and ninety six proxy fights are investigated between 1988 and 2009 to examine those factors which determine the most closely associated with winning or losing a proxy fight. Dissidents are found to be most likely to initiate and win a proxy fight when cumulative excess shareholder returns are negative. It is concluded that while declines in shareholder wealth do stimulate proxy fights, a semi-strong efficient market interpretation of financial performance leaves ample room for the successful defense of managerial policies and actions. Proxy fights provide an opportunity for dissidents to challenge these policies and actions often enough for proxy fights to be an effective mechanism for compelling fiduciary behavior by corporate boards.
Use of the Internet for investor relations by public listed companies
Authors: Rodrigs Marcus Craig
Published: December 2016

With the increasing emphasis on developing economies and the use of the internet for corporate relationship building, this study aims to investigate the usage of internet by listed companies in the ready-made garment industry in Bangladesh. The study will also include comparison of the contents of investor relationships with empirical evidence from around the world. The sample size contains 105 firms listed on the Dhaka Stock Exchange. Employing statistical analysis for measuring investor relations based on available contents disclosed in firms’ website for investor information, this study found that the 105 firms disclose contents related to investors on their websites but fall short of the standard of other countries with only the company profile as the most prominent disclosure. Study result reports that companies in Bangladesh are still behind compared to developed economies in terms of using internet for investor relations. The study also recommends the Dhaka Stock Exchange, Bangladesh Garments Manufacturing and Export Association (BGMEA) and other indigenous regulatory bodies encourage firms to disclose more investor related information
A comparative study of the performance of Saudi mutual funds
Authors: El-Masry Ahmed , El-Mosallamy Dalia A.
Published: December 2016

This study examines the performance of 21 Saudi mutual funds using the CAPM and downside CAPM D-CAPM models over the period 2005-2011. Initially equity fund performance is examined against two benchmarks TASI and the GCCI Islamic index utilizing the traditional beta and CAPM performance evaluation measures. The evaluation is then replicated utilizing the downside beta and other tests of funds’ performance derived from the CAPM in the down side framework. The results indicate that the downside beta could be more relevant in terms of its higher explanatory power than the traditional beta and thus CAPM in the downside framework could be more relevant to report on funds’ performance in this emerging market. After exploring the aggregate performance by forming two fund portfolios; one representing the average Islamic mutual fund and the other is the average conventional fund, to examine the performance of the Islamic mutual funds portfolio compared to its conventional peers and to the overall market, the study finds, on average, Islamic mutual funds in outperform conventional mutual funds and the market portfolio. The study concludes that it is equally important for practitioners in emerging markets, to report performance using both CAPM measures and D-CAPM measures and if differences exist, then the D-CAPM could be the superior measure because of its suitability to the asymmetrical distribution of returns existing in emerging markets in general.
The perception of corporate services directorate in a metropolitan municipality on King III good governance compliance in business and projects
Authors: Mutiro Sly Newton , Fore Stanley
Published: December 2016

Good governance has been and is a growing phenomenon for many business organisations regardless of size, profit margins and purpose for existence. The South African Metropolitan municipality Metropolitan Municipality is one such organisation that has adopted good governance models to business practices. The challenge was how to effectively and efficiently implement governance issues around projects and business organisations. A number of people, committees and institutions have developed different governance frameworks that can be adopted by organisations as a guide to good governance. This research is based on King III guide to good governance. The objective was to establish the perceptions of the corporate services directorate in the South African Metropolitan municipality municipality on King III good governance compliance by interviewing some employees orally and through a questionnaire. The responses were captured and analysed using IMB SPSS software. Problems were identified in governance training and understanding in general. Another major finding was poor communication internally and externally. To overcome these shortfall recommendations were made. Communication models, communication plan, governance models and training were recommended. The major challenges facing the South African Metropolitan municipality Metropolitan Municipality are poor effective governance communication and lack of governance training.
Generational differences on work engagement levels of government healthcare institution employees
Authors: Hlongwane Veronica Catherine , Ledimo Ophillia
Published: December 2016

The objective of this study was to explore generational differences on work engagement levels of employees in a South African government healthcare institution. The Ultrech Work Engagement Scale measured the participants’ levels of work engagement and it was administered to a random sample size of government healthcare institution employees (n=289). Statistical analyses of the data were conducted and the results of ANOVA indicated that the levels of work engagement significantly differ depending on the employees’ generational cohort or group for the dimensions vigour, dedication and absorption. In terms of contributions and practical implications, recommendations are made regarding proposed organisational development interventions to enhance employees’ work engagement levels in a healthcare institution context as well as to conduct future research.
Trust and communication as predictors of customer satisfaction in business-to-business relationship marketing in the South African cement manufacturing industry
Authors: Mbango Phineas , Phiri Maxwell Agabu
Published: December 2016

Customer satisfaction has become relevant in the South African cement industry as it leads to customer loyalty and cooperation. In the current climate, to ensure long-term profitability, cement suppliers need to adopt strategies to ensure customer satisfaction. This study’s literature search has revealed that there is limited published research, particularly in South Africa, which deals with customer satisfaction determinants in the cement industry. The major objective of the study was to test if trust and communication influence customer satisfaction in the context of business-to-business relationship marketing in the South African cement manufacturing industry. The methodology involved a survey and was quantitative in nature. Data were collected from 362 major business-to-business cement customers throughout South Africa’s nine provinces using the face-to-face interview technique using a seven-point Likert scale structured self-administered questionnaires. The data collected in the empirical study were analysed using descriptive, correlation and regression analysis.
The empirical results of this study suggest that, in order to maintain customer satisfaction, a cement supplier has to invest in ways of enhancing customer trust and communication. As a result this study makes both theoretical and practical contribution in the field of relationship marketing
The intrinsic roles of regulatory instruments in mining operations
Authors: Odeku Kola
Published: December 2016

Prospecting and exploiting natural mineral resources for economic growth and development could be beneficial if done in sustainable ways and manners. However, if the operation is done in such a way that cause harm to the environment and people, this will amount to unsustainable mining activity and anti-sustainable development. Therefore, there is need to ensure that appropriate and adequate plans and programmes are put in place in order to mitigate, minimise and avoid negative environmental impacts. Against the backdrop of these concerns and the need to ensure that the environment is not degraded and destroyed, South Africa, as part of the countries that promotes sustainable prospecting and mining has put in place and currently implementing tools known as environmental management plan and programme to regulate and control all prospecting and mining activities. These tools contain a bundle of remedial actions in the forms of compensation, rehabilitation and restoration of any harm done to the environment during the course of mining activities. They also contain information on mitigation, ingredients for good practice approach on how to conduct sustainable prospecting and mining. This article looks at the intrinsic roles of these tools and accentuates the importance and operations of their use in the decision making processes.
How applicable is export-led growth and import-led growth hypotheses to South African economy?
Authors: Moroke Ntebogang Dinah , Manoto Molebogeng
Published: December 2016

This paper investigated exports, imports and the economic growth nexus in the context of South Africa. The paper sets out to examine if long-run and causal relationships exist between these variables. Quarterly time series data ranging between 1998 and 2013 obtained from the South African Reserve Bank and Quantec databases was employed. Initial data analysis proved that the variables are integrated at their levels. The results further indicated that exports, imports and economic growth are co-integrated, confirming an existence of a long-run equilibrium relationship. Granger causal results were shown running from exports and imports to GDP and from imports to exports, validating export-led and import-led growth hypotheses in South Africa. A significant causality running from imports to exports, suggests that South Africa imported finished goods in excess. If this is not avoided, lots of problems could be caused. A suggestion was made to avoid such problematic issues as they may lead to replaced domestic output and displacement of employees. Another dreadful ramification may be an adverse effect on the economy which may further be experienced in the long-run.
Acid mine drainage in South Africa: A test of legitimacy theory
Authors: Loate Boitumelo , Padia Nirupa , Maroun Warren
Published: December 2016

There is a large body of international literature which suggests that there is a correlation between organisational legitimacy, the nature and extent of non-financial disclosures in corporate reports, and the society’s awareness of social, governance and environmental concerns. Little studied, however, is corporate reporting in South Africa through the lens of legitimacy theory. This paper addresses this gap by exploring whether local mining companies are providing additional environmental information in their annual or integrated reports following media coverage on acid mine drainage and, if so, to what extent. A review of press articles released by the mining houses also reveals how claims to pragmatic, moral and cognitive legitimacy are employed to mitigate negative publicity. In this way, the paper offers additional material on the role of legitimacy theory for explaining developments in corporate reporting. It also contributes to the limited body of interpretive corporate governance research in a South African context.
The perceptions of unionised employees on grievance and disciplinary matters at a higher education institution in South Africa
Authors: Mzangwa Shadrack Themba , Madue Stephens Mpedi
Published: December 2016

This article examines the perceptions of unionised members on the handling of grievance and disciplinary matters against management of a higher education institution. Using a sample of thirty-four unionised members in one of the higher education institutions in South Africa, the study found that unionised members perceived the management of higher education institution as abusing its power against unionised employees. The management treats unionised employees negatively based on race and further denies unionised members an opportunity to engage freely on issues of labour. The other finding is that unionised members feel strongly to belong to the unions in spite of the union’s leadership’s lack of knowledge and poor representation of its members against the management of a higher education institution. The findings suggest that unionised members felt undermined and disregarded by management whilst they are not happy on how their own leadership handles the grievance and disciplinary matters.
Operational risk in bank governance and control: How to save capital requirement through a risk transfer strategy. Evidences from a simulated case study
Authors: Scannella Enzo , Blandi Giuseppe
Published: December 2016

Operational risk management in banking has assumed such importance during the last decade. It has become increasingly important to measure, manage, and assess the impact of operational risk in the economics of banking. The purpose of this paper is to demonstrate how an effective operational risk management provides mitigating effects on capital-at-risk in banking. The paper provides evidences that an implementation of an operational risk transfer strategy reduces bank capital requirement. The paper adopts the loss distribution approach, the Monte Carlo simulation, and copula methodologies to estimate the regulatory capital and simulate an operational risk transfer strategy in banking.
Chemotherapy of advanced colorectal cancer: When do we have to stop?
Authors: Radosavljevic Davorin
Published: December 2016

Chemotherapy of advanced colorectal cancer improved significantly patients?
survival in last two decades. Continuum of treatment means that patient
should receive all valuable drugs active in metastatic colorectal patients,
during the treatment course, but detailed treatment plan should be made
taking into account patient and tumour characteristics, and drug
availability. Several treatment strategies should provide patients with
optimal balance between efficacy and treatment toxicity. Decision about
stopping systemic chemotherapy, after tumour progression or unacceptable
toxicity, and transition to palliative treatment is not an easy task for
doctor and requires a really good communication with patient. Continuation of
systemic treatment in very advanced disease, in pre-terminal patients, may
adversely affect patient?s overall quality of life, and very rarely has a
positive impact on length of survival.
Radiation induced toxicity in rectal cancer patients
Authors: Stojanovic-Rundic Suzana , Plesinac-Karapandzic Vesna , Rankovic Aleksandar , Obradovic Katarina , Dozic Marko , Tomasevic Aleksandar , Krivokapic Zoran
Published: December 2016

Preoperative radiotherapy ? chemotherapy became the standard treatment for
locally advanced rectal cancer. Despite better local control with this
approach, there was not seen a significant improvement in overall survival
and disease free survival, yet. The main disadvantage is toxicity that can be
developed, especially concomitantly with chemotherapy. Toxicity can be acute
and late. Acute complications are transitory, but late might lead to
permanent damage and consequently are more significant for patients. Today,
there are technical opportunities in reduction of acute and late radiation
toxicity in the treatment of rectal cancer. With the implementation of 3D
conformal radiotherapy (3D CRT) and intensity modulated radiation therapy
(IMRT) techniques in clinical practice significant accuracy, better dose
distribution and safety in the treatment of rectal cancer patients is
achieved, with maximal sparing of surrounding normal tissue. Utilization of
advanced techniques and new software solutions can keep adverse effects on
satisfactory levels with excellent local control.
Histopathological evaluation of response to neoadjuvant chemoradiotherapy in locally advanced rectal carcinoma
Authors: Micev M. , Micev-Cosic M. , Rom Djikic , Andrejevic M. , Dimic-Cumic M. , Stojanovic S. , Petrovic J. , Barisic G. , Markovic V. , Krivokapic Z.
Published: December 2016

Preoperative neoadjuvant chemoradiotherapy (nCRT) followed by radical
surgical resection is the mainstay of curative therapy in the management of
patients with locally advanced (stage II and III) rectal carcinoma in order
to reduce local recurrence and improve survival following surgery for rectal
cancer. A brief survey of histopathological tumor regression grading (TRG)
systems, other histomorphological and immunohistochemical findings and their
clinical implications were reported including authors? experience. Possible
diagnostic pitfalls are discussed specially on complete tumour regression
(pCR), differentiation downstaging and downsizing and other aspects of
standard histopathological examination and RT-induced histologic changes,
including morphological, immunohistochemical and molecular
transdifferentiation of tumour cells. Some of these histopathological
parameters have to be considered when auditing rectal cancer resections and
identifying prognostic factors