bluuebunny/crossref_metadata_2025 huggingface dataset:
Pengembangan SSP zat dan energi berbasis keunggulan lokal untuk meningkatkan literasi sains dan kepedulian lingkungan
Authors: Sya`ban Muhammad Fuad , Wilujeng Insih
Published: February 2017

Penelitian ini bertujuan untukuntuk mengembangkan SSP berbasis keunggulan lokal yang layak dipergunakan dalam meningkatkan literasi sains dan kepedulian lingkungan siswa MTs. Penelitian pengembangan ini menggunakan metode Borg & Gall. Subjek uji coba lapangan terdiri dari 50 orang siswa kelas VII MTs Manbaul Ulum. Hasil penelitian ini menunjukkan, bahwa SSP yang telah dikembangkan layak dipergunakan, berdasarkan hasil penilaian validator “sangat baik” dan berdasarkan hasil uji beda antara kelas kontrol dan eksperimen yang menunjukkan adanya perbedaan rata-rata nilai literasi sains antara dua kelas tersebut yaitu terdapat peningkatan literasi sains siswa menggunakan SSP berbasis kearifan lokal yang dikembangkan.Kata kunci: SSP, keunggulan lokal, literasi sains, dan kepedulian lingkungan Developing of Essence and Energy SSP Based on Local Wisdom to Improve Literacy Science and Environmental Care Of Students of MTs  AbstractThis research aims todevelop appropriate subject specific pedagogy based on local wisdom to improveliteracy science and environmental care of students of madrasah Tsanawiyah. This research is used the research and development (R&D) of Borg & Gall model.The research subjects in the main field testing were 50 students of class VII MTs Manbaul ‘Ulum. The result of this research shows that the sets of integrated science learning equipment based on local wisdom is feasible to increase the student`s  literacy of science. It can be seen from the validator assessment, i.e. grade A or very good. This feasibiliy is also supported by Manova test on the difference of grades study results, literacy science mean score between the experimental class and control class, there is an increase of literacy science using SSP based on local wisdom that was developed.Keywords: SSP,local wisdom, literacy science, and environmental care
Pengembangan perangkat pembelajaran fisika problem based learning melalui kegiatan fieldtrip pada materi energi
Authors: Yarid Hatta , Ariswan Ariswan
Published: February 2017

Penelitian ini bertujuan untuk: (1) menghasilkan perangkat pembelajaran fisika model problem based learning melalui kegiatan fieldtrip yang layak, (2) mengidentifikasi hasil belajar fisika berupa aspek kognitif, minat belajar, dan berpikir kreatif. Jenis penelitian adalah penelitian pengembangan (Research and Development). Validasi dilakukan oleh dua dosen ahli dan uji keterbacaan diujicobakan pada peserta didik. Subjek coba dilakukan pada kelas XI SMA sebanyak 30 peserta didik. Instrumen pengumpulan data menggunakan pedoman wawancara, angket, dan observasi. Analisis data dilakukan dengan analisis isi dan analisis deskriptif presentase. Kesimpulan penelitian adalah: (1) perangkat pembelajaran fisika dinyatakan layak dengan kriteria baik, (2) hasil belajar pada aspek kognitif diperoleh rata-rata kelas eksperimen sebesar 62,93, dan rata-rata kelas kontrol sebesar 57,20. Hasil minat belajar peserta didik, pada kelas eksperimen memiliki rata-rata sebesar 67,50, dan pada kelas kontrol memiliki rata-rata sebesar 65,65. Sedangkan hasil belajar berpikir kreatif peserta didik diperoleh rata-rata kelas eksperimen sebesar 74,91, dan rata-rata kelas kontrol sebesar 65,56.Kata Kunci: model problem based learning, fieldtrip, hasil belajar, kognitif, minat belajar, berpikir kreatif, perangkat pembelajaran fisika. A Problem Based Learning Model in Physics Learning Equipment Development Through a Fieldtrip Activity in Energy Material AbstractThis research was aimed to: (1) yield a learning-based problem model of physics learning equipment through a feasible fieldtrip, (2) identify physics learning results in the forms of cognitive aspect, learning interest and learner creative thinking from physics learning implementation with a problem-based learning model through a fieldtrip activity.This was a research and development research. The validation towards learning equipment was conducted by two expert lecturers and learning equipment readable was experimented to the learners. The experimented subject was conducted in XI Senior High School grade numbered 30 learners. Data gathering instrument used  interview guide, questionnaire and observation. Data analysis was conducted by a content analysis and percentage descriptive analysis. It could be concluded that: (1) physics learning equipment was declared feasible with good criteria, (2) learning results in cognitive aspect in the experimental class obtained average of 62.93 and controlled class average of 57.20. The results of learners learning interest in the experimental class had an average of 67.50 and controlled class average was 65.56. While learning result of learner creative thinking was obtained experimental class average of 74.91 and controlled class average of 65.56. Keywords: problem-based learning model, fieldtrip, learning results, cognitive, learning interest, creative thinking, physics learning equipment
Pengembangan modul kimia berbasis inkuiri terbimbing pada materi reaksi oksidasi – reduksi
Authors: Rohmiyati Nazillatur , Ashadi Ashadi , Utomo Suryadi Budi
Published: February 2017

Penelitian ini bertujuan untuk: (1) Menganalisis kelayakan modul kimia berbasis inkuiri terbimbing pada materi reaksi oksidasi dan reduksi untuk siswa SMK kelas X, (2) Mengetahui efektivitas modul kimia berbasis inkuiri terbimbing pada materi reaksi oksidasi dan reduksi untuk siswa SMK kelas X. Metode penelitian yang digunakan adalah Research and Development (R&D). Penelitian dilakukan di SMK N Kota Salatiga Program Studi Keahlian Teknik Otomotif. Kelayakan modul diketahui melalui tahap validasi ahli serta respon guru dan  siswa sedangkan efektifitas modul melalui penelitian eksperimen. Data dikumpulkan menggunakan tes untuk hasil belajar kognitif, lembar observasi untuk hasil belajar afektif dan psikomotor.  Hipotesis diuji menggunakan Anava dan Kruskal-Wallis one way analysis of variance. Hasil penelitian diperoleh kesimpulan: (1) Modul kimia berbasis inkuiri terbimbing pada materi reaksi oksidasi dan reduksi yang dikembangkan layak digunakan dalam pembelajaran kimia, (2) Modul kimia berbasis inkuiri terbimbing pada materi reaksi oksidasi dan reduksi yang dikembangkan efektif digunakan untuk meningkatkan hasil belajar siswa. Rata – rata hasil belajar siswa yang belajar menggunakan modul lebih tinggi dibandingkan rata – rata hasil belajar siswa yang belajar menggunakan LKS.Kata Kunci: pengembangan, modul, inkuiri terbimbing, reaksi oksidasi dan reduksiThe Development of Chemical Modules Based Guided Inquiry in the Oxidation and Reduction Reactions Matter  AbstractThis study was aimed to: (1) Analyze the feasibility of chemical module based on guided inquiry in oxidation and reduction reactions material on 10th grade students of vocational students, (2) Determine the effectiveness of chemical module based guided inquiry on oxidation and reduction reactions material on 10th grade students  of vocational students. This study is a Research and Development (R&D). The study was conducted in SMK N Salatiga in Automotive Engineering Skills Program. To determine the feasibility of the module through the validation by experts and the response from teachers and students. Whereas to determine the effectiveness of the module in the learning process through by experimental research. Data was collected using a test for cognitive learning outcomes, observation sheet for affective and psychomotor learning outcomes. The hypothesis was tested using ANOVA and Kruskal-Wallis one-way analysis of variance. The conclusion: (1) Developed chemical module based on guided inquiry in oxidation and reduction reactions material is fit as learning material in chemistry subject, (2) Developed chemical module based on guided inquiry in oxidation and reduction reactions material is effectively used to improve student learning outcomes. Average student learning outcomes that study using chemical modul is higher than the average student learning outcomes that study using worksheets.Keywords: development, modules, guided inquiry, oxidation and reduction reactions
Pembelajaran fisika dengan metode eksperimen untuk meningkatkan hasil belajar kognitif dan keterampilan proses sains
Authors: Subekti Yuliana , Ariswan Ariswan
Published: February 2017

Penelitian ini bertujuan untuk mengetahui ada tidaknya peningkatan hasil belajar aspek kognitif dan keterampilan proses sains ditinjau dari kemampuan awal fisika siswa dengan model pembelajaran inkuiri terbimbing melalui metode eksperimen. Jenis penelitian ini adalah penelitian quasi eksperimen. Populasi penelitian ini adalah seluruh siswa kelas X di SMA Negeri 9 Yogyakarta pada semester genap tahun ajaran 2014/2015 yaitu 192 siswa. Sampel dipilih sebanyak dua kelas dengan menggunakan teknik cluster randomized sampling yaitu 64 siswa. Aspek keterampilan proses sains yang diteliti yaitu pengamatan, pelaksanaan penelitian, pengkomunikasian, peramalan dan penyimpulan. Teknik analisis data yang digunakan adalah uji MANCOVA dengan taraf signifikansi 0,05. Hasil penelitian ini menunjukkan bahwa terdapat peningkatan yang signifikan hasil belajar fisika aspek kognitif dan keterampilan proses sains ditinjau dari kemampuan awal fisika pada siswa kelas X di SMA Negeri 9 Yogyakarta dengan model pembelajaran inkuiri terbimbing melalui metode eksperimen.Kata Kunci: model pembelajaran inkuiri terbimbing, metode eksperimen, keterampilan proses sains, hasil belajar aspek kognitif. The Physics Learning with Experimental Methods to Increase Cognitive Aspects of Learning Outcomes and Science Process Skills AbstractThis study aims to investigate whether there is an increase of the cognitive aspects of learning outcomes and science process skills in terms of the first physics ablility with guided inquiry learning model through the experimental method. This type of research is quasi experimental research. The study population was all students of class X in SMA N 9 Yogyakarta in the second semester of 2014/2015 academic year as many as 192 students. The samples were as many as two classes using cluster randomized sampling technique  were 64 students. The aspects of the science process skills were constructing observations, conducting research, communicating, predicting and making inferences. The data were analyzed using MANCOVA with the significance level of 0.05. The results of the study show that there is a significant increase of the cognitive aspect of physics learning outcomes and science process skills in terms of the firts physics ability of the class X students in SMA N 9 Yogyakarta with guided inquiry learning model through the experimental methods.Keywords: guided inquiry learning model, experimental method, science process skills, cognitive aspects of learning outcomes
A piacorientáció érvényesülése a kis és középvállalatok körében – egy klaszteranalízis eredményei
Authors: Kontor Enikő , Nyul Balázs
Published: February 2017

A tanulmány célja megvizsgálni, hogy a magyar kis- és középvállalatok milyen mértékben adaptálják a piacorientációt (PO) és ez milyen hatással van a teljesítményükre. A vizsgálatok eredménye azt mutatja, hogy e cégkör jelentős része nem alkalmazza a piacorientációt. Az adaptálók körében a piacorientáció közvetlen hatása az objektív teljesítménymutatókon keresztül nem mutatható ki. Ugyanakkor közvetetten befolyásolja a hatékonyságot, melynek hatásai hosszú távon mutatkoznak meg. Az eredmények szerint a kis- és közepes vállalatok által adaptált piacorientáció mértéke szignifikáns szerepet játszik a tulajdonos-vezetők szubjektív teljesítményérzékelésében. Tehát a hatékony működés eredményeként kialakuló piaci konszolidáció is vezethet elégedettséghez.

Journal of Economic Literature (JEL) codes: L20, M31
Movimiento corporal expresivo en la ejecución solista del piano. Indicaciones de carácter e interpretación
Authors: Epele Juliette
Published: February 2017

Este trabajo ofrece un estudio sobre percepción musical focalizado en la visualización y caracterización del movimiento corporal de un ejecutante de piano solo, mediante opciones de indicación de carácter tomadas de la partitura interpretada por el pianista. El estímulo consiste en distintos cortes de video de una misma interpretación presentados con y sin sonido, los que fueron apreciados por dos grupos de participantes (músicos pianistas y no-músicos). Los resultados revelan similitudes en la interpretación corporeizada de los videos, independientemente de la condición, como también diferencias entre los grupos frente al audio, y el audio y video. Esto da cuenta de que el significado musical expresivo está presente tanto en lo visual como en lo sonoro. Asimismo, los datos sustentan la evidencia de que la información visual es un indicador efectivo para la interpretación y el reconocimiento de las diferentes calidades expresivas en base a representaciones compartidas; del mismo modo que, la experiencia musical favorece el desarrollo y acceso a las claves distales de la ejecución, contenida en las formas sónicas en movimiento.
The perceived impact of restructuring on service quality in a health care environment
Authors: Ntsatsi Lisebo , Parumasur Sanjana Brijball
Published: February 2017

This study evaluates health care employees’ perceptions of service quality in a hospital environment after the process of restructuring and assesses whether their perceptions are influenced by biographical profiles. A sample of 143 clinical and non-clinical employees from three of the largest regional hospitals within the Ministry of Health in Lesotho was drawn using cluster sampling. Data was collected using an adapted version of SERVQUAL whose psychometric properties were statistically determined. Data was analyzed using descriptive and inferential statistics. The results indicate that employees were fairly convinced that the process of transformation undertaken in the health care organization led to enhanced service quality in terms of improved empathy, assurance, responsiveness, tangibles and reliability, although in varying degrees and, reflect areas for improvement
Ownership structure, political connection and firm performance: Evidence from Indonesia
Authors: Rusmin Rusmin , Evans John , Hossain Mahmud
Published: February 2017

This paper investigates whether ownership structure and high levels of political connection in Indonesian firm’s impacts on firm performance. Studying ownership structure in Indonesia is interesting for a number of reasons. Firstly, companies in Indonesia are owned by the families and corporate ownership structure is largely concentrated. Secondly, many companies in Indonesia have connections with politicians. Thirdly, little work has been done in Indonesia on the impact of foreign ownership on performance. Thus foreign ownership provides a unique setting for examining the monitoring role of foreign ownership as a substitute for corporate board monitoring. Using both accounting and market measures of firm performance we find that Indonesian firms with high political connections outperform Indonesian firms not politically aligned. Firms with significant foreign ownership performed better than domestic only owned firms. The results of the study support the findings that the governance of the largest government and foreign ownership firms not only acts to monitor management activities but also plays a representative role for monitoring shareholders.
Family business exit and private equity investment decisions: Governance implications for value creation
Authors: Di Toma Paolo , Montanari Stefano
Published: February 2017

This paper was motivated by the increasing interest in the current debate for the entrepreneurial process in family firms. Little research to date has investigated the family business exit and this topic is mainly considered as a failure for entrepreneurial families. However, when uncertainties arise concerning generational succession, the family business exit may enable ownership transitions facilitating survival and long term value creation strategies. Among the exit options, a private equity buyout may balance the family’s wealth protection and the firm’s future growth. However, which family specific characteristics and strategic needs may affect the exit option still remains a neglected topic. Based on recent research addressing entrepreneurship in family firms and corporate governance literature, this paper develops a case study for investigating the bridging role of private equity buyout for going through strategic transitions in family firms. Findings suggest that a private equity buyout is a governance mechanism which may sustain an entrepreneurial transition by realigning family interests and goals. It may also allow the family commitment for improving organizational capabilities required by an entrepreneurial transition.
An analysis of the sufficiency of credit risk management framework in the banking sector in Zimbabwe
Authors: Tsaurai Kunofiwa
Published: February 2017

The research investigates sufficiency of credit risk management policies of banks in Zimbabwe from 2000 to 2007 using the E-Views statistical software package. The regression model suggests that high non performing loans were due to inefficient management of the banks’ credit risk activities. An inverse relationship between non performing loans and credit risk management competency was also detected. The t-statistic for size of the bank was found to be closer to 1.5 and that shows the size of the bank has a bearing on both the level of non performing loans and the sufficiency of credit risk management frameworks. The author therefore recommends enough credit risk management frameworks be instituted in Zimbabwe banking sector to ensure financial sector stability.
Sustainable development and complex adaptive systems
Authors: Naudé Marita
Published: February 2017

The aim and contribution of this paper at a theoretical level is to discuss CAS and the principles thereof as an alternative to traditional management models as an option to enhance SD in an integrated and holistic manner. At a practical level, the author discusses management and leadership suggestions to implement the principles of CAS to enhance SD. A CAS approach is not static and allows for and encourages emergence as a result to the changing internal and external environments. As CAS is a process that allows for constant change and adaptation it could be compatible in the organization’s SD challenge that is also constantly changing and adapting in response to the internal and external environments. Translating an integrated, holistic and CAS approach might require some cognitive, structural and political changes in the thinking about and understanding of how to deal with SD
The Italian banking foundations during the financial crisis: Some thoughts on corporate governance and accounting issues
Authors: Moscariello Nicola
Published: February 2017

Banking Foundations are both non-profit entities and key investors in Italian banks. Since the beginning of the 1990s, they have supported their banking concerns, receiving in exchange growing dividends used to finance their granting activity. However, the recent financial crisis has severely questioned this symbiotic relationship. Due to the high concentration of their resources in the equity capital of the Italian banks, Foundations have dramatically suffered the ongoing market downturn, cutting their grants by 50% in 2011, with negative consequences on the welfare of the local communities in which they operate. The poor attention traditionally showed by Banking Foundations on the adoption of risk diversification techniques is probably due to the existence of weak corporate governance mechanisms and to the lack of transparency characterizing their financial reports. Indeed, the adoption of accounting criteria exclusively based on historical data hampers the comparability of the financial information and allows income-smoothing techniques that threaten the stewardship function of the financial documents. Therefore, this paper proposes the introduction of a mark-to-market disclosure in the Banking Foundations’ financial statements, stressing the fundamental role that financial information based on current values can play in improving the accountability process and, consequently, in increasing the efficiency and the effectiveness of the investment strategies.
Accrual quality: The presence of women directors on audit committee boards
Authors: Salleh Zalailah , Hashim Hafiza Aishah , Mohamad Nor Raihan
Published: February 2017

This article examines whether the participation of women on audit committee boards enhances audit committee effectiveness to control earnings management practices. While numerous studies have investigated the effects of women audit committee on earnings management, empirical evidence is rather inconsistent. Therefore, it is imperative to investigate the impact of female representation on audit committee effectiveness. In order to address the objective of the study, we use cross-sectional version of the performance-adjusted current discretionary accruals model to detect earnings management (Kothari, Leone and Wasley, 2005). Using a sample of 356 companies for the year ended 2007; we found a significant negative relationship between the presence of women directors on audit committee boards and earning managements. The results suggest that the presence of women directors on audit committee boards reduces earning management practices.
Intellectual property rights (IPR) awareness among undergraduate students
Authors: Ong Hway-Boon , Yoong Yih-Jian , Sivasubramaniam Bahma
Published: February 2017

This study is conducted to examine the perception and awareness of intellectual property rights (IPR) among university students. A survey was conducted to illicit information about IPR from two private universities’ students in Malaysia. It was discovered that university students perceived plagiarism and piracy as infringement of IPR. Therefore, provision of adequate information, active participation of government bodies and university’s authorities, as well as IPR awareness activities are three factors that will encourage IPR awareness among these university students.
Self-interest or win-win: Determinants of executive compensation in China
Authors: Chen Zhen , Guo Fei
Published: February 2017

This paper studies the determinants of executive compensation in listed firms in China between 2002 and 2005. There is significantly positive elasticity of compensation to scale. Moreover, corporate performance is positively related to the elasticity of compensation to scale. We find that both agency theory and managerialism hold true in Chinese listed companies. Compensation contract is the result of the game by stockholders and managers
Anticompetitive behaviour in the audit services market by the big audit firms: Evidence over time
Authors: Singh Harjinder
Published: February 2017

This study investigates the existence of anticompetitive behaviour and cartel pricing by the Big4 international providers of auditing services (resulting from the halving in the number of such providers from the Big8 to Big4).This study uses both a composite and dis-aggregated measure for auditor attributes (namely, auditor reputation, industry specialisation, provision of non-audit services and auditor tenure) and regresses the derived measure against changes in audit fees for the periods 2001 to 2003, 2003 to 2005 and 2001 to 2005 for a total sample of 600 firm-year observations.Main results from longitudinal multivariate analysis indicate that there is no significant association between the four auditor attributes utilised in this study with changes in audit fees over the observation window. This study finds no evidence of anti-competitive behaviour and cartel pricing by Big4 auditors resulting from increased audit market concentration. This has implications in relation to the need to consider legislation to reduce the power and influence of the Big4 audit firms and this subsequently has flow-on implications for the management of firms
Isolated islands in the upper apex of organisations: In search of interaction between the board of directors and the top management team
Authors: Uman Timur , Smith Elin
Published: February 2017

This paper reports on the interaction of compositional effects of boards of directors (BoD) and top management teams (TMTs) on firms’ financial performance. Composition of both groups is investigated for cultural, age, tenure and gender diversity. We explore effects of demographic diversity in the two power groups on performance in interaction with each other by bringing in the similarity-attraction paradigm to argue for the relationship. Study data are from consolidated financial statements in annual reports of listed Swedish corporations. Our findings suggest that while differences in gender, age and tenure diversities have no effect on firm performance, close alignment of cultural diversities of the BoD and TMT does have a positive effect of firm performance
The impact of board diversity on operating performance and firm risk: Evidence from the Italian market.
Authors: Cucinelli Doriana
Published: February 2017

This paper analyses the relationship between board diversity and some board operating performance but also the relationship between board diversity and enterprise risk. The analyses, carried out on a sample of 249 Italian companies during the period 2006-2009, show that diversity affects the operating performance of the board. The results show a significant positive relationship between the presence of independent women board directors and the frequency of the board meetings, but a negative relationship between the number of meetings and the nationality diversity. With regard to the intermediate performance, there is a significant relationship with gender diversity. Besides, the analysis shows a negative relationship between firm systematic risk and number of foreign directors
Credit rationing and risk management for SMEs: The way forward for South Africa
Authors: Mutezo Ashley Teedzwi
Published: February 2017

Small and medium enterprises are increasingly seen as playing an important role in the economies of many countries. Studies identify adequate and accessible financing as a critical component of SME development. Many SMES are unable to access loans from the commercial banks due to lack of financial knowledge, collateral and credit history. The drive to minimise risks informs the decision of banks to minimise loan approval for SMEs. The question that now arises is how to strike a balance between financial intermediation towards achieving economic development, while reducing operational and credit risks that confront financial intermediation at large, especially banks. The aim of this paper is to investigate the factors affecting the SME lending-decision process of commercial banks and uncover the possible way forward for South Africa
Preparing for creative responses to “beyond assumed level” disasters: Lessons from the ICT management in the 2011 Great East Japan Earthquake crisis
Authors: Sakurai Mihoko , Kokuryo Jiro
Published: February 2017

A survey of municipal government ICT divisions during and after the 2011 Great East Japan Earthquake and Tsunami crisis reveals the need for creative responses to “beyond assumed level” disasters. Complexity and diversity of the damage were simply too great for any plans to assume. Resident needs toward municipal governments affected were also diverse and changed quickly as time went by. Our research also indicates that there would be ways to strengthen the capacity for effective spontaneous responses. Creative solutions executed during the 3/11 crisis were enabled by the existence of open source software available on the Net and by skilled engineers capable of exploiting them. Frugal information systems will be useful to improve preparedness for creative responses in the future.
The perception of employees regarding ethical misdemeanours in small Tshwane businesses
Authors: Cant Michael Colin , Wiid Jan , van Niekerk Claudette
Published: February 2017

With the world wide focus on large corporations and the ethical conduct of specifically the top managers it has become clear that ethics are part and parcel of all businesses. This however does not mean that only large corporations will be screened – it also applies to smaller businesses. The small business sector plays a vital role in the economic development and job creation in the Republic of South Africa. It is important to consider the perception employees have towards their ethical responsibilities in the business sector in order to ensure the successful development of the small business sector of South Africa. The main purpose of the study is therefore to determine the perception employees have towards their ethical responsibilities as well as the types of ethical misconduct employees of small businesses have experienced in the business environment. The research followed a quantitative approach where a survey questionnaire was used as the data collection method. The results indicated that employees of small businesses have a positive view regarding their responsibilities as an employee to acting ethically. Respondents also indicated the most encountered misconduct is observing unethical behaviour and wanting to tell someone regarding unethical misconduct observed. The study also found that employees mostly turn to family members for advice on ethical misdemeanours. The study also found that employees mostly turn to family members for advice on ethical misdemeanours
The challenges of information technology (IT) governance in public universities over time
Authors: Olesen Karin , Narayan Anil Kumar , Ramachandra Suresh
Published: February 2017

Using an in-depth case study, this paper examines challenges that the IT Governance of a public university responds to over time. Our findings indicate the traditional model of IT Governance did not enable the organization to manage their IT resources to match their operational IT needs over a 10 year period. A more process orientated model of IT Governance including organizational drift may be more appropriate to explain the changes over time. To be governed responsibly, the organization over time needs to use their information technology in a manner that is consistent with organizational strategy. The study demonstrated that the best way forward for public universities may be to adopt IT and corporate governance models that allow their management to examine their needs to meet the challenges of matching their IT purchases to their operational needs.
Sell-side security analysts in the nexus of principal-agent relations: An information economics perspective
Authors: Höfer Andreas , Oehler Andreas
Published: February 2017

In this paper we investigate in depth the contractual partner relationships between sell-side security analysts and the correspondently involved parties, where the sell-side security analyst is considered as both principal and agent. We break the activities of security analysts down into a nexus of principal-agent relationships where the most striking contractual partner relationship in this network appears among sell-side analyst and the (to be) assessed company (evaluand). By analyzing the research question in this fashion we find considerable potential for information and moral hazard risks.
Developing economies and the emergence of new stakeholder group: An examination of stakeholders in the Chinese stock market
Authors: Qu Wen , Oliver Judy
Published: February 2017

As a consequence of the development of the Chinese economy, there has been an emergence of “new” stakeholder groups for the Chinese listed firms. New stakeholder groups include creditors, regulatory agencies, private investors, professional associations and environmentalists. With the use of secondary data, a review was undertaken to explore the emergence of these new stakeholder groups and discuss their influence over listed firms in China. The stakeholder typology developed by Mitchell et al (1997) is used to identify stakeholder attributes of each stakeholder group and assess their stakeholder power. The changes of stakeholder power over the years mirror China’s transition from a centrally planned economy to a more market oriented one.
A mini review of the Chinese stock market: From 1978 to 2010
Authors: An Yi , Sharma Umesh , Harun Harun
Published: February 2017

The Chinese economic reform, starting from 1978, facilitated the emergence and development of the capital markets. This paper provides a brief review of the Chinese stock market from various perspectives, such as the regulation, issuance of shares, shareholding structure and financial reporting of listed firms, and future development. It is expected that our paper could offer readers andresearchers who are in the Chinese capital market, particularly in the area of accounting and finance, a general understanding of the market.
Corporate ownership and internationalization: The effects of family, bank and institutional investor ownership in the UK and in continental Europe
Authors: Majocchi Antonio , Odorici Vincenza , Presutti Manuela
Published: February 2017

While the role of corporate governance has been increasingly analysed during recent years, it is only very recently that the effects of corporate governance features on firm international strategies have been also considered. Using the Osiris database by Bureau van Djik we consider the potential role played by different kind of shareholders among the determinants of firm international level, distinguishing between the firms quoted in the UK from those listed in countries of Continental Europe (France, Germany, Italy, Poland and Spain). Overall our results confirm that different kind of ownerships affect with different degree of intensity the overall level of firm’sinternationalization. First, we find that ownership matter. Second, our results show that theeffects of ownership over firm’s international strategies depend also on the context of analysis.
Real and accrual earnings management around IPOs: US evidence
Authors: Bao Ben-Hsien , Chung Richard , Niu Yanjun , Wei Steven
Published: February 2017

This study examines the presence of real activities manipulation (REM) of IPO firms utilizing the cross-sectional regressions on each industry-year (Roychowdhury, 2006). The real activities examined in this paper include sales manipulation, reduction of discretionary expenses and overproduction. We show that IPO firms have significantly negative abnormal cash flows from operations and significantly positive abnormal production costs in the IPO year. The findings suggest that IPO firms not only manipulate accruals to inflate reported earnings, but also engage in real activities manipulation. We also show that IPO firms‟ decisions to manipulate earnings in the IPO year is positively related to the amounts of IPO proceeds and negatively related to the underwriters‟ reputation rankings and the presence of venture capital
Does statutory auditors matter in bank-dominated corporate governance? Evidence from Japan
Authors: Watanabel Naoki , Sakawa Hideaki
Published: February 2017

This paper presents examination of the relation between the role of statutory auditors and corporate governance mechanisms in Japan in the early 1990s. Under Japanese commercial law before 2003, the establishment of an audit committee was required, but not appointment of outside auditors. Consequently, firms came to coexist with and without outside auditors. The empirical question arises of whether outside auditors in Japan are effective monitors or not. We find the following three points in this paper. First, managerial entrenchment effects exist for the appointment of outside auditors. Second, we can find a negative relation between Japanese bank ownership and firms with outside auditors. Finally, financial keiretsu memberships are not significantly effective for the appointment of outside auditors
Block ownership and accounting conservatism
Authors: Yu Kun
Published: February 2017

This study examines the effect of outside blockholders’ ownership on conditional accounting conservatism. I find that conditional conservatism is positively associated with the ownership of outside blockholders, suggesting that conditional conservatism is a useful governance tool for outside blockholders to fulfill their monitoring role. In addition, conditional conservatism appears to be positively associated with the average ownership of outside blockholders, consistent with the view that diluting ownership among more outside blockholders decreases the monitoring strength of outside blockholders and their demand for conditional conservatism. Additional analysis suggests that outside blockholders’ ownership leads to conditional conservatism, but not vice versa. Overall, this study highlights the importance of considering blockholder characteristics in research on accounting conservatism and corporate governance.
The ownership of Italian asset management companies: Consequences on the commissions structure
Authors: Arcuri Maria Cristina , Bocchialini Elisa , Rossolini Monica
Published: February 2017

Recent actions by market operators and numerous contributions existing in literature have pointed out and stressed the importance of investigating the consequences of the ownership structures of the Asset Management Companies (AMCs). The objective of the paper is to delve into such field, trying to define the presence of a significant influence between ownership of the AMCs and the commissions system. The analysis has been conducted on a sample of AMCs, distinguished between independent and not-independent (in this context meaning ownerships of banks and insurances). We have analysed the receivable and payable commissions of the independent and not independent AMCs, for the four-year period: 2005-2008. The results achieved allow us to submit useful considerations about the importance of the governance characteristics of the asset managers and their choices in order to recover margins of profitability.
Debt and financial performance of SMEs: The missing role of debt maturity structure.
Authors: Wahba Hayam
Published: February 2017

This paper focuses on an important issue, which has generally received less attention in SMEs literature, being the effect of debt maturity structure on financial performance. The random effects model, as a panel data technique, is used to examine the relationship between debt and various measures of financial performance. The results reveal that it is not the level of leverage that determines financial performance, but rather the debt maturity structure. Specifically, the findings demonstrate that short-term debt and long-term debt have an opposite effect on financial performance and therefore tend to cancel out. This is the first study, to the best of knowledge, which offers empirical evidence regarding debt maturity structure not only in SMEs context, but also from an Egyptian perspective.
Interim financial reporting in the Asia-pacific region: A review of regulatory requirements
Authors: Nguyen Huu Cuong , Gallery Gerry , Artiach Tracy
Published: February 2017

This paper addresses the question of how interim financial reporting regulation varies across the Asia- Pacific region. Using a content analysis method, the study investigates the relevant regulations in eight selected countries in the Asia-Pacific region which differ in a number of country-level attributes. We find that the regulations in the region show considerable variation in terms of the form of regulatory enforcement, reporting lag, audit requirements, and reporting form. By providing the first in-depth review of the nature of differences in interim financial reporting in key countries in the Asia-Pacific region, the findings of this study will be of interest to investors, regulators and researchers in their quest for international “convergence” in financial reporting practices.
Determinants of access to bank finance for small and medium-sized enterprises: The case of Shri Lanka
Authors: Gamage Pandula
Published: February 2017

This paper examines what determines access to bank finance in small and medium-sized enterprises in Sri Lanka. The empirical evidence for this study is drawn from the Sri Lanka Enterprise Survey data set obtained from the World Bank. The logistic regression is used to analyse the data. This study found that access to bank finance is largely determined by location of the firm, availability of audited financial statements and the owner-manager’s perception ofaccess to finance. This paper can helppolicy makers make informed decisions to articulate policies, to develop training programmes, and to design support systems that can positively address the factors affecting access to bank finance forSMEs in Sri Lanka.
Cross-border M&A and firm value: Evidence from Chinese acquisitions of Japanese firms
Authors: Chikamoto Keisuke , Lu Cheng , Takeda Fumiko , Watanabe Mariko
Published: February 2017

We study the effect of mergers and acquisitions by Chinese acquirers of Japanese targets (China-Japan M&As) on the firm value. Using the data on China-Japan M&As in 1990-2009, we find that China- Japan M&As show a greater positive effect on stock prices for the targets than for the acquirers. We also observe the following tendencies: 1) the lower the management efficiency of the target is, the greater the market reactions are; 2) a bailout M&A generates greater market reactions for targets than does a non-bailout M&A; 3) capital participation imparts greater market reactions for the target than occur with other forms of M&A; and 4) targets experience smaller market reactions from the subsidiary sales than occur with other forms of M&A.
Bank mergers and acquisitions in Greece & the state of employees during the economic crisis
Authors: Pitoska Electra , Lazarides Themistokles
Published: February 2017

The economic crisis has caused great changes in Greek economy, which are obvious in the banking field as well. Under the light of these unpleasant circumstances, the banking system was (and maybe still is) in danger of collapsing, a possibility that would probably affect countries abroad. In order to avoid this collapse, the sustainable banks were further supported and the non-sustainable were purged. This strategy aimed to stabilize the financial system through bank mergers and acquisitions. The strategy chosen to support and purge the banks was to proceed to mergers and acquisitions. These mergers and acquisitions are realized by the bank employees and they are highly related to them as they intend to stabilize the employees’ uncertain future. In October 2012 a field research was realized in order to record the employees’ point of view when it comes to both their profession as it is now and the case of bank mergers and acquisitions. After processing the findings of the research, we extract the following conclusion, among others: bank mergers and acquisitions have a negative impact on the majority of the employees that seem to be worried about the limitation of their professional perspectives, the emergence of bad working conditions and ultimately a possible discharge. The findings of the research confirm the growing anxiety and uncertainty among the bank employees. In case of merger or acquisition, the employees prefer that either of these procedures will be held with another Greek bank rather than with a foreign bank. There is a new “wave” of mergers and acquisitions coming in the banking field in Greece, confirming thus the general sense shared by the community and the outcomes of the economic crisis.
Corporate governance and shareholder value in listed firms: An empirical analysis in five countries (France, Italy, Japan, UK, USA)
Authors: Monda Barbara , Giorgino Marco
Published: February 2017

In this paper, we design a multi-dimensional index to measure the quality of Corporate Governance systems adopted by firms and use it to investigate the correlation between Corporate Governance quality and firm value. Unlike most studies that examine the relationship between only one dimension of Governance and firm value, we present a complex index (CGI) composed of 39 variables referable to four dimensions: Board, Remuneration, Shareholder Rights and Disclosure. By analysing a sample of 100 large companies listed on the main stock markets in five different countries over three years (2009-2011), we confirm the widespread hypothesis of the existence of a positive and statistically significant relationship between Corporate Governance, as measured by a subset of 12 variables, and firm value.
Corporate scandal: Bad apples or bad design of corporate environment, the case of Proton Bank
Authors: Lazarides Themistokles
Published: February 2017

Corporate scandals during the last years have been proven to be stigmata on the corporate environment. Greece has been the focus point for its public financials, but it has its share of corporate scandals. The last thirty years a rapid reform has taken place in Greece. The legal, regulatory and capital market framework has changed in order to create a more comparable, compatible and isomorphic European business environment.
Initiatives like the introduction of IFRS (2003-2004), corporate governance best practices (2002-2003), monitoring and auditing reforms, were some of the main tools of creating a new business environment in Greece. The paper argues, using specific data that these initiatives weren’t efficient enough, not by designers fault but because they weren’t appropriate for the fundamental characteristic of the social, political, legal and economic business environment of Greece. The paper, using the Proton bank case, shows these inefficiencies and highlights the fallacies of the policy makers in Greece and in Europe.
Values-based management in cooperative banks: Balancing self-perception with public perception?
Authors: Kühn Anna-Lena , Stiglbauer Markus , Zschäckel Ev
Published: February 2017

The main target of cooperative banks is not to maximize profits but to jointly manage a business. With this in mind, assuming a stakeholder-oriented behavior of cooperative banks, we address whether cooperative banks consider multiple stakeholder values and take a sustainable governance approach. We conduct a content analysis of the annual reports of German cooperative banks, with reference to two research questions: Are the basic principles and values of cooperatives optimally realized and communicated to external stakeholders? Can cooperative banks comply with the requirements of the triple bottom line, namely the economic, environmental and social responsibility? We find that cooperative banks do not effectively communicate their cooperative values and thus inadequately manage to demonstrate the implementation of their core values. Yet cooperative banks avail of a sustainable business model that offers the potential of sustainable business conduct.