bluuebunny/crossref_metadata_2025 huggingface dataset:
Impact, Mitigation and Optimization Strategies When Low Oil Prices Alter Long Term SAGD Project Implementation
Authors: Nourozieh Hossein , Ranjbar Ehsan , Kumar Anjani , Card Colin C.
Published: February 2017

Steam assisted gravity drainage (SAGD), as a commercially proven high ultimate recovery process for heavy oil and bitumen, is energy intensive and the process is estimated to be economic when oil prices are above certain level. Under conditions were oil price is below the economic threshold of the project, steam injection can be reduced and or completely stopped for a period of time; and can resume thereafter when conditions change. Although the process performance and efficiency may get impaired compared to the continuous steam injection case, it is still essential to evaluate and optimize the operating strategy after steam injection is re-initiated.

This study, thus, aims at providing insights about impact of steam injection interruptions on SAGD project performance. Optimization strategy of SAGD process in cases, where steam injection is interrupted, is also discussed. Field scale simulation of the process has been conducted with actual reservoir models of different geological formations to investigate the optimum operating strategy. An economic model is employed to evaluate the impact of operating strategy on the net present value (NPV) of the project. The parameters such as initial steam injection period, shut-in period, steam injection rate during the re-initiation period etc. are optimized for Athabasca type oil sand reservoirs.

The results indicate that there are several key mechanisms in the life cycle of a SAGD process that must be considered in the simulation model to reflect the field scale behavior and obtain the optimum operating strategy; otherwise, due to the mechanistic simplicity of the models, the results might be at best semi-quantitative and directional. Among all the mechanisms, the impact of temperature on the basic petrophysical properties of reservoir rocks, such as relative permeability, has been found to play an important role in the oil recovery and significantly affects the optimization results. Despite the complex behavior of the SAGD process, when the process is interrupted, there would be an optimum shut-in period in which the oil recovery can be maximized. The optimum length of interruption depends on the initial period of steam injection.
Quantification of Sand Production by Use of a Pressure-Gradient-Based Sand Failure Criterion
Authors: Fan Zhaoqi , Yang Daoyong
Published: February 2017

A pressure-gradient-based sand failure criterion has been proposed and validated to quantitatively determine the sand production and then characterize the corresponding wormhole growth and its propagations during cold heavy oil production with sand (CHOPS) processes. The new sand failure criterion was firstly developed at a pore-scale by analyzing the mechanical balance around a throat. To simplify the mechanical analysis, a pseudo-interaction force between a failed throat and the rest was proposed to comprehensively and implicitly represent the potential contribution of cementation and geomechanical stresses to fluidization of sand particles. As such, the mechanical balance was mathematically expressed by use of the pressure gradient, the pseudo-interaction force, and the friction caused by the mobilization of sand particles. Then, the sand failure criterion at the pore-scale was achieved and further extended to a grid-scale since the pressure gradient, a key factor dominating the sand production, is constant at either a pore-scale or a grid-scale within wormholes. With the bottomhole pressure as input constraints, the newly proposed sand failure criterion has been validated by history matching production profiles (i.e., cumulative oil production, cumulative gas production, and cumulative sand production) and wormhole propagations of laboratory sand production experiments in the literature. The new sand failure criterion has also been successfully applied to quantify the sand production and then characterize the wormhole propagations of a CHOPS well in the Cold Lake field, Canada. Good agreements have been found from history matching both the experimental measurements and field observations, confirming that the newly proposed sand failure criterion can be used to reproduce the multiphase flow under CHOPS conditions. It is found that both the sand failure and slurry flow contribute to the continuously observed sand production. According to the experimental measurements, the history-matched pressure distribution indicates that the wormhole propagation greatly depends on the magnitude of the breakdown pressure gradient. It is shown from the generated wormhole propagations that continuous sand production may cause heterogeneity no matter whether the original formation is homogeneous or heterogeneous. In addition, the newly proposed sand failure criterion is convenient to be incorporated with any numerical reservoir simulator and thus to be useful for field cases since only a few parameters are required to be inversely determined.
Sampling: The Key Piece for a Successful Steam-Solvent Pilot
Authors: Verlaan M. L. , Castellanos-Diaz O.
Published: February 2017

A solvent enhanced steam drive pilot in the Peace River area in Canada was executed over a period of two years on an inverted 5-spot pattern to evaluate bitumen uplift and solvent recovery. Data quality and uncertainty management were used to assure conclusive results for the pilot; in particular, this paper focuses on how sampling played a key role in providing conclusive results. Especial focus is provided to the design, performance, execution, and learnings from the use of the automatic proportional samplers which was particularly challenging, considering their novel use on heavy oil production containing abrasive material such as sand and H2S. Moreover, to determine solvent production, several newly developed algorithms were tested to split the solvent and bitumen compositions, since they overlap over a wide range of components. Results from the pilot show that significant errors and misinterpretations can occur while evaluating solvent recovery whenever the assumptions under the solvent-bitumen split algorithms are not checked against frequent sampling data. The pilot also provided best practices for the utilization of proportional auto samplers in heavy oil production in the presence of abrasive material inherent to in-situ production, and the sampling of gas streams with heavy condensate for the accounting of solvent production through casing vent gas.
Chemical Additives and Foam Assisted SAGD Model Development
Authors: Li Ran , Wang Danling , Chen Zhangxin
Published: February 2017

Steam assisted gravity drainage (SAGD) is recognized as a profitable and stable approach to address the exploitation of heavy oil and oil sand resources. However, the efficiency of SAGD, a close relative of a sufficiently-expanded and uniformly-developed steam chamber, tends to be deteriorated by quick steam movement and high heterogeneity. Chemical additives and foam assisted SAGD (CAFA-SAGD) is a strategy proposed on this account. This study aims to analyze the mechanisms and phenomena involved.

The injection of chemical additives to promote in-situ foam generation reduces gas relative permeability by slow-moving and stagnant bubbles trapping. Also, lamella resists bubbles flow and increases apparent gas viscosity. The restriction of steam mobility thus favors a sufficiently-expanded steam chamber and the nitrogen co-injected to stabilize bubbles works as a separator between steam and overburden to reduce heat loss. Simultaneously, the interfacial tension reduction due to surfactants injection at a water/oil interface may influence phase behavior, which further leads to the solubilisation of residual oil. CAFA-SAGD is thus likely to increase heat efficiency and add oil output.

A homogeneous model is built to analyze CAFA-SAGD considering foam generation by snap-off and leave-behind, foam trapping in a porous medium and foam coalescence due to both the lack of surfactants and capillary suction. Besides, with the analysis of foam wall slip phenomena, a comprehensive foam property model is coupled to analyze shear thinning rheology and calculate lamella viscosity as a function of gas saturation and gas velocity. In addition, the influences generated by surfactant injection should be added. This study also develops an analytical FA-SAGD model based on Butler's finger rising model (1987) to show foam's effects on a steam chamber growth rate and shape. We derive the FA-SAGD model accounting for the retarded steam movement with higher steam viscosity and lower gas relative permeability. The foam viscosity is calculated as a function of gas saturation and a gas rate, and the modification of gas relative permeability is reflected with a higher gas residual saturation according to Bertin et al.'s foam property model (1998). After comparing, validating, and discussing the developed model against the SAGD model, we find that foam injection contributes to high production efficiency with less steam consumption. A lower steam mobility generated by stronger foam is more likely to have a lower SOR (steam-oil ratio).

The results agree well with the published high-temperature steam foam experiments and pilot tests. Strong bubbles accumulate along the boundary of a steam chamber to restrict steam movement, while weak foam fills inside the chamber to enhance steam trap, contributing to a higher oil recovery factor and lower SOR.
Modeling Polymer Flooding with Crossflow in Layered Reservoirs Considering Viscous Fingering
Authors: Luo Haishan , Li Zhitao , Tagavifar Mohsen , Lashgari HamidReza , Zhao Bochao , Delshad Mojdeh , Pope Gary A. , Mohanty Kishore K.
Published: February 2017

Polymer flooding has been commercially applied to a number of viscous oil fields in the past decade and gradually gained more popularity. Due to limited injectivity in viscous-oil reservoirs, a relatively low polymer viscosity is usually used to avoid excessive injection pressure. In such a case, mobility ratio of polymer solution to oil is much greater than one, which implies unstable flow and strong viscous fingering. Existing reservoir simulators lack the capability of modeling such a physical phenomenon. Since many viscous-oil reservoirs have high permeability contrast between layers, we are motivated to study, for the first time, the impact of crossflow between different layers considering the presence of viscous fingering.

Numerical modeling polymer floods with crossflow in a layered viscous-oil reservoir is difficult due to two major challenges: first is how to correctly allocate flow rates from the wellbore to multiple layers; and second is how to capture the viscous fingering effect without using excessively fine grids. To address the first issue, we developed an implicit well-rate-allocation model based on the potential method, which fully couples all the wellbore segments of each well with reservoir gridblocks to ensure a physical wellbore pressure. To deal with the second challenge, we implemented the effective fingering model, which is an upscaling model that lumps all the viscous fingers in a coarse grid block into one fictitious finger to allow for accurate estimation of fingering strength and growth during unstable flows. Both models were validated individually against the analytical solution or experimental data.

The integrative module including the two new capabilities was used to simulate a polymer flood following a waterflood in a layer-cake reservoir in North America with moderate oil viscosity. We observed the fast propagation of water fronts and small fingering fraction in high permeability layers during the waterflooding phase, indicating active channeling and viscous fingering. The subsequent polymer flooding minimized both factors of oil bypassing and led to stable flow and high sweep efficiency. Without the implicit well-rate-allocation model, crossflow was overestimated and wellbore pressures of different well blocks were not consistent. Without the effective-fingering model, oil recovery was overestimated due to the lack of accounting for viscous fingering. The simulation results indicated that polymer flooding improved both displacement and sweep efficiencies.

The model has shown comprehensive capabilities in reservoir simulations of polymer floods including unstable floods and crossflows between layers. This is a major significance to optimization of non-thermal viscous-oil EOR projects and also making more informed operational decisions for field developments.
Psychometric proprieties of the portuguese version of the frost multidimensional perfectionism scale
Authors: Coreia Marco Estêvão
Published: February 2017

Abstract: Perfectionism is defined as the desire to achieve the highest standards of performance, in combination with unduly critical evaluations of one´s performance (Frost, Marten, Lahart, & Rosenblate, 1990). This study was designed to analyse the psychometric proprieties of the Portuguese version of the Frost Multidimensional Perfectionism Scale (MPS-F) using confirmatory factor analysis. A total of 556 Portuguese athletes completed the MPS-F. Confirmatory factor analysis was employed to test whether the proposed multi-factorial structure of MPS-F fits the Portuguese data well. The psychometric properties of the new model indicated that all constructs had good internal consistency, convergent validity, and discriminant validity. A multi-group analysis showed the cross validity of the model. The correlations between perfectionism, fear of failure and sport anxiety measures revealed evidence of its concurrent validity, providing evidence for the proposed model as a valid tool for assessing perfectionism in Portuguese sport contexts.
Subtle prejudice and conformism: the intergroup indifference
Authors: Passini Stefano
Published: February 2017

In understanding the dynamics that lead to the restriction of human rights, social psychology research has mainly focused on the concept of the banality of evil and of obedience to destructive and immoral orders. However, some authors have also underlined the relevant role of by standing and, in general, of indifference in supporting authoritarian policies on a par with the obedience to authority. The aim of this research was to study the notion of intergroup indifference, defined as being uninterested in problems affecting other social groups. The hypothesis was that indifferent people should be characterized by subtle modalities of obedience to authority and prejudicial attitudes, by exclusive attitudes and by conformist and traditional positions. Results showed that participants who respond with an indifferent stance to some parliamentary bills related to arbitrary policies towards minorities appear to be characterized by similar scores on subtle prejudice, submission to authority, conventionalism,willingness to protest, conservative values and moral exclusion attitudes to those people who openly supportsuch policies. Instead, these two groups differ as concerns more overt hostile attitudes. These data suggest that indifferent people have a role in supporting arbitrary policies. As a theoretical implication, future research should consider that intergroup dynamics do not involve just people who obey or disobey authority. People who apparently do not take up any stance before an authority’s policies should be considered as well.
ROADMAP TO ELIMINATE CORRUPTION THROUGH DEVELOPMENT OF INTEGRATED HUMAN
Authors: Manurung Elizabeth Tiur
Published: February 2017

Nowadays Indonesia has been overwhelmed by corruption. We all know the impact of corruption is very distressing since it restrains/arrests the economic development, the income is not distributed fairly. In other words, unemployment more and more increases and so does the poverty as well. The focus of this study is to look for some factors to eradicate corruptions, and based on the result of interview and literature study, which used the analytical descriptive method, the conclusion of those factors are come up to the Road map model which is consist of 4 factors, such as: (1) it is necessary to build People with Integrity that will do all their activities with honesty. In this study, people with integrity will produced through morale education; (2) Managing Clear and Integrity business; (3) Building Anti Corruptions Culture; and (4) Legal aspect with clear regulations.
Democracy and Anti-Corruption Strategy: The Role of Civil Society in Preventing and Combating Corruption in Indonesia*
Authors: Juwita, LL. M., Ratna
Published: February 2017

ABSTRACTCorruption is an impediment to development and also amounts to a violation of human rights.1 The fight against corruption is a requirement in the good governance program.2 Civil society as the biggest stakeholder in a Statehas the prominent role in the fight againstcorruption.3 Indonesia placed at 107th rank in the Corruption Perception Index (CPI) and is one among states which are severely impededby corruption.4 Corruption in Indonesia is rampant and pervasive, several cases such as Cicak versus Buaya case and the appointmentof Budi Gunawan have attracted public attention massively.5 Indonesian civil society gunawan has actively engaged in the processes of these cases and their voice did make change, for example in the case of Cicak versus Buaya, the voice of civil society has led to the deponeering decision of Bibit and Chandera’s prosecution.6 This article aims to explain thelegal framework on the participation of civil society with regard to corruption prevention and to conceptualize the role of the civil societyin combating corruption by taking the evidence of emerging civil society and its relation to anti-corruption in Indonesia. This article alsoaims to explain the relationship between civil society, democracy and good governance as a strategic anti-corruption measures.
HOW DO INDEPENDENT AUDITORS DETECT FRAUDULENT FINANCIAL STATEMENTS?
Authors: Wigunani Theresia Laras
Published: February 2017

(Participatory Observation in Public Accounting Firm “X”) ABSTRACTIndependent auditors have audit risk making them unable to detect material misstatements, especially those caused by fraud. This is because fraud may involve sophisticated, organized, and carefully designed scheme to be covered from the auditors. In addition, the audit risk could also be influenced by the negligence of the auditors, such as the audit that is not according to auditing standard, having no professional skepticism, and the inadequacy of training and audit experience. The objective of the research is to analyze whether the independent auditors perform a good audit planningand have a professional skepticism and audit experience to be able to detect fraudulent financial statement in the company in order to obtain a reasonable assurance. This research uses qualitative approach using participatory observation on 1 object, Public Accounting Firm (KAP) “X”, the only big four-audit firm that has a branch office in Surabaya. The research findings indicate that the audit team performs good audit planning, has professional skepticism and audit experience, can detect fraudulent financial statements.
PENGEMBANGAN LEMBAR KERJA PESERTA DIDIK (LKPD) INDUSTRI KECIL KIMIA BERORIENTASI KEWIRAUSAHAAN UNTUK SMK
Authors: Diniaty Artina , Atun Sri
Published: February 2017

This study aims for developing students’ worksheet of entrepreneurship-oriented small-scale chemical industry, and investigating the quality of entrepreneurship-oriented small-scale chemical industry that is appropriate to be implemented in learning. This study is classified to research and development which refers to Borg & Gall development model. This research consists of four steps: which are introduction, planning, developing, and product evaluation. The product evaluation was conducted by peers, material and media experts, and chemistry teachers. The data collection instruments used validation sheet of the products. The results show that the developed products are in the form of students’ worksheet of entrepreneurship-oriented small-scale chemical industry, and the result of the assessment by chemistry teachers shows the average assessment is a good category so that this  worksheet is feasible to be used in learning.
STUDI KEMAMPUAN GURU KIMIA SMA LULUSAN UNY DALAM MENGEMBANGKAN SOAL UAS BERBASIS HOTS
Authors: Iskandar Dodi , Senam Senam
Published: February 2017

This study aimed to investigate senior high school chemistry teachers ability to develop semester examination materials based on higher-order thinking skills. This kind of research was a survey. A number of respondents were 15 chemistry teachers with 559 questions of semester final examination in year 2013. The used methods was documentation. This research used a document check list as an instrument to collect data. The analyzed data were C1 (remember), C2 (understand), C3 (apply) that included lower order thinking skills (LOTS), C4 (analyze), C5 (evaluate) and C6 (create) which classified to higher order thingking skills (HOTS). The results of the study was senior high school chemistry teachers ability to develop a semester examination material based on higher order thinking skills is 13,9%, which consists of C4 13.2%; C5 0.7% and C6 0.0%.
A gazdasági, technológiai és intézményi fejlettség összefüggésének empirikus vizsgálata: az innovátor és imitátor országok megkülönböztetése
Authors: Csugány Julianna
Published: February 2017

A gazdasági növekedés hajtóerejének tekintett technológiai haladás kétféleképpen valósulhat meg a világ országaiban. Egyrészt realizálódhat önálló kutatás-fejlesztési tevékenység eredményeként, azaz innováció-vezérelt módon, másrészt a más országban már eredményesen működő újdonságok adaptálásával, azaz imitáció útján is. A technológiai fejlődés lehetőségét mindkét esetben alapvetően a formális és informális elemekből egyaránt építkező országspecifikus intézményrendszer teremti meg. A tanulmány célja, hogy a technológiai fejlődéshez szükséges intézményi környezet legfontosabb elemei alapján klaszterelemzés segítségével megkülönböztesse az innovátor és imitátor országokat. A gazdasági fejlettség és a technológiai-intézményi környezet mentén végzett klasszifikáció alátámasztja, hogy a gazdasági, technológiai és intézményi fejlettség egymással szorosan összefügg a vizsgált országokban.

Journal of Economic Literature (JEL) codes: O31, O33, O43
Az érzékelt infláció viselkedésgazdaságtani megközelítése
Authors: Tréfás András
Published: February 2017

Az infláció 2015-ben továbbra is alacsony szinten maradt mind Magyarországon, mind az Európai Unióban. Ezt a folyamatot azonban az emberek által érzékelt infláció csak részben követte, a fogyasztók jelentős része szerint az árak továbbra is nőnek. A mért és érzékelt infláció közötti eltérés általánosan megfigyelhető jelenség, évtizedek óta kutatott témakör. A tanulmány fő célja körbejárni ezt az anomáliát, felhasználva a viselkedésgazdaságtan eredményeit. Másrészről a releváns irodalom eredményeire támaszkodva megvizsgálom, miért érzékelnek eltérő inflációt a társadalmi csoportok, illetve Magyarország esetében empirikus elemzést is folytatok, statisztikai és ökonometriai módszertant használva. Általános érvényű következtetésem, hogy a torzítások, heurisztikák érdemben befolyásolják az egyének, társadalmi csoportok által érzékelt inflációt, noha a hatás kvantifikációja nehéz. A magyar empíriát vizsgálva ugyancsak kimutathatók torzítások, noha ezek nem minden esetben egyeznek a nemzetközi megfigyelések eredményeivel.

Journal of Economic Literature (JEL) codes: E03
A modern osztrák közgazdaságtan „modernitása”
Authors: Kapás Judit
Published: February 2017

Peter J. Boettke és egykori tanítványa, Christopher J. Coyne a kortárs modern osztrák közgazdaságtan legmeghatározóbb kutatói közé tartoznak. Az általuk szerkesztett kötet, a The Oxford Handbook of Austrian Economics nagyon impresszív vállalkozás, amely a kézikönyvek szokásos terjedelmét felülről feszítve gyűjti egybe a kortárs modern osztrák közgazdaságtan „témáit”. A szerzők nyilvánvaló célja ugyanis a modern osztrák közgazdaságtan által kutatott problémakörök tematikai felvonultatása.
Külkapcsolati politika, külkapcsolatok és az EU
Authors: Tőkés Tibor
Published: February 2017

Jelenkorunk legnagyobb nemzetközi vállalkozása az Európai Unió, amely az emberiség történelme során egyedülálló próbálkozás, politikai és gazdasági szempontból egyaránt. E szervezet a gazdasági egymásrautaltság alapjából kiépítette a politikai együttműködést, és sikerült – a szolidaritás és az európaiság jegyében – a nemzetállamokhoz hasonló jövedelem újraelosztási tevékenységet kialakítania. S ha fennállása során felépítménye többször recsegett-ropogott is, nemzetközi gazdasági és politikai integrációként sikerességéhez nem férhet kétség, nem mellesleg a világgazdaság egyik legnagyobb szereplője. Bizonyítást nyert tehát, hogy az európai államok együtt hatékonyan képesek ellensúlyozni versenytársaikat, s az egységes belső piac jóval hatékonyabb és sokkal nagyobb jelentőséget biztosít Európának, mint amekkorát az egyes tagállamok fragmentált nemzetállami keretek között működtetetett egykori piacai biztosítanának. Emellett az egységes Európa erőteljesebben tudja hallatni hangját a nemzetközi szintéren és eredményesebben tudja befolyásolni a nemzetközi folyamatokat. Utóbbiakban a Maastrichti Szerződés óta egyre hangsúlyosabban vesz részt s egyre jelentősebb tényezőnek tekinthető. A Lisszaboni Szerződés szerint az EU nemzetközi fellépése azokra az elvekre épít, amelyek létrehozását, fejlődését és bővítését irányítják, így külső kapcsolatai nem választhatók el az integráció fejlődésétől. Ezek az elvek a demokrácia, a jogállamiság, az emberi és alapvető szabadságjogok egyetemes és oszthatatlan volta, az emberi méltóság tiszteletben tartása, az egyenlőség és a szolidaritás, az ENSZ Alapokmányában megfogalmazott elvek, valamint a nemzetközi jog tiszteletben tartása. Ezen elvek érvényre juttatása, illetve tiszteletben tartatása alapozza meg az unió külkapcsolatait, illetve az EU kapcsolatokat épít ki azokkal a szervezetekkel, országokkal, amelyek szintén alapvetőnek tekintik e jogokat a nemzetközi kapcsolatokban.
Harvesting on Facultative Mutualist Prey Species in Presence of a Predator
Authors: Chattopadhyay Saroj Kumar
Published: February 2017

This paper proposes a model with two preys of facultative mutualist type and one predator. Linear predation functions are considered and preys are only considered to be harvested. The stability of the model is analyzed theoretically and numerically in this paper. The optimal harvest policy is studied and the solution is derived in the interior equilibrium case using Pontryagin’s maximum principle. Finally, some numerical simulations are discussed.
Diferenciación de efluentes minero industriales del carbón y poblacionales mediante el uso de la estadística multivariada: un análisis sobre las descargas al arroyo San José de Río Turbio en la provincia de Santa Cruz
Authors: Caballero Alba Lucía
Published: February 2017

Durante décadas efluentes poblacionales y minero industriales del carbón han sido descargados en el arroyo San José ubicado en Río Turbio, al sudoeste de la provincia de Santa Cruz (República Argentina), inutilizándolo para cualquier uso. La demanda de agua que se generará a partir de los planes de expansión de la actividad productiva y la que se originará por el aumento poblacional, hace necesario que se realicen acciones para recuperar cursos afectados, tomando como punto de partida la identificación y caracterización de efluentes descargados. Los estudios realizados previamente se han basado en un tratamiento global o en muestreos puntuales sin difereciar, cuantificar o cualificar en forma sistemática las alteraciones ocasionadas por los distintos aportes. En éste trabajo se identificó los diferentes vertidos al arroyo y se determinó parámetros fisicoquímicos durante dos campañas (invierno y verano) que permitieron caracterizar los individuos a partir de un tratamiento estadístico multivariado de los datos. Los resultados arrojaron valores de pH dentro del rango de la neutralidad o ligeramente básicos y la alcalinidad, otro de los factores que determinan la disolución de metales, dio valores que les confiere a las aguas capacidad amortiguadora beneficiosa. Como conclusión estadística general, los efluentes quedaron diferenciados principalmente entre los que aportan importantes cantidades de sólidos y metales totales en suspención (Planta depuradora de carbón y la Central térmica), de los que no lo hacen (Minas en explotación y abandonadas y efluentes Poblacionales). Éstos últimos se caracterizaron además por una elevada alcalinidad y contenidos de cloruros,calcio y dureza.
Perceived enablers and obstacles to team effectiveness
Authors: Moonaisur Dimishka , Parumasur Sanjana Brijball
Published: February 2017

This study assesses employee perceptions of factors that have the potential to contribute to or influence team effectiveness (communication and conflict management, leadership and motivation, diversity, social loafing) and, of the level of perceived team effectiveness in the organization. Biographical influences were also evaluated. A sample of 75 employees was drawn using cluster sampling. Data was collected using a self developed, precoded questionnaire whose psychometric properties were statistically assessed. Data was analyzed using descriptive and inferential statistics. The results indicate that leadership and motivation and, diversity significantly contribute to team effectiveness. Also, social loafing does prevail and has the potential to hinder team effectiveness. Recommendations to enhance team effectiveness are presented
Corporate governance reforms: Between instrumentality and institutional drivers
Authors: Adelopo Ismail , Kabir Md. Humayun
Published: February 2017

Previous studies suggest that improvement in market confidence through credible signals to appropriate stakeholders is one of the primary motives for corporate governance reforms. Proponents of this view argue that corporate governance reforms, and by extension corporate governance disclosures by firms, is less imperative in a developing economy due to absence of demand for such disclosures and reforms. It seems that these arguments are not general and are only tenable in specific market settings. This study generates further insights on the motives for corporate governance reforms. The study finds that corporate governance reforms in settings with less market incentives such as Swaziland are motivated in ways that are different from documented evidence in existing literature.
Earning quality in listed firms: How much an active family governance is desirable?
Authors: Tiscini Riccardo , di Donato Francesca
Published: February 2017

The study investigates the relationship between family involvement in the governance of Italian listed companies and earnings quality (EQ). Family firms set incentives to extract private benefits (‘entrenchment’ effect), but, they also contribute to higher alignment between owners and managers (‘alignment’ effect). The literature shows mixed results about the relationship between EQ and family firms. We argue that family involvement in the governance affects EQ. The empirical evidence shows that in the Italian context, there is higher EQ in case of higher family involvement in the board, but only if the CEO is not belonging to the controlling family. On the contrary, in case of a family CEO, the higher family involvement in the board increases his entrenchment, reducing EQ. The results are valuable because we find that EQ in family firms is affected both by family ownership and by the attitude of the family toward governance practices.
The determinants of forward-looking disclosure: A corporate governance perspective
Authors: Aljifri Khaled , Hussainey Khaled , Oyelere Peter
Published: February 2017

The main objective of this study is to explore empirically the corporate governance mechanisms in UAE that may affect the extent to which forward-looking information is disclosed. This study utilizes a sample of firms that are listed in either the Dubai Financial Market or the Abu Dubai Securities Market. It uses the accounting and market data available for 2007-2009. This study concludes that three of the corporate governance mechanisms [i.e., institutional investors; ownership (> 10%); debt ratio] have a negative impact on the level forward-looking information disclosure; whereas the governmental investors and ownership (5-10%) are found to have a positive effect on the level of forward-looking information disclosure. These results raise questions about the validity of the "active monitoring hypothesis", which states that the presence of institutional investors should increase the level of disclosure, and also about the agency argument which assumes that debt is a good mechanism to discipline management
Italian asset management companies: Products and governance
Authors: Arcuri Maria Cristina
Published: February 2017

The importance of the asset management sector has prompted many studies to highlight the need to promote its growth and development. This is even more so following the recent financial crisis, considered by many authors the most severe recession after World War II. Contributions existing in literature have emphasized the importance of investigating the corporate governance system of the Asset Management Companies (AMCs), considering that the Italian financial system is characterized by a "vertical integration" between production and distribution. In particular, the purpose of our research is to establish whether the products offered by Italian AMCs affect their governance structure. We use a statistical multi – equation method called Seemingly Unrelated Regression (SUR) and analyze the period 2006-2010. Results show that mutual fund categories offered by Italian AMCs are very important because they may affect their corporate governance system and, therefore, the Italian asset management market.
Privatization of public enterprises in Swaziland
Authors: Kabir Humayun
Published: February 2017

Due to unemployment growth in the country, the nation is deeply concerned over the privatization program for public enterprises that took place in Swaziland recently. With this respect, this paper aims to provide an account of privatization policy and examine employees’ perception about the implementation of such policy in Swaziland. The study reveals that the privatization program in Swaziland has not been developed in isolation as a cure for all the economic problems in itself, but it forms part of the broader monetary, fiscal and social policies. Findings of the study also indicate that level of employees’ perception is low towards the implementation of privatization program in Swaziland. However, this research leads to the conclusion that privatization of public enterprises can be good for the economy of developing countries particularly Sub-Saharan African countries including Swaziland since most of public enterprises in Sub-Saharan Africa make losses which are financed by government, thus creating huge deficits.
Uncovering control mechanisms in contractual joint ventures in China
Authors: Wang Yue , Wang Karen Yuan
Published: February 2017

This paper aims to examine the control mechanisms within CJV non-equity alliances, enhancing our knowledge of one of the most important yet least understood form of foreign investment in China. The findings also help foreign investors to better understand how to use CJVs as an organizational vehicle to enter Chinese market.
The impact of directors’ tenure on executive compensation and corporate financial performance
Authors: Berthelot Sylvie , Bilodeau Julien , Davignon Katy
Published: February 2017

This research examines the impact of the tenure of independent directors on senior executives’ compensation and corporate financial performance. We assume that as the term of tenure or seniority of directors usually defined as “independent” increases, their independence can become compromised because of the relationships they build with corporate executives. The results show that although the tenure of independent directors has a positive impact on senior executives’ compensation, it has no significant impact on corporate financial performance. This result tends to support the contention that seniority should be taken into account in studies using director’s independence as a variable
Earnings quality and corporate governance bonding
Authors: Cong Ling Mei
Published: February 2017

The primary objective of this paper is to investigate whether corporate governance bonding is significantly associated with the earnings quality of PRC foreign primary listing firms. By analyzing a base sample of 245 PRC foreign primary listing firms listed on the Hong Kong Stock Exchange (HKEx) or Stock Exchange of Singapore (SGX) in 2010, we find a positive association for our full sample. Additional tests indicate the relationships are stronger for PRC foreign primary listing firms incorporated outside of the PRC. Our findings have implications for various interested parties. For example, our findings suggest international capital market regulators may need to implement policies to ensure closer streamlining of corporate governance standards of PRC foreign primary listing firms and national standards.
Independent assurance compliance of sustainable development disclosures in the Johannesburg stock exchange firms
Authors: Ngwakwe Collins C
Published: February 2017

This paper examines the extent to which the sustainable development disclosures of companies listed on the Johannesburg stock exchange (JSE) comply with independent external assurance. This is necessary to provide information to responsible investors and to assess the sustainable development commitment of firms in the JSE. A sample of firms within the JSE was taken from the Socially Responsible Index (SRI) group and the non-SRI group. Analysis indicates an increase in the number of firms vying for recognition as socially responsible firms in the JSE’s SRI. Furthermore, a chi-square analysis shows that the SRI and non-SRI group of companies have a comparable rate of compliance with the independent external assurance of sustainable development disclosures. Overall findings indicate that the JSE’s SRI initiative has been functional in driving the sustainable development initiatives of firms in the JSE. There is practical evidence of firms’ commitment to carbon reduction, energy efficiency, waste management, black economic empowerment, water efficiency and other sustainable development initiatives. The paper concludes that stock exchanges may be a catalyst for driving sustainable development behaviour in firms located in emerging and developing countries, hence the paper recommends that stock exchanges in these countries may replicate the sustainable development initiative of the Johannesburg Stock Exchange as this may contribute to the sustainable economic development of emerging and developing countries. The paper offers opportunities for future research on the role of global stock exchanges in fostering sustainable development.
Employee involvement: A tool for work team effectiveness
Authors: Mahabeer Melissa , Govender Patsy
Published: February 2017

The study aims to investigate effective employee involvement as a tool for work team effectiveness. The quantitative approach to the study was conducted using a sample of 150 employees in a construction company, in Kwa-Zulu Natal, South Africa. The data was conducted using a questionnaire and validity and reliability was assessed using Cronbach’s Coefficient Alpha. Data was analyzed using descriptive and inferential statistics. Statistical techniques were utilized to test the hypotheses. Either partial acceptance or acceptance of all hypotheses is evident in the study. The results were compared and contrasted with that of other researchers. The research indicates that the sub-dimensions of employee involvement significantly impact on the sub-dimensions of work team effectiveness in varying degrees, and employee involvement is an imperative tool for work team effectiveness.
Does social responsibility enhance firm value and return in Brazil?
Authors: Carvalhal Andre , Tavares Eduardo
Published: February 2017

This paper analyzes whether corporate social responsibility brings value and enhances returns to shareholders in the Brazilian market. We analyze the companies listed on BM&FBovespa stock exchange using two methodologies (panel regressions and event studies). The results indicate that firms listed in the corporate sustainability index (ISE) of BM&FBovespa have higher price-to-book when compared to companies not listed on ISE. The event study shows that companies that leave ISE show negative abnormal returns. Moreover, firms entering ISE show positive abnormal returns, although results are not statistically significant
The importance of customer needs and expectations in achieving total quality management: A strategic view for future trends
Authors: Govender Patsy
Published: February 2017

The study aims to assess the impact of customers (internal and external) on total quality management in a service organization. The measuring instrument, that is, questionnaires were distributed to three levels of managerial employees. Overall, whilst there is evidence of utmost focus on customer needs and expectations in this organization, there is also greater focus on external customers than internal customers. Yet, an added insight to the study is that internal customer needs and expectations are influenced by managers’ current position. Hence the higher the managerial level, the stronger the perceptions that internal customer needs and expectations are met in this organization. In conclusion, the article reflects on scholarly views, recommends strategies and provides profound insight when probing into a similar field of study.
Is the savings-led growth hypothesis valid for Zimbabwe?
Authors: Tsaurai Kunofiwa
Published: February 2017

This study investigates the long run relationship between economic growth and gross domestic savings for Zimbabwe during the period 1980 to 2011. The causality relationship between savings and economic growth has been a subject of extensive debate for almost half a century now. There are currently two dominant views regarding the relationship between savings and economic growth. The first view maintains that it is the growth of savings that drives economic growth. The second view argues that it is economic growth that spurs savings expansion. Using the case study methodology, the study revealed that GDP per capita had a significant positive influence on the quantity and level of gross domestic savings and not the other way round. Policies that are targeted at boosting GDP per capita should be accelerated in order to promote long-term and sustainable growth gross domestic savings for in Zimbabwe
Recommendations: Pre- and post-crisis analysis from Asian emerging markets
Authors: Farooq Omar
Published: February 2017

How does change in corporate governance regimes effect financial analysts? Are analysts able to incorporate the effect of better governance regimes in their recommendations? This paper aims to answer these questions by documenting the effect of corporate governance mechanisms on the performance of analysts‟ recommendations in Asian emerging markets during the pre-crisis and the post-crisis periods. Using a large dataset of analyst recommendations, we document that analysts were not able to generate informative recommendations during the post-crisis period (better governance regime). We report that performance of analyst recommendations deteriorated significantly during the post-crisis period relative to the pre-crisis period (poor governance regime). Our results indicate relative ineffectiveness of governance reforms initiated after the Asian financial crisis of 1997-98.
On the specifics of corporate governance in Iran and the Middle East
Authors: Braendle Udo C. , Omidvar Alireza , Tehraninasr Ali
Published: February 2017

Corporate Governance (CG) is not a new concept for the transition economies of the Middle East, but corporate governance is especially important since these economies do not have the long-established institutional infrastructure to deal with corporate governance issues. This article is presenting the results of our survey analyzing the status quo of Corporate Governance in Iranian companies. The survey questions cover aspects of Corporate Governance awareness, board of directors, control environment, transparency and shareholder- as well as stakeholder rights. We find several specifics that apply to other countries in the MENA region too. Empowering shareholders and stakeholder, offering Corporate Governance trainings and case studies in the region as well as establishing a culture of independent directors is the way forward.
Corporate governance compliance and its effectiveness in the Nigerian banking industry
Authors: Azani Achuzia Somuawine , Yu Mei , Chukwulobelu Osita
Published: February 2017

This paper examines the extent of compliance to the Central Bank of Nigeria (CBN) 2006 Corporate Governance Code by 24 Nigerian commercial banks and reveals a compliance level of 76.6%. The major non-compliance areas include non-constitution of a board committee consisting of non-executive directors, that regulates the compensation for executive directors, and the non-inclusion of independent directors on the main boards of many banks. Furthermore, the analysis shows that the benefits resulting from the changes for compliance outweigh the additional layers of supervisory checks and bureaucratic overbearing associated with the Code. The Code has brought about more effective corporate governance, accountability and greater transparency despite a low frequency of supervision and examination of the banks by the CBN.
Agency conflicts and choice of specialist audit firms and audit partners: Signaling or substantial monitoring?
Authors: Chiang Hsiangtsai
Published: February 2017

This study contributes to the literature on company audits by examine the demand-side effects of the selection of industry-specialist audit firms and auditors; it does this by considering the impact of the agency problem that exists between controlling owners and minority shareholders. It is shown that the potential magnitude of the agency costs associated with interest entrenchment increases the demand for auditors whose audit quality is perceived to be higher with regard to the signaling role of audits, but decreases the probability of engaging individual specialist auditors who actually carry out higher quality audits with regard to substantial monitoring.
The capitalism of turbulences and the over-limited liability of the too big to fail corporations: A property economics note on the working of moral hazard
Authors: Jora Octavian-Dragomir , Mușetescu Radu Cristian , Iacob Mihaela
Published: February 2017

In the corporative realm of the organization of firms, endemic to modern capitalist economy, a common allegation is that “limited liability”, State historically allowed for political or fiscal reasons, would (though asymmetrically) incite stockholders and managers to overconfidence in their characteristic profit-driven endeavours. It is asserted that the corporative judicial-legal shield absorbs risks and unleashes moral hazard, eroding the genuine market capitalism (gambling, greed, monopolism, wickedness). In this article, we will re-examine the moral hazard around modern corporation, starting from an “institutionally neutral” analysis of the interpersonal asymmetry of knowledge, and shifting over to the domain of “comparative inter-institutional” judgements, opposing two counterfactual mutually exclusive frameworks: the one respecting naturally defined private property rights and the other one hampering them through State-made regulatory interventions. We will add more precision to an old classical debate upon the “illiberalism of corporations”, arguing that, along with the factors fuelling the modern boom-bust business cycles by means of easy money and credit, guilty as well for instability in the global markets is some sort of “over-limited responsibility” of corporations (for instance, in finance and banking industry), granted with those “too big to fail” privileges, invoking their “systemic importance” in terms of resource allocation or employment dynamic.