bluuebunny/crossref_metadata_2025 huggingface dataset:
The impact of social reporting on the performance of Italian social enterprises
Authors: Pozzoli Matteo , Romolini Alberto
Published: February 2017

The Third Sector is a crucial social and economic system at an international level in supplying pub-lic services. The Italian law no 155/2006 and the consequent operating decrees have formally rec-ognised the social entrepreneurship, requiring social enterprises (SEs), among other things, to provide specific disclosure in relation to the social impact of their operations. This paper aims to in-vestigate whether there is a relation between the “quality” of SEs’ social reporting and financial per-formance. In relation to this, the research has examined the SEs instituted as limited liabilities companies. The research contributes to the development of this field of studies, concluding that there is no cause-effect relation neither in the hypothesis that the quality of social reports affects the financial performance, neither in the hypothesis that financial performance affects the quality of so-cial reports.
The quality of web investor relations in listed Italian companies: Membership in the star segment – Does it make a difference?
Authors: D’Amato Antonio , Cacia Claudia
Published: February 2017

The Internet has influenced corporate communication practices as concerns providing timely, comprehensive and accurate financial information. The paper investigates the quality of investor relation of listed Italian companies. In line with Borsa Italiana which defines STAR the companies with a strong vocation for communication, we aim to verify that such companies actually do communicate better than the others. In this perspective, we consider that the companies listed on the other MTA - Telematic Stock Market- segments of the Italian Stock Exchange, could align the quality of financial disclosure to that of STAR companies as a result of imitative strategies. Our main findings reveal that in the Italian market herding does not characterize the behavior of companies as regards Web Investor Relations (W.I.R.) practices and quality.
Using staff retention strategies to secure a happier and more productive workforce
Authors: Ntshangase Sindisiwe Charity , Parumasur Sanjana Brijball
Published: February 2017

This study assesses managerial perceptions of various aspects of staff retention (its focus, retention strategies and organizational practices that enhance retention, staff retention strategies and employee turnover and performance respectively) in a target, private sector organization. Biographical influences were also evaluated. A sample of 42 managers was drawn using disproportionate stratified random sampling. Data was collected using a self developed, precoded questionnaire whose reliability was assessed using Cronbach’s Coefficient Alpha. Data was analyzed using descriptive and inferential statistics. The results indicate that the target organization places on a moderate degree of emphasis on staff retention strategies, which are only focussed on retaining best performers and predominantly uses opportunities for promotion and performance bonuses followed by career growth, learning and development as strategies for staff retention. The main organization practice that may encourage retention is employees having clarity of what is expected of them. An inverse relationship between staff retention strategies and employee turnover and, a direct relationship between retention strategies and performance was noted. Specific biographical influences where also noted. Recommendations to enhance staff retention are presented
An empirical analysis of the energy consumption – real GDP nexus for Zimbabwe
Authors: Tsaurai Kunofiwa
Published: February 2017

This study looked into causality relationship between energy consumption and economic growth in Zimbabwe using time series data spanning from 1980 to 2011. Four views explaining the causality relationship between energy consumption and economic growth include the growth hypothesis, conservation hypothesis, feedback hypothesis and the neutrality hypothesis. Whilst the growth hypothesis argues that energy consumption promotes economic growth, conservation hypothesis says that it is in fact economic growth that drives energy consumption. The feedback hypothesis argues that both energy consumption and economic growth promote each other whilst according to the neutrality hypothesis, no causality relationship exist between the two variables either in the short or long run. Using the bi-variate causality test framework, this study failed to establish any direct causality relationship between energy consumption and economic growth. However, the results imply the existence of an indirect bi-directional causality relationship between the two variables. The study therefore recommends Zimbabwe authorities not only to scale up investment into energy generation capacity improvement infrastructure but also address indirect factors like employment, human capital development, financial market development, and government consumption, among others in order to boost sustainable economic growth.
Real exchange rate misalignment and economic performance in Namibia
Authors: Eita Joel Hinaunye , Jordaan Andre C.
Published: February 2017

This paper estimates the real exchange rate misalignment and investigates its impact on economic performance and competitiveness of Namibia for the period 1970 to 2011 using cointegrated vector autoregression methods. The results show that there were periods of overvaluation and undervaluation of the real exchange rate. The analysis reveals that misalignment has a negative impact on the competitiveness and performance of the economy. Maintaining the real exchange rate out of equilibrium reduces economic performance and competitiveness. This suggests that policy makers should monitor the real exchange rate regularly and make the exchange rate policy part of trade promotion strategy
Corporate performance and boards’ dilemma of listed subsidiaries
Authors: Di Carlo Emiliano , Ranalli Francesco
Published: February 2017

The paper focuses on listed companies controlled by other (listed or not listed) entities. The decisionmaking power of listed subsidiary’s boards could be strongly influenced by (or instead could be autonomous from) the parent companies’ board. However, so far literature on corporate governance seems not to have considered adequately this aspect as well as the impact of that influence on listed companies’ financial performance and on corporate governance variables. The main objective of this paper is to explore how and why this phenomenon is relevant, giving some preliminary suggestions on the interpretation of the ownership structure, board demography and the financial performances of directed listed subsidiaries. In order to explore the relevance of the phenomenon, we use a sample of Italian listed companies controlled and consolidated by other companies for the year 2010. The analysis shows that 71.4% (145 firms) of Italian non-financial listed companies are consolidated by the respective controlling entities and 24.1% (35 firms) of these listed subsidiaries declare to be directed by their parents. Thus, they are not independent economic entities and the effort to study the relationship between corporate governance variables and firm performance could be strongly biased.
The relationship between government ownership, firm performances and leverage: An analysis from Malaysian listed firms
Authors: Razak Nazrul Hisyam Ab , Saidi Normaizatul Akma , Mahat Fauziah
Published: February 2017

The purpose of this paper is to examining the impact of government ownership on firm performance and leverage in Malaysia. In this paper, we examine governance mechanism and firm performance and leverage of 200 Malaysian firms over 5 year periods from 2005 - 2009. We use fixed effect panel regression model in predicting capital structure of Malaysian firms. We use two indicators as independent variables which are debt ratio and debt over equity ratios. This paper is to determine whether after controlling firm specific characteristics such as corporate governance, agency cost, growth, risk and profitability, government involvement will influence decision on debt policy of the firm. This study may enable the firms to make better decision on their external financing. The inverse association of leverage and profitability implies that the firms are able to get the required capital easily due to the higher level of profits. The existence of government support and backup also will ensure the level in the firms is at the controllable. Therefore, the findings will be able to add new knowledge to the corporate managers and policy makers especially on decision-making on capital structure.
Empirical study on the correlation of corporate social responsibility with the banks efficiency and stability
Authors: Vasileva Tatiana , Lasukova Anna
Published: February 2017

The aim of this paper is to investigate the relationship between the concept of corporate social responsibility and the most important characteristics of banking – the efficiency and stability in a sample of twelve Ukrainian banks, which are the biggest banks in Ukraine according to the classification of the National Bank of Ukraine (NBU). Our research covers the period from 2006 to 2012. Based on the literature review we construct two main hypothesis related to the impact on the corporate social responsibility concept (CSR) of the following independent variables: 1 – efficiency (as a short term period characteristics of banking), 2 – stability (as a long term characteristics of banking).
Beyond-aid scenarios and sustainability: Strategic implications for non-governmental organizations (NGOs)
Authors: Ahmed Zahir Uddin
Published: February 2017

Non-governmental Organizations (NGOs) face a future scenario where they can no longer rely on a system of international concessional aid as reference point for their role, work and continuity. This paper first examines the reasons behind the beyond aid scenarios for NGOs. The urgent and practical reason why NGOs must consider life in a beyond- aid scenario results from the decreasing volume and redistribution of aid finance. This paper then suggests some alternatives for NGOs to be sustainable in beyond aid scenarios. This paper thus concludes suggesting that NGOs should demonstrate their worth to government, business and the public on their own terms and reconsider themselves as social actors: not in terms of ends, but in terms of means.
Choosing a logistics supply chain on the basis of opportunity cost
Authors: Vogt John , Pienaar Wessel
Published: February 2017

The total logistics cost (TLC) is the traditional expenditure-approach method of calculating the logistics cost of a supply chain as the goods are moved from the source to the end destination. This method uses the sum of all expenditure associated with the movement of goods (i.e. transport and handling), in-transit storage of goods and the generation of information to enable these movements to occur. As logistics chains become more complex and longer, calculating the TLC becomes increasingly difficult. The question that this paper answers is how to define and calculate the four logistics supply chain economic, or opportunity, cost factors of (1) physical movement (i.e. transport and handling); (2) in-transit cost of holding the stock while not available to the end customer; (3) the cost of the information needed to enable the movement; and (4) the effect of the reliability of the logistics chain on the safety stock. A practical method is developed whereby the TLC, incorporating these four aspects, is shown for a hypothetical movement. The costs highlight the total logistics opportunity cost (TLOC) for a multiple-leg voyage and the costs associated with all four aspects of the movement. The most attractive logistics supply chain would be the one with the lowest TLOC, and the choice can be made with confidence, as it incorporates the full economic logistics cost of the chain. (‘Economic cost’ and ‘opportunity cost’ are terms used synonymously in this work.)
Customer perception of bank communication: Evidence and implications
Authors: Cavallone Mauro , Modina Michele
Published: February 2017

The current competitive banking arena shows that communication has become a fundamental instrument to increase customer loyalty. In this context, the paper considers two different clusters of Italian banks to verify the role of communication in creating brand image and its impact on banking-customer relationship. In order to validate this hypothesis, a field research consisting of two parts has been conducted: a qualitative analysis through a focus group and a quantitative analysis that strengthens the evidence emerged in the first step. The results highlight that greater communication is a positive and tangible way to promote loyalty and enhance customer satisfaction.
Inflation risk, wealth expropriation and governance implications
Authors: Moro Visconti Robert
Published: February 2017

With its often unperceived impact, interest rates and inflation volatility strongly affect long term stability within the firm, surreptitiously reshaping equilibria among different stakeholders and so raising key corporate governance concerns. Whereas the impact of interest rates and inflation on capital budgeting issues had been extensively analyzed, little attention has been paid to corporate governance implications, concerning key issues such as “optimal” (indexed) contracting, effective corporate ownership (messed up by wealth expropriation and redistribution), asset substitution or information asymmetries (embedded in hidden impacts on interest/inflation sensitive assets and liabilities). The topic is so theoretically and practically captivating, filling a gap in the existing literature and addressing real value protection targets, unassumingly crucial even for corporate ownership and control issues.
Leadership style and job satisfaction: A developing economy perspective
Authors: Govender Jeevarathnam Parthasarathy , Garbharran Hari Lall , Loganathan Roland
Published: February 2017

Research has suggested a relationship between leadership style and job satisfaction. This paper examines this relationship in the context of a developing country, viz., South Africa. The objective of the paper is to assess the relationship between the two variables as well as the influence of biographical variables on leadership style and job satisfaction. The survey was based on the Minnesota Satisfaction Questionnaire and the Multifactor Leadership Questionnaire. The results suggest a significant correlation between the three leadership styles, viz., transformational leadership, transactional leadership and laissez-faire leadership, and job satisfaction. There were no significant differences between the biographical variables and the three leadership styles.
The valuation of external projects by South African banks
Authors: Tickner Adriaan Albert , Mostert Frederik J. , Mostert Jan Hendrik
Published: February 2017

While banks are in competition to expand their market share, their credit portfolios may become less diversified without adequate reward for the increased risks. Even well-capitalised banks may come under financial pressure when global economic conditions turn. This research paper focuses on the valuation by banks of the clients’ projects to determine whether and to which extent the banks are going to provide financing for their clients’ projects. The objective of this research evolves around the improvement of financial decision-making by banks when they are valuating the projects of their clients. The objective of this research is achieved by means of a literature study as well as an empirical survey which focuses on the top banks in South Africa. The determining factors which are considered by banks when the projects of clients are valuated, the problem areas experienced by the banks during the valuation process and the adjustments requested by banks are amongst the aspects that are addressed.
Conceptual framework of forming local taxation system in industrial city
Authors: Petrenko Yuliya
Published: February 2017

The article seeks to determine the conceptual framework of forming local taxation system in an industrial city. The special set of the main principles suitable for forming the local taxation system in an industrial city is given (principles of tax autonomy, localization, compliance, self-determination, earned income, certainty, and direction) with the proposed scientific and methodological method of identifying an industrial city among the others.
How to control the controller – CEO compensation and motivation
Authors: Braendle Udo C. , Katsos John E.
Published: February 2017

One of the main control mechanisms that shareholders have used to rein in rogue managers is compensation. Through a combination of intrinsic and extrinsic incentives, shareholders have tried to provide the right balance to motivate senior managers to perform at their best. Shareholders have often failed in achieving this balance through compensation. In this paper, we argue that this failure is not the result of compensation packages as such, but on the focus of compensation packages on extrinsic motivators such as pay-for-performance bonuses and stock options. Instead, the focus of compensation packages should be on cultivating intrinsic motivators such as firing and prestige.
Risks to consider when investing offshore
Authors: Godi Ntwanano Jethro , Young Jacobus
Published: February 2017

When investors engage in international business, transactions and operations, they encounter additional risks compared to trading domestically. Different languages, currencies, jurisdictions, customs and habits can be translated into extra informational asymmetries and transaction costs that may affect the smooth operation of business. Political transitions can also play an important role in the success of an offshore investment, especially in a world full of political uncertainty. As such, mitigating offshore risks is a significant factor in the success of overseas projects, investments and contracts. As such, this paper aims to identify risks which investors are exposed to when investing offshore and ranking these risks in order of importance, based on a literature review as well as views and experiences of South African investment brokers registered with the Financial Services Board.
Enhancing environmental sustainability through codes of ethics: the case of Italian listed companies
Authors: Testarmata Silvia , Montecchia Alessia , Carlo Emiliano Di
Published: February 2017

Codes of ethics aims to disclose corporate social responsibility and to promote ethical culture throughout the firms. Several studies have investigated the content of such codes to identify what values are declared within. However, so far literature on codes of ethics seems not to have considered adequately the question of environmental protection. Therefore this paper focuses on the disclosure of environmental sustainability in codes of ethics, investigating the case of Italian listed companies. Adopting a content analysis methodology, the paper explores the environmental section of these codes in order to assess the salience of environmental sustainability in the strategic orientation of the firms, identifying the environmental principles, objectives, instruments and certification stated within the codes of ethics and highlighting whether and to what extent the environmental disclosure varies among industries. The research findings suggest that the Italian listed companies are more oriented to emphasize the environmental principles rather than to define precise objectives and instruments useful to achieve the environmental sustainability in practice. Nevertheless the more polluted industries seem to provide a wider environmental disclosure.
Corporate governance in financial institutions on transition economies
Authors: Brahimi Fran , Dibra Rezart , Prodani Geraldina , Halili Kesjana , Dika Ines
Published: February 2017

The corporate governance structure specifies the distribution of rights and responsibilities among different participants in the corporation, such as the board, managers, shareholders and other stakeholders, and spells out the rules and procedures for making decisions on corporate affairs. By doing this, it also provides the structure through which the company objectives are set, and the means of attaining those objectives and monitoring performance."
Corporate governance in financial institutions is the set of standards and principals used to create a system of checks and balances over the management of banks and financial intermediaries. It establishes the way financial institutions are directed and controlled, ordinarily through standards set for the conduct of the board of directors and senior management.
Countries have different political and regulatory environments, business standards and customs. Additionally, independent legal systems varying from country to country cause significant differences in corporate governance practices. There is, however, an international movement toward universal standards for all multinational financial institutions that has been gaining traction since the late 1990s. The topic of corporate governance of financial institutions and its role in stabilizing the industry has reached new levels of importance since the mid 1990s as a result of the globalization of financial markets, deregulation and technological change.
The Corporate Governance in banks is one of the most important discussions overall the world, being reinforced especially after the crises period.
This paper (discusion in conference) aims to evaluate the impact of corporate governance on financial performance, in the same time we are analyses corporate governance with focus in financial institution buth with importance of corporate governance in all aspects as a part of transition economies that has implement this CG.
Technology prospect and the cross-section of stock returns: evidence from the Australian market
Authors: Shi Qi , Darrat Ali F. , Li Bin , Chung Richard
Published: February 2017

We examine the link between technology prospect and stock returns in the Australian market. Our results suggest that the technology-based asset pricing model outperforms the CAPM and Fama-French three-factor models in explaining the cross-section of the Australian Fama-French 25 size/book-to-market portfolios. The results prove robust to using alternative estimation methods and continue to supports the importance of the technology factor for shaping the cross section of the Fama-French portfolios returns.
What can the departing chief executive compensation structure tell us?
Authors: Ning Yixi
Published: February 2017

This paper examines the amount and structure of the pay package for the departing CEO in a company around CEO succession. I find that the characteristics of the departing CEO compensation can provide valuable information regarding the incoming changes in corporate governance around the succession. Specifically, when a departing CEO is entrenched with a “better” compensation package characterized with a greater amount of pay in cash and in total at a lower risk, the CEO, after his retirement, is more likely to remain on the board as a director or become the chairman of the board, persuade the board to pick an insider rather than an outsider to be his successor, and to promote the company’s current president and/or chief operating officer to be the incoming CEO. These findings are consistent with the management entrenchment theory that when a CEO is entrenched with a greater discretionary power and better personal benefits, he is more likely to use his managerial power to continue his influence on the company even after he retires from the CEO position.
Recharacterization of debt to equity under U.S. law and its effects on corporate governance
Authors: Dardano Andrea , Ginevri Andrea Sacco , Sbarbaro Ferruccio Maria
Published: February 2017

This Essay examines the practice of recharacterization under U.S. law and focuses, in particular, on the standard of review applied by bankruptcy courts in order to determine whether a purported debt transaction should be considered as an equity contribution and on the effect of such a recharacterization of debt to equity on corporate governance. In doing so, Paragraph 2 provides a brief overview of the concept of recharacterization in general. Paragraphs 3 to 6 describe some of the most commonly accepted factors taken into account by bankruptcy courts and try to identify two main approaches that may be taken in weighting these factors. Finally, Paragraph 7 identifies some of the policy reasons underlying the concept of recharacterization and explores whether this practice has an impact on corporate governance.
Conservatism versus change in the Vietnamese accounting field?
Authors: Nguyen Lisa , Hooper Keith , Sinclair Rowena
Published: February 2017

The paper explores the probability of substantive change in the Vietnamese accounting field from a Bourdieuian perspective. The research question is, "Do the 2 million practitioners in the Vietnamese accounting field look forward to changes that may be brought about by Anglo Saxon institutions such as, the large accounting firms, the international standards and the foreign accounting professions?" Semi structured interviews were conducted to draw from respondents their feelings and thoughts on the possibility of change. Of the 44 interviewees the bookkeepers were more generally negative with regard to change. By contrast, those representatives of other groups such as professional accountants, managers and academics were more open to change and saw merit in following accounting principles.
Value creation, value distribution and the talented CEO.
Authors: Della Corte Valentina
Published: February 2017

The aim of the paper is therefore to analyze firm’s leaders (CEOs’) dynamic capabilities in managing the firm’s resources, able to generate sustainable competitive advantage and to create value, as well as to verify how the so created value is distributed between the firm and the CEO.
The analysis has been conducted on firms operating in tourism industry and precisely on hotel chains. Among these, some representative firms have been selected and analyzed through case study method. In order to test the research’s hypotheses, a logistic regression model, Moreno sociogram and Guttman scale have been applied. The paper proposes an interesting perspective for studying dynamic resources real use within organization, trying to point out the value they are able to generate and how this value is appropriated. The proposed analysis is an application of Resource-based theory approach to the study of dynamic capabilities creation and their relative generated rent appropriation. From this perspective, it represents a further step in RBT studies, in its connections with other disciplines on the topic. An interesting aspect of the research is that the attention on value creation and distribution rather than just on firm’s performance opens to new horizons in strategic management.
Assessing service quality in the mobile telecommunications market
Authors: Govender Jeevarathnam Parthasarathy
Published: February 2017

The South African telecommunications market is vibrant and growing, dominated by two players. It is recognised that service quality plays an important role in establishing a competitive advantage. The aim of this paper is to assess ratings of service quality among mobile telecommunications customers. To this end, a survey was conducted among 400 customers using the SERVQUAL questionnaire to measure customers’ expectations and perceptions based on the five dimensions of service quality. The findings indicate that there are gaps between customer expectations and perceptions of service quality. The tangibles dimension exhibited the smallest gap for both companies and the assurance and empathy dimensions revealed the largest gap scores. There were no significant differences in overall expectations between the two companies, but there were significant differences between the companies on overall perceptions of service quality. There was no significant difference in the overall expectations and perceptions between males and females.
Brand loyalty: are black urban area consumers’ more loyal?
Authors: Cant Michael Colin , Gopaul Melanie , Manley Leanne
Published: February 2017

Black urban area consumers’ are a major economic force in the South African economy and represent a considerable portion of the economic and social setting of South Africa (Hummel, M, In: McCann World group, 2008). However this segment has long been neglected by marketers due to the segregation that was experienced within the country pre-1994. Prior to independence, black urban area communities were mostly catered for by ‘spaza’ shops, or informal retailers run from inside a home that presented residents with a limited variety of products. Residents in traditional black urban areas mostly purchased at these retailers due to financial constraints and limited accessibility to other larger retail outlets as well as due to security fears, and in so doing formed a loyalty towards brands offered by spaza shops. Post-1994 however has seen a dramatic increase in black urban area income, enhanced public transportation and greater retail development within these areas, which has allowed for many residents to become more exposed to alternative brands. The primary aim of this study therefore was to examine the degree of brand loyalty consumers’ of black urban areas of Tshwane, South Africa hold today in relation to retail brands. In order to satisfy the research objective of the study, a self-administered location based survey was distributed to the residents of Shoshanguve, Mamelodi and Attridgeville; black urban areas within the Tshwane region of South Africa.
On rapid increase of households in South Africa and implications on management of delivery of basic services
Authors: Nnadozie Remy Chidozie
Published: February 2017

Official sets of data from Statistics South Africa in the post-apartheid era suggest a general trend of rapidly increasing numbers of households against the population of individuals which is increasing at a decreasing growth-rate. Using multivariate statistical methods, this study investigates the interaction of demographic variables and their impact on the rapid increase in household numbers in South Africa. This study also examines the impact of the rapid increase of households to delivery of basic services. The results provide a scientific confirmation that the rapid increase could best be attributed to fragmentation of households. The paper recommends that the fast pace of household growth in South Africa should adequately be factored into household-based service delivery models of government at least to the next decade as the trend is expected to continue into the near future
Sponsored analyst coverage, information asymmetry and stock turnover
Authors: Foo Yee-Boon
Published: February 2017

This study draws on Merton’s investor recognition hypothesis to investigate whether (1) the sponsored analyst coverage scheme introduced by the Bursa Malaysia in April 2005 is associated with stock turnover, and (2) the relationship is stronger for firms with high information asymmetry. The results show that stock turnover is positively associated with the frequency of coverage and the association is stronger for firms with higher information asymmetry. In addition, it is found that during the initial stage of the scheme where the stock market was experiencing a downturn, analyst coverage has a significant constraining effect on the reduction in stock turnover.
The impact of corporate governance on firm performance in Egyptian listed companies
Authors: Mohamed Ehab K. A. , Basuony Mohamed A. , Badawi Ahmed A.
Published: February 2017

This paper examines the impact of corporate governance on firm performance using cross sectional data from non-financial companies listed in the Egyptian Stock Exchange. The 88 non-financial companies on EGX100 index of listed companies on the Egyptian Stock Market are studied to examine the relationship between ownership structure, board structure, audit function, control variables and firm performance by using OLS regression analysis. The results show that ownership structure has no significant effect on firm performance. The only board structure variable that has an effect on firm market performance is board independence. Firm book value performance is affected by both board independence and CEO duality. Firm size and leverage have varying effects on both market and book value performance of firms
The merit of credit: exploring the factors that make retail credit consumers loyal
Authors: Du Toit Michael , Machado Ricardo
Published: February 2017

Loyal consumers are often regarded as the ultimate goal of any retail business, with the definition of loyalty incorporating many aspects of consumer behaviour and attitudes, the most prominent of which is return purchase behaviour. Credit consumers tend to display consistent repurchase behaviour, thereby appearing loyal. The aim of the current study was to investigate credit consumers of a retail clothing store and to identify factors that influence their loyalty towards the store. In order to achieve this objective, a comparison was made between a sample of account holders (credit consumers) and a similar sized sample of consumers who paid for their purchases in cash. Respondents were surveyed about their attitudes towards the retailer’s merchandise, service and pricing, their perceived commitment to the retailer, their current purchase behaviour and their anticipated future behaviour regarding long-term loyalty towards the retailer. The study showed that account holders’ loyalty towards the retailer was mostly influenced by the merchandise selection followed closely by the service received. Price had a negligible influence on account holders’ loyalty towards the retailer. The findings of the study serve to guide retailers’ strategies in terms of the provision of credit as a means to encourage loyalty amongst their consumers and resource allocation when considering competitive differentiation
The structure of corporate ownership and firm performance: Sri Lankan evidence
Authors: Manawaduge Athula , De Zoysa Anura
Published: February 2017

This paper examines the impact of ownership structure and concentration on firm performance in Sri Lanka, an emerging market in Asia. The study estimates a series of regressions using pooled data for a sample of Sri Lankan-listed firms to investigate the impact of ownership concentration and structure on firm performance based on agency theory framework, using both accounting and market-based performance indicators. The results of the study provide evidence for a strong positive relationship between ownership concentration and accounting performance measures. This suggests that a greater concentration of ownership leads to better performance. However, we found no significant impact using market-based performance measures, which suggests the existence of numerous market inefficiencies and anomalies. Furthermore, the findings of the study show that ownership structure does not have a significant distinguishable effect on performance.
Misvaluation: another explanation for the failure of corporate acquisitions
Authors: Price John
Published: February 2017

Every year growth strategies of corporations mean that billions of dollars of acquisitions are approved by boards and senior executives. Yet studies show that 50 percent or more of these acquisitions are unsuccessful. What goes wrong? In this article I argue that much of the blame for these well documented failures stems from weaknesses with the standard valuation methods themselves and the difficulties with implementing the methods. By focussing on the role of the CEO and boards, I suggest a number of steps that could reduce the frequency and size of these failures.
Financial crisis and capital structure: perspectives from an emerging market economy
Authors: de Vries Annalien
Published: February 2017

World economies experienced one of the worst recessions in recorded history in 2008. South Africa, as an emerging economy, did not escape the negative effects of the global recession, and, as a result, experienced its first recession in almost two decades. During a recession, firms may need to adjust their capital structure in response to the adverse circumstances. The purpose of this study was to investigate the effect of the South African recession on the capital structure of firms listed on the Johannesburg Securities Exchange (JSE). Panel data methodology was used for this study. The results indicate that the 2008-2009 South African recession did have a significant impact on the capital structure of South African firms and that financial managers actively managed their capital structure to adapt to the new environment and circumstances they were exposed to
The endogeneity of executive compensation and its impact on management discretionary behavior over financial reporting
Authors: Sun Lan , Hovey Martin
Published: February 2017

Extant literature has emerged testing the relationship between executive compensation and earnings management and many these studies have documented that compensation contracts create strong incentives for management discretionary behavior over financial reporting. Previous studies also pointed out that executive compensation could be simultaneously co-determined with earnings management, suggesting a potential endogeneity problem may exist between discretionary accruals and compensation structure. Using a sample of all Australian Securities Exchange (ASX) listed companies comprising 3,326 firm-year observations encompassing the periods from 2000 to 2006, this study examines the endogeneity of executive total compensation and its various components. Applying a 2SLS model the results show a significantly negative association between expected fixed compensation (particularly expected salary) and upwards earnings management and a significantly positive association between expected at-risk compensation (particularly expected bonuses) and upwards earnings management. These findings suggest endogeneity exists in that fixed compensation and salaries provide disincentives for managers to practice aggressive earnings management whereas at-risk compensation and bonuses induce managers to employ income-increasing discretionary accruals to inflate reported earnings. This study found that executive compensation plays a role in determining earnings management activities. Executives may distort financial reporting to maximize their personal wealth if their incentives are not fully aligned with those of shareholders. Compensation committees, therefore, may gain some insight in designing compensation structures that balance the incentive to improve a firm’s performance with the incentive to earnings manipulation.
KONFLIK DAN INTEGRASI: MANAJEMEN KONFLIK PADA SUBAK MULTIKULTUR (Studi Kasus Subak Tegallinggah Kecamatan Sukasada Kabupaten Buleleng)
Authors: Windari Ratna Artha
Published: February 2017

Penelitian ini bertujuan untuk: 1). mengetahui faktor-faktor yang melatarbelakangiterjadinya integrasi sosial antarpetani Hindu dan Islam di Subak Tegallingah. 2). Untukmengetahui bentuk dan sumber konflik antarpetani Hindu dan Islam di Subak Tegallinggah.3). Untuk mengetahui penanganan konflik yang terjadi terkait dengan superstruktur ideologi,struktur sosial, infrastruktur material di Subak Tegallinggah. Penelitian ini secarametodologis menggunakan pendekatan kualitatif, instrumen penelitian dalam penelitian ini, menggunakan prinsip bahwa peneliti adalah instrumen utama penelitian (human instrumen).Hasil penelitian ini menunjukkan bahwa: 1) Faktor-faktor yang melatarbelakangi terjadinyaintegrasi sosial antarpetani Hindu dan Islam di Subak Tegallinggah adalah: a). Adanya nilainilaifundamental agama yang bersumber dari ajaran Tri Hita Karana yang menyangkut hubungan antara petani dengan Ida Hyang Widhi Wasa (Tuhan), b). Al Qur’an yangberintikan tentang pentingnya hidup bertoleransi. 2) Bentuk dan sumber konflik antarpetaniHindu dan Islam di Subak Tegallinggah adalah didominasi masalah pembagian air irigasi.Konflik yang bersifat laten dapat terungkap dari perbedaan pandangan petani Hindu danpetani Islam dalam hal pembangunan tempat suci Pura Subak, bersembahyang atau ritualsetiap tahapan (siklus tanaman padi), sesajen atau suguhan. 3) Cara mengatasi konflik ditingkat persubakan adalah dengan pembuatan (a). awig-awig, yang di dalamnya mengaturhak dan kewajiban yang anatara petani Hindu dan Islam tanpa memandang perbedaan, (b).Konflik-konflik yang timbul sedapat mungkin diselesaikan dengan cara musyawarah(sangkepan), (c) namun campur tangan pemerintah dalam hal ini pembinaan dari DinasPertanian, Sedahan Agung guna terwujudnya toleransi di subak Tegalllingah. (d). Dan yangtidak kalah pentingnya adalah mengembangkan kearifan lokal berupa menjaga danmengembangkan kebahasaan Nyama Selam dan Nyama Hindu (Bali) dan modal sosialberupa toleransi, kerja sama, saling percaya.
KOLABORASI MASYARAKAT SIPIL, POLITIK, DAN EKONOMI DALAM PEMANFAATAN MODAL SOSIAL (Studi Kasus Daerah Perlindungan Laut di Desa Bondalem, Kabupaten Buleleng)
Authors: Sedana Arta Ketut
Published: February 2017

Tujuan penelitian ini adalah (1) Untuk mengetahui alasan maknawi/motif yangmemberikan dorongan bagi Desa Bondalem membentuk Daerah Perlindungan Laut; (2)Untuk mengetahui unsur-unsur pokok modal sosial apa saja yang dikenal pada komunitasdesa Bondalem yang bisa dikolaborasikan dalam kaitannya dengan modal-modal lainya; (3)Untuk mengetahui implikasi penyertaan modal sosial terhadap kehidupan komunitas desaBondalem sebagai Daerah Perlindungan Laut. Penelitian ini secara metodologis menggunakan pendekatan kualitatif. HasilPenelitian ini menunjukkan Alasan maknawi Bondalem yang terkait dengan superstrukturideologi, struktur sosial, dan infrastruktur material yang memberikan dorongan bagi desamembentuk Daerah Perlindungan laut adalah 1) adanya ideologi Tri Hita Karana yangmenginspirasi setiap langkah dan tindakan untuk menyelamatkan terumbu karang. Struktursosial yang berperan terhadap pembentukan DPL di Bondalem adalah pihak pemerintahdalam hal ini diwakili oleh Dinas Kelautan dan Perikanan, LSM (Reef Check Indonesia),pihak pelaku pariwisata (pemilik hotel), unsur masyarakat Bondalem sendiri seperti desadinas, desa pakraman, dan Pecalang Segara. Unsur-unsur modal sosial yang dikenal diDesa Bondalem adalah 1)Ideologi Tri Hita Karana, yang sudah diterapkan bukan lagi dalamtataran teks serta dapat dijadikan resep sosial dalam pembentukan DPL-BM di Desa Bondalem, 2) Trust yang tampak adalah berwujud keinginan dan atau tindakan untukmengambil resiko dalam hubungan-hubungan sosial, 3) Nilai-nilai dan norma dituangkandalam aturan awig-awig yang mengatur aspek parhyangan, pawongan dan palemahan. 4)Resiprositas, dalam konteks ini menyangkut resiprositas desa pakraman, desa dinas, pecalang segara serta resiprositas antarlembaga seperti pemerintah pemilik hotel. 5)Tindakan proaktif, berupa keinginan yang kuat dari anggota kelompok tidak saja untukberpartisipasi, namun juga mencari jalan yang lebih baik secara proaktif. 6) Kepercayaanterhadap kekuatan adikodrati yakni dewa-dewa dan roh leluhur yang ditaati karena dapatmelakukan pengawasan dan mengenakan sanksi kepada siapapun tanpa terikat oleh waktudan ruang. Implikasi penyertaan modal sosial terhadap kehidupan komunitas DesaBondalem sebagai Daerah perlindungan laut adalah 1) lestarinya terumbu karang,2)meningkatnya hasil tangkapan ikan, 3)Meningkatnya kunjungan wisatawan untukmelakukan diving dan snokling yang berimbas kenaikan pada tingkat hunian hotel.
PENGEMBANGAN POTENSI PARIWISATA SPIRITUAL BERBASIS MASYARAKAT LOKAL DI BALI
Authors: . Sukadi
Published: February 2017

Bali memiliki daya tarik wisata yang beragam. Wisata spiritual belum banyak dikembangkan oleh masyarakat lokal Bali.  Tujuan penelitian tahun pertama ini adalah mengidentifikasi potensi pariwisata spiritual di Bali dan merumuskan strategi pengembangan serta pemasaran pariwisata spiritual di Bali. Penelitian ini dilakukan dengan pendekatan etnografi di tiga Kabuapten di Bali.  Hasil penelitian ini menunjukkan bahwa Pura Lempuyang Luhur, Pura Penegil Dharma, Pura Negara Gambur Anglayang, Pura Ponjok Batu, Pura Pulaki, dan Pura Perancak dengan segala aktivitas spiritualnya sangat cocok dikembangkan sebagai objek wisata spiritual di Bali. Ini karena seluruh pura dapat memberikan pengalaman nilai-nilai historis, sosial budaya, dan nilai-nilai spiritual kepada wisatawan yang datang.  Strategi pengembangan dan pemasaran yang masih harus dilakukan antara lain adalah pemberdayaan masyarakat lokal pengempon pura, koordinasi dengan pemkab dan pihak-pihak terkait, penataan lingkungan pura yang lebih baik, penyediaan sarana pendukung yang lebih baik, kegiatan inventarisasi dan dokumentasi, sosialisasi melalui media TIK, sosialisasi melalui kerja sama dengan asosiasi perhotelan dan jasa wisata lainnya, sosialisasi melalui desa pakraman, sekolah dan perguruan tinggi, dunia kerja dan industri, masyarakat transmigran Bali, dan masyarakat Hindu Nusantara.
PERKEMBANGAN FEMINISME BARAT DARI ABAD KEDELAPAN BELAS HINGGA POSTFEMINISME: SEBUAH TINJAUAN TEORETIS
Authors: Suwastini Ni Komang Arie
Published: February 2017

Tulisan ini mengulas perkembangan feminisme barat dari abad ke delapan belas hingga abad ke dua puluh satu saat feminisme memasuki era postfeminisme untuk mengungkapkan perubahan feminisme dari waktu ke waktu merupakan perkembangan yang menunjukkan kemampuan feminisme untuk menyesuaikan diri dengan tuntutan situasi dan kondisi yang dialami perempuan. Dalam garis besar, feminisme dapat dibagi menjadi empat tonggak perkembangan, yakni feminisme awal, feminisme gelombang pertama, feminisme gelombang kedua, dan feminisme gelombang ketiga dan/atau postfeminisme. Secara umum keempatnya memiliki tujuan yang sama yakni untuk memperjuangkan subjektivitas perempuan Masing-masing gelombang memiliki penekanan perjuangan yang berbeda dan setiap gelombang berikutnya merupakan revisi dari gelombang sebelumnya. Dikotomi feminisme gelombang ketiga dan/atau postfeminisme merupakan perkembangan yang paling majemuk dan menimbulkan banyak kontroversi karena postfeminisme merupakan persinggungan antara feminisme dan postmodernisme yang berkembang menjelang pergantian milennium yang berpadu dengan kebutuhan internal dalam feminisme sendiri. Kemajemukan dalam perkembangan feminisme terakhir ini harus dipandang sebagai kekayaan dan kelebihan karena itu berarti feminisme semakin terbuka terhadap perbedaan dan perubahan.
KEBERPIHAKAN REGULASI PERTANAHAN TERHADAP HAK MASYARAKAT ADAT (STUDI KASUS SENGKETA TANAH ADAT DI DESA KUBUTAMBAHAN, KECAMATAN KUBUTAMBAHAN, KABUPATEN BULELENG)
Authors: Artha Windari Ratna
Published: February 2017

Penelitian ini bertujuan untuk mengetahui faktor-faktor yang melatarbelakangi terjadinya sengketa tanah adat di Desa Kubutambahan dan bentuk keberpihakan regulasi pertanahan terhadap hak masyarakat adat; serta peran desa pakraman dalam mengatasi sengketa tanah adat. Penelitian menggunakan pendekatan kualitatif. Hasil penelitian menunjukkan bahwa: 1) Faktor penyebab terjadinya sengketa tanah yaitu: Adanya kesimpangsiuran silsilah keluarga; Proses administrasi pertanahan yang kurang jelas; Kurangnya pemahaman akan sistem pewarisan adat; dan Kurangnya pemahaman masyarakat tentang regulasi pertanahan nasional, (2) Bentuk keberpihakan regulasi nasional yaitu: Adanya perlindungan hukum dan hak asasi manusia terhadap Identitas budaya masyarakat hukum adat, termasuk hak atas tanah ulayat; Adanya pengakuan wewenang desa dalam mengatur dan mengurus kepentingan masyarakat setempat berdasarkan asal usul dan adat istiadat setempat; Hukum adat dijadikan dasar berlakunya hukum agraria, dan adanya perlindungan serta pengakuan terhadap hak milik atas tanah Desa Adat. (3) Bentuk peran Desa Pakraman dalam mengatasi konflik pertanahan yakni melakukan koordinasi dengan krama desa melalui paruman; mengumpulkan berbagai bukti terkait asal-usul tanah yang disengketakan; melakukan kewajiban terhadap pemilik tanah sengketa yang dinyatakan ceput atau tidak memiliki keturunan; melakukan koordinasi dengan Majelis Madya Kabupaten Buleleng, pengemong pura desa setempat; dan melakukan pendaftaran hak milik kepada kantor BPN setempat.