bluuebunny/crossref_metadata_2025 huggingface dataset:
Chemical Stimulation Pilot at a Heavy-Oil Field: Key Considerations, Workflow, and Results
Authors: Gutierrez Mauricio , Bonilla Fernando , Gil Layonel , Parra Wilmer , Campo Pablo , Orozco Alex , Garcia Monica
Published: February 2017

This paper presents the planning and execution process for a key matrix stimulation pilot project performed in the heavy-oil Chichimene field in the central Colombian province of Meta. An understanding of multiple aspects of formation damage, candidate well selection, laboratory testing, treatment fluid selection, onsite quality assurance/quality control (QA/QC), diversion considerations, and placement techniques was fundamental to achieving a successful treatment design. Results are presented in terms of a percentage increase in production rates, percentage decrease in decline rates, and skin value reduction.

Because of current oil and gas industry economics, it is crucial to evaluate the return on investment for any well intervention campaign and apply an assurance process to help quantify the desired improvement in production results. This approach is primarily based on a workflow that includes several key steps: understanding the nature of and characterizing formation damage, reviewing necessary laboratory testing, validating candidate well selection, determining economically viable placement and diversion techniques, and performing QA/QC on site and post-treatment.

Production results from the first five pilot wells are presented along with a review of the production decline and continuous improvement actions. Understanding the induced damage that can be caused by drilling operations, heavy-oil properties, and the potential for emulsion and wettability alteration, in addition to the need to ensure total fluid-fluid compatibility combined with low interfacial tensions (IFTs), can be crucial to achieving results above initial estimates. Aligned with current critical well intervention economics, a rigless operation with coiled tubing (CT) through the Y-tool of an electrical submersible pump (ESP) was selected instead of a traditional intervention with a workover (WO) rig. Because of long treatment intervals and large permeability variations, stages of foamed brine were included in the treatment schedule as a diversion method. A tuned frequency and amplitude tool was used to enhance the placement and effectiveness of the treatment as part of a CT bottomhole assembly (BHA). QA/QC sampling was valuable for treatment monitoring and enhancement.

This paper presents a valuable basis for future candidate well selection and stimulation treatment design. The workflow and its application are a good reference for analogue fields in Colombia and other areas.
In-Situ Catalytic Aquathermolysis Combined with Geomechanical Dilation to Enhance Thermal Heavy-Oil Production
Authors: Fan Yuxing , Sun Xinge , Mai Xing , Xu Bin , Dong Mingzhe , Yuan Yanguang
Published: February 2017

Steam-assisted gravity drainage (SAGD) has been used to develop the "super heavy" oil reservoirs in PetroChina Xinjiang Oilfield Branch. These reservoirs have a very high oil viscosity that can reach more than 50,000 cp at 50°C. Moreover, owing to their continental deposit origin, these reservoirs have a low porosity and a low permeability, as well as frequent and heterogeneous occurrence of mud/shale stringers within. Because of these challenging reservoir qualities, the conventional steam circulation SAGD startup process takes 10 to 12 months before the SAGD well pair can be switched to production. A geomechanical dilation mechanism is used to startup the SAGD production with outstanding success. As a result, dilation startup has recently become the routine start-up process in Xinjiang's SAGD production.

This paper describes further improvement in dilation startup by injecting a unique catalyst to evoke the in-situ catalytic aquathermolysis mechanism. The reservoir is first dilated to form a high-porosity and high-permeability conduit connecting the SAGD well pair. The catalyst is then injected into these newly created pore spaces, contacting the heavy oil in large volume, and helping reduce in-situ oil viscosity. This technology has been applied on more than 10 SAGD well pairs and excellent field results were generated in terms of reduced steam use, shortened steam circulation time, and increased initial oil production. This paper presents this integrated chemical geomechanics technology with relevant laboratory test and field results supporting the description.
Key Insights from Production Data Analysis and Mechanistic Modeling of an Extra Heavy Oil Field
Authors: Kumar Raushan , Velasquez Yorlenis , Lopez Luisa , Valencia Luis , Nava Rafael J , Eckerfield Laura , Lolley Chris , Kumar Mridul
Published: February 2017

Extra heavy oil (< 10° API) reservoirs in South America contain upwards of 500 Billion barrels of crude oil with few fields on production and several new projects being planned. This paper presents results of a large extra heavy oil (XHO) field, under production since 2001 and developed using long (about 6000 ft.) horizontal wells. Data from more than 600 horizontal wells provided an extensive set for detailed analysis. This study includes production and logging while drilling (LWD) data analysis, detailed mechanistic modeling and field-scale dynamic simulation to improve understanding of production mechanisms and quantify effects of important reservoir parameters on primary production performance of XHO reservoirs.

The LWD information was used to determine effective well lengths. The average effective well length was found to be 80% of the main trunk section, and is an important factor that impacts horizontal well performance. Production data from this field were analyzed to obtain initial production rate (IP). The IP show a strong and clear trend with depth, with lower IP for shallower reservoirs, caused by higher oil viscosity (due to lower temperature) and lower pressure in shallower reservoirs. Note that for extra heavy oils, viscosity is a strong function of temperature, unlike typical light oils. A large variation in individual well performance at wells in the same pad (or depth range) is also observed due to variation in reservoir quality and thickness.

Detailed dynamic simulation was used to quantify impacts of key uncertainties. We also found that gas production rate may be underestimated and oil recovery may be overestimated in typical field scale XHO models because they may not properly capture pressure and saturation changes in the near-well region. As a result, gas saturations in the near-well region may remain below critical for a longer duration in models using coarse grid blocks impacting forecasts. We recommend using models with finer grids normal to horizontal well trajectory. Learnings from data analysis and mechanistic modeling were validated using a heterogeneous dynamic simulation model. Predicted fluid production rates and reservoir pressure compared well with measured data.

This study provides clearer insights into XHO performance. The improved understanding will result in a more reliable production forecast and an optimal development plan, critical for improved assessment or design of new projects.
A novel ultrasound‐guided extrapleural nerve block for management of traumatic rib fractures
Authors: Speers Sean , Willers Johann , Calderbank Susie , Reeve Karen , Jenkins Caroline , Standley Tom
Published: February 2017

Multiple rib fractures following blunt trauma to the thorax is common and presents challenges in obtaining satisfactory analgesia control. It can lead to significant morbidity and mortality in high risk patients. We present a novel, safe, ultrasound‐guided alternative method to that previously described in the literature for analgesia management of multiple rib fractures with haemothorax. Our patient received excellent analgesia and avoided a critical care admission.
Procedure to validate sexual stimuli: reliability and validity of a set of sexual stimuli in a sample of young colombian heterosexual males.
Authors: Vallejo-Medina Pablo , Soler Franklin , Gómez-Lugo Mayra , Saavedra-Roa Alejandro , Marchal-Bertrand Laurent
Published: February 2017

Penile plethysmography – or phallometric assessment – is a very relevant evaluation for sexual health. The objective of this research is to suggest a guideline to validate sexual stimuli and validate a set of sexual stimuli in young heterosexual men. Six videos of 3:15 minute-long were used. A total of 24 men were assessed. Objective sexual arousal, rapid change of peripheral temperature, pulse, the International Index of Erectile Function-5, Self-Assessment Manikin, Multidimensional Scale to Assess Subjective Sexual Arousal and socio-psycho-sexual questions were used. The results showed three sexual excerpts which were clearly superior to the others – something discordant with the subjective opinion of researchers. These three sexual excerpts generated internally consistent measurements; moreover, good indicators of external validity have been observed with statistically significant differences as expected. Furthermore, with healthy young population, it has been shown that the three stimuli produce objective sexual arousal if used together.
THE IMPORTANCE OF COMPANY OWNERSHIP AND BUSINESS TRANSACTION DATA INTEGRATION IN SUPPORTING THE EFFORTS TO PREVENT AND ERADICATE CORRUPTION IN INDONESIA
Authors: Haris Budi Saiful
Published: February 2017

Corruption is commonly committed by leaving no official trace. In disclosing big corruption cases, investigators are often challenged by defendant who always seeks to make an alibi on the charges of the investigators such as by creating fake or underlying business. The application of the principle of shifting burden of proof by the defendant could actually be detrimental to the prosecution process if the public prosecutor fail to prove to the contrary on the argument or evidence submitted by the defendant who is trying to deny the charge of public prosecutor. Such condition may occur due to the possibility that the defendant could convey some evidence of business transactions and sources of information that might not be successfully acquired by the public prosecutor, law enforcers and other relevant government agencies prior to the prosecution process. In this case, there is a big possibility that the perpetrators have manipulated financial transaction information assisted by the gatekeepers. The following entries parse the root of the problem for the matter and provide recommendations for the integration of business transparency approach to prevent and eradicate corruption by making breakthroughs that could prevent from the usage of fake financial transaction information as the evidence that could obscure the crime of corruption.
JUDGE DECISION AS AN ENGINEERING TOOL IN THE PREVENTION OF CORRUPTION AND MONEY LAUNDERING
Authors: Agustine Oly Viana
Published: February 2017

Preventing corruption and money laundering requires extra facilities and infrastructure, especially in the process of prosecution. Various measures have been taken by government to eradicate corruption and money laundering. Starting from anti-corruption education to the threat of death penalty for the convicted of corruption have been formulated and implemented in the Indonesian legislation. These measures, however, have not been able to provide maximum results in eradicating corruption and money laundering. Therefore, there should be several alternatives in preventing such cases by enhancing the effectiveness of the existing efforts, one of which is through judge decision. Judge decision, better known as one of the prosecution efforts, can also be made as an engineering tool to prevent corruption and money laundering. This can be seen in the Constitutional Court Decision that provides requirement restriction to the individual candidate for Regional Representative Council (DPD), House of Representatives (DPR), Regional House of Representatives either Provincial, Regency or City, regional head and deputy regional head and for ex-convict with the threat of 5 (five) years imprisonment or more, including corruption and money laundering. In addition, the United Nations Convention Against Corruption (UNCAC) has also provided guidelines on the decision against unauthorized wealth.
FRAUD THEORY EVOLUTION AND ITS RELEVANCE TO FRAUD PREVENTION IN THE VILLAGE GOVERNMENT IN INDONESIA*
Authors: Puspasari Novita
Published: February 2017

This paper discusses the evolution of fraud theory from time to time, starting from initial fraud theories, such as White-Collar Crime, Fraud Triangle, and Fraud Scale, to modern fraud theories, such as Fraud Diamond, M. I. C. E model and ABC analysis. Studying the evolution of fraud theory will be very helpful to prevent the occurrence fraud in the future. In addition, this paper also discusses the relevance of fraud theory and fraud prevention in the village government. Village fund can be the object of fraud because of its significant amount, lack of control, and conflict of interest of various parties. Modern fraud theories, such as Fraud Diamond, M. I. C. E model, and ABC analysis are used to analyze the possibility of who will be the perpetrators of fraud in the village government (who), why they commit fraud (why), and how to prevent fraud in the village government (how). Fraud theory analysis in the village fund management could be a foundation for related parties (village stakeholders) to make relevant policies as well as a basis to conduct village fund research in the future.
CORRELATION OF FINANCIAL STATEMENT COMPONENTS IN DETECTING FINANCIAL FRAUD
Authors: Handayani Handayani , Tarjo Tarjo , Rimawati Yuni
Published: February 2017

The purpose of this study is to determine the absence of correlation offinancial statement components as red flags in detecting financial statement fraud. The sampling in this study is done using purposive sampling technique. There are two categories of companies used as the study sample:fraud companies and non-fraud companies. Fraud companies are the companies that get sanction from Capital Market Supervisory Agency (Bapepam) andFinancial Services Authority (OJK) period 2000-2014, while non-fraud companies are selected with the criteria: having equivalent assets, engaging in the same industry, and using the same financial statements as the financial statements used by the fraud companies. The total samples of this study are 122 companies consisting of 61 fraud companies and 61 non-fraud companies. Spearman correlation test is used to answer the research hypothesis.The conclusions of this study are (1) the absence of correlation between cash flows andearnings can be usedas red flags to detect fraud, (2) the existence of correlation between receivables and revenues cannot be used as red flags to detect fraud, (3) the existence of correlation between allowances for uncollectible accounts and receivable cannot be used as red flags to detect fraud.
PENYUSUNAN MEDIA PEMBELAJARAN BERBANTUAN KOMPUTER UNTUK PBL DAN KEEFEKTIFANNYA TERHADAP CTS PESERTA DIDIK SMA
Authors: Kurniawati Atik , Suryadarma I Gusti Putu
Published: February 2017

This study aims to investigate: (1) the feasibility of computer-assisted learning media based problem based learning (PBL) on Environmental Pollution materials for high school students of class X, and (2) the effectiveness of instructional media for improving of critical thinking skill (CTS) learners class X SMA Negeri 5 Magelang. This research was adapted from the ADDIE model of development that includes analyze, design, develop, implement, and evaluate. Products validated by subject matter experts, media experts, educators of Biology, and peer reviewer. Subject of this study is tenth grade students of SMA Negeri 5 Magelang. Collecting data was using questionnaires, observation sheets, and test critical thinking skills. The media according to the validator and the students is classified to the category of good. Instructional media was improved to learners' critical thinking skills effectively, which demonstrated by the significant value of 0:00. This results showed that media computer-assisted learning based PBL is effective for improving of the critical thinking skills of learners.
PENGARUH MODEL PEMBELAJARAN InSTAD TERHADAP KETERAMPILAN PROSES SAINS DAN HASIL BELAJAR KOGNITIF FISIKA DI SMA
Authors: Erina Richie , Kuswanto Heru
Published: February 2017

Penelitian ini bertujuan untuk mengetahui pengaruh model pembelajaran InSTAD terhadap: (1) keterampilan proses sains peserta didik, (2) hasil belajar kognif peserta didik, dan (3) proses sains dan hasil belajar kognitif peserta didik. Penelitian ini merupakan penelitian kuantitatif dengan mengguna-kan desain kuasi eksperimen. Analisis data menggunakan Independent t-test dan MANOVA. Hasil penelitian menunjukkan: (1) penerapan model pembelajaran InSTAD secara signifikan lebih berpengaruh positif terhadap keterampilan proses sains dibandingkan model pembelajaran inkuiri terbimbing, dan hal ini ditunjukkan dengan output (t= 7.47 dan 7.53) dengan signifikansi sebesar 0.00 (sigifikansi < 0.05); (2) penerapan model pembelajaran InSTAD secara signifikan lebih berpengaruh positif terhadap hasil belajar kognitif dibandingkan model pembelajaran inkuiri terbimbing, dan hal ini ditunjukkan dengan output (t= 4.41dan 5.00) dengan signifikansi sebesar 0.00 (sigifikansi < 0.05); (3) penerapan model pembelajaran InSTAD secara signifikan lebih berpengaruh positif terhadap keterampilan proses sains dan hasil belajar kognitif dibandingkan model pembelajaran inkuiri terbimbing, dan hal ini ditunjukkan dengan output (F= 26.36) dan signifikansi sebesar 0.00 (sigifikansi < 0.05). Kata Kunci: InSTAD, keterampilan proses sains, hasil belajar kognitif   THE EFFECT OF InSTAD LEARNING MODEL ON THE SCIENCE PROCESS SKILLS AND COGNITIVE LEARNING OUTCOMES IN PHYSICS IN SENIOR HIGH SCHOOL Abstract This study aims to find out the effect of InSTAD learning model on: (1) the science process skills of the students, (2) the cognitive learning outcomes of the students, (3) the science process skills and cognitive learning outcomes of the students. This study is a quantitative research using a quasi-experimental design. The data analysis used the Independent t-test and MANOVA. The results show that: (1) the implementation of InSTAD learning model gives a significantly more positive effect to the science process skills of the students than guided inquiry learning does, and it is shown by the output value of the t-test (7.47 and 7.53) at the significance level of 0.00. (significance < 0.05); (2) the implementation of InSTAD learning model gives a significantly more positive effect to the cognitive learning outcomes of students than guided inquiry learning does, and it is shown by the output value of the t-test (4.41and 5.00) at the significance level of  0.00 (significance < 0.05); (3) the implementation of InSTAD learning model gives a significantly more positive effect to the science process skills and learning outcomes of students than guided inquiry learning does, and it is shown by the output value of the F-test (26.36) at the significance level of 0.00 (significance < 0.05). Keywords: InSTAD, science process skills, cognitive learning outcomes
Penerapan model pembelajaran inkuiri terbimbing untuk meningkatkan sikap ilmiah dan prestasi belajar kimia siswa
Authors: Murningsih Ira Maya Tri , Masykuri Mohammad , Mulyani Bakti
Published: February 2017

Penelitian ini bertujuan untuk meningkatkan sikap ilmiah dan prestasi belajar siswa menggunakan model pembelajaran Inkuiri Terbimbing pada materi pokok kelarutan dan hasil kali kelarutan kelas XI MIPA 3 SMA Negeri 5 Surakarta tahun ajaran 2015/2016. Penelitian ini merupakan Penelitian Tindakan Kelas yang terdiri dari dua siklus. Subjek penelitian adalah siswa kelas XI MIPA 3 SMA Negeri 5 Surakarta tahun pelajaran 2015/2016 yang terdiri dari 30 siswa. Objek penelitian adalah sikap ilmiah siswa dan prestasi belajar kimia siswa. Sumber data adalah siswa dan guru. Teknik pengumpulan data melalui metode observasi, wawancara, dokumen/arsip, angket dan tes. Teknik analisis yang digunakan adalah analisis deskriptif. Berdasarkan hasil penelitian didapatkan bahwa pencapaian sikap ilmiah pada siklus I sebesar 60% dan pada siklus II menjadi 93%. Peningkatan prestasi belajar aspek pengetahuan pada siklus I diperoleh ketuntasan belajar sebesar 63% dan pada siklus II menjadi 93%. Pada prestasi belajar siswa aspek sikap dan aspek keterampilan ketercapaian ketuntasan siswa pada siklus I sebesar 100%,sehingga tidak dilanjutkan ke siklus II karena semua indikator sudah terpenuhi.Kata Kunci: inkuiri terbimbing, kelarutan dan hasil kali kelarutan, penelitian tindakan kelas, prestasi belajar, sikap ilmiah Implementation of Guided Inquiry Model to Improve Behaviour Scientific and Student’s Chemistry Learning Achievement AbstractThe aims of the research were to improve scientific behaviour and student’s learning achievement by implementing guided inquiry model on primary material of solubility and solubility product at XI MIPA 3 students of SMA Negeri 5 Surakarta in the academic year of 2015/2016. This research was a Classroom Action Research (CAR) which was held in two cycles. The research subject was the students of class XI MIPA 3 at SMA Negeri 5 Surakarta in the academic year of 2015/2016 consisted of 30 students. The object of research was the behavior scientific and student’s chemistry learning achievement. Source of data were students and teacher. Data was obtained through observations, interviews, document, questionnaires, and test. The data were analyzed using technique of qualitative descriptive analysis. The result of the research can be seen from cycle I the percentage of student’s scientific behaviour was 60% and increased to 93% in the cycle II. Improved learning achievement on knowledge aspect from 63% in cycle I to 93% in cycle II. Attitude aspect and skill aspect, the improvement has reached 100%, so it was not continued to cycle 2 since all off the indicators have been accomplished before.Keywords: guided inquiry, solubility and solubility product, classroom action research, learning achievement, scientific behaviour
Pengembangan instrumen penilaian IPA untuk memetakan critical thinking dan practical skill peserta didik SMP
Authors: Dewi Naomi Dias Laksita , Prasetyo Zuhdan Kun
Published: February 2017

Penelitian ini bertujuan untuk: (1) mengembangkan instrumen penilaian berupa tes pilihan ganda critical thinking dan practical skill yang valid dan reliabel (2) memetakan critical thinking dan practical skill peserta didik SMP. Prosedur pengembangan dalam penelitian ini mengacu pada langkah-langkah model prosedural dari Model 4D Thiagarajan. Hasil penelitian adalah sebagai berikut. (1) Instrumen penilaian IPA berupa tes pilihan ganda terdiri atas 36 item yang fit. Instrumen penilaian IPA berupa tes pilihan ganda telah memenuhi validitas isi dengan expert jugdement yang dibuktikan dengan perolehan indeks kesepakatan (indeks Aiken) yang berada pada rentang angka 0,8 hingga 1,00. Kegiatan uji coba (uji empiris) dilakukan pada 121 peserta didik. Reliabilitas instrumen penilaian IPA mengalami peningkatan dari 0,95 menjadi 0,97. (2) Secara umum, terdapat 92 dari 220 didik atau 41,82% yang memiliki kemampuan critical thinking dan pratical skill di atas rata-rata. Pada kemampuan critical thinking sebagian besar berada pada kategori rendah dan sangat rendah mencapai 49,55% sedangkan pada kemampuan pratical skillsebagian besar berada pada kategori sedang 43,64%.Kata Kunci: tes, critical thinking dan practical skill Developing Science Assessment Instrument to Map Critical Thinking and Practical Skill of Junior High School Students AbstractThe study aims to (1) to developing a valid and reliable assessment instrument in the form of multiple choice test of critical thinking and practical skill and (2) to mapping critical thinking and practical skill of Junior High School Students. This study was research and development (R & D) that refers to Thiagarajan 4D Model. The result of this study are (1) assessment instrument in the form of multiple choice test consist of 36 fit items. The assessment instrument in the form of multiple choice test is already comply with content validity that be proven with Aiken’s index from 0.8 to 1.00. 121 students is be responden in small-scale tryout. Item reliability increases from 0.95 to 0.97. (2) Mapping result image shows that there are 92 out of 220 students (41.82%) who have critical thinking and practical skill in over average. Almost the Pilot Project Junior High School students have critical thinking ability in low and very low category that is 49.55% whereas they have practical skill ability in average category that is 43.64%.Keywords: test, critical thinking and practical skill
Corporate governance and performance in turnaround: A synthetic index
Authors: Mariani Giovanna , Panaro Delio
Published: February 2017

In this work we carried out an empirical research on a panel of companies in turnaround SMEs, venture capital backed, with the objective of deepening the analysis: Firstly, if warning signs were submitted from firms in turnaround. Secondly, we tried to verify the role played by the Corporate Governance in restructuring, with the definition of an index of good Governance for SMEs (scG) and Performance ad hoc index (scP). Thirdly, the definition of a Synthetic Index (SI) aggregates the two kinds of information: Corporate Governance Quality and Performance. We conducted an analysis of the balance sheets of the companies in turnaround participated by a turnaround fund, in the years 2004 and 2009. In relation to the total number of firms involved in turnaround in the period in question, which were 26 in total; it was possible to reconstruct the historic trend only for 12 of them, for the others the balance sheets could not be found.In conclusion, it can be noted that the analysis of important aspects of management through the development of Z-score, and scG, scP, and SI can summarize complex concepts into a number and allows for comparisons between situations that are not readily comparable in terms of accounting. This study can suggest the definition of Corporate Governance Index for SME in critical situations. This study offers some ideas about the opportunity of stimulating the SME to introduce the Corporate Governance System spread to listed companies
Employee theft in the South African retail industry: Killing the goose that lays the golden egg?
Authors: Cant Michael Colin , Nell Elsa C.
Published: February 2017

Employee theft has once again come to the fore as a result of the economic crises prevailing world wide. It is a known fact that as economic hardships increase people are looking at other ways and means to supplement their declining income. One such method is unethical behaviour in the form of employee theft. Retail shrinkage as a result of theft by employees and consumers is a serious problem worldwide and has a direct effect on commerce and industry. Not only does it result in a loss of profit but the retailer is also faced with additional costs such as legal expenses, loss of productivity, expensive security measures, product replacements, increased insurance, loss of trained staff and the expense of retraining new staff in the case of conviction of dishonest employees. The cost of employee theft is enormous and it has a definite and detrimental impact on business activities. Industry estimates place shrinkage at between 5 and 7 percent of turnover, with most companies budgeting for at least 3 to 5 percent. The main purpose of the study was to examine the reasons why employees participate in this type of dishonest behaviour and the methods that they use in such instances. The research followed a quantitative approach where a survey questionnaire was used as the data collection method. As few if any person will admit to stealing, projection techniques were used to obtain the information. It was found that employees are aware of a variety of methods by which employees steal. The impression was gained that employees are not aware of the impact and effect losses of this nature have on the future success of a company. Dishonesty creates its own vicious circle. If management is perceived as treating employees unfairly in order to make even larger profits employees become defiant and react in such a dishonest manner. Employees then regard stealing as paying management back for this. This study highlights the areas where corrective action is required and indicates the need for a strict security policy and a beneficial corporate environment to be created by management.
Corporate governance, substantive theory and sociological institutionalism: The case of the Egyptian banking sector
Authors: Sorour M. Karim , Howell Kerry E.
Published: February 2017

Banking organizations have peculiar characteristics that make it difficult for them to adopt and apply traditional corporate governance models. However, little attention has been given to understanding and theorizing banking corporate governance. Deploying a grounded theory methodology this paper develops a substantive theory of banking corporate governance within Egypt. Subsequently, through sociological institutionalism the substantive theory is further analyzed and assessed; findings indicate that banking corporate governance is an evolving context or contingency based phenomenon. Corporate governance for banks in Egypt involves an institutionalization process based on regulative and normative pressures that looks to ensure legitimacy from shareholders, regulators and depositors. This said, to maintain legitimacy banks either comply or disguise their non-compliance. Overall, this paper contributes to non-traditional corporate governance theorizing and offers policy-makers a distinct in-depth understanding of the phenomenon.
Corporate risk communication as part of corporate governance – insights from a behavioral risk perspective
Authors: Theis Jochen Christopher
Published: February 2017

When corporate ownership and control are separated, information asymmetries arise between the uniformed principal (investor) and the informed agent (manager). Within this principal agent conflict, the communication of risks faced by the entity is crucial within a corporate governance context, as investor decisions concerning a company are mainly driven by the evaluation of chances and especially of risks regarding the future prosperity of the company. Risks can thereby only be communicated reliably as part of corporate communication (i.e. without inducing unexpected behaviors), when the informational needs of the investors are understood. In order to derive insight about which variables are important in explaining how investors perceive risks disclosed by an entity, I develop a structural equation model in which I combine two theoretical approaches of human risk perception: the “decision theory view” and the “behavioral risk perspective”. For estimating the model, I make recourse to data derived from a survey that was conducted with 32 students who were asked to assess five risks which the fictitious “Alpha group” discloses in its management commentary. I chose the management commentary as the object of study, as it has a unique and increasing relevance as an instrument of capital market communication. My results suggest that both theoretical approaches are important in explaining investors´ risk perceptions. This finding calls into question that standard-setters predominantly adopt a decision theory view concerning risk reporting, and has further implications for the development of a company´s risk communication strategy within a corporate governance context.
Corporate governance and earnings management in New Zealand
Authors: Seng Dyna , Findlay Justin
Published: February 2017

This paper examines the relation between corporate governance mechanisms and earnings management. Using data collected from New Zealand listed companies for the financial year ending in 2005, the results show that the size of the board of directors is significantly positively associated with earnings management. This suggests that larger boards seem to be ineffective in their oversight duties relative to smaller boards. On the other hand, the independence of the board of directors, the independent role of the board chair and chief executive officer, and the independence of audit committees are not significantly associated with earnings management. Thus, these three corporate governance mechanisms are ineffective at monitoring the discretionary choices of management. The lack of effective corporate governance in New Zealand, particularly with regard to boards of directors, is mainly due to the lack of “experience and skills required to oversee the scale, complexity, and characteristics of finance operations” (Ministry of Economic Development, 2009, p.8)
Corporate governance: A risk management approach
Authors: Xu Tracy , Grove Hugh , Schaberl Philipp
Published: February 2017

Risk management committees are now required for all U.S. financial institutions that are regulated by the U.S. Federal Reserve Bank. All U.S. public companies must now report their risk management activities for both Board of Directors and top management in their 10 K annual reports to the U.S. Securities and Exchange Commission (SEC). This paper analyzes one approach to risk management for public companies and their Boards of Directors. Since 2011, Disclosure Insight Inc. has issued risk ratings for over 1500 public companies in US. Its risk rating is based on the number, nature, and timing of 100 risk factors, which are across major categories, such as the SEC investigative activity, auditor issues, capital market events, and corporate governance issues. Our study finds significant positive abnormal risk-adjusted returns for companies with lower risk ratings and these companies also outperform the S&P500. Thus, this paper should be of interest to investors, company executives, and risk management committees, as well as SEC and other regulators. Alternatively, risk management committees in public companies could just establish their own rating systems, based upon their own key factors, as opposed to using the Disclosure Insight Inc. aggregate rating approach for all 100 risk factors.
Corporate governance practices and the role of the board of directors: Evidence from UAE conventional and Islamic banks
Authors: Hassan Al-Tamimi Hussein A. , Charif Husni A.
Published: February 2017

The purpose of this study is to examine the United Arab Emirates (UAE) national banks’ practices of corporate governance regarding the role of the board of directors in the formulation and implementation of bank policies and strategies. A questionnaire has been developed using established reliable and valid measures of certain characteristics of corporate governance with minor modifications to fit the context. The results indicate that the UAE banks’ board of directors are satisfied with the compensation system; they are aware of the importance of the relationship with the shareholders; they understand and develop a good relationship with stakeholders; the composition of the UAE banks’ board of directors is appropriate; meetings of the UAE banks’ board of directors are effective and productive; the UAE banks’ board of directors are satisfied with the chairman’s leadership skills and performance; and finally, the UAE banks’ board of directors are aware of the requirements of corporate governance practices. Furthermore, the results indicate that there is a significant positive relationship between the role of the UAE banks’ board of directors and their education background, as well as their experience, compensation and corporate governance awareness. In addition, the statistical results confirmed that there is no significant difference in the role of the board of directors between the UAE conventional banks and Islamic banks
The publication landscape of German corporate governance research: A bibliometric analysis
Authors: Eulerich Marc , Haustein Stefanie , Zipfel Stephan , van Uum Carolin
Published: February 2017

Although the importance and urgency of the corporate governance debate has increased in media, public and scientific literature after the financial crisis, there is no systematic and holistic approach to the phenomenon of corporate governance and the associated economic research in the Germanspeaking countries. Due to this, the literature on corporate governance research in the Germanspeaking area is examined by means of bibliometric methods and social network analysis in order to identify thematic clusters and the most influential documents and authors. Based on a co-citation analysis of over 10,000 references cited in 267 source documents, a map is constructed that depicts the landscape of corporate governance research in German-speaking countries. The analysis identifies a large body of accumulated corporate governance research, which is mostly based on the theoretical work from English-speaking scholars. Our findings and interpretations allow a new view on the German corporate governance research and on the particular understanding of corporate governance in the German-speaking research community. Today, around 10 years after the introduction of the German Corporate Governance Code, corporate governance research is a well-established segment of German business administration research characterized by diverse research focuses
The impact of guanxi on auditor independence: Perceptions of auditors and CFOs in Hong Kong
Authors: Law Philip , Yuen Desmond , Chan Lyu
Published: February 2017

Auditor independence has long been referred to as the cornerstone of the auditing profession. Guanxi refers to the networks of informal relationships and exchanges of favors that dominate all business and social activities that occur throughout China. This research will analyse the impact of guanxi and client size on the perceived independence of auditors in the setting of Hong Kong. Survey data is obtained from 524 questionnaire responses from Chief Financial Officers (CFOs), Big 4 and Non-Big 4 auditors. Two within-subjects independent variables: “guanxi” and the “client size”, and one between-subject independent variable: auditors versus CFOs, are employed. Results indicate guanxi is a significant factor influencing perceived auditor independence in Chinese society, which has largely been neglected in the accounting literature. Independence is severely impaired when the duration of guanxi with clients reaches five years or more. Large client size has a negative influence on the perceived independence of auditors and this result contradicts an earlier U.S. study. The results indicate that the longer the guanxi when the auditor is associated a with large audit client, the greater the decrease in their perceived independence and this has implications for audit legislation. CFOs generate the lowest mean scores (greatest threat to auditor independence) for the perceived effects of all levels (durations) of guanxi among the three groups. This result supports the stewardship theory that asserts stewards (CFOs) motives are aligned with the objectives of their principals. CFOs consider the increasing levels of guanxi associated with the auditors are not in the best interests of their principals, and hence affect the reliability of the audited accounts. Though this study is conducted in the Asia Pacific region, western counterparts will find the results useful. Multinational corporations which have subsidiaries or headquarters established globally, should be aware that guanxi has implications for their Asian operations and their consolidated audited accounts. In view of the critical importance of the guanxi factor on the perceived auditor independence, standard setters in this region should consider devising ethical guidelines requiring mandatory rotation of public accounting firms.
Enhancing sustainable development through implementing complex adaptive systems and reflection: A proposed framework
Authors: Naude Marita
Published: February 2017

Most organizations regard Sustainable Development (SD) as important and within a tridimensional approach (including economic, social and environmental dimensions) SD comprises a range of complex issues. However, traditional management approaches do not capture the variabilities as organizations are complex adaptive systems embedded in a complex adaptive context. Consequently, there must be a fundamental shift towards a complexity theory approach (eg. Complex Adaptive Systems, CAS). When SD is viewed from a CAS approach it becomes a continuous process of co-evolution within a rapidly changing context rather than a once off project. Leaders, managers and practitioners work in this complex and rapidly shifting world need crucial skills such as reflection. This paper proposes a framework combining SD, CAS and reflection. Although a framework does not guarantee success it provides a tool to identify SD, CAS and reflection dimensions, develop an integrated approach, create goals, monitor and evaluate outcomes. Lastly, the paper includes management and research implications.
Legitimacy or good governance: What drives carbon performance in Australia
Authors: Qian Wei
Published: February 2017

Previous studies present diverse views on carbon performance. The legitimacy perspective posits that external forces from a wide range of stakeholders drives environmental performance change, while the governance perspective posits that strong internal governance structure leads to performance improvement. This study empirically examines the validity of these different perspectives. Using data released by top polluting companies included in the Australian National Greenhouse and Energy Reports (NGER), the study finds that better governance structures are significantly associated with higher carbon performance, but there is no significant relationship between external carbon disclosure and carbon performance. The results suggest that future policy needs to focus more on ensuring strong corporate governance system and encouraging the integration of environmental aspects into governance agenda.
Corporate governance and earnings management: An australian perspective
Authors: Kang Helen , Leung Sidney , Morris Richard D. , Gray Sidney J.
Published: February 2017

This study examines the extent to which the first-time adoption of the Australian Stock Exchange (ASX) Corporate Governance Council‟s corporate governance principles and recommendations was associated with lower levels of earnings management. Cross-sectional results indicate that the existence of an audit committee was associated with lower levels of earnings management in pre-, but not post-, recommendations. Lower director ownership was associated with higher levels of earnings management pre-, but not post-, recommendations. On the other hand, the existence of a remuneration committee was associated with lower levels of earnings management pre- and post-recommendations. In addition, longitudinal analysis shows that, following the first-time adoption, the only governance mechanism associated with reductions in earnings management was the establishment of a remuneration committee
Capital budgeting techniques employed by selected South African state-owned companies
Authors: Hall John H. , Mutshutshu T.
Published: February 2017

An analysis of the prior literature revealed few studies on the capital budgeting practices of state-owned companies (SOCs). The goal of this study was therefore to investigate the capital budgeting techniques employed by decision-makers in South African state-owned companies. The results indicated that the NPV and IRR techniques were used by 43% of respondents (the NPV was slightly more popular). WACC emerged as the preferred discount rate for capital budgeting purposes. In considering project risk, state-owned companies seem to prefer sensitivity analysis. It is thus recommended that academics emphasise the importance of NPV as a primary capital budgeting technique.
Executive compensation and board of directors’ disclosure in Canadian publicly-listed corporations
Authors: Spraggon Martin , Bodolica Virginia , Brodtkorb Tor
Published: February 2017

This article contributes to the growing body of literature exploring the important role that information transparency plays in strengthening the national corporate governance regime. We review the 2007 amendments to the Canadian reporting legislation with the particular emphasis on sections pertaining to executive compensation and boards of directors. Taking into consideration the specificities of the „comply-or-explain‟ system in Canada, we seek to uncover the extent to which publicly-listed firms comply with these newly amended standards of corporate governance reporting. Based on a comparison of 403 proxy circulars issued in the post-amendment period, we identified important cross-firm variations in the type and format of disclosed information on executive compensation and corporate boards of directors. In order to address the problems that inter-organizational disclosure discrepancies generate for governance researchers and analysts, we provide several recommendations on how Canadian publicly-traded companies can improve their reporting practices
Corporate social disclosures in the knowledge-based sector in an emerging economy
Authors: Joshi Mahesh , Sidhu Jasvinder , Kansal Monika
Published: February 2017

The purpose of this paper is to examine corporate social responsibility (CSR) reporting by the BSE TECk Sector in the developing economy of India. Using content analysis, this study analyses the disclosures of corporate social responsibility elements by the BSE TECk Sector in the annual reports. CSR disclosures are analysed in context of sources, nature and the item of information.The findings of the study advice that all the companies in the BSE TECk index disclose social issues in their annual reports. Human resources related issues have found greater attention in annual report of the sample companies and less attention has been provided to ethical issues. The study highlights that it is important for the corporate sector to disclose CSR related matters as part of their overall corporate and business performance reporting model. The paper also provides some practical implications about reporting of socially responsible activities for knowledge based companies.
Risk management, corporate governance and investment banking: The role of chief risk officer
Authors: Scherbina Tatiana , Afanasieva Olya , Lapina Yulia
Published: February 2017

This paper focuses on the defining the role of CRO in corporate governance and to show the interrelation between the way of CRO subordination and performance of investment bank. The sample consists of observations over a period of 2011 for 29 biggest investment banks (by amount of assets) implementing world-wide investment activity. The banks are originated in the USA (8), Eastern Europe (14), China (2), Japan (2), Canada (2), and Australia (1). With the aim to evaluate and compare financial performance of selected banks the construction of synthetic key performance indicator (SKPI) is worked out. The empirical analysis of risk management in the research is based on two different groups of factors, which could be used to evaluate the effectiveness of risk management in this sphere: analysis of CRO impact - Risk Management Committee factors and CRO factors, and Evaluation of Financial Performance. Results show that the CRO presence in investment banks effect positively on the financial performance.