bluuebunny/crossref_metadata_2025 huggingface dataset:
Occurrence of virus diseases of Bhut Jolokia (Capsicum chinense)
Authors: Talukdar* Juri , Mazumder N. , . K.K.Deka , Bora P.
Published: February 2017

Field surveys were carried out in three Bhut Jolokia growing districts viz., Sivasagar, Jorhat, Golaghat of Upper Assam to assess the incidence of viral diseases during 2009-11. The incidence of virus diseases varied in farmer’s field with an average ranged from 8-72% .Four different viruses were identified based on symptomatology, transmission, host range and serological assays. The mosaic disease was detected to be cucumovirus, potyvirus leaf and stem necrosis disease to be caused by tospovirus and leaf curl disease caused by begomovirus. Cucumovirus , Potyvirus and Tospovirus were easily transmitted by grafting and sap inoculation to Bhut Jolokia and other hosts tested. However, begomovirus was found to be graft transmissible whereas sap inoculation failed to produce any symptom on host plants. Mixed infection of Cucumovirus and Potyvirus was separated by sap inoculation on Datura stramonium. Cucumovirus produced local lesion while Potyvirus produced chlorotic lesion on D. stramonium. DAS-ELISA revealed highest incidence of Potyvirus (87.50%) followed by Cucumovirus (75.00%) and Tospovirus (62.50%) in Golaghat while lowest incidence (31.25-33.33%) of virus diseases was recorded in Sivasagar for all the four viruses. However, overall incidence of Begomovirus was low in all the surveyed fields.
Differential responses of arable crops with gamhar (Gmelina arborea)and mango (Mangifera indica) based agroforestry systemin red and lateritic soils of West Bengal, India
Authors: Momin Basanda G. , Dhara Pratap Kumar , Tarafdar Pranab Kumar
Published: February 2017

In order to identify the appropriate land use system towards enhancing productivity of marginal lands under rain fed conditions, an effort was made to develop agrofoerstry system integrating the arable crops, fruit trees and silvi components. The study involves with Gamhar (Gmelina arborea) and Mango (Mangifera indica) as silvi and fruit trees respectively intercropped with five arable crops namely Pigeon pea, Ground nut, Okra, Bottle gourd and Maize in kharif and Mustard alone in rabi season. Data on growth and yield parameters of the tree species were recorded. Analysis of soil pH, Organic carbon, availability of Nitrogen(N), Phosphorous(P) and Pottasium(K) were made during the crop growing period. The economic return from each of the treatments were also determined. The results reveal that among the various intercrops Pigeon pea was found most suitable in respect of soil fertility improvement and Okra for the best economic return.
A Study on Importance and Efficacy of Self Help Groups in Women Employment
Authors: . Sushma , Elahi Yasir Arafat
Published: February 2017

“Women”; a word that reminds us our mother, sisters, wife, daughters fulfilling all their family chaos and now they can be seen in more modern roles like managers, educators, political leaders and much more is coming. Today they have even dared to break the gender barriers to become mountaineers, pilots and even serving combat roles in armed forces. In India, after independence the constitution leaders and policy makers realized the fact that, in order to develop whole country it is very important to put women in equal position to men. It was the need of the hour to make women empower economically, socially, politically, legally as well as psychologically. Education is the first and foremost way to empower them as it created awareness and enable them to take decisions.Self Help Groups (SHGs) have become the vehicle of change in the rural areas, transforming the lives of the marginalized.
SHGs organize the poor and the marginalized to join hands to solve their problems and the method has been very successfully used by the government and the Non-Government Organizations in achieving several goals. As a firm or enterprise, SHG performs the role of collective bank and enterprise and ensures better access to loans with a lower rate of interest to start micro unit enterprise. SHGs have emerged as a powerful instrument in order to eliminate poverty and for the empowerment of women in the rural economy. SHGs through the network of commercial banks, co-operative banks, regional rural banks, NABARD and NGOs are largely supply driven and a recent approach in the provision of financial services to the poor and further upgrading their status in the society. In this empirical study we analyze the performance of the SHG’s in order to understand the benefits it has accrued to the females of the society. The paper here focuses on appraising the women empowerment in various fields like economical, psychological, social etc. with the help of Self Help Groups.
Do Children Influence Parents Purchase ? A Study on Holiday Decision
Authors: Vishwakarma Suchita , Chatterjee Ranjanabh
Published: February 2017

This paper attempts to understand the role of Indian children in the modern society, who despite of having undergone multiple socio-economic changes, are still trapped in the patriarchal grip. The paper tries to understand the difference in role of children owing to the cultural and demographic differences. In different cultural set up, children are perceived differently. Hence demographic characteristics of children become a basic parameter to evaluate the consumerism behavior of children. Thus this paper tries to investigate the level of influence that children have on parent’s decision making through the mode of literature review. The paper concludes that there is a difference in level of influence owing to the demographic factors, which in turn is expressed and exerted differently on parents to finally get the purchase done in their favor.
An Analysis of Factors Influencing Buying Motives of Youth Towards E- Retailing
Authors: Kumari Jyoti , Verma Rinki
Published: February 2017

Buying through e-retailers has changed the way of shopping of consumers as they did earlier. Retailers are capturing the markets beyond any leaps and bounds. Due to wide use of internet and increased number of smart phone users, purchasing through e-retailers has witnessed a wider growth these days. Youth includes most part of smart phone as well as internet users, so this study finds out the motives of youth towards purchasing through e-retailers. This paper has tried to find out the relationship and impact of variables like gender, internet literacy, educational qualification and website usability on buying motives through e-retailers. The study has been conducted among the students of management colleges in Lucknow. The results of study indicated that there is a significant relationship of gender, internet literacy, and website usability with buying motives towards e-retailing. The study also highlighted that there is no significant relationship between educational qualification and buying motives towards e-retailing.
La deforestación y sus factores causales en el estado de Sinaloa, México
Authors: Monjardín-Armenta Sergio A. , Pacheco-Angulo Carlos E. , Plata-Rocha Wenseslao , Corrales-Barraza Gabriela
Published: February 2017

El objetivo de esta investigación fue estudiar la deforestación y sus causas en el estado de Sinaloa, México. Para ello, se utilizó la cartografía de Uso de Suelo y Vegetación del año 1993 y 2011 a escala 1:250 000, con esta se estimó la deforestación mediante una técnica de detección de cambios; posteriormente, se caracterizó la deforestación mediante la consulta a expertos. Por último, se aplicó la matriz de cambios para analizar las pérdidas, ganancias y transiciones y corroborar cartográficamente lo obtenido por los expertos y la detección de cambios. Los resultados indican una deforestación de 126.50 km2/año y una tasa media anual de 0.41%. De la consulta a expertos se determinó que las principales causas de estos procesos son la expansión agrícola y la extensión de infraestructura con un impacto de 49.40% y 18.8%, respectivamente. En cuanto a la matriz de cambios, se determinó que especialmente la categoría de selvas perdió 2374.19 km2, por el contrario, la agricultura de temporal también se extendió 3326.62 km2 y la categoría de asentamientos humanos pasó de tener 191.51 km2 a 623.28 km2.
Alimentos alternativos da agricultura familiar como proposta em rações para Tambaqui (Colossoma macropomum Cuvier, 1818)
Authors: Da Silva Fabricio , Medeiros Luciano Ramos de , Lima Alcione Antonia Nascimento de , Xavier Débora Tatyane Oliveira , Macedo Antônia Rafaela Gonçalves , Reis Adebaro Alves dos , Brandão Lian Valente , Souza Raimundo Aderson Lobão de
Published: February 2017

The objective of this study was to valorize the waste found in the ambit the family farming as proposed in diets for tambaqui (Colossoma macropomum). The search was performed in the Association of Producers and Rural Producers of Family Farming of the county of Tomé-Açu (APRAFAMTA), located in the community of Santa Luzia, Para State/Brazil. The methodological route consisted in utilization of a qualitative approach, based on exploratory and bibliographical research, in addition to technical visits to agricultural crop facilities and agroindustrial sector. For it, were used the methodological tools of Participatory Rural Diagnostic (PRD), as well as, the in site observations, interviews and transect walks. In the community, the main activities residues were found: acai, acerola, banana, cacao, cupuaçu, guava, mango, passion fruit and peach palm. Besides these, some families present the cultivation of rice, beans and cassava, with the use perspectives on nutrition of tambaquis. Therefore, considering the reduction of costs resulting from the use of alternative/complementary food for the species, so it is suggested the use of such waste in order to minimize the barriers for the price of commercial feed within the productive chain, as well as reduce the impacts from the inappropriate release into the environment.
Patógenos bacterianos encontrados em cães com otite externa e seus perfis de suscetibilidade a diversos antimicrobianos
Authors: Gheller Bruna , Meirelles Andrea Christina Ferreira , Figueira Paulo Tadeu , Holsbach Vanessa
Published: February 2017

Chronic and overuse of antibiotics can lead to bacterial resistance, as a matter of extreme importance because its purpose is to help the clinic to identify the causative agent and appropriately treat the cases of external otitis diagnosed during the clinical routine. The aims of this study included the identification of the main microorganisms present in external otitis in dogs of Toledo-PR and its susceptibility to various antibiotics. Earwax samples were collected with sterile swabs from the external ear of 50 dogs treated at the Veterinary Hospital of PUCPR, campus Toledo, between August 2014 and May 2015. The microorganisms were cultured and identified according to the methods described in this paper, and the susceptibility to antimicrobial was assessed by the diffusion method on modified Kirby-Bauer disk. The antibiotics tested were as follows: gentamicin, neomycin, tobramycin, enrofloxacin, ciprofloxacin and norfloxacin. Regarding the microorganisms isolated from the 18 dogs whose samples showed bacterial growth, the most frequent was Staphylococcus pseudintermedius (55.5%), Staphylococcus epidermidis (16.6%), Pseudomonas aeruginosa (11.1%), Escherichia coli (11 1%) and Shigella sonnei (5.5%). Different resistance percentages were observed for each of the five bacteria found subjected to six antimicrobials. However, gentamicin and neomycin had high efficiency for all bacteria found. It can be concluded that the most frequently isolated causative agent was Staphylococcus pseudintermedius and the most effective antimicrobial against this were gentamicin, ciprofloxacin and norfloxacin. Canine otitis is an important disease in veterinary practice, thus, it is very important to know the agents associated and their susceptibility profiles in order to establish a targeted and effective treatment and prevent the spread of multi-resistant bacteria.
PCR-RFLP: uma alternativa a cultura (padrão Ouro) no diagnóstico de dermatófitos em cães e gatos
Authors: Leal Carlos Adriano , Kim Pomy de Cássia Peixoto , Mota André da Rocha , Lima Débora Costa Viegas de , Gomes Ana Lisa do Vale , Pinheiro Júnior José Wilton , Silva Leonildo Bento Galiza da , Mota Rinaldo Aparecido
Published: February 2017

ABSTRACT. Dermatophytes are fungi keratinophilic and keratinolytic that causing dermatophytosis in humans and animal and, even with a variety of available methods, the laboratory diagnosis is still a difficulty in the veterinary clinic routine. The aim of this study was to evaluate the PCR-RFLP technique as an alternative method to the culture (gold standard) for the diagnosis of dermatophytes in dogs and cats. Were analyzed 150 samples from animals with skin disease. Culture and DNA extraction from fur and/or crusts were performed. To the PCR-RLFP positive controls were used colonies of M. canis (URM 6273), M. gypseum (URM 6921) and T. mentagrophytes (URM 6211), from the URM Micoteca - Department of Mycology, Biological Sciences Center of the Universidade Federal do Pernambuco. The primers used were ITS1 and ITS 4. The BseBI endonuclease was selected to obtain fragments pattern. The Kappa coefficient (K) was used to analyze the agreement between culture and PCR-RFLP. There was an almost perfect agreement (K = 0.813) between the results of culture and PCR-RFLP. The molecular technique showed an interesting potential to the dermatophytes identification in clinical samples from dogs and cats. However, further studies are required to guide the future of PCR-RFLP in the laboratory routine.
Theoretical explanations of hybridization process of governance with evolutionary game, multiple optima, and path dependence
Authors: Takei Hideki
Published: February 2017

While a hybrid governance mode has been considered as a transition mode, this consideration has been inappropriate in the current observations of hybrid modes that would be potentially a long-term stable mode. In addition, theoretical explanations of the traditional hybrid mode have lost explanatory powers since convergence ideas and assumptions have been rejected in the international corporate governance. This paper is a first challenge for theoretical explanations of the current emergences of new hybrid modes and hybridizations. While there are four phases of the hybridization, each phase would be discussed based upon evolutionary game theory, concept of multiple optima, and theory of path dependence that consider current drastic changes in international governance caused by mainly market globalizations, IT revolutions, and globalizations of shareholders.
Internal and external governance mechanisms: Evidence from the Nigerian banking industry
Authors: Adelegan Olatundun J.
Published: February 2017

This paper examines the relationship between internal and external governance mechanism employed by Nigerian banking companies. Data for the study was obtained from the annual reports of bank in Nigeria. I find a higher portion of non-executive directors and a greater likelihood of separating the role of company chairman and CEO in banks compared to similar studies of Nigerian quoted companies. The proportion of non-executive directors who are former executives is low. These suggest those banks are more likely to employ non-executives for monitoring. Banks in Nigeria have utilized audit committees since 1991 and the audit committees in Nigerian banks possess a great proportion of non-executive directors.
The dynamic liquidation of banks’ bad loans
Authors: Harr Thomas , Nielsen Martin Junker
Published: February 2017

We consider the optimal dynamic liquidation of banks’ bad loans. The banks’ liquidation strategy affects the value of collateral and hence other firms’ access to credit. In this framework we characterize the socially optimal liquidation path. We show that the ’liquidate immediately’ strategy is optimal in a small banking crisis whereas the ’liquidate gradually’ strategy is optimal in a large banking crisis. It is argued that liquidation is likely to be postponed at society’s cost when the regulator has a short time horizon. We apply our analysis to the Japanese banking crisis.
The managerial power impact on compensation – some further evidence
Authors: Eriksson Tor
Published: February 2017

The aim of this paper is to test the managerial power hypothesis more rigorously than in previous studies by: testing it against the compensating wage differentials explanation, using both cross-sectional and longitudinal data, and adopting two alternative measures of managerial power; a frequently used indirect one, and a more direct power indicator. The results of analysis show that despite introducing individual characteristics, when using two or three alternative measures of managerial power and when estimating the managerial compensation model on cross-sectional as well as longitudinal data (the later allowing me to cater for unobserved heterogeneity), the power variables continue to obtain positive and statistically significant co-efficient estimates.
Corporate governance in Italy after the 1998 reform: What role for institutional investors?
Authors: Bianchi Marcello , Enriques Luca
Published: February 2017

his paper tries to answer two questions: first, whether the changes in the law resulting from the 1998 reform are able to positively affect the attitude to activism of institutional investors in Italy; and second, whether, legal rules aside, it is reasonable to expect significant institutional investor activism in Italy. We provide both an empirical analysis of the factors affecting institutional investor activism in Italy and a legal analysis of the most relevant changes in the Italian mutual funds and corporate laws, following the 1998 reform. The empirical analysis shows that institutional shareholdings and investment strategies are compatible with the hypothesis that institutional investors can play a significant role in the corporate governance of Italian listed companies. However, a curb to their playing such an active role may derive from the predominance of mutual fund management companies belonging to banking groups (giving rise to conflicts of interest) and from the prevailing ownership structure of listed companies, which are still dominated by controlling shareholders holding stakes higher than, or close to, the majority of the capital (implying a weaker bargaining power of institutions vis-à-vis controllers). The analysis of the legal changes prompted by the 1998 financial markets and corporate law reform indicates that the legal environment is now definitely more favorable to institutional investor activism than before. However, the Italian legal environment proves still to be little favorable to institutional investor activism, when compared to that of the U.S. or the U.K.
Ownership structure and performance: A comparison of different corporate governance systems
Authors: de Miguel Hidalgo Alberto , Pindado Julio , de la Torre Chabela
Published: February 2017

This paper analyses how the main institutional factors characterizing corporate governance systems around the world affect the relationship between ownership structure and firm performance. Our analysis gives rise to the following remarks. First, ownership concentration and insider ownership levels are determined by several institutional features such as investor protection, development of capital markets, activity of the market for corporate control, and effectiveness of boards. Second, the relationship between ownership concentration and performance is not directly affected by these institutional factors. Third, there is, however, a direct influence of corporate governance characteristics on the relationship between insider ownership and performance.
Ownership structure and proxy contest without proxy trading: Evidence from Taiwan securities markets
Authors: Kao Lanfeng , Chen Anlin
Published: February 2017

This paper discusses how proxy fights affect the incumbent managers’ attitude toward the shareholders. In Taiwan, the proxy rules Amendments in 1996 prohibit the proxy fighters to purchase proxy rights from shareholders. We argue that the prohibition of proxy trading favors the incumbents to gain control over the firms. Since the proxy rules favor the incumbent managers, incumbent managers do not have to keep a high ownership to gain control leading to severe agency problems between incumbent managers and outside shareholders. With the case of stopping proxy trading in Taiwan, we indicate that to order to mitigate the managers’ unethical behaviors toward shareholders under the separation of ownership and control, proxy rules should be unbiased toward both the incumbents and raiders.
On the way to “good” corporate governance? A critical review of the German debate
Authors: Steger Thomas , Hartz Ronald
Published: February 2017

Corporate governance was widely debated in recent years, in Germany as elsewhere. The question what “good” corporate governance constitutes and how it should be achieved stands in the centre of all those discussions. This paper critically draws on the German case. It tries to identify the key issues as well as recent changes in the character of this debate. It is argued that the reform spirit in Germany stands at the edge and needs some considerable refreshment in the near future
Accounting reform in Ukraine
Authors: McGee Robert W. , Preobragenskaya Galina G.
Published: February 2017

This paper summarizes the results of interviews conducted at accounting firms and educational institutions in Kiev and Odessa during the summer of 2004, supplemented by later correspondence via the internet. Topics discussed include the adoption and implementation of International Financial Reporting Standards (IFRS), education for accounting practitioners, recent changes in accounting education in Ukrainian universities, accounting certification and taxation.
What about the debt governance structure and stockholders’ interests in transition market? Perspectives from Egypt
Authors: Eldomiaty Tarek Ibrahim
Published: February 2017

This study examines the relationship between debt governance structure at three levels (high, medium and low) and firm’s performance in the stock market. The debt structure classifies debt into short-term debt and long-term debt at each debt level. The results indicate that in the high debt firms, the short-term debt helps improve the PE ratio. As for the medium debt firms, the results show also that the short-term debt helps improve the market value added. The results of the low debt firms are similar to those of the high debt firms indicating that the short-term debt can be used to improve the PE ratio. The regression characteristics show that with the exception of medium debt in the PE equation, the explanatory power for the other performance measures are relatively high which indicates a relatively high degree of association between both types of debt with the MB and MVA respectively. The overall results show that (1) debt governance structure in Egypt is characterized by the dominance of short-term debt, (2) the latter can be used to improve the firm’s performance in the stock market, which shows that the association of interests between short-term debtholders and stockholders is highly likely, and (3) the negative relationships of long-term debt indicate to the presence of an agency problems between long-term debtholders and stockholders. The contribution of this paper is that it shows the extent to which either type of debt can be used to address the debtholder- stockholders agency relationships.
Towards an organisational law of the polycorporate enterprise? A comparative analysis
Authors: Möslein Florian
Published: February 2017

One key element in improving economic efficiency is corporate governance which involves a set of relationships between a company’s management, its board, its shareholders and other stakeholders. If countries are to reap the full benefits of the global capital market, and if they are to attract long-term ‘patient’ capital, corporate governance arrangements must be credible and well understood across borders. One aspect of the relationship between the company’s management and its shareholders is far from being well understood: How is this relationship affected if the single company is transformed into a parent company of a corporate group? In Germany, this topic has attracted the most vivid legal interest for some decades, but it is not even considered in other countries - neither in the context of corporate governance nor in the one of corporate groups. One reason might be that provisions concerning corporate groups are not perceived as a distinct body of law in most of these countries
Financial sources of R&D investment
Authors: Martínez-Ros Ester , Tribó Josep A.
Published: February 2017

This paper explores how firms finance their R&D projects. There are several instruments that can be used, however, due to information asymmetries and the combination of tangible and intangible returns that R&D projects generate, debt-financing is the worst alternative. The novelty of this paper is that it combines aspects of the resource-based view with those of the agency theory. This, in terms of a firm’s decision making, is to consider that a firm’s R&D investment is, on the one hand, partly determined by its financing resources and, on the other hand, a major determinant of its financial structure. The theoretical hypotheses are supported in the empirical study that makes use of a data sample of Spanish manufacturing firms for the period 1991-99. The main implication for managers that can be extracted from our study is that the most powerful financing incentive mechanism to stimulate R&D effort is to follow a deep pocket policy of internal funds accumulation
German corporate governance code and most commonly unaccepted recommendations: Introduction and some explanation
Authors: Bebenroth Ralf
Published: February 2017

This study presents an empirical analysis of compliance. In the year 2002 the German Corporate Governance Commission introduced a Corporate Governance Code to companies listed on the German stock exchange. Each company in noncompliance with one or more of the recommendations must explain in writing. Regarding the 2003 amended Code, this study identifies the Most Commonly Unaccepted Recommenations (MCURs). Finally it gives some explanation why some companies have good reason not to follow all the recommendations like the German Corporate Governance Commission want them to
Does ownership structure effect IPO underpricing: Evidence from Thai IPOs
Authors: Venkatesh Sunder , Neupane Suman
Published: February 2017

The study utilizes a unique set of IPOs data in Thailand post Asian Financial crises to identify the relationship between initial market adjusted underpricing and the ownership concentration. We find that a weak but a negative relationship exists between the two and therefore to certain extent refuting the signaling hypothesis of high ownership and high underpricing. We employ a rank correlation to identify the association between the two variables. A regression model using the widely used proxies of information asymmetry model fails to up hold the information asymmetry model in the context of Thai IPOs.
Moral hazard, agency problem and ownership structure
Authors: Lee Seok Weon
Published: February 2017

Using a sample of recent Korean banking industry for 1994-2000, we examine how the effectiveness of managerial ownership is affected by the regulatory regimes in banking industry and the banks’ moral hazard incentives. We found that the managers of the banks in the higher moral-hazard group (the group of banks that are known to have greater moral hazard incentives in the literature such as the banks with lower charter value, greater asset size and lower equity capital) tend to have greater incentives to align their interests to those of stockholders by taking on more risk as managerial ownership rises, compared to the banks in the lower moral-hazard group, but only over the relatively deregulated period 1994-1997. Thus, in terms of only addressing the owner/manager agency problem, the owner/manager agency problem of banks can be easily addressed by changing their insider holdings or ownership structure, in particular when the banks have relatively higher moral-hazard incentives and banking regulations are loose. But we also found that this increased risk-taking has not ultimately resulted in better performance of the bank. This result may suggest a very important policy implication regarding the safety of the banking industry. If the increased risk-taking with greater managerial ownership does not contribute to improving the bank profitability, taking on more risk could end up with only increasing the possibility of failure of the bank. Therefore, the increase in insider holdings to address the owner/manager agency problem may have to be associated with closer and more frequent monitoring of the banks’ risk-taking behavior.
Cutting the dividends tax…and corporate governance too?
Authors: Falaschetti Dino , Orlando Michael J.
Published: February 2017

Economists tend to agree that the recent cutting of US dividends taxes will encourage investment and reduce financial distress. In addition to creating these “benefits,” however, the tax cut can also increase governance costs. For example, by removing a bias for leveraged capital structures, the tax cut foregoes debt’s superiority on at least three dimensions: Evaluating and monitoring demanders of financial capital; Constraining managerial agents’ from opportunistically employing capital market proceeds; and Encouraging non-financial stakeholders (e.g., employees, suppliers) to make firm-specific investments.
The semantics of governance: The common thread running through corporate, public, and global governance
Authors: Apreda Rodolfo
Published: February 2017

This paper argues that the semantics of governance illustrates connections and provides a unifying view from which to understand much better its natural branches: corporate, public and global governance. In this regard, governance is presented from the point of view of a distinctive field of learning and practice. Three levels of analysis are carried out to drive the subject home. The first one highlights the scope of corporate governance within an institutional framework. The second frames the notion of public governance, giving heed not only to the linkage among constituents, charters, representation and the fiduciary role, but also problems raised by accountability, voting rights, and the codes of good practices. The third level leads to the semantics of global governance
After Sarbanes-Oxley: Market reaction to the appointment of outside directors
Authors: Uzun Hatice , Webb Elizabeth
Published: February 2017

This paper examines the stock market reaction to the appointment of outside directors to the board both before and after the passage of the Sarbanes Oxley Act in 2002. We also examine whether the abnormal returns following outside director appointments are related to audit committee appointments, and whether the outsider has financial expertise. Results show that the market response to the announcement of an appointment of an outsider to the board of directors is mixed, and abnormal returns are not significantly different after the passage of the Sarbanes-Oxley Act compared to those announcements before the Act. Also, we find that the market reaction pre- Sarbanes Oxley is higher when the outsider is expanding the board, lower in cases of CEO/chairman duality, and lower if the outsider is appointed to the audit committee. Post- Sarbanes Oxley CEO/chairman duality has a positive impact on the abnormal returns.
Voluntary adoption of IFRS in Germany: A regulatory impact study
Authors: Moya Soledad , Oliveras Ester
Published: February 2017

From 2005 onwards, consolidated financial statements of listed European companies have to comply with IFRS (IAS). Many German companies began adopting those standards in the 1990s, on a voluntary basis, because of their need to access international capital markets. A broader and more dispersed investor community could be achieved only by accepting significant regulatory consequences. The purpose of this paper is to analyse the financial impact of initial IFRS adoption on the statement of changes in equity and the income statement of German companies. Our analysis comprised all non-financial DAX groups applying IFRS plus additional listed companies in two selected industrial sectors. The two sectors are chemical pharmaceutical and fashion where, apart from the DAX companies quoted, we have studied other relevant companies in each sector. The analysis of the reconciliations of the retained earnings and income statement has been developed both from company and type-of-adjustment perspective, classifying items in similar accounting categories. The results are that the impact of initial adoption of IFRS was, both individually and overall, significant. In relation to the specific sectors analysed, impact is also relevant, although not as much as in DAX companies, but differs between the sectors.
Ownership structure and expropriation in stock exchange listed firms
Authors: Gadhoum Yoser , Gueyié Jean-Pierre , Hentati Mohamed
Published: February 2017

This paper analyses firms’ ownership structure and corporate governance in seven countries, with an emphasis on stock exchange listed firms. This focus is, in our view, important because these firms are more representative of the economies of countries included in our sample. Our results indicate that in Canada, Europe and East-Asia, ownership structure is highly concentrated. Most of the firms are controlled by at least one large shareholder who reinforces his or her control with devices such as multiple voting right shares, pyramidal structures, cross ownership, and reciprocal holding. In the U.S., firms’ ownership structure is more diffuse. The use of means to separate ownership from control is less present and the control of the large shareholder is lower than in the other sample countries. Being listed on the stock exchange can explain the firm’s ownership structure. Exchange-listed firms, which are generally larger in size than unlisted firms, tend to have more diffused ownership. Further, the legal system hypothesis formulated by La Porta, Lopez-De-Silanes, Shleifer & Vishny (1998) does not hold for the countries we analysed
The effect of privatization and government policy on competition in transition economies
Authors: Clarke George R.G.
Published: February 2017

Recent studies have emphasize how important role competition is for enterprise productivity in Eastern Europe and Central Asia. This paper looks at the effectiveness of government policy in promoting competition in these countries. Improving enforcement of competition law and reducing barriers to trade increase competition. Firms are considerably less likely to say that they could increase prices without losing many customers when competition policy is better enforced and when tariffs are lower. In contrast, there is little evidence that privatization increases competition in of itself. State-owned enterprises face no less competition than other enterprises and the overall level of competition is no lower in countries with more state-owned enterprises. Although privatization might have other benefits, there is little evidence that it will increase competition unless governments take complementary actions such as reducing trade barriers or enforcing competition laws
Incidence and incentives for the voluntary disclosure of employee entitlement information encouraged under AASB 1028
Authors: Kent Pamela , Molesworth Mark
Published: February 2017

This paper examines the determinants of voluntary disclosure by firms of employee entitlement actuarial assumptions under AASB 1028. It draws on proprietary costs of information and stakeholder theory to make predictions about factors, which influences the disclosure of the actuarial assumptions. This framework is chosen after a review of alternative theories used to investigate voluntary disclosure. It is found that disclosure is negatively related to the power of firms’ employees, and firm economic performance. Disclosures are weakly, positively related to firm size in the multivariate model.
Ownership structure and capital structure: Evidence from the Jordanian capital market (1995-2003)
Authors: Omet Ghassan
Published: February 2017

The capital structure choice has generated a lot of interest in the corporate finance literature. This interest is due to several reasons including the fact that the mix of funds (leverage ratio) affects the cost and availability of capital and thus, firms’ investment decisions. To date, much of the empirical research has been applied on companies listed on advanced stock markets. This literature considered a variety of factors such as company size, profitability, asset tangibility, firm growth prospects and ownership structure as possible determinants of the capital structure choice. This paper examines the finances of Jordanian listed companies and the impact of their ownership structure on the capital structure choice. Based on a panel data methodology (1995-2003), the results indicate that while Jordanian companies are not highly leveraged, their ownership structure does have a significant impact on capital structure, and that much of the main-stream determinants of capital structure are applicable to the Jordanian scene.
The market-oriented governance model of SOEs: China perspective
Authors: Li Weian
Published: February 2017

In the transition from centralized planned economy to market economy, reallocation of rights between the government and the market leads to the fundamental changes of economic structure, thus causing Paradigm shift from the government-oriented governance pattern in China. Based on survey of 104public listed companies in China, a descriptive analysis of the market-oriented governance pattern of SOEs is provided. The internal and external governance mechanisms in market-oriented governance model are designed to enhance the reform of modern enterprise institutions in China
On the pros and cons of employee stock options: What are the alternatives?
Authors: Pukthuanthong Kuntara , Walker Thomas
Published: February 2017

Despite theoretical validity, there is mixed empirical evidence on whether employee stock options align the interests of management and shareholders by turning managers into owners. Yet, recent accounting scandals, excessive payouts, and the public’s call for a proper recognition of stock option grants have produced considerable debate in boardrooms and the financial press about the desirability of using stock options. This paper provides an overview of the empirical research in the field and discusses the advantages and disadvantages of using stock options as part of an employee’s compensation package. In light of the recent accounting scandals, regulatory bodies have been hard pressed to change the accounting treatment and recognition of stock options. As a result, practitioners and academics are increasingly on the lookout for alternative forms of compensation tools. To aid in the ongoing discussion, we propose a number of alternative compensation tools that help alleviate some of the problems inherent in stock options, while still rewarding a manager for his performance and aligning management and shareholder incentives. While there is no clear-cut answer as to what compensation tool is best, our study should provide corporate managers with the necessary insights that are needed to choose the method that most closely meets their objectives. In addition, our study aims to open the door for further academic discussion that is required to address a number of questions that remain unanswered in this area
Window-dressing of financial reports: Evidence from financial firms
Authors: Guan Liming , Lin Fengyi , Wei Jianguo
Published: February 2017

Using Benford’s law, this study documents pervasive evidence that managers of U.S. financial firms tend to engage in earnings manipulative activities of rounding earnings numbers to achieve key reference points. Consistent to prior studies, we find that the first digit is often emphasized by management in window-dressing the earnings numbers. More importantly, we find that key reference points are not limited to the first digit. The second, third, fourth, or even fifth digits are sometimes used as the reference points of rounding earnings. Our empirical results further show that the incentives of rounding earnings numbers are negatively associated with the distance of pre-rounded earnings to the reference point. Specifically, the greater the magnitude of the distance of pre-rounded earnings to the key reference point, the less likely management chooses to round earnings to achieve that point. The findings of the study have significant implications to the corporate control mechanisms of firms, especially to the roles of external auditors and the audit committees
Ownership, control, valuation and performance of Brazilian corporations
Authors: Carvalhal da Silva André Luiz , Leal Ricardo Pereira Câmara
Published: February 2017

This paper analyzes the ownership and control structure of Brazilian companies and the effect of cash flow and voting rights on firm valuation and performance. Ownership is quite concentrated in Brazil with most companies being controlled by a single direct shareholder. We find evidence that non-voting shares and indirect control structures are largely used to concentrate control with reduced overall investment in the company. Our results support the hypothesis that firm valuation and performance are positively related to cash flow concentration, and negatively related to voting concentration and to the separation of voting from cash flow rights. Moreover, firm valuation and performance are relatively higher for firms with controlling shareholders when compared to firms without controlling shareholders.
Harmonization of financial statements using web architecture
Authors: Vaidyanathan Ganesh , Saksena P. N. , Xavier Peter
Published: February 2017

The objective of this paper is to show that the universal implementation of harmonized standards does not seem plausible in the short term and further to propose various models which would provide multiple GAAP financial statements in a user friendly format. The opportunities of Information Technology (IT) and the need for harmonization of financial statements meld the essence of this study. In this study, we look at the feasibility of employing multiple methods of employing IT to the task of harmonizing financial reports. Using the similarities and differences among GAAP of three major countries belonging to three continents, we formulated IT methodologies and how these methods can enhance the functionality of harmonization of financial statements. We also study IT guidelines of electronic standards for international financial reporting.
Fee endogeneity, discretionary accruals and managerial incentive
Authors: Van der Zahn Mitchell , Tower Gregory
Published: February 2017

Our study examines linkages between discretionary accruals, management ownership and remuneration and non-audit service (NAS) fees. All findings for our study are based on an extensive analysis of 351 Singapore publicly listed firms for the 2001 fiscal year period. Inferential statistics results using OLS and 2SLS reveals three key findings. First, there is a negative association between discretionary accruals and NAS fees. Second, managerial ownership positively affects the negative association between discretionary accruals and NAS fees. Third, this positive affect is weaker amongst firms with high accounting-based management remuneration. Our study also documents that when using single-equation estimates audit committee effectiveness is found to have a significant positive (negative) influence on audit coverage (purchase NAS fees). After controlling for fee endogeneity, however, the evidence shows that audit committee effectiveness is not associated with purchase of either audit or NAS fees. Findings from single-equation models of audit and NAS fees confirm prior research showing a knowledge spillover effect. Consistent with emerging literature, however, we show that when using simultaneous-equations the association between audit and NASs fees suffers from simultaneous-equation bias. Thus, consistent with Whisenant et al., (2003) we conclude there is no knowledge spillover between the two fees. Another key feature of this paper is we expand the very limited literature investigating linkages between audit committee effectiveness and the two fees. We document a failure to control for the feedback relationship between the two fee types is likely to produce spurious findings and inferences
Fair value and stakeholder-oriented accounting systems. Some evidence from Italy
Authors: Melis Giovanni , Melis Andrea , Pili Alessandro
Published: February 2017

This paper examined the key issues related to the effects of introduction of fair value in a stakeholder oriented accounting system. In particular, it discussed how the decision of the Italian policymaker to limit the distribution to shareholders of fair value gains is rooted on the importance of prudence in the Italian legal and GAAP framework. The paper seek to explore how the importance of the ‘prudence’ principle in the Italian legal and GAAP framework seems mainly due to the influence of broadly defined corporate governance issues, such as the ownership, control and capital structures that characterise Italian listed companies, the concept of the corporation as generally accepted in Italy, and cultural issues, in relation to prudence, risk-taking and uncertainty avoidance. This paper argued that the Italian regulator decision seems able to safeguard the interests of a wide range of corporate stakeholders, without lowering the quality of information to investors, and provided an example of income statement section (named comprehensive income statement) in which fair value gains and losses may be disclosed
Circumstances relating to interlocking directorates in Italy: An exploratory study
Authors: Markarian Garen , Parbonetti Antonio , Previts Gary John
Published: February 2017

Despite a large body of research in the management, accounting, economics, and finance literatures, the relationship between board composition and firm performance is still controversial and ripe for debate (for a recent study, see Boone et al., 2004). Utilizing the theoretical approach of Zahra and Pearce (1989) that identifies the three key roles of the board as oversight, strategy, and service, we examine the effects of having board interlocks between an industrial firm and of financial services firm, and firm characteristics. Using publicly available data on all listed Italian firms for the year 2001, we find that for industrial firms, there is a positive relationship between the number of board interlocks with a bank and current year return on assets, however, the opposite is true for financial services firms. Finally, we find no relationship between interlocking directorates with banks and firm capital structure
Corporate governance in Indonesian state-owned enterprises: Feeding with western ingredients
Authors: Worang Frederik G. , Holloway David A.
Published: February 2017

Corporate frauds and failures in Indonesian have continued despite the corporate governance principles of Indonesia’s State-Owned Enterprises (SOEs) which have been strengthened following the Asian financial crisis of 1997/1998. This appears to indicate that corporate governance principles primarily adopted from developed Western nations are not adequate to address problems faced by SOEs in Indonesia. This primarily analytical paper evaluates the current corporate governance practices in Indonesian SOEs in light of the prevailing political and corporate culture. Given the complexity of Indonesia’s political and corporate culture the adoption of corporate governance principles from Western nations as promulgated by the OECD and/or the Cadbury report are inadequate to reduce corporate mismanagement and failure among SOEs. The study also utilizes some qualitative interview data from thirty respondents at managerial level within three SOEs to aid the assessment of corporate governance practices and principles in the Indonesian context