bluuebunny/crossref_metadata_2025 huggingface dataset:
Environmental management accounting (EMA) in the developing economy: A case of the hotel sector
Authors: Nyide Celani John , Lekhanya Lawrence Mpela
Published: December 2016

The adoption of EMA is triggered by certain factors such as human resources, compliance to legislation, market factors, just to name but a few. However, the literature points out that there are limiting factors that impede the application of EMA, particularly in the developing economy. Currently, there is limited existing research on EMA practices available for use by the hotel sector in the developing economies. The overall aim of this study was to, therefore, investigate and describe factors that enable and limit the use of EMA tools by the hotel sector in South Africa, a developing economy. The research was an exploratory study and qualitative in nature using a single case study with embedded units approach. ABC Hotel Management Group formed part of this study along its 3 hotels which met the selection criteria. In-depth semi-structured interviews comprised the main method of data collection. Additional documents were analysed which included financial statements, policy documents, the Group’s website, the hotels’ websites, Group Energy Profile Analysis (GEPA) programme, and Building Monitoring Systems (BMS). There were 10 participants in this case study which included the group engineer, who is the main custodian of the Group’s environmental management systems, 3 general managers, 3 financial managers, and 3 maintenance managers. The study discovered certain external and internal factors enabling the implementation of EMA tools; and there was the existence of limiting factors, internal and external, such as the shortage of skills and knowledge
Corporate governance impact on bank performance evidence from Europe
Authors: Belhaj Salma , Mateus Cesario
Published: December 2016

This paper investigates the impact of corporate governance on European bank performance during the period 2002-2011. Using a sample of 73 banks from 11 European countries, we examine the relationship between corporate governance measures more specifically the board size and composition, the gender diversity and the CEO duality on the European bank performance. During the period 2002-2011, our results show that the board size and the gender diversity have a positive and significant impact on bank performance. Large board of directors with more female members led to better bank performance, whereas, the board composition and the CEO duality have no significant effect in explaining the bank performance for the European countries. During the global financial crisis, our findings show that the board size and the board composition are negatively and significantly correlated to the bank performance. Smaller boards of directors with less number of independent (non-executive) directors have outperformed the ones with larger boards and more independent directors during the crisis. However, the gender diversity and the CEO duality have no significant impact on the European bank performance.
Firm age, value, performance and corporate governance in Brazil
Authors: Leite Rodrigo , Carvalhal Andre
Published: December 2016

Several articles analyze the life cycle of firms and identify throughout time that their performance has an inverted U shape. Firms achieve an optimal level and, thereafter, decline due to lack of flexibility and difficulties to keep up with market changes. The objective of this study is to investigate whether there is a relation between firm age, value and performance in Brazilian companies, and we verify if firm age has an affect on their governance practices. We analyze 250 Brazilian listed firms from 2002 to 2009. Our results indicate that the relation is not shaped as an inverted U in Brazil, and that older firms show higher value and better return on their investments. We also report that older firms show better governance practices.
Swiss CSR-driven business models extending the mainstream or the need for new templates?
Authors: Looser Stéphanie , Wehrmeyer Walter
Published: December 2016

Many Swiss small and medium-sized enterprises (SMEs) have highly sophisticated Corporate Social Responsibility (CSR) agendas embedded in corporate cultures that nurture a “raison d’être” far beyond formalisation. Previous research culminated in the characterisation of this core logic as “L’EPOQuE”, the overarching SME business model making Switzerland, arguably, a hidden champion in CSR. This paper explored by the method of a two-stage Delphi process the model’s consistency with criteria of conventional business models. It confirmed the core logic of L’EPOQuE and encouraged at the same time slight modifications with regard to nomenclature of sub-features resulting in L’EPOQuE 2.0. This heightened the power of this CSR-driven approach to be a new template for informal set-ups, and niches. It emerges from the difficulties some mainstream business models have to satisfy the needs of business at the nexus of culture and economic rationale.
The relationship between CSR meaning and CSR practices: the case of SMES
Authors: Manuere Faitira , Phiri Maxwell Agabu
Published: December 2016

The aim of this study is to investigate the relationship between the meaning attached to CSR as a concept and the legal, economic and ethical CSR activities of SMEs in Zimbabwe. For a long time researchers have concentrated on studying the impact of CSR practices on the operations of SMEs and yet very little regard has been given to investigating the relationship between CSR meaning and CSR activities in SMEs.The study made use of questionnaires to collect data from a sample of 201 SMEs residing in the region of Harare. The correlation method was adopted in order to examine the relationship between CSR meaning and CSR activities of SMEs in Zimbabwe. The results of the study revealed that the meaning of CSR is related to the major CSR activities undertaken by SMEs in Zimbabwe. This means SMEs that indulge in donating money and goods to need people will define CSR as donations in cash or kind. Therefore the meaning attached to CSR must be related to the legal, economic and ethical CSR activities of SMEs in Zimbabwe. For this reason there is no standard meaning for CSR.
Healthcare public-private partnerships in Italy: Assessing risk sharing and governance issues with PESTLE and SWOT analysis
Authors: Visconti Roberto Moro
Published: December 2016

Healthcare infrastructural investments are a key strategic issue in countries such as Italy, whose aging population faces severe public budget constraints, exacerbated by the unprecedented recession. The choice between traditional procurement (TP) and Public Private Partnerships/Project Finance (PPP/PF) is by now a cornerstone of public strategies concerning complex infrastructural investments. PESTLE and SWOT strategic analysis provides a systematic and comprehensive reflection of the external and internal operational environment but has infrequently been applied to infrastructural procurement. Risk sharing between public and private actors and consequent corporate governance and ownership issues are still under-investigated in the literature, especially if associated with innovative PESTLE and SWOT instruments. Evidence shows that PESTLE and SWOT analysis improves procurement choices and public-private partnering, softening governance concerns. Since empirical considerations about Italy may be globally extended, even beyond the healthcare industry, the audience of this study may conveniently widen well beyond its apparently narrow focus.
Women on corporate boards. The case of ’gender quotas’ in Italy
Authors: Pastore Patrizia , Tommaso Silvia
Published: December 2016

This paper investigates whether gender quotas have had success so far in their primary goal of reducing gender disparities in Italian corporate boards. Debate about gender equality on boards gained momentum and global prominence over the last years attracting attention of both researchers and practitioners worldwide. Despite a remarkable progress in education and their participation in the labor market, women still face large barriers to advance into upper management and boardrooms and gaps remain. Women are still under-represented in senior executive and board positions worldwide even if there is wide variation across countries. The present is a qualitative study that aims to contribute to the ongoing international debate about gender diversity on corporate boards (or lack thereof), providing current evidence from Italy, four years after the entry into force of Law 120/2011, establishing legislated quotas in order to ensure gender-balanced corporate boards. Using the samples of Italian listed companies and government-controlled companies tracked by Consob and Cerved respectively, findings show a substantial progress of female representation in Italian corporate boards (including governing and auditing boards) over the period 2008-2015 and reflect the extent to which women are shattering the glass ceiling, right before and after the implementation of the new (although controversial) gender quotas regulation. However, even though the number of women who sit on corporate boards has increased, it is necessary to ensure that the appointment of women is a board’s genuine intention to become gender diverse and more effectiveness rather than evidence of a result driven by tokenism, designed to enhance corporate reputation and image.
CEO incentive compensation and stock returns: Evidence from Australia
Authors: Pham Hai Yen , Chung Richard , Roca Eduardo , Bao Ben-Hsien
Published: December 2016

We investigate the relation between CEO compensation and stock returns in Australia and find evidence that firms managed by CEOs with higher incentive pay earn higher returns in a period up to three years. The relation is more pronounced for firms led by younger CEOs and firms operating in research-intensive industries. In addition, we find some evidence indicating that innovation serves as a channel though which incentive pay affects stock returns. In particular, higher incentive pay induces CEOs to take more risk by investing more in risky projects, such as innovative activities which consequently make firms riskier and have higher expected stock returns
Does corporate ownership affect credit risk?: An investment grade vs non-investment grade firm analysis – evidence from South Korea
Authors: Mali Dafydd , Lim Hyoungjoo
Published: December 2016

A credit rating indicates a firm’s risk of financial default. Using 1) controlling shareholders’ ownership and 2) foreign investors’ ownership as proxies for corporate governance, we investigate whether corporate ownership structure influences a credit rating agencies’ perception of risk. Using a sample of 1,213 KRX firm-year observations, and a t+1 approach, we find that firms with higher foreign ownership have higher credit ratings compared to those with lower foreign ownership. Moreover, we find that higher percentage of shareholder ownership does not affect credit ratings for our initial sample; however, after dividing our sample into investment/non-investment grade samples, we find a positive/negative relation for investment/non-investment firms. The results suggest credit rating agencies perceive the relation between corporate ownership and default risk differently for investment/non-investment grade firms
Mapping the growth and direction of corporate governance research: A broad overview of literature between 1930 and 2014
Authors: Bhasa Malla Praveen
Published: December 2016

In the past two decades, corporate governance (CG) literature has grown in leaps and bounds. The quick succession with which some corporate scandals surfaced in the early 2000s and their extensive media coverage have prodded the social science researchers to go back to their story boards and examine the reasons for such scandals. Interestingly, corporate behaviour was no more the exclusive preserve of micro-economists and finance researchers. Instead, researchers from different disciplines like philosophy, psychology, sociology and law too joined in examining issues related to what is today popularly known as corporate governance. Each scholar tested hypothesis and offered explanations in a language native to her own discipline. Given the pervasiveness of the social sciences, very soon corporate governance begun to be explained and understood in an increasingly multi-disciplinary perspective. Each discipline brought in its own unique flavour in picking and explaining the nuances of corporate governance. With so many disciplines contributing to a single overarching theme, it is no surprise that today there is a surfeit of corporate governance literature and more continues to get added every single day. This paper reviews the growth and development of CG literature over the past eight decades. In doing so, it studies 1789 published research papers to track how literature organized itself to build the CG discourse.
Background to the foundations of business ethics as a university course: A South African perspective
Authors: Lubbe Nandi , Lubbe Dave
Published: December 2016

In this article on the background of business ethics and business ethics education, the following important questions, discussions and issues will be addressed:
Firstly, a brief overview on the development of philosophy will be provided since business ethics can be viewed as a subdivision of philosophy. An exposition of how business ethics links with philosophy will (among others) be provided. Due to the fact that this article largely concentrates on the accountancy and auditing professions, referral will also briefly be made to how the so-called “professional ethics” of the concerned professions fit into the comprehensive discipline of philosophy.
The second aspect to be addressed will be regarding one of the main challenges in presenting business ethics courses, namely to keep the subject pragmatic and practically applicable – which may be difficult, possibly due to the discipline’s development from philosophy. If the pragmatic and practical focus is not maintained, business ethics may result in a mere philosophical and theoretical course that has little to do with ethical challenges encountered in the real accountancy profession and business world. Reasons are mentioned that may result in business ethics courses being irrelevant and impractical and therefore possible solutions to this problem are also suggested. Other challenges that may prevent lecturers from presenting business ethics courses in an optimal manner are also briefly discussed in this section.
The impact of capital markets on the economic growth in South Africa
Authors: Khetsi Queen Sarah , Mongale Itumeleng Pleasure
Published: December 2016

Capital markets are institutions that actively play a role in the development of an economy. This study investigates the impact of capital markets on economic growth in South Africa from 1971-2013. The results indicated that there is a positive relationship between economic growth and capital markets in South Africa. Furthermore, the country should focus on factors that contribute to the development of capital markets, such as the development of financial institutions. The study contributes to the existing body of empirical literature with regards to economic growth and capital markets, especially with reference to stock markets as South Africa has one of the largest stock markets (JSE) in the world.
Collective bargaining: An analysis of hurdles and applicability in the public sector
Authors: Chigudu Daniel
Published: December 2016

This article discusses the arguments against adopting collective bargaining in the public sector and its benefits. Collective bargaining in the public sector is viewed primarily as undermining democratic governance in one way and paradoxically it is seen as an essential part of democratic governance. In the former view, collective bargaining in the public sector is seen as an interference with administrative law for personal benefit to the detriment of the taxpayer. Proponents of this view argue that unionising public sector employees encourages disloyalty to the government at the expense of public welfare. In the later view, public sector collective bargaining is viewed as a fundamental human right in a pluralistic society. Advocates of this view posit that, public sector unions provide a collective voice that stimulates improvement of government services as well as sound administration of law. They also argue that, public sector collective bargaining represents public policy interests and serves as a watchdog to government’s monopoly power in employment matters. Public sector unions raise employee salaries and perks to levels higher than they would have been in the absence of collective bargaining. These two opposite views are subjected to a critical analysis in this paper, with empirical evidence for both the benefits of public sector collective bargaining and arguments against public sector unions. The article found that public sector collective bargaining depends on the socio-economic background of states although international laws favour public sector unionism.
Internal audit assurance or consulting services rendered on governance: How does one decide?
Authors: Wilkinson Naomi , Coetzee Philna
Published: December 2016

The concept of organisational governance maturity and what exactly this entails is still perceived as somewhat of a mystery to most and, as a result, internal auditing find themselves in a dilemma when deciding which services to deliver in this regard. The objective of this article was to develop an organisational governance maturity framework that could be used as a measurement tool to assist internal auditing in this dilemma. A preliminary organisational governance maturity framework was developed based on the most relevant literature. A case study was conducted to obtain feedback on the preliminary framework from key stakeholders in the organisation. The results indicated that the framework significantly contributed to the determining and continuous monitoring of governance maturity; both for management and internal auditing
Education-growth dynamics for Australia: A case study approach
Authors: Tsaurai Kunofiwa
Published: December 2016

The main focus of this research is to establish the relevancy of the Keynesian theory in explaining education expenditure on the economy of Austria using a case study approach. Wagner (1890) and Keynes (1936) have been for a long time been the two major theorists on the relationship between education expenditure and economic growth. Both theoretical and empirical literature review concludes that the two variables relate to each other in two distinct ways, the popular one being that education boost the economy (Keynes view) followed by the Wagner view that says it is the economy that is doing well that pushes investment in education. A case study review for Austria clearly shows that an increase in education expenditure does not only constitute a significant portion of the GDP per capita in Austria but also provided a positive influence on economic growth and development. The author recommends Austria policymakers and responsible authorities to up their education development programmes and budgets in order to lay a strong foundation for sustainable economic growth and prosperity
Climate finance, climate investors and assets for low emission development
Authors: Ngwakwe Collins
Published: December 2016

This research examines the relationship between climate finance, growth in climate investors and growth in climate assets for low emission development. It also evaluates the effect of climate policy evolution on the growth of climate investors and climate assets. Adopting a positivist paradigm, the paper makes use of a quantitative research approach and applies the causal and correlational research design. The paper made use of secondary data from the World Bank Carbon Finance Unit and from the Carbon Disclosure Project (ADP). The major objective was to examine the combined effect of climate finance and climate policy on the growth of carbon investors and carbon assets for the companies in the Carbon Disclosure Project which includes the 100 JSE companies. Findings from the test reveal that the combined effect of growth in climate finance and climate policy evolution has a significant relationship with growth in climate investors and climate assets. Given this result the paper proceeded to examine if the growth in climate finance has any correlation with South Africa’s emission reduction trend. Results however indicate that South Africa’s GHG emission trend does not correlate with climate finance availability; GHG emissions in South Africa have continued to soar despite a seeming growth in climate finance. The paper reasoned that the global climate finance might not be effectively available to corporates in South Africa at the expected level of financing to initiate the expected level of climate investment to effect a significant reduction in greenhouse gas emissions. This confirms literature assertions that global climate finance might not easily be accessible, at least to entities in developing countries. In conclusion, the paper suggests the establishment of a Southern African Climate Finance pool where the public and private sector can contribute and that such pool should be made easily available to carbon investors at a cheap rate with alluring tax incentives to funders and beneficiaries. The paper adds a modest nuance to the literature as no know previous research has dwelt specifically on the unique relationship of climate finance, climate policy and climate investors. The paper’s implication is beneficial to green policy officials and for academic debate. It suggests an avenue for further research about climate investors’ handicap in accessing global climate finance and to explore logistics to develop independent South African based climate finance.
Evaluation of strategic management in assisting South African municipalities improve service delivery
Authors: Ngcobo Sandiso , Mdani M.G.
Published: December 2016

The reports tabled by the Auditor General on yearly basis reflect poor performance on a number of areas in respect of service delivery in South African municipalities. As a possible solution, the Department of Local Government and Traditional Affairs (DLGTAs) has introduced a strategic management plan that should be implemented by municipalities to assist them improve their performance. Hence, the aim of this paper is to evaluate the perceptions of municipal managers and councillors on the role of the strategic management in assisting them improve service delivery. The findings show that the assistance provided by the EC DLGTAs is not without weaknesses. It is then recommended that the areas of improvement should be addressed in an effort to improve audit reports.
Testing measurement invariance of the learning programme management and evaluation (LPME) scale across gender using multi-group confirmatory factor analysis
Authors: Tshilongamulenzhe Maelekanyo C.
Published: December 2016

The purpose of this study was to test measurement invariance of the LPME scale across gender using multi-group CFA. The LPME scale was developed to measure the effectiveness of management and evaluation practices pertaining to occupational learning programmes in the South African skills development context. A non-experimental cross-sectional survey was conducted with 389 human resource practitioners and apprentices/learners. The results indicate that the LPME scale is invariant between males and females at the levels of configural, metric and strong invariance. The number of factors/constructs, pattern of item factor loading, latent constructs variances and covariances, and the reliability of the LPME scale and its dimensions are equivalent between males and females.
A pairwise unit-root-test based approach to investigating convergence of household debts in South Africa and the United States
Authors: Moroke Ntebogang Dinah
Published: December 2016

The purpose of this paper was to test convergence of household debts in the United States and South Africa taking a pairwise unit root tests based approaches into account. Substantial number of studies dealt with convergence of several macroeconomic variables but to my knowledge no study considered this subject with respect to household debts of the identified countries. Quarterly data on household debts consisting of 88 observations in the South Africa and United States spanning the period 1990 to 2013 was collected from the South African and St. Louis Federal Reserve Banks. Focused on the absolute value of household debts, this study proved that South Africa is far from catching-up with the United States in terms of overcoming household debts for the selected period. The findings of this study can be used by relevant authorities to help improve ways and means of dealing with household debts South Africa.
Risk management and control: Human resources risks in a merged academic institution
Authors: Molotsi Tebogo , Moloi Tankiso
Published: December 2016

This paper measured the mood of College of Science, Engineering and Technology (CSET) academics following the merger between University of South Africa (UNISA), Vista University Distance Education Campus (VUDEC) and Technikon SA (TSA). The formulated statements, potential human resources related risks with association to the statements were articulated. The results obtained from the survey indicated that had the risk assessment been undertaken in CSET, the risk of losing/ retaining critical skills, corporate memory, and the inability to attract these critical skills to CSET could have been higher on the risk dashboard following the post-merger of UNISA, VUDEC and TSA.
An assessment of the impact of climate change on the financial performance of South African companies
Authors: Moyo Mandla , Wingard Hermina Christina
Published: December 2016

South African companies face uncertainty about whether they should commit resources to mitigate vulnerabilities and exploit opportunities arising from climate change. There is ambiguity over whether responding to climate change materially affects the financial sustainability of South African companies. The study sought to establish the extent to which responding to climate change impacts financial performance. Secondary analysis of historic data was used to compare the climate-change performance of 70 Johannesburg Stock Exchange listed companies to indicators of their financial performance. The research concluded that there is a positive and statistically significant correlation between climate-change performance and financial performance
Examining the gender influence on employees’ work engagement within a South African University
Authors: Tshilongamulenzhe Maelekanyo Christopher , Takawira Ndayiziveyi
Published: December 2016

Organisations should prioritize and promote employees’ work engagement if they are to effectively realise their goals and objectives. This study seeks to examine the influence of gender on employees’ levels of work engagement within a South African university. A quantitative non-experimental cross-sectional survey design was used to collect data from 154 university employees who were purposefully selected to participate in this study. Data were analysed using SPSS software (version 23.0) and the findings show no statistically significant gender differences amongst employees with regard to their levels of work engagement. The findings provide scope for further research in South Africa which should examine ethnic and cultural connotations related to gender and further investigate how these influence employees’ work engagement.
Trade misinvoicing, external debt and sustainable development: A Nigerian example
Authors: Ngwakwe Collins C.
Published: December 2016

This paper evaluated how trade misinvoicing orchestrates external debt in Nigeria and its obstructive tendencies on Nigeria’s sustainable economic development. The paper is pertinent, given that Nigeria is among the top ten developing countries in the world who are victims of substantial illicit trade misinvoicing outflows. The methodological approach is a mix of descriptive analysis (using tables and graphs) and a t-test of difference in means between trade misinvoicing outflow from Nigeria, external debt and official development assistance (OD) in Nigeria for the period 2003 – 2012. Findings indicate that as trade misinvoicing outflow increased during the period 2003 -2012, Nigeria’s external debt increased yearly. Results from the statistical t-test showed that the mean difference in trade misinvoicing outflow is significantly greater than the mean differences in external debt and official development assistance received into Nigeria. This finding attests to the huge internal financial resources that Nigeria lost during the period 2003 - 2012 through illicit trade misinvoicing outflow. The analysis further disclosed that trade misinvoicing outflow has hampered Nigeria’s stride to sustainable economic development given the record increases in unemployment, poverty, lack of access to sanitation facilities, low percentage of qualified health staff to child birth and a widening income inequality as measured by GINI index. The paper concludes that the drainage of Nigeria’s internal financial resources through illicit trade misinvoicing has denied Nigeria the needed finance to enhance the actualisation of sustainable economic development. Recommendations are proffered to assist in halting trade misinvoicing outflow from Nigeria.
Navigating policy implementation Gaps in Africa: The case of Zimbabwe
Authors: Сhigudu Daniel
Published: December 2016

This study reviews policy issues and the efficacy of policy implementation through a content analysis approach. In Africa and Zimbabwe in particular, policies have invariably been formulated to cater for the populace in the post-colonial era in order to address previous socio-economic imbalances. From 1991 to 2015 several policies have been developed as reflected in the Framework for Economic Reform, Zimbabwe Programme for Economic and Social Transformation (ZIMPREST) and Letters of Intent to the International Monetary Fund through to the current Zimbabwe Agenda for Sustainable SocioEconomic Transformation (Zim-Asset) among other blueprints. Findings indicate that policy problems in Zimbabwe are largely due to implementation failure against well thought out intelligible proposals. The paper reveals that implementation gaps reside in the absence of capacity to translate those intelligible proposals into action, poor sequencing of policies, political inaction to account for the failure and lack of resources. This does not appear to be unique to Zimbabwe alone but prevalent in sub-Saharan Africa and many countries across the continent. Alternatives and recommendations are suggested for this phenomenon.
Does human capital development matter in FDI location decisions? A case for Austria
Authors: Tsaurai Kunofiwa
Published: December 2016

This paper investigates the relationship between human capital development and foreign direct investment (FDI). In particular, the direction of causality between these two variables is the main focus of this study. This study has been necessitated by the failure by many previous researchers to concur on the causal relationship between FDI and human capital development. Some authors argue that there is a uni-directional causality relationship running from FDI to human capital development whilst others are saying the causality runs the other way round from human capital development to FDI. The other group of authors says there is a bi-directional relationship between these two variables whilst the fourth and last group of authors maintains that there exist no causal relation at all between FDI and human capital development. Using the lagged error correction model (ECM), the study observed that FDI measured by FDI, net inflows (% of GDP) was Granger caused by human capital development (proxied by pupil-teacher ratio) both in the short and long run. However, the null hypothesis which says that FDI Granger caused human capital development was rejected both in the short and long run. The author therefore recommends the intensification of teacher-pupil ratio improvement programmes in order not only to increase FDI inflow but to ensure Austria benefits from that increased FDI inflow
Appraisal of the adequacy of the application of customer-driven marketing strategies to the Nigeria National Housing Fund scheme
Authors: Ifediora Chuka Uzoma , Igwe Anthony A. , Ukpere Wilfred I.
Published: December 2016

This study appraised the adequacy of the application of customer-driven marketing strategies to the Nigeria National Housing Fund (NHF) scheme. The study objective was to assess the adequacy of the application of market segmentation, targeting, differentiation and positioning by the NHF implementers. The study adopted descriptive and exploratory research designs. Various offices of the Federal Mortgage Bank of Nigeria (the implementers of the NHF scheme) in Abuja, Lagos, PortHarcourt, Ibadan and Enugu, as well as the 19 state/ district offices in these zones were studied. The study population comprised 201 management staff and officers in these offices. A census was carried out, considering the size of the population and the nature of the investigation. Structured questionnaire was used to collect data for this study. Analysis of variance (ANOVA) was used to test the formulated hypothesis at 5% level of significance. The hypothesis test revealed that the application of market segmentation, targeting, differentiation and positioning by the NHF implementers is not adequate (Fcal = 95.239, p = 0.000 < 0.05). Following the finding, it is concluded that there is a low level of application of customer-driven marketing strategies in the National Housing Fund (NHF) implementation. In line with the finding and conclusion of this study, it is recommended that the adoption and application of the customer-driven marketing strategies model for housing development programmes will aid the successful implementation of housing development programmes, thus leading to a substantial reduction in housing deficit level.
Performance measurement of investment companies with loss aversion in Tehran Stock Exchange
Authors: Shams Shahabeddin , Rezvani Fatemeh
Published: December 2016

This study measures the portfolio performance of listed investment companies in Tehran Stock Exchange (TSE) based on prospect theory. The criterion is measured by the ratio of gain to loss, to reflect risk-aversion in gains and risk-seeking in losses. The sample consists of 15 listed investment companies registered in TSE during 2003-2013. Research variables consist of portfolio return, market return, risk-free return, systematic risk, Treynor and Loss Aversion index. Hypotheses have been tested with Spearman correlation coefficient. The results show that Loss Aversion can be used as a new index for measuring portfolio performance.
Three-dimensional ultrasound in the preoperative staging of rectal cancer: State of the art
Authors: Santoro Giulio , Vittadello Fabrizio
Published: December 2016

Imaging modalities such as endorectal ultrasonography (ERUS), pelvic magnetic
resonance (MRI) and computed tomography play a fundamental role in evaluating
recatl cancer preoperatively, planning surgical procedures, and selecting
patients for neoadjuvant therapy. Based on the best available evidence, ERUS
is recommended to accurately discriminate between T1 and T2 lesions, for low
rectal cancer, defined as 0-5cm from the anal verge, if local excision (with
transanal excision of transanal endoscopic microsurgery) is being considered.
MRI is the best modality to detect mesorectal fascia invasion and to predict
circumferential resection margin involvement. Both modalities have similar
limitations in distinguishing metastatic from bening lumph node in the
mesorectum. Due to higher panoramicity and multiplanar reconstruction,
three-dimensional ERUS allows to visualize the spatial relationship of the
rectal tumour in the context of the surrounding structures, improving the
accuracy of ultra-sonographic staging. Technological advances and
perspectives of ERUS under investigations are represented by real-time colour
elastography, Doppler US and contrast-enhanced US.
Hand-assisted laparoscopic surgery for left-sided colon and rectal cancer: 10 Years single centre experience
Authors: Rackauskas Rokas , Dulskas Audrius , Aliukonis Vygintas , Samalavicius Narimantas
Published: December 2016

Introduction. Hand-assisted laparoscopic surgery (HALS) was introduced into
clinical practice in the mid-1990s. Although this technique was established
as a bridge to total laparoscopic colorectal surgery there are still those
who oppose it. In this study we report our 10 year experience of practicing
HALS. Methods. This study is a retrospective analysis of prospectively
collected data of 426 patients undergoing hand-assisted laparoscopic
colorectal surgery for left-sided colon and rectal cancer in a single
tertiary care institution, the National Cancer Institute, from January, 2006,
to July, 2016. All consenting patients with left sided colon and rectal
cancer were included in the analysis. Results. Patient population showed a
similar female and male ratio 212 (49.76%) vs. 214 (50.24%). Average age was
64.13 ? 9.92 years (from 26 to 91). Operation time was 108 minutes ? 44.1 min
(30 - 320 min). The mean length of the postoperative hospital stay was 6.88,
ranging from 2 to 34 days. The pathohistological examination revealed mean
lymph node harvest was 16.4 ? 9.61, ranging from 0 to 54. Stage I and II
cancer prevailed in the majority of cases, accounting for 129 (30.28%) for
each, stage III - 135 (31.69%), and stage IV - 33 (7.74%). Complication rate
was 7.27%. Surgical reintervention was required in 10 cases (2.35%).
Mortality rate occurred only in two (0.47%) patients. Conclusion. In
conclusion, the HALS technique combines the benefits of a minimal invasive
technique for the patient and palpatory benefits for the surgeon, which makes
surgery for left-sided colon and rectum cancer faster, and with a similar
outcome to laparoscopic colectomy.
Colo-anal pull-through for the ‘hostile pelvis’ revisited: Technical considerations from a single-surge on experience (1993-2015)
Authors: Zbar A.P.
Published: December 2016

Background: Although there is no consensus concerning the definition of the
?hostile? pelvis, variant colo-anal pull-through procedures may be used for
salvage surgery. This paper reports a single surgeon experience of these
operations providing technical caveats for their use. Methods: Retrospective
single surgeon analysis of cases between 1993 and 2015 Results: The main
techniques included Soave and Duhamel reconstructions for an eclectic range
of colorectal conditions including post-obstetric rectovaginal fistulae, the
management of anastomotic leakage after low anterior resection and
neoadjuvant chemoradiation, rectoprostatic fistulae, extralevator anorectal
fistulae and intractable Crohn?s proctitis. The complication rate was 31.8%
with 86.4% avoiding a permanent stoma. Fifty percent of patients reported
normal continence during a median follow-up of 29 months. Conclusion:
Modifications of the colo-anal pull-through procedure are successful as
salvage for a range of chronic colorectal conditions. A randomized trial is
required to determine the place for a staged delayed anastomosis.
Low anterior resection syndrome. Nightmare of the patient and surgeons. Is it preventable or treatable?
Authors: Balik Emre , Bugra Dursun
Published: December 2016

Oncologic outcomes for rectal cancer have improved secondary to increased
surveillance, improved chemotherapy/radiotherapy, surgical techniques. Low
anterior resection (LAR) with total mesorectal excision (TME) for rectal
cancer has allowed the patients to avoid the permanent colostomy associated
with abdomino-perineal resection. As a result, an increasing number of
patients are being managed with sphincter sparing surgery. However up to 90%
of patients who have surgery will have some abnormalities in bowel habit. All
these abnormalities were universally known as low anterior resection
syndrome. It is important to remember LAR syndrome is a complex multifaceted
syndrome that involves more than just fecal incontinence and frequency. As
has been suggested in the literature, long term follow up with standardized
questionnaires for bowel, bladder, and sexual function and quality of life
would define the problem. The best surgical reconstruction option seems to be
CJPAA if it is feasible. Nowadays SNS and tibial nerve stimulation therapies
give hope to solve this complex problem and LAR syndrome needs further
studies to find the exact solution.
Three-dimensional endoanal ultrasound in complex anorectal fistulas
Authors: Santoro Giulio
Published: December 2016

The management of complex anorectal fistulas is associated with potential
risk of fecal incontinence and recurrences. Understanding type and height of
the fistulous tract has clinical relevance for colorectal surgeons in order
to select the optimal surgical approach. History and physical examination
along with selective imaging to delineate the anatomy of the fistula are
critical to individualize the patient?s treatment. Three-dimensional endoanal
ultrasound provides an accurate and reproducible assessment of perianal
sepsis and in many cases, the result is not different from that of MRI. Due
to higher panoramicity, multiplanar reconstruction allows to visualize the
fistula tracts in the context of the surrounding structures. Ultrasound has
several important advantages: relative ease of use, minimal discomfort,
cost-effectiveness, relatively non-time consuming, and wide availability in
the clinical setting. This modality has a favourable impact on the outcome of
surgical treatment for complex anal fistulas reducing the recurrence rate,
minimizing postoperative complications and preserving anal continence.
Constipation: Causes and concern
Authors: Pravin Gupta
Published: December 2016

Constipation is one of the frequently described gastrointestinal symptoms.
Infrequent defecation, hard or lumpy stools, excessive straining, and
incomplete evacuation characterize it. Complaints of chronic constipation may
impair the quality of life of a patient substantially. The disease feeling is
shaped not only by objective parameters but also by subjective perceptions.
However, in most of the patients, no distinct pathology can be found. A
smaller group of patients, however, exhibit isolated or in combination a slow
colonic transit or a pelvic floor dysfunction. Secondary extra-intestinal
causes are to be looked for particularly during a first clinical evaluation.
Apart from general clinical investigations if necessary combined with a
colonoscopy, specific function tests may be applied. Different laxative
agents are the primary cornerstones of treatment. In selected cases,
biofeedback training or even surgical intervention can be successfully
adopted. In clinical practice, constipation is defined as fewer than three
bowel movements per week. Constipation is more prevalent in women, blacks,
persons from lower socio-economic levels, and in rural population.
Non surgical management of pilonidal sinus disease
Authors: Pravin Gupta
Published: December 2016

When cosiidering how to treat pilonidal sinus, physicians should keep in mind
that this condition is more than merely a particular form of foreign body
granuloma. The ideal method of treatment for pilonidal sinus should be the
one having minimal postoperative morbidity, excellent cosmetic results,
minimal tissue loss, rapid resumption of daily activities, low cost, and a
low recurrence rate. However, although numerous operative and non-operative
treatment methods have been described, no approach comprises all of these
features. Numerous treatment options have been proposed for the pilonidal
disease, including shaving, removal with open packing, incision and drainage,
excision with primary closure, phenol application, cryosurgery, excision with
marsupialization, and recently, flaps surgery. The management of pilonidal
sinus disease will depend on patient assessment, examination and history of
the condition. A disease-specific history and physical examination should be
performed, emphasizing symptoms, risk factors, and the presence of secondary
infection. Conservative therapy can fairly control pilonidal sinus disease in
the office outpatient setting while assuring a near-normal work status and
should be pre ferred over excisional operations at the outset.
Delorme’s operation for internal rectal prolapse in an outpatient hospital
Authors: Jamsek Èrt , Kosorok Sojar , Buniè Matic , Kosorok Pavle
Published: December 2016

Purpose: Internal rectal prolapse frequently occurs in older, sometimes
polymorbid patients. Trans-abdominal operation is therefore not always in the
patient?s best interest. The aim of this retrospective study was to
demonstrate that the Delorme?s procedure is feasible and safe to be performed
in an outpatient setting. Methods: This study is a retrospective review of a
single-institution experience. Fifty-one patients (age 64.7 ? 12.5, range 35
to 90 years) with internal rectal prolapse were treated with Delorme?s
procedure during 6-year period. Patients were assessed at follow-up 1 and 6
weeks after the surgery and phone interview was performed after 51.4 ? 16.5
months after operation. Results: All 51 patients were operated under spinal
anesthesia and observed for approximately 6 hours before discharge. Six
patients needed referral to inpatient hospital for safety observation after
the procedure. There were no mortalities in our study. One patient developed
anaerobic infection and needed a colostomy. Out of 34 presenting with
sensation of incomplete evacuation, 28 (82.4%) reported improvement after
procedure, 13 out of 15 (86.7%) reported improvement in obstructed defecation
symptoms and 4 out of 7 patients (57.1%) reported improvement in
incontinence. Average sick leave was 16.0 ? 4.3 days. Seven patients suffered
from postoperative stenosis. Recurrence was seen in 5 cases (9.8%). Majority
of the patients (73,3%) would recommend this procedure for problems similar
to their own. Conclusion: Our study shows that the Delorme?s procedure is
feasible in an outpatient setting, with reasonable complications and
satisfactory outcome.
Open abdomen treatment with negative pressure wound therapy at department for abdominal surgery, UCC Maribor: Our experiences and results
Authors: Krebs Bojan
Published: December 2016

Introduction: With the development of modern surgery we often come to
situation where, after the procedure, closing of abdomen is not feasable.
There are many techniques of temporary abdominal closure but best results
today are achieved with negative pressure system. Despite widespread use,
there is still a lot of confusion regarding the indications, the application
of the technique and complications. Objective: The aim of our study was to
explain the system with negative pressure and show our experience and results
in the treatment of patients with it. Methods: We retrospectively analyzed
the data of all patients from 2011 to 2014 which were treated with negative
pressure. We were interested in following data: the date of the primary
surgery, diagnosis, date and indication for use of the system with negative
pressure, the number of system changes, type of final closure of the
abdominal cavity and the date of discharge or death. Results: Between 2011
and 2014 we treated 52 patients, 32 men and 20 women with a system with
negative pressure. The average age of the patients was 67 years (25 - 85
years). 25 patients were operated on electively and due to complications we
used the system for negative pressure. In 27 patients we used negative
pressure system after the primary emergency procedure. Mortality was 50 %.
Conclusion: The treatment of the open abdomen with negative pressure is an
essential part of modern abdominal surgery. Survival after treatment with
negative pressure is better than with other techniques of temporary abdominal
closure. Man must take in consideration problems with fascial closure and big
postoperative hernias wich demand further operations.