bluuebunny/crossref_metadata_2025 huggingface dataset:
The strategic development of high potential leaders
Authors: Fulmer Robert M. , Stumpf Stephen A. , Bleak Jared
Published: May 2009

Purpose

In the current stressful recessionary period, the need for highly effective managers who can skillfully direct bet‐the‐company strategic initiatives such as disruptive innovation, restructuring, strategic renewal and mergers greatly increases. It more important than ever to study the succession planning and leadership training of best‐practice firms to learn better ways to develop high potential leaders. This paper aims to investigate this issue.

Design/methodology/approach

The paper offers a summary of some of these best practices and provides case examples of successful applications.

Findings

The paper finds that employees with high leadership potential need to be systematically identified and tracked by line managers as part of an overall strategic succession planning process. Success in developing the next generation of leaders requires creating a talent management system in which selection, development, performance management, succession and career management are aligned, reviewed and supported by senior management.

Practical implications

Some of the more cost‐ and resource‐efficient practices for implementing a successful early‐stage high‐potential program include: a special learning and development track for the high potentials; rotation of managers across disciplines‐divisions‐geographies; technology‐based learning; action learning; and coaching/mentoring (internal and external) programs.

Originality/value

To ensure that the talent pool supports the company's overall strategy, the abilities of the high potential individuals should be shaped to correspond with the emerging leadership needs of the next decade. The “best firms for leaders” are typically twice as likely to use a variety of developmental techniques for their “best and brightest.”
Leveraging women's networks for strategic value
Authors: Donnellon Anne , Langowitz Nan
Published: May 2009

Purpose

Corporate women's networks have existed for more than 25 years, with varying results. Understanding how networks can be more effectively focused is important to talent management and professional development, particularly as women comprise an increasingly significant portion of the leadership pipeline. This study aims to provide new ways to assess and enhance the strategic value of women's networks in terms of both talent and business development.

Design/methodology/approach

The authors bring more than 40 years combined experience to their survey of women's networks in 32 multinational corporations. A structured interview protocol was followed to gain an in‐depth understanding of current women's network practice.

Findings

This paper describes the range of current practice in the implementation of women's networks and suggests new tools for understanding how a women's network is currently positioned and might be focused for greater strategic impact, both for network participants and for the firm.

Practical implications

Three tools are provided for assessing and potentially repositioning the focus and strategic objectives of women's networks in corporations. This paper should spur valuable discussion among network leaders as well as executive sponsors, diversity officers and CEOs about how to maximize network value; the tools are potentially transferable to other internal networks or affinity groups.

Originality/value

Many firms use well‐known turnkey tools to establish their women's network. This paper provides new tools targeted particularly to those networks and companies that are beyond the start‐up phase.
The factors influencing accounting school students' career intention to become a Certified Public Accountant in Japan
Authors: Sugahara Satoshi , Hiramatsu Kazuo , Boland Greg
Published: May 2009

Purpose

The purpose of this paper is to investigate the factors influencing career intentions toward becoming a Certified Public Accountant (CPA) by students who are studying at the accounting schools in Japan. This paper focused on students' work experience, prior major/s at their undergraduate level, gender, attitude toward the opportunity cost of becoming a CPA and their perceptions of the CPA profession.

Design/methodology/approach

The sample comprised students studying at 13 accounting schools in Japan. A questionnaire was given to these students in order to empirically examine the relationship between these influential factors and their career intention, with particular reference to those who intended to pursue a CPA career. Those studying in these accounting schools generally consist of two type of students; those who want to become a CPA and those who merely want to brush up on their accounting skills and do not wish to sit the CPA entrance exams. A total of 349 effective responses were analysed.

Findings

Findings indicate that students who have work experience and major in disciplines other than accounting or business are more reluctant to become a CPA. This is in direct contrast to one of the objectives for the CPA reform scheme in Japan, which is to extend the diversity of CPA candidature.

Originality/value

This paper is the first study undertaken in Japan to successfully provide a new dimension on the factors that influence career intention of students aspiring to become a CPA.
Intangible assets and future growth: evidence from Japan
Authors: Al‐Twaijry Abdulrahman
Published: May 2009

Purpose

The corporate governance should look at the investment on intangible assets (ITAs) from two angles: its influence on future growth and the influence of other factors on ITA. Therefore, the purpose of this paper is first, to empirically investigate the relationship between investment on ITAs and future growth in the manufacturing sector earnings and second, to examine the effect of various variables on the level of investments on ITA in this sector.

Design/methodology/approach

Based on data of 384 Japanese listed manufacturing companies founded before 2001, four regression models were developed and estimated using ordinary least squares. In part, this study extends the work of Singh and Faircloth, which examined the relationship between research and development (R&D) expenditure and corporate leverage, by taking into account the other ITAs and other factors. The dependent variable used in the first model was the corporate growth and explanatory variables are changes in the ITAs (ΔITA), whilst in the other models, total investments on ITA (and changes in the investments on ITAs) against the company's size, sector, age, financial status, dividends, cash flow, and growth are regressed. Both logs and lags were used with the model's variables.

Findings

The results showed that the mean of total investment on ITA increased heavily (85 percent) between 2001 and 2005. However, ITA represents, on average, only about 1.2 percent of total assets and 1.3 percent of total sales. Regression results suggest that investment on ITA forecasts around 15 percent of the variation in a company's future growth. The company's size, segment, financial status, dividends, cash flow and growth are significant variables which predict nearly half of the variation in the investments on ITA. The inclusion of two lags of the appropriate variables in the model provides better results and the adjusted R2 increased significantly to reach, on average, 0.60.

Originality/value

In the internet era, companies have become heavily involved in larger investments on ITAs (intellectual capital). Since the research in the area of ITAs is undersized and much of it was directed towards R&D, this study contributes to this area of study showing how can investments on ITA in the manufacturing sector be an important element for future growth which concerns corporate governance.
Costs‐benefits of adoption of IFRSs in countries with different harmonization histories
Authors: Taylor Dennis W.
Published: May 2009

Purpose

The objective of this study is to compare the costs to financial statement prepares of making the transition to International Financial Reporting Standards (IFRSs) relative to the benefits to financial statement users from receiving “higher quality” IFRS‐based information (measured as incremental value‐relevance for listed companies in the UK, Hong Kong and Singapore). These countries had different approaches to harmonization leading up to IFRS adoption.

Design/methodology/approach

This study is based on secondary data from financial statements and share market databases for a sample of 150 randomly selected listed companies in three countries for the year of first‐time adoption of IFRSs.

Findings

Results show that the extent and cost of adjustments to financial statements of UK companies at first‐time adoption of IFRSs is greater than companies in Hong Kong and, in turn, Singapore. But, in each of the three countries, financial statements prepared under IFRSs generate insignificant benefits to users in terms of providing incrementally more value‐relevant information than financial statements prepared under local generally accepted reporting practices. The self‐develop‐then‐harmonize strategy of the UK's Accounting Standards Board caused companies to incur higher costs‐to‐benefits on adoption of IFRSs than the selective‐importing‐of International Accounting Standards strategy in Hong Kong and Singapore.

Originality/value

The evidence enables a retrospective evaluation of historically different national standards setting strategies in terms of the cost‐benefit outcomes at time of adoption of IFRSs.
Determinants of financial and environmental disclosures through the internet by Malaysian companies
Authors: Saleh Al Arussi Ali , Hisyam Selamat Mohamad , Mohd Hanefah Mustafa
Published: May 2009

Purpose

The purpose of this paper is to investigate whether the voluntary financial and environmental disclosures through the internet can be explained by the same determinants as in conventional reporting. Specifically, this paper examines the relationship between the extent of financial and environmental disclosures on the internet and six variables, namely, ethnicity of chief executive officer (CEO), leverage, level of technology, existence of dominant personalities, profitability, and firm size.

Design/methodology/approach

Six hypotheses were tested using data collected from 201 Malaysian listed companies on the Bursa Malaysia's Main and Second Boards for the financial year 2005. A regression model is utilized to analyze the results of this paper and this is in tandem with the previous studies.

Findings

The results indicate that level of technology, ethnicity of CEO and firm size are determinants of both internet financial and environmental disclosures. However, the existence of a dominant personality is found to negatively affect the level of financial disclosures but not environmental disclosures. The other variables did not show any significant relationship with either financial or environmental disclosures.

Originality/value

This paper investigates whether internet financial and environmental disclosures can be explained by the same determinants used in other similar studies. The results indicate that only level of technology, ethnicity of CEO and firm size are found to be significant for both internet financial and environmental disclosures.
Coming to America: the extraterritorial reach of US judicial process
Authors: Cihlar Frank P.
Published: May 2009

Purpose

The purpose of this paper is to explore situations in which US Federal Courts may impose severe fines and sanctions to compel the disclosure of information maintained outside the territorial limits of the USA by enforcing either a grand jury subpoena or an Internal Revenue Service administrative summons.

Design/methodology/approach

The paper presents a memorandum of law summarizing and analyzing relevant US legal precedents, including In Re Grand Jury Proceedings (Bank of Nova Scotia), 740 F.2d 817 (11th Cir. 1984), a case that has come to be eponymous for any US judicial process calling for the production of foreign records: “Bank of Nova Scotia subpoenas.”

Findings

The paper finds that, in appropriate circumstances, US Federal Courts have been willing to impose coercive fines and sanctions on individuals or entities that have failed to produce records and other information that is outside the territorial jurisdiction of the USA.

Research limitations/implications

The analysis is focused on two US legal precedents that exemplify the factors considered by US Federal Courts in arriving at a decision. Many other cases are cited but not examined in depth.

Practical implications

The paper is of interest to anyone engaging in cross‐border activities with the USA, particularly multi‐national financial organizations.

Originality/value

The paper provides an insight into the US law enforcement tools that may be deployed against multi‐national organizations.
Fraudulent money transfers: a case from Turkey
Authors: Ilter Cenap
Published: May 2009

Purpose

The purpose of this paper is to show to the public in general and auditors in particular that the money deposited to the banks that operate in an uncontrolled medium can be misused by owners of the banks.

Design/methodology/approach

The paper has been designed based on a fraud theory. The theory has been developed on financial analysis and audit tests. The theory then revised and the existence of a bogus company and its intermediary role in the fraud scheme has been proven.

Findings

The paper explores that banks controlled by unreliable owners can lead to misuse of public's funds in accordance with the directives of the owner. Public's money can be transferred to other group companies in an illegal manner‐in excessive amounts and never returned to the bank by means of applying different accounting techniques.

Practical implications

Auditors, who may audit group companies that include a bank or banks with deposit receiving and lending rights should pay attention to the transactions between the group's bank and the other group companies. The lending may be excessive in amount and/or never paid back and various accounting malpractices may exist.

Originality/value

The case that the paper covers reflects the author's own audit experiences. The names of the companies have been changed but not the essence of the events. From this perspective it sheds light onto the path of an auditor who happens to be in a similar situation.
PEEPing at PEPs
Authors: Gilligan George
Published: May 2009

Purpose

The purpose of this paper is to discuss the subject of politically exposed persons (PEPs) and some of the major issues associated with them. PEPs as a specific category are receiving increased attention from governments, law enforcement agencies and international organisations such as the Financial Action Task Force. An increased academic and theoretical focus upon PEPs is required because there is considerable uncertainty about the specific definition of PEPs, how precisely they may be categorised, what the impacts of their activities are and how they might be countered.

Design/methodology/approach

This paper first discusses some of the ambiguities surrounding the definition of PEPs. The paper then emphasises the unsurprising reality that definitional confusion regarding PEPs contributes to uncertainty about their incidence and effects. The paper then highlights some of the key policy challenges in responding to PEPs and provides examples of good and bad practice in seeking to counter the activities of PEPs.

Findings

The paper concludes that it is important for governments and business organisations to be proactive about emerging risks relating to PEPs. However, experience suggests that it seems extremely difficult to segregate political contexts from how the harms and other problems associated with PEPs might be countered and that political expediency may be a defining overall factor in how responses to PEPs evolve.

Originality/value

The paper's originality and value lies in its efforts to link the definitional and political landscape surrounding the issue of PEPs, and to articulate that progress in the former is unlikely without open appraisal of the impacts of the latter.
Why civil actions against corruption?
Authors: Young Simon N.M.
Published: May 2009

Purpose

The purpose of this paper is to identify and examine motivating factors for why public and private actors initiate costly and risky civil actions to recover loss due to corruption in an era of increasing multilateral consensus and cooperation against corruption and organised crime.

Design/methodology/approach

Research into recent global trends and types of civil lawsuits against corruption is conducted. Several cases, particularly from Canada, Hong Kong, the USA and the UK, are used to illustrate the attractions and difficulties of civil litigation. The implications of the recent international treaties on corruption are analyzed. Qualitative findings are made on a range of motivational factors that lie behind different types of civil actions against corruption.

Findings

The paper notes an apparent rise in interest in civil actions against corruption and describes five types of actions brought by governments and companies. Civil actions are indicative of the want of better alternatives to recovery. While recent anti‐corruption treaties help to remove barriers to civil actions, the treaties themselves cannot explain the increased interest in civil lawsuits. Full explanation lies in the empowering effect of suing, the political significance of these lawsuits particularly for a new regime suing to recover plundered property from the old regime, and the ease by which a lawsuit can be launched.

Originality/value

This paper contributes to the literature in identifying types of civil actions against corruption, the practical and political motivations behind civil actions, and the positive relationship between international cooperation regimes and civil actions.
Human trafficking and forced labour
Authors: Bakirci Kadriye
Published: May 2009

Purpose

During the last ten years, the International Labour Organisation (ILO), and some other international organizations, have increasingly addressed human trafficking from a “forced labour” perspective. The purpose of this paper is to clarify the terminology in relation to human trafficking and forced labour, to highlight the links between them, and to provide a critique of the ILO approach. It also aims to make the case for the implementation of a specific international instrument to address the link between trafficking and forced labour.

Design/methodology/approach

This paper compares the definitions of human trafficking and forced labour, the link between them in the United Nations, European and ILO instruments.

Findings

Although human trafficking is a criminal activity, the ILO identifies it as a form of forced labour. The paper concludes that, no matter what role the trafficking victims have in participating in the criminal activities, they should be viewed as victims and witnesses. They should not be viewed as “workers” or “labourers”. Any minor under the age of 18 years, in accordance with the European and international instruments, has no legal capacity to give consent to being exploited.

Originality/value

This paper argues that the international and European instruments do not specifically address the link between trafficking and forced labour. There is a need for a specific international instrument prescribing the link between trafficking and forced labour. In the absence of such an international instrument, there is a piece meal approach by international bodies and countries toward the regulation of trafficking and forced labour.
White collar crime and the criminal justice system
Authors: Cheng Hongming , Ma Ling
Published: May 2009

Purpose

The purpose of this paper is to assess the government efforts in criminalising and combating bank fraud and corruption in China and their policy implications.

Design/methodology/approach

An integrated method is used to gather the data for this study, including government documents, statutes, congressional reports, legal cases, news reports, online survey and interviews with key policy‐makers, investigators and prosecutors.

Findings

This research finds that a major problem of bank fraud and corruption in China is the gigantic web of government officials, bank insiders and criminal businesses in committing fraud. The harshness of the Chinese law has not automatically resulted in making the struggle against bank fraud more effective. Law, enforcement and punishment are not certain, predictable, and applied consistently in order to deter fraud. Political, ideological and legal differences have hindered China's pursuit of escaped criminals in foreign countries.

Practical implications

This paper indicates that a three‐pronged approach – deterrence, prevention and education – is needed to address bank fraud and corruption. The industry's preventive efforts are of far greater importance than any extreme penalty. There is a need for a reconstruction of business ethics to ensure willing compliance with the law by individuals and organizations.

Originality/value

The paper is of value to law enforcement policy‐makers, banking regulators, financial institutions and academic researchers with interests in bank fraud and corruption issues.
Financial services in trouble: the electronic dimension
Authors: Picard Michel
Published: May 2009

Purpose

The initial role of computers and information technology (IT) systems consisted of improving business daily's operation. However, this quest of efficiency serves more obscure goals as fraudsters exploit the electronic dimension for personal profits with a maximum devastating impact on businesses and their client. The purpose of this paper is to suggest an analysis of the role of the electronic dimension in financial market crimes. It proposes reconsidering its importance based on its role rather than on its complexity and, consequently, better understanding the basic elements of a fraud.

Design/methodology/approach

The paper takes the form of a case analysis and field work.

Findings

The complexity of an IT system facilitates the commitment of a fraud and, at the same time, complicates its investigation. However, an IT system does not initiate a fraud. It is an accessory, a tool at the service of a criminal mind which is where the scheme originates.

Research limitations/implications

Information regarding the two case studies comes only from public sources (mainly written media and books) and is not confirmed by any confidential data available to the author.

Originality/value

Many computer crime experts (re: Cybercriminality Conference in Canada, April 2008, and in Luxembourg, June 2008) agree upon accessorial aspect of IT systems. For investigation purposes, it switches the focus from the computer element back to the main event: the environment in which the fraud occurs.
An analytic network process for risks assessment in commercial real estate development
Authors: Chen Zhen , Khumpaisal Sukulpat
Published: May 2009

Purpose

The purpose of this paper is to introduce a novel decision‐making approach to risks assessment in commercial real estate development against social, economic, environmental, and technological (SEET) criteria. It therefore aims to describe a multiple criteria decision‐making model based on analytic network process (ANP) theory, and to use an experimental case study on an urban regeneration project in Liverpool to demonstrate the effectiveness of the ANP model.

Design/methodology/approach

The paper commences with a description about risks related to commercial real estate development, and provides a list of risk assessment criteria based on literature review and experience in related areas. The ANP is then introduced as a powerful multicriteria decision‐making method. An experimental case study is finally conducted with scenarios and assumptions based on a real urban regeneration project in Liverpool.

Findings

The paper defines a group of risks assessment criteria against SEET requirements directly related to commercial real estate development. An ANP model is set up with 29 risks assessment criteria, and results from an experimental case study reveal that the ANP method is effective to support decision‐making based on risks assessment to select the most appropriate development plan; and therefore it is applicable in commercial area.

Originality/value

This paper defines SEET criteria for risks assessment in regard to SEET requirements to emphasise sustainable development; while the ANP is introduced to assess risks in commercial real estate development. The ANP model provides a platform for decision makers in commercial real estate development to evaluate different plans based on the degree of interactions among risk assessment criteria.
An analysis of the long‐run impact of fixed income and equity market performance on Australian and UK securitised property markets
Authors: Seng Cheong Chee , Wilson Patrick J. , Zurbruegg Ralf
Published: May 2009

Purpose

Given the mixed findings in the literature, this paper aims to re‐examine the relationship that the securitised property market has with both the fixed income and general stock markets in the UK and Australia from July 1998 to June 2006.

Design/methodology/approach

The base methodology is the cointegration procedure developed by Inoue in conjunction with the procedure developed by Johansen, Gonzalo and Granger that allows the extraction of permanent and transitory driving factors underlying cointegrated systems. In Australia both listed property trusts (LPTs) and real estate management and development companies (REMDs) are studied, while in the UK the analysis is restricted to REMDs due to the fact that real estate investment trusts were only introduced in 2007, hence providing insufficiently long series.

Findings

The Inoue test reveals that ignoring structural breaks in any cointegrating system may lead to erroneous inferences. In both Australia and the UK securitised property is influenced by the general stock market in both the long‐ and short‐term. In Australia the fixed income market does not have a permanent influence on LPTs, despite the fact that LPTs use more long‐term debt than REMDs.

Originality/value

A major contribution of this study clearly points to the relative weightings that portfolio managers may now consider to be appropriate vis‐a´‐vis their holdings of bonds, equities and securitised property (under its different structures as considered here) in their portfolios for both their tactical and strategic asset allocations.
Is BOT the best financing model to procure infrastructure projects?
Authors: Cheung Esther , Chan Albert P.C.
Published: May 2009

Purpose

Several major infrastructure projects in the Hong Kong Special Administrative Region (HKSAR) have been delivered by the build‐operate‐transfer (BOT) model since the 1960s. Although the benefits of using BOT have been reported abundantly in the contemporary literature, some BOT projects were less successful than the others. This paper aims to find out why this is so and to explore whether BOT is the best financing model to procure major infrastructure projects.

Design/methodology/approach

The benefits of BOT will first be reviewed. Some completed BOT projects in Hong Kong will be examined to ascertain how far the perceived benefits of BOT have been materialized in these projects. A highly profiled project, the Hong Kong‐Zhuhai‐Macau Bridge, which has long been promoted by the governments of the People's Republic of China, Macau Special Administrative Region and the HKSAR that BOT is the preferred financing model, but suddenly reverted back to the traditional financing model to be funded primarily by the three governments with public money instead, will be studied to explore the true value of the BOT financial model.

Findings

Six main reasons for this radical change are derived from the analysis: shorter take‐off time for the project; difference in legal systems causing difficulties in drafting BOT agreements; more government control on tolls; private sector uninterested due to unattractive economic package; avoid allegation of collusion between business and the governments; and a comfortable financial reserve possessed by the host governments.

Originality/value

The findings from this paper are believed to provide a better understanding to the real benefits of BOT and the governments' main decision criteria in delivering major infrastructure projects.
What caused the 1987 stock market crash and lessons for the 2008 crash
Authors: McKeon Ryan , Netter Jeffry
Published: May 2009

Purpose − The purpose of this paper is to review an explanation for the causes of the stock market crash in 1987, update the empirical support for that argument, and compare to recent market developments. Design/methodology/approach − While the market crash on October 19, 1987 was the largest one‐day S&P 500 drop in percentage terms in history (20.47 percent) there was also a large market drop (10.12 percent) in the three trading days before the 1987 crash. Previous research has shown show that the three‐day decline was the largest in more than 40 years, large enough that the drop was news itself (the October 16, 1987 drop immediately before the crash was also an extremely large one‐day decline). The theoretical model of Jacklin et al. show how a surprise significant drop in the market could have provided information to the market that could directly lead to an immediate crash. Findings − The paper follows the stock market for 20 years after 1987, and finds the magnitude of the market decline immediately preceding October 19, 1987 was still a significant outlier − only one three‐day period in the 20 years after 1987 had as large a market decline. The paper documents the large market movements and volatility in the period beginning in fall 2008 and suggests that this “crash” is different than what occurred in 1987. Research limitations/implications − This paper's main limitations lie in the implications drawn about the causes of the 2008 crash. Practical implications − This paper provides evidence on the causes of the 1987 crash and implications for the 2008 decline. The 1987 crash was due in part to characteristics news but also to the market and trading strategy, the 2008 “crash” is more likely a response to fundamental economic news. Originality/value − This paper uses empirical evidence since 1987 to look back on the causes of the 1987 crash.
Has the 1987 crash changed the psyche of the stock market?
Authors: Ang James , Boyer Carol
Published: May 2009

Purpose

The purpose of this paper is to utilize the initial public offerings (IPO) market to research the effect the stock market crash of 1987 had on the market psyche.

Design/methodology/approach

The paper compares the number of IPOs, as well as accounting data during the years surrounding the 1987 crash to determine if there is a change in financial quality. The underwriting fee structure, underpricing and short term price changes during one year prior to and one year following the 1987 crash are examined, as well as the long term returns surrounding the crash.

Findings

The stock market crash of 1987 did change the market psyche in the short to medium term. Results show greater risk aversion in the post crash period, as evidenced by fewer IPOs from riskier firms. Pricing is found to be more rational – less one day run‐up, less upward adjustment from offering range, and less likely to be overpriced in intermediate and longer terms.

Originality/value

The paper demonstrates the importance of market sentiment and may illuminate the causes of market cycles.
Capital market developments in the post‐October 1987 period: a Canadian perspective
Authors: Booth Laurence , Cleary Sean
Published: May 2009

Purpose

The purpose of this paper is to review the evolution of the Canadian financial environment since the stock market “crash” of 1987.

Design/methodology/approach

The paper provides a chronological account of significant events in the Canadian economic environment and capital markets, and how they have transformed the financial climate.

Findings

The late 1980s was a turbulent period with many changes in government and economic policies which were initiated at a time when governments were wracked with fiscal deficits, and just as the central bank appointed a dedicated inflation fighter. These changes worked their way through the system to contribute to one of the worst recessions in Canadian history. One of the symbols of disparity during this era was the Stock Market “Crash” of 1987, which was felt in Canada, as well as around the globe. However, for the last decade, the federal government has reported a surplus every year, and Canadians have benefitted from falling tax rates, declining interest rates, a strong stock market, and a rising currency. In fact, until September of 2008, all of these developments had contributed to unprecedented profitability in the financial services industry, until the recent widespread economic crisis in the US spread to Canadian and global economies. However, the Canadian economy seems much better poised to deal with such adversity than it was in October 1987. If the fall of 2008 is any indication, we will find out soon enough.

Originality/value

The paper demonstrates how fallout from the crash of 1987, as well as other subsequent developments, has contributed to significant changes in the financial environment.
Revisiting derivative securities and the 1987 market crash: lessons for 2009
Authors: Glenn Baigent G. , Massaro Vincent G.
Published: May 2009

Purpose

The purpose of this paper is to examine the role of derivative securities in over‐pricing and market corrections.

Design/methodology/approach

Daily market data from major indices are used to determine if the market was over‐priced in 1987. Then, the literature is examined to show differences in research findings for what caused the bubble and its correction.

Findings

Evidence is found that there was a market bubble in 1987. Examples are provided of how portfolio insurance can lead to the aggregation of traders' idiosyncratic errors and to an increase in the use of leverage, both of which can cause over‐pricing.

Research limitations/implications

Although the analysis is limited to equity markets, the findings should stimulate further research on the relationship between derivatives and asset pricing. Theoretically, derivative prices should be a function of asset prices, but it could be argued that the relationship is symbiotic.

Practical implications

The findings may impact policy makers in establishing regulations regarding the use of derivatives. Moreover, asset managers may be able to better detect conditions of over‐pricing.

Originality/value

The paper demonstrates the important role of derivative securities in market prices.
Fraudulent financial reporting, corporate governance and ethics: 1987‐2007
Authors: Kalbers Lawrence P.
Published: May 2009

Purpose

The purpose of this paper is to review, critique, and integrate certain trends, events, and research streams involving earnings management, fraudulent financial reporting, corporate governance and ethics.

Design/methodology/approach

The paper provides a brief history of relevant events and trends in financial reporting for the period 1987‐2007. Within this historical context, financial reporting and earnings quality are discussed from the academic and practitioner points of view. The influence of corporate governance and the role of ethics and behavior are introduced as part of an integrated discussion of academic and practitioner viewpoints of earnings management and fraudulent financial reporting. The last section of the paper provides final observations and recommendations for future research.

Findings

The paper concludes that academic research in earnings management and fraudulent financial reporting has become increasingly narrow in addressing important issues and problems in practice.

Research limitations/implications

The paper is limited in its depth of analysis in each individual research stream due to the breadth of research and time period that are addressed. The implications for future research are enhanced by the integration of several streams of research relevant to earnings management and fraudulent financial reporting.

Practical implications

The paper may be useful to regulators and policy makers to better understand the significance and relevance of academic research.

Originality/value

The paper introduces and integrates ethics and behavior as important aspects for understanding earnings management and fraudulent financial reporting.
Power relations in IT education and work: the intersectionality of gender, race, and class
Authors: Kvasny Lynette , Trauth Eileen M. , Morgan Allison J.
Published: May 2009

Purpose

Social exclusion as a result of gender, race, and class inequality is perhaps one of the most pressing challenges associated with the development of a diverse information technology (IT) workforce. Women remain under represented in the IT workforce and college majors that prepare students for IT careers. Research on the under representation of women in IT typically assumes women to be homogeneous in nature, something that blinds the research to variation that exists among women. This paper aims to address these issues.

Design/methodology/approach

The paper challenges the assumption of heterogeneity by investigating how the intersection of gender, race, and class identities shape the experiences of Black female IT workers and learners in the USA.

Findings

The results of this meta‐analysis offer new ways of theorizing that provide nuanced understanding of social exclusion and varied emancipatory practices in reaction to shared group exposure to oppression.

Originality/value

This study on the under‐representation of women as IT workers and learners in the USA considers race and class as equally important factors for understanding variation among women. In addition, this paper provides rich insights into the experiences of Black women, a group that is largely absent from the research on gender and IT.
Gender, access to community telecenter and livelihood asset changes
Authors: Naivinit Sani
Published: May 2009

Purpose

The purpose of this paper is to examine the access to community telecenters (CTs) and the resulting changes in people's livelihood by focusing on the gendered use of computers and the internet in two Thai CTs.

Design/methodology/approach

Qualitative methods through participant observation and interviews of 37 respondents are privileged. The assessment of the findings in this study is made by analyzing preset indicators created and adapted from a literature review of telecenters, livelihoods, and gender.

Findings

Findings suggest that livelihood changes in specific areas, with a rise in self‐esteem being one of the most noticeable changes. Moreover, financial opportunities, including career enhancement and product development, have expanded as a result of accessing CTs. In regard to gender, although it is found that there is only a small difference in financial opportunity between women and men, the findings point to more positive changes for women than men in terms of health enhancement and social connectedness, while men benefit slightly more in self‐esteem and education.

Originality/value

The paper verifies the possibility of information and communication technology (ICT) as a tool for enhancing the lives of people. It demonstrates that adults in a rural community can get the benefits of ICTs only if they have the opportunity to learn and have access to use. Furthermore, gender differences identified in the paper can support gender‐sensitive projects using ICT for development.
The non‐formal business of cyber cafés: a case‐study from India
Authors: Rangaswamy Nimmi
Published: May 2009

Purpose

The purpose of this paper is to profile everyday management and business strategies of 30 cyber cafés in Mumbai and contextualize them in the broader and pervasive culture of non‐formal economy.

Design/methodology/approach

The paper conducts an ethnographic study of open‐ended interviews of cyber café owner/managers to understand everyday patterns of managing a cyber café. The field observations and literature review aid an understanding of non‐formal economy in Mumbai.

Findings

The paper finds three important insights: business with internet technologies, even at the level of a small café, is expensive, requiring reasonable computing skills to maintain or expand business potential; in order to survive expense management several unauthorized practices are routinised and merge with the broader structures of non‐formal economy; and the non‐formality of business practices influence an open, liberal atmosphere to browse the internet and turn in a predominantly youth clientele.

Research limitations/implications

With regulatory discourse on information and communication technologies (ICTs) centered on piracy and ill‐legality, informality of business practices in emerging economies provide an alternate premise to understand its nature and function. These challenge received notions of visualizing ICT as simply piracy and coming to terms with markets shaped and structured by non‐formal processes.

Originality/value

The study is one of the first on cyber cafés in Mumbai using the framework of non‐formal economy to analyse data. This paper presents the connections between a small ICT‐enabled business and the pervasive culture of non‐formal business relations in Mumbai. It also reports on the everyday organizational practices and client usages of internet cafés in India.
Reassessing social inclusion and digital divides
Authors: Al‐Jaghoub Saheer , Westrup Chris
Published: May 2009

Purpose

Digital and social inclusion are becoming more talked about as approaches to what has been discussed as the digital divide. But what is digital or social inclusion? The purpose of this paper is to explore the notion of social exclusion as a variety of, sometimes conflicting, social programmes which embody ideas of what society should be. Becoming more aware of this variety of approach can give insights into programmes addressing the digital divide and the political, cultural and social aspects of policies of social inclusion.

Design/methodology/approach

The paper analyses the notion of social inclusion as a variety of social policies to address social exclusion and develop the nation state. It uses an example of a telecentre in Jordan's knowledge station (KS) programme to illustrate and extend this analysis.

Findings

The analysis and discussion of the KS initiative shows how different notions of social and digital inclusion are important features of strengthening the Jordanian state and are useful in analysing the relative success of this programme.

Originality/value

The paper argues that analyses of digital divides and digital exclusion could be strengthened by a closer understanding of policies of social inclusion. In this way it is possible to move from technological connection as a measure of a digital divide to a more thorough understanding using social inclusion policy which illuminates social, political and cultural aspects of technological change.
Indigenous communities and new media: questions on the global Digital Age
Authors: Rekhari Suneeti
Published: May 2009

Purpose

The purpose of this paper is to look at some of the issues surrounding access to and the use of new media technologies by Indigenous people in Australia and question why this is an area of study that receives a marginal focus in academic work.

Design/methodology/approach

Drawing on previous literature in the area of information and communications technology (ICT) adoption and social exclusion, this paper combines the methodological frameworks adopted by hegemony research and more general studies of new media.

Findings

The paper discusses the impacts of new media use by Indigenous communities, within the framework of discussions about a “global Digital Age”. The paper also briefly looks at the social implications of new media adoption.

Originality/value

It questions the assumption that adoption and use of new media is for the “good” or “benefit” of all. It will be of value to researchers of ICT adoption by Indigenous communities.
Biculturalism online: exploring the web space ofAotearoa/New Zealand
Authors: Muhamad‐Brandner Catharina
Published: May 2009

Purpose

Māori culture is a central aspect inAotearoa/New Zealand's national identity. Beginning in the 1970s biculturalism saw the indigenous culture and values acknowledged and incorporated in wider public discourse and policy. The purpose of this paper is to investigate whether New Zealand's cyberspace accommodates Māori. It explores how the web space is influenced by biculturalism and in turn what an understanding of this web space can tell us about biculturalism inAotearoa.

Design/methodology/approach

A brief introduction to biculturalism in New Zealand provides the background to the investigation of the country's web space. Recent access statistics enquire whether Māori are actually connected to the internet. The exploration of the structure of the internet is informed by newspaper articles and online documents relating to the development of two Māori specific second‐level domain name spaces. A word‐frequency analysis within a sample of 21 websites provides an overview into the use of the Māori language in cyberspace.

Findings

The paper shows that although Māori have the lowest access rate to the internet compared to other ethnic groups in New Zealand, their influence on the country's web space is nonetheless far‐reaching. Developments regarding Māori language uses over the last years are generally progressive. Māori culture and ongoing social changes are increasingly accommodated on the internet – Māori have been actively shaping the web space. However, these efforts do require the support and acceptance of the wider Internet community. The linguistic and structural developments taking place online since the mid 1990s were influenced by the bicultural thinking, public discourse and practice of the time.

Originality/value

This paper draws together the Māori success‐stories in their endeavour to assert their cultural needs in New Zealand's cyberspace. It highlights that the understanding ofAotearoaas being a bicultural country influenced developments taking place online potentially will lead to a truly bicultural web space in the near future.
Are socially exclusive values embedded in the avatar creation interfaces of MMORPGs?
Authors: Pace Tyler , Houssian Aaron , McArthur Victoria
Published: May 2009

Purpose

The purpose of this paper is to show how both the presentation and limitation of visual choices in massively multiplayer online role‐playing games (MMORPG) avatar creation interfaces tends to exclude or favor different real life social groups.

Design/methodology/approach

A novel method combining both quantitative and critical analysis of the syntagmatic‐paradigmatic structure of MMORPG avatar creation interfaces is used to inform the findings of this study.

Findings

This study concludes that as cultural interfaces, current fantasy themed MMORPGs remediate socially exclusive values both from fantasy literature and from their own game lore. The socially exclusive values deal largely with extreme and immutable racial and sexual dimorphism.

Research limitations/implications

Interfaces which present users with color palettes and/or smooth slider‐based body modifiers do not lend themselves well to this method of analysis. In addition to this, only a handful of the popular MMORPGs are analyzed within the body of this work.

Practical implications

This paper demonstrates that MMORPG players and designers need to be more aware about how they are constructing and embedding social values in their worlds. Avatars are critical conduits for online social dynamics and embedding socially exclusive values may transfer negative ideologies from old media to new.

Originality/value

This paper offers one of the earliest critiques of embedded values in avatar creation interfaces of MMORPGs. The paper aims to begin discussion on an overlooked area of now popular media that has not received any critical attention regarding its embedded messages of social inclusiveness or exclusiveness.