bluuebunny/crossref_metadata_2025_split huggingface dataset:
Nonprofit Boards in Australia: A Distinctive Governance Approach
Authors: Steane Peter , Christie Michael 
Published: March 2003

This article reports the findings into patterns of governance on nonprofit boards in Australia. The research surveys 118 boards, upon which serve a total of 1405 directors.The findings indicate that nonprofit boards can mimic some aspects of a shareholder approach to governance. But nonprofit boards, in the main, indicate priorities and activities of a stakeholder approach to governance. The features of ‘isomorphism’ that arise largely stem from legislative requirements in corporate governance. Generally, nonprofit directors are influenced by agenda and motivations that can be differentiated from the influences upon director activity in the corporate sector.The study indicates that nonprofit boards prize knowledge and loyalty to the sector when considering board composition. The survey suggests nonprofits “compensate” for the demands placed upon them about fiduciary duty and due diligence responsibilities with the diverse intellectual expertise of non‐executive directors. Nonprofit boards possess greater diversity than boards in the corporate sector; they include more women as directors than corporate boards and they include a greater proportion of directors from minority groups. While strategic issues feature significantly as a task of the nonprofit board, they distinguish themselves from their corporate counterparts by engaging in operational management.The findings indicate that, in the main, directors on nonprofit boards deliberate and operate in ways distinctive from their corporate counterparts. Such findings offer a contribution to the reform of Corporations Law in other countries and the likely consequence on boards outside the corporate sector.
Redesigning Corporate Governance Structures and Systems for the Twenty First Century
Authors: Monks Robert A.G. 
Published: March 2003

How a corporation is governed has become in recent years an increasingly important element in how it is valued by the market place. McKinsey & Company in June 2000 published the results of an Investor Opinion Survey of attitudes about the corporate governance of portfolio companies. The survey gathered responses about investment intentions from over 200 institutions who together manage approximately $3.25 trillion in assets. Ranging from 17 per cent in the US and Britain to over 27 per cent in Venezuela, investors placed a specific premium on what was called “Board Governance”. To put this into perspective, consider how greatly sales would have to increase, expenses be cut and margins improved to achieve a comparable impact on value.“For purposes of the survey, a well governed company is defined as having a majority of outside directors on the board with no management ties; holding formal evaluations of directors; and being responsive to investor requests for information on governance issues. In addition, directors hold significant stockholdings in the company, and a large proportion of directors’ pay is in the form of stock options.” This correlation of governance with market value by one of the most respected consulting companies in the world creates the foundations of a new language for management accountability. McKinsey has great credibility as a value‐adding advisor to corporate managements. Governance is not a cause or a theology for McKinsey; it is an important element in the value of an enterprise. By getting the opinion of what we call Global Investors with portfolios of holdings on every continent, McKinsey has importantly impacted the cost of capital for all corporations henceforth. Admittedly, McKinsey’s criteria of “board governance” are blunt.“Every organization attempting to accomplish something has to ask and answer the following question,” writes Harvard Business School professor Michael C. Jensen in the introduction to his recent working paper: “What are we trying to accomplish? Or, put even more simply: When all is said and done, how do we measure better versus worse? Even more simply: How do we keep score... . I say long‐term market value to recognize that it is possible for markets not to know the full implications of a firm’s policies until they begin to show up.... Value creation does not mean succumbing to the vagaries of the movements in a firm’s values from day to day. The market is inevitably ignorant of many of our actions and opportunities, at least in the short run...”.Surprisingly little attention is paid to what we all intuitively know, that talented people are not entirely motivated by financial compensation. Directors therefore must pay special attention to creating an appropriate environment for stimulating optimum management performance.
From federalism, Chinese style to privatization, Chinese style
Authors: Cao Yuanzheng , Qian Yingyi , Weingast Barry R. 
Published: March 2003

In 1995, China began a profound reform of its state‐owned enterprises. We first describe and characterize this progress in two areas: privatization of small state‐owned enterprises at the county level and mass lay‐offs of excess state workers at the city level. Local governments have initiated these reforms, which are proceeding in economically and politically sensible ways. We then argue that privatization, Chinese style, rests on an adequate economic and political foundation ‐ federalism, Chinese style. We suggest a range of incentives that propel local governments toward state‐owned enterprise reform, including their harder budget constraints and increased competition from the non‐state sector. In this sense, federalism, Chinese style, has induced privatization, Chinese style.JEL classification: H7, L30, P3.
Selected transition and Mediterranean countries: an institutional primer on EMU and EU accession
Authors: Temprano‐Arroyo Heliodoro , Feldman Robert A. 
Published: March 2003

The paper examines the institutional channels through which Economic and Monetary Union (EMU) in the European Union (EU) can affect the transition countries of Central and Eastern Europe and three Mediterranean countries that aspire to join the EU.After describing the current institutional framework for relations between the EU and these countries, the paper considers two categories of institutional implications of EMU. The first stems from the need to satisfy the Maastricht convergence criteria before joining the euro area. Although the Maastricht criteria are not accession criteria, many of the countries reviewed are already formulating their macroeconomic policies in a way that will facilitate convergence toward the Maastricht targets. The second implication stems from the need to adopt the EU’s institutional and legal provisions in the area of EMU, such as those referring to the establishment of independent central banks, the prohibition of central bank financing of the government and the liberalization of capital movements. Finally, the paper discusses some of the key policy issues that EMU raises for the countries reviewed, in particular regarding exchange rate policy, capital account liberalization and the possible conflict between growth‐enhancing measures and the Maastricht criteria.
Herding in analyst earnings forecasts: evidence from the United Kingdom
Authors: De Bondt Werner F. M. , Forbes* William P. 
Published: March 2003

We present an empirical analysis of herding behavior in analyst forecasts of earnings‐per‐share. Herding is defined as ‘excessive agreement’ among analyst predictions, i.e., a surprising degree of consensus relative to the predictability of corporate earnings. The data are for U.K. companies between 1986 and 1997. We examine the effects of forecast horizon and analyst coverage on forecast accuracy and dispersion. The evidence supports overoptimism, overreaction, and herding in analyst forecasts.G1, G14
Dual‐listings on international exchanges: the case of emerging markets’ stocks
Authors: Serra Ana Paula 
Published: March 2003

This paper examines the effects on stock returns of dual‐listing on an international exchange. My sample consists of 70 firms from 10 emerging markets that dual‐listed on the NYSE, NASDAQ and SEAQ‐I (London) over the period 1991–1995. I evaluate whether an international dual‐listing has any significant effect on returns, for the particular case of emerging markets’ firms, and I proceed to investigate whether there is evidence to support an International Asset Pricing based explanation. In addition I compare the impact of US and London SEAQ‐I listings. My results confirm previous empirical findings on international listings: the firms in my sample experience significant positive abnormal returns before listing and a significant decline in returns following listing. Evidence seems to be supportive of the segmentation hypothesis: dual‐listing effects are more pronounced for emerging markets’ listings and that pattern is similar across exchanges.G15
Short‐run Returns around the Trades of Corporate Insiders on the London Stock Exchange
Authors: Friederich Sylvain , Gregory Alan , Matatko John , Tonks Ian 
Published: March 2003

Previous work examined the long‐run profitability of strategies mimicking the trades company directors in the shares of their own company, as a way of testing for market efficiency. The current paper examines patterns in abnormal returns in the days around these trades on the London Stock Exchange.We find movements in returns that are consistent with directors engaging in short‐term market timing. We also report that some types of trades have superior predictive content over future returns. In particular, medium‐sized trades are more informative for short‐term returns than large ones, consistent with Barclay and Warner’s (1993) ‘stealth trading’ hypothesis whereby informed traders avoid trading in blocks.Another contribution of this study is to properly adjust the abnormal return estimates for microstructure (spread) transactions costs using daily bid‐ask spread data. On a net basis, we find that abnormal returns all but disappear.
Metamorphosis: From ‘Nice Girls’ to ‘Nice Bitches’: Resisting Patriarchal Articulations of Professional Identity
Authors: Katila Saija , Meriläinen Susan 
Published: March 2003

This article explores the random strategies women adopt in resisting patriarchal articulations of their professional identity and the kind of organizational discourses women’s resistance brings about. The focus is on describing the context, dynamics of contradictory tensions and ambivalence inherent in situations of resisting. The article draws upon the authors’ own experiences in academia. In addition to participatory observation, the authors are using themselves as research instruments that enable them to highlight the emotions and ambivalent dynamics in the construction of gendered identities and power relations in organizations.The study indicates that there are several sets of rules in motion in one and the same social situation, such as the rules of organizational behaviour, rules of friendship and the rules of gender relations in public places. By describing two overtly sexualized discourses that women’s resistance brought about, the article highlights that organizational sexuality does not necessarily differ in kind or in degree from ‘street sexuality’ or sexuality in semi‐public places. The study’s findings argue that it is important to extend research to both informal and semi‐formal organizational gatherings. These liminal spaces are important sites of communicative struggles over organizational meanings and identities.
Tax Progression and Human Capital in Imperfect Labour Markets
Authors: Fuest Clemens , Huber Bernd 
Published: March 2003

Abstract
Recent contributions to the theory of taxation argue that tax progression raises welfare and employment in the presence of labour market imperfections. This literature takes the endowment of workers with human capital as given. The present paper analyses the effects of tax progression in a model with endogenous human capital formation. We show that the effect of tax progression on human capital investment depends on the deductibility of the cost of human capital formation. With full deductibility, tax progression raises employment and welfare. With incomplete deductibility, in contrast, the effect of tax progression on employment and welfare may be negative.
On the Interaction of Risk and Time Preferences: An Experimental Study
Authors: Anderhub Vital , Güth Werner 
Published: March 2003

Abstract
Experimental studies of risk and time preference typically focus on one of the two phenomena. The goal of this paper is to investigate the (possible) correlation between subjects' attitude to risk and their time preference. For this sake we ask 61 subjects to price a simple lottery in three different scenarios. At the first, the lottery premium is paid `now'. At the second, it is paid `later'. At the third, it is paid `even later'. By comparing the certainty equivalents offered by the subjects for the three lotteries, we test how time and risk preferences are interrelated. Since the time interval between `now' and `later' is the same as between `later' and `even later', we also test the hypothesis of hyperbolic discounting. The main result is a statistically significant negative correlation between subjects' degrees of risk aversion and their (implicit) discount factors. Moreover, we show that the negative correlation is independent of the method used to elicit certainty equivalents (willingness to pay versus willingness to accept).
Input Demand and the Shortand Long-Run Employment Thresholds: An Empirical Analysis for the German Manufacturing Sector
Authors: Flaig Gebhard , Rottmann Horst 
Published: March 2003

Abstract
The concept of the `employment threshold' plays an important role in the public discussion of unemployment. The employment threshold is defined as that growth rate of output necessary to keep employment constant despite the continuous rise in productivity. It is related to the Okun coefficient which describes the relationship between the changes in output and unemployment. Many contributions to this debate give the impression that the employment threshold is more or less a structural characteristic independent of economic variables. In this paper we derive short- and long-run employment thresholds from an input demand system and show empirically that they depend on factor prices and capital accumulation. Higher wage rates raise the employment threshold and reduce the probability that a positive output shock will increase employment.
Fremdwortdiskussion und Rechtsextremismus
Authors: Pfalzgraf Falco 
Published: March 2003

Seit den 1990er Jahren hat die Fremdwortdiskussion in Deutschland an Schärfe zugenommen. Vom Zweiten Weltkrieg bis in die 1990er Jahre kommt es lediglich zu einzelnen Stellungnahmen von Politikern zur Fremdwortdiskussion, doch Anfang 2001 kritisieren zahlreiche hochrangige deutsche Politiker parteiübergreifend den Gebrauch von Angloamerikanismen im Deutschen. Erstmals seit den 1930er Jahren werden Rufe nach einem Sprachschutzgesetz laut.In diesem Zusammenhang ist die zunehmende Bildung und Einflussnahme neuer Vereinigungen zum Schutz des Deutschen zu sehen. Einige zeichnen sich durch beachtliche Mitgliederzahlen aus und fallen durch starke Medienpräsenz auf. Andere wieder sind kleinere Vereine, die aber ähnliche oder identische Ziele verfolgen. Hier wird auf das Netzwerk dieser Sprachschutz–Vereinigungen eingegangen. Es wird gezeigt, dass Sprachschutzvereine für viele rechtsgerichtete Organisationen interessant erscheinen, mit selbigen in Verbindung gebracht werden können, oder sich bewusst ihrer Unterstützung bedienen.Nicht alle untersuchten Vereine dürfen trotz ihrer beachtlichen Vernetzung pauschal als rechtsextremistisch bezeichnet werden, einige aber können als rechtsextrem eingestuft werden. Es wird gezeigt, welche Vereine Verbindungen zum politisch rechten Lager haben. Andere Vereine hingegen haben erkannt, wie schädlich solche Kontakte ihrer Sache sein können und gehen mehr oder weniger erfolgreich gegen Rechtsextremisten in den eigenen Reihen vor. Ob dies aber mit ausreichender Konsequenz geschieht, sei dahingestellt.
Policy Transfer among Local Governments: An Information–Theory Approach
Authors: Wolman Harold , Page Ed 
Published: March 2003

We argue that the burgeoning literature on policy transfer suffers from the lack of an analytical framework that would facilitate understanding and, thus, theory–building. We suggest that policy transfer be conceptualized as occurring through a communications and information framework and that it focus on information networks that include producers, senders, and facilitators of information, as well as recipients. We apply this framework to an illustrative study of how British local–authority officials involved in the area of urban regeneration policy learn from each other’s experience.Utilizing this approach, the results of our case study yield several testable hypotheses for future study. In particular, they direct us towards the importance of informal networks in the policy–transfer process, towards an examination of the motivations of producers, senders, and disseminators of information, and towards the difficulty all participants in the network have in assessing the quality and validity of the information they receive.
Technological Change and Environmental Policy: The Diffusion of Environmental Technology
Authors: DUPUY DAMIAN 
Published: March 2003

ABSTRACTAs concern for environmental protection is growing within all sectors of society, industrial firms are being forced to become more accountable for their actions. Government policies, in the form of environmental standards, have been designed to reduce the level of toxic pollutants being discharged by firms. In order to comply with these standards, firms must either change the nature of their production processes or employ technologies that reduce the level of effluent being discharged. This paper investigates the role of environmental policy in driving firms to adopt pollution control technologies. The policy addressed is the Province of Ontario's Municipal Industrial Strategy for Abatement (MISA) which seeks to compel firms to reduce discharges of industrial effluent through the application of the “Best Available Technology Economically Achievable.” The impact of this policy instrument on the adoption of pollution control technology in the Ontario organic chemical industry is examined. The analysis is based on interviews with firms in the chemical industry which reveal that environmental policy has played a central role in inducing firms to adopt pollution control technologies. The paper draws on literature about technology diffusion, especially the relationship between suppliers and users of technology, and examines the process through which environmental technology is transferred to regulated firms. The relationship between the suppliers and users of technology is strong, especially between the large multinational users and smaller independent domestic technology suppliers.
A Continuing Role For Academics: The Governance of UK Universities in the Post–Dearing Era
Authors: Dearlove John 
Published: March 2003

The governance of higher education has become a recognised cause for concern. Many academics lament the demise of an easy collegiality in the face of the rise of a harder managerialism that robs them of control. But outsiders to the system, concerned about the efficiency and effectiveness of higher education management, are critical of the extent to which academics seem all too eager and able to block changes that might lead to universities better addressing the needs of society.This paper rejects the simple nostrums of both those who hark back to a collegial golden age and those who make the case for a brave managerial future. It argues that universities that are capable of real strategic change in response to challenge are capable of transcending the dichotomy between collegiality and managerialism as modes of organisation. In these successful universities, academics must be involved and prepared to lead, but they must also work in partnership with administrators, in institutions that will be strong to the extent that there is a shared vision that makes the institution rather more than just the sum of warring departments.
The Loss of Archbishop Stratford's Register
Authors: McHardy A.K. 
Published: March 2003

Abstract
The register of Archbishop John Stratford (1333–48) still existed in 1391, when it was consulted by Archbishop Courtenay, but subsequently disappeared. This document shows that its fate was to be the object, along with some of Courtenay's records, of a highway robbery in Rogate, Sussex, during the autumn of 1402 while it was being transported in the baggage‐train of Archbishop Thomas Arundel. Though we can speculate on the reasons for this theft, the motives of the thieves, who struck in an area peculiarly favourable to the lawless, still elude us.
Use of the SF‐12 Instrument for Measuring the Health of Homeless Persons
Authors: Larson Celia O. 
Published: March 2003

Objective. To evaluate the construct validity of the Short Form 12‐item Survey (SF‐12) among users of a homeless day shelter. Adding brief health assessments has potential to provide information regarding the effect that programs have upon the health status and functioning of homeless persons.Study Setting. A convenience sample of 145 homeless persons at a day shelter in an urban setting.Study Design. Participants were verbally administered the SF‐12 that provides information on mental and physical health status and the Dartmouth Improve Your Medical Care SurveyTM (IYMC) that provides information on functional health, clinical symptoms, medical conditions, and health risk. The IYMC survey system has been widely used in clinical settings to assess health status and the outcomes of care.Data Collection/Extraction Methods. Construct validity was assessed by the following approaches: (a) the method of extreme groups was used where multivariate analysis of variance determined if SF‐12 summary scores varied for individuals who differed in self‐reported clinical symptoms and medical conditions, and (b) convergent validity was assessed by correlating SF‐12 summary scores with the subscales.Principal Findings. Four to 10 point differences in physical health (PCS12) and 5–11 point differences in mental health (MCS12) were found between those who reported acute symptoms and medical conditions and those who did not. A 13‐point difference in PCS12 scores and a 7–16‐point difference in MCS12 scores were found for those who reported none or few to several symptoms or conditions. The summary scores and subscales yielded satisfactory convergent validity coefficients that ranged from 0.62 to 0.88 with one exception.Conclusions. The SF‐12 shows promise as a valid outcome indicator for assessing and monitoring health status among the homeless. Its strengths include brevity and availability of norms for specific medical conditions.