Search results for: corporate investment behavior

Authors: Aliyu Aminu Baba, Yahaya Danjuma, Ahmad Sule Liman-Katagum

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This paper examines the effects of the board of directors’ diversity on firm performance. We investigate the relationship between the number of women directors on the board and important board committees and financial performance measured as return on assets. Our statistical analysis supports the theoretical position of the effect diversity on financial performance. These studies enhanced the previous studies on the board of director’s gender diversity, board committees, and its impacts on firm financial performance. The study uses data from eighteen (18) Nigerian commercial banks. The study finds that banks with a higher number of females directors on board and board committees have higher Earning per share(EPS)) and Return on Assets (ROA). It also finds that some banks did not even have a single female on its corporate board. Evidence imply that decisions concerning the appointment of women to corporate boards should be on criteria and financial performance. It is recommended that banks can enhance their financial performance by having more female directors on their corporate board.

Keywords: board of directors, gender diversity, board committees, financial performance

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Authors: Raveena Naz

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The concept of ‘Corporate Social Responsibility’ (CSR) has often relied on firms thinking beyond their economic interest despite the larger debate of shareholder versus stakeholder interest. India gave legal recognition to CSR in the Companies Act, 2013 which promises better corporate governance. CSR in India is believed to be different for two reasons: the dominance of family business and the history of practice of social responsibility as a form of philanthropy (mainly among the family business). This paper problematises the actual structure of business houses in India and the role of CSR in India. When the law identifies each company as a separate business entity, the economics of institutions emphasizes the ‘business group’ consisting of a plethora of firms as the institutional organization of business. The capital owned or controlled by the family group is spread across the firms through the interholding (interlocked holding) structures. This creates peculiar implications for CSR legislation in India. The legislation sets criteria for individual firms to undertake liability of mandatory CSR if they are above a certain threshold. Within this framework, the largest family firms which are all part of family owned business groups top the CSR expenditure list. The interholding structures, common managers, auditors and series of related party transactions among these firms help the family to run the business as a ‘family business’ even when the shares are issued to the public. This kind of governance structure allows family owned business group to show mandatory compliance of CSR even when they actually spend much less than what is prescribed by law. This aspect of the family firms is not addressed by the CSR legislation in particular or corporate governance legislation in general in India. The paper illustrates this with an empirical study of one of the largest family owned business group in India which is well acclaimed for its CSR activities. The individual companies under the business group are identified, shareholding patterns explored, related party transactions investigated, common managing authorities are identified; and assets, liabilities and profit/loss accounting practices are analysed. The data has been mainly collected from mandatory disclosures in the annual reports and financial statements of the companies within the business group accessed from the official website of the ultimate controlling authority. The paper demonstrates how the business group through these series of shareholding network reduces its legally mandated CSR liability. The paper thus indicates the inadequacy of CSR legislation in India because the unit of compliance is an individual firm and it assumes that each firm is independent and only connected to each other through market dealings. The law does not recognize the inter-connections of firms in corporate governance structures of family owned business group and hence is inadequate in its design to effect the threshold level of CSR expenditure. This is the central argument of the paper.

Keywords: business group, corporate governance, corporate social responsibility, family firm

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Authors: Rahmi Kopar

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Legitimate expectations principle is considered one of the most dominant elements of the Fair and Equitable Treatment Standard which is today’s most relied upon treaty standard. Since its utilization by arbitral tribunals is relatively new, the contours of the legitimate expectations concept under investment treaty law have not been precisely defined yet. There are various fragmented views arising both from arbitral tribunals and scholarly writings with respect to its limits and use even though the principle is ‘firmly rooted in arbitral practice.’ International energy investments, due to their characteristics, are more prone to certain types of risks, especially the political risks. Thus, there are several mechanisms to protect an energy investment against those risks. Stabilisation is one of these investment protection methods. Stability provisions can be found under domestic legislations, as a contractual clause, or as a separate legal stability agreement. This paper will start by examining the roots of the contentious concept of legitimate expectations with reference to its application in domestic legal systems from where the doctrine under investment treaty law context was transplanted. Then the paper will turn to the investment treaty law and analyse the main contours of the doctrine as understood and applied by arbitral tribunals. 'What gives rise to the investor’s legitimate expectations?' question is answered mainly by three categories of sources: the general legal framework prevalent in a host state, the representations made by the officials or organs of a host state, and the contractual commitments. However, there is no unanimity among the arbitral tribunals and the scholars with respect to the form these sources should take. At this point, the study will discuss the sources of a stability provision and the effect of these stability provisions found in various legal sources in creating a legitimate expectation for the investor. The main questions to be discussed in this paper are as follows: a) Do the stability provisions found under different legal sources create a legitimate expectation on the investor side? b) If yes, what levels of legitimate expectations do they create? These questions will be answered mainly by reference to investment treaty jurisprudence.

Keywords: fair and equitable treatment standard, international energy investments, investment protection, legitimate expectations, stabilization

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Authors: Tibah Alharbi, Renzo Cordina, David Power

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Relatively few studies have explored how venture capitalist investors (VCs) make investment decisions and the information they rely on when taking an equity stake in an investee company. In addition, little is known about how much investors monitor start-ups after the decision to invest has been made. The VC scene in the US or European context is understood better than that of developing countries such as those in the Middle East. Although some differences among VC investors have been identified, the reasons behind such differences have not been fully explored – especially in a country such as Saudi Arabia. Therefore, this research seeks to understand the impact of external factors on the VC investor’ behaviour. The unique cultural and legal environments in the Kingdom of Saudi Arabia, the growing VC sector in the country, and the increasing importance attached to start-ups under the Saudi Government’s Vision 2030 program make such an investigation timely. Ascertaining the perceptions of VC investors in such a context will provide a deeper understanding of the determinants of VC investment in a novel setting. Using semi-structured interviews with over 20 participants, the research explores the structure of VC funds, the cycle of the VC investment in a start-up from the sourcing of deals, the screening and evaluation of such deals, the closing of such deals, and finally, the monitoring of such investments before the decision to exit such deals at the appropriate time. The results show some similarities to the VC model, which characterizes such investment in the US and Europe, but several differences emerge given the unique cultural and legal settings within the Kingdom. The results provide an in-depth understanding of the VC investors’ mindset relative to the existing studies in the literature.

Keywords: exit, monitoring, start-ups, venture capital

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Authors: Ichiro Takahashi

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One conundrum that macroeconomic theory faces is to explain how an economy can revive from depression, in which the aggregate demand has fallen substantially below its productive capacity. This paper examines an autonomous stabilizing mechanism using an agent-based Wicksell-Keynes macroeconomic model. This paper focuses on the effects of the number of firms and the length of the gestation period for investment that are often assumed to be one in a mainstream macroeconomic model. The simulations found the virtual economy was highly unstable, or more precisely, collapsing when these parameters are fixed at one. This finding may even suggest us to question the legitimacy of these common assumptions. A perpetual decline in capital stock will eventually encourage investment if the capital stock is short-lived because an inactive investment will result in insufficient productive capacity. However, for an economy characterized by a roundabout production method, a gradual decline in productive capacity may not be able to fall below the aggregate demand that is also shrinking. Naturally, one would then ask if our economy cannot rely on an external stimulus such as population growth and technological progress to revive investment, what factors would provide such a buoyancy for stimulating investments? The current paper attempts to answer this question by employing the artificial macroeconomic model mentioned above. The baseline model has the following three features: (1) the multi-period gestation for investment, (2) a large number of heterogeneous firms, (3) demand-constrained firms. The instability is a consequence of the following dynamic interactions. (a) A multiple-period gestation period means that once a firm starts a new investment, it continues to invest over some subsequent periods. During these gestation periods, the excess demand created by the investing firm will spill over to ignite new investment of other firms that are supplying investment goods: the presence of multi-period gestation for investment provides a field for investment interactions. Conversely, the excess demand for investment goods tends to fade away before it develops into a full-fledged boom if the gestation period of investment is short. (b) A strong demand in the goods market tends to raise the price level, thereby lowering real wages. This reduction of real wages creates two opposing effects on the aggregate demand through the following two channels: (1) a reduction in the real labor income, and (2) an increase in the labor demand due to the principle of equality between the marginal labor productivity and real wage (referred as the Walrasian labor demand). If there is only a single firm, a lower real wage will increase its Walrasian labor demand, thereby an actual labor demand tends to be determined by the derived labor demand. Thus, the second positive effect would not work effectively. In contrast, for an economy with a large number of firms, Walrasian firms will increase employment. This interaction among heterogeneous firms is a key for stability. A single firm cannot expect the benefit of such an increased aggregate demand from other firms.

Keywords: agent-based macroeconomic model, business cycle, demand constraint, gestation period, representative agent model, stability

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Authors: Endah Mastuti, Prihastuti Sudaryono

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The rapid development of Internet usage and technology influences the academic behavior of students in high schools. One of the consequences is the emergence of academic procrastination behavior. Academic procrastination behavior is students’ procrastinate behavior in completing assignments. This study aimed to see whether there are differences in the duration of using the internet with academic procrastinate behavior among high school students in Surabaya. The number of research subject is 498 high school students. Instruments of the research are academic procrastination scale and duration of the internet usage questionnaire. The results from One Way Anova shows F value 0.241 with a significance level of 0.868 This demonstrates that there is no difference between the duration of the use of the Internet with academic procrastination behavior in high school students.

Keywords: academic procrastination, duration of internet usage, students, senior high school

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Authors: Emma Serwaa Obobisaa, Haibo Chen

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International trade and outward foreign direct investment are important factors which are generally recognized in the economic growth and development. Though several scholars have struggled to reveal the influence of trade and outward foreign direct investment (FDI) on economic growth, most studies utilized common econometric models such as vector autoregression and aggregated the variables, which for the most part prompts, however, contradictory and mixed results. Thus, there is an exigent need for the precise study of the trade and FDI effect of economic growth while applying strong econometric models and disaggregating the variables into its separate individual variables to explicate their respective effects on economic growth. This will guarantee the provision of policies and strategies that are geared towards individual variables to ensure sustainable development and growth. This study, therefore, seeks to examine the causal effect of China-Africa trade and Outward Foreign Direct Investment on the economic growth of Africa using a robust and recent econometric approach such as system dynamics model. Our study impanels and tests an ensemble of a group of vital variables predominant in recent studies on trade-FDI-economic growth causality: Foreign direct ınvestment, international trade and economic growth. Our results showed that the system dynamics method provides accurate statistical inference regarding the direction of the causality among the variables than the conventional method such as OLS and Granger Causality predominantly used in the literature as it is more robust and provides accurate, critical values.

Keywords: economic growth, outward foreign direct investment, system dynamics model, international trade

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Authors: Cristina Costa-Lobo, Ana Martins, Maria Das Dores Formosinho, Ana Campina, Filomena Ponte

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This paper is a report on the findings of a study conducted at an international leading food group. Documentary analysis and discourse analysis techniques were used to examine how corporate social responsibility and career education are valued by this international group. The Survey on Corporate Social Responsibility and Career Education was used, with 18 open-ended questions, the first six related to Corporate Social Responsibility and the last 12 related to Education for the Career. The Survey on the Social Emergency Fund was made up of 16 open-ended questions. The Social Welfare Survey was used to investigate the contribution of social workers in this area, as well as to understand their status. The sample of this investigation is composed by the Director of the development area, by the Coordinator and two Social Assistants of the Social Emergency Fund. Their collaboration was the provision of information in the form of an interview where the two main axes of this study were explored: Corporate Social Responsibility and Career Education. With regard to the analysis of data obtained from interviews, it was accomplished through the content analysis according to the Bardin's method (2004), through the pre-analytical, exploratory and qualitative treatment and interpretation of responses. Critical review of documents was also used. The success and effectiveness of this international group are marked by ambition, ability to resist difficulties, sharing of values, spirit of unity and team sense that is shared in its different companies, its leadership position is also due to the concern to see reinforced and developed values of work, discipline, rigor and competence, its management is geared towards responding to immediate challenges from a Corporate Social Responsibility perspective that is characteristic of it, incorporating concerns about impacts both in the medium and long term. In addition to internal training, it directs investments for external training by promoting actions such as participation in seminars and congresses worldwide and the creation of partnerships in various areas of management with prestigious teaching entities. Findings indicate the creation of a training school, with initiatives for internal and external training, in partnerships with prestigious teaching entities. Of particular note is the Management Trainees Program, developed for more than 25 years, characterized by building a career by obtaining knowledge and skills acquired in the combination of on-the-job experience and a training program.

Keywords: career education, corporate social responsibility, training school, management trainees program

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Authors: Tukur Husaini Nahuche

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The parent resources play a vital role in the life of the offspring. It help give children basic necessities of life like food, clothing, and housing. In a like manner financial assets allow parents to move into neighborhood with more affluent school systems, to pay school bills, purchase expensive technologies like personal computer, save money for tutoring books, magazines, journals, Newspapers etc. Making of proper provision in the home environment conducive for learning after school hours and creation of other outdoor activities for them are what necessitate in enhancing and accelerating children’s learning opportunities. Indeed, this paper intends to discuss parental investment in education, parent income resources, parental education, occupation, and income as relatively influencing children’s access to quality education. With the hope that families would provide equal opportunities for children irrespective of their sex, intelligence, subject choice,etc.

Keywords: parental investment, children's access, quality education

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Authors: Wipada Chaiwchan

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This research aims to study behaviors in using social networks of Corporate personnel of Suan Sunandha Rajabhat University. The sample used in the study were two groups: 1) Academic Officer 70 persons and 2) Operation Officer 143 persons were used in this study. The tools in this research consisted of questionnaire which the data were analyzed by using percentage, average (X) and Standard deviation (S.D.) and Independent Sample T-Test to test the difference between the mean values obtained from two independent samples, and One-way anova to analysis of variance, and Multiple comparisons to test that the average pair of different methods by Fisher’s Least Significant Different (LSD). The study result found that the most of corporate personnel have purpose in using social network to information awareness aspect was knowledge and online conference with social media. By using the average more than 3 hours per day in everyday. Using time in working in one day and there are computers connected to the Internet at home, by using the communication in the operational processes. Behaviors using social networks in relation to gender, age, job title, department, and type of personnel. Hypothesis testing, and analysis of variance for the effects of this analysis is divided into three aspects: The use of online social networks, the attitude of the users and the security analysis has found that Corporate Personnel of Suan Sunandha Rajabhat University. Overall and specifically at the high level, and considering each item found all at a high level. By sorting of the social network (X=3.22), The attitude of the users (X= 3.06) and the security (X= 3.11). The overall behaviors using of each side (X=3.11).

Keywords: social network, behaviors, social media, computer information systems

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Authors: Apedzan Emmanuel Kighir

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This research investigates dividends smoothing among non-financial companies trading on the Nigerian Stock Exchange in an era of unclaimed dividends from 2004 to 2013. There has been a raging controversy among Regulatory Authorities, Company Executives, Registrars of Companies, Shareholders and the general public regarding the increasing incidence of unclaimed dividends in Nigeria. The objective of this study is to find out if corporate earnings management through dividends smoothing is implicated in unclaimed dividends among Nigerian non-financial firms. The research used panel data and employed Generalized Method of Moment as method of analysis. The research finds evidence of dividends-smoothing in this era of unclaimed dividends in Nigeria. The research concludes that dividends-smoothing is a trigger and red flag for unclaimed dividends, an output of earnings management. If earnings management and hence unclaimed dividends in Nigeria is allowed to continue, it will lead to great consequences to the investors and corporate policy of government. It is believed that the research will assist investors and government in making informed decisions regarding dividends policy in Nigeria.

Keywords: dividends smoothing, non financial companies, Nigerian stock exchange, unclaimed dividends, corporate earnings management

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Authors: Meltem Karatepe Kaya

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The concept of corporate governance is not new but, due to the recent international financial crisis, it has become prominent in contemporary business, accounting and legal debates. There is a wealth of anecdotal evidence which shows that protection of minority shareholders is an important issue in the corporate governance literature. Minority shareholders typically hold low amounts of stocks, so the benefits gained from their participation in shareholder meetings are very asymmetric to the cost. Therefore, the presence of a good corporate governance structure is the proper protection of and respect for the rights and interests of shareholders, particularly those of minority shareholders. The research will attempt to find answers to the following questions: Why minority shareholders’ rights should be protected? How minority shareholders’ rights could be improved? Does the legal framework in the United Kingdom provide adequate protection for minority shareholders? This study will assess regulations about the legal protections of minority shareholders and try to find answer this question: ’Why is it inevitable for company law to treat in a successful way the problems arising from minority shareholders' conflict with other shareholders of a company?’The protection of minority shareholders is not only a corporate governance objective in its own right but also has added importance particularly in developing countries. In the United Kingdom(UK) and the United States of America(USA), there are diffused ownership structures so that any shareholders do not influence the management of the company. This is in stark contrast to companies in developing countries such as Turkey where controlling shareholders and related insiders are a well-known feature of ownership structures, and where companies are often governed and managed by controlling shareholders such as family firms and associated companies through cross-shareholdings and pyramiding ownership structures. In Turkey, the agency problem is not between shareholders and management. Rather it gives rise to another dimension of the agency problem – a conflict of interest between majority shareholders (controlling) and minority shareholders. This research will make a particularly useful contribution to knowledge-based information and understanding of company law in the UK, particularly minority shareholders' remedies. It will not only give information about law and regulations of minority shareholders' remedies but also it will provide some knowledge about doctrinal discussions and relevant cases. The major contribution to study will be in the knowledge of law and regulation in the legal protections of minority shareholders in the United Kingdom and Turkey. In this study, the recommendations will be given for the development of the legal framework and practices of protections for minority shareholders and small investors.

Keywords: controlling shareholders, corporate governance, derivative actions, minority shareholders

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Authors: Mrigakshi Das

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The ethics of a business is currently a high profile issue owing to sensational corporate scandals that had taken place in many countries causing extensive damages to the economy and society. These corporate scandals question the morality of businessmen in general and accountants in particular. It is argued that the accountants have been the main contributors to the decline in ethical standards of a business. This researcher has reviewed the need and impact of ethics education in accounting profession. Despite of ethical interventions, the rate of accounting scandals are increasing and have left the public questioning that has the profession become really less ethical?

Keywords: accounting, ethics education and intervention in accounting, accounting education, accounting profession, moral reasoning and development, ethics education

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Authors: Amber Zahid, Fatima Naseer, Maham Atta, Fareeha Zafar

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Corporate social authority (CSR) talk, scholarly scrutinize, open arrangement and media editorials, which have thrived in the previous not many decades according to the craving to characterize the nexus between business and social order had a tendency to center primarily on expansive corporate associations which are required to act mindfully. The enormous organizations have for a long time pulled in huge volume of expositive expression on CSR. Almost no expositive expression is presently accessible to upgrade our comprehension about the engagement of little and medium-measured endeavors (SMEs) in CSR. The SMEs, regularly characterized differently regarding turnover terrible stake quality, proprietorship structure and the amount of workers, is a noteworthy part worldwide as far as monetary ecological and the social effect they make. This paper endeavoured to extend this obvious research bay, characterized the way of SMEs the total commitments of the area to economies of both advanced and advancing countries and their part engagement in CSR. The study embraced qualitative literary works review strategy. An audit of the negligible expositive expression furnished knowledge and characterized the course of examination in this significant and underexplored region of study. SMEs were discovered to perform parts connected with group improvement, representative activities, consumerism, natural movements, and production network necessities. To defeat the imperatives going up against SMEs engagement in CSR activities the paper prescribed expanded assets, preparing programs advancement of SMEs arranged instruments and guidelines to guide appropriation and execution and government mediation systems to make the fundamental motivating forces and underpin administrations for adequate engagement.

Keywords: corporate social responsibility, small and medium-sized enterprises, responsible practices, corporate citizenship

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Authors: Ernest Nweke

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Mongolia has made giant strides in the development of its auditing and accounting system from Soviet-style to a market-oriented system. High levels of domestic and foreign investment desired by the Mongolian government require that better and improved quality of corporate information and disclosure consistent with international standards be made available to investors. However, the Mongolian Certified Public Accountants (CPA) profession is still developing, and the quality of services provided by accounting firms in most cases do not comply with International Financial Reporting Standards (IFRS) framework approved by the government for use in financial reporting. Against this backdrop, Accounting and audit reforms, liberalization and deregulation, establishment of an efficient and effective professional monitoring and supervision regime are policy necessities. These will further enhance the Mongolian business environment, eliminate incompetence in the system, make the economy more attractive to investors and ultimately lift reporting standards and bring about improved accounting, auditing and disclosure practices among Mongolian firms. This paper examines the fundamental issues in the accounting and auditing environment in Mongolia and investigates the relationship between selected characteristics of Mongolian Stock Exchange (MSE) listed firms (profitability, leverage, firm size, firm auditor size, firm listing age, board size and proportion of independent directors) and voluntary accounting disclosures in their annual reports and accounts. The selected sample of firms for the research purpose consists of the top 20 indexes of the MSE, representing over 95% of the market capitalization. An empirical analysis of the hypothesized relationship was carried out using multiple regression in EViews analytical software. Research results lend credence to the fact that only a few of the company attributes positively impact voluntary accounting disclosures in Mongolian Stock Exchange-listed firms. The research is motivated by the absence of empirical evidence on the correlation between the quality of voluntary accounting disclosures made by listed companies in Mongolia and company characteristics and the findings thereof significantly useful to both firms and regulatory authorities. The concluding part of the paper precisely consists of useful research-based recommendations for listed firms and regulatory agencies on measures to put in place in order to enhance the quality of corporate financial reporting and disclosures in Mongolia.

Keywords: accounting, auditing, corporate disclosure, listed firms

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Authors: Mujeeb Saif Mohsen Al-Absy, Ku Nor Izah Ku Ismail, Sitraselvi Chandren

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This study examines whether corporate governance (CG) mechanisms in firms that have a whistle-blowing policy (WHBLP) are more effective in constraining earnings management (EM), than those without. A sample of 288 Malaysian firms for the years 2013 to 2015, amounting to 864 firm-years were grouped into firms with and without WHBLP. Results show that for firms without WHBLP, the board chairman tenure would minimize EM activities. Meanwhile, for firms with WHBLP, board chairman independence, board chairman tenure, audit committee size, audit committee meeting and women in the audit committees are found to be associated with less EM activities. Further, it is found that ownership concentration and Big 4 auditing firms help to reduce EM activities in firms with WHBLP, while not in firms without WHBLP. Hence, functional and effective governance can be achieved by having a WHBLP, which is in line with agency and resource dependent theories. Therefore, this study suggests that firms should have a WHBLP in place, and policymakers should come up with enhanced criteria to strengthen the mechanisms of WHBLP.

Keywords: corporate governance, earnings management, whistle-blowing policy, audit committee, board of directors

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Authors: Chie Urawa

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Cautionary statements or disclaimers in corporate annual reports need to be carefully designed because clear cautionary statements may protect a company in the case of legal disputes and may undermine positive impressions. This study compares the language of cautionary statements using two corpora, Sony’s cautionary statement corpus (S-corpus) and Panasonic’s cautionary statement corpus (P-corpus), illustrating the differences and similarities in relation to the use of meaningful cautionary statements and critically analyzing why practitioners use the way. The findings describe the distinct differences between the two companies in the presentation of the risk factors and the way how they make the statements. The word ability is used more for legal protection in S-corpus whereas the word possibility is used more to convey a better impression in P-corpus. The main similarities are identified in the use of lexical words and pronouns, and almost the same wordings for eight years. The findings show how they make the statements unique to the company in the presentation of risk factors, and the characteristics of specific genre of professional communication. Important implications of this study are that more comprehensive approach can be applied in other contexts, and be used by companies to reflect upon their cautionary statements.

Keywords: cautionary statements, corporate annual reports, corpus, risk factors

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Authors: Rakesh Mishra, Mukunda Upadhyay, Rajni Singh

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This paper attempts to link remittances sent by internal as well as international out-migrants and its domestic preferences of usage in three different dimension of Household level development in India and its states. Investment of remittances in these sectors reveals for mixed choices of preferential among the states from where people have out-migrated. The multivariate analysis implies that among all three indicators of human development, health (Investment in Food and Health) is the one that attracts the major investment followed by capital formation and least on Education. Usage of the remittances has been found to be varying across all the states in India as far as usage in health, capital formation and education are concerned. Orissa, Nagaland, Madhya Pradesh, Jharkhand, Gujarat, D & H Haweli are some of the states and union territory that contributes highest of its international remittances on health, while most of the usage of the internal remittances has second or third preferences of investment on the health except for Uttar Pradesh, D & H Haweli, Arunachal Pradesh and A & N Is. This paper tries to access usage of international remittances as well as internal remittances on the flow of remittances at the micro level and its implications across three basic determinants of Human Development that is Health, Capital formation and Education coupled with the preferences of usage in presence of Several Socio economic and Demographic variable.

Keywords: multivariate analysis, household development, remittances, internal and international migration

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Authors: Ali Muhammad

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The purpose of this study is to develop a theoretical framework which demonstrates the effect of four personal factors on employees rule following behavior in Kuwaiti business organizations. The model suggested in this study includes organizational citizenship behavior, affective organizational commitment, organizational trust, and procedural justice as possible predictors of rule following behavior. The study also attempts to compare the effects of the suggested factors on employees rule following behavior. The new model will, hopefully, extend previous research by adding new variables to the models used to explain employees rule following behavior. A discussion of issues related to rule-following behavior is presented, as well as recommendations for future research.

Keywords: employee adherence to rules, organizational justice, organizational commitment, organizational citizenship behavior

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Authors: Hadi Mousavi, Majid Davoudi Nasr

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Executives can maximize profits by recognizing the factors that affect investment and using them to obtain the optimal level of investment. Inefficient markets have shortcomings that can impact the optimal level of investment, leading to the process of over-investment or under-investment. In the present study, the relationship between the overconfidence of senior managers and abnormal cash fluctuations with respect to financial flexibility in companies listed in the Tehran stock exchange from 2009 to 2013 were evaluated. In this study, the sample consists of 84 companies selected by a systematic elimination method and 420 year-companies in total. In this research, EVIEWS software was used to test the research hypotheses by linear regression and correlation coefficient and after designing and testing the research hypothesis. After designing and testing research hypotheses that have been used to each hypothesis, it was concluded that there was a significant relationship between the overconfidence of senior managers and abnormal cash fluctuations, and this relationship was not significant at any level of financial flexibility. Moreover, the findings of the research showed that there was a significant relationship between senior manager’s overconfidence and positive abnormal cash flow fluctuations in firms, and this relationship is significant only at the level of companies with high financial flexibility. Finally, the results indicate that there is no significant relationship between senior managers 'overconfidence and negative cash flow abnormalities, and the relationship between senior managers' overconfidence and negative cash flow fluctuations at the level of companies with high financial flexibility was confirmed.

Keywords: abnormal cash fluctuations, overconfidence of senior managers, financial flexibility, accounting

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Authors: A. W. Chalmers, O. M. van den Broek

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This article examines the relationship between the global financial crisis and corporate social responsibility activities of financial services firms. It challenges the general consensus in existing studies that firms, when faced with economic hardship, tend to jettison CSR commitments. Instead, and building on recent insights into the institutional determinants of CSR, it is argued that firms are constrained in their ability to abandon CSR by the extent to which they are subject to intense public scrutiny by regulators and the news media. This argument is tested in the context of the European sovereign debt crisis drawing on a unique dataset of 170 firms in 15 different countries over a six-year period. Controlling for a battery of alternative explanations and comparing financial service providers to firms operating in other economic sectors, results indicate considerable evidence supporting the main argument. Rather than abandoning CSR during times of economic hardship, financial industry firms ramp up their CSR commitments in order to manage their public image and foster public trust in light of intense public scrutiny.

Keywords: corporate social responsibility (CSR), public scrutiny, global financial crisis, financial services firms

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Authors: Alina Fedossova, Jose Jorge Sierra Molina

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SIP problems are part of non-classical optimization. There are problems in which the number of variables is finite, and the number of constraints is infinite. These are semi-infinite programming problems. Most algorithms for semi-infinite programming problems reduce the semi-infinite problem to a finite one and solve it by classical methods of linear or nonlinear programming. Typically, any of the constraints or the objective function is nonlinear, so the problem often involves nonlinear programming. An investment portfolio is a set of instruments used to reach the specific purposes of investors. The risk of the entire portfolio may be less than the risks of individual investment of portfolio. For example, we could make an investment of M euros in N shares for a specified period. Let yi> 0, the return on money invested in stock i for each dollar since the end of the period (i = 1, ..., N). The logical goal here is to determine the amount xi to be invested in stock i, i = 1, ..., N, such that we maximize the period at the end of ytx value, where x = (x1, ..., xn) and y = (y1, ..., yn). For us the optimal portfolio means the best portfolio in the ratio "risk-return" to the investor portfolio that meets your goals and risk ways. Therefore, investment goals and risk appetite are the factors that influence the choice of appropriate portfolio of assets. The investment returns are uncertain. Thus we have a semi-infinite programming problem. We solve a semi-infinite optimization problem of portfolio selection using the outer approximations methods. This approach can be considered as a developed Eaves-Zangwill method applying the multi-start technique in all of the iterations for the search of relevant constraints' parameters. The stochastic outer approximations method, successfully applied previously for robotics problems, Chebyshev approximation problems, air pollution and others, is based on the optimal criteria of quasi-optimal functions. As a result we obtain mathematical model and the optimal investment portfolio when yields are not clear from the beginning. Finally, we apply this algorithm to a specific case of a Colombian bank.

Keywords: outer approximation methods, portfolio problem, semi-infinite programming, numerial solution

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Authors: Bamidele Olufemi Ifenowo

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The study examined the practice of managing business organizations in Nigeria today without unions. It explored how this phenomenon evolved and became popular in the newly emerging mega banks in Nigeria. Attitudes of selected banks' employees to this phenomenon were surveyed.Simple statistical tools were used for data analysis. The findings revealed that most new employees who form the bulk of the sample never really cared about unionism. On the other hand, old and experienced employees were positively disposed towards unionism. This category of employees abhorred the current display of authoritarianism cum paternalism which seemed to characterize the managerial practice of most new generation banks in Nigeria today.

Keywords: authoritarianism, corporate governance, deunionisation, unionization, paternalism

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Authors: Jiraporn Weenuttranon

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The objectives of the consumer behavior of bakery products in Bangkok are to study consumer behavior of the bakery product, to study the essential factors that could possibly affect the consumer behavior and to study recommendations for the development of the bakery products. This research is a survey research. Populations are buyer’s bakery products in Bangkok. The probability sample size is 400. The research uses a questionnaire for self-learning by using information technology. The researcher created a reliability value at 0.71 levels of significance. The data analysis will be done by using the percentage, mean, and standard deviation and testing the hypotheses by using chi-square.

Keywords: consumer, behavior, bakery, standard deviation

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Authors: Dorota Habrat

Abstract:

In Polish law, the idea of the introduction of corporate responsibility for crimes is becoming more popular and creates a lot of questions. The need to introduce into the Polish legal system liability of corporate (collective entities) has resulted, among others, from the Polish Republic's international commitments, in particular related to membership in the European Union. The Act of 28 October 2002 on the liability of collective entities for acts prohibited under penalty is one of the example of adaptation of Polish law to Community law. Introduction to Polish law a criminal nature liability of corporations (legal persons) has resulted in a lot of controversy and lack of acceptance from both the scientific community as well as the judiciary. The responsibility of collective entities under the Act has a criminal nature. The main question concerns the ability of the collective entity to be brought to guilt under criminal law sense. Polish criminal law knows only the responsibility of individual persons. So far, guilt as a personal feature of action, based on the ability of the offender to feel in his psyche, could be considered only in relation to the individual person, while the said Act destroyed this conviction. Guilt of collective entity must be proven under at least one of the three possible forms: the guilt in the selection or supervision and so called organizational guilt. The next question is how the principle of proportionality in relation to criminal measures in response of collective entities should be considered. It should be remembered that the legal subjectivity of collective entities, including their rights and freedoms, is an emanation of the rights and freedoms of individual persons which create collective entities and through these entities implement their rights and freedoms. The adopted Act largely reflects the international legal regulations but also contains the unknown and original legislative solutions.

Keywords: criminal corporate responsibility, Polish criminal law, legislative solutions, Act of 28 October 2002

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Authors: Jasmine H. Gagnon

Abstract:

The present study examined how grandiose narcissists make adaptive trade-offs between mating investment, parenting investment, and somatic investment relative to individuals without narcissistic personalities. A sample of 509 males and females between the ages of 24 and 35 years old (49.31% female) completed a personality inventory assessing Honesty-Humility, Emotionality, Extraversion, Agreeableness, Conscientiousness, and Openness to Experience. In a Latent Profile Analysis (LPA), personality inventory scores were used to classify participants into latent groups. The model of best fit identified one grandiose narcissist group and three groups with non-narcissistic personalities. Covariate analyses revealed that individuals with narcissistic traits made significantly more significant somatic investments in comparison to two of the three non-narcissistic latent groups. No other significant differences between the narcissistic and non-pathological groups were found. Thus, grandiose narcissists trade off parenting and mating investments to make more significant somatic investments. That is, they expend a larger portion of their energetic resources on maintaining their physical health and careers and similar quantities of energetic resources on maintaining relationships with their offspring and potential romantic partners as individuals without narcissistic personalities.

Keywords: narcissism, grandiose narcissism, HEXACO, trade-offs, mating, parenting, somatic, dark triad

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Authors: Wang Lin, Li Zhiqiang

Abstract:

The purpose of this paper is to analyze the cooperative learning behavior pattern based on the data of students' movement. The study firstly reviewed the cooperative learning theory and its research status, and briefly introduced the k-means clustering algorithm. Then, it used clustering algorithm and mathematical statistics theory to analyze the activity rhythm of individual student and groups in different functional areas, according to the movement data provided by 10 first-year graduate students. It also focused on the analysis of students' behavior in the learning area and explored the law of cooperative learning behavior. The research result showed that the cooperative learning behavior analysis method based on movement data proposed in this paper is feasible. From the results of data analysis, the characteristics of behavior of students and their cooperative learning behavior patterns could be found.

Keywords: behavior pattern, cooperative learning, data analyze, k-means clustering algorithm

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Authors: Ayman Haddad, Wafaa Sbeiti, Amr Qasem

Abstract:

The main aim of this paper is to provide an overview of the most influential economic changes and accounting legislation affecting financial reporting and disclosure practices in Jordan. It also provides an overview of disclosure studies conducted in Jordan covering the year(s) between 1986 and 2014. The economic changes in Jordan required conducting economic reform and revising/issuing new regulations and financial market reforms that led to an improvement in disclosure practices. The issuance of Temporary Securities Law and its Directives of Disclosure in 1997, which came into effect in 1998, is considered as the turning point in the improvement of disclosure practice in Jordan. Based on a review of prior disclosure studies, we conclude that disclosure practices have improved overtime. We also observe that that firm size as a factor has always affected the level of disclosure in Jordan and followed by external auditing while liquidity was found to have the least effect. The paper also addresses the disclosure items required in Corporate Governance Codes that exist for listed shareholding companies, banks, and insurance companies. Finally, the paper discusses the quality of accounting education in Jordan since prior studies noted its impact on accounting practice.

Keywords: accounting legislation, corporate governance, disclosure practice, Jordan

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Authors: A. Hakimiyan, H. Namazi

Abstract:

Human behavior is defined as a range of behaviors exhibited by humans who are influenced by different internal or external sources. Human behavior is the subject of much research in different areas of psychology and neuroscience. Despite some advances in studies related to forecasting of human behavior, there are not many researches which consider the effect of the time delay between the presence of stimulus and the related human response. Analysis of EEG signal as a fractal time series is one of the major tools for studying the human behavior. In the other words, the human brain activity is reflected in his EEG signal. Artificial Neural Network has been proved useful in forecasting of different systems’ behavior especially in engineering areas. In this research, a time delay neural network is trained and tested in order to forecast the human EEG signal and subsequently human behavior. This neural network, by introducing a time delay, takes care of the lagging time between the occurrence of the stimulus and the rise of the subsequent action potential. The results of this study are useful not only for the fundamental understanding of human behavior forecasting, but shall be very useful in different areas of brain research such as seizure prediction.

Keywords: human behavior, EEG signal, time delay neural network, prediction, lagging time

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Authors: Auliya Adzilatin Uzhma, Ismu Rini Dwi, I. Nyoman Suluh Wijaya

Abstract:

Corporate Social Responsibility (CSR) programme in Pantai Harapan Jaya village is cultivation of mangrove and fishery capital distribution, to achieve the goal the CSR programme needed participation from the society in it. Moeliono in Fahrudin (2011) mentioned that participation from society is based by intrinsic reason from inside people it self and extrinsic reason from the other who related to him. The fundamental connection who caused more boundaries from action which the organization can do called the social structure. The purpose of this research is to know the form of public participation and the social structure typology of the villager and people who is participated in CSR programme. The key actors of the society and key actors of the people who’s participated also can be known. This research use Social Network Analysis method by knew the Rate of Participation, Density and Centrality. The result of the research is people who is involved in the programme is lived in Dusun Pondok Dua and they work in fisheries field. The density value from the participant is 0.516 it’s mean that 51.6% of the people that participated is involved in the same step of CSR programme.

Keywords: social structure, social network analysis, corporate social responsibility, public participation

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