Search results for: public ownership

Authors: Mikhail V. Khachaturyan

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The article analyzes problems of improving the management systems of the ownership risks in the conditions of the transformation of the Russian economy. Among the main sources of threats business owners should highlight is the inefficiency of the implementation of business models and interaction with hired managers. In this context, it is particularly important to analyze the relationship of business models and ownership risks. The analysis of this problem appears to be relevant for a number of reasons: Firstly, the increased risk appetite of the owner directly affects the business model and the composition of his holdings; secondly, owners with significant stakes in the company are factors in the formation of particular types of risks for owners, for which relations have a significant influence on a firm's competitiveness and ultimately determines its survival; and thirdly, inefficient system of management ownership of risk is one of the main causes of mass bankruptcies, which significantly affects the stable operation of the economy as a whole. The separation of the processes of possession, disposal and use in modern organizations is the cause of not only problems in the process of interaction between the owner and managers in managing the organization as a whole, but also the asymmetric information about the kinds and forms of the main risks. Managers tend to avoid risky projects, inhibit the diversification of the organization's assets, while owners can insist on the development of such projects, with the aim not only of creating new values for themselves and consumers, but also increasing the value of the company as a result of increasing capital. In terms of separating ownership and management, evaluation of projects by the ratio of risk-yield requires preservation of the influence of the owner on the process of development and making management decisions. It is obvious that without a clearly structured system of participation of the owner in managing the risks of their business, further development is hopeless. In modern conditions of forming a risk management system, owners are compelled to compromise between the desire to increase the organization's ability to produce new value, and, consequently, increase its cost due to the implementation of risky projects and the need to tolerate the cost of lost opportunities of risk diversification. Improving the effectiveness of the management of ownership risks may also contribute to the revitalization of creditors on implementation claims to inefficient owners, which ultimately will contribute to the efficiency models of ownership control to exclude variants of insolvency. It is obvious that in modern conditions, the success of the model of the ownership of risk management and audit is largely determined by the ability and willingness of the owner to find a compromise between potential opportunities for expanding the firm's ability to create new value through risk and maintaining the current level of new value creation and an acceptable level of risk through the use of models of diversification.

Keywords: improving, ownership risks, problem, Russia

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Authors: Imen Latrous

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Family firm is the most common form of business organization in the world. Many family businesses rely heavily on their own capital to finance their expansion. This dependence on internal funds for their investment may be deliberate to maintain the family dominant position or involuntary as family firms have limited access to external funds. Our understanding of family firm’s choice to fund their own growth using existing capital is somewhat limited. The aim of this paper is to study whether the presence of a controlling family in the company either mitigates or exacerbates external financing constraints. The impact of family ownership on investment–cash flow sensitivity is ultimately an empirical question. We use a sample of 406 Canadian firms listed in Toronto Stock exchange (TSX) over the period 2005–2014 in order to explore this relationship. We distinguish between three elements in the definition of family firms, specifically ownership, control and management, to explore the issue whether family firms are more efficient organisational form. Our research contributes to the extant literature on family ownership in several ways. First, as our understanding of family firm’s investment cash flow sensitivity is somewhat limited in recession times, we explore the effect of family firms on the relation between investment and cash flow during the recent 2007-2009 financial crisis. We also analyse this relationship difference between family firms and non family firms before and during financial crisis. Finally, our paper addresses the endogeneity problem of family ownership and investment-cash flow sensitivity.

Keywords: family firms, investment–cash flow sensitivity, financial crisis, corporate governance

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Authors: Yuanyi (Richard) Fang

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Under the theory of La Porta, Lopez-de-Silanes, Shleifer, and Vishny, if a country can increase its legal protections for minority shareholders, the country can develop an ideal securities market that only arises under the dispersed ownership corporate governance. However, the path-dependence scholarship, such as Lucian Arye Bebchuk and Mark J. Roe, presented a different view with LLS&V. They pointed out that the initial framework of the ownership structure and traditional culture will prevent the change of the corporate governance structure through legal reform. This paper contends that traditional culture factors as an important aspect when forming the corporate governance structure. However, it is not impossible for the government to change its traditional corporate governance structure and traditional culture because the culture does not remain intact. Culture evolves with time. The occurrence of the important events will affect the people’s psychological process. The psychological process affects the evolution of culture. The new cultural norms can help defeat the force of the traditional culture and the resistance from the initial corporate ownership structure. Using Taiwan as an example, through analyzing the historical background, related corporate rules and the reactions of adoption new rules from the media, this paper try to show that Taiwan’s culture norms do not remain intact and have changed with time. It further provides that the culture is not always the hurdle for the adoption of the dispersed ownership corporate governance structure as the culture can change. A new culture can provide strong support for the adoption of the new corporate governance structure.

Keywords: LLS&V theory, corporate governance, culture, path–dependent theory

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Authors: Aishwarya Venkat, Anastasia Marshak, Ryan B. Simpson, Elena N. Naumova

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Livestock ownership is simultaneously linked to improved nutritional status through increased availability of animal-source protein, and increased risk of enteric infections through higher exposure to contaminated water sources. Agrarian and agro-pastoral households, especially those with cattle, goats, and sheep, are highly dependent on seasonally various environmental conditions, which directly impact nutrition and health. This study explores global spatiotemporally explicit evidence regarding the relationship between livestock ownership, enteric infections, and malnutrition. Seasonal and cyclical fluctuations, as well as mediating effects, are further examined to elucidate health and nutrition outcomes of individual and communal livestock ownership. The US Agency for International Development’s Demographic and Health Surveys (DHS) and the United Nations International Children's Emergency Fund’s Multi-Indicator Cluster Surveys (MICS) provide valuable sources of household-level information on anthropometry, asset ownership, and disease outcomes. These data are especially important in data-sparse regions, where surveys may only be conducted in the aftermath of emergencies. Child-level disease history, anthropometry, and household-level asset ownership information have been collected since DHS-V (2003-present) and MICS-III (2005-present). This analysis combines over 15 years of survey data from DHS and MICS to study 2,466,257 children under age five from 82 countries. Subnational (administrative level 1) measures of diarrhea prevalence, mean livestock ownership by type, mean and median anthropometric measures (height for age, weight for age, and weight for height) were investigated. Effects of several environmental, market, community, and household-level determinants were studied. Such covariates included precipitation, temperature, vegetation, the market price of staple cereals and animal source proteins, conflict events, livelihood zones, wealth indices and access to water, sanitation, hygiene, and public health services. Children aged 0 – 6 months, 6 months – 2 years, and 2 – 5 years of age were compared separately. All observations were standardized to interview day of year, and administrative units were harmonized for consistent comparisons over time. Geographically weighted regressions were constructed for each outcome and subnational unit. Preliminary results demonstrate the importance of accounting for seasonality in concurrent assessments of malnutrition and enteric infections. Household assets, including livestock, often determine the intensity of these outcomes. In many regions, livestock ownership affects seasonal fluxes in malnutrition and enteric infections, which are also directly affected by environmental and local factors. Regression analysis demonstrates the spatiotemporal variability in nutrition outcomes due to a variety of causal factors. This analysis presents a synthesis of evidence from global survey data on the interrelationship between enteric infections, malnutrition, and livestock. These results provide a starting point for locally appropriate interventions designed to address this nexus in a timely manner and simultaneously improve health, nutrition, and livelihoods.

Keywords: diarrhea, enteric infections, households, livestock, malnutrition, seasonality

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Authors: Opara Monica Onyinyechi, Ahmad Iqmer Nashriq Mohd Nazan, Suriani Ismail

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Introduction: Global estimates of malaria indicate that at least 3.3 billion people are at risk of being infected with malaria and 1.2 billion are at high risk. The review investigates the effectiveness of health education strategies to increase the level of malaria knowledge and ITN ownership among the populations of sub-Sahara African countries. Methods: A literature search was conducted using Science direct, CINAHL, PubMed, Prisma, Pico, Cochrane library and PsycINFO databases to retrieve articles published between 2000 until 2020. Eleven studies that reported on malaria prevention and intervention using health education strategies conducted in sub-Saharan Africa were included in the final review. Results: Four studies used educational interventions to teach appropriate ITN strategies and promote ITN usage. Two others focused on improving knowledge of malaria transmission, prevention, treatment, and its signs and symptoms. The remaining five studies assessed both ITN use and malaria knowledge. Of these, 10 were eligible for meta-analysis. On average, health education interventions significantly increase the odds of a person in the intervention group to report better malaria knowledge (odds ratio 1.30, 95% CI: 1.00 to 1.70, P= 0.05) and higher ITN ownership (odds ratio 1.53, 95% CI: 1.02 to 2.29, P= 0.004) compared to those in the control group. The odds of ITN ownership also substantially increases when the intervention was based on a theory or model (odds ratio 5.27, 95% CI: 3.24 to 8.58, P= 0.05). Conclusion: Our review highlights the various health education strategies used in sub-Saharan Africa to curb malaria over the past two decades. Meta-analysis findings show that health education intervention is moderately effective in improving malaria knowledge and ITN ownership and has contributed to the effort of global malaria strategy.

Keywords: malaria, health education, insecticide treated nets, sub-Saharan Africa, meta-analysis

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Authors: Henriette Scholtz

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Excessive executive directors’ remuneration remains a major concern for many stakeholders and are some of the factors to blame for the recent global financial crisis. The objective of this study was to examine whether certain firm characteristics are an effective way of protecting shareholders’ interests with respect to executive directors’ remuneration. To achieve this, an ordinary least squares model was used to test the relationship between the remuneration of executive directors and a number of firm and corporate governance characteristics to determine whether these characteristics have an influence on executive directors’ remuneration of large listed companies in South Africa. It was found that corporate governance reforms relating to institutional ownership, shareholder voting on the remuneration policy and the number of remuneration committee meetings acts as an effective governance tool to protect shareholder’s interests with regard to executive remuneration. There is no evidence that the number of non-executive directors on the remuneration committee has an influence on the executive directors’ remuneration.

Keywords: executive directors’ remuneration, agency theory, corporate governance, remuneration committee, directors’ shareholding, institutional ownership

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Authors: Kabiru Adamu

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The Nigerian electricity industry was deregulated and privatized in 2005 and 2014 in line with global trend and practice. International and multilateral lending institutions advised developing countries, Nigeria inclusive, to adopt deregulation and privatization as part of reforms in their electricity sectors. The ideological basis of these reforms are traceable to neoliberalism. Neoliberalism is an ideology that believes in the supremacy of free market and strong non-interventionist competition law as against government ownership of the electricity market. This ideology became a state practice and a blue print for the deregulation and privatization of the electricity markets in many parts of the world. The blue print was used as a template for the privatization of the Nigerian electricity industry. In this wise, this paper, using documentary analysis and review of academic literatures, examines neoliberalism as an ideology and model of economic governance for the electricity supply industry in Nigeria. The paper examines the origin of the ideology, it features and principles and how it was used as the blue print in designing policies for electricity reforms in both developed and developing countries. The paper found out that there is gap between the ideology in theory and in practice because although the theory is rational in thinking it is difficult to be implemented in practice. The paper argues that the ideology has a mismatched effect and this has made its application in the electricity industry in many developing countries problematic and unsuccessful. In the case of Nigeria, the article argues that the template is also not working. The article concludes that the electricity sectors in Nigeria have failed to develop into competitive market for the benefit of consumers in line with the assumptions and promises of the ideology. The paper therefore recommends the democratization of the electricity sectors in Nigeria through a new system of public ownership as the solution to the failure of the neoliberal policies; but this requires the design of a more democratic and participatory system of ownership with communities and state governments in charge of the administration, running and operation of the sector.

Keywords: electricity, energy governance, neo-liberalism, regulation

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Authors: Muhammad Umar Kibiya

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The study aims to examine whether regulatory changes have an impact on the financial reporting quality of Microfinance Banks in Nigeria. The research employed a panel data analysis technique, using data from 2018 to 2022. The sample includes 72 microfinance banks, using regression analyses to examine the relationship between variables. The findings indicate that Board Chairmanship has a positive and significant effect on financial reporting quality. It also reveals that share ownership has a negative and significant impact on financial reporting quality. The results suggest that regulatory changes have a positive and significant influence on financial reporting quality. Thus, findings have important implications for microfinance banks in Nigeria. It suggests that having a strong and competent board chairperson can enhance financial reporting quality, leading to more transparent and reliable information for stakeholders. Furthermore, the study highlights the importance of regulatory changes in improving financial reporting practices in the microfinance banking sector. The study contributes to the extant literature by providing empirical evidence on the relationship between board chairmanship, share ownership, financial reporting quality, and regulatory changes in microfinance banks. It further supports the concept that governance mechanisms and regulatory reforms play a crucial role in ensuring transparency and accountability within the microfinance banking sector. It recommends that microfinance banks should appoint experienced and qualified individuals as board chairpersons to enhance financial reporting quality. Furthermore, policymakers and regulatory authorities should continue to implement and enforce regulations that promote transparent financial reporting practices in microfinance banks.

Keywords: board chairman, share ownership, financial reporting quality, microfinance, regulatory changes

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Authors: Bibi Somayeh Aliakbari, Niknaz Kachooei, Fatemeh Amiri Najafabadi

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According to the results of contemporary urbanism, social living moved into buildings and the quality of urban space has been declining. But still, there are life in open public space and it is one of reason attendance and activities of people in open public spaces.The purpose of this research is finding reason creation friendly public space in urban spaces and also use these in new urban spaces.The research methodology consisted of a qualitative model based on observation and graphical analysis. In this paper case study is public space historical, moderns in urban scales and local scales in Iran.This paper shows that Existence of friendly public space in cities cause is attendance and activities of people in open public spaces that it is reason the revitalization of public open spaces in cities.

Keywords: public space, public open space, friendly public space, Iran

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Authors: Michaela Wang

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Since British established colonial settlements across the East Coast, Native Americans have suffered stark socio economic disparities in comparison to their neighboring communities. This paper employs the 1990, 2000, and 2010 United States Decennial Census to assess whether and to what extent the casino economy helped to close this socioeconomic gap between the Mohegan tribe and its surrounding community. These three Decennial Censuses cover two decades, from six years prior to the erection of Mohegan Sun casino to 14 years afterwards, including the Great Recession 2007-2009. Income, employment, education and housing parameters are selected as socio economic indicators. The profitable advent of the Mohegan Sun in 1996 dramatically improved the socio economic status of the Mohegan Tribe between 1990 and 2000. In fact, for most of these indicators––poverty, median household income, employment, home ownership, and car ownership––disparities shifted; tribal socioeconomic parameters improved from well below the level of New London County in 1990, to the same level or above the county rates in 2000. However, economic downturn in 2007-2009 Great Recession impacted Mohegan people remarkably. By 2010, disparities for household income, employment, home ownership, and car ownership returned. The casino bridged socio economic inequalities, but at the face of economic crises, the mono-product economy grew vulnerable.

Keywords: socio economic, indigenous, native American, disparity

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Authors: King Kumire

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The Outer Space Treaty and the Moon Treaty have been the backbone of space law. However, scientists, engineers, and policymakers have been silent about how human settlement on celestial bodies would change the legal dimensions of space law. Indeed, these legal space regimes should have a prescription on how galactic courts should deal with the aspect of space property ownership. On this planet earth, one can vindicate his own assets. In extraterrestrial environments, this is not the case because space law is fatigued by terrestrial body sovereignty, which must be upheld. However, the recent commercialization of microgravity environments requires property ownership laws to be enacted. Space activities have mutated to the extent that it is almost possible to build communities in space. The discussions on the moon village concept will be mentioned as well to give clarity on the subject to the audience. It should be stated that launchers can now explore the cosmos with space tourists. The world is also busy doing feasibility studies on how to implement space mining projects. These activities indisputably show that the research is important because it will not only expose how the cosmic world is constrained by existing legal frameworks, but it will provide a remedy for how the inevitable dilemma of property rights can be resolved through the formulation of multilateral and all-inclusive policies. The discussion will model various aspects of terrestrial property rights and the associated remedies against what can be applicable and customized for use in extraterrestrial environments. Transfer of ownership in space is also another area of interest as the researcher shall try to distinguish between envisaged personal and real rights in the new frontier vis-a-vis mainland transfer transactions. The writer imagines the extent to which the concepts of servitudes, accession, prescription and commixes, and other property templates can act as a starting point when cosmic probers move forward with the revision of orbital law. The article seeks to reconcile these ownership constraints by working towards the development of a living space common law which is elastic and embroidered by sustainable recommendations. A balance between transplanting terrestrial laws to the galactic arena and the need to enact new ones which will complement the existing space treaties will be meticulously pivoted.

Keywords: rights, commercialisation, ownership, sovereignty

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Authors: Ishak Ramli, Mohamad Noorman Masrek, Muhamad Abdul Aziz Ab Gani

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Islam places restrictions and limitation to the creation and ownership of visual art. Not all forms of visual arts are permissible in Islam. However, guidance on the creation and ownership of visual arts is not made plain and clear not only to the Islamic followers but also to the art community. Given this gap, this study attempts to develop a conceptual framework that will guide artist and art collectors on what constitute to valid and acceptable through the Islamic perspective. Based on this framework, several research checklist are proposed. It is highly useful especially for the researchers who are interested to study the topic. Qualitative research is the best choice to test run the paper work to attempt all the checklist which are formed.

Keywords: contemporary visual art, Shariah, conceptual framework, Islam

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Authors: Jason Salim, Zhouyang Lu

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Private sector involvement in Public Private Partnership (PPP) projects may raise public suspicion, as PPP is often mistaken as merely a partnership between private and government agencies without consideration for greater “public” (community). This public marginalization is crucial to be dealt with because undermining opinion of majority may cause problems such as protests and/ or low demand. Game theory approach applied in this paper shows that probability of public acceptance towards a project is affected by overall public’s perception on Private sectors’ possible profit accumulation from the project. On the contrary, goodwill of the government and private coalition alone is not enough to minimize the probability of public opposition towards a PPP project. Additionally, the threat of loss or damage raised from public opposition does not affect the profit-maximization behavior of Private sectors.

Keywords: community satisfaction, game theory, non-cooperative, PPP, public policy

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Authors: Kalsoom Sumra

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The increasing concern of public sector reforms brings new challenges to public service ethics in developing countries not only at central level but also at local level. This paper aims to identify perceptions on public service ethics of public officials and examines more generally the understanding of public servants in Pakistan towards public service ethics in local public organizations. The study uses an independently administered structured questionnaire to collect data to know the extent of the recognition of public service ethics in local organizations. A total of 150 completed questionnaires are analyzed received from public servants working at the local level in Pakistan. The analysis explores how traditional, social patterns and cultural ethics can provide us with a rounded picture of the main antecedents, moderators of public service ethics in Pakistan. Moreover, the findings of this study contribute in association of public service ethics which are crucial in ongoing political and administrative culture of Pakistan, the most crucial core for public organizational ethical climate. This study also has numerous implications for local public administration and it highlights the importance of expanding research agenda on public service ethics in developing settings with challenging institutional contexts with imperfect training and operating environments. This study may well be particularly important for practice of public service ethics in developing countries in public administration. To the best of author’s knowledge, this study is the first of its kind to provide an initial step in practical implications to emphasize relevant public service ethics in public administration in developing transparent and accountable organization.

Keywords: public service ethics, accountability and transparency, public service reforms, public administration, organizational ethical climate

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Authors: Cheng-Lung Yu, Ying-His Liao

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Some evidence show that public art accelerates local economic growth. Even local governments award the collaboration of public-private partnership to sustain the creation of public art for urban economic development. Through the public-private partnership of public art establishment it is obvious that public construction projects have been led by the governmental policy yet the private developers have played crucial roles to drive the innovative business models such as tourism investment, real estate value up and community participation. This study shows that the types of collaboration have been driven by Taichung city governmental policy from the regulation of public art establishment in the past three years. Through some cases empirical analyzes the authors discover the trends concerning the public art development to support local economic growth in Taiwan.

Keywords: public art, public art establishment regulation, construction management, urban governance

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Authors: Zahra A. Al Nasser, Domenico Campa

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This paper investigates board of directors and firms’ ownership structure on non-financial companies listed in Gulf Cooperation council (GCC) countries using data from 2009 to 2013. The overall result of the study is that board size and board meeting have increased over years. Additionally, all combined committee variables have improved as well as audit committee size, audit committee meeting and audit committee experience have improved over the years. Furthermore, Oman is the only country that has not shown any statistically significant change in value of its associated variables.

Keywords: corporate governance, GCC countries, board of directors, ownership structure

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Authors: R. A. Harun, N. M. Ishak, N. Yusoff, S. Amat

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This quantitative research is aimed to identify the level of leadership quality and emotional intelligence for members of Students' Representatives Council (SRC) of Malaysian Public Universities (MPU). The variables include the leadership quality and emotional quotient (EQ). 238 SRC members in MPU were selected as subjects of the study. Data were collected using two instruments i.e. Malaysian Emotional Quotient Inventory (MEQI) and Ayu-Noriah Leadership Audit Trail Inventory (Ayu-Noriah, LATI). Data were analyzed using descriptive (mean and percentage). Research findings showed that the subjects scored highly in four out of five EQ domains (Self-Regulations, Self-Motivation, Empathy and Social Skills). However, the subjects scored medium to low in Self-Awareness. Analysis on the sub domains (a total of 28 sub domains) showed that the subjects scored high in 17 sub domains for EQ, whilst another 11 were at medium level. The overall analysis indicates that the subjects have high level of EQ. Findings on their leadership qualities showed that they obtained high scores in all seven factors that were measured i.e. Strategy and Leadership Model, Recruit, Review Performance and Honor, Deploy Strategically, Developing, Engage and Retain and Built HR Capabilities/Line Ownership. The overall score for leadership qualities was found to be high.

Keywords: emotional intelligence, leadership, students representative council, Malaysian public universities

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Authors: Rafla Hchaichi

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The public administration is currently experiencing in the field of quality unprecedented effervescence. However, in a globalized world more and more competitive, public services are confronted with the need to improve their performances which push public companies to implement quality approaches. Quality approaches have taken diverse forms such as service commitment, labels, certifications and the Common Assessment Framework. This paper provides an overview on the strategy for administrative development in Tunisia since the Carthaginian civilization until today. It outlines the evolution of quality management in the Tunisian public context while focusing on the National Referential of Quality of Administrative Services.

Keywords: quality approach, the common assessment framework, service commitment, label, certification, quality of public service, performance of public service, Tunisian Public Service

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Authors: Routsukol Sunalai

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The purpose of this study is to examine the impact of public enterprise reform policy on the attributes of organizational commitments in the public energy enterprises in Thailand. It compares three structural types of public energy enterprises: Totally state-owned public enterprises (type I), partially transformed public enterprises (type II), and totally transformed public enterprises (type III), based on the degree of state partially transformed public enterprises (type II), and totally transformed public enterprises (type III),based on the degree of reformed organizations, by analyzing the presence of the desirable attributes of organizational commitment as perceived by employees. Findings indicate that there are statistically significant differences in the level of some dimensions of organizational commitment (affective commitment and normative commitment) between the three types of public energy enterprises. The lack of a structural type difference holds for only continuance commitment. The results also indicate empirical evidence concerning the causal relationship between the antecedents and including organizational commitment also.

Keywords: management control, organizational commitment, public enterprises in Thailand, public enterprise reform

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Authors: Sanghamitra Sadhu

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A paradigm shift from capitalism to information technology is discerned in the era globalisation. The idea of public sphere, which was theorized in terms of its decline in the wake of the rise of commercial mass media has now emerged as a transnational or global sphere with the discourse being dominated by the ‘network society’. In other words, the dynamic of globalisation has brought about ‘a spatial turn’ in the social and political sciences which is also manifested in the public sphere, Especially the global public sphere. The paper revisits the Habermasian concept of the public sphere and focuses on the various social networking sites with their plausibility to create a virtual global public sphere. Situating Habermas’s notion of the bourgeois public sphere in the present context of global public sphere, it considers the changing dimensions of the public sphere across time and examines the concept of the ‘public’ with its shifting transformation from the concrete collective to the fluid ‘imagined’ category. The paper addresses the problematic of multimodal self-portraiture in the social networking sites as well as various online diaries/journals with an attempt to explore the nuances of the networked self.

Keywords: globalisation, network society, public sphere, self-fashioning, identity, autonomy

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Authors: Tanapond S.

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Typically, most of the controlling firms are relate to family firms which are widespread and important for economic growth particularly in Asian Pacific region. The unique characteristics of the controlling families tend to play an important role in determining the corporate policies such as dividend policy. Given the complexity of the family business phenomenon, the empirical evidence has been unclear on how the families behind business groups influence dividend policy in Asian markets with the prevalent existence of cross-shareholdings and pyramidal structure. Dividend policy as one of an important determinant of firm value could also be implemented in order to examine the effect of the controlling families behind business groups on strategic decisions-making in terms of a governance perspective and agency problems. The purpose of this paper is to investigate the impact of ownership structure and concentration which are influential internal corporate governance mechanisms in family firms on dividend decision-making. Using panel data and constructing a unique dataset of family ownership and control through hand-collecting information from the nonfinancial companies listed in Stock Exchange of Thailand (SET) between 2000 and 2015, the study finds that family firms with large stakes distribute higher dividends than family firms with small stakes. Family ownership can mitigate the agency problems and the expropriation of minority investors in family firms. To provide insight into the distinguish between ownership rights and control rights, this study examines specific firm characteristics including the degrees of concentration of controlling shareholders by classifying family ownership in different categories. The results show that controlling families with large deviation between voting rights and cash flow rights have more power and affect lower dividend payment. These situations become worse when second blockholders are families. To the best knowledge of the researcher, this study is the first to examine the association between family firms’ characteristics and dividend policy from the corporate governance perspectives in Thailand with weak investor protection environment and high ownership concentration. This research also underscores the importance of family control especially in a context in which family business groups and pyramidal structure are prevalent. As a result, academics and policy makers can develop markets and corporate policies to eliminate agency problem.

Keywords: agency theory, dividend policy, family control, Thailand

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Authors: Bonginkosi A. Thango, Jacobus A. Jordaan, Agha F. Nnachi

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In this day and age, there is a proliferate concern from all governments across the globe to barricade the environment from greenhouse gases, which absorb infrared radiation. As a result, solar photovoltaic (PV) electricity has been an expeditiously growing renewable energy source and will eventually undertake a prominent role in the global energy generation. The selection and purchasing of energy-efficient transformers that meet the operational requirements of the solar photovoltaic energy generation plants then become a part of the Independent Power Producers (IPP’s) investment plan of action. Taking these into account, this paper proposes a procedure that put into effect the intricate financial analysis necessitated to precisely evaluate the transformer service lifetime no-load and load loss factors. This procedure correctly set forth the transformer service lifetime loss factors as a result of a solar PV plant’s sporadic generation profile and related levelized costs of electricity into the computation of the transformer’s total ownership cost. The results are then critically compared with the conventional transformer total ownership cost unaccompanied by the emission costs, and demonstrate the significance of the sporadic energy generation nature of the solar PV plant on the total ownership cost. The findings indicate that the latter play a crucial role for developers and Independent Power Producers (IPP’s) in making the purchase decision during a tender bid where competing offers from different transformer manufactures are evaluated. Additionally, the susceptibility analysis of different factors engrossed in the transformer service lifetime cost is carried out; factors including the levelized cost of electricity, solar PV plant’s generation modes, and the loading profile are examined.

Keywords: solar photovoltaic plant, transformer, total ownership cost, loss factors

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Authors: Reem Abou Refaie, Christoph Meinel

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The paper explores the impact of the COVID-19 crisis on the internal as well as external digitalized work practices of public service providers as part of a Public-Private Partnership Model. It focuses on the effect of uncertainty on generating Open Innovation practices. Our inquiry relies on semi-structured interviews (n=14) from a case study of Rwanda’s Public Service Delivery System in the context of research cooperation with IremboGov, the country’s One-Stop-Shop Platform for public services. It presents four propositions on harnessing opportunities for OI in the context of the public sector beyond the pandemic response. Practitioners can find characterizations of OI opportunities and gain insights on fostering OI in Public Sector Organizations.

Keywords: open innovation, digital transformation, public sector, Rwanda

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Authors: Farzaneh Bahrami

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Different indicators, such as modal shares in mobility practices or car ownership, may suggest that the century of car dominance - at least in Europe and North America - is already behind us. If the emergence of the car had radical spatial and social consequences, what would be the implications of its gradual disappearance - which could be expected in the context of ecological consciousness, economic and energetic constraints as a result of both urban policies as well as lifestyle choices? To what extend shall urban experts account for this limited but visible transition from car-dominated systems towards alternative models of mobility in which the individual-motorized mobility (car) is not central; what models of urbanity could be imagined to support such a transformation? We have examined a selection of projects at different scales and within different contexts - new planned cities, dense urban areas or territories of dispersion – whose visions involve a significant shift from the current car system. We have been looking into their tools, strategies and different measures of car reduction, as well as their varied approaches to public space as an inevitable corollary to this change. The car’s dominance was formerly questioned by advocates of public space, rather than through interests in ecological urban design or other urban planning concerns. In the 60s already a universal longing for the qualities of traditional urban space led to a critique of the proliferation of fast roads, and thus the car’s colonization of everyday life. Reclamation of public space as the city’s quintessential social territory reappears today in contemporary discourses and reinforces the shift-provoking trends towards a new urbanity freed from car dominance. In a hypothetical process of the progressive phasing-out of the car, we shall expect fundamental transformations in spatial practices of the city, accompanied by the physical configuration of its public spaces. What will be the main characteristics of the new emerging spaces of sociability and where shall we encounter them? This contribution is an ongoing research within the framework of Post-Car World, an interdisciplinary project that explores the future of mobility through the role of the car.

Keywords: mobility, urbanity, future visions, public space

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Authors: Mitali Kedia, Parul Kapoor

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Public Art is a tool with the power to enrich and enlighten any place; it has been accepted and welcomed effortlessly by many cultures around the World. In this paper, we discuss the implications Public Art has had on the society and how it has evolved over the years, and how in India, art in this aspect is still overlooked and treated as an accessory. Urban aesthetics are still substantially limited to the installation of deities, political figures, and so on. The paper also discusses various possibilities and opportunities on how Public Art can boost a society; it also suggests a framework that can be incorporated in the legal system of the country to make it a part of the city development process.

Keywords: public art, urban fabric, placemaking, community welfare, public art program, imageability

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Authors: Meidesta Pitria, Akiko Okabe

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In high-density informal settlement, extension area at the outside of the houses could primarily happen as a spatial modification response. House extension in high-density informal settlement is not only becoming a physical spatial modification that makes a blur zone between private and public but also supporting the growth and existence of informal economy and other daily activities in both individuals and communities. This research took a case study in an informal settlement named Kampung Cikini, a densely populated area in Central Jakarta. The aim of this study is to identify and clarify house extension as a strategy in dealing with urbanization in an informal settlement. By using the perspective and information from housewives, the analysis is based on the assumption that land ownership transformation and the activities in house extension area influence the different kinds of house extension’s spatial modification and local planning policy in relation with the implementation of house extension strategy. The data collection was done in four sites, two sites are located in outer-wide alley and another two sites are located in inner-narrow alley. In this research, data of 104 housewives in 86 houses were collected through representatives of housewives and local leader of each sites. The research was started from participatory mapping process, deep interview with local leader, and initiated collaboration with housewives community in having a celebration as communal event to cultivate together the issue. This study shows that land ownership, activities, and alley are indispensable in the decision of extension space making. The more permanency status of land ownership the more permanent and various extension could be implemented. However, in some blocks, the existence of origin house or first land owner also has a significant role in coordination and agreement in using and modifying extension space. In outer-wide alley, the existence of more various activities in front area of the houses is significantly related with the chance given by having wider alley, particularly for informal income generating activities. In the inner-narrow alley, limited space in front of the houses affects more negotiations in the community for having more shared spaces, even inside their private space.

Keywords: house extension, housewives, informal settlement, kampung, high density

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Authors: Yu Yaochuan

Abstract:

This paper explores the pivotal role of public opinion during the Xinhai Revolution. Examining the dynamics of public sentiment in Chinese society in 1911 shows how information dissemination, ideological propaganda, and public mobilization worked together to drive the revolution to success. The study highlights the indispensable role of revolutionary newspapers, assemblies, and speeches in spreading revolutionary ideas, mobilizing the public, and shaping policy perceptions. By analyzing these historical events, the paper provides a deeper insight into the Xinhai Revolution and offers theoretical and empirical support for understanding the application of public opinion in modern social and political transformations.

Keywords: Xinhai Revolution, public opinion, social mobilization, information dissemination, ideology, political transformation

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Authors: Chiung-Ju Huang

Abstract:

This study examines whether the Taiwan’s public debt is sustainable utilizing an unrestricted two-regime threshold autoregressive (TAR) model with an autoregressive unit root. The empirical results show that Taiwan’s public debt appears as a nonlinear series and is stationary in regime 1 but not in regime 2. This result implies that while Taiwan’s public debt was mostly sustainable over the 1996 to 2013 period examined in the study, it may no longer be sustainable in the most recent two years as the public debt ratio has increased cumulatively to 3.618%.

Keywords: nonlinearity, public debt, sustainability, threshold autoregressive model

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Authors: Selina Schwaabe

Abstract:

Community pharmacies deliver high-quality health care and are responsible for medication safety. During the pandemic, accessibility to the nearest pharmacy became more essential to get vaccinated against Covid-19 and to get medical aid. The government's goal is to ensure nationwide, reachable, and affordable medical health care services by pharmacies. Therefore, the density of community pharmacies matters. Overall, the density of community pharmacies is fluctuating, with slightly decreasing tendencies in some countries. So far, the literature has shown that changes in the system affect prices and density. However, a European overview of the development of the density of community pharmacies and its triggers is still missing. This research is essential to counteract against decreasing density consulting in a lack of professional health care through pharmacies. The analysis focuses on liberal versus regulated market structures, mail-order prescription drug regulation, and third-party ownership consequences. In a panel analysis, the relative influence of the measures is examined across 27 European countries over the last 21 years. In addition, the paper examines seven selected countries in depth, selected for the substantial variance in their pharmacy system: Germany, Austria, Portugal, Denmark, Sweden, Finland and Poland. Overall, the results show that regulated pharmacy markets have over 10.75 pharmacies/100.000 inhabitants more than liberal markets. Further, mail-order prescription drugs decrease the density by -17.98 pharmacies/100.000 inhabitants. Countries allowing third-party ownership have 7.67 pharmacies/100.000 inhabitants more. The results are statistically significant at a 0.001 level. The output of this analysis recommends regulated pharmacy markets, with a ban on mail-order prescription drugs allowing third-party ownership to support nationwide medical health care through community pharmacies.

Keywords: community pharmacy, market conditions, pharmacy, pharmacy market, pharmacy lobby, prescription, e-prescription, ownership structures

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Authors: Yingjie Feng, Lei Xu, Zhenyu Cao

Abstract:

In the process of urbanization, public housing is often a powerful means to deal with large floating population. In the developed countries like the U.S, France, Singapore, and Japan, the experience on how to make use of public housing to realize social integration in aspects of race, class, religion, income is gained through years of practice. Take the example of Singapore, the article first introduces the ethnic composition background and public housing development in Singapore, and then gives a detailed explanation and analysis on social integration in public housing from the views of Ethnic quotas policy, community organization construction and design of public space. Finally, combined with the Chinese situation, the article points out that the solution for social integration in China is the organic mix of different income groups in public housing.

Keywords: floating population, public housing, Singapore, social integration, urbanization

Procedia PDF Downloads 280