Search results for: governing boards information asymmetry

Authors: Ana Karaman, Dmitriy Gaevoy

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Successful and effective governing boards play an essential role in higher education by providing essential oversight and helping to steer the direction of an institution while creating and maintaining a thriving culture of stewardship. A well-functioning board can also help mitigate conflicts of interest, ensure responsible use of an organization's assets, and maintain institutional transparency. However, boards’ functions in higher education are inhibited by the presence of information asymmetry between the board and management. Board members typically have little specific knowledge about the business side of the higher education, in general, and an institution under their oversight in particular. As a result, boards often must rely on the discretion of the institutional upper administration as to what type of pertinent information being disclosed to the board. The phenomenon of information asymmetry is not unique to the higher education and has been studied previously in the context of both corporate and non-for-profit boards. Various board characteristics have been analyzed with respect to mitigating the information asymmetry between an organizational board and management. For example, it has been argued that such board characteristics as its greater size, independence, and a higher proportion of female members tend to reduce information asymmetry by raising levels of information disclosure and organizational transparency. This paper explores the phenomenon of information asymmetry between boards and management in the context of higher education. In our analysis, we propose a heat map of information asymmetry based on the categories of board competencies in higher education. The proposed heat map is based on the assessment of potential risks to both the boards and its institutions. It employs an assumption that a potential risk created by the presence of information asymmetry varies in its magnitude across various areas of boards’ competencies. Then, we explore the role of board members’ training in mitigating information asymmetry between the boards and the management by increasing the level of information disclosure and enhancing transparency in management communication with the boards. The paper seeks to demonstrate how appropriate training can provide board members with an adequate preparation to request a sufficient level of information disclose and transparency by arming them with knowledge of what questions to ask of the management.

Keywords: higher education, governing boards information asymmetry, board competencies, board training

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Authors: David Abad, M. Encarnación Lucas-Pérez, Antonio Minguez-Vera, José Yagüe

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We examine explicitly the relation between the gender diversity on corporate boards and the levels of information asymmetry in the stock market. Based on prior evidence that suggests that the presence of women on director boards increases the quantity and quality of public disclosure by firms, we expect firms with higher gender diversity on their boards to show lower levels of information asymmetry in the market. Using a Spanish sample for the period 2004-2009, proxies for information asymmetry estimated from high-frequency data, and a system GMM methodology, we find that the gender diversity on boards is negative associated with the level of information asymmetry in the stock market. Our findings support legislative changes implemented to increase the presence of women on boards in several European countries by providing evidence that gender diverse boards have beneficial effects on stock markets.

Keywords: corporate board, female directors, gender diversity, information asymmetry, market microstructure

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Authors: Saqib Mehmood, Naveed Iqbal Chaudhry, Asif Mehmood

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This study intends to investigate the information asymmetry theories of IPO and under-pricing in Pakistan. The purpose of the study is to validate the information asymmetry about firm value which leads to under-pricing. A total of 55 IPOs listed from 2000-2011 were included in this study. OLS multiple regression was applied to achieve the objectives of this study. The findings of the study confirm the significance of information asymmetry on under-pricing in Pakistan. The findings have implications for issuing firms and prospective investors.

Keywords: information asymmetry, initial public offerings, under-pricing, firm value

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Authors: Alhamdi Alfi Fajri

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The purpose of this study is to analyze and to give empirical proof about the effect of fair value implementation on financial asset against information asymmetry in Indonesia’s banking sector. This research tested the effect of fair value implementation on financial asset based on Statement of Financial Accounting Standard (PSAK) No. 55 and the fair value reliability measurement based on PSAK No. 60 against level of information asymmetry. The scope of research is Indonesia’s banking sector. The test’s result shows that the use of fair value based on PSAK No. 55 is significantly associated with information asymmetry. This positive relation is higher than the amortized cost implementation on financial asset. In addition, the fair value hierarchy based on PSAK No. 60 is significantly associated with information asymmetry. This research proves that the more reliable measurement of fair value on financial asset, the more observable fair value measurement and reduces level of information asymmetry.

Keywords: fair value, PSAK No. 55, PSAK No. 60, information asymmetry, bank

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Authors: Stepan Hysek, Petra Gajdacova

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In recent years, alternative materials, such as annual plants or recycled and waste materials are becoming more and more popular input material for the production of composite materials. They can be used for the production of insulation boards, construction boards or furniture boards. Surface finishing of those boards is essential for utilization in furniture. However, some difficulties could occur during coating of boards from alternative materials; physical and chemical differences from conventional particleboards need to be considered. From the physical aspects, surface soundness and surface roughness mainly determine the quality of the surface. Since surface layers of boards from alternative materials have often lower density, these characteristics could be deteriorated and thus the production process needs to be optimized. Also, chemical reactions of board’s material with coating could be undesirable. The objective of this study is to evaluate the parameters affecting the surface quality of boards made form alternative materials and to find possibilities of the coating of these boards. In this study, boards of particles from rapeseed stems were produced using a laboratory press. Surface soundness, as representatives of mechanical properties and surface roughness, as representative of physical properties, were measured on boards from rapeseed stems. Results clearly indicated that produced boards had lower surface quality than commercially produced particle boards from wood. Therefore, higher thickness of surface coating on rapeseed based boards is needed.

Keywords: coating, surface, annual plant, composites, particleboard

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Authors: Nouha Ben Salah, Mohamed Ali Omri

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This paper treats the association between disclosure level and the cost of equity capital in Tunisian’slisted firms. This relation is tested by using two models. The first is used for testing this relation directly by regressing firm specific estimates of cost of equity capital on market beta, firm size and a measure of disclosure level. The second model is used for testing this relation by introducing information asymmetry as mediator variable. This model is suggested by Baron and Kenny (1986) to demonstrate the role of mediator variable in general. Based on a sample of 21 non-financial Tunisian’s listed firms over a period from 2000 to 2004, the results prove that greater disclosure is associated with a lower cost of equity capital. However, the results of indirect relationship indicate a significant positive association between the level of voluntary disclosure and information asymmetry and a significant negative association between information asymmetry and cost of equity capital in contradiction with our previsions. Perhaps this result is due to the biases of measure of information asymmetry.

Keywords: cost of equity capital, voluntary disclosure, information asymmetry, and Tunisian’s listed non-financial firms

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Authors: Andrius Suminas

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Editors-in-chief and members of editorial boards of scientific journals play an extremely important role in the development of science and assure research integrity, as scientific publications are the major results of research. While gender parity in tenure-track hiring decisions and promotion rates has improved, female academics remain underrepresented in senior career phases, including editors-in-chief and members of editorial boards positions of scientific journals. Journal editors and members of editorial boards exert considerable power over what is published and in certain cases the direction of an academic discipline and the career advancement of authors. For this reason it is important to minimize biases extrinsic to the merit of the work impacting publication decisions. One way to achieve this is to ensure a diverse pool of editors and members of editorial boards, ensuring the widest possible coverage of different competencies. This is in line with a diversity model of editorial appointment where editorial boards are structured to dismantle wider conditions of inequality. Another possible option, a distributive model would seek an editorial board reflective of existing proportions in the field at large. Paper presents comprehensive results of Lithuanian scientific journals study. During the research process were reviewed publicly available information from all scientific journals published in Lithuania to infer the proportions of members of editorial boards by gender and country of affiliation. The results of the study revealed differences the proportions of male and female members of editorial boards in different disciplines of science, as well as clear geographical disparity in Lithianian scientific journals editorial boards.

Keywords: scientific journals, editorial boards of scientific journals, gender disparity, geographical disparity, scientific communication

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Authors: Shruti Sengupta

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According to the nationally representative data, about 73% of India's rural workforce is engaged in agriculture. While women make significant contributions to total agriculture production, they contribute to about one-third in India. In terms of gender composition, about 80% of the female and 69% of the male workforce is engaged in agriculture in rural India. Still, it is common to find gender differences in plot management within the household. In the last two and half years, India's agri-food system has undergone several changes due to this pandemic, both the demand and supply side, making agriculture more information and knowledge-intensive. Therefore, this paper investigates, using a nationally representative sample, how information asymmetry affects the net returns per hectare of land between female and male farm managers. Empirical results show that information intensity has a significant positive effect on net farm returns per hectare. Results suggest that if females have the same access to technical information as their male counterparts, their farm income can go up by .96 pp compared to male-headed farms. Results also indicate that literate females have higher farm incomes than non-literate females. The study contributes to the literature by employing gender differentials in farm income due to the information gap.

Keywords: agriculture, gender, information asymmetry, farm income, social bias

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Authors: Shruti Sengupta

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According to the nationally representative data, about 73% of India's rural workforce is engaged in agriculture. While women make significant contributions to total agriculture production, they contribute to about one-third in India. In terms of gender composition, about 80% of the female and 69% of the male workforce is engaged in agriculture in rural India. Still, it is common to find gender differences in plot management within the household. In the last two and half years, India's agri-food system has undergone several changes due to this pandemic, both the demand and supply side, making agriculture more information and knowledge-intensive. Therefore, this paper investigates, using a nationally representative sample, how information asymmetry affects the net returns per hectare of land between female and male farm managers. Empirical results show that information intensity has a significant positive effect on net farm returns per hectare. Results suggest that if females have the same access to technical information as their male counterparts, their farm income can go up by .96 pp compared to male-headed farms. Results also indicate that literate females have higher farm incomes than non-literate females. The study contributes to the literature by employing gender differentials in farm income due to the information gap.

Keywords: agriculture, gender, information asymmetry, farm income, social bias

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Authors: Xin-Hua Zhao

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In recent years, the growth rate of social responsibility reports disclosed by Chinese corporations has grown rapidly. The economic effects of the growing corporate social responsibility reports have become a hot topic. The article takes the chemical listed engineering corporations that disclose social responsibility reports in China as a sample, and based on the information asymmetry theory, examines the economic effect generated by corporate social responsibility disclosure with the method of ordinary least squares. The research is conducted from the perspective of analysts’ earnings forecasts and studies the impact of corporate social responsibility information disclosure on improving the accuracy of analysts' earnings forecasts. The results show that there is a statistically significant negative correlation between corporate social responsibility disclosure index and analysts’ earnings forecast error. The conclusions confirm that enterprises can reduce the asymmetry of social and environmental information by disclosing social responsibility reports, and thus improve the accuracy of analysts’ earnings forecasts. It can promote the effective allocation of resources in the market.

Keywords: analysts' earnings forecasts, corporate social responsibility disclosure, economic effect, information asymmetry

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Authors: Anas Ibrahim Yahaya, Christophe Soligo

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A substantial body of literature has reported on facial symmetry and asymmetry and their role in human mate choice. However, major gaps persist, with nearly all data originating from the WEIRD (Western, Educated, Industrialised, Rich and Developed) populations, and results remaining largely equivocal when compared across studies. This study is aimed at quantifying facial asymmetry from the 3D faces of the Hausa of northern Nigeria and also aimed at determining their (Hausa) perceptions and judgements of standardised facial images with different levels of asymmetry using questionnaires. Data were analysed using R-studio software and results indicated that individuals with lower levels of facial asymmetry (near facial symmetry) were perceived as more attractive, more suitable as marriage partners and more caring, whereas individuals with higher levels of facial asymmetry were perceived as more aggressive. The study conclusively asserts that all faces are asymmetric including the most beautiful ones, and the preference of less asymmetric faces was not just dependent on single facial trait, but rather on multiple facial traits; thus the study supports that physical attractiveness is not just an arbitrary social construct, but at least in part a cue to general health and possibly related to environmental context.

Keywords: face, asymmetry, symmetry, Hausa, preference

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Authors: Fayaz Moosavi, Saeid Moradyfard

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One of the methods in avoiding management fraud and increasing the quality of financial information, is the notification of qualitative features of financial information, including conservatism characteristic. Although taking a conservatism approach, while boosting the quality of financial information, is able to reduce the informational risk and the cost of capital stock of commercial department, by presenting an improper image about the situation of the commercial department, raises the risk of failure in returning the main and capital interest, and consequently the cost of capital of the commercial department. In order to know if conservatism finally leads to the increase or decrease of the cost of capital or does not have any influence on it, information regarding accepted companies in Tehran stock exchange is utilized by application of pooling method from 2007 to 2012 and it included 124 companies. The results of the study revealed that there is an opposite and meaningful relationship between conditional conservatism and the cost of capital of the company. In other words, if bad and unsuitable news and signs are reflected sooner than good news in accounting profit, the cost of capital of the company increases. In addition, there is a positive and meaningful relationship between the cost of capital and lack of information asymmetry.

Keywords: conditional conservatism, lack of information asymmetry, the cost of capital, stock exchange

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Authors: Helena Susana Afonso Alves, Natália Maria Rafael Canadas, Ana Maria Rodrigues

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We examined the impact of governance rules on information asymmetry, using the turnover ratio and the bid-ask spread as proxies for the information asymmetry. We used a SEM model and analyzed the indirect relations through the voluntary disclosure of information and the organizational performance. We built a voluntary disclosure index based on the information firms provided in their annual reports and divided the governance characteristics in two constructs: directors’ and supervisors’ structures and ownership structure. We concluded that the ownership structure exerts a direct influence on share price and share liquidity, Otherwise, the directors’ and supervisors’ structures exert an indirect influence, through the organizational performance and the voluntary disclosure of information. The results also show that for firms with high levels of disclosure the bid-ask spread is lower. However, in firms with a high ownership concentration investors tend to increase the bid-ask spreads and trade less, which, in this case, reduces the liquidity of the stock. The failure to find the relationship between voluntary disclosure of information and the turnover ratio shows us that the liquidity of shares is more related to the greater or lesser concentration of shareholders, with the performance of their companies than with the access to information. Moreover, it is clear that the role that information disclosure plays is mainly at the level of price formation.

Keywords: corporate governance, information asymmetry, voluntary disclosure, structural equation modelling, SEM

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Authors: Shuofen Hsu, Ya-Yi Chao, Chao-Wei Li

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This paper investigates the relationship between voluntary audit (hereafter, VA) of semi-annual consolidated financial statements decision and accounting conservatism. In general, there are four kinds of auditors' assurance services, which include audit, review, agreed-upon procedure and compliance engagements base on degree of assurance. The VA work by auditors may not only have the higher audit quality but an important signal of more reliable information than the review work. In Taiwan, The listed companies must prepare the semi-annual consolidated financial statements and with auditors' review before 2012, but some of the listed companies choose the assurance work from review to audit voluntarily. Due to the adoption of International Financial Reporting Standards, the listed companies were required to prepare the second quarterly consolidated financial statements which should be reviewed by auditors since 2013. This rule will change some of the assurance work from audit to review by auditors, and the information asymmetry maybe increased. To control the selection bias, we use two-stage model to test the relationship between VA decision and accounting conservatism. Our empirical results indicate that the VA decision and accounting conservatism have a significant positive relationship in firms with family-controlled. That is, firms with family-controlled are more likely to do VA and to prepare more conservative consolidated financial statements to reduce the information asymmetry, meaning that there is a complementary effect between VA and accounting conservatism for firms with more information asymmetry. But on the contrary, we find that the VA decision and accounting conservatism have a significant negative relationship in firms with professional managers-controlled, meaning that there is a substitution effect between VA and accounting conservatism for firms with less information asymmetry. Finally, the accounting conservatism of consolidated financial statements decrease after the adoption of IFRSs (International Financial Reporting Standards) in Taiwan. It means that the disclosure and transparency of consolidated financial statements had be improved.

Keywords: voluntary audit, accounting conservatism, audit quality, information asymmetry

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Authors: Sahani Rathnasiri, Pritee Ray, Sardar M. N. Isalm, Carlos A. Vega-Mejia

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This study develops a cooperative game theory-based cost-sharing contract model for a business to consumer (B2C) e-commerce supply chain to minimize the overall supply chain costs and the individual costs within an information asymmetry scenario. The objective of this study is to address the issues of strategic interactions among the key players of the e-commerce supply chain operation, which impedes the optimal operational outcomes. Game theory has been included in the field of supply chain management to resolve strategic decision-making issues; however, most of the studies are limited only to two-echelons of the supply chains. Multi-echelon supply chain optimizations based on game-theoretic models are less explored in the previous literature. This study adopts a cooperative game model to focus on the common payoff of operations and addresses the issues of information asymmetry and coordination of a three-echelon e-commerce supply chain. The cost-sharing contract model integrates operational features such as production, inventory management and distribution with the contract related constraints. The outcomes of the model highlight the importance of maintaining lower operational costs by all players to obtain benefits from the cost-sharing contract. Further, the cost-sharing contract ensures true cost revelation, and hence eliminates the information asymmetry issues among the players. Comparing the results of the contract model with the de-centralized e-commerce supply chain operation further emphasizes that the cost-sharing contract derives Pareto-improved outcomes and minimizes the costs of overall e-commerce supply chain operation.

Keywords: cooperative game theory, cost-sharing contract, e-commerce supply chain, information asymmetry

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Authors: O. Ekrami, P. Claes, S. Van Dongen

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Fluctuating asymmetry (FA) has been studied for many years as an indicator of developmental stability or ‘genetic quality’ based on the assumption that perfect symmetry is ideally the expected outcome for a bilateral organism. Further studies have also investigated the possible link between FA and attractiveness or levels of masculinity or femininity. These hypotheses have been mostly examined using 2D images, and the structure of interest is usually presented using a limited number of landmarks. Such methods have the downside of simplifying and reducing the dimensionality of the structure, which will in return increase the error of the analysis. In an attempt to reach more conclusive and accurate results, in this study we have used high-resolution 3D scans of human faces and have developed an algorithm to measure and localize FA, taking a spatially-dense approach. A symmetric spatially dense anthropometric mask with paired vertices is non-rigidly mapped on target faces using an Iterative Closest Point (ICP) registration algorithm. A set of 19 manually indicated landmarks were used to examine the precision of our mapping step. The protocol’s accuracy in measurement and localizing FA is assessed using simulated faces with known amounts of asymmetry added to them. The results of validation of our approach show that the algorithm is perfectly capable of locating and measuring FA in 3D simulated faces. With the use of such algorithm, the additional captured information on asymmetry can be used to improve the studies of FA as an indicator of fitness or attractiveness. This algorithm can especially be of great benefit in studies of high number of subjects due to its automated and time-efficient nature. Additionally, taking a spatially dense approach provides us with information about the locality of FA, which is impossible to obtain using conventional methods. It also enables us to analyze the asymmetry of a morphological structures in a multivariate manner; This can be achieved by using methods such as Principal Components Analysis (PCA) or Factor Analysis, which can be a step towards understanding the underlying processes of asymmetry. This method can also be used in combination with genome wide association studies to help unravel the genetic bases of FA. To conclude, we introduced an algorithm to study and analyze asymmetry in human faces, with the possibility of extending the application to other morphological structures, in an automated, accurate and multi-variate framework.

Keywords: developmental stability, fluctuating asymmetry, morphometrics, 3D image processing

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Authors: Abderrahmen Aloulou, Younes Boujelbene

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The current paper displays a new method of extracting information content from options prices by eliminating biases caused by daily variation of contract maturity. Based on Kernel regression tool, this non-parametric technique serves to obtain a spectrum of interpolated options with constant maturity horizons from negotiated optional contracts on the S&P TSX 60 index. This method makes it plausible to compare daily risk neutral densities from which extracting time continuous indicators allows the detection traders attitudes’ evolution, such as, belief homogeneity, asymmetry and extreme Risk Perception. Our findings indicate that the applied method contribute to develop effective trading strategies and to adjust monetary policies through controlling trader’s reactions to economic and monetary news.

Keywords: risk neutral densities, kernel, constant maturity horizons, homogeneity, asymmetry and extreme risk perception

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Authors: Marwan Keshlaf, Hassan Fellah

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This study was designed to test whether hive bottom boards modified with polyvinyl chloride pipe or screen-mesh reduces number of Varroa mites in naturally infested honeybee colonies comparing to chemical control. Fifty six colonies distributed equally between two location each received one of four experimental treatment 1) conventional solid board “control”, 2) Apistan in conventional solid board, 3) Mesh bottom board and 4) tube bottom board. Varroa infestation level on both adult bees and on capped brood was estimated. Stored pollen, capped brood area and honey production were also measured. Results of varroa infestation were inconsistent between apiaries. In apiary 1, colonies with Apistan had fewer Varroa destructor than other treatments, but this benefit was not apparent in Apiary 2. There were no effects of modified bottom boards on bee flight activity, brood production, honey yield and stored pollen. We conclude that the efficacy of modified bottom boards in reducing varroa mites population in bee colonies remains uncertain due to observed differences of hygienic behavior.

Keywords: Apis mellifera, modified bottom boards, Varroa destructor, Honeybee colonies

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Authors: Mehmet Yildiz, Mehmet Kale

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The primary aim of the present study was to identify the bilateral balance asymmetries when comparing the dominant (DL) vs. the non-dominant leg (NDL) in the collegian soccer players. The secondary aim was to compare the inter-limb asymmetry index (ASI) when differentiating by kicking preference (right-dominant vs. left-dominant). 34 right-dominant leg (RightDL) (age:21.12±1.85, height:174.50±5.18, weight:69.42±6.86) and 23 left-dominant leg (LeftDL), (age:21.70±2.03, height:176.2±6.27, weight:68.73±5.96) collegian football players were tested for bilateral static and dynamic balance. Balance ability was assessed by measuring centre of pressure deviation on a single leg. Single leg static and dynamic balance scores and inter-limb asymmetry index (ASI) were determined. Student t tests were used for the comparison of dominant and nondominant leg balance scores and RightDL and LeftDL football players’ inter-limb asymmetry index of the balance scores. The results showed that there were significant differences in the dynamic balance scores in favour of the nondominant leg, (DL:738±211 vs. NDL:606±226, p < 0.01). Also, it has been seen that LeftDL players have significantly higher inter-limb asymmetry index when compared with rightDL players for both static (rightDL:-7.07±94.91 vs. leftDL:-183.19±354.05, p < 0.01) and dynamic (rightDL: 1.73±49.65 vs. leftDL:27.08±23.34, p < 0.05) balance scores. In conclusion, bilateral dynamic balance asymmetries may be affected using single leg predominantly in the mobilization workouts. Because of having higher inter-limb asymmetry index, left-dominant leg players may be screened and trained to minimize balance asymmetry.

Keywords: bilateral balance, asymmetries, dominant leg, leg preference

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Authors: Ellisha Iling, Dayang Siti Hazimmah Ali

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Experimental composite boards were fabricated using oil palm (Elaeis guineensis Jacq) fronds particles by applying hot press pressure of 5MPa, 6MPa and 7MPa respectively. Modulus of rupture (MOR) and internal bond strength (IB) of the composite boards made with target density of 0.80 g/cm³ were evaluated. Composite board fabricated under hot press pressure of 5MPa had MOR and IB values of 16.27 and 4.34 N/mm² respectively. Corresponding values for composite board fabricated under hot press pressure of 6MPa were 16.76 and 5.41 N/mm² respectively. Whereas, the MOR and IB values of composite board fabricated under hot press pressure of 7MPa were 17.24 and 6.19 N/mm² respectively. All composite boards met the MOR and IB requirement stated in Japanese Industrial Standard (JIS). Based on results of this work, the strength of mechanical properties of composite board increased with increase of hot press pressure. This study revealed that the selection of applied pressure during fabrication of composite board is important to improve mechanical properties of composite boards.

Keywords: composite board, Elaeis guineensis Jacq. Fronds, hot press pressure, mechanical properties

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Authors: Nancy Di Tunnariello, Jenna L. Currie-Mueller

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Totalistic organizations include organizations that operate by playing a prominent role in the life of its members through embedding values and practices. The Church of Scientology (CoS) is an example of a religious totalistic organization and has recently garnered attention because of the questionable treatment of members by those with authority, particularly when members try to leave the Church. The purpose of this study was to analyze exit communication and evaluate the task and relational messages discussed on online discussion boards for individuals with a previous or current connection to the totalistic CoS. Using organizational exit phases and interaction process analysis (IPA), researchers coded 30 boards consisting of 14,179 thought units from the Exscn.net website. Findings report all stages of exit were present, and post-exit surfaced most often. Posts indicated more tasks than relational messages, where individuals mainly provided orientation/information. After a discussion of the study’s contributions, limitations and directions for future research are explained.

Keywords: Bales' IPA, organizational exit, relational messages, scientology, task messages, totalistic organizations

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Authors: Amdy Moustapha Drame, Ilya V. Germashev, E. A. Markushevskaya

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Among the main problems of medicine is breast cancer, from which a significant number of women around the world are constantly dying. Therefore, the detection of malignant breast tumors is an urgent task. For many years, various technologies for detecting these tumors have been used, in particular, in thermal imaging in order to determine different levels of breast cancer development. These periodic screening methods are a diagnostic tool for women and may have become an alternative to older methods such as mammography. This article proposes a model for the identification of malignant neoplasms of the mammary glands by the asymmetry of internal and external thermal imaging fields.

Keywords: asymmetry, breast cancer, tumors, deep learning, thermogram, convolutional transformation, classification

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Authors: Peter Crow

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Boards and directors have been subjects of much scholarly research and public interest over several decades, more so since the succession of high profile company failures of the early 2000s. An array of research outputs including information, correlations, descriptions, models, hypotheses and theories have been reported. While some of this research has shed light on aspects of the board–performance relationship and on board tasks and behaviours, the nature and characteristics of the supposed board–performance relationship remain undetermined. That satisfactory explanations of how boards influence company performance have yet to emerge is a significant blind spot. Yet the board is ultimately responsible for company performance, in accordance with the wishes of shareholders. The aim of this paper is to explore corporate governance and board practice through the lens of strategic management, and to take tentative steps towards a new conception of corporate governance. The findings of a recent longitudinal multiple-case study designed to explore the board’s involvement in strategic management are reported. Qualitative and quantitative data was collected from two quasi-public large companies in New Zealand including from first-hand observations of boards in session, semi-structured interviews with chief executives and chairmen and the inspection of company and board documentation. A synthetic timeline framework was used to collate the financial, board structure, board activity and decision-making data, in order to provide a holistic perspective. Decision sequences were identified, and realist techniques of abduction and retroduction were iteratively applied to analyse the multi-year data set. Using several models previously proposed in the literature as a guide, conjectures were formed, tested and refined—the culmination of which was a provisional model of how boards can influence performance via strategic management. The model builds on both existing theoretical perspectives and theoretical models proposed in the corporate governance and strategic management literature. This paper seeks to add to the understanding of how boards can make meaningful contributions to value creation via strategic management, and to comment on the qualities of directors, social interactions in boardrooms and other circumstances within which influence might be possible given the highly contingent relationship between board activity and business performance outcomes.

Keywords: board practice, case study, corporate governance, strategic management

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Authors: Magdalena Jablonska, Andrzej Falkowski

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The negativity effect is one of the most intriguing and well-studied psychological phenomena that can be observed in many areas of human life. The aim of the following study is to investigate how valence framing and positive and negative information about political candidates affect judgments about similarity to an ideal and bad politician. Based on the theoretical framework of features of similarity, it is hypothesized that negative features have a stronger effect on similarity judgments than positive features of comparable value. Furthermore, the mediating role of affect is tested. Method: One hundred sixty-one people took part in an experimental study. Participants were divided into 6 research conditions that differed in the reference point (positive vs negative framing) and the number of favourable and unfavourable information items about political candidates (a positive, neutral and negative candidate profile). In positive framing condition, the concept of an ideal politician was primed; in the negative condition, participants were to think about a bad politician. The effect of independent variables on similarity judgments, affective evaluation, and voting intention was tested. Results: In the positive condition, the analysis showed that the negative effect of additional unfavourable features was greater than the positive effect of additional favourable features in judgements about similarity to the ideal candidate. In negative framing condition, ANOVA was insignificant, showing that neither the addition of positive features nor additional negative information had a significant impact on the similarity to a bad political candidate. To explain this asymmetry, two mediational analyses were conducted that tested the mediating role of affect in the relationship between similarity judgments and voting intention. In both situations the mediating effect was significant, but the comparison of two models showed that the mediation was stronger for a negative framing. Discussion: The research supports the negativity effect and attempts to explain the psychological mechanism behind the positive-negative asymmetry. The results of mediation analyses point to a stronger mediating role of affect in the relationship between cognitive evaluation and voting intention. Such a result suggests that negative comparisons, leading to the activation of negative features, give rise to stronger emotions than positive features of comparable strength. The findings are in line with positive-negative asymmetry, however, by adopting Tversky’s framework of features of similarity, the study integrates the cognitive mechanism of the negativity effect delineated in the contrast model of similarity with its emotional component resulting from the asymmetrical effect of positive and negative emotions on decision-making.

Keywords: affect, framing, negativity effect, positive-negative asymmetry, similarity judgements

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Authors: Florian Kleber, Martin Kampel

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The increasing demand of gallium, indium and rare-earth elements for the production of electronics, e.g. solid state-lighting, photovoltaics, integrated circuits, and liquid crystal displays, will exceed the world-wide supply according to current forecasts. Recycling systems to reclaim these materials are not yet in place, which challenges the sustainability of these technologies. This paper proposes a multispectral imaging system as a basis for a vision based recognition system for valuable components of electronics waste. Multispectral images intend to enhance the contrast of images of printed circuit boards (single components, as well as labels) for further analysis, such as optical character recognition and entire printed circuit board recognition. The results show that a higher contrast is achieved in the near infrared compared to ultraviolet and visible light.

Keywords: electronics waste, multispectral imaging, printed circuit boards, rare-earth elements

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Authors: Finbarr Murphy, Wei Xu, Xian Xu

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The embedding of digital technologies in the global economy has attracted increasing attention from economists. With a large and detailed dataset, this study examines the specific case where consumers have a choice between offline and digital channels in the context of insurance purchases. We find that digital channels screen consumers with lower unobserved risk. For the term life, endowment, and disease insurance products, the average risk of the policies purchased through digital channels was 75%, 21%, and 31%, respectively, lower than those purchased offline. As a consequence, the lower unobserved risk leads to weaker information asymmetry and higher profitability of digital channels. We highlight three mechanisms of the risk screening effect: heterogeneous marginal influence of channel features on insurance demand, the channel features directly related to risk control, and the link between the digital divide and risk. We also find that the risk screening effect mainly comes from the extensive margin, i.e., from new consumers. This paper contributes to three connected areas in the insurance context: the heterogeneous economic impacts of digital technology adoption, insurer-side risk selection, and insurance marketing.

Keywords: digital economy, information asymmetry, insurance, mobile application, risk screening

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Authors: Ahmed Bolaji Alarape, Oluwatobi Damilola Aba, Usman Shehu

Abstract:

Wood plastic composite boards were made from sawn dust of Cordia alliodora and recycled polyethylene at a mixing ratio of 1.5ratio1, 2.5ratio1 and 3.5ratio1 and nominal densities of 600 kilograms per meter cube, 700 kilograms per meter cube, and 800 kilograms per meter cube, The material was hot pressed at 150-degree celsius to produce board of 250 millimeter by 250 millimeter by 6 millimeter of which 18 boards were produced. The experiment was subject to 3 by 3 factorial experiments in Completely Randomised Design (CRD). Analysis of variance and Duncan Multiple Range Test (DMRT) was adopted by 3 by 3 at 5 percent probability. The strength properties of the boards such as modulus of rupture (MOR) and modulus of elasticity (MOE) were investigated, while the dimensional properties of the board such as the water absorption (WA) and thickness swelling (TS) were as well determined after 12hrs and 24hrs of water immersion. The result showed that the mean values of MOE ranged from 9100.73 Newtons per square millimeters to 12086.96 Newtons per square millimeters while MOR values ranged from 48.26 Newtons per square millimeters to 103.09 Newtons per square millimeters. The values of WA and TS after 12hrs immersion ranged from 1.21 percent to 1.56 percent and 0.00 percent to 0.13 percent, respectively. The values of WA and TS after 24hrs of water immersion ranged from 1.66 percent to 2.99 percent and 0.02 percent to 0.18 percent, respectively. The higher the value of board density and the high-density polythene /sawdust ratio, the stronger, the stiffer and more dimensionally stable the wood plastic composite boards obtained. In addition, as the density of the board increases, the strength property of the boards increases. Hence the board will be suitable for internal construction materials.

Keywords: wood Plastic composite, modulus of rupture, modulus of elasticity, dimensional stability

Procedia PDF Downloads 142

Authors: Janusz Bobulski, Kamila Pasternak

Abstract:

Despite many years of effort and research, the problem of waste management is still current. So far, no fully effective waste management system has been developed. Many programs and projects improve statistics on the percentage of waste recycled every year. In these efforts, it is worth using modern Computer Vision techniques supported by artificial intelligence. In the article, we present a method of identifying plastic waste based on the asymmetry analysis of the histogram of the image containing the waste. The method is simple but effective (94%), which allows it to be implemented on devices with low computing power, in particular on microcomputers. Such de-vices will be used both at home and in waste sorting plants.

Keywords: waste management, environmental protection, image processing, computer vision

Procedia PDF Downloads 80

Authors: Sohanur Rahman, Elisabeth Sinnewe, Larelle (Ellie) Chapple, Sarah Osborne

Abstract:

Greater political attention to global climate change exposes firms to a higher level of political uncertainty, which can lead to adverse capital market consequences. However, a higher level of discourse on environment-specific political risk (EPR) between management and investors can mitigate information asymmetry, followed by less stock price crash risk. This study examines whether EPR discourse in discourse in the earnings conference calls (ECC) reduces firm-level stock price crash risk in the US market. This research also explores if adverse disclosures via media channels further moderates the association between EPR on crash risk. Employing a dataset of 28,933 firm-year observations from 2002 to 2020, the empirical analysis reveals that EPR discourse in ECC reduces future stock price crash risk. However, adverse disclosures via media channels can offset the favourable effect of EPR discourse on crash risk. The results are robust to the potential endogeneity concern in a quasi-natural experiment setting.

Keywords: earnings conference calls, environment, environment-specific political risk discourse, environmental disclosures, information asymmetry, reputation risk, stock price crash risk

Procedia PDF Downloads 100

Authors: Leesa Mohanty, Ashok Banerjee

Abstract:

Better audit quality signifies the financial statements of the auditee firm reflect true and fair view of their actual state of affairs, which reduces information asymmetry between management and shareholders, as a result, helps protect interests of shareholders. This study examines the impact of joint audit on audit quality. It is motivated by the ongoing debate where The Institute of Chartered Accountants of India (ICAI), the regulatory body governing auditors, has advocated the finance ministry and the Reserve Bank of India (RBI) for the mandatory use of joint audit in private banks to enhance the quality of audit. Earlier, the Government of India had rejected the plea by ICAI for mandatory joint audits in large companies stating it is not a viable option for promoting domestic firms. We introduce a new measure of audit quality. Drawing from the domain of text analytics, we use relevant phrases in audit reports to gauge audit quality and demonstrate that joint audit improves audit quality. We also, for robustness, use prevalent proxy for audit quality (Big N Auditor, ratio of audit fees to total fees) and find negative effect of joint audit on audit quality. We, therefore highlight that different proxy for audit quality show opposite effect of joint audit.

Keywords: audit fees, audit quality, Big N. Auditor, joint audit

Procedia PDF Downloads 313