Search results for: institutional investors

Authors: Anuj Kumar Vaksha

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The research paper examines the trends and approaches of the international investment arbitral tribunals to the issues of environment and the exercise of states' regulatory power for the preservation of environment vis-à-vis the rights of the affected foreign investors. The paper analyses arbitral awards, decisions and orders in the leading cases of international investment arbitrations involving issues of environment and finds that there has been strong trend among the arbitral tribunals to balance the imperatives of the environmental regulation and the interest of the foreign investors. The arbitral tribunals have reflected deference to States' competence for regulation of environment to the extent they were genuine, relevant and in proportion to the legitimate objective sought to be achieved. The arbitral tribunals have at times been innovative and non-conservative in promoting the cause of environment through the mechanism of investor-state arbitration.

Keywords: International Investment Arbitration, environmental regulations, bilateral investment treaties, ICSID, NAFTA, amicus curiae, pollution havens hypothesis, environmental race to the bottom hypothesis

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Authors: Piotr Prewysz-Kwinto

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A dynamic development of financial market is accompanied by the emergence of new products on stock exchanges which give absolutely new possibilities of investing money. Currently, the most innovative financial instruments offered to investors are exchange traded products (ETP). They can be defined as financial instruments whose price depends on the value of the underlying instrument. Thus, they offer investors a possibility of making a profit that results from the change in value of the underlying instrument without having to buy it. Currently, the Warsaw Stock Exchange offers many types of ETPs. They are investment products with full or partial capital protection, products without capital protection as well as leverage products, issued on such underlying instruments as indices, sector indices, commodity indices, prices of energy commodities, precious metals, agricultural produce or prices of shares of domestic and foreign companies. This paper presents the mechanism of functioning of ETP available on the Warsaw Stock Exchange and the results of the analysis of statistical data on these financial instruments.

Keywords: exchange traded products, financial market, investment, stock exchange

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Authors: Javed Younas

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Fiscal challenges pervade the electricity sector in many developing countries. Low bill payment and high theft mean utility customers have little incentive to conserve. It also means electricity distribution companies have less to invest in infrastructure maintenance, modernization, and technical upgrades. The low-quality electricity services can result impair the economic benefits from connections to the electrical grid. We study the impacts of two interventions implemented in Karachi, Pakistan, with the goal of reducing distribution losses and increasing revenue recovery: infrastructure improvements that made illegal connections physically more difficult and institutional innovations designed to increase communities’ trust in and cooperation with the utility. Using differences in implementation timing across space, we estimate the interventions’ impacts before the COVID-19 pandemic and their role in mitigating the pandemic’s effects on electricity services. Results indicate that the infrastructure improvements reduced losses, as well as the electricity delivered to the distribution system, a proxy for a generation. The institutional innovations significantly impacted revenue recovery, but not losses in their initial months; however, the efforts mitigated the pandemic’s negative effect on the utility finances.

Keywords: electricity, infrastructure, losses, revenue recovery

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Authors: Guanghua Yu

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This article has examined the rise of the UK, US, and China at different historical times to explain the argument that it is open access in the economic sphere, as well as institutional building related to the protection of property rights, contract enforcement, financial market, the rule of law, and human resource accumulation that determine economic and human development. Both the UK, after the Glorious Revolution in the seventeenth century, and China, after its adoption of the open door policy at the end of the 1970s, follow such a path of development. The difference between the UK and China in moving toward that path is the different coordination of elites. While the coordination of elites in the UK through parliament played important roles in forcing the government to consider the wider encompassing interest in society after the Glorious Revolution, the coordination of elites in China has mainly been achieved by the Communist Party of China such that the Chinese Government has started to pay greater deal of attention to the wider encompassing interest in the country from 1978. The article has also examined the rise of the US following colonial settlement to independence and institutional building thereafter. The US case is similarly consistent with the argument that open access in the economic sphere and institutional building matter the most to economic development. More decentralized methods of the coordination of elites in the US among colonies (states), the federal governments, and other political groups similarly shaped the path towards open access in the economic sphere and institutional building. As such, open access in the political sphere plays an indirect role in development at best. If that is correct, there are possibilities that different political systems are able to achieve coordination of elites so that governments will turn their attention to development.

Keywords: open access, interconnected institutions, democracy, development

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Authors: Shankha Pratim Bhattacharya

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In general building repair and renovation projects are minor in nature. It requires less attention as the primary cost involvement is relatively small. Although the building repair and maintenance projects look simple, it involves much complexity during execution. Many of the present research indicate that few uncertain situations are usually linked with maintenance projects. Those may not be read properly in the planning stage of the projects, and finally, lead to time overrun. Building repair and maintenance become essential and periodical after commissioning of the building. In Institutional buildings, the regular maintenance projects also include addition –alteration, modification activities. Increase in the student admission, new departments, and sections, new laboratories and workshops, up gradation of existing laboratories are very common in the institutional buildings in the developing nations like India. The project becomes very critical because it undergoes space problem, architectural design issues, structural modification, etc. One of the prime factors in the institutional building maintenance and modification project is the time constraint. Mostly it required being executed a specific non-work time period. The present research considered only the institutional buildings of the Eastern part of India to analyse the repair and maintenance project delay. A general survey was conducted among the technical institutes to find the causes and corresponding nature of construction delay factors. Five technical institutes are considered in the present study with repair, renovation, modification and extension type of projects. Construction delay factors are categorically subdivided into four groups namely, material, manpower (works), Contract and Site. The survey data are collected for the nature of delay responsible for a specific project and the absolute amount of delay through proposed and actual duration of work. In the first stage of the paper, a relative importance index (RII) is proposed for the delay factors. The occurrence of the delay factors is also judged by its frequency-severity nature. Finally, the delay factors are then rated and linked with the type of work. In the second stage, a regression analysis is executed to establish an empirical relationship between the actual time of a project and the percentage of delay. It also indicates the impact of the factors for delay responsibility. Ultimately, the present paper makes an effort to identify the critical delay factors for the repair and renovation type project in the Eastern Indian Institutional building.

Keywords: delay factor, institutional building, maintenance, relative importance index, regression analysis, repair

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Authors: Mouataz Zreika, Maria Estela Varua

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Stock investment decisions are often made based on current events of the global economy and the analysis of historical data. Conversely, visual representation could assist investors’ gain deeper understanding and better insight on stock market trends more efficiently. The trend analysis is based on long-term data collection. The study adopts a hybrid method that combines the Clustering algorithm and Force-directed algorithm to overcome the scalability problem when visualizing large data. This method exemplifies the potential relationships between each stock, as well as determining the degree of strength and connectivity, which will provide investors another understanding of the stock relationship for reference. Information derived from visualization will also help them make an informed decision. The results of the experiments show that the proposed method is able to produced visualized data aesthetically by providing clearer views for connectivity and edge weights.

Keywords: clustering, force-directed, graph drawing, stock investment analysis

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Authors: Xiaoxin Zhao

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Because of the long-time dual structure development in urban and rural areas, the rapid urbanization in China devours the rural resources and causes the unbalanced development of cities and the countryside. On one side, the urban sprawl is swallowing the villages in the peripheral area of cities and forms the ‘urban village’. On the other side, people from traditional and vernacular villages immigrate to the metropolis that their homeland becomes the ‘hollowed village’. In 2005, the national state council noticed the significance of rural development and promoted the ‘beautiful countryside’ project when Minsu was rising. In the 19th National Congress of the Communist Party of China (2017), president Xi Jinping announces the importance of ‘rural revitalization’ and states that the relationship between urban and rural areas should be an integrated development model. However, most Minsu projects in China was invested and managed by individual or group investors and focused on the profits but not the vernacular culture and rural development, and enhanced the urban-rural distinction. This paper introduces two Minsu projects in China designed by star-architects and advertised by social network media as case studies through photos and public comments collections. Architects as the servant to the investors, designed fancy houses, brings the urban life mode but expelled the real vernacular lifestyle as a cultural experience in rural areas. Moreover, to advertise the Minsu hotel, the social media propagates a distorted value that ‘luxury is good taste’ and motivates the vanity of people. Lastly, to maximize the profits, the investors set a high price that caused another unbalanced development in rural area since the price for one night in the Minsu hotel may exceed the monthly income of a local inhabitant. With these material, the author discusses the problems in Chinese Minsu industry and argues that the media, architects and investors play the negative role in the separation between Minsu cultural tourism and rural population. As a result, the author points out the significance of rural population participation that sharing the profits with them if we take Minsu industry as a method for rural revitalization in China.

Keywords: Minsu, vernacular, rural development, rural population participation

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Authors: Bikash Ranjan Mishra, Lopamudra D. Satpathy

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In the wake of the phenomenal surge in international business in the last decades or more, both the developed and developing economies around the world are in massive competition to attract more and more FDI flows. While the developed countries have marched ahead in the race, the developing countries, especially those of Asian economies, have followed them at a rapid pace. While most of the previous studies have analysed the role of institutional quality in the promotion of FDI flows in developing countries, very few studies have taken an integrated approach of examining the comprehensive impact of institutional quality, globalization pattern and domestic financial development on FDI flows. In this context, the paper contributes to the literature in two important ways. Firstly, two composite indices of institutional quality and domestic financial development for the Asian countries are constructed in comparison to earlier studies that resort to a single variable for indicating the institutional quality and domestic financial development. Secondly, the impact of these variables on FDI flows through their interaction with geographical region is investigated. The study uses panel data covering the time period of 1996 to 2012 by selecting twenty Asian developing countries by emphasizing the quality of institutions from the geographical regions of eastern, south-eastern, southern and western Asia. Control of corruption, better rule of law, regulatory quality, effectiveness of the government, political stability and voice and accountability are used as indicators of institutional quality. Besides these, the study takes into account the domestic credits in the hands of public, private sectors and in stock markets as domestic financial indicators. First in the specification of model, a factor analysis is performed to reduce the vast determinants, which are highly correlated with each other, to a manageable size. Afterwards, a reduced version of the model is estimated with the extracted factors in the form of index as independent variables along with a set of control variables. It is found that the institutional quality index and index of globalization exert a significant effect on FDI inflows of the host countries; in contrast, the domestic financial index does not seem to play much worthy role. Finally, some robustness tests are performed to make sure that the results are not sensitive to temporal and spatial unobserved heterogeneity. On the basis of the above study, one general inference can be drawn from the policy prescription point of view that the government of these developing countries should strengthen their domestic institution, both financial and non-financial. In addition to these, welfare policies should also target for rapid globalization. If the financial and non-financial institutions of these developing countries become sound and grow more globalized in the economic, social and political domain, then they can appeal to more amounts of FDI inflows that will subsequently result in advancement of these economies.

Keywords: Asian developing economies, FDI, institutional quality, panel data

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Authors: Ejoke U. P., Smitha Dev., Madwuke Ann, DuPlessis E. D.

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The study examines the relationship between psychological capital (PsyCap) and social well-being among international faculty members in the United Arab Emirates (UAE). The UAE has become a significant destination for global academic talent, yet challenges related to social integration, acceptance, and overall well-being persist among its international faculty. The study focuses on the predictive role of PsyCap, encompassing hope, efficacy, resilience, and optimism, in determining various dimensions of social well-being, including social integration, acceptance, contribution, actualization, and coherence. Additionally, the research investigates the potential moderating or mediating effects of institutional support and Faculty Job-Status position on the relationship between PsyCap and social well-being. Through structural equation modeling, we found that institutional support mediated the positive relationship between PsyCap and SWB and the permanent Faculty job-status position type strengthens the relationship between PsyCap and SWB. Our findings uncover the pathways through which PsyCap influences the social well-being outcomes of international faculty in the UAE. The findings will contribute to the development of tailored interventions and support systems aimed at enhancing the integration experiences and overall well-being of international faculty within the UAE academic community. Thus, fostering a more inclusive and thriving academic environment in the UAE.

Keywords: faculty job-status, institutional-faculty, psychological capital, social well-being, UAE

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Authors: Shienna Marie Esteban

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The economic growth experience of the Philippines is one of the fastest in Asia. However, the said growth has not yet trickled down to every Filipino. This is evident to agricultural-dependent population. Moreover, the contribution of the agriculture sector to GDP has been dwindling while large number of labor force is still dependent on a relatively small share of GDP. As a result, poverty incidence worsened among rural poor causing hunger and malnutrition. Therefore, the existing agricultural policies in the Philippines are pushing to achieve greater food production and productivity to alleviate poverty and food insecurity. Through a review of related literature and collection and analysis of secondary data from DA, DBM, BAS - CountrySTAT, PSA, NSCB, PIDS, IRRI, UN-FAO, IFPRI, and World Bank among others, the study revealed that Philippines is still far from its goals of poverty reduction and food security. In addition, the agricultural sector is underperforming. The productivity growth of the sector comes out mediocre. The common observation is that weakness is attributed to the failures of policy and institutional environments of the agriculture sector. The policy environment failed to create a structure appropriate for the rapid growth of the sector due to institutional and governance weaknesses. A recommendation is to go through institutional and policy reforms through legislative or executive mandates should take form to improve the implementation and enforcement of existing policies.

Keywords: agriculture, food security, policy, poverty

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Authors: Atif Alenezi

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The low global oil price poses economic challenges for Saudi Arabia, as oil revenues still make up a great percentage of its Gross Domestic Product (GDP). At the end of 2014, the Consultative Assembly considered a report from the Committee on Economic Affairs and Energy which highlights that the economy had not been successfully diversified. There thus exist ample reasons for modernising the Foreign Direct Investment (FDI) regime, primarily to achieve and maintain prosperity and facilitate peace in the region. Therefore, this paper aims at identifying specific problems with the existing FDI regime in Saudi Arabia and subsequently some solutions to those problems. Saudi Arabia adopted its first specific legislation in 1956, which imposed significant restrictions on foreign ownership. Since then, Saudi Arabia has modernised its FDI framework with the passing of the Foreign Capital Investment Act 1979 and the Foreign Investment Law2000 and the accompanying Executive Rules 2000 and the recently adopted Implementing Regulations 2014.Nonetheless, the legislative provisions contain various gaps and the failure to address these gaps creates risks and uncertainty for investors. For instance, the important topic of mergers and acquisitions has not been addressed in the Foreign Investment Law 2000. The circumstances in which expropriation can be considered to be in the public interest have not been defined. Moreover, Saudi Arabia has not entered into many bilateral investment treaties (BITs). This has an effect on the investment climate, as foreign investors are not afforded typical rights. An analysis of the BITs which have been entered into reveals that the national treatment standard and stabilisation, umbrella or renegotiation provisions have not been included. This is problematic since the 2000 Act does not spell out the applicable standard in accordance with which foreign investors should be treated. Moreover, the most-favoured-nation (MFN) or fair and equitable treatment (FET) standards have not been put on a statutory footing. Whilst the Arbitration Act 2012 permits that investment disputes can be internationalised, restrictions have been retained. The effectiveness of international arbitration is further undermined because Saudi Arabia does not enforce non-domestic arbitral awards which contravene public policy. Furthermore, the reservation to the Convention on the Settlement of Investment Disputes allows Saudi Arabia to exclude petroleum and sovereign disputes. Interviews with foreign investors, who operate in Saudi Arabia highlight additional issues. Saudi Arabia ought not to procrastinate far-reaching structural reforms.

Keywords: FDI, Saudi, BITs, law

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Authors: Bita Mashayekhi, Marjan Fayyazi, Parisa Sefati

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Audit quality is a popular topic in accounting and auditing research because recent decades’ financial crises reduce the reliability of financial reports to public investors and cause significant doubt about the audit profession. Therefore, doing research to identify effective factors in improving audit quality is necessary for bringing back public investors’ trust to financial statements as well as audit reports. In this study, we explore the relationship between audit rotation and audit quality. For this purpose, we employ the Duff (2009) model of audit quality to measure audit quality and use a questionnaire survey of 27 audit service quality attributes. Our results show that there is a negative relationship between auditor’s rotation and audit quality as we consider the auditor’s reputation, capability, assurance, experience, and responsiveness as surrogates for audit quality. There is no evidence for verifying a same relationship when we use the auditor’s independence and expertise for measuring audit quality.

Keywords: audit quality, auditor’s rotation, reputation, capability, assurance, experience, responsiveness, independence, expertise

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Authors: Nico Rosamilia

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The study evaluates the importance of non-financial disclosure practices for regulators, investors, businesses, and markets. It aims to create a sector-specific set of indicators for environmental, social, and governance (ESG) performances alternative to the ratings of the agencies. The existing literature extensively studies the implementation of ESG rating systems. Conversely, this study has a twofold outcome. Firstly, it should generalize incentive systems and governance policies for ESG and sustainable principles. Therefore, it should contribute to the EU Sustainable Finance Disclosure Regulation. Secondly, it concerns the market and the investors by highlighting successful sustainable investing. Indeed, the study contemplates the effect of ESG adoption practices on corporate value. The research explores the asset pricing angle in order to shed light on the fragmented argument on the finance of ESG. Investors may be misguided about the positive or negative effects of ESG on performances. The paper proposes a different method to evaluate ESG performances. By comparing the results of a traditional econometric approach (Lasso) with a machine learning algorithm (Random Forest), the study establishes a set of indicators for ESG performance. Therefore, the research also empirically contributes to the theoretical strands of literature regarding model selection and variable importance in a finance framework. The algorithms will spit out sector-specific indicators. This set of indicators defines an alternative to the compounded scores of ESG rating agencies and avoids the possible offsetting effect of scores. With this approach, the paper defines a sector-specific set of indicators to standardize ESG disclosure. Additionally, it tries to shed light on the absence of a clear understanding of the direction of the ESG effect on corporate value (the problem of endogeneity).

Keywords: ESG ratings, non-financial information, value of firms, sustainable finance

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Authors: Abdon O. Makore

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The study analyses policy and institutional implications with regard to the successful implementation of IPTS in Harare. IPTS has widely been recommended as a rich solution to chaotic public transport operations, yet studies to determine the suitability or applicability of this concept have not been done in light of the existing transport institutions and policy framework in Harare. A predominantly qualitative research approach was employed backed by a deep scrutiny of the NTP and other subsidiary legislations and plans in place so as to ascertain the views and perceptions of various stakeholders regarding the proposed concept. As such, key informant interviews, unstructured interviews, and questionnaires were vital tools in gathering data and these were effectively buttressed by observations, photography, and documentary analysis. The study revealed from a policy perspective that there are high prospects for the implementation of IPTS in Harare as the existing NTP, subsidiary legislations and plans do have provisions for the concept backed by keen interest of all responsible urban public transport authorities. However, there is lack of coherent and systematic approach among other responsible institutions, as such recommendations formulated advocated for institutional integration and strong political will for the ultimate success of the concept.

Keywords: integrated public transport system, policy, legislation, institutions

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Authors: Fay A. Al-Khalifa, Fariel Khan, Anamika Jiwane

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Responding to some governmentally enforced building sustainability criteria is today becoming an unavoidable challenge to the real estate development industry and is no longer an extra that allows developers to gain competitive advantages. Previous studies suggested that using green technologies, if done under the right circumstances, could lead to positive incentives, tax breaks, higher rents, cost savings and higher property values in the long run. This is all in addition to the marketing benefits of the green label. There are, however, still countries, mostly in the developing world, that lack the implementation of such sustainability guidelines and assessment tools. This research aspires to investigate the market’s readiness to implement such criteria, its perception of sustainable architecture and building users motivation to use and/or invest in sustainable buildings. The study showed via a survey administered to 385 inhabitants and investors in commercial real estate in Bahrain that the respondents have a limited understanding of the benefits of green buildings and are unlikely to want to occupy or invest in a green building under the current social, economic and industrial conditions. Reliability of green technology, effectiveness, price and the questionable long-term financial benefits were among the major concerns. The study suggests that the promotion of sustainable architecture should respond to the current market concerns in a more direct way to trigger an interest in investors and users of commercial real estate project. This stimulated attention should consequently encourage developers to consider incorporating sustainability measures, apply for green building assessment programs and invest in green technologies, all of which need higher capitals that are nonetheless financially justifiable on the long run.

Keywords: investment, real estate, sustainability, clients perception, Bahrain

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Authors: Liz van Acker, Linda Colley

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Political processes are shaped by the gendered culture of parliaments. This paper examines how the institution of parliament has been affected by the changing number of women in politics. In order to understand how and why gender change occurs, the paper employs a feminist historical institutionalism approach. It argues that while it is difficult to change the gendered nature of political institutions, it is possible, from a gender perspective, to understand the processes of change both formally and informally. Increasing women’s representation has been a slow process which has not occurred without political struggles. A broadly defined ‘feminist historical institutionalism’ has critiqued existing approaches to institutions and combined historical institutional analysis with tools of gender to enhance our understanding of institutional processes and change. The paper examines the gendered rules, norms, and practices that influence institutional design choices and processes. Institutions such as Parliament often are able to adjust to women’s entry and absorb them without too much interruption. Exploring the hidden aspects to informal institutions involves identifying unspoken and accepted norms that may guide decision-making – exposing and questioning the gender status quo. This paper examines the representation of women in the Queensland Parliament, Australia. It places the Queensland experience in historical context, as well as in the national and international context. The study is interesting, given that its gender representation has rocketed from one of the worst performing states in 2012 to one of the best performing in 2015 with further improvements in 2017. The state currently has a re-elected female Premier, a female Deputy Premier and a female-dominated cabinet – in fact, Queensland was the first ministry in Australia to have a majority of women in its Cabinet. However, it is unnecessary to dig far below these headlines to see that this is uncharacteristic of its history: progress towards this current position has been slow and patchy. The paper finds that matters such as the glass ceiling and the use of quotas explain women’s recent success in Queensland politics.

Keywords: feminist historical institutional approach, glass ceiling, quotas, women’s participation in politics

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Authors: Mehmet Kargaci

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It is more important to access information than to get the correct information and to transform it to the knowledge in a proper way. Every person, organizations or governments who have the knowledge now become the target. Cyber security involves the range of measures to be taken from individual to the national level. The National institutions refer to academic, military and major public and private institutions, which are very important for the national security. Thus they need further cyber security measures. It appears that the traditional cyber security measures in the national level are alone not sufficient, while the individual measures remain in a restricted level. It is evaluated that the most appropriate method for preventing the cyber vulnerabilities rather than existing measures are to develop institutional measures. This study examines the cyber security measures to be taken, especially in the national institutions.

Keywords: cyber defence, information, critical infrastructure, security

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Authors: Fahad Ibrahim, Raphaël Akamavi

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Bangladesh has encountered several industrial disasters (e.g. fire and building collapse tragedies) leading to the loss of valuable human lives. Irrespective of various institutions’ making effort to improve the safety situation, industry compliance and safety behaviour have not yet been improved. Hence, one question remains, to what extent does the institutional elements efficient enough to make any difference in improving safety behaviours? Thus, this study explores the relationship between institutional perspective and safety performance. Structural equation modelling results, using survey data from 256 RMG workers’ of 128 garments manufacturing factories in Bangladesh, show that institutional facets strongly influence management safety commitment to induce workers participation in safety activities and reduce workplace accident rates. The study also found that by upholding industrial standards and inspecting the safety situations, institutions facets significantly and directly affect workers involvement in safety participations and rate of workplace accidents. Additionally, workers involvement to safety practices significantly predicts the safety environment of the workplace. Subsequently, our findings demonstrate that institutional culture, norms, and regulations enact play an important role in altering management commitment to set-up a safer workplace environment. As a result, when workers’ perceive their management having high level of commitment to safety, they are inspired to be involved more in the safety practices, which significantly alter the workplace safety situation and lessen injury experiences. Due to the fact that institutions have strong influence on management commitment, legislative members should endorse, regulate, and strictly monitor workplace safety laws to be exercised by the factory owners. Further, management should take initiatives for adopting OHS features and conceive strategic directions (i.e., set up safety committees, risk assessments, innovative training) for promoting a positive safety climate to provide a safe workplace environment. Arguably, an inclusive public-private partnership is recommended for ensuring better and safer workplace for RMG workers. However, as our data were under a cross-sectional design; the respondents’ perceptions might get changed over a period of time and hence, a longitudinal study is recommended. Finally, further research is needed to determine the impact of improvement mechanisms on workplace safety performance, such as how workplace design, safety training programs, and institutional enforcement policies protect the well-being of workers.

Keywords: institutional perspective, management commitment, safety participation, work injury, safety performance, occupational health and safety

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Authors: Sofía Luna, Carla González Salamanca

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The 2008 economic crisis had huge implications in Europe. In this continent, the repercussions of the crisis were not only economic but also political and institutional. The economic stress has generated changes in the perception of the citizens, their attitude and the confidence placed in the political organizations. The lost of confidence is not only present in the debtor countries but it is also present in the European economic powers like Germany and France. This research explains how the economic crisis had an impact in the identity, population’s attitude and how this generated the rise of extreme right parties. In addition, it defines the different types of attitudes and support that exist towards these political and economic institutions. The results of this investigation show that the depression beside of its economic implications, it caused institutional, social and political difficulties for the Union. Moreover, the support and attitudes of the population were severely strained because the confidence in the political organization decreased. Furthermore, a rise in the otherness sentiment was shown. In other words, the distinction between “us” and “them” increased causing repercussions in the collective European identity. Additionally, there was a spread in national identities that caused the rise of the extreme right wing parties. In conclusion, the 2008 economic crisis caused not only economic stress but also it generated a political, social and institutional crisis in Europe.

Keywords: Europe, identity, economic crisis, otherness sentiment

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Authors: Salah Kayed Kayed, Jessica Hong Yang

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This study investigates, whether earnings management in the audited financial statements is associated with tone management in the narrative sections of the annual report in the UK. Earnings management and narrative disclosure are communication strategies used from managers to communicate with investors or other users. Because earnings management and narrative disclosure stem from managers, they can exploit this by doing manipulation in their earnings, and simultaneously disclosing qualitative text (narrative information) in their reports as a tone of words, which will affect users’ perception, and hence users will be misinformed. The association between earnings and tone management can be explained by the self-serving, through cognitive reference points, theory. The sample period lasts from 2010 to 2015, and the sample comprises all non-financial firms that consider under FTSE 350 in any year during the sample period. A list of words from previous research is used to measure the tone in the narrative sections of the annual report. Because this study focuses on the managerial strategic choice and the subjective issues that come from management, it uses the abnormal tone to capture the managerial discretion on tone, and a number of different discretionary accruals proxies to measure earnings management, where accruals management is considered as a manipulation tool from managers to change the users' perception. This research is motivated to fulfil the literature gap by examining the association between earnings and tone management. Moreover, if firms that apply earnings management use tone management to mislead investors, it is beneficial for investors, policy makers, standard setters, or other users to know whether there is an association between earnings management and tone management. Clearly, we believe that this study is fundamental in the accounting context, where it evaluates the communication strategies that are used in firms' financial reports. Consistent with prior research, it is expected that tone management is positively associated with earnings management. This means that firms that use earnings management have incentives to manipulate in their narrative disclosure through tone of words, to reflect a good perception for users, which will conceal the earnings management techniques used in their reporting.

Keywords: earnings management, FTSE 350, narrative disclosure, tone management

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Authors: Maxwell Ladogo Abilla

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As evidence from the 2007–2008 and 2010 global food and financial crises revealed that food systems were under stress, the idea of sustainable food systems rose to prominence in the discussion of food security. The idea suggests moving away from a conception of food security that emphasizes production in favor of one that is more socially and environmentally conscious and interested in tackling a wide range of issues that have rendered the food system dysfunctional. This study evaluates the efforts made by international development organizations to increase food security in the area, taking into account the persistence of poverty and food insecurity in northern Ghana, utilizing the idea of sustainable food systems as the evaluation criterion. The study used triangulation to address the research questions by combining qualitative interview data with documentary analysis. To better comprehend the concept of sustainability, a variety of discourses and concepts are used, which results in the development of eight doable objectives for attaining sustainable food systems. The study finds that the food system in northern Ghana is unsustainable because of three kinds of barriers, with the practical objectives of developing sustainable food systems serving as the assessment criteria (natural, cultural and economic, and institutional). According to an evaluation of the World Food Programme's development support in northern Ghana, regional challenges to attaining sustainable food systems continue to be unaddressed by global development initiatives. Due to institutional constraints, WFP's interventions fell short of their promise. By demonstrating the need for development partners to enhance institutional efficiency and coordination, enable marginalized communities to access their rights, and prioritize agricultural irrigation in the area, the study makes a contribution to development policy and practice in northern Ghana.

Keywords: sustainable, food security, development, institutional

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Authors: Luqman Afolabi

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This paper measures the impacts of trade and institutions on environmental quality in Sub-Saharan Africa (SSA). To examine the direction and the magnitude of the effects, the study employs the pooled mean group (PMG) estimation technique on the panel data obtained from the World Bank’s World Development and Governance Indicators, between 1996 and 2018. The empirical estimates validate the environmental Kuznets curve hypothesis (EKC) for the region, even though there have been inconclusive results on the environment – growth nexus. Similarly, a positive coefficient is obtained on the impact of trade on the environment, while the impact of the institutional indicators produce mixed results. A significant policy implication is that the governments of the SSA countries pursue policies that tend to increase economic growth, so that pollutants may be reduced. Such policies may include the provision of incentives for sustainable growth-driven industries in the region. In addition, the governance infrastructures should be improved in such a way that appropriate penalties are imposed on the pollutants, while advanced technologies that have the potentials to reduce environmental degradation should be encouraged. Finally, it is imperative from these findings that the governments of the region should promote their trade relations and the competitiveness of their local industries in order to keep pace with the global markets.

Keywords: environmental quality, institutional quality sustainable development goals, trade

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Authors: Francesco Paolone

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This paper investigates the role of Operating Cash Flow (OCF) and accruals in firm valuation analyzing financial statement information from the largest European companies and evaluating their relation to firm market value. Using a dataset of 500 largest European companies in 2018, the study investigates the relative value-relevance of equity, net income and operating cash flow (OCF). Findings show that the cash flow measure has the same explanatory power and intensity as equity and earnings to explain the market value. This study contributes to the debate on the value relevance of OCF incremental to book value and earnings. It also extends the literature, showing that OCF has information content (value relevance) superior to earnings and book value in the main European markets (Bepari et al., 2013). Finally, the study provides a support that accounting method choice may confuse investors, who have reduced confidence in accounting earnings and book value; in other words, nowadays European investors rely more on cash flows instead of accruals numbers.

Keywords: Cash Flow Statement, Value Relevance, Accounting, Financial Statement Analysis

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Authors: Khin Thi Htun, James Jain, Tim Andrews

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This study examines the under-researched phenomenon of crowdfunding use and effectiveness in developing non-western markets. More precisely, using an institutional theoretical lens, the research explores the attitudes, motivations, and practice surrounding the initiation, development, and receipt of crowdfunding campaignsin a business context symptomatic of widely dissimilar regulatory, normative cognitive institutional ‘pillars’ to those studied – and utilized in practice - to date. As, in essence, a form of alternative finance, crowdfunding is used primarily to fund a wide range of projects through the securement of small amounts of money from a large pool of investors/participants. Being tied almost inextricably to e-commerce channels, the practice of crowdfunding typically sources its means and communicates the purpose of each venture mainly, though not exclusively, online. The wide range of projects supported to date span social entrepreneurship, community benefits initiatives, creative and artistic endeavors, assistance to disadvantaged social cohorts, and small business start-ups. Adopting a longitudinal, comparative approach, the study reported here embodies an investigation centered on six case start-up campaigns within the Thai societal context, covering a range of fundings calls and cause choices. Data was sourced from a variety of respondents using semi-structured interviews, observation (direct and participant), and company information. Results suggest that the motives and effectiveness of crowdfunding campaigns differ significantly in non-western consumer contexts from the norms that have evolved to date in mature Western contexts(particularly the US and UK). Specifically, whereas data on the different regulatory pressures showed relatively insignificant variation, the results regarding cognitive and, especially, normative dissimilarities between the Thai and US/UK institutional profiles surfaced potentially important differences with far-reaching implications. Particular issuesto emerge from our data concerned consumer motivation in terms of support and engagement with different types of campaigns. This was found to stem from social norms symptomatic of ‘collectivist’ and ‘relations based/particularist’ cultural assistance behavior, in turn, linked to deeply-held societal values regarding interpersonal network (‘in group’) reciprocity. This research serves to refine and extend the limited body of knowledge to date on crowdfunding by exploring the phenomenon in a non-western, non-developed country contextswhere social norms and values differ. This was achieved through uncovering and explicating the effects of cultural dissimilarity on motivation, decision-making, construed ethics, and general engagement with crowdfunding ideas. Implications for theory into e-marketing and cross-cultural marketing, as well as for practitioners seeking to develop effective crowdfunding campaigns in a Southeast Asian cultural environment, are discussed to conclude the paper.

Keywords: crowdfunding, national culture, e-marketing, cross-cultural business

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Authors: Teresa Shuk-Ching Poon

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This paper sets out to examine the changing employment relations practices in Hong Kong’s retail banking sector over a period of more than 10 years. The major objective of the research is to examine whether and to what extent local institutional influences have overshadowed global market forces in shaping strategic management decisions and employment relations practices in Hong Kong, with a view to drawing implications to comparative employment relations studies. Examining the changing pattern of employment relations, this paper finds the industrial relations strategic choice model (Kochan, McKersie and Cappelli, 1984) appropriate to use as a framework for the study. Four broad aspects of employment relations are examined, including work organisation and job design; staffing and labour adjustment; performance appraisal, compensation and employee development; and labour unions and employment relations. Changes in the employment relations practices in two multinational retail banks operated in Hong Kong are examined in detail. The retail banking sector in Hong Kong is chosen as a case to examine as it is a highly competitive segment in the financial service industry very much susceptible to global market influences. This is well illustrated by the fact that Hong Kong was hit hard by both the Asian and the Global Financial Crises. This sector is also subject to increasing institutional influences, especially after the return of Hong Kong’s sovereignty to the People’s Republic of China (PRC) since 1997. The case study method is used as it is a suitable research design able to capture the complex institutional and environmental context which is the subject-matter to be examined in the paper. The paper concludes that operation of the retail banks in Hong Kong has been subject to both institutional and global market changes at different points in time. Information obtained from the two cases examined tends to support the conclusion that the relative significance of institutional as against global market factors in influencing retail banks’ operation and their employment relations practices is depended very much on the time in which these influences emerged and the scale and intensity of these influences. This case study highlights the importance of placing comparative employment relations studies within a context where employment relations practices in different countries or different regions/cities within the same country could be examined and compared over a longer period of time to make the comparison more meaningful.

Keywords: employment relations, institutional influences, global market forces, strategic management decisions, retail banks, Hong Kong

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Authors: Bhaskar Chakravorti, Christopher Tunnard, Ravi Shankar Chaturvedi

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This report introduces the Digital Evolution Index (DEI) as a way to gauge the transformation of economies in the advanced and developing world from traditional brick-and-mortar to digitally enabled. The DEI measures the digital trajectories of 50 countries to provide actionable, data-informed insights for businesses, investors and policymakers. Created by The Fletcher School, in collaboration with MasterCard Worldwide and DataCash, the DEI analyzes the key underlying drivers and barriers that govern a country’s evolution into a digital economy: Demand, Supply, Institutional Environment and Innovation. A longitudinal analysis of these four drivers during the years 2008 to 2013 reveals both the current state of a country’s digital economy, as well as changes over time. Combining these two measures allows us to assign each country to one of four Trajectory Zones: • Stand Out countries have shown high levels of digital development in the past and continue to remain on an upward trajectory. • Stall Out countries have achieved a high level of evolution in the past but are losing momentum and risk falling behind. • Break Out countries have the potential to develop strong digital economies. Though their overall score is still low, they are moving upward and are poised to become Stand Out countries in the future. • Watch Out countries face significant opportunities and challenges, with low scores on both current level and upward motion of their DEI. Some may be able to overcome limitations with clever innovations and stopgap measures, while others seem to be stuck.

Keywords: e-commerce, digital evolution, digital commerce ecosystems, e-consumer

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Authors: Apedzan Emmanuel Kighir

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

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

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Authors: Karolina Patora

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This article investigates liquidity risk management by banks, which has gained significant importance since the global financial crisis of 2008. The issue is of particular interest for countries like Poland, in which foreign capital plays a dominant role. Such an ownership structure poses certain risks to the local banking sector, which faces an increased probability of the withdrawal of funding or assets’ transfers abroad in case of a crisis. Both these factors can have a detrimental influence on the liquidity position of foreign-owned banks and hence negatively affect the financial stability of the whole banking sector. The aim of this study is to evaluate the impact of a dominating share of foreign investors in the Polish banking sector on the liquidity position of commercial banks. The study hypothesizes that the ownership structure of the Polish banking sector, in which there are banks predominantly controlled by foreign investors, does not pose a threat to the liquidity position of Polish banks. A supplementary research hypothesis is that the liquidity risk profile of foreign-owned banks differs from that of domestic banks. The sample consists of 14 foreign-owned banks and 5 domestic banks owned by local investors, which together constitute approximately 87% of the banking sector’s assets. The data covers the period of 2004–2014. The results of the regression models show no evidence of significant differences in terms of the dynamics of changes of the liquidity buffers between the foreign-owned and domestic banks, although the signs of the coefficients might suggest that the foreign-owned banks were decreasing the holdings of liquid assets at a slower pace over the examined period, compared to the domestic banks. However, no proof of the statistical significance of these findings has been found. The supplementary research hypothesis that the liquidity risk profile of foreign-controlled banks differs from that of domestic banks was rejected.

Keywords: foreign-owned banks, liquidity position, liquidity risk, financial stability

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Authors: Maha ALjohani, James Blustein

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Communicating users' needs, goals and problems help designers and developers overcome challenges faced by end users. Personas are used to represent end users’ needs. In our research, creating personas allowed the following questions to be answered: Who are the potential user groups? What do they want to achieve by using the service? What are the problems that users face? What should the service provide to them? To develop realistic personas, we conducted a focus group discussion with undergraduate and graduate students and also interviewed a university librarian. The personas were created to help evaluating the Institutional Repository that is based on the DSpace system. The profiles helped to communicate users' needs, abilities, tasks, and problems, and the task scenarios used in the heuristic evaluation were based on these personas. Four personas resulted of a focus group discussion with undergraduate and graduate students and from interviewing a university librarian. We then used these personas to create focused task-scenarios for a heuristic evaluation on the system interface to ensure that it met users' needs, goals, problems and desires. In this paper, we present the process that we used to create the personas that led to devise the task scenarios used in the heuristic evaluation as a follow up study of the DSpace university repository.

Keywords: heuristic evaluation, institutional repositories, user experience, human computer interaction, user profiles, personas, task scenarios, heuristics

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Authors: Nicolas D. Norboge

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Purchasers of municipal bonds in primary and secondary markets are increasingly expecting issuers to disclose environmental, social, and governance factors (ESG) inissuance and continuing disclosure documents. U.S. tolling authorities are slowly catching up with other transportation sectors, such as public transit, in integrating ESG factors into their bond disclosure documents. A systematic mixed-methods evaluation of publicly available bond disclosure documents from 2010-2022 suggest that only a small number of U.S. tolling authorities disclosedall ESG factors; however, the pace has accelerated significantly from 2020-2022. Because many tolling authorities have a direct financial stake in the growth of passenger vehicle miles traveled on their toll facilities, and in turn the burning of more climate-warming fossil fuels, one crucial questionthat remains is how bond purchasers will view increasedESG transparency. Recent moves by large institutional investors, credit rating agencies, and regulators suggestan expectation of ESG disclosure is a trend likely to endure. This researchsuggests tolling authorities will need to proactively consider these emerging trends and carefully adapt their disclosure practiceswhere possible. Building on these findings, this research also provides a basic sketch framework for how issuers can responsibly position themselves within the changing global municipal debt marketplace.

Keywords: debt policy, ESG, municipal bonds, public-private partnerships, public tolling authorities, transportation finance, and policy

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