Search results for: ownership

Authors: D. Romero Espitia

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Research on peacebuilding has taken a critical turn into examining the neoliberal and hegemonic conception of peace operations. Alternative peacebuilding models have been analyzed, but the scholarly discussion fails to bring them together or form connections between them. The objective of this paper is to rethink peacebuilding by extracting the positive aspects of the various peacebuilding models, connecting them with the local context, and therefore promote emancipation in contemporary peacebuilding efforts. Moreover, local ownership has been widely labelled as one, if not the core principle necessary for a successful peacebuilding project. Yet, definitions of what constitutes the 'local' remain debated. Through a qualitative review of literature, this paper unpacks the contemporary conception of peacebuilding in nexus with 'local ownership' as manifested through civil society. Using Colombia as a case study, this paper argues that a new peacebuilding framework, one that reconsiders the terms of engagement between international and national actors, is needed in order to foster effective peacebuilding efforts in contested transitional states.

Keywords: civil society, Colombia, emancipation, peacebuilding

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Authors: Gladie Lui

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The global credit crisis of 2008 aroused renewed interest in the effectiveness of corporate governance mechanisms to safeguard investor interests. In this paper, we measure the effect of the crisis from 2008 to 2009 on the stock performance of 976 Hong Kong-listed companies and examine its link to corporate governance mechanisms. It is evident that the crisis and the economic downturn affected different industries. Empirical results show that firms with an independent board and a high concentration of ownership and management ownership had lower abnormal stock returns, but a lower price volatility during the global financial crisis. These results highlight that no single corporate governance mechanism is fit for all types of financial crises and time frames. To strengthen investors’ confidence in the ability of companies to deal with such swift financial catastrophes, companies should enhance the dynamism and responsiveness of their governance mechanisms in times of turbulence.

Keywords: board of directors, capital market, corporate governance, financial crisis

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

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

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

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Authors: Kevin Smith

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Publicly traded company in the US are legally obligated to host earnings calls that discuss their most recent financial reports. During these calls, investors are able to ask these companies questions about these financial reports and on the future direction of the company. This paper examines whether common institutional owners use these calls as a way to indirectly signal to companies in their portfolio to not take actions that could hurt the common owner's interests. This paper uses transcripts taken from the earnings calls of the six largest health insurance companies in the US from 2014 to 2019. This data is analyzed using text analysis and sentiment analysis to look for patterns in the statements made by common owners. The analysis found that common owners where more likely to recommend against direct price competition and instead redirect the insurance companies towards more passive actions, like investing in new technologies. This result indicates a mechanism that common owners use to reduce competition in the health insurance market.

Keywords: common ownership, text analysis, sentiment analysis, machine learning

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Authors: G. C. Surya Bahadur, Ranjana Kothari

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The paper attempts to analyze linkages between corporate governance and firm performance in India. The study employs a panel data of 50 Nifty companies from 2008 to 2012. Using LSDV panel data model and 2SLS model the study reveals that that good corporate governance practices adopted by companies is positively related with financial performance. Board independence, number of board committees and executive compensation are found to have positive relationship while ownership by promoters and financial leverage have negative relationship with performance. There is existence of bi-directional relationship between corporate governance and financial performance. Companies with sound financial performance are more likely to conform to corporate governance norms and standards and implement sound corporate governance system. The findings indicate that companies can enhance business performance and sustainability by embracing sound corporate governance practices.

Keywords: board structure, corporate governance, executive compensation, ownership structure

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Authors: Roohollah Jamshidpour, Elaheh Ahmadi, Farhad Shah Veisi

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Present research seeks to answer this question: Is there any relationship between corporate governance mechanisms and decision on corporate investments? Percentages of institutional, board of director’s, and stockholder’s ownership are among internal mechanisms of corporate governance relationship of which with investment-based decisions are studied by this research. Information on 103 companies during 1388 (2009)- 1393 (2014). Initially, research variables are identified; next, Rah Avard-e Novin software is used to gather Information. SPSS software is employed to test hypotheses with respect to descriptive and inferential statistics like correlation analysis. Research results show that percentage of institutional stockholders’ ownership has a significant direct relationship with investment decisions. For other cases, no significant relationship is observed between corporate governance mechanisms and investment decisions.

Keywords: corporate governance, company size, free floating stock, institutional investors, major shareholders

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Authors: Basma Yassa

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Evidence on cash transfers’ effectiveness in mitigating macro and idiosyncratic shocks’ impacts has been mixed and is mostly concentrated in Latin America, Sub-Saharan Africa, and South Asia with very limited evidence from the MENA region. Yet conditional cash transfers schemes have been continually used, especially in Egypt, as the main social protection tool in response to the recent socioeconomic crises and macro shocks. We use 2 panel datasets and 1 cross-sectional dataset to estimate the effectiveness of cash transfers as a shock-mitigative mechanism in the Egyptian context. In this paper, the results from the different models (Panel Fixed Effects model and the Regression Discontinuity Design (RDD) model) confirm that micro and macro shocks lead to significant decline in several household-level welfare outcomes and that Takaful cash transfers have a significant positive impact in mitigating the negative shock impacts, especially on households’ debt incidence, debt levels, and asset ownership, but not necessarily on food, and non-food expenditure levels. The results indicate large positive significant effects on decreasing household incidence of debt by up to 12.4 percent and lowered the debt size by approximately 18 percent among Takaful beneficiaries compared to non-beneficiaries’. Similar evidence is found on asset ownership levels, as the RDD model shows significant positive effects on total asset ownership and productive asset ownership, but the model failed to detect positive impacts on per capita food and non-food expenditures. Further extensions are still in progress to compare the models’ results with the DID model results when using a nationally representative ELMPS panel data (2018/2024) rounds. Finally, our initial analysis suggests that conditional cash transfers are effective in buffering the negative shock impacts on certain welfare indicators even after successive macro-economic shocks in 2022 and 2023 in the Egyptian Context.

Keywords: cash transfers, fixed effects, household welfare, household debt, micro shocks, regression discontinuity design

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Authors: Hamza A. Al-Sewadi, Akram N. A. Aldakari

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Copyright protection and ownership proof of digital multimedia are achieved nowadays by digital watermarking techniques. A text watermarking algorithm for protecting the property rights and ownership judgment of color images is proposed in this paper. Embedding is achieved by inserting texts elements randomly into the color image as noise. The YIQ image processing model is found to be faster than other image processing methods, and hence, it is adopted for the embedding process. An optional choice of encrypting the text watermark before embedding is also suggested (in case required by some applications), where, the text can is encrypted using any enciphering technique adding more difficulty to hackers. Experiments resulted in embedding speed improvement of more than double the speed of other considered systems (such as least significant bit method, and separate color code methods), and a fairly acceptable level of peak signal to noise ratio (PSNR) with low mean square error values for watermarking purposes.

Keywords: steganography, watermarking, time complexity measurements, private keys

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Authors: N. L. Letsoalo, H. T. Pule, J. T. Tjelele, N. R. Mkhize, K. R. Mbatha

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Rangelands are major feed resource for livestock farming in South Africa, despite being subjected to different forms of degradation. These forms of degradation are as a result of inappropriate veld and livestock management practices such as excessive stocking rates. While information on judicious veld management is available, adoption of appropriate practices is still unsatisfactory and seems to depend partly on the type of land ownership of farmers. The objectives of this study were to; (I) compare rangeland condition (species richness, basal cover, veld condition score, and herbaceous biomass) among three land ownership types (leased land, communal land and private land), and (II) determine the relationships between veld condition score (%) and herbaceous biomass (kg DM/ha) production. Vegetation was assessed at fifty farms under different land use types using nearest plant technique. Grass species composition and forage value were estimated using PROC FREQ procedure of SAS 9.3. A one-way ANOVA was used to determine significant differences (P < 0.05) in species richness, basal cover, veld condition (%) large stock units, grazing capacity and herbaceous biomass production among the three grazing systems. A total of 28 grass species were identified, of which 95% and 5% were perennials and annuals, respectively. The most commonly distributed and highly palatable grass species, Digitaria eriantha had significantly higher frequency under private owned lands (32.3 %) compared to communal owned lands (12.3%). There were no significant difference on grass species richness and basal cover among land ownership types (P > 0.05). There were significant differences on veld condition score and biomass production (P < 0.05). Private lands had significantly higher (69.63%) veld condition score than leased (56.07%) and communal lands (52.55%). Biomass production was significantly higher (± S.E.) 2990.30 ± 214 kg DM/ha on private owned lands, compared to leased lands 2069.85 ± 196 kg DM/ha and communal lands 1331.04 ± 102 kg DM/ha. Biomass production was positively correlated with rangeland condition (r = 0.895; P < 0.005). These results suggest that rangeland conditions on communal and leased lands are in poor condition than those on private lands. More research efforts are needed to improve management of rangelands in communal and leased land in Gauteng province.

Keywords: grazing, herbaceous biomass, management practices, species richness

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Authors: Linda Ana Maria Ungureanu

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This article details the manner in which European law establishes the protection and ownership rights over works created in off-world environments or in relation to space exploration. In this sense, the analysis is focused on identifying the legal treatment applicable to creative works based on the provisions regulated under the International Space Treaties, on one side, and the International IP Treaties and subsequent EU legislation, on the other side, with a special interest on ESA Rules and Regulations. Furthermore, the article analyses the manner in which ESA regulates the ownership regime applicable for creative works, taking into account the relationship existing between the inventor/creator and ESA and the environment in which the creative work was developed. Moreover, the article sets a series of de lege ferenda proposals for the regulation of intellectual property matters in the context of space exploration, the main purpose being to identify legal measures and steps that need to be taken in order to ensure that creative activities are fostered and understood as a significant catalyst for encouraging space exploration.

Keywords: intellectual property law, ESA guidelines, international IP treaties, EU legislation

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Authors: Bashir Tijjani Abubakar

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Capital markets play a very important role in financing of private and public institutions in both developing and developed economies. Unfortunately, small and medium enterprises (SMEs) in those economies are yet to fully utilize the markets to finance their long financial needs. This study assesses the factors that influence the decisions of the Muslim Owners/Managers of SMEs in Nigeria and specifically in Kano to seek capital market financing. Logit regression model was used to assess the factors such as control of ownership, perception of the owners/managers on the interest rate charged by commercial banks, educational qualification, size, and age of the SMEs. The study reveals that all the factors have significant positive influence on the willingness of the SMEs Owners/Managers to seek capital market financing. The study recommends educating the Owners/Managers on the operations and products of the markets.

Keywords: capital markets, capital market financing, small and medium enterprise and willingness, size of an enterprise, age of an enterprise and control of ownership

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Authors: Margerita Topalli

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In this paper, we analyze the impact of corruption (business environment, informal payments and state capture), crime and tax time, on the enterprise's performance during economic transition in the Central and Eastern Europe and the role of privatization as a moderator. We examine this effect by comparing the performance of the privatized enterprises and the state-owned-enterprises, while controlling for various forms of selection bias. The present study is based on firm-level panel data collected by the BEEPS for 27 transition countries over 2002, 2005, 2007, and 2011. In addition to firm characteristics, BEEPS collects valuable survey information on different forms of corruption, crime, tax time and firm ownership. We estimate the impact of corruption, crime, tax time on the different performance measures (sales, productivity, employment, labor costs and material costs) of the enterprise, whereby we control for firm ownership, with a special focus on the role of the privatization as a moderator. It argues that in general terms, the privatization has positive effects on the performance of enterprises during transition, but these effects are significantly different, depending on the examined performance measure (sales, productivity, employment, labor costs and material costs). When the privatization is effective, the privatized enterprises show a considerable performance improvements, particularly in terms of revenue growth and productivity growth. It also argues that the effects of privatization are different depending on the types of owner (outsider or insider) to whom it gives control. The results show that privatization to insider owners has no significant performance effect.

Keywords: effects of privatization, enterprise performance, state capture, corruption, firm ownership, economic transition, Central and Eastern Europe

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Authors: Salwa Salman

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On February 2016, Egypt’s President Abdel Fattah Al-Sisi ordered the former Prime Minister, Ibrahim Mehleb, to establish a committee responsible for retrieving looted state lands or providing squatters with land titles according to their individual cases. The specificity of desert lands emerges from its unique position in both Islamic law and Egypt’s Civil Code. In Egypt, desert lands can be transferred to private ownership through peaceful occupation and cultivation. This study explores the (re-) conceptualization of land rights, state territoriality, and sovereignty as a part of an emerging narrative on informal land tenure. Through the lens of an informal settlement, the study employs methodological insights from studies in the anthropology of development and their interpretation of Foucauldian discourse analysis to examine official representations on squatting over state lands and put them in conversation with individual narratives on land ownership and dispossession. It also employs Bruno Latour’s actor-network theory to explore the development of social networks through primary land contracts and informal local resource management.

Keywords: State lands, squatter community, Islamic law, Egypt’s Civil Code

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Authors: Syed Hassan Amjad

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In today’s competitive environment, in order for a company to exist, it must continually improve its Performance by reducing cost, improving quality and productivity, and easy access to market.The purpose of this thesis is to check the firm financial growth and performance and which type of factors affect the firm financial performance. This paper examines the key determinants of firm financial performance. We will differentiate between financial and non financial drivers of the firm financial performance. For the measurement of the firm financial performance there are many ways but all the measure had been taken in aggregation, such as debt, tax rate, operating expenses, earning per share and economic conditions. This study has also been done in developed countries but these researches show that foreign companies face many difficulties inimproving the firm financial performance. In findings we found that marketing expenditures and international diversification had a positive impact on firm valuation. In research also found that a firm's ownership composition, particularly the level of equity ownership by Domestic Financial Institutions and Dispersed Public Shareholders, and the leverage of the firm, tax rate and economic conditions were important factors affecting its financial performance.

Keywords: debt, tax rate, firm financial performance, operating expenses, dividend per share, economic conditions

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Authors: Muhammad Tahir, Mushtaq Muhammad

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Capital structure is one of the key decisions taken by the financial managers. This study aims to investigate the factors influencing capital structure decision in Oil and Gas industry of Pakistan using secondary data from published annual reports of listed Oil and Gas Companies of Pakistan. This study covers the time-period from 2008-2014. Capital structure can be affected by profitability, firm size, growth opportunities, dividend payout, liquidity, business risk, and ownership structure. Panel data technique with Ordinary least square (OLS) regression model has been used to find the impact of set of explanatory variables on the capital structure using the Stata. OLS regression results suggest that dividend payout, firm size and government ownership have the most significant impact on financial leverage. Dividend payout and government ownership are found to have significant negative association with financial leverage however firm size indicated positive relationship with financial leverage. Other variables having significant link with financial leverage includes growth opportunities, liquidity and business risk. Results reveal significant positive association between growth opportunities and financial leverage whereas liquidity and business risk are negatively correlated with financial leverage. Profitability and managerial ownership exhibited insignificant relationship with financial leverage. This study contributes to existing Managerial Finance literature with certain managerial implications. Academically, this research study describes the factors affecting capital structure decision of Oil and Gas Companies in Pakistan and adds latest empirical evidence to existing financial literature in Pakistan. Researchers have studies capital structure in Pakistan in general and industry at specific, nevertheless still there is limited literature on this issue. This study will be an attempt to fill this gap in the academic literature. This study has practical implication on both firm level and individual investor/ lenders level. Results of this study can be useful for investors/ lenders in making investment and lending decisions. Further, results of this study can be useful for financial managers to frame optimal capital structure keeping in consideration the factors that can affect capital structure decision as revealed by this study. These results will help financial managers to decide whether to issue stock or issue debt for future investment projects.

Keywords: capital structure, multicollinearity, ordinary least square (OLS), panel data

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Authors: Hana Janáčková

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Housing can be sorted as basic needs of households. Purchase of acceptable ownership housing is important investments for most them. For rental housing households must consider the part of rent expenditure paid in the total household income. For this reason, financial considerations of households in this area depend on the government innervations (public administration) in housing - on housing policy. Market system of housing allocation, whether ownership or tenancy, is based on the fact that housing is a scarce good. The allocation of housing is based on demand and supply. The market system of housing can sometimes have a negative impact on some households, the market is unable to satisfy certain groups of the population that are not able or willing to accept market price. For these reasons, there is a more or less regulation of the market. Regulation is both on the demand and supply side, and the state determines the rules of behaviour for all economic entities of the housing market. This article submits results of analysis of selected regulatory interference of the state in the housing market and assesses their implications deforming the market in the selected region of the Czech Republic. The first part describes tools of supports and the second part discusses deformations and analyses their consequences on the demand side of housing market and on supply side.

Keywords: housing, housing market, microeconomic consequences, deformation

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Authors: Haymanot Gebre-Amlak, Selamawit Gebre-Amlak

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Since its original declaration in the 18th century, Karl Marx and Friedrich Engels's Communist Manifesto has become one of the most influential political tracts. Socialism is a political path that leads towards communism by fostering a cooperative economy through the creation of cooperative enterprises, common ownership, state ownership, or shared equity. The ultimate objective of communism is to bring everyone working toward the same collective goal of a healthy, happy, and free society. The European establishment of 19-century colonial rule over the continent of Africa reinforced inflows of European investment and forced a profound change in the operation of labor and land markets. The colonial era and forced labor schemes in Africa lasted for several decades. When exiting from colonialism, these African countries were attracted to socialism’s ideology to bridge the social gap and freedom to their society. In this paper, we compare a pre and post socialist ideology and the impact in various African countries. We analyse the different aspects, which led to inconsistent outcomes. Our finding indicates that while they have some facets in common, each African country had a unique interpretation and influence from the socialist ideology.

Keywords: African politics, socialism in Africa, African history, Africa

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Authors: Jackie Oakley, Alice V. Brown

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Those experiencing homelessness are regularly excluded from the development of policies and services that impact their lives. This is particularly true for Aboriginal and Torres Strait Islander people experiencing homelessness in Australia, who tend to have differing needs, cultural obligations, and views of what equates to a ‘home’ and ‘homelessness’ than non-Aboriginal Australians. Aboriginal people are the traditional owners of Australia yet have had to survive within colonial housing customs, housing and homelessness policies, and markets that often conflict with their culture. Recognising this, in 2022, we commenced community-led research into the needs of Aboriginal people experiencing homelessness in Perth. Historically, research has often been done on Aboriginal people rather than with them. As such, a Participatory Action Research methodology was chosen, which recognises that those being researched are the experts of their circumstances rather than the research team, and facilitates their driving of the research, its questions, and how their community can directly benefit. A Community Ownership Group (COG) was formed to guide this process and negotiate the best ways that the Aboriginal community can be fairly and adequately involved. The COG approved a process developed by an Aboriginal Elder called Ngala Kadidjiny (Knowledge Vault), which outlines who and when various groups should be consulted throughout the research to ensure adequate involvement of the Aboriginal community at all stages. The process includes many markers of research integrity, including ensuring a Community Ownership Group is formed with diversity and recruiting its members through votes taking place within Elders groups across the metropolitan area. The process also demands that the community have the chance to review research findings before any findings are published. Additionally, the process asks that draft reports and findings are delivered to the broader community and Community Ownership Groups before being finalised, published, and shared officially with stakeholders and the government. This paper details how Ngala Kadidjiny’s process impacted the research, how it was explained and agreed upon by the Aboriginal community, the benefits and challenges of such a process, and its implications for other community-led research for and with Aboriginal people experiencing homelessness.

Keywords: Aboriginal and Torres Strait Islander peoples, Aboriginal elders, homelessness, community-led research, community consultation

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Authors: Kabiru Adamu

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

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

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Authors: Mohammed Nishat, Ahmad Ghazali

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This study empirically examines the corporate governance and firm performance, and tries to evaluate the governance, ownership and control related variables which are hypothesized to affect on firms performance. This study tries to evaluate the effectiveness of corporate governance mechanism to achieve high level performance among companies listed on the Karachi Stock Exchange (KSE) over the period from 2005 to 2008. To measure the firm performance level this research uses three measures of performance; Return on assets (ROA), Return on Equity (ROE) and Tobin’s Q. To link the performance of firms with the corporate governance three categories of corporate governance variables are tested which includes governance, ownership and control related variables. Fixed effect regression model is used to test the link between corporate governance and firm performance for 267 KSE listed Pakistani firms. The result shows that corporate governance variables such as percentage block holding by individuals have positive impact on firm performance. When CEO is also the chairperson of board then it is found that firm performance is adversely affected. Also negative relationship is found between share held by insiders and performance of firm. Leverage has negative impact on the performance of the firm and firm size is positively related with the firms performance.

Keywords: corporate governance, performance, agency cost, Karachi stock market

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Authors: Dragan Zivotic, Mirjana Ilic, Aleksandra Perovic, Predrag Gavrilovic

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As with the provision of other services, the service quality perception is one of the key factors that the modern manager must pay attention to. Countries in which the state regulation is in transition also have specific features in providing fitness services. Identification of the dimensions in which the most significant different service quality perception between different types of fitness centers, enables managers to profile the offer according to the wishes and expectations of users. The aim of the paper was the comparison of the quality of services perception in the field of fitness in Serbia between three categories of fitness centers: the privately owned centers, the publicly owned centers, and the Public-private partnership centers. For this research 350 respondents of both genders (174 men and 176 women) were interviewed, aged between 18 and 68 years, being beneficiaries of fitness services for at least 1 year. Administered questionnaire with 100 items provided information about the 15 basic areas in which they expressed the service quality perception in the gym. The core sample was composed of 212 service users in private fitness centers, 69 service users in public fitness centers and 69 service users in the public-private partnership. Sub-samples were equal in representation of women and men, as well as by age and length of use of fitness services. The obtained results were subject of univariate analysis with the Kruskal-Wallis non-parametric analysis of variance. Significant differences between the analyzed sub-samples were not found solely in the areas of rapid response and quality outcomes. In the multivariate model, the results were processed by backward stepwise discriminant analysis that extracted 3 areas that maximize the differences between sub-samples: material and technical basis, secondary facilities and coaches. By applying the classification function 93.87% of private centers services users, 62.32% of public centers services users and 85.51% of the public-private partnership centers users of services were correctly classified (total 86.00%). These results allow optimizing the allocation of the necessary resources in profiling offers of a fitness center in order to optimally adjust it to the user’s needs and expectations.

Keywords: fitness, quality perception, management, public ownership, private ownership, public-private partnership, discriminative analysis

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Authors: Oluwole A. Solanke

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This article explores internal generation of revenues in higher education institutions. The research focuses on how polytechnic institutions in Nigeria generate other sources of revenues to augment government subventions and tuition fees. The study provides a qualitative case study and triangulation data on three polytechnics representing tertiary institution structure of federal, state and private ownership in Nigeria. The article argues that dependence on government subventions by the public polytechnics and tuition fees by private polytechnic would not provide funding adequacy for the activities of the institutions under study. Findings revealed that there are basically seven themes; guest houses; poly consult; part-time courses; tuition fees; capitation fees; ownership contribution; and printing and business centre by which the polytechnics generate additional sources of revenues in the management of the institutions. The research concludes that for the polytechnics to gain financial adequacy, entrepreneurial activities must be embarked upon vigorously by stakeholders of the polytechnics as this is the only way by which financial self-reliance can be achieved.

Keywords: entrepreneurial, government subventions, internal generation, polytechnics, revenues

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Authors: Maciej Kozlowski, Agnieszka Piotrowska-Piatek

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Purpose: This article analyses the most important financial participation programmes (FPP) in Poland to show the relationship between the programmes applied and the socio-economic results of enterprises and assesses the impact of participation on these results and the impact of selected factors on the introduction of FPP. Methodology: The research has been based on a questionnaire answered by senior management of listed Polish companies that had at least one out of three major FPPs in operation, namely share ownership, profit-sharing, or a stock option scheme. Findings: The results of the empirical study conducted indicate the existence of some peculiar relationships. The vast majority of schemes in Polish public companies are aimed at the participation of the management personnel; these programmes are narrow-based (only for management) and rather hermetic, with a high concentration of stocks or shares in the hands of the management. Conclusion: FPPs generally have a positive influence on enterprise functioning. However, the effects are more social than economic (no significant economic improvement after programme implementation). The paper contributes to the debate about financial participation and suggests actions to popularize these programmes on a wider scale.

Keywords: financial participation, profit sharing, stock options, worker attitude, worker ownership

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Authors: C. P. Chukwuka, E. V. Chukwuka, F. Ukwadi

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This paper focuses on the advancement and societal impact of artificial intelligence (AI) systems. It explores the need for a theoretical framework in corporate governance, specifically in the context of 'hybrid' companies that have a mix of private and government ownership. The paper emphasizes the potential of AI to address challenges faced by these companies and highlights the importance of the less-explored state model in corporate governance. The aim of this research is to enhance AI systems for global impact and positive societal outcomes. It aims to explore the role of AI in refining corporate governance in hybrid companies and uncover nuanced insights into complex ownership structures. The methodology involves leveraging the capabilities of AI to address the challenges faced by hybrid companies in corporate governance. The researchers will analyze existing theoretical frameworks in corporate governance and integrate AI systems to improve problem-solving and understanding of intricate systems. The paper suggests that improved AI systems have the potential to shape a more informed and responsible corporate landscape. AI can uncover nuanced insights and navigate complex ownership structures in hybrid companies, leading to greater efficacy and positive societal outcomes. The theoretical importance of this research lies in the exploration of the role of AI in corporate governance, particularly in the context of hybrid companies. By integrating AI systems, the paper highlights the potential for improved problem-solving and understanding of intricate systems, contributing to a more informed and responsible corporate landscape. The data for this research will be collected from existing literature on corporate governance, specifically focusing on hybrid companies. Additionally, data on AI capabilities and their application in corporate governance will be collected. The collected data will be analyzed through a systematic review of existing theoretical frameworks in corporate governance. The researchers will also analyze the capabilities of AI systems and their potential application in addressing the challenges faced by hybrid companies. The findings will be synthesized and compared to identify patterns and potential improvements. The research concludes that AI systems have the potential to enhance corporate governance in hybrid companies, leading to greater efficacy and positive societal outcomes. By leveraging AI capabilities, nuanced insights can be uncovered, and complex ownership structures can be navigated, shaping a more informed and responsible corporate landscape. The findings highlight the importance of integrating AI in refining problem-solving and understanding intricate systems for global impact.

Keywords: advancement, artificial intelligence, challenges, societal impact

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Authors: Chuanju Cheng

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In Taiwan, the system of indigenous reserved land was established in 1928 during the Japanese rule. The purpose of setting up indigenous reserved land is to support the livelihood of tribal peoples who live in the mountainous area. Since 1945, the KMT government has kept the indigenous reserved land; in principle, only indigenous people can use indigenous reserved land. However, the government also makes some exceptions for non-indigenous peoples to use the land. Furthermore, since 1966, an indigenous individual can have ownership (fee simple) over the land he/she uses. Recent studies showed that there are many problems regarding the indigenous reserved lands, such as indigenous peoples have been losing ownership of their land (both legally and illegally), mismatched data of the true owner and the nominal owner, overutilization of the reserved land and so on. Using a Truku tribe in Hualien County as an example, this paper tries to find out how many people still own indigenous reserved land, do land owners constantly utilize their lands, and if so, whether or not (and by what extent) the indigenous reserved land support the livelihood of tribal peoples? After ten months of working data-collecting, we’ve successfully collected 327 questionnaires (70% of total households); preliminary research results show that less than 5% of indigenous reserved land in and around that specific Truku tribe is owned by tribal people. And most of the landowners do not utilize indigenous reserved land. It seems that the indigenous reserved land system does not meet its legislative goals and needs to be redesigned.

Keywords: indigenous people, truku nation, taiwan, indigenous reserved land, poverty, economic development

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Authors: Dimitrios Dimitriou, Maria Sartzetaki

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In the early days of the of civil aviation, airports are totally state-owned companies under the control of national authorities or regional governmental bodies. From that time the picture has totally changed and airports privatisation and airport business commercialisation are key success factors to stimulate air transport demand, generate revenues and attract investors, linked to reliable and resilience of air transport system. Nowadays, airport's corporate strategy deals with policies and actions, affecting essential the business plans, the financial targets and the economic footprint in a regional economy they serving. Therefore, exploring airport corporate strategy is essential to support the decision in business planning, management efficiency, sustainable development and investment attractiveness on one hand; and define policies towards traffic development, revenues generation, capacity expansion, cost efficiency and corporate social responsibility. This paper explores key outputs in airport corporate strategy for different ownership schemes. The airport corporations are grouped in three major schemes: (a) Public, in which the public airport operator acts as part of the government administration or as a corporised public operator; (b) Mixed scheme, in which the majority of the shares and the corporate strategy is driven by the private or the public sector; and (c) Private, in which the airport strategy is driven by the key aspects of globalisation and liberalisation of the aviation sector. By a systemic approach, the key drivers in corporate strategy for modern airport business structures are defined. Key objectives are to define the key strategic opportunities and challenges and assess the corporate goals and risks towards sustainable business development for each scheme. The analysis based on an extensive cross-sectional dataset for a sample of busy European airports providing results on corporate strategy key priorities, risks and business models. The conventional wisdom is to highlight key messages to authorities, institutes and professionals on airport corporate strategy trends and directions.

Keywords: airport corporate strategy, airport ownership, airports business models, corporate risks

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Authors: Mais Qandeel

Abstract:

Within the Jewish and democratic Israeli state, as dually characterized, the treatment of citizens differs according to their religious groups and nationalities. The laws and policies against Arab citizens concerning ownership and use of land are the main focus of this article. As the Jewish character has led to Jewish based legal provisions which give the privilege to Jews, first, this article examines the legal bases which distinguish between citizens in Israel based on their religion. It examines the major Israeli laws which are used to confiscate, manage, and lease properties. Second, the article demonstrates the de facto practices against Arab citizens in using lands. Most of the Palestinian land was confiscated and turned over to Jewish owners or to state land, Palestinian citizens are distinguished in using the state administered lands. They are also restricted in using full ownership rights and denied using plots of lands and housing units. Such policies have created, within the same state, a class of secondary citizens who are categorized as non-Jews. Last, within the Basic Law: Human Dignity and Freedom which has served as the constitutional bill of rights for Israelis and also the International law, particularly the International Convention on the Elimination of All Forms of Racial Discrimination, it will be concluded whether these restricted policies against Arab citizens in using land constitute a religion-based-discrimination among Israeli citizens and create a situation of separation and inequality between two groups of people in Israel.

Keywords: Israel, citizens, discrimination, equality

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Authors: Meltem Karatepe Kaya

Abstract:

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

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

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Authors: Ariyaratna Athugala

Abstract:

Mass media play a significant role in democratic societies. The Political Economy of the Mass Media postulates that elite media interlock with other institutional sectors in ownership, and editorial management effectively circumscribing their ability to remain analytically detached from other dominant institutional sectors. The production of meaning in news discourse is not valued neutral, but part of a larger process of presenting a hegemonic understanding of the world to audiences as the “production of consent.” The horse race model argues that “the raw material of news” pressures six bands that ultimately shape the news audiences receive. The six bands are as follows: Crown piece (raw material), brow band (professionalism), throat latch (gatekeeper), a bit (construction), nose band (perception), and reins (ownership). dThe horse race model suggests that media ultimately serve to “manufacture consent” for a range of self-serving elite opinion options. These bands determine what events are deemed newsworthy, how they are covered, where they are placed within the media and how much coverage they receive. Highly descriptive in nature, the horse race model of communication is concerned with the question of whether media can be seen to play a hegemonic role in the society oriented towards legitimization, hegemonic pressures and ideological construction.

Keywords: hegemonic pressures, horse race, ideological construction, six bands

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Authors: I. Diaz Sanchez, I. M. Martinez-Conesa, M. Illueca

Abstract:

Accounting conservatism is a desirable quality of earnings that is positively associated with the stridency of regulatory and supervisory regimen and high market discipline. But how these three pillars interact each other is the main research question that is not empirically solved. We analyze how regulatory and supervisory regimes interact with the market discipline measures, such as listing status, ownership and market concentration using a sample of 14,651 bank-year observations covering 54 countries over the period 1997-2009. We evidence that regulation a supervision and extend on which they are enforcement is a strong mechanism to achieved accounting conservatism in those countries or situations where the market discipline fails. Generally, the supervisory power reinforces the effect of listing status, ownership and concentration on conservatism, while capital regulatory mitigates the effect of market discipline on conservatism. This paper may contribute to debate about the mechanism introduced by Basel III that strongly increases the regulation, his enforcement, and the supervisory power after long deregulation period. Although Market discipline is relevant to achieve the financial stability, strong Pillar I and II can ensure the quality of the accounting earnings to prevent bank failures.

Keywords: accounting conservatism, bank regulation, bank supervision, loan loss recognition, market discipline

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