Search results for: public ownership

Authors: Nik Abdul Rahim Nik Abdul Ghani, Mat Noor Mat Zain, Ahmad Dahlan Salleh

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Ownership of asset is an important aspect in ensuring the validity of sale contract. Nevertheless, in Islamic finance, the issue of beneficial ownership as practiced in the current system is seriously debated among Shariah scholars. It has been argued as violating the real concept of ownership (milkiyyah) in Shariah law. This article aims at studying the status of beneficial ownership from the Shariah perspective. This study begins with examining the meaning of ownership and its attributes from the Islamic point of view and followed by the discussion on the origin of beneficial ownership from the legal perspective. The approach that is applied to clarify the concept of beneficial ownership is content analysis. Subsequently, this study explains some current applications of beneficial ownership in Islamic finance to be analyzed further from the Shariah aspect. The research finding suggests that beneficial ownership should be recognized as a real ownership due to the fact that Shariah allows the transfer of ownership after the execution of offer (ijab) and acceptance (qabul).

Keywords: beneficial ownership, ownership, Islamic finance, parameter

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Authors: Mahdi Azizzadeh, Ali Nabizadeh

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This paper investigates whether ownership structure has significant effects on dividend policy and the percentage of cash dividend payout ratio in Iranian companies listed on the Tehran Stock Exchange. We use a sample of 300 firm-years for 2010-2014. Results indicate that there is no significant relationship between family ownership and/or institutional ownership and dividend policy. Furthermore, there is no significant relationship between dividend policies in family-owned firms with high or low institutional ownership. However, our empirical test shows that family firms with a low level of institutional investors distribute more cash dividends on average than family firms with a high level of institutional ownership.

Keywords: family ownership, institutional ownership, dividend policy, dividend payout ratio

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Authors: Lara Al-Haddad, Mark Whittington

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This paper aims to examine the impact of two influential internal corporate governance mechanisms, namely board characteristics and ownership structure on the use of real activities-based and accrual-based earnings management by Jordanian public firms. Using panel data from Jordanian public firms after the introduction of the Jordanian Corporate Governance Code (JCGC) in 2009, the study finds both institutional ownership and managerial ownership constrain the use of real and accrual earnings manipulations. On the other side, both independent directors and largest shareholders are found to exaggerate the incidence of using real and accrual earnings management. The study also examines the trade-off between real and accrual earnings management and found that Jordanian firms use a combination of real and accrual-based earnings management to obtain the greatest effect on earnings reporting strategies. For the purpose of this study, three types of real earnings management are considered: sales manipulation, overproduction, and the abnormal reduction of discretionary expenditures. The abnormal discretionary accrual is considered for accruals management. While for the internal corporate governance mechanisms; board characteristics are examined by using board independence, board size, and CEO-duality; and ownership structure is examined by using managerial ownership, institutional ownership, foreign ownership and largest shareholder ownership. To the best knowledge of the researchers, this study is the first to examine the relationship between board characteristics and real earnings management in Jordan. Further, it is the first to examine the relationship between corporate governance mechanisms and discretionary accruals after the introduction of the Jordanian Corporate Governance Code in 2009. Thus, the findings of this study have important policy implications for policymakers, regulators, standard setters, audit professional, and investors in their attempts to constrain the practice of earnings management, whether real or accrual, and to improve the financial reporting quality in Jordan.

Keywords: board characteristics, Jordan, ownership structure, real earnings management

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Authors: Kacper Tomasz Kröber-Mulawa

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This paper will address the topic of data ownership from an economic perspective, and examples of economic limitations of data property rights will be provided, which have been identified using methods and approaches of economic analysis of law. To properly build a background for the economic focus, in the beginning a short perspective of data and data ownership in the EU’s legal system will be provided. It will include a short introduction to its political and social importance and highlight relevant viewpoints. This will stress the importance of a Single Market for data but also far-reaching regulations of data governance and privacy (including the distinction of personal and non-personal data, data held by public bodies and private businesses). The main discussion of this paper will build upon the briefly referred to legal basis as well as methods and approaches of economic analysis of law.

Keywords: antitrust, data, data ownership, digital economy, property rights

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Authors: Afshin Azari, Farzad Peiravian, Nazila Yousefi

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Introduction: Community pharmacies have been always played an important role in public health. Therefore, having a decent service provided by these pharmacies is of paramount importance for the healthcare system. The issue of pharmacy ownership and its possible impact on the quality of services and amount of violations has been argued for many years, and there are different opinions around this debate. Since, so far, no scientific research has been performed to investigate this issue in Iran, this study aimed to examine the differences between these two types of pharmacies ownership in terms of violations and service quality. Method: This study investigates the impact of two different kinds of pharmacy ownership (pharmacists and non-pharmacist’s ownership) on the pharmacies’ amount of violations and services quality. Pharmacies’ amount of violations was examined using “pharmacy inspection reports” between September 2018 and September 2019, in their distinguishable categories: minor, major and critical violations. Then, service quality was examined using a questionnaire from the perspective of pharmacy customers. Results: Considering violations, there was no evidence to prove a significant relationship between critical violations and major violations with the type of pharmacy ownership. However, in minor violations, the average of violations was higher in pharmacies owned by pharmacists in comparison to their non-pharmacist owned counterparts. Regarding service quality, the results showed that there is no significant relationship between the quality of service and the type of pharmacy ownership. Discussion and Conclusion: In this study, no significant relationship was found between the amount of violations and the type of pharmacy ownership. This could indicate that the pharmacy ownership would not influence the rate of violations. Considering that more inspections have been carried out in non-pharmacist owned pharmacies, it can be concluded that these pharmacies are more under control, and in fact, this monitoring has reduced violations in these pharmacies. The quality of services in the two types of pharmacies were not significantly different from each other, and this shows that non-pharmacist-owned pharmacies also try to maintain the desired level of service in competition with their competitors.

Keywords: pharmacy ownership, quality of service, violation, community pharmacy

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Authors: Shamshiri Mitra, Abedi Rahim

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This paper investigates corporate investment behavior and its relationship with ownership structure and financial leverage for the listed company of Tehran stock exchange during 2008-2012. The results show that the concentration of ownership has s significant positive effect on corporate investment. The results for the kind of major owners show that institutional ownership had a positive significant effect and state and individual ownership had negative significant effects on the corporate investment but the effect of corporate ownership was not significant. Furthermore the effect of financial leverage was negative and significant.

Keywords: corporate investment behavior, financial leverage, ownership structure corporate investment behavior

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Authors: Priyanwada I. Singhapathirana

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The public land ownership is a common phenomenon in many countries in the world however, the development approaches and the institutional structures are greatly diverse. The existing scholarship around public land development has been greatly limited to Europe and advanced Asian economies. Inferences of such studies seem to be inadequate and inappropriate to comprehend the peculiarities of public land development in developing Asian economies. The absence of critical inquiry on the public land ownership and the long-established institutional structures which govern the development has restrained these countries from institutional innovations. In this context, this research investigates the issues related to public land development and the institutional responses in Sri Lanka. This study introduces the concept of ‘Institutional Responsiveness’ in Public land development, which is conceptualized as the ability of the institutions to respond to the spatial, market and fiscal stimulus. The inquiry was carried out through in-depth interviews with five key informants from apex public agencies in order to explore the responsiveness of land institutions form decision-makers' perspectives. Further, the analysis of grey literature and recent media reports are used to supplement the analysis. As per the findings, long term abandonment of public lands and high transaction costs are some of the key issues in relation to public land development. The inability of the institutions to respond to the market and fiscal stimulus has left many potential public lands underutilized. As a result, the public sector itself and urban citizens have not been able to relish the benefits of the public lands in cities. Spatial analysis at the local scale is suggested for future studies in order to capture the multiple dimensions of the responsiveness of institutions to the development stimulus.

Keywords: institutions, public land, responsiveness, under-utilization

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Authors: Francesco Venuti, Simona Alfiero

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The aim of this paper is to develop an empirical research on the nature and consequences of corporate governance on Eurozone Insurance Industry risk taking attitude. More particularly, we analyzed the effect of public ownership on risk taking with respect to privately held Insurance Companies. We also analyzed the effects on risk taking attitude of different degrees of ownership concentration, directors compensation, and the dimension/diversity of the Board of Directors. Our results provide quite strong evidence that, coherently with the Agency Theory, publicly traded insurance companies with more concentrated ownership are less risky than the corresponding privately held.

Keywords: agency theory, corporate governance, insurance companies, risk taking

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Authors: Tayfun Cay, Fazil Nacar

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Energy investments have increased in North Mediterranean Ceyhan and Yumurtalık districts of Turkey in the last years because of the treaties which are signed between Turkey and other countries for petroleum and natural gas transmission. Authority of land use has passed to district and metropolitan municipalities from town municipalities because of changes in coast legislation and local management legislation. Also Ministry of Environment and Urban Planning and Ministry of Industry and Commerce have had a right to comment on planning unofficially. Public investments increase in area and related planning and expropriation services continue. On the other hand, a lot of private sectors invest in organised industrial sites and industrial areas and it causes a rapid change in ownership status. Also Ceyhan-yumurtalık region is the tourism centre of North Mediterranean. Tourism investments continue in this district. Especially construction sector gain speed and a lot of country sites and apartments are built. In these studies, changes in planning activities in management of different administrative organisations and changes in ownership status and changes in private properties will be presented.

Keywords: coast management, land management, land use, property, public interest

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Authors: Mananya Meenakorn

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The purpose of this study is to examine the impact of public enterprise reform policy on the attributes of organizational commitments in the public energy enterprises in Thailand. It compares three structural types of public energy enterprises: totally state-owned public enterprises, partially transformed public enterprises and totally transformed public enterprises, based on the degree of state ownership and the level of management control that exist in the public reformed organizations, by analyzing the presence of the desirable attributes of organizational commitment as perceived by employees. Findings indicate that there are statistically significant differences in the level of some dimensions of organizational commitment between the three types of public energy enterprises. The results also indicate empirical evidence concerning the causal relationship between the antecedents and organizational commitment. Whereas change-related behaviors show a direct negative influence on organizational commitment, both HRM practices and work-related values indicate direct positive influences on them also.

Keywords: affective commitment, organizational commitment, public enterprise reform organizations, public energy enterprises in Thailand

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Authors: Bela Sulistyaguna, Yuli Chomsatu Samrotun, Endang Masitoh Wahyuningsih

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The purpose of this research was to analyze the influence of company size, liquidity, profitability, leverage, company age, industry type, board of director, board of commissioner, audit committee and public ownership on the corporate social responsibility disclosure. The grand theories of this research are agency theory, stakeholders theory, and legitimacy theory. Analysis of data using multiple linear regression method with SPSS 22.0 for mac. The sample consists of companies listed on the Indonesia Stock Exchange (IDX) and disclosed the Global Reporting Initiative (GRI) sustainability reports from 2013 to 2018. The final sample of this research was 19 companies that obtained by purposive sampling. The results of the research showed that, simultaneously, company size, liquidity, profitability, leverage, company age, industry type, board of director, board of commissioner, audit committee and public ownership has an influence on the corporate social responsibility disclosure. Partially, the results showed that liquidity and leverage has an influence on the corporate social responsibility disclosure. Meanwhile, company size, profitability, company age, industry type, board of director, board of commissioner, audit committee and public ownership has no influence on corporate social responsibility disclosure.

Keywords: corporate social responsibility, CSR disclosure, Indonesia

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Authors: Susan Lanz, Gary T. Burke, Omid Omidvar

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The intention to transfer ownership control across family generations is acknowledged to be central to developing a theoretical understanding of how family businesses differ and are distinct as a business group. However, in practice, most business-owning families face challenges to transfer their business ownership from one family generation to the next. To date, researchers have paid little attention to how and when ownership is passed across family generations and what the dynamics of such transitions are. This is primarily due to the prevailing assumption that ownership transfer is an unimportant and legalistic issue that occurs within a wider family management succession process. Yet, the limited evidence available suggests that family ownership transfer occurs inside and outside of the management succession process and is a difficult process for business-owning families to navigate. As a result, many otherwise viable family businesses are closing, leading to unnecessary loss of jobs and knowledge. This qualitative paper examines how family members understand and navigate the ownership transfer process. This study uses an inductive qualitative research design, conducted through in-depth interviews within eight business-owning families. It draws on family development theory and shows how a wide range of family-related events and dynamics outside of family business involvement underlie and shape the ownership transfer process. The findings extend the theory on how these events trigger ownership transfer and how they shape the ownership meanings held within business-owning families. This study found that ownership transfer meanings extend beyond that of transferring the legal control and financial appropriation rights of shareholders. The study concludes there are three different stages in the process of ownership transfer -symbolic, re-balancing, and protectionist. Each stage creates distinct family social constructions of the rights of family members to hold business ownership, and each stage occurs within a specific family development phase.

Keywords: business-owning family, family development theory, ownership transfer, process

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Authors: Ernest Nweke

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This paper examines the changing trend in ownership of Mongolian companies and how this trend has influenced corporate governance mechanisms in Mongolian companies. A study of this magnitude is essential as it x-rays the systematic transformation of Mongolia’s corporate world from the public to private ownership and the tremendous impact it has had on firm governance mechanisms. Owing to Mongolia’s Soviet past, much of the companies in Mongolia were state-owned, state-directed and state-controlled resulting in serious inefficiencies in these companies. This scenario is antithetical to the economic growth and development of any nation as it is grossly at variance with the fundamental principles of good corporate governance that drive prosperity. Consequently, the Mongolian government has in the past decades fine-tuned government policy to prioritize private ownership, establishing various frameworks that will strengthen corporate governance structures in Mongolia. These efforts have paid off and gone a long way in changing the trend in the ownership of companies in Mongolia reversing the old order. The expectation locally and internationally is that companies in post-socialist Mongolia will be more closely aligned to generally accepted corporate governance mechanisms, generally improving company performance and ultimately returns to shareholders. To achieve the research objectives, the survey research method was employed utilizing a sample of seventy randomly selected listed companies representing 22% of Mongolian Stock Exchange listings. Research hypotheses formulated to guide the conduct of the study were tested using Chi-Square analysis, and results show that ownership trend has drastically changed in the post-socialist Mongolia leading to better corporate governance practices in Mongolian companies. This result has important policy implications.

Keywords: corporate disclosure, free market, private ownership, Mongolia

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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: Zhanxing Li, Liqi Zhu

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Authorities often intervene in children’s property conflicts, which may affect young children’s ownership understanding. First possession is a typical rule of ownership judgment. We recruited Chinese preschoolers as subjects and investigated their ownership reasoning regarding first possession, by setting three conditions via a conflicting cues method, in which a third party (mother or peer friend)’s testimony was always opposite to the cue of first possession (authority/non-authority testimony condition), or only the cue of first possession was present (no testimony condition). In Study A, we examined forty-two 3- and 5-year olds’ attribution and justification of ownership. The results showed while 5-year olds gave more support for the first possessor as the owner across three conditions, 3-year olds’ choice for the first possessor had no difference from the non-first possessor in the authority testimony condition. Moreover, 3-year olds tended to justify by reference to what mother said in the authority testimony condition, 5-year olds consistently referred to the first possession in three conditions. In Study B, we added two ownership questions to quantify children’s ability of ownership reasoning with four age groups (n = 32 for the 3-year-olds, n = 33 for the 4-year-olds, n = 27 for the 5-year olds and n = 30 for the adults) to explore the developmental trajectory further. It revealed that while 5-year olds’ performances were similar to the adults’ and always judged the first possessor as owner in three conditions, 3- and 4-year olds’ performed at chance level in the authority testimony condition. The results imply that Chinese young preschooler’s ownership reasoning was susceptible to authority’s testimony. Family authority may play an important role in diluting children’s adherence to ownership principles, which will be helpful for children to learn to share with others.

Keywords: authority, ownership judgment, preschoolers, testimony

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Authors: Tanda Soala Gogo Sirait

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The existence of motor vehicle in Indonesia has a very essential role for daily mobility in urban areas. The motor vehicle market is growing tremendously particularly for the motorcycle. The growth of motorcycles ownership was 15 % annually from 2002 to 2012. It is predicted that the number of motorcycles still continue to grow in the future. The increase of motor vehicle has led to the creation of serious urban problems and Indonesian economy structure. Today, Indonesia's cities are well known as the jungle of motorcycle world. The volume of motor vehicle traffic in Indonesia cities is astounding, which more than 55% of motorised transport is on motorcycle and car. The reason it happens is due lack and inconvenient of the public transportation in Indonesia. Motor vehicle ownership by individual households tends to rising rapidly. Indonesian government still does not have a clear direction how to face this phenomenon.

Keywords: Indonesian economy, inconvenient public transportation, motor vehicle growth, urban problems

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Authors: Mohammad Q. M. Momani

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The objective of this study is to examine whether the value relevance of ownership structure changed as the Amman Stock Exchange market conditions changed. Using data from 2005 to 2014, the study finds that the performance of portfolios that contain firms with concentrated ownership structure declines significantly during the post-crisis period. These portfolios exhibit poor performance relative to portfolios that contain firms with dispersed ownership structure during the post-crisis period. The results argue that uninspired performance of the Amman Stock Exchange during the post-crisis period, increased the incentives for controlling shareholders to expropriate. Investors recognized these incentives and discounted firms that were more likely to expropriate.

Keywords: value relevance, ownership structure, portfolio performance, Jordan, ASE

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Authors: Muhammad Shehu Garba

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The financial statements of the firms between the periods of 2013 and 2022 were collected using the secondary method of data collection, and the study aims to investigate the effect of ownership structure on the financial performance of listed industrial goods companies in Nigeria. 10 firms were used as the study's sample size. The study used panel data variables of the study. The ownership structure is measured with managerial ownership, institutional ownership and foreign ownership, while financial performance is measured with return on asset and return on equity; the study made use of control variables leverage and firm size. The result shows a multivariate relationship that exists between variables of the study, which shows ROA has a positive correlation with ROE (0.4053), MO (0.2001), and FS (0.3048). It has a negative correlation with FO (-0.1933), IO (-0.0919), and LEV (-0.3367). ROE has a positive correlation with ROA (0.4053), MO (0.2001), and FS (0.2640). It has a negative correlation with FO (-0.1864), IO (-0.1847), and LEV (-0.0319). It is recommended that firms should focus on increasing their ROA. Firms should also consider increasing their MO, as this can help to align the interests of managers and shareholders. Firms should also be aware of the potential impact of FO and IO on their ROA.

Keywords: firm size, ownership structure, financial performance, leaverage

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Authors: Cedric Herring, Loren Henderson, Hayward Derrick Horton, Melvin Thomas

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This paper asks whether business startups benefit from having racially diverse founding ownership teams. Using nationally representative data from the Kauffman Firm Survey, the analysis examines the relationship between the racial diversity of the founding ownership teams of business startups and their net worth, revenue, debt, and profits. The analysis shows that, net of firm characteristics and human capital characteristics, startups with racially diverse founding teams have higher net worth, lower debt, and greater profits than their non-diverse counterparts. The racial diversity of ownership teams is not, however, related to startup firms’ revenues, net of other factors. The implications of these findings are explored.

Keywords: racial diversity, business startups, founding ownership teams, diversity and business performance

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Authors: Mahsa Kallhor Mohammadi, Hamideh Reshadatjoo

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This study verified the relationship between in-service training and employees’ feeling of psychological ownership. This research applied a descriptive survey that investigated a correlation between variables. The target population was 140 employees of a Drilling Fluid and Waste Management Service Company, and the sample was 123 employees who were selected randomly and encouraged to complete an electronic questionnaire which was designed based on standard questionnaires for research variables covering 62 questions. The face validity of the questionnaire was supported by an experimental test, and its content validity was approved by the thesis supervisor and consulting advisor. For the descriptive statistics frequency tables and diagrams, measures of central tendency such as mode, median, and mean and measures of variability such as variance, standards deviation, and quartile deviation were used. In the inferential statistics section, the Pearson correlation coefficient was used to verify the relationship between the variables of the research. According to the results, all of the research hypotheses were supported. According to hypothesis 1, there was a positive and significant relationship between training policy-making and employees’ psychological ownership (r=0/408, α=0/05). According to hypothesis 2, there was a positive and significant relationship between training planning and employees’ psychological ownership (r=0/446, α=0/05). According to hypothesis 3, there was a positive and significant relationship between providing the training and employees’ psychological ownership (r=0/512, α=0/05). According to hypothesis 4, there was a positive and significant relationship between training performance management and employees’ psychological ownership (r=0/462, α=0/05). According to hypothesis 5, there was a positive and significant relationship between employees’ motivation and psychological ownership (r=0/694, α=0/05). Therefore, through systematic in-service training, which is in the same line with the strategic goals of an organization and is based on scientific needs analysis, design, implementation, and evaluation, it is possible to improve employees’ sense of psychological ownership toward an organization.

Keywords: in-service training, motivation, organizational behavior, psychological ownership

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Authors: Sevil Yildiz

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In this study, we will touch upon the legal arrangements issued in Turkey for prevention of condensation and for ensuring pluralism in the media. We will mention the legal arrangements concerning the regulatory and supervisory authority, namely the Radio and Television Supreme Council, for the visual and auditory media. In this context; the legal arrangements, which have been introduced by the Law No 6112 on the Establishment of Radio and Television Enterprises and Their Media Services in relation to the media ownership, will be reviewed through comparison with the Article 29 of the repealed Law No 3984.

Keywords: media ownership, legal arrangements, the case for Turkey, pluralism

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Authors: Pham Duc Hieu, Do Thi Huong Lan

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The aim of this paper is to investigate the factors affecting the extent of voluntary disclosure by examining the annual reports of 205 industrial and manufacturing companies listing on Ho Chi Minh Stock Exchange (HSX) and Hanoi Stock Exchange (HNX) for the year end of 2012. Those factors include company size, profitability, leverage, state ownership, managerial ownership, and foreign ownership, board independence, role duality and type of external auditors. Evidence from this study suggests two main findings. (1) Companies with high foreign ownership have a high level of voluntary disclosure. (2) The company size is an important factor related to the increased level of voluntary disclosure in annual reports made by Vietnamese listed companies. The larger the company, the higher the information is disclosed. However, no significant associations are found between profitability, leverage, state ownership, managerial ownership, board independence, role duality and type of external auditors as hypothesized in this study.

Keywords: voluntary disclosure, Vietnamese listed companies, voluntary, duality

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Authors: Zurong Liang

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Chinese social work has experienced a sharp rise in staff turnover. Work-family conflict is a key risk factor for employees’ turnover intention. While the relationship between work-family conflict and turnover intention has been widely documented, little is known about its mediating and moderating mechanisms, especially among social workers in China. This study explored the mediating role of job-based and collective psychological ownership and the moderating role of person-organization value congruence. The study drew on data from the China Social Work Longitudinal Study 2019, a nationally representative sample of 1,421 Chinese social workers (79.73% female; mean age = 28.9 years old). We performed a moderated mediation analysis combining a simple slope test and the Johnson-Neyman technique. Both job-based psychological ownership and collective psychological ownership were found to mediate the association between work-family conflict and turnover intention. Person-organization value congruence moderated the indirect relationship between work-family conflict and turnover intention via collective psychological ownership. This study enhances understanding of the impact of the psychological mechanisms of work-family conflict on Chinese social workers’ turnover intention. Specific strategies should be adopted to establish a work environment that supports psychological ownership, enhances social workers’ identification with and attachment to their organizations, and thus reduces their turnover intention.

Keywords: turnover, work-family conflict, ownership, social worker, China

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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: 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: Gulnara Moldasheva

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The research explores the relationship between management responsibility and corporate governance of listed companies in Kazakhstan. This research employs firm level data of randomly selected listed non-financial firms and firm level data “operational” financial sector, consisted from banking sector, insurance companies and accumulated pension funds using multivariate regression analysis under fixed effect model approach. Ownership structure includes institutional ownership, managerial ownership and private investor’s ownership. Management responsibility of the firm is expressed by the decision of the firm on amount of leverage. Results of the cross sectional panel study for non-financial firms showed that only institutional shareholding is significantly negatively correlated with debt to equity ratio. Findings from “operational” financial sector show that leverage is significantly affected only by the CEO/Chair duality and the size of financial institutions, and insignificantly affected by ownership structure. Also, the findings show, that there is a significant negative relationship between profitability and the debt to equity ratio for non-financial firms, which is consistent with pecking order theory. Generally, the found results suggest that corporate governance and a management responsibility play important role in corporate performance of listed firms in Kazakhstan.

Keywords: ownership, corporate governance, debt to equity ratio, corporate performance

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Authors: Shaherah Jordan, Paula Vandergert

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The discussion on public charging infrastructure is usually framed around the ‘chicken-egg’ challenge of consumers feeling reluctant to purchase without the necessary infrastructure and policymakers reluctant to invest in the infrastructure without the demand. However, public charging infrastructure may be more crucial to electric vehicle (EV) adoption than previously thought. Historically, access to residential charging was thought to be a major factor in potential for growth in the EV market as it offered a guaranteed place for a vehicle to be charged. The purpose of this study is to understand how the built environment may encourage uptake of EVs by seeking a correlation between EV ownership and public charging points in an urban and densely populated city such as London. Using a statistical approach with data from the Department for Transport and Zap-Map, a statistically significant correlation was found between the total (slow, fast and rapid) number of public charging points and a number of EV registrations per borough – with the strongest correlation found between EV registrations and rapid chargers. This research does not explicitly prove that there is a cause and effect relationship between public charging points EVs but challenges some of the previous literature which indicates that public charging infrastructure is not as important as home charging. Furthermore, the study provides strong evidence that public charging points play a functional and psychological role in the adoption of EVs and supports the notion that the built environment can influence human behaviour.

Keywords: behaviour change, electric vehicles, public charging infrastructure, transportation

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Authors: Thomas Abbey

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This paper is part of an ongoing research addressing the experience of language learners in developing a sense of language ownership in their second language. For the majority of language learners, the main goal of learning a second or foreign language is to develop proficiency in the target language. Language proficiency comprises numerous intersecting competency skills ranging from causally listening to speaking using certain registers. This autoethnography analyzes lived experiences related to transitioning from learning a language in a classroom to being in an environment where the researcher's second language is the primary means of communication. Focused on lived experiences, the purpose of this research is to provide an insight into the experiences of language learners entering new environments and needing to navigate life within another language. Through reflections, this paper offers a critical account of experience traveling to Baku, Azerbaijan as a Russian language learner. The analysis for this paper focuses on the development of a sense of language ownership.

Keywords: autoethnography, language learning, language ownership, transformative learning

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Authors: Tom Turner

Abstract:

The recent financial crisis in 2008 and the growing inequality in developed industrial societies would appear to present significant challenges to capitalism and the free market. Yet there have been few substantial mainstream political or economic challenges to the dominant capitalist and market paradigm to-date. There is no dearth of critical and theoretical (academic) analyses regarding the prevailing systems failures. Yet despite the growing inequality in the developed industrial societies and the financial crisis in 2008 few commentators have advocated the comprehensive socialization or state ownership of the means of production to our knowledge – a core principle of radical Marxism in the 19th and early part of the 20th century. Undoubtedly the experience in the Soviet Union and satellite countries in the 20th century has cast a dark shadow over the notion of centrally controlled economies and state ownership of the means of production. In this paper, we explore the history of a doctrine advocating the socialization or state ownership of the means of production that was central to Marxism and socialism generally. Indeed this doctrine provoked an intense and often acrimonious debate especially for left-wing parties throughout the 20th century. The debate within the political economy tradition has historically tended to divide into a radical and a revisionist approach to changing or reforming capitalism. The radical perspective views the conflict of interest between capital and labor as a persistent and insoluble feature of a capitalist society and advocates the public or state ownership of the means of production. Alternatively, the revisionist perspective focuses on issues of distribution rather than production and emphasizes the possibility of compromise between capital and labor in capitalist societies. Over the 20th century, the radical perspective has faded and even the social democratic revisionist tradition has declined in recent years. We conclude with the major challenges that confront both the radical and revisionist perspectives in the development of viable policy agendas in mature developed democratic societies. Additionally, we consider whether state ownership of the means of production still has relevance in the 21st century and to what extent state ownership is off the agenda as a political issue in the political mainstream in developed industrial societies. A central argument in the paper is that state ownership of the means of production is unlikely to feature as either a practical or theoretical solution to the problems of capitalism post the financial crisis among mainstream political parties of the left. Although the focus here is solely on the shifting views of the radical and revisionist socialist perspectives in the western European tradition the analysis has relevance for the wider socialist movement.

Keywords: sate ownership, ownership means of production, radicals, revisionists

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Authors: Vera Diyanty, Akhmad Syahroza

Abstract:

This research aims to describe an empirical evidence of the influence of family control on the company’s financing policy. Additionally, this research also shows the effect of leadership from family member and the effectiveness of the board of commissioners on companies’ financing policy. The result of this study found that family control through direct and indirect ownership mechanism have a positive impact on the choice of bank loan compare to public debt. Nevertheless, this research also shows that companies’ founders who become CEO and the effectiveness of board of commissioners do not prove to increase the alignment effect nor decrease the negative impact of entrenchment effect on the bank loan preference.

Keywords: family controlling, family CEO, board effectiveness, financing policy

Procedia PDF Downloads 423