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The purpose of this paper is to develop an automated human body measurement extraction system using simple inexpensive equipment with minimum requirement of human assistance. This research further leads to the comparison of extracted measurements to established methods to analyze the error. The extracted measurements can be used to assist the production of custom-fit apparel. This is an effort to reduce the cost of expensive 3-D body scanners and to make the system available to the user at home.

A single camera body measurement system is proposed, implemented, and pilot tested. This system involves a personal computer and a webcam operating within a space of controlled lighting. The system will take two images of the user, extract body silhouettes, and perform measurement extraction. The camera is automatically calibrated using the software each time of scanning considering the scanning space. The user will select a front view and a side view among the images captured, and specify the height. In this pilot study, 31 subjects were recruited and the accuracy of 8 human body measurements were compared with the manual measurements and measurements extracted from a commercial 3-D body scanner.

The system achieved reasonable measurement performance within 10 percent accuracy for seven out of the eight measurements, while four out of eight parameters obtained a performance similar to the commercial scanner. It is proved that human body measurement extraction can be done using inexpensive equipment to obtain reasonable results.

This study is aimed at developing a proof-of-concept for inexpensive body scanning system, with an effort to benchmark measurement accuracy, available to an average user providing the ability to acquire self-body measurements to be used to purchase custom-fit apparel. This system can potentially boost the customization of apparel and revolutionize online shopping of custom-fit apparel.

Traditionally, statistical time series methods like moving average (MA), auto‐regression (AR), or combinations of them are used for forecasting sales. Since these models predict future sales only on the basis of previous sales, they fail in an environment where the sales are more influenced by exogenous variables such as size, price, color, climatic data, effect of media, price changes or campaigns. Although, a linear regression model can take these variables into account its approximation function is restricted to be linear. Soft computing methods such as fuzzy logic, artificial neural networks (ANNs), and genetic algorithms offer an alternative taking into account both endogenous and exogenous variables and allowing arbitrary non‐linear approximation functions derived (learned) directly from the data. In this paper, two approaches have been investigated for forecasting women's apparel sales, statistical time series modeling, and modeling using ANNs. Four years' sales data (1997‐2000) were used as backcast data in the model and a forecast was made for 2 months of the year 2000. The performance of the models was tested by comparing one of the goodness‐of‐fit statistics, R², and also by comparing actual sales with the forecasted sales of different types of garments. On an average, an R² of 0.75 and 0.90 was found for single seasonal exponential smoothing and Winters' three parameter model, respectively. The model based on ANN gave a higher R² averaging 0.92. Although, R² for ANN model was higher than that of statistical models, correlations between actual and forecasted were lower than those found with Winters' three parameter model.

The purpose of this paper is to examine the characteristics and the determinants of board structure in small- and medium-sized enterprises (SMEs) in the process of going public within the continental European corporate system.

These issues are explored through the study of all the initial public offerings (IPOs) in the Spanish equity market for growing SMEs, and the statistical methodologies of ordinary least squares regression and stepwise regression are applied.

The results show that board size is larger than the minimum level established in law and that boards are composed of a majority of non-executive directors. In addition, the determinants of firm characteristics of board structure are firm age, level of financial leverage, and ownership structure.

This research is significant since its findings should help entrepreneurs reflect on which board structure is most appropriate for this new stage of the life cycle of their company as a listed firm. This evidence is also of interest for regulators and investors, who can, therefore, better understand board structures of SMEs at the moment of IPO.

This paper is the first to study characteristics and determinants of the board of directors of growing SMEs at the moment of going public. This study implies a step forward in research into the governance of small business and IPO literature, since the results differ from the evidence found for large company IPOs and contribute towards the debate regarding the need to consider the context and the type of firm in corporate governance studies.

This paper aims to examine the mediating effect of dividend payout on the relationship between internal governance mechanisms (board of directors and ownership structure) and the free cash flow level.

Linear regression models are used to investigate such relationships applying data from a sample of 207 non-financial firms listed on the Gulf Cooperation Council countries’ stock markets between 2009 and 2016. To test the significance of mediating effect, the author uses the Sobel test.

The author finds a partial mediation effect of dividend on the relationship between both board independence and managerial ownership and the level of free cash flow. The results confirm the major role of outside directors in corporate governance. This governance mechanism contributes to the protection of shareholders’ interests through a generous dividend policy. However, the author finds that large managerial shareholdings increase the level of free cash flow through lower dividend payouts. This result suggests that powerful managers follow their preference of retaining excess cash to their own interests.

This paper offers insights to policy-makers of emerging economies interested in the development of the corporate governance. This study provides guidance for firms in the construction and implementation of their own corporate governance policies.

The main contribution of the present paper is to examine the dividend payout as a potential mediating variable between internal governance mechanisms and free cash flow. Moreover, it highlights the issue of efficient management of substantial funds in Sharia-compliant and non-Sharia-compliant firms.

Despite the extensive body of research on absolute corporate social responsibility (CSR) performance, limited attention has been given to the distinct concepts of optimal and aggressive CSR engagement, as well as their associations with CSR awarding. This study aims to differentiate between optimal and aggressive CSR engagement and examine their relationship with CSR awarding while considering the moderating influence of board characteristics from the perspectives of stakeholder and agency theories.

This empirical analysis draws on an international dataset comprising 43,803 observations from nine sectors across 41 countries. We employ a least squares dummy variable regression approach that accounts for country, industry and year effects to conduct the analysis.

The results reveal that engagement in aggressive CSR activities beyond the optimal level leads to the generation of a social reputation through CSR awarding. However, the influence of board characteristics on this relationship is significant. Specifically, the presence of a dedicated CSR committee encourages CSR awarding in the context of aggressive CSR engagement. Conversely, board independence constrains the relationship between aggressive CSR engagement and CSR awarding. Notably, board gender diversity does not have a discernible impact on this connection.

Our evidence provides valuable insights to help firms seeking to enhance their social reputation through CSR activities better allocate their resources and avoid unnecessary financial commitments.

This study advances the current understanding by exploring the relationship between aggressive CSR engagement and the recognition of CSR awards. Furthermore, it scrutinises the factors that dictate when such aggressive CSR engagement translates into enhanced social reputation, as evidenced by the attainment of CSR awards.

Although the previous literature considers independent directors as an internal mechanism for good corporate governance and higher financial disclosure quality, in contexts characterized by high ownership concentration, they may lack the mandate, the incentives and the ability to be an effective monitoring mechanism. Therefore, this study aims to focus on minority directors and investigate their impact on the earnings management activities for firms with concentrated ownership structures.

As the slate voting system is a peculiar feature of Italian corporate governance regulations, which gives minority shareholders the right to appoint at least one member of the board of directors (minority directors), this paper carries out a quantitative empirical analysis based on a sample of non-financial companies listed on the Italian Stock Exchange to test the role played by minority directors in increasing incentives towards higher financial reporting quality.

Robust to different model specifications, including the endogeneity test, empirical findings show a negative relationship between minority directors and earnings management, while no relationship holds between the latter and independent directors, suggesting that minority directors might promote greater directors’ accountability than independent directors in highly concentrated ownership structures.

Relying on the empirical findings, this paper offers new insights on a peculiar internal corporate governance mechanism related to one of the most debated issues among financial market practitioners and regulators, namely, the protection of minority shareholders. Moreover, this paper offers new insights for academics and practitioners on a peculiar governance mechanism that could soon be widely adopted.

This study aims to examine the effect of corporate governance on firms' dividend payout policy in sub‐Saharan Africa. The study also aims to examine how dividend payout influences corporate governance.

Using a sample made up 27 Ghanaian firms, 177 Nigerian firms, 51 Kenyan firms, and 270 South African firms covering the period 1997‐2006, the paper employs a simultaneous panel regression model in its estimation.

The results show that board composition and board size exhibit significantly positive relationship with dividend payout in Kenya and Ghana, respectively. Institutional ownership positively influences dividend payout among South African and Kenyan firms. In the case of Nigeria, all the corporate governance measures show significantly negative effects on dividend payout. The findings clearly suggest that, with respect to South Africa, Kenya and Ghana, good corporate governance structures lead to high‐dividend payout, probably due to easy access to and low cost of external finance. However, in Nigeria, improving the governance structures may be associated with high‐earnings retention or low‐dividend payment in order to reduce cost of external finance. We found in the case of Ghana that, dividend payout positively affects board composition, suggesting that Ghanaian firms with high‐payout tend to adopt good corporate governance structures in order to ensure protection of shareholder interest. The findings of this study certainly have important policy implications.

This present study contributes to the corporate governance literature by looking at the importance of corporate governance in influencing firms' dividend behaviour in selected African countries.

Numerous researchers have developed theories and studies to uncover the issues pertinent to dividend policy dynamics, but it is still one of the unresolved problems of finance. The purpose of this paper is to focus on a new dimension, i.e., financial expertise on the corporate board for explaining the dividend policy dynamics in the emerging equity markets of China and Pakistan.

The study employs static (fixed effect (FE) and random effect (RE)) and dynamic models – two-step generalized method of moments (GMM) estimation techniques by Arellano and Bond (1991) and Arellano and Bover (1995) – during the timespan from 2009 to 2014. Further, this study re-estimated FE, RE and GMM two-step estimation techniques by excluding the non-dividend-paying companies, and also employed instrumental variable regressing by using two instrumental variables – industry average financial expertise of the board and board size – as proxies for board financial expertise to control the possible endogeneity.

The study reveals that Chinese firms having more financial expertise on the board do not take dividends as a control mechanism (substitution hypothesis), while Pakistani firms support the compliment hypothesis and use dividends as a control mechanism to mitigate agency conflict to protect shareholders’ interests and keep additional funds from the manager’s opportunism. Further robustness models also confirm the presence of a significant association between dividend policy and board financial expertise in both equity markets.

This study introduces the financial expertise on a board as a determinant of dividend policy. To the best of the authors’ knowledge, no previous studies have focused on board-level financial expertise as a contributing factor toward dividend policy.

This study aims to examine the impact of board structure on risk-taking measured by research and development (R&D) intensity in OECD countries.

The study uses a panel data of 200 companies on Forbes global 2000 over the 2010-2014 period. It uses the ordinary least square multiple regression analysis techniques to examine the hypotheses.

The results show that the frequency of board meetings and board size are significantly and negatively related to risk-taking measured by R&D intensity, with a greater significance among Anglo-American countries than among Continental European countries. The rationale for this is that the legal and accounting systems in the Anglo American countries have greater protection through greater emphasis on compliance and disclosure, and therefore, allowing for less risk-taking.

Future research could investigate risk-taking using different arrangements, conducting face-to-face meetings with the firm’s directors and shareholders.

The results suggest that better-governed firms at the firm- or national-level have a high expectancy of less risk-taking. These results offer regulators a resilient incentive to pursue corporate governance (CG) and disclosure reforms officially and mutually with national-level governance. Thus, these results show the monitoring and legitimacy benefits of governance, resulting in less risk-taking. Finally, the findings offer investors the opportunity to build specific expectations about risk-taking behaviour in terms of R&D intensity in OECD countries.

This study extends and contributes to the extant CG literature, by offering new evidence on the effect of board structure on risk-taking. The findings will help policymakers in different countries in estimating the sufficiency of the available CG reforms to prevent management mishandle and disgrace.

Boards presently are considered the most critical component in improving corporate governance (CG). Board diversity is increasingly being recommended as a tool for enhancing firm performance. Academic research and regulatory action regarding board diversity are focussed mainly on gender and ethnic composition of boards. However, the perspective of board members on board diversity and its impact is mostly missing. Moreover, while strategic leadership perspective suggests that a broader set of upper echelon’s characteristics may shape their actions, empirical evidence investigating the impact of less-explored attributes of diversity is almost non-existent. While the research on the input–output relationship between board diversity and firm performance remains equivocal, an intervening relationship between board diversity and board effectiveness needs to be understood. The purpose of this paper is to address all three limitations and explore the subject from board members’ perspective.

The paper presents the findings of qualitative, exploratory research conducted by interviewing 42 board members of FTSE 350 companies. The data are analysed thematically.

The findings of the research suggest that board members of FTSE 350 companies consider the diversity of functional experience to be a critical requirement for boards’ role-effectiveness. Functionally diverse boards manage external dependencies more effectively and challenge assumptions of the executive more efficiently, thus improving CG. The findings significantly contribute to the literature on board diversity, as well as to strategic leadership theory and other applicable theories. The research is conducted with a relatively small but elite and difficult to approach set of 42 board members of FTSE 350 companies.

The paper makes a unique and significant contribution to praxis by presenting the perspective of practitioners of CG – board members. The findings may encourage board nomination committees to seek board diversity beyond the gender and ethnic characteristics of directors. The findings may also be relevant for policy formulation, as they indicate that functionally diverse boards have improved effectiveness in a range of board roles.

Board diversity is about building a board that accurately reflects the make-up of the population and stakeholders of the society where the company operates. The aim of board diversity is to cultivate a broad range of attributes and perspectives that reflects real-world demographics as boards need to continue to earn their “licence to operate in society” as organisations have a responsibility to multiple constituents and stakeholders, including the community and the wider society within which they exist. Building social capital through diversity has value in the wider context of modern society and achieving social justice.

The paper makes an original and unique contribution to strategic leadership theory by strengthening the argument of the theory. The paper explores beyond widely researched attributes of gender and ethnicity on boards and explores the impact of a less-researched characteristic of directors – their functional experience. Moreover, the paper opens the “black box” of CG – boards, and presents the perspectives of board members. The findings indicate that board members in FTSE 350 boards define diversity more broadly than academics and regulatory agencies often do.