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Article
Publication date: 1 August 1993

Dale L. Flesher

Most small businesses today could probably benefit from a management audit of the firm's long‐term financial affairs. In large corporations, internal auditors generally…

Abstract

Most small businesses today could probably benefit from a management audit of the firm's long‐term financial affairs. In large corporations, internal auditors generally have free rein to audit all operations—including the activities of the corporate treasurer and the controller's department. Such audits involve not only the financial aspects of operations, but the day‐to‐day operating aspects as well. Internal audits of operations are typically called operational audits in the United States and value‐for‐money audits in the countries of the British empire. “Value‐for‐money audits” is probably the best name because the objective of the auditors is to point out ways that a department can save money or enhance revenues. Now it would be nice if small businesses had internal auditors to conduct value‐for‐money audits, but such is not the case. Most small companies do not have internal auditors. However, there is another alternative. The owner or manager of a small business can conduct the audit on sort of a do‐it‐yourself basis. Although every department could possibly benefit from such an audit, it is the long‐term financial management of the organization that might profit the most from a value‐for‐money audit.

Details

Managerial Finance, vol. 19 no. 8
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 14 September 2012

Mindell Reiss Nitkin

The purpose of this paper is to investigate the orientation of a firm's governance choices along a continuum of shareholder voice to managerial power and tests whether the…

Abstract

Purpose

The purpose of this paper is to investigate the orientation of a firm's governance choices along a continuum of shareholder voice to managerial power and tests whether the governance orientation of a firm can survive regulation.

Design/methodology/approach

Using a sample of 873 firms, a set of three index measures is constructed reflecting the orientation of a firm's governing rules, the orientation of the board of directors and the overall orientation of both types of governance structures. The resulting measures are compared pre‐ and post‐SOX.

Findings

While specific, individual governance components, such as independence, can be regulated, the overall orientation of a firm's governance mechanisms, as manifested by its aggregate choice of governance structures, appears to be constant overtime suggesting that it is difficult to regulate the governance orientation of a firm.

Research limitations/implications

The findings may be limited due to sample bias. There is both survivor bias and listing bias in the sample. To be included in the sample, firms needed to be publicly listed from 1998 through 2006 and needed to be listed on a major S&P index for each of those years.

Practical implications

The paper highlights ways in which companies circumvent the intention of regulations such as SOX. The paper therefore has implications for regulators and shareholders.

Originality/value

While the index method has been used before it has not been used to compare the impact of regulation on governance orientation. That makes this paper of value to regulators when considering the cost and benefit of regulations.

Details

Journal of Accounting & Organizational Change, vol. 8 no. 3
Type: Research Article
ISSN: 1832-5912

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Article
Publication date: 1 January 1990

Mike Calcutt

Machinery lines require very specific gauging systems which have to be designed on a customised basis.

Abstract

Machinery lines require very specific gauging systems which have to be designed on a customised basis.

Details

Sensor Review, vol. 10 no. 1
Type: Research Article
ISSN: 0260-2288

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Article
Publication date: 1 July 2000

Susanne C. Doty‐Navarro and Brian H. Kleiner

States the importance of referencing and background checks despite the acknowledged difficulties within the procedure. Refers to research showing many employers give…

Abstract

States the importance of referencing and background checks despite the acknowledged difficulties within the procedure. Refers to research showing many employers give minimal information on reference request for fear of incurring legal repercussions. Provides guidelines to the procedure to help the future employer. Considers the need for personal and academic references and credit reports. Gives suggestions for the correct response to the former employer to minimize legal recourse.

Details

Management Research News, vol. 23 no. 7/8
Type: Research Article
ISSN: 0140-9174

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Article
Publication date: 1 May 1993

S. AITA, E. HAUG, F. EL KHALDI, D. LEFEBVRE and E. DI PASQUALE

A sheet metal forming simulation code has been developed, based on the explicit time integration scheme and Mindlin shell theory. It has been used for the analysis of a…

Abstract

A sheet metal forming simulation code has been developed, based on the explicit time integration scheme and Mindlin shell theory. It has been used for the analysis of a number of industrial parts. After recalling some modelling issues, this paper describes an industrial methodology based on the experience of those analyses. The aim of the methodology is to provide, at early design stage, information on the product formability with a workload and lead time adapted to the design delays. Concurrently 2D analyses, critical zones studies and coarse mesh global investigations can be used, with a flexible number of iterations, prior to full refined analyses of the forming process. The application of the methodology on several industrial examples is discussed.

Details

Engineering Computations, vol. 10 no. 5
Type: Research Article
ISSN: 0264-4401

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Article
Publication date: 1 February 1998

Rocco R. Vanasco

This paper examines the role of professional associations, governmental agencies, and international accounting and auditing bodies in promulgating standards to deter and…

Abstract

This paper examines the role of professional associations, governmental agencies, and international accounting and auditing bodies in promulgating standards to deter and detect fraud, domestically and abroad. Specifically, it focuses on the role played by the US Securities and Exchange Commission (SEC), the American Institute of Certified Public Accountants (AICPA), the Institute of Internal Auditors (IIA), the Institute of Management Accountants (IMA), the Association of Certified Fraud Examiners (ACFE), the US Government Accounting Office (GAO), and other national and foreign professional associations, in promulgating auditing standards and procedures to prevent fraud in financial statements and other white‐collar crimes. It also examines several fraud cases and the impact of management and employee fraud on the various business sectors such as insurance, banking, health care, and manufacturing, as well as the role of management, the boards of directors, the audit committees, auditors, and fraud examiners and their liability in the fraud prevention and investigation.

Details

Managerial Auditing Journal, vol. 13 no. 1
Type: Research Article
ISSN: 0268-6902

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Article
Publication date: 1 December 1961

W.F. Walker

The second in a series giving suggestions for laboratory work on the various types of machine tool

Abstract

The second in a series giving suggestions for laboratory work on the various types of machine tool

Details

Education + Training, vol. 3 no. 12
Type: Research Article
ISSN: 0040-0912

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Article
Publication date: 16 December 2019

Arjan Markus and Tim Swift

The purpose of this paper is to determine whether the strength of corporate governance influences the firm’s ability to retain their key knowledge workers or inventors.

Abstract

Purpose

The purpose of this paper is to determine whether the strength of corporate governance influences the firm’s ability to retain their key knowledge workers or inventors.

Design/methodology/approach

This paper links agency and innovation theory to develop the hypotheses. Agency theory predicts that the interests of employees are counter to those of firm owners. The authors predict that as shareholder power grows as corporate governance strengthens, inventors who are highly productive, and those who pursue risky but valuable exploratory innovation will leave the firm. Given prior scholarship in innovation theory establishing the critical contributions that new knowledge creation and exploratory innovation make to firms’ competitive advantage, the authors consider whether stronger firm-level corporate governance leads to the erosion of the firm’s competitive advantage. The hypotheses are empirically tested using generalized least squares estimation on a data set that combines data on firms, their patents and the governance provisions these firms adopt.

Findings

Using a 10-year sample of publicly traded US firms, the authors find that stronger corporate governance erodes the very foundation of a firm’s innovation capabilities. Stronger corporate governance reduces management job security, which makes managers more risk-averse. This heightened “managerial myopia” results in increased departures of highly valuable inventors employed by the firm. The authors show that these departing inventors are more productive inventors than those who remain and engage in more exploratory R&D than the remaining inventors at the firm.

Originality/value

The findings raise questions on the appropriateness of the adoption of governance provisions strengthening shareholder rights in firms pursuing innovation.

Details

Journal of Strategy and Management, vol. 13 no. 1
Type: Research Article
ISSN: 1755-425X

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Article
Publication date: 12 June 2017

Milos Vulanovic

The purpose of this paper is to study how institutional characteristics of specified purpose acquisition companies (SPACs) are related to their post-merger survival. SPACs…

Abstract

Purpose

The purpose of this paper is to study how institutional characteristics of specified purpose acquisition companies (SPACs) are related to their post-merger survival. SPACs are unique financial firms that conduct the initial public offering (IPO) with the sole purpose of using the proceeds to acquire another private company. The paper finds that institutional characteristics of SPACs are important in determining post-merger outcomes of new company, specifically when it comes to their survival/failure, i.e., increases in pre-merger commitment by SPAC stakeholders and initial positive market performance increase post-merger survival likelihood; on the contrary, mergers with higher transaction costs and focused on foreign companies exhibit increased likelihood of failure.

Design/methodology/approach

Using unique sample of companies conducting an IPO, namely, SPACs, with the sole purpose to execute an acquisition in the future date within limited time, this paper presents additional evidence on the survival and acquisition frequency of IPOs, and determinants of these choices.

Findings

Observing unique set of specified purpose companies, this paper documents that SPACs’ failure rate is at the level of 58.09 percent, higher than any previously reported failure rate in the post-IPO survival literature and comparable only to failure rates found by Hensler et al. (1997) at 55.10 percent for general companies. In addition, the paper documents similar findings to Bhabra and Pettway (2003) that prospectus and market characteristics of original companies have predictive power with respect to survival.

Originality/value

This study extends the literature on post-IPO survival in following ways. First, the paper documents survival rates for unique set of companies organized with the sole purpose to acquire another company. Second, the paper presents evidence on how institutional characteristics of SPAC determine their post-merged outcomes, specifically when it comes to their failures. Finally, paper contributes to the scant literature on SPACs providing new evidence on their post-merger outcomes and performance.

Details

Managerial Finance, vol. 43 no. 6
Type: Research Article
ISSN: 0307-4358

Keywords

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Article
Publication date: 1 July 1957

IN this issue there is a Letter to the Editor (page 42). Its author is D. A. Barron, Chief Work Study Engineer of Marconi's Wireless Telegraph Co. Ltd., at Basildon. The…

Abstract

IN this issue there is a Letter to the Editor (page 42). Its author is D. A. Barron, Chief Work Study Engineer of Marconi's Wireless Telegraph Co. Ltd., at Basildon. The letter is important from two aspects. Firstly, because it enables the writer of this column to clear up any misconceptions lingering in people's minds regarding references to Charles Bedaux in past editorials appearing in this journal.

Details

Work Study, vol. 6 no. 7
Type: Research Article
ISSN: 0043-8022

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