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WIC, the Special Supplemental Nutrition Program for Women, Infants, and Children, is a widely studied public food assistance program that aims to provide foods, nutrition education, and other services to at-risk, low-income children and pregnant, breastfeeding, and postpartum women. From a policy perspective, it is of interest to assess the efficacy of the WIC program – how much, if at all, does the program improve the nutritional outcomes of WIC families? In this paper, we address two important issues related to the WIC program that have not been extensively addressed in the past. First, although the WIC program is primarily devised with the intent of improving the nutrition of “targeted” children and mothers, it is possible that WIC may also change the consumption of foods by nontargeted individuals within the household. Second, although WIC eligibility status is predetermined, participation in the program is voluntary and therefore potentially endogenous. We make use of a treatment–response model in which the dependent variable is the requirement-adjusted calcium intake from milk consumption and the endogenous variable is WIC participation, and estimate it using Bayesian methods. Using data from the CSFII 1994–1996, we find that the correlation between the errors of our two equations is strong and positive, suggesting that families participating in WIC have an unobserved propensity for high calcium intake. The direct “structural” WIC parameters, however, do not support the idea that WIC participation leads to increased levels of calcium intake from milk.

Bayesian Econometrics is a volume in the series Advances in Econometrics that illustrates the scope and diversity of modern Bayesian econometric applications, reviews some recent advances in Bayesian econometrics, and highlights many of the characteristics of Bayesian inference and computations. This first paper in the volume is the Editors’ introduction in which we summarize the contributions of each of the papers.

Stewardship theory is an emergent approach for explaining leadership behavior, challenging the assumptions of agency theory and its dominance in corporate governance literature. This study revisits the agency and stewardship theories by seeking to answer whether chief executive officers (CEOs) in China are committed stewards or opportunistic agents.

Based on 5,165 observations of 1,036 listed companies in China over the period 2005–2010, the results suggest that the corporate governance mechanisms developed from the agency theory in the West are not necessarily applicable in the Chinese context.

This study supports the stewardship theory in its findings that empowering CEOs through the practice of CEO duality and longer CEO tenure have a positive effect on firm value in China. Additionally, the positive relationships between CEO duality, CEO tenure and firm value are strengthened by the number of executive directors on the board, and weakened by the number of independent directors on the board.

One size does not fit all. Leadership behaviors in China do not follow the agency assumptions inherent in Western practices, rather they favor the conditions of positive leadership expressed by the stewardship theory. Assuming that the motivations of managers in emerging markets such as China are similar to those in the West may lead to a poor fit between governance policies and the institutional context.

As one of the few studies to connect the theoretical debate between the agency and stewardship theories, this study presents new evidence to support the stewardship theory, thereby strengthening its theoretical importance and relevance in corporate governance literature.

It will be recalled that in May, 1935, the Minister of Health and the Secretary of State for Scotland appointed an Advisory Committee “to enquire into the fact, quantitatively and qualitatively, in relation to the diet of the people, and to report as to any changes therein which appear desirable in the light of modern advances in the knowledge of nutrition.” This appears to be the first occasion in history that a survey dealing with the diet of a whole nation has been set on foot by any government; yet no one can question the prime importance of the subject from a national standpoint.

The purpose of this paper is to review and compare the implementation of “arts inclusion” policies (AIPs) by 14 different public administrative systems around the world. It aims to provide a consolidated source which informs further studies in this field, and to develop a framework to compare AIPs at a global level.

Using “arts inclusion policy” as the search term, academic journals from a wide spectrum of fields were reviewed. A data set was extracted from the Compendium of Cultural Policies and Trends’ online database which provided real-time information of national cultural policies. Another data set is from the United Nations’ Inequality-adjusted Human Development Index, as the geographic scope of the review – largely focussing on UK, US, Australian, Scandinavian and Asian contexts. Using existing policy-making literature as benchmark, the authors designed and applied a comparative framework dedicated to AIPs which focussed on “policy-making structures” as the main ground of comparison.

An important finding is that the policy development and implementation of AIPs often underscore inter-sectoral involvement in many public administrations in this study. With policy leadership and financial incentives pivotal to effective AIPs, central governments should take a more concerted leadership role to include AIPs in national inter-sectoral policies, encourage evidence-based research, expand funding and advocate the recognition of the impacts of arts inclusion. It is concluded that AIPs in western countries remain more developed in targeted scopes and programme diversity compared to those of Asian countries and regions. Continued studies in this field are encouraged.

This review is the first of its kind to include a number of Asian and western countries within its research scope, allowing it to offer a more holistic outlook on the development and implementation of AIPs in different countries and regions. A common critique with all relevant existing literature was usually their lack of concrete comparative grounds, and the present study’s all-encompassing review of literature from across different levels and sectors of respective public administrative systems contribute to a unique and comprehensive perspective in the arts and health discourse.

The purpose of this study is to explore the impact of MFI-level governance on microfinance institutions' (MFIs’) risk in Sub-Saharan Africa (SSA).

The study uses data from a sample of 151 MFIs operating in 21 SSA countries during 2005–2014. The Feasible Generalized Least Squares (FGLS) regression model is applied to investigate the relationship between MFI level governance mechanisms and risk.

The study provides new evidence that board characteristics have differential effects on for-profit (FP) and not-for-profit (NFP) MFI risk. Board independence reduces credit risk of NFP MFIs. Foreign director presence increases MFI failure risk. Furthermore, greater female director representation reduces (increases) FP (NFP) financial risk whereas female CEOs are associated with higher (lower) FP (NFP) financial risk.

The paper contributes to existing literature on microfinance governance and risk, by exploring the impact of governance on MFI risk based on MFIs profit orientation. In addition, the study uses three different risk measures unlike previous microfinance studies.

This paper aims to examine the relation between CEO board membership and firm performance.

This paper investigates the relationship between firm performance and CEO board membership, applying two-stage least squares, propensity score matching and correcting for self-selection bias across a unique sample of publicly listed New Zealand firms that demonstrate a definitive variation in CEO board membership.

This study finds that CEO board membership has a positive impact on firm performance, and these benefits are greater for more complex firms.

Firms with CEOs independent of the board are associated with lower firm performance. The results are consistent with CEO board members providing an important information transfer mechanism to the board, resulting in an increase in average firm performance. This benefit is greater for larger firms with more business segments.

The paper tests for the impact of CEO board membership using a data set that demonstrates a definitive variation in CEO board membership.

This feminist standpoint study aims to make an empirical contribution to the entrepreneurial leadership and HRD fields. Women entrepreneur leaders' experiences of gender will be explored through a framework of doing gender well and doing gender differently to unsettle the gender binary.

Against a backcloth of patriarchy, a theoretical gender lens is developed and a feminist standpoint research (FSR) approach taken in this study. There are five case studies of women entrepreneur leaders operating small businesses across North East England in sectors of IT, law, construction, beauty, and childcare. In each case study a two‐stage semi‐structured interview process was implemented and the women's voices analysed through a framework of doing gender well and differently.

This paper highlights the complexities of gender experiences offering four themes of women entrepreneurs' experiences of gender within entrepreneurial leadership: struggling with entrepreneurial leadership; awareness of difference; accepting and embracing difference; and responding to difference, which are offered to challenge the gender binary and capture the complexities of how gender is experienced.

The field must begin to shift its focus from the dominant masculine discourse to foster understandings of gender experiences by using gender as an analytical category to enable the field to truly progress.

Women are still an under‐represented group within entrepreneurship and within the higher echelons of organisations. This requires greater attention.

This feminist study calls for both scholars and practitioners to analyse critically their underlying assumptions and bring a gender consciousness to their HRD research and practice to understand gender complexities within entrepreneurial leadership and organisational experiences more widely.

The purpose of this paper is to use samples from Chinese-listed companies to investigate the effects of interest rate deregulation and earnings transparency on company’s capital structure in China over the period of 2003–2015. In particular, the authors study the link between state-owned enterprises (SOEs), economic growth targets and marketization in China’s unique institutional context.

Based on the methodology of quantitative analysis, the authors use baseline and cluster analysis for all samples with full set of controls, for robustness tests of alternative proxy of interest rate control by using a cluster analysis at the firm level, regarding endogeneity tests conducted fixed effect model with adding instrument variables (IV), two-period factors regression method via IV and system generalized method of moments for dynamic analysis.

The results show that earnings transparency increases firm leverage and the additional tests suggest that such an effect takes place via a mechanism by reducing the cost of debt finance. However, information transparency could moderate the effects of interest rate deregulation on corporate capital structure. In addition, it finds that SOEs are less sensitive toward the changes of interest rates in China because lending to SOEs is policy-oriented and lacks of market evaluation of business risk. Government control is conducive to enhancing the transparency of the whole industry; however, market-oriented reform is conducive to enhancing the transparency of the company’s own information.

The paper makes contribution to the relationship between earnings disclosure quality and capital structure in the Chinese unique institutional context, such as taking the progressive interest rate reform, SOES, different economic growth target and different marketization level in each province of China. The authors suggest that investors will pay more attention to the company’s own unique information transparency in the provinces with a high degree of marketization. As a potential direction for future research, the authors will investigate how the earnings transparency has impact on capital structure, and how such impact would depend on the transparency of specific business, the cap of foreign shareholding and the convenience of investment.

This research would be the target of banking market reform in order to bring a fair financing environment for all businesses in China. It implies that current experiment of interest rate liberalization in China is not as efficient as it could be in allocating funds across all businesses. State banks, SOEs and local governments are still the biggest players on both the demand and supply sides of the Chinese credit markets.

The social implication of this paper lies in the fact that first, it provides additional evidence on the effect of market-oriented reforms through how the information transparency interacts with the financial decisions making of corporations. Second, it offers policy implication to banking market deregulation in China.

The paper makes contribution to the relationship between earnings disclosure quality and capital structure in the Chinese unique institutional context. This research tests the existing literature, such as Francis et al. (2004) and Zhang and Lu (2007), and suggests that informationally transparent firms have a higher debt ratio and lower effective interest costs on bank loans. In addition, this paper further explores the role played by interest rate deregulation in corporate finance, and in turn market fund allocation. This paper sheds new light on information transparency and explores the relationship between earnings disclosure quality and debt financing behaviors of Chinese publicly listed companies over the period of 2003–2015.