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One of Her Britannic Majesty's Ministers hanging about outside the Council Chamber while it is deliberated within whether or not Britain is to be admitted to the not so Common…
Abstract
One of Her Britannic Majesty's Ministers hanging about outside the Council Chamber while it is deliberated within whether or not Britain is to be admitted to the not so Common Market must present a picture never‐to‐be‐forgotten. Public officers, of course, are accus‐tomed to this when attending selection interviews for appointments, but such experiences invariably make us feel a little like “poor relations.” The controversy of whether we are “in” or “out” then is settled—and we must be under no delusions—for a very long time. As we see it, the French want the densely populated area of Western Europe as an agricultural market for themselves alone. They appeared to be willing to let Denmark in, but they have no intention of letting Britain in to bring the vast Commonwealth agricultural exports with them, via the back door, so to speak. That is the position now and even when “all the kings depart”, it will not change.
The complex nature of soil bacteria makes it imperative that they be considered in any problem related to soil. This paper gives data obtained by Kansas State University from a…
Abstract
The complex nature of soil bacteria makes it imperative that they be considered in any problem related to soil. This paper gives data obtained by Kansas State University from a research project credited in the U.S. as a new approach to corrosion. Most conclusions hitherto have been drawn from soil samples taken in undisturbed soil such as might be found along a pipeline right‐of‐way; this paper considers largely soil found in the pipeline ditch.
Rami Ibrahim A. Salem, Ernest Ezeani, Ali M. Gerged, Muhammad Usman and Rateb Mohammmad Alqatamin
This study aims to examine the influence of the quality of voluntary disclosure (QVD) on earnings management (EM) amongst a sample of commercial banks in the Middle East and North…
Abstract
Purpose
This study aims to examine the influence of the quality of voluntary disclosure (QVD) on earnings management (EM) amongst a sample of commercial banks in the Middle East and North Africa (MENA) region.
Design/methodology/approach
Using a sample of 1,060 bank-year observations for the period 2006–2015, this paper developed a three-dimensional framework to measure the QVD, which considers the quantity, spread and usefulness of the information. Furthermore, this study examines the QVD-EM nexus using an ordinary least squares regression model. This technique is supplemented with conducting an instrumental variable regression model and a two-stage least squares model to overcome the potential occurrence of endogeneity problems.
Findings
The findings suggest that QVD is negatively attributed to EM in the context of MENA banks. The findings also confirm that the quality of financial reporting is enhanced by QVD dimensions that were considered in the framework, leading banks to less engagement in EM practices. In contrast, the influence of the quantity dimension (level) of the disclosed information has an insignificant impact on EM, while the spread and usefulness dimensions of VD are negatively and significantly associated with EM in the region.
Research limitations/implications
Although the results are robust to various measurements and to the possible occurrence of endogeneity problems, there are a few limitations should be acknowledged, which provides opportunities for future research. For example, the sample size is relatively small due to data accessibility issues. Likewise, the findings of the research might not be appropriate for non-financial sectors. These limitations provide a good opportunity for future studies to expand on the research by covering other developing economies and, thereby, enriching the understanding offered by this study.
Practical implications
This study offers several implications for bank managers, academics and policymakers. Firstly, it may help managers to appreciate the function and the importance of QVD in mitigating EM. Secondly, for academics, the study provides suggestive evidence on the impact of QVD on EM; however, future research may need to consider the role of morality and ethical behaviour across different environments in reducing excessive risk-taking and constraining earnings manipulation. Finally, it provides insights for policymakers and regulators to develop a framework or guidance that can help banks in providing high-QVD in the context of developing economies.
Originality/value
The study distinctively develops an innovative measurement for QVD using a new multi-dimensional model. This paper also bring new evidence on QVD complexity and its impact on EM practice from an under-researched developing context, namely, the MENA region.
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Oneil Harris, Jeff Madura and Charmaine Glegg
Agency theory suggests that if managers are not monitored, takeover negotiations may be contaminated by agency conflicts, which may weaken a firm's bargaining position. This paper…
Abstract
Purpose
Agency theory suggests that if managers are not monitored, takeover negotiations may be contaminated by agency conflicts, which may weaken a firm's bargaining position. This paper argues that some blockholders are more effective monitors than others, and tests whether the negotiating power of a target or bidder is influenced by their respective blockholder composition. The paper aims to discuss these issues.
Design/methodology/approach
This paper classifies target and bidder outside blockholders as either aggressive monitors or moderate monitors, and tests whether the degrees of monitoring effectiveness influence a firm's share of the total wealth created by the takeover (a proxy for bargaining power).
Findings
This paper finds that firms that have the types of outside blockholders with a greater tendency to monitor managers elicit higher takeover gains. This suggests that negotiating power in takeovers is conditioned on the types of blockholders that monitor the target and bidder. The results support the premise that better monitoring leads to higher gains for shareholders in a takeover. In particular, the findings suggest that the greater the tendency of outside blockholders to monitor managers, the lower the level of takeover-related agency conflicts and the stronger a firm's relative bargaining power.
Originality/value
These findings imply that agency conflicts on either side of a takeover bid may be reduced by better monitoring, but especially among bidders.
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Since the publication of Harbison and Myers' study, many management scholars have devoted their attention to managerial systems in different cultures around the world. However…
Abstract
Since the publication of Harbison and Myers' study, many management scholars have devoted their attention to managerial systems in different cultures around the world. However, the various studies in cross‐cultural management have been criticised for not having enough specificity and relatedness. This study is concerned with a very specific aspect of managerial lives, namely, pay. Within a broad theoretical framework, three propositions are related to the data collected from 545 middle managers in Britain and the US. The propositions are; that the degree of understanding of job objectives and the perceived importance of the individual's role are directly related to pay differentials (Proposition I); that this relationship has impact upon the perception of what are and what should be the criteria used for pay determination (Proposition II); and, that if the gaps between “are” and “should be” are large, then the responses on behavioural option indices will be largely negative (Proposition III). The propositions are generally supported by these data. Implications of the findings are also discussed.
Research on gender and finance finds that women chief executive officers (CEOs) are relatively risk-averse and more ethical than their male counterparts. These differences are…
Abstract
Purpose
Research on gender and finance finds that women chief executive officers (CEOs) are relatively risk-averse and more ethical than their male counterparts. These differences are often presented as reasons for lower earnings management by firms led by women. A strand of contrasting literature however finds the notions of women being risk-averse and ethical not necessarily true for women occupying top leadership positions as women successful in shattering the glass ceiling adopt behaviors like men. This study attempts to understand the differences between the ethical tendencies of the two genders by examining if CEO power impacts the relation between CEO gender and earnings management.
Design/methodology/approach
The authors begin the analysis using standard regressions using the propensity score matched (PSM) samples and examine if CEO power mediates or amplifies relationship between CEO gender and earnings management. The authors use ordinary least squares (OLS) regression approach and instrumental variables (IV) estimation to address the endogeneity concerns.
Findings
This study’s results suggest that the relationship between CEO gender and earnings management is mediated by CEO power. The authors find that women CEOs with lower power engage in lower earnings management. However, women CEOs with more power tend to engage in greater levels of earnings management than their male counterparts.
Originality/value
This study contributes the finance literature by showing women leaders successful in occupying top leadership positions are not necessarily more risk averse and more ethical. Less powerful women CEOs are subjected to potentially higher levels of scrutiny and are forced into an environment where they have to be seen as ethical. However, powerful women face the same concerns as their male counterparts and not necessarily more ethical.
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Dante Baiardo Cavalcante Viana Jr, Isabel Maria Estima Costa Lourenço, Marília Ohlson and Gerlando Augusto S F de Lima
This study investigates how the association between national culture and earnings management compares between developed and emerging countries.
Abstract
Purpose
This study investigates how the association between national culture and earnings management compares between developed and emerging countries.
Design/methodology/approach
The empirical analysis relies on a sample of 6,313 firm-year observations from 11 emerging markets and 27,605 firm-year observations from 22 developed countries. The authors use ordinary least squares regression methods to test the hypotheses of the study.
Findings
Based on Hofstede's (2011) cultural dimensions, the authors find that firms from countries with a higher level of uncertainty avoidance and individualism are less likely to engage in earnings management, but the effect of uncertainty avoidance (individualism) is more (less) pronounced in the emerging countries. Moreover, the authors demonstrate that firms from emerging (developed) countries with higher levels of power distance and masculinity are less (more) likely to engage in earnings management. Finally, the authors find evidence of a trade-off between accruals-based and real earnings management in firms from countries with greater long-term orientation and an indulgence cultural dimension.
Originality/value
This paper adds to the literature by theoretically discussing and empirically analysing the role that developed and emerging countries' development plays on the effect of national culture on earnings management.
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Mary Keating and Denis Harrington
This paper reviews the literature on the implementation of quality programs in the Irish hotel industry. Through a review of the literature in service quality, empowerment, and…
Abstract
This paper reviews the literature on the implementation of quality programs in the Irish hotel industry. Through a review of the literature in service quality, empowerment, and strategy implementation, key issues that affect the achievement of quality are identified. Many quality programs fail from lack of commitment on the part of senior management, middle management, and front‐line employees. Quality management is focused on involvement, communication, and teamwork; but studies show that the management of quality in contemporary hospitality organisations is lacking in these dimensions. The integrative nature of the European Foundation for Quality Management model for business excellence might provide a useful framework for quality implementation in Irish hotels, and it is concluded that further research should be conducted to consider the potential of such frameworks in an Irish context.
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Justin G. Davis and Miguel García-Cestona
As the influence of institutional investors over managerial decision-making grows, so does the importance of understanding the effect of institutional investor ownership (IO) on…
Abstract
Purpose
As the influence of institutional investors over managerial decision-making grows, so does the importance of understanding the effect of institutional investor ownership (IO) on firm outcomes. The authors take a comprehensive approach to studying the effect of IO on earnings management (EM).
Design/methodology/approach
The authors study the relation between IO and EM using a sample of 59,503 listed U.S. firm-year observations from 1981–2019. The authors proxy EM with earnings surprises and with accrual-based and real activity measures. The authors test for nonlinear relations and analyze changes resulting from the passage of the Sarbanes–Oxley Act.
Findings
The findings support a positive IO-EM relation overall, but show that the relation is dynamic and heavily context-dependent with evidence of nonlinearity. The authors also find evidence that IO positively affects accrual-based EM and real activities EM negatively.
Originality/value
To the authors’ knowledge, this is the first study of the IO-EM relation to consider evidence of nonlinearity in the U.S. context, measuring changes to the relation over time, and with the use of several measures of EM.
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Mary Keating and Denis Harrington
This paper reviews the literature on the implementation of quality programs in the Irish hotel industry. Through a review of the literature in service quality, empowerment, and…
Abstract
This paper reviews the literature on the implementation of quality programs in the Irish hotel industry. Through a review of the literature in service quality, empowerment, and strategy implementation, key issues that affect the achievement of quality are identified. Many quality programs fail from lack of commitment on the part of senior management, middle management, and front‐line employees. Quality management is focused on involvement, communication, and teamwork; but studies show that the management of quality in contemporary hospitality organisations is lacking in these dimensions. The integrative nature of the European Foundation for Quality Management (EFQM) model for business excellence might provide a useful framework for quality implementation in Irish hotels, and it is concluded that further research should be conducted to consider the potential of such frameworks in an Irish context.
Details