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In recent years it has been illustrated that the Unified Power Flow Controller (UPFC) installation location plays an important role in effecting nonlinearly its steady state performance. A Pulse Width Modulation (PWM) based UPFC used as a voltage regulator is modeled and analyzed to investigate its optimal position in the transmission line. From the simulation results it is demonstration that by varying the modulation index of the device it can control the distribution of the active and reactive power flows. In addition, this paper deals with the definition and simulation of the control strategy of the closed‐loop UPFC with a series compensation block when it operates as a terminal voltage regulator using Electromagnetic Transients Program (EMTP). The design and simulation of two types of digital controller strategies for the study system in this paper have been carried out. The dynamic performance in terms of speed stability, accuracy, robustness and simplicity of a PI controller with gain scheduling and a fuzzy logic controller have been tested and compared.

This systematic literature review analyses the determinants and consequences of executive compensation-related shareholder activism and say-on-pay (SOP) votes. The review covers 71 empirical articles published between January 1995 and September 2017. The studies are reviewed within an empirical research framework that separates the reasons for shareholder activism and SOP voting dissent as input factor on the one hand and the consequences of shareholder pressure as output factor on the other. This procedure identifies the five most important groups of factors in the literature: the level and structure of executive compensation, firm characteristics, corporate governance mechanisms, shareholder structure and stakeholders. Of these, executive compensation and firm characteristics are the most frequently examined. Further examination reveals that the key assumptions of neoclassical principal agent theory for both managers and shareholders are not always consistent with recent empirical evidence. First, behavioral aspects (such as the perception of fairness) influence compensation activism and SOP votes. Second, non-financial interests significantly moderate shareholder activism. Insofar, we recommend integrating behavioral and non-financial aspects into the existing research. The implications are analyzed, and new directions for further research are discussed by proposing 19 different research questions.

The need for thesauri to help users in their search for information in online information systems has been discussed for several decades. Many wide‐ranging contributions have been made to solve this problem. Nevertheless, investigation is needed to design a thesaurus structure based on what is relevant for users and generators of information within a specific subject domain. This paper explores the possibility of creating a thesaurus from the cognitive viewpoint. This approach is based on a system (in this case represented by a thesaurus) that organises its representation of knowledge or its classification as closely as possible to the authors‘ and users’ images of the subject domain with the objective of increasing the interaction between users and texts, and thus the communication in a given information retrieval system. From this point of view, the thesaurus structure is considered as the essential foundation on which to base such an interactive thesaurus. Furthermore, this structure is conceived as representing the merging point for both the generators‘ and the users’ models of the subject domain and for their information needs. This paper is dedicated mainly to the generators‘ side involved in this process. It demonstrates how an author’s writings can be used to identify the generators‘ model and perception of the subject domain, and how these can later be inserted in the thesaurus structure. Discourse analysis is used as a main method to identify the categories and its relevance for building such a structure is discussed. It also outlines a general approach for the user side to set up different methods of getting the users’ information needs into the thesaurus structure.

The 1997-98 financial crisis has had a profound effect on how East Asian economies the role of the IMF and its strategic interests relative to those of the United States in the international financial regime. It has prompted them to create a regional mechanism for financial and monetary cooperation, ranging from deeper policy dialogue and surveillance, to a system of financial cooperation, and common exchange rate arrangements. This paper analyses the economic and strategic motivations behind this and outlines recent developments in financial cooperation in East Asia to provide possible directions for the future.

A network of bilateral swap arrangements under the Chiang Mai Initiative(CMI) needs stronger policy dialogue and surveillance to develop into a regional financing facility, a sort of East Asian IMF. The facility plays a role as an regional lender of last resort, providing short-term funds to a member country facing a temporary liquidity shortage and for market intervention to stabilize foreign exchange rate. East Asian countries need to achieve regional exchange rate stability. In the long run, the region may develop a common currency arrangement, but it cannot be expected in the very near future because there is no convergence of macroeconomic conditions, economic structure and systems. A realistic approach would be for East Asian developing countries to adopt a currency basket system to minimize the impact of dollar/yen exchange rate volatility on their economies. Strong political will and a vision for regional integration will be required to introduce it.

Presents over sixty abstracts summarising the 1999 Employment Research Unit annual conference held at the University of Cardiff. Explores the multiple impacts of globalization on work and employment in contemporary organizations. Covers the human resource management implications of organizational responses to globalization. Examines the theoretical, methodological, empirical and comparative issues pertaining to competitiveness and the management of human resources, the impact of organisational strategies and international production on the workplace, the organization of labour markets, human resource development, cultural change in organisations, trade union responses, and trans‐national corporations. Cites many case studies showing how globalization has brought a lot of opportunities together with much change both to the employee and the employer. Considers the threats to existing cultures, structures and systems.

In 2001, the US moved to regulate internal control reporting by management and auditors. While some jurisdictions have followed the lead of the US, many others have not. An important question, therefore, is the relevance of internal control to stakeholders. The more specific issue of the benefits of US-style regulation of internal control reporting is also topical. We review studies on the determinants of internal control quality and its economic consequences for stakeholders including investors, creditors, managers, auditors and financial analysts. We extend previous reviews by focusing on US studies published since 2013 as well as all non-US studies investigating IC quality including countries regulating IC disclosure as well as unregulated settings and both developed and developing economies. In doing so, we identify research questions where evidence remains mixed and new directions in which there are research opportunities.

Three main insights arise from our analysis. First, evidence on the economic consequences of internal control quality suggests that the quality of internal control can have a significant effect on decision making by users of financial information. Second, the results of research on the empirical association between ownership structure, certain board characteristics and internal control quality is generally mixed. Empirical evidence concerning the association between audit committee characteristics and internal control quality generally supports a positive and significant association. Finally, while studies in non-US jurisdictions are increasing, opportunities remain to explore the determinants and consequences of internal control in other jurisdictions. Our review provides evidence for policy makers of whether there are benefits from requiring management and auditors to report on internal control over financial reporting.