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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.

Daniel and Titman (1997) contend that the Fama‐French three‐factor model’s ability to explain cross‐sectional variation in expected returns is a result of characteristics that firms have in common rather than any risk‐based explanation. The primary aim of the current paper is to provide out‐of‐sample tests of the characteristics versus risk factor argument. The main focus of our tests is to examine the intercept terms in Fama‐French regressions, wherein test portfolios are formed by a three‐way sorting procedure on book‐to‐market, size and factor loadings. Our main test focuses on ‘characteristic‐balanced’ portfolio returns of high minus low factor loading portfolios, for different size and book‐to‐market groups. The Fama‐French model predicts that these regression intercepts should be zero while the characteristics model predicts that they should be negative. Generally, despite the short sample period employed, our findings support a risk‐factor interpretation as opposed to a characteristics interpretation. This is particularly so for the HML loading‐based test portfolios. More specifically, we find that: the majority of test portfolios tend to reveal higher returns for higher loadings (while controlling for book‐to‐market and size characteristics); the majority of the Fama‐French regression intercepts are statistically insignificant; for the characteristic‐balanced portfolios, very few of the Fama‐French regression intercepts are significant.

This paper aims to highlight recent resources on information literacy (IL) and library instruction, providing an introductory overview and a selected annotated bibliography of publications covering all library types.

This paper introduces and annotates English-language periodical articles, monographs, dissertations and other materials on library instruction and IL published in 2015.

This paper provides information about each source, describes the characteristics of current scholarship and highlights sources that contain either unique or significant scholarly contributions.

The information may be used by librarians and interested parties as a quick reference to literature on library instruction and IL.

The purpose of this research is to look at the effects of research and development expenditures (R&D) on value and risks of publicly traded companies by studying returns on stock exchanges of R&D-intensive economies (Republic of Korea, Finland and Israel).

Empirical tests of multifactor asset pricing models were applied to demonstrate that R&D intensity could be considered as a pricing factor and affect investors’ risk premiums on those markets. To discover the reasons behind the asset pricing R&D anomaly, this study investigated the nature of R&D risk further by looking into the interactions of R&D and currency risks.

This study discovered that investors in stock markets of R&D-intensive countries should require a positive equity risk premium. However, the reduction of R&D intensity may increase firms’ risks and firms with higher R&D-intensity are less exposed to currency risks in R&D-intensive economies.

Many researchers have investigated the relationship between a firm’s R&D and stock returns. But nearly all of them focus on the US Stock Market and attempt to determine the reasons for R&D’s impact on firms’ risks and market value. Meanwhile, the role of R&D and related risks for investors could be even more prominent for stock markets in R&D-intensive countries. To bridge this gap, this research studied stock returns on exchanges of three developed countries where the ratio of gross domestic expenditure on R&D (GERD) to GDP is among the highest worldwide. In this study, the methodology of asset pricing empirical studies was adopted and it was further developed to analyze the causes of R&D risks. The new methodology was applied to discover relationship between R&D intensity and currency risk exposure. The interesting findings could be used for development of firms’ corporate strategies in those countries and for elaboration of policy decisions.

The purpose of this paper is to explore the scope of robust dispersion control charts in a distribution-free environment, which is a specific case of non-normal control charts. These control charts are skewness-based structures designed to monitor skewed-type processes whilst equally performing under symmetric processes. Moreover, the choice of a suitable control chart for a particular non-normal situation is also suggested.

The probability control limits approach is considered as an alternative way to determine the skewness-based structure of dispersion control charts. The proposals of five robust and two conventional Shewhart-type dispersion control charts are suggested as efficient competitors of skewness correction (SC) dispersion control charts. The evaluation of robust proposals and competing dispersion control charts is done through false alarm rate (FAR) and probability to signal (PTS) measures.

The proposed dispersion control charts are found robust and efficient alternatives of SC dispersion control charts in both normal and non-normal distributions. The FARs and PTS properties of proposed control charts are impressive in all studied cases, and a real-data example also verifies the dominance of proposed control charts.

Conventional dispersion control charts quickly lose their efficiency as underlying process distribution deviates from normality; however, robust control charts emerge as most suitable candidates in such situations. This paper proposes the idea of robust dispersion control charts under a distribution-free structure for the skewed-type process, which is not yet explored.

The purpose of this paper is to postulate that the technique of Importance-Performance Analysis (IPA) is currently underutilised in visitor management studies reported in the peer-reviewed marine wildlife tourism (MWT) research literature. Further, this paper provides insight into how IPA could inform future research and management of tourism experiences at marine wildlife destinations.

This paper synthesises learning gained from the natural area tourism and recreation literature that report the application of IPA in MWT and insights from a recent study at the Dolphin Discovery Centre in Bunbury, Western Australia.

Although currently underutilized in MWT research, IPA is a relatively straightforward, easy to interpret, and, if correctly applied, a powerful tool that managers and researchers can employ to investigate and enhance visitor satisfaction in the short-term and for longer-term sustainability of the industry through visitor-informed tourism management.

Having identified the opportunity to enhance visitor experiences, site management and target species welfare through increased IPA research, this review provides a plain language introduction to the application of IPA and direct access to comprehensible academic discourses and exemplars for the technique. Moreover, in light of increasing tourism demand, IPA can assist in determining management options for the future.

Public–private partnership (PPP) projects are increasingly significant in many countries. The purpose of this paper is to assess the impact of critical success factors (CSFs) on PPP projects and comprehensively consider the interrelations and interaction among dimensions and factors to achieve a better understanding of PPP project management.

An evaluation index system for PPP projects such as the presented case study is proposed based on a literature review and a survey. Then, interpretative structural modeling is used to transform the CSFs dimension into a multi-level hierarchical model to reflect the driven-dependency relation of each dimension; the fuzzy analytic network process model optimized by moment estimation theory is used to investigate the impact of CSFs by considering their internal impact.

Regarding the project used as the case study, the driving force and dependence for driving layer and dependent layer are determined. Moreover, in driving layer, efficient and well-structured payment mechanism is the most important CSF if considering the internship and interaction among CSFs, and efficient and well-structured payment mechanism and good governance provide most positive interaction; in dependent layer, population of beneficiaries is the most important CSF if considering the internship and interaction among CSFs, and public client’s satisfaction provides most positive interaction.

This paper developed an evaluation model to explore the interrelationships of dimensions and factors and then determine the impact of CSFs. The model propose in this paper relaxes the independence assumptions of traditional methods and is more in line with reality; besides, weighting method is optimized to obtain more objective and reasonable evaluation results. Through an empirical study, the validity of the model has been verified; therefore, the study can help project stakeholders better understand the CSFs and further improve project performance.

The current study examines the association between fear of bullying and actual behaviour among male prisoners (n =234: 84 adult, 86 young and 66 juvenile). It explores if developmental models of aggression can assist with understanding fear and if there is evidence to support an application of the Applied Fear Response model. Participants completed the Direct and Indirect Prisoner Checklist‐Scaled Revised and the Threat Appraisal Bullying measure. Fear of bullying did not differ across age. There were no significant relationships between fear and actual victimisation or perpetration for juveniles. Fear was a significant predictor of increased emotional and help‐seeking behaviours in juveniles, and inhibited negative behaviours in adults. Fear of bullying was highest among young and juvenile ‘bully‐victims’. The need to account for fear of victimisation as opposed to focusing solely on victimisation experience is outlined, particularly in relation to younger prisoners (i.e. young adults and juvenile offenders). The value of developmental and environmental models in understanding aggression and victim reactions are discussed.

The purpose of this paper is to explore the potential of enriching the library subject headings with folksonomy for enhancing the visibility and usability of the library subject headings.

The WorldCat-million data set and SocialBM0311 are preprocessing and over 210,000 library catalog records and 124,482 non-repeating tags were adopted to construct the matrix to observe the semantic relation between library subject headings and folksonomy. The proposed system is compared with the state-of-the-art methods and the parameters are fixed to obtain effective performance.

The results demonstrate that by integrating different semantic relations from library subject headings and folksonomy, the system’s performance can be improved compared to the benchmark methods. The evaluation results also show that the folksonomy can enrich library subject headings through the semantic relationship.

The proposed method simultaneous weighted matrix factorization can integrate the semantic relation from the library subject headings and folksonomy into one semantic space. The observation of the semantic relation between library subject headings and social tags from folksonomy can help enriching the library subject headings and improving the visibility of the library subject headings.

For non‐normal Pearsonian processes, Clements proposed a method for calculating estimators of the two basic process capability indices C_p and C_pk. Pearn and Kotz applied Clements’ method to obtain estimators for the other two more advanced process capability indices C_pm and C_pmk. Their considerations on those indices, however, are restricted to processes with symmetric tolerances. Recently, Pearn and Chen proposed a generalization of the index C_pk to handle cases with asymmetric tolerances. The generalization takes into account the asymmetry of the manufacturing specifications, which is shown to be superior to the other existing methods. In this paper, we apply this approach and consider a generalization of Clements’ method for non‐normal Pearsonian processes where the manufacturing tolerances are asymmetric. Comparisons between the original Clements’ method and the proposed generalization are provided. The results indicate that the generalization is more accurate than the original Clements’ method in measuring process capability.