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This paper aims to propose a normative framework focusing on the need to enhance the roles of the four fundamental environmental forces of management – socio‐demographic, techno‐economic, politico‐institutional, and cultural. The objective is to create a business climate of certainty so that Kenya can achieve its goals of national and private sector development and of elevating its global competitiveness in terms of foreign direct investment and exports.

The paper uses secondary data to describe Kenya's development goals, its current level of private sector development, its position in the global economy, and the historical and cultural dimensions of its management practices. Against that backdrop, the article combines systems thinking and broad‐based reasoning to develop a normative management framework for policy makers and for domestic and international business managers. After using data to describe Kenya's status with respect to the four environmental forces, the article explains how Kenya – through reforming private and public institutions and implementing enlightened national development polices – could shape its management system and its prevailing climate of uncertainty in order to enhance its competitiveness in the present global economy.

The paper concludes that, if Kenya takes policy actions necessary to redirect and enhance its environmental forces, it would improve the efficacy of its resource management system and reduce the uncertainty inherent in the system. This would also promote openness to international trade and business and reduce the “cost” and other real or perceived barriers to business in the country to world levels, leading Kenya to become more competitive in the present global economy in terms of both increased foreign investment and export. As a result, Kenya should experience higher levels of private sector development, economic growth, and employment and, consequently, reduced poverty and higher standards of living for its citizens.

The paper introduces a normative, broad‐based management framework for national and private sector development in a cross‐cultural context. This framework should prove particularly useful to governments, policy makers, and business managers in countries that are in the early stages of private sector development and who are charged with achieving national development goals and with increasing the global competitiveness of their countries' economies.

The London office market is a major destination of international real estate capital and arguably the epicentre of international real estate investment over the past decade. However, the increase in global uncertainties in recent years due to socio-economic and political trends highlights the need for more insights into the behaviour of international real estate capital flows. The purpose of this study is to evaluate the influence of the global and domestic environment on international real estate investment activities within the London office market over the period 2007–2017.

This study adopts an auto-regressive distributed lag approach using the real capital analytics (RCA) international real estate investment data. The RCA data analyses quarterly cross-border investment transactions within the central London office market for the period 2007–2017.

The study provides insights on the critical differences in the influence of the domestic and global environment on cross-border investment activities in this office market, specifically highlighting the significance of the influence of the global environment in the long run. In the short run, the influence of factors reflective of both the domestic and international environment are important indicating that international capital flows into the London office market is contextualised by the interaction of different factors.

The authors provide a holistic study of the influence of both the domestic and international environment on cross-border investment activities in the London office market, providing more insights on the behaviour of global real estate capital flows.

The purpose of this article is to present a strategic conceptual framework for targeting and mining the emerging market segment of Black philanthropy (black gold).

This strategic and normative conceptualization utilizes a socio‐historical and socio‐cultural perspective to posit the black gold construct and recommend tactics for mining it.

Black communities have historically engaged in social justice and self‐help activities for racial equality and advancement and with increasing levels of wealth accumulation now comprise a significant market for philanthropic giving for domestic and global non‐profit organizations. However, in light of Black America's tortured socio‐historical experience and racial/cultural identity, non‐profits must devise a historically‐informed and culturally‐nuanced strategy of relationship marketing to mine the emerging market of black gold.

Domestic and international non‐profits can utilize the proposed strategic conceptual framework to increase their donor and volunteer participation in segmented or minority philanthropy markets.

The proposed framework is strategic in nature, original in conceptualization, and socio‐historical and cultural in its methodological analysis. It can serve as a model, with some contextual modification if necessary, to tap other minority philanthropy markets.

Office markets and particularly international financial centres over the past decade have experienced rapid financialisation, developments and indeed changes in the post-global financial crisis (GFC) landscape. Importantly, the volume and types of international capital flows have witnessed more foreign actors and vehicles entering into the investment landscape with the concentration of investment intensifying within key financial centres. This paper examines the interaction of international real estate capital flows in the London, New York and Tokyo office markets between 2007 and 2017.

Using Real Capital Analytics (RCA) data comprising over 5,700 office property transactions equating to $563bn between 2007 and 2017, the direct global capital flows into the London, New York and Tokyo office markets are assessed using an autoregressive distributed lag (ARDL) approach. Further, Granger causality tests are examined to analyse the short-run interaction of international real estate capital flows into these three major office markets.

By assessing the relativity of internal to external investments in these three central business district (CBD) office markets, differences in market dynamics are highlighted. The London office market is shown to be highly dependent on international flows and the USA, the foremost source of cross-border investment on the global stage. The cointegration and causality analysis indicate that cross-border real estate investment flows in these markets (and financial centres) show both long- and short-run relationships and suggest that the London office market remains more distinct and the most reliant on international capital flows with a wider geographical spread of investment activities and investor types. In the case of New York and Tokyo, these markets appear to be driven by more domestic investment activity and capital seemingly due to subtle factors pertaining to investor home bias, risk aversion and diversification strategies between the markets in the aftermath of the GFC.

Given the importance of the CBD offices in London, New York and Tokyo as an asset class for institutional investors, this paper provides some insights as to their level of connection and the interaction of the international capital flows into these three major cities.

This paper aims to examine the relationship between earnings quality and corporate cash holdings in an emerging economy. Existing literature posits that earnings quality is a result of information asymmetry and firms with lower earnings quality increases cash holdings, to shield the firm from future uncertainties. In this paper, the authors propose a ‘private benefits hypothesis’, which suggests that lower earnings quality is an indicator of opportunism and expropriation of resources in the firm, through tunneling or excessive executive compensations. As a result, firms with lower earnings quality increase cash holdings in their control, to increase their private benefits and to avoid the scrutiny of the external stakeholders. The authors further examine the monitoring role played by institutional investors on cash holdings, with varying degrees of earnings quality.

This study uses an unbalanced panel data sourced from Prowessdx, from 2000 to 2019. The analysis employs 20,231 firm-year observations from 2,421 firms. Earnings quality is calculated following Dechow and Dichev (2002).

Empirical analysis confirms that the firms with higher earnings quality reduce cash. Further, institutional investors reduce the cash holdings in firms with higher earnings quality. Institutional investors effectively reduce the cash only in firms with at least 10% of equity shareholding. The results are robust to alternative measures of earnings quality and endogeneity concerns.

This study diverges from the information asymmetry hypothesis in the existing literature on earnings quality and cash holdings and highlights the underlying private benefits hypothesis, that will impact cash holdings. Next, the 10% institutional shareholding is important in the Indian context as it represents the minimum threshold at which block holders can request extraordinary general meetings (Section 100 of the Companies Act 2013) or the involvement of the National Company Law Tribunal (NCLT) (Section 213 of the Companies Act 2013). This study highlights that unlike in Anglo-Saxon economies, institutional investors or other minority shareholders are empowered by the Companies Act 2013 to play a vital role in corporate governance with a mere 10% equity.

The purpose of this study is to standardize baking time–temperature processing of nutritional carabeef cookies to improve carabeef meat consumption for malnourished women and children.

Preliminary trails were done to optimize carabeef powder level replacing refined wheat flour to develop carabeef cookies. The selected carabeef cookies on the basis of sensory evaluation were baked at three different baking time–temperature combinations viz. 150-160°C for 35-40 minutes, 170-180°C for 25-30 minutes and 190-200°C for 15-20 minutes. These three treatments were evaluated for various physicochemical properties, proximate analysis, color values, instrumental texture parameters and sensory evaluation.

Mean pH, diameter and proximate parameters like moisture, protein, fat and ash percentage had no significant difference at a higher baking temperature, whereas mean cooking yield, thickness values decreased, while spread ratio values increased significantly. Instrumental textural parameters, such as hardness, shear force and adhesiveness values increased significantly. Mean yellowness values had no significant difference, whereas mean redness, hue angle and chroma values increased in significant (p < 0.05) manner with a higher baking temperature and lower time combinations. All sensory attributes scores decreased at a higher baking temperature. Carabeef cookies containing 50 per cent carabeef powder and baked at 150-160°C for 35-40 minutes were selected as best treatment.

The experiment can be further carried out to improve functional properties with the addition of various fiber sources and fat replacers.

Cookies as snack foods have played a vital role in life of human as antiquity and are very much relished by large section of society. The incorporation of carabeef meat may be a very good option to cope up with malnutrition and hunger as well as to improve the consumption pattern of highly nutritional buffalo meat. Carabeef cookies baked at an optimum temperature–time combination had higher nutritional content and acceptability and, thus, could be commercialized to improve socio-economic status and health of consumers.

This study aims to investigate the impact of mandatory audit partner rotation (MAPR) on Chinese listed firms’ insider trading, as well as the moderating effects of firm characteristics on this impact. The economic mechanism behind this impact is also explored.

This study conducts a regression analysis on firms associated with mandatory and voluntary audit partner rotation based on 2009–2019 firm data and examines whether corporate insiders of these two types of firms increase their share sales within 12 months before their financial statements are submitted to a new rotated auditor.

Client firms’ corporate insiders increase their share sales within 12 months before their financial statements are submitted to a new mandatory rotated auditor. In addition, such an association is less pronounced for client firms that changed from Big 4 auditors to those with higher financial constraints. This is more pronounced for client firms with higher information asymmetry. The economic mechanism of the finding is that is the MAPR implementation reduces earnings management activities from client firms. Moreover, client firms’ buy-and-hold stock returns decline in the first year after MAPR.

This study should assist investors, corporate shareholders and Chinese policymakers. Investors can be well protected through the adoption of MAPR because upcoming auditors enhance the audit quality of clients by restraining managers’ manipulation of reported earnings and declining firms’ insider trading afterwards. Investors, Chinese policymakers and corporate shareholders should pay more attention to firms’ financial report quality, auditor selection, financial situation, corporate governance and the information environment. Explicitly, firms with less transparent financial report quality, non-big 4 auditors and fewer financial constraints are more likely to be involved in insider trading.

To the best of the authors’ knowledge, none of the extant studies have examined the impact of MAPR on insider sales. This study extends the research on the effect of the audit process on firm market performance by investigating the impact of audit partner rotation policy on insider trading behaviors.

Currently, there is a great demand for those food products that are easy to prepare or ready for direct consumption. Making pear fruit/juice available round the year is desirous owing to pears' high-nutritional value and specific pleasant taste. Pear is, however, a seasonal fruit and under ambient conditions has a limited shelf life rendering it available as fresh fruit for a specific period.

The study aimed to optimize the spray drying process parameters using response surface methodology for the development of pear juice powder. The process variables included the inlet air temperature of 140–210°C, maltodextrin levels of 4–25%, atomization speed of 11,400–28,000 rpm, feed flow rate of 180–630 mL/hr, and feed total soluble solids (TSS) of 13–30°Brix. The dependent responses were powder yield, solubility, antioxidant activity {% 2,2-diphenyl-1-picrylhydrazyl (DPPH) radical scavenging capacity}, dispersibility, hygroscopicity and particle density.

Among independent variables, inlet air temperature showed a predominant effect. The optimum processing conditions for the development of pear juice powder with optimum quality were 163.02°C inlet air temperature, 13.50% maltodextrin, 28,000 rpm atomization speed, 390.94 mL/h feed flow rate, and 25.5°Brix feed TSS. Under these optimum conditions, pear powder with desirable properties could be produced. The experimental and predicted values were found to be in agreement, indicating the suitability of the model in predicting optimizing responses of pear powder. Glass transition temperature of pear powder was found to be 36.60 ± 0.40°C, which is much higher than that of ambient temperature, suggesting better shelf stability.

The processing of pear fruit has resulted in the increased demand for pear juice powder in both domestic and international markets as a primer of new food products. The optimum conditions obtained in the current study could provide a new insight to the food industry in developing spray-dried pear powder of optimum quality. This can open up a new horizon in the field of food industry for the common masses of Jammu and Kashmir, India.

The purpose of this study is to assess the quality of honey from different agro-climatic zones of Himachal Pradesh in terms of physicochemical characteristics and mineral status.

Three honey-producing locations were selected within each agro-climatic zone, honey sampled from four separate apiaries within each location and analyzed for physicochemical characteristics and mineral status using standard methodologies. The data were analyzed using one-way analysis of variance with one-way classification, after appropriate transformation through online OP-STAT software and MS Excel. The correlation coefficient (r) was also calculated. Principal component analysis was done using XL-STAT software.

The honey of Zone 4 had highest fructose (36.62%), F:G ratio (1.55), acidity (46.07 meq/kg), vitamin C (25.04 mg/100 g) and diastase (19.22 DN), whereas the pollen density (76,666.67 pollen grains per 10 g), pH (5.94), sucrose (6.94%), hydroxy methyl furfuraldehyde (70.20 mg/kg), amino acid (103.83 mg/100 g), phenols (77.39 mg/100 g), Ca (81.04 mg/kg) and K (354.17 mg/kg) were highest for Zone 2. Highest electrical conductivity (0.24 mS/cm), moisture (16.50 %), glucose (34.20%) and P content (62.93 mg/kg) were recorded for Zone 1. Correlation studies indicated a significant positive correlation between pH and EC; EC and moisture; colour and pollen density. Examining the graphical distribution of the honey samples, a natural separation between honeys of four different agro-climatic zones was obtained.

The impact of geographical/agro-climatic variations in physicochemical characteristics of honey has not been worked out under the present scenario in Himachal Pradesh.

The purpose of this paper is to investigate whether or not there is a link between CEO incentive-based compensation and earnings management and to examine how institutional environment's features influence such link.

To test the predictions, the authors use a panel of 1,500 American, Canadian, British, and French firm-year observation over the period 2004-2008.

The authors find a significant association between earnings management and CEO incentive-based compensation. Moreover, the analysis provides evidence that institutional factors are strong determinants of this association. Specifically, the results show that firms from countries within the Anglo-American corporate governance model, which provides greater protection of shareholder rights, ensures strict enforcement of law, and scores high on board oversight, tend to have lower level of earnings management. The analysis shows however, that beside the formal corporate governance quality, it is relevant to consider weaker shareholder protection and lower law enforcement indexes to explain earnings management in firms from countries within the Euro-Continental corporate governance model.

This paper is the first to provide insights regarding the extent to which CEO incentive rewards imply management discretion and to indicate how much institutional features matter. The analysis contributes to two distinct strands of research. It extends prior research on the association between executive compensation and earnings management and adds to the literature demonstrating a relationship between institutional factors and financial decisions.