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Examines the respective concepts of collateral warranties and latent defects insurance, and the strengths and weaknesses of each arrangement. Discusses the objective or protecting owner and occupier, the collateral warranty matrix, building‐specific advantages of LDI, and recent events in the LDI market. Concludes that the inherent uncertainties in collateral warranties are likely to result in increased appreciation and demand for latent defects insurance.

The purpose of this paper is to empirically analyze the impact of chief executive officer (CEO) turnover on strategic change and explore the mediating role of organizational slack between them, as well as the moderating role and joint moderating role of top management team (TMT) external social network, ownership nature and industry type.

Based on the upper echelons theory, resource allocation theory and structuration theory, this paper takes the unbalanced panel data of A-share listed companies in Shanghai and Shenzhen Stock Exchanges of China from 2001 to 2018 as the research sample, uses ordinary least squares (OLS) regression method and fixed effect model to study the relationship between CEO turnover and strategic change, and focuses on the mediating mechanism and moderating mechanism between them.

The authors find that CEO turnover is positively related to strategic change. When a CEO turns over, a new CEO will initiate strategic change. Precipitation organizational slack plays a mediating role between CEO turnover and strategic change. Non-precipitation organizational slack has no mediating effect between CEO turnover and strategic change, which is embodied as “suppressing effects.” When the non-precipitation organizational slack variable is controlled, the impact of CEO turnover on strategic change will be enhanced. TMT external social network, ownership nature and industry type all negatively moderate the relationship between CEO turnover and strategic change. TMT external social network and ownership nature have a joint moderating effect between CEO turnover and strategic change. When TMT external social network is small, CEO turnover has a positive effect on strategic change in both state-owned enterprises and non-state-owned enterprises, but the promotion effect is stronger in non-state-owned enterprises. When TMT external social network is large, the positive effect of CEO turnover on strategic change in state-owned enterprises is from strong to weak, but in the non-state-owned enterprises is from weak to strong. TMT external social network and industry type have a joint moderating effect between CEO turnover and strategic change. When TMT external social network is small, CEO turnover has a positive impact on strategic change in high-tech enterprises and non-high-tech enterprises, but the promotion effect is stronger in non-high-tech enterprises. When TMT external social network is large, the positive impact of CEO turnover on strategic change in high-tech enterprises is from strong to weak, but in the non-high-tech enterprises is from weak to strong.

On the basis of previous studies, this paper further expands the research scope of the mechanism of CEO turnover on strategic change, echoing the research arguments of relevant scholars. At the same time, the research results reveal the mechanism of organizational slack, TMT external social network, ownership nature and industry type in the relationship between CEO turnover and strategic change, and further deepen the application of upper echelons theory, resources allocation theory and structuration theory in China. In addition, the research conclusions of this paper also provide reference value for Chinese enterprises in carrying out strategic change, promoting enterprise transformation and improving the level of corporate governance, and help to enhance the understanding and attention of Chinese enterprises to CEO turnover, organizational slack, TMT external social network, strategic change and corporate governance under the background of high-quality economic development.

Since International Financial Reporting Standards (IFRS) are not primarily meant for the accounting needs of Islamic banks, the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) was established to develop specific accounting standards for Shari’ah compliance. The purpose of this paper is to assess the de jure harmonisation between the disclosure requirements of the IFRS-based Malaysian Accounting Standards (MAS) and those of the AAOIFI.

Using Malaysia as a case study, the paper examines the extent of the de jure congruence between the IFRS-based MAS and AAOIFI’s Financial Accounting Standard No 1 (FAS1), which is considered to be one of the key disclosure standards for Islamic banks. We employ leximetrics and content analysis to analyse these accounting standards and the additional guidelines introduced by the Malaysian Accounting Standards Board (MASB) and the Central Bank of Malaysia (Bank Negara Malaysia, BNM) to identify the gaps between different tiers of MAS and FAS1.

The study finds that de jure congruence between the IFRS-based MAS and AAOIFI standards has improved through the introduction of additional accounting guidelines by both the MASB and the banking regulator, BNM. However, some gaps remain between the two standards. These gaps may be difficult to completely eliminate due to differences in the fundamental principles underlying the development of both standards.

While some studies have explored the de facto congruence between AAOIFI accounting standards and others, this paper is the first, to the best of the authors’ knowledge, to examine the de jure congruence between those standards with the IFRS-based MAS.

This paper aims to test for a potential target accounts payable ratio and the determinants of accounts payable ratio.

The author use data from 104 firms over the period 2000-2014 and analyse these data using the system-generalised method of moments methodology.

The author find that Jordanian firms have a target accounts payable ratio and more than 65 per cent of the deviation from target is closed within a year. He find a positive impact of growth, positive growth and supply of credit on the accounts payable ratio. Furthermore, large firms use less trade credit to finance their purchases.

A number of limitations affect this study to be considered in future research. Future researchers could cover longer period of time. To generalise the results, non-listed firms may be included in the sample.

In addition to extending the finance literature, this study has managerial implications regarding trade credit policy. There is strong evidence that the trade credit policy is affected by firm’s access towards capital market funds. Thus, regulators and policy maker should bear in mind that the banking system should help firms to achieve their target accounts payable ratio. In addition, firm’s management should be aware of the importance of trade credit to finance sales growth. All of these results should assist firm managers to find the factors that affect the target accounts payable ratio, which ultimately may affect the firm value and performance.

To the best of author’s knowledge, this is the first study on the partial adjustment model and determinants of accounts payable in Jordan. Thus, the authors aim to contribute to the existing literature, as there are very few studies test for target trade credit policy.

The purpose of this paper is to participate in the discussion of a relatively new field of corporate governance (CG) and its development. The aim of the research is to discover how well‐known Estonian business leaders perceive the purpose of business activities, corporate relations with the society and environment and who they consider the most significant stakeholders. These issues are studied and analyzed during a ten‐year period in the real‐life Estonian business environment.

The empirical part of the paper is based on the results of in‐depth interviews with 26 top Estonian managers and owners, often known as generalists. The paper discusses the results of qualitative research conducted among these business leaders, owners and top‐managers in Estonian organizations, exploring how business purposes and interests, relations with the society and environment as well as different stakeholders are perceived and how these perceptions have changed in Estonia during the period of ten years (1995‐2004).

This paper shows how business purposes, interests, corporate relations with the society and environment as well as with different stakeholders are perceived in a rapidly developing former post‐socialist and now EU member state, Estonia. It was revealed that stakeholder interests and corporate relations with the society and environment in business have not yet been considered important issues in business organizations. According to the results, the stakeholder thinking and stakeholder concepts have just recently became recognized and understood among the Estonian business leaders. There is a clear difference seen in two periods studied in this research.

The main limitation of the study is related to survey methodology. In‐depth interviews are conducted with 26 representatives; this sets limits to the possibility to generalize the results. In further research, the aim is to get more data through structured questionnaires thus enabling to conduct quantitative analysis and draw conclusions based on larger amount of respondents.

In order to stay sustainable and be able to develop further there is a need for Estonian business leaders and organizations to start paying more attention to the different stakeholders, and see the organizations as a part of the environment and society.

The main contribution of the paper can be found in the in‐depth discussion of the concept of CG particularly from the perspective of stakeholder theory.

A distinction must be drawn between a dismissal on the one hand, and on the other a repudiation of a contract of employment as a result of a breach of a fundamental term of that contract. When such a repudiation has been accepted by the innocent party then a termination of employment takes place. Such termination does not constitute dismissal (see London v. James Laidlaw & Sons Ltd (1974) IRLR 136 and Gannon v. J. C. Firth (1976) IRLR 415 EAT).

Evaluates the effects of shipwrecks and peoples’ reactions following them, with regard to their feelings of preventability on someone’s part. In particular to the Erika in 1989, and the Prestige in 2002. The European Union (EU), which theretofore seemed to be neglecting maritime safety appears to have developed a maritime culture. The EU seems to have adopted the International Maritime Organisation’s (IMO) attitude regarding safety protocols, which must be a right and proper thing to do. Concludes that shipping has needed, and is now receiving, a proactive approach with regard to safety from the EU which should limit, as far as possible, disasters of both a human and ecological kind for the maritime world.

Corruption has been evidenced as one of the major factors that drive a firm's dynamics and growth. This study examines the relationship between corruption and financing structure decisions of small and medium-sized enterprises (SMEs) in Vietnam.

The authors use a longitudinal data set from the Vietnam's SME Survey in the period 2007–2013 and adopt the two-stage least squares method to deal with endogeneity.

After controlling for endogeneity and firm heterogeneity, the authors find that, overall, corruption does significantly affect the decisions of financing sources. Given that, corruption increases the use of informal debt and decreases the levels of formal debt, owner's equity and retained earnings.

The findings suggest implications for corruption-combating actions and policies.

Different from previous studies that either provide evidence of government corruption and a firm's capital structure at the country level or focus on corruption and debt only, we deliver a more comprehensive analysis on the nexus between corruption and various financing sources.

The authors point out that the existing research confuses the operational liabilities formed based on the “transaction” relationship with the financial liabilities formed based on the “investment” relationship, which not only exaggerates the value of leverage but also underestimates the level of protection that companies provide for creditors alone. That is, the confusion of concepts not only triggers the problem of leverage misestimate but also triggers the short-term financial risk misestimate. The performance of “nominal leverage” and “nominal short-term solvency” based on total assets calculation cannot reflect the real leverage level and the real short-term financial risk of enterprises.

To distinguish the concepts of “assets” and “capital” and rationalize the relationship between “transactions” and “investments”, authors systematically design the “real leverage” indicators and “real short-term solvency” indicators, and measure the degree of misestimate of leverage and short-term financial risk indicators by traditional research. On this basis, this paper describes and analyses the trends of leveraged misestimate and short-term financial risk misestimate of listed companies in China and analyses which companies have more serious leverage misestimate. And it helps readers to form an objective understanding of the leveraged misestimate and short-term financial risk misestimate of listed companies in China.

Firstly, the overall high level of leverage of listed companies in China in the traditional sense is largely because of the misestimate of indicators. And this kind of misestimate is more serious among firms that have advantages in trading, such as state-owned enterprises and firms with higher market shares. Secondly, for most firms with normal solvency, traditional research systematically overestimated the negative impact of “nominal leverage” on financial risk indicators (represented by short-term solvency). The overestimation is significant in firms with serious leverage misestimate. Thirdly, indicators’ misestimate of the traditional research makes the banks cannot make effective credit decisions according to the firm's “real leverage” and “real short-term solvency”.

Firstly, clarify the differences between the concepts of “assets” and “capital”, and clarify the level of “real leverage” of listed companies in China, which is conducive to the process of “de-leveraging”. Secondly, revise the problem of misestimate of related indicators, so that financial institutions can clearly identify the true profitability and real risk level of the entity domain, and thus improve the effectiveness of credit decisions.

February 22, 1971 Master and Servant — Vicarious liability — Apprentices required to travel to detached place of work — No obligation to use own transport or carry passengers — Mileage allowance paid by employer if own transport used — Passenger allowance payable for carriage of fellow apprentice — Apprentice injured while being driven to work as passenger of fellow apprentice — Whether employer liable for acts of apprentice while driving — Whether acting as employer's servant or agent — Insurance cover for passenger carried “by reason of… contract of employment” — Whether insurers liable.