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THE INVITATION to handle Concorde was accepted by Singapore Airlines in May 1972, following which advance arrangements were made in order that it would be handled not only smoothly and to the satisfaction of BAC, but also that it should be given priority to fulfil its programme of intense activity during its short stay in Singapore.

This paper examines the relationship between the number of domestic banks that the firm engages with and firm value and how this relationship is moderated by ownership concentration at low and very high level on a sample of Malaysian family and non-family firms.

For hypotheses testing, panel data analysis using the fixed effects model (FEM) is used because the FEM can address any endogeneity problems effectively (Chi, 2005). The panel data regression is conducted on both family firms and non-family firms.

We find that there is a significant negative relationship between the number of domestic banks engaged by family firms, operating in industries where these firms do not have absolute monopoly, and firm value. However, there is no evidence that this significant negative firm value effect is stronger in family firms compared to non-family firms. Furthermore, the significant positive moderating effect of ownership concentration on this relationship within family firms in such industries is evident only at low level of ownership concentration. Interestingly, at very high level of ownership concentration, this significant positive moderating effect becomes negative. There is no evidence that these significant moderating effects are stronger in family firms compared to non-family firms.

This research has focused only on family and non-family firms.

An implication of this research is that there is a need for the capital market regulators to introduce appropriate policies to deter family firms from having a close relationship with domestic banks as well as monitor the number of domestic banks engaged by such firms. There may be policy implications for consideration by the Central Bank of Malaysia as well.

This research provides some insights to both academia and industry regarding the consequences of domestic banking relationship and different levels of concentrated ownership in family firms in an emerging market. These insights can help improve the corporate governance as well as ownership structure of Malaysian public-listed family firms which dominate the capital market. Our findings refute the argument by Peng and Jiang (2010) by demonstrating that corporate reputational effects may be a substitute for institutional deficiencies.

This chapter examines the relationship between corporate governance and agency costs of family and non-family ownership of public listed companies in Malaysia. It presents a longitudinal study of the 290 publicly listed companies in the Main Board of the Bursa Malaysia over the period 1999–2005.The study applies the governance mechanisms such as board size, independent director and duality as a tool in monitoring agency costs based on asset utilization ratio and expense ratio as proxy for agency costs. There is strong evidence that larger board size has a significant effect as a device in mitigating agency costs. The study supports that independent directors and duality are viewed differently by family and non-family ownership. The evidence shows that an independent director in family ownership does not influence agency costs. But non-family ownership needs more independent directors to counsel and monitor the company and thus reducing the agency conflict with shareholders. The study also finds that family ownership experiences less agency conflicts when duality role exists. Contrary, non family ownership experiences high agency costs when duality exists on board.

THE evacuation brought many problems to the country districts—problems that those who ordered it had not bothered to think‐out beforehand. One suspects that the ministers responsible looked on it as an exercise in moving a million people from one place to another; and, when the million had been moved, congratulated themselves on another astounding success. But the moving was only the start. It was a far more difficult business to keep the evacuees in the country. That raised problems for everybody—including the rural librarian. Some people may say the evacuees didn't want to read anything except timetables for trains to take them home. The rural librarian, being a man of understanding, might have foreseen that demand and supplied it. But there are other and better ways in which the rural librarian might have helped and is helping. For the rural library can provide the evacuees with a substitute for the pleasures of town; and, more important in the longrun, can help them to understand that strange, almost foreign, thing—country life.

The purpose of this article is to discuss how minimum subsidy auctions have been implemented in Chile and India for Internet and mobile phone infrastructure to and identify lessons for governments considering reverse auctions as a tool. In a minimum subsidy auction (also known as a reverse auction), the government starts by offering the maximum funds available for a given public project; the company requiring smallest subsidy wins.

The article investigates several case studies of subsidy auctions in both Chile and India.

When firms compete for subsidies in reverse auctions, they have incentives to get the most result for the least funds. This furthers the government’s goal to achieve maximum public policy impact with minimum budget.

For developing countries, very little research has been done on implementation of auctions in the communications sector.

In today’s rapidly changing business environment, the case for accelerated innovation processes has become increasingly compelling at both a theoretical and practical level. Thus, the purpose of this paper is to propose a conceptual framework for accelerated innovation in a data-driven market environment.

This research is based on a two-step approach. First, a set of propositions concerning the best approaches to accelerated innovation are put forward. Then it offers qualitative evidence from five case studies involving world-leading firms, and explains how innovation can be accelerated in different kinds of data-driven environments.

The key sets of factors for accelerated innovation are: collateral structure; customer involvement; and ecosystem of innovation. The proposed framework enables firms to find ways to innovate – specifically, to make product innovation faster and less costly.

The findings from this research focus on high-tech industries in China. Using several specific innovation projects to represent accelerated innovation could raise the problem of the reliability and validity of the research findings. Additional research will probably be required to adapt the proposed framework to accommodate the cultural nuances of other countries and business environments.

The study is intended as a framework for managers to apply their resources to conduct product innovation in a fast and effective way. It developed six propositions about how, specifically, data analytics and ICTs can contribute to accelerated innovation.

The research shows that firms could harvest external knowledge and import ideas across organisational boundaries. An accelerated innovation framework is characterised by a multidimensional process involving intelligence efforts, relentless data collection and flexible working relationships with team members.

The purpose of this study is to construct and test a new measure of auditor orientation using two audit quality-related tasks.

The sample consists of 66 Dutch and US graduate auditing students. Participants complete two tasks: one involving a lease classification and another, supplemental experiment involving a contingent liability judgment. The purpose is to construct a new measure for rules-based/ principles-based orientation. Rigorous, psychometric testing confirms that parts of tolerance for ambiguity (TOA) and need for cognition (NFC), together, form a new construct the authors identify as auditor orientation. The authors next conduct a main and supplemental experiment with novice auditor participants from both the USA and the Netherlands.

The authors begin with rigorous, psychometric testing using participants from the USA and the Netherlands. The resulting 10-item scale combines parts of TOA and NFC to reflect auditor orientation. The common themes across scale items are high (low) adaptability to complexity and a substance-over-form (form-over-substance) preference for principles-oriented (PO) (rules-oriented [RO]) auditors. Conducting two experiments, results from two distinct tasks confirm our research question; novice auditors classified as RO (PO) are more (less) likely to recommend a more aggressive/client-favorable disclosure judgment.

Auditor orientation (i.e. rules or principles) has a significant impact on the application of rules-based or principles-based standards. How the standards are applied, therefore, influences auditor decision-making and thus audit quality. However, there is a paucity of auditor orientation research to date, including a validated measure. The study contributes a new measure for future research in the related accounting standards and audit quality literatures, while also identifying a potentially important construct in auditor training.

Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination of some legal aspects concerning MNEs, cyberspace and e‐commerce as the means of expression of the digital economy. The whole effort of the author is focused on the examination of various aspects of MNEs and their impact upon globalisation and vice versa and how and if we are moving towards a global digital economy.

This paper uses a laboratory experiment to examine the effect of accountability pressure as a monitoring control tool to mitigate subordinates' propensity to create budgetary slack. The results suggest that budgetary slack is (lowest) highest when accountability pressure is (present) absent under a private information situation. The results further reveal that accountability pressure is positively associated with subordinates' perceived levels of honesty, which in turn is negatively associated with budgetary slack creation. The findings of this paper have important theoretical and practical implications for budgetary control systems design.

Many jurisdictions fine illegal cartels using penalty guidelines that presume an arbitrary 10% overcharge. This article surveys more than 700 published economic studies and judicial decisions that contain 2,041 quantitative estimates of overcharges of hard-core cartels. The primary findings are: (1) the median average long-run overcharge for all types of cartels over all time periods is 23.0%; (2) the mean average is at least 49%; (3) overcharges reached their zenith in 1891–1945 and have trended downward ever since; (4) 6% of the cartel episodes are zero; (5) median overcharges of international-membership cartels are 38% higher than those of domestic cartels; (6) convicted cartels are on average 19% more effective at raising prices as unpunished cartels; (7) bid-rigging conduct displays 25% lower markups than price-fixing cartels; (8) contemporary cartels targeted by class actions have higher overcharges; and (9) when cartels operate at peak effectiveness, price changes are 60–80% higher than the whole episode. Historical penalty guidelines aimed at optimally deterring cartels are likely to be too low.