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Open Access
Article
Publication date: 16 January 2017

Collins G. Ntim, Teerooven Soobaroyen and Martin J. Broad

The purpose of this paper is to investigate the extent of voluntary disclosures in UK higher education institutions’ (HEIs) annual reports and examine whether internal governance…

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Abstract

Purpose

The purpose of this paper is to investigate the extent of voluntary disclosures in UK higher education institutions’ (HEIs) annual reports and examine whether internal governance structures influence disclosure in the period following major reform and funding constraints.

Design/methodology/approach

The authors adopt a modified version of Coy and Dixon’s (2004) public accountability index, referred to in this paper as a public accountability and transparency index (PATI), to measure the extent of voluntary disclosures in 130 UK HEIs’ annual reports. Informed by a multi-theoretical framework drawn from public accountability, legitimacy, resource dependence and stakeholder perspectives, the authors propose that the characteristics of governing and executive structures in UK universities influence the extent of their voluntary disclosures.

Findings

The authors find a large degree of variability in the level of voluntary disclosures by universities and an overall relatively low level of PATI (44 per cent), particularly with regards to the disclosure of teaching/research outcomes. The authors also find that audit committee quality, governing board diversity, governor independence and the presence of a governance committee are associated with the level of disclosure. Finally, the authors find that the interaction between executive team characteristics and governance variables enhances the level of voluntary disclosures, thereby providing support for the continued relevance of a “shared” leadership in the HEIs’ sector towards enhancing accountability and transparency in HEIs.

Research limitations/implications

In spite of significant funding cuts, regulatory reforms and competitive challenges, the level of voluntary disclosure by UK HEIs remains low. Whilst the role of selected governance mechanisms and “shared leadership” in improving disclosure, is asserted, the varying level and selective basis of the disclosures across the surveyed HEIs suggest that the public accountability motive is weaker relative to the other motives underpinned by stakeholder, legitimacy and resource dependence perspectives.

Originality/value

This is the first study which explores the association between HEI governance structures, managerial characteristics and the level of disclosure in UK HEIs.

Details

Accounting, Auditing & Accountability Journal, vol. 30 no. 1
Type: Research Article
ISSN: 0951-3574

Keywords

Article
Publication date: 1 July 2006

George R. Kramer and Alan E. Sorcher

To examine whether the New York Stock Exchange (NYSE) in its recent rule changes has provided the appropriate separation between its supervisory authority and the management of…

Abstract

Purpose

To examine whether the New York Stock Exchange (NYSE) in its recent rule changes has provided the appropriate separation between its supervisory authority and the management of the Exchange.

Design/methodology/approach

Describes the regulatory and governance structure proposed by the NYSE in connection with its public offering; discusses policy objections the security industry has made to the proposal, reviews responses by the NYSE and the Securities and Exchange Commission (SEC) to those objections; and discusses what steps might be on the horizon to better rationalize the regulatory and business side of the new for‐profit NYSE.

Findings

The NYSE's proposal should provide for regulatory consolidation with the NASD. The proposal heightens the conflict between a for‐profit exchange and its regulatory function. The proposal governance structure ignores the fact that NYSE LLC is the Exchange and has plenary authority over NYSE regulation. The proposal does not provide fair representation for members. The proposal does not provide appropriate treatment of market data.

Originality/value

Provides a comprehensive view of recent changes to the NYSE's regulatory and governance structure and issues raised by the securities industry in response to those changes.

Details

Journal of Investment Compliance, vol. 7 no. 3
Type: Research Article
ISSN: 1528-5812

Keywords

Expert briefing
Publication date: 21 May 2015

The pensions outlook for South-east Asia.

Article
Publication date: 5 March 2018

Eunice Egbuna, Moses Oduh, Augustine Ujunwa and Chinwe Okoyeuzu

The purpose of this paper is to examine the likelihood that the presence of the deposit insurance policy encourages risk appetite behavior of banks in Sub-Saharan African (SSA)…

Abstract

Purpose

The purpose of this paper is to examine the likelihood that the presence of the deposit insurance policy encourages risk appetite behavior of banks in Sub-Saharan African (SSA). It argues that financial system stability is not a function of the choice of a deposit insurance scheme, but countries' peculiarities such as quality of institutions and the macroeconomic environment.

Design/methodology/approach

The study used the stereotype logit regression model and covers 47 SSA countries. Countries are categorized into two: explicit and implicit DIP scheme.

Findings

The study found that corrupt countries are more likely to adopt the implicit policy, while the explicit policy exposes them to credit risk, insolvency, and negative macroeconomic shocks, a reflection of weak institutions and unhealthy competition.

Research limitations/implications

Paucity of substantial local literature on institutional perspective of deposit insurance (DI) constitutes the major limitation of this study.

Practical implications

The sub-region, therefore, faces a conundrum - desiring a deposit insurance scheme, but lacking the required institutions to maintain either a publicly owned regulatory system or the ability to transplant the private club model.

Originality/value

This study contributes to the institutional perspective of DI from SSA institutional perspective.

Details

International Journal of Managerial Finance, vol. 14 no. 2
Type: Research Article
ISSN: 1743-9132

Keywords

Book part
Publication date: 31 December 2010

Tran Phong and Bui Duc Tinh

Communities around the world are already vulnerable to disasters, the “Global Assessment Report: Disaster Risk Reduction” presents compelling new evidence of concentration of risk…

Abstract

Communities around the world are already vulnerable to disasters, the “Global Assessment Report: Disaster Risk Reduction” presents compelling new evidence of concentration of risk in many developing countries. The “Intergovernmental Panel on Climate Change (IPCC) Fourth Assessment Report” reports that climate change is expected to be accompanied by an increased frequency and intensity of extreme climate events in many parts of the world. Moreover, climate change will aggravate many of the socioeconomic factors that drive vulnerability.

Details

Climate Change Adaptation and Disaster Risk Reduction: Issues and Challenges
Type: Book
ISBN: 978-0-85724-487-1

Article
Publication date: 27 July 2021

By Annette Alexander, Christopher Andersen, Andrew Boyce, Tom Carey, David Crosland, Tony Lane and Ben Morgan

To explain the benefits and the regulations pertaining to Guernsey as a domicile for investment funds.

Abstract

Purpose

To explain the benefits and the regulations pertaining to Guernsey as a domicile for investment funds.

Design/Methodology/Approach

Explains the benefits of Guernsey as a fund domicile, the regulatory regime, and the types of fund vehicles used in Guernsey, registered and authorized.

Findings

Guernsey is one of the world’s largest offshore finance centers, with a thriving funds industry. The benefits of Guernsey as a fund domicile are substantial, including a proportionate, flexible and competitive funds regulatory regime, a stable political and legal structure, and a wealth of first-class fund service providers.

Originality/Value

Expert guidance from experienced investment-fund lawyers.

Article
Publication date: 2 October 2018

Jyh-Horng Lin, Shi Chen and Fu-Wei Huang

The purpose of this paper is to develop a capped barrier option framework to consider the politically preferential treatment for bank loans incentivized by government capital…

Abstract

Purpose

The purpose of this paper is to develop a capped barrier option framework to consider the politically preferential treatment for bank loans incentivized by government capital injections and calculate loan-risk sensitive insurance premiums.

Design/methodology/approach

This paper takes a capped barrier option approach to the market valuation of the equity of the bank and the liability of the deposit insurer. The cap demonstrates the dynamics of a politically connected borrowing firm’s asset and highlights the truncated nature of loan payoffs. The barrier addresses that default can occur at any time before the maturity date. The bank participating in a government capital injection program is required to fund the politically connected firm that has preferential access to financing.

Findings

Political connection as such makes the bank more prone to risk taking at a reduced interest margin, produces greater safety for the bank owing to government capital injections, and leads to increasing the fair deposit insurance premium. The positive effect of political connection on the deposit insurance premium, which ignores the cap and the barrier yields significant over-estimation.

Originality/value

The study on the politically connected borrowing firm shows that political connection is likely to affect the distressed bank’s performance, yielding the political-connection cost of a reduced bank interest margin and the political-connection benefit of a reduced bank equity risk, contributing the literature on political connection and bank bailout.

Details

International Journal of Managerial Finance, vol. 15 no. 1
Type: Research Article
ISSN: 1743-9132

Keywords

Expert briefing
Publication date: 29 March 2023

Despite controversies and Western push-back, Beijing remains involved in infrastructure development across South-eastern Europe. Chinese investment is also flowing into the…

Article
Publication date: 4 May 2020

Joel Barnes

The purpose of this paper is to outline the structures of collegial governance in Australian universities between 1945 and the “Dawkins reforms” of the late 1980s. It describes…

Abstract

Purpose

The purpose of this paper is to outline the structures of collegial governance in Australian universities between 1945 and the “Dawkins reforms” of the late 1980s. It describes the historical contours of collegial governance in practice, the changes it underwent, and the structural limits within which it was able to operate.

Design/methodology/approach

The analysis is based upon the writings of academics and university administrators from the period, with more fine-grained exemplification provided by archival and other evidence from Faculties of Arts and their equivalents in newer universities.

Findings

Elements of hierarchy and lateral organisation coexisted in the pre-Dawkins university in ways not generally made explicit in the existing literature. This mixture was sustained by ideals about academic freedom.

Research limitations/implications

By historicising “collegiality” the research problematises polemical uses of the term, either for or against. It also seeks to clarify the distinctiveness of contemporary structures—especially for those with no first-hand experience of the pre-Dawkins university—by demonstrating historical difference without resort to nostalgia.

Originality/value

“Collegiality” is a common concept in education and organisation studies, as well as in critiques of the contemporary corporate university. However, the concept has received little sustained historical investigation. A clearer history of collegial governance is valuable both in its own right and as a conceptually clarifying resource for contemporary analyses of collegiality and managerialism.

Article
Publication date: 2 July 2018

Majed R. Muhtaseb

The purpose of this paper is to draw lessons to investors from the conduct of a hedge fund manager who according to the Securities and Exchange Commission (SEC) complaint made…

Abstract

Purpose

The purpose of this paper is to draw lessons to investors from the conduct of a hedge fund manager who according to the Securities and Exchange Commission (SEC) complaint made false and misleading statements before and after an auditor’s reports, misappropriated for personal benefit over $1m, misappropriated clients’ assets, failed to conduct due diligence on third-party buyer, instructed an employee to mislead investors and satisfied some investors’ redemptions with other investors’ subscriptions (Ponzi scheme) without disclosing it to investors. Ironically, the scheme was unveiled by the economic crises and not the investors, their advisers or third-party hedge fund vendors. Corey Ribotsky set up the investment adviser NIR Group to manage four AJW Funds that invested in private equity in public companies in 1999. Through manipulation of financial statements, he also managed to collect about $136m in management and incentive fees over an eight-year period. The SEC complaint alleged the AJW Funds’ assets to be $876m in 2007, yet this figure was not verified, and no assets were traced. Ribotsky did not pay any monies to SEC, as ordered by court settlement, and hence the victims did not recover any of their monies. The SEC could not produce criminal charges; hence, Ribotsky did not go to jail. This case highlights sterility of law enforcement when confronted with brazen fraud.

Findings

Investors fail to monitor hedge fund managers. Fraud was detected late and not through investors. Fraud was unraveled by the economic crises of 2008. The SEC had sued the fund manager. The fund manager consented to making payment to the SEC but did not make any payments. The SEC could not bring evidence to criminally charge the fund manager.

Research limitations/implications

The findings based on the case study are valuable to investors and hedge fund industry stakeholders. The findings are not based on an empirical study.

Practical implications

Investors need to carefully vet all hedge fund managers before allocating and funds and understand how managers make money through the claimed strategy. Also, there are limitations to law enforcement even with confronted with profound fraud schemes.

Originality/value

The case was built up from public sources to benefit investors considering making allocations to hedge fund managers. The public information about the case is of either legalistic or journalistic in nature.

Details

Journal of Financial Crime, vol. 25 no. 3
Type: Research Article
ISSN: 1359-0790

Keywords

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