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1 – 10 of 231Sara De Masi, Agnieszka Słomka-Gołębiowska and Andrea Paci
This paper examines the relationship between women on boards and board monitoring tasks depending on group categories identified in the Kanter's theory.
Abstract
Purpose
This paper examines the relationship between women on boards and board monitoring tasks depending on group categories identified in the Kanter's theory.
Design/methodology/approach
Using a sample of the largest listed companies in Spain, Italy and France during the period 2007–2017, this study tests the effect of women's presence based on the following board categories: (1) skewed boards with a percentage of women that is less than 20%; (2) tilted boards with a percentage of women that ranges from 20% to 33%; (3) tilted boards with a percentage of women that is more than 33%; and (4) balanced boards with an equal or quasi-equal gender distribution. The authors use the case of the gender board quota regulation in different European Union countries.
Findings
The results suggest that tilted boards engage in stronger firm monitoring and that the effect of women on board monitoring tasks is positive and statistically significant when the percentage of female directors reaches the threshold of 33%.
Practical implications
The outcomes of this study help policymakers identify the minimum threshold that quota regulations should mandate in order for boards to be effective.
Originality/value
This paper moves forward the ongoing debate about the effect of women on corporate boards, shifting the focus from the ratio or presence of female directors to the size of the group they form within the board. To the best of authors’ knowledge, this is the first study to test Kanter's theory by investigating the relationship between women on boards and board monitoring.
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Chung-En Yu and Henrique F. Boyol Ngan
The purpose of this study is to understand the perceptual differences toward smiling behaviors with head inclinations displaying by the human-like robot staff and human staff in a…
Abstract
Purpose
The purpose of this study is to understand the perceptual differences toward smiling behaviors with head inclinations displaying by the human-like robot staff and human staff in a service setting.
Design/methodology/approach
This study adopted a 2 (staff: robot/human personal personnel) × 3 (head tilt: left/right/straight) full factorial design, while cross-examining participants’ cultural dimensions 2 (power distance: high/lower) × 2 (gender: male/female) during the service encounter.
Findings
Overall, it was found that male and female customers with different cultural background would perceive robot and human personnel with varying degrees of head tilt very differently, namely, regarding interpersonal warmth but not customer satisfaction.
Originality/value
Nonverbal cues serve as important elements in the interaction. This paper provides new directions on the design of anthropomorphic robot and gives insight to people’s perceptual differences. All in all, the present study is useful in facilitating human–robot interactions.
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Jihai Jiang, Wei-Peng Yan and Ge-Qiang Li
The purpose of this paper is to analyze the micro-motion of the cylinder block.
Abstract
Purpose
The purpose of this paper is to analyze the micro-motion of the cylinder block.
Design/methodology/approach
Based on the elasto-hydrodynamic lubrication, a numerical model for the cylinder block/valve plate interface is proposed, with consideration of the elastic deformations, the pressure-viscosity effect and asperity contacts. The influence-function method is applied to calculating the actual deformations of the cylinder block and the valve plate. The asperity contact model simplified from Greenwood assumption is introduced into the numerical model. Furthermore, the relationship between the micro-motion and the operating condition, the sealing belt width is discussed, respectively.
Findings
The results show an increase in the discharge pressure causes the tilt state and the vibrating motion getting worse, which can be eased by improving the rotational speed, the sealing belt width and the ratio of external and internal sealing belt width.
Originality/value
The proposed research can provide a theoretical reference for the optimizing design of cylinder block/valve plate pair.
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Hui Situ, Carol Tilt and Pi-Shen Seet
In a state capitalist country such as China, an important influence on company reporting is the government, which can influence company decision-making. The nature and impact of…
Abstract
Purpose
In a state capitalist country such as China, an important influence on company reporting is the government, which can influence company decision-making. The nature and impact of how the Chinese government uses its symbolic power to promote corporate environmental reporting (CER) have been under-studied, and therefore, this paper aims to address this gap in the literature by investigating the various strategies the Chinese government uses to influence CER and how political ideology plays a key role.
Design/methodology/approach
This study uses discourse analysis to examine the annual reports and corporate social responsibility (CSR) reports from seven Chinese companies between 2007 and 2011. And the data analysis presented is informed by Bourdieu's conceptualisation of symbolic power.
Findings
The Chinese government, through exercising the symbolic power, manages to build consensus, so that the Chinese government's political ideology becomes the habitus which is deeply embedded in the companies' perception of practices. In China, the government dominates the field and owns the economic capital. In order to accumulate symbolic capital, companies must adhere to political ideology, which helps them maintain and improve their social position and ultimately reward them with more economic capital. The findings show that the CER provided by Chinese companies is a symbolic product of this process.
Originality/value
The paper provides contributions around the themes of symbolic power wielded by the government that influence not only state-owned enterprises (SOEs) but also firms in the private sector. This paper also provides an important contribution to understanding, in the context of a strong ideologically based political system (such as China), how political ideology influences companies' decision-making in the field of CER.
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Sanjaya C. Kuruppu, Markus J. Milne and Carol A. Tilt
The purpose of this paper is to examine how legitimacy is gained, maintained or repaired through direct action with salient stakeholders and/or through external reporting, by…
Abstract
Purpose
The purpose of this paper is to examine how legitimacy is gained, maintained or repaired through direct action with salient stakeholders and/or through external reporting, by using a number of empirical case vignettes within a single case study organisation.
Design/methodology/approach
The study investigates a foreign affiliate of a large multinational organisation involved in an environmentally sensitive industry. Data collection included semi-structured interviews with 26 participants, organisational reports and participation in the organisation’s annual environmental management seminar and a stakeholder engagement meeting.
Findings
Four vignettes featuring environmental issues illustrate the complexity of organisational responses. Issue visibility, stakeholder salience and stakeholder interconnectedness influence a company’s action to manage legitimacy. In the short-term, environmental issues which affected salient stakeholders resulted in swift and direct action to protect pragmatic legitimacy, but external reporting did not feature in legitimacy management efforts. Highly visible issues to the public, regulators and the media, however, resulted in direct action together with external reporting to manage wider stakeholder perceptions. External reporting was used superficially, along with a broad suite of communication strategies, to gain legitimacy in the long-term decision about the company’s future in New Zealand.
Research limitations/implications
This paper outlines how episodic encounters to manage strategic legitimacy with salient stakeholders in the short-term are theoretically distinct, but nonetheless linked to continual efforts to maintain institutional legitimacy. Case vignettes highlight how pragmatic legitimacy via dispositional legitimacy can be managed with direct action in the short-term to influence a limited range of salient stakeholders. The way external reporting features in legitimacy management is limited, although this has predominantly been the focus of prior research. Only where an environmental incident damages legitimacy to a larger number of stakeholders is external reporting also used to buttress community support.
Originality/value
The concept of legitimacy is comprehensively applied, linking the strategic and institutional arms of legitimacy and illustrating how episodic actions are taken to manage legitimacy in the short-term with continual efforts to manage legitimacy in the long-term. Stakeholder salience and networks are brought in as novel theoretical extensions to provide a deeper understanding of the interrelationships between these key concepts with a unique case study.
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Mercedes Luque-Vílchez, Michela Cordazzo, Gunnar Rimmel and Carol A. Tilt
This paper aims to investigate the current state of knowledge in key reporting aspects in relation to sustainability reporting in general and to reflect on their relevance to…
Abstract
Purpose
This paper aims to investigate the current state of knowledge in key reporting aspects in relation to sustainability reporting in general and to reflect on their relevance to Global Reporting Initiative (GRI) in particular. In doing so, the major gaps in that knowledge are identified, and the paper proceeds to suggest further research avenues.
Design/methodology/approach
The authors conduct a review of papers published in leading journals concerning sustainability reporting to analyse the progress in the literature regarding three important reporting topics: materiality, comparability and assurance.
Findings
The review conducted in this study shows that there is still work to be done to ensure high-quality and consistent sustainability reporting. Key takeaways from the review of the extant literature are as follows: there is ongoing debate about the nature of sustainability reporting materiality, and single versus double materiality. Clearer guidance and better contextualisation are seen as essential for comparability, and, as GRI suggests, there is an important link to materiality that needs to be considered. Finally, assurance has not been mandatory under the GRI, but the current development at EU level might lead to the GRI principles being incorporated in the primary assurance standards.
Practical implications
In this paper, the authors review and synthesise the previous literature on GRI reporting dealing with three key reporting aspects.
Social implications
The authors extract some takeaways from the literature on materiality, comparability and assurance that will all be key challenges for GRI in the future.
Originality/value
This paper provides an updated review of the literature on GRI reporting dealing with three key reporting aspects.
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Otto Randl, Arne Westerkamp and Josef Zechner
The authors analyze the equilibrium effects of non-tradable assets on optimal policy portfolios. They study how the existence of non-tradable assets impacts optimal…
Abstract
Purpose
The authors analyze the equilibrium effects of non-tradable assets on optimal policy portfolios. They study how the existence of non-tradable assets impacts optimal asset allocation decisions of investors who own such assets and of investors who do not have access to non-tradable assets.
Design/methodology/approach
In this theoretical analysis, the authors analyze a model with tradable and non-tradable asset classes whose cash flows are jointly normally distributed. There are two types of investors, with and without access to non-tradable assets. All investors have constant absolute risk aversion preferences. The authors derive closed form solutions for optimal investor demand and equilibrium asset prices. They calibrated the model using US data for listed equity, bonds and private equity. Further, the authors illustrate the sensitivities of quantities and prices with respect to the main parameters.
Findings
The study finds that the existence of non-tradable assets has a large impact on optimal asset allocation. Investors with (without) access to non-tradable assets tilt their portfolios of tradable assets away from (toward) assets to which non-tradable assets exhibit positive betas.
Practical implications
The model provides important insights not only for investors holding non-tradable assets such as private equity but also for investors who do not have access to non-tradable assets. Investors who ignore the effect of non-tradable assets when reverse-engineering risk premia from asset covariances and market capitalizations might severely underestimate the equity risk premium.
Originality/value
The authors provide the first comprehensive analysis of the equilibrium effects of non-tradability of some assets on optimal policy portfolios. Thus, this paper goes beyond analyzing the effects of market imperfections on individual portfolio choices.
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Luca Pugi, Giulio Rosano, Riccardo Viviani, Leonardo Cabrucci and Luca Bocciolini
The purpose of this work is to optimize the monitoring of vibrations on dynamometric test rigs for railway brakes. This is a quite demanding application considering the continuous…
Abstract
Purpose
The purpose of this work is to optimize the monitoring of vibrations on dynamometric test rigs for railway brakes. This is a quite demanding application considering the continuous increase of performances of high-speed trains that involve higher testing specifications for brake pads and disks.
Design/methodology/approach
In this work, authors propose a mixed approach in which relatively simple finite element models are used to support the optimization of a diagnostic system that is used to monitor vibration levels and rotor-dynamical behavior of the machine. The model is calibrated with experimental data recorded on the same rig that must be identified and monitored. The whole process is optimized to not interfere with normal operations of the rig, using common inertial sensor and tools and are available as standard instrumentation for this kind of applications. So at the end all the calibration activities can be performed normally without interrupting the activities of the rig introducing additional costs due to system unavailability.
Findings
Proposed approach was able to identify in a very simple and fast way the vibrational behavior of the investigated rig, also giving precious information concerning the anisotropic behavior of supports and their damping. All these data are quite difficult to be found in technical literature because they are quite sensitive to assembly tolerances and to many other factors. Dynamometric test rigs are an important application widely diffused for both road and rail vehicles. Also proposed procedure can be easily extended and generalized to a wide value of machine with horizontal rotors.
Originality/value
Most of the studies in literature are referred to electrical motors or turbomachines operating with relatively slow transients and constant inertial properties. For investigated machines both these conditions are not verified, making the proposed application quite unusual and original with respect to current application. At the same time, there is a wide variety of special machines that are usually marginally covered by standard testing methodologies to which the proposed approach can be successfully extended.
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There are a number of differences in the current Sharīʿah screening guidelines formulated by Sharīʿah scholars associated with world-renowned index providers and financial…
Abstract
Purpose
There are a number of differences in the current Sharīʿah screening guidelines formulated by Sharīʿah scholars associated with world-renowned index providers and financial institutions. The purpose of this study is to highlight the consequences of such differences on the portfolio level outcomes for Sharīʿah-compliant investors. This study also investigates the cost of adopting an alternative stock selection methodology.
Design/methodology/approach
Seven Sharīʿah-compliant equity portfolios (SCEPs) are created from the active constituents of the S&P 500. Size, sector allocation and financial performance of the resulting seven portfolios are evaluated for the period 1984–2019. Style analysis is performed to attribute the difference in financial performance caused by the choice of selection criteria to different risk factors. The cost of switching the selection criteria is evaluated with turnover analysis and break-even transaction cost.
Findings
The choice of stock selection criteria has a significant effect on the size, sector bets and financial performance of the portfolios. Those portfolios which are constructed with market capitalization-based screens outperform portfolios constructed with total assets-based screens. The turnover analysis revealed that SCEPs are relatively costly in practice.
Originality/value
This study investigates the performance of Sharīʿah-compliant portfolios in the context of seven different screening guidelines. The effects of transaction cost and performance attribution to different risk factors represent the key contributions of this study.
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Giuseppe Nicolò, Giovanni Zampone, Giuseppe Sannino and Serena De Iorio
Recent regulatory changes in Europe have promoted non-financial reporting practices (e.g., Directive, 2014/95/EU) and gender diversity in decision-making positions. Special…
Abstract
Purpose
Recent regulatory changes in Europe have promoted non-financial reporting practices (e.g., Directive, 2014/95/EU) and gender diversity in decision-making positions. Special attention is devoted to promoting the gender balance on corporate boards as a key mechanism to enhance corporate governance effectiveness and better address multiple stakeholders' needs. With this in mind, this study intends to examine the impact of boardroom gender diversity on Environmental Social Governance (ESG) disclosure practices in the European listed firms' context.
Design/methodology/approach
The study applies different panel data models on an extended sample of 1,392 firms from 21 European Union (EU) countries for six years (2014–2019).
Findings
Findings allow to spotlight the positive role exerted by the presence of women directors on the boards in enhancing ESG disclosure, both at the overall and specific (individual ESG scores) level.
Research limitations/implications
Policymakers and regulators might consider the study's evidence as a stimulus to continue in promoting strategic actions and reforms that foster gender equality and balance in corporate decision-making positions.
Practical implications
Creating a heterogeneous and diversified board of directors may support implementing a “sustainable corporate governance” recently claimed by the EC.
Originality/value
The study contributes to the literature by disentangling the links between gender diversity and ESG disclosure over a period that covers a long season of European regulations and measures that affected both non-financial reporting practices and the board of directors' composition. Accordingly, it can contribute to enhancing the practical and theoretical understanding of the pivotal role that gender diversity may exert in strengthening corporate governance and, in turn, corporate transparency and accountability behaviours about non-financial issues.
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