The corporate governance effects of audit committees

Arguments associated with the promotion of audit committees in many countries are premised on their potential for alleviating weaknesses in corporate governance. This paper provides a synthesis and evaluation of empirical research on the governance effects associated with audit committees. Given recent policy recommendations in several countries aimed at strengthening these committees, it is important to establish what research evidence demonstrates about their existing governance contribution. A framework for analyzing the impact of audit committees is described, identifying potential perceived effects which may have led to their adoption and documented effects on aspects of the audit function, on financial reporting quality and on corporate performance. It is argued that there is only limited and mixed evidence of effects to support claims and perceptions about the value of audit committees for these elements of governance. It is also shown that most of the existing research has focused on factors associated with audit committee existence, characteristics and measures of activity and there is very little evidence on the processes associated with the operation of audit committees and the manner in which they influence organizational behaviour. It is clear that there is no automatic relationship between the adoption of audit committee structures or characteristics and the achievement of particular governance effects, and caution may be needed over expectations that greater codification around factors such as audit committee members’ independence and expertise as the means of ‘‘correcting’’ past weaknesses in the arrangements for audit committees. The most fundamental question concerning what difference audit committees make in practice continues to be an important area for research development. For future research we suggest: (i) greater consideration of the organizational and institutional contexts in which audit committees operate; (ii) explicit theorization of the processes associated with audit committee operation; (iii) complementing extant research methods with field studie, and; (iv) investigation of unintended (behavioural) as well as expected consequences of audit committees.

An observational analysis of the impact of board dynamics and directors’ participation on perceived board effectiveness

This study addresses calls for closer examination of board dynamics by offering an inside view of director interactions. Video-observations of three board meetings at each of two Australian corporations matched with director interviews and secondary data reveal distinct patterns of director interactions, their sources of variation and impact on perceived board effectiveness. Our data reveal that director interactions are multi-dimensional and dynamic: while group interactions across agenda items are similar, with a few directors leading the discussion, the contributing directors change across items. Moreover, directors’ inclusiveness and evenness of participation are associated with higher perceptions of board effectiveness. Last, we find that director interactions change with the nature of the items, board climate and board meeting arrangements. The study contributes to the literature by moving beyond the individual-level analysis of directors’ skills or independence, and offering a detailed view of how the joint group and individual dimensions of board dynamics affect board functioning.

A motor controller using field oriented control and Hall effect rotor position sensors : simulation and implementation

A field oriented control (FOC) algorithm is simulated and implemented for use with a permanent magnet synchronous motor (PMSM). Rotor position is sensed using Hall effect switches on the stator because other hardware position sensors attached to the rotor may not be desirable or cost effective for certain applications. This places a limit on the resolution of position sensing – only a few Hall effect switches can be placed. In this simulation, three sensors are used and the position information is obtained at higher resolution by estimating it from the rotor dynamics, as shown in literature previously. This study compares the performance of the method with an incremental encoder using simulations. The FOC algorithm is implemented using Digital Motor Control (DMC) and IQ Texas Instruments libraries from a Simulink toolbox called Embedded Coder, and downloaded into a TI microcontroller (TMS320F28335) known as the Piccolo via Code Composer Studio (CCS).

Strengthening Social and Emotional Learning in Children with Special Needs

Locally and globally, guiding children’s social and emotional development is no longer optional for educators. Research undertaken over the last 20 years provides compelling evidence that early and ongoing development of socio-emotional skills contributes to an individual’s overall health, wellbeing and competence throughout life. Moreover, competence in this domain is now recognised as fundamental to school readiness, school adjustment and academic achievement. As a consequence, social and emotional learning (SEL) is an important theme in current educational policy, curriculum frameworks and classroom practice. This chapter focuses on a particular group of vulnerable learners – children with special needs – and highlights key strategies for educators to use in their everyday classroom practices to strengthen SEL in children from early years through to the end of primary school.

Neural bases for individual differences in the subjective experience of short durations (less than 2 seconds)

The current research was designed to establish whether individual differences in timing performance predict neural activation in the areas that subserve the perception of short durations ranging between 400 and 1600 milliseconds. Seventeen participants completed both a temporal bisection task and a control task, in a mixed fMRI design. In keeping with previous research, there was increased activation in a network of regions typically active during time perception including the right supplementary motor area (SMA) and right pre-SMA and basal ganglia (including the putamen and right pallidum). Furthermore, correlations between neural activity in the right inferior frontal gyrus and SMA and timing performance corroborate the results of a recent meta-analysis and are further evidence that the SMA forms part of a neural clock that is responsible for the accumulation of temporal information. Specifically, subjective lengthening of the perceived duration were associated with increased activation in both the right SMA (and right pre-SMA) and right inferior frontal gyrus.

Interaction of metal salts with cytoskeletal motor protein systems

Interactions of chemicals with the microtubular network of cells may lead to genotoxicity. Micronuclei (MN) might be caused by interaction of metals with tubulin and/or kinesin. The genotoxic effects of inorganic lead and mercury salts were studied using the MN assay and the CREST analysis in V79 Chinese hamster fibroblasts. Effects on the functional activity of motor protein systems were examined by measurement of tubulin assembly and kinesin-driven motility. Lead and mercury salts induced MN dose-dependently. The no-effect-concentration for MN induction was 1.1 μM PbCl2, 0.05 μM Pb(OAc)2 and 0.01 μM HgCl2. The in vitro results obtained for PbCl2 correspond to reported MN induction in workers occupationally exposed to lead, starting at 1.2 μM Hg(II) (Vaglenov et al., 2001, Environ. Health Perspect. 109, 295-298). The CREST Analysis indicate aneugenic effects of Pb(II) and aneugenic and additionally clastogenic effects of Hg(II). Lead (chloride, acetate, and nitrate) and mercury (chloride and nitrate) interfered dose-dependently with tubulin assembly in vitro. The no-effect-concentration for lead salts in this assay was 10 μM. Inhibition of tubulin assembly by mercury started at 2 μM. The gliding velocity of microtubules along immobilised kinesin molecules was affected by 25 μM Pb(NO3)2 and 0.1 μM HgCl2 in a dose-dependent manner. Our data support the hypothesis that lead and mercury genotoxicity may result, at least in part, via disturbance of chromosome segregation via interaction with cytoskeletal proteins.

On fundamental limitations for rudder roll stabilization of ships

The main purpose of the rudder in ships is course keeping. However, the rudder can also be used, in some cases, to reject undesirable wave produced rolling motions. From a fundamental point of view, the main issues associated with this problem are the presence of a nonminimum phase zero and the single input two output nature of the system. In this paper, the limitations imposed on the achievable closed loop performance due to these issues are analyzed. This gives a deeper understanding of the problem and leads to conclusions regarding the inherent design trade-offs which hold regardless of the control strategy used.

Thin films and nanostructures of niobium pentoxide : fundamental properties, synthesis methods and applications

As one of the transition metal oxides, niobium pentoxide (Nb2O5) offers a broad variety of properties that make it a potentially useful and highly applicable material in many different areas. In comparison to many other transition metal oxides, Nb2O5 has received relatively little attention, which presents a significant opportunity for future investigations aimed at fundamentally understanding this material and finding new and interesting applications for it. In this article, a general overview of Nb2O5 is presented which focuses on its fundamental properties, synthesis methods and recent applications, along with a discussion on future research directions relevant to this material.

The impact of incidents on macroscopic fundamental diagrams

The macroscopic fundamental diagram (MFD) traffic modelling method has been proved for large urban roads and freeway networks, but hysteresis and scatter have been found in both such networks. This paper investigates how incident variables affect the shape and scatter of the MFD using both simulated data and real data collected from the M3 Pacific motorway in Brisbane, Australia. Three key components of incidents are investigated based on the simulated data (i.e. incident location, incident duration and traffic demand). The results based on simulated data indicate that the diagram shape is a property not only of the network itself but also of the incident variables. Diagrams for three types of real incidents (crash, hazard and vehicle breakdown) are explored separately. The results based on the empirical data are consistent with the simulated results. The hysteresis phenomenon occurs both upstream and downstream of the incident location, but for opposite hysteresis loops. The gradient of the upstream diagram is greater than that downstream on the incident site, when traffic demand is for an off-peak period.

Age related differences in the validity of the OMNI perceived exertion scale during lifestyle activities

PURPOSE The OMNI Perceived Exertion Scale was developed for children to report perceived effort while performing physical activity; however no studies have formally examined age-related differences in validity. This study evaluated the validity of the OMNI-RPE in four age groups performing a range of lifestyle activities. METHODS 206 participants were stratified into four age groups: 6-8 years (n = 42), 9-10 years (n = 46), 11-12 years (n = 47), and 13-15 years (n = 71). Heart rate and VO2 were measured during 11 activity trials ranging in intensity from sedentary to vigorous. After each trial, participants reported effort from the OMNI walk/run scale. Concurrent validity was assessed by calculating within-subject correlations between OMNI ratings and the two physiological indices. RESULTS The average correlation between OMNI ratings and VO2 was 0.67, 0.77, 0.85 and 0.87 for the 6-8, 9-10, 11-12 and 13-15 y age groups, respectively. CONCLUSION The OMNI RPE scale demonstrated fair to good evidence of validity across a range of lifestyle activities among 6-15 year old children. The validity of the scale appears to be developmentally related with RPE reports closely reflecting physiological responses among children older than 8 years.