Agency Conflicts and Corporate Payout Policies: A Global Study

We investigate the roles of finn and country level agency conflicts in determining corporate payout policics. Based on a large sample of 29,610 firms in 42 countries from 2001 to 2006, we show there is a form of "pecking order" in investors' ability to extract cash (whether as dividends only or share repurchases) from firms. Although investors are able to use their legal powers to extract cash from firms in high protection countries, their ability to do so can be substantially hindered when agency costs at the firm level are high. In poor protection countries, investors seem to take whatever cash they can get, even though the amount may be small, and with scant regard for investment opportunities and firm level agency conflicts. Finally, compared to repurchases, we find dividends are more likely to be the sole method of payout in high protection countries and in non insider-dominated firms.

Policing the rural crisis

There is a growing sense of crisis in rural ways of life, which manifests itself in economic decline, depopulation, depleted environments, and a crisis of rural identities. Crime is one potent marker of crisis, the more so as it spoils the image of healthy, cohesive community. The social reaction it elicits, the policing of this ‘other rural’, is also a guide to the dimensions of crisis. The social sciences have witnessed a renewed international interest in the study of ‘other rurals’: the neglected, invisible or excluded aspects of country life. This book brings a fresh approach to the study of crime that challenges the urban-centric assumptions of much western criminology and sociology. It explores rural crime and social reactions to it, in relation to processes and patterns of community formation and change in rural Australia, including the social, economic, cultural and political forces shaping the history, structure and everyday life of rural communities. Policing the Rural Crisis is based on five years of extensive original empirical research in rural and regional Australia. It draws on ideas and debates in contemporary social theory across several disciplines, making the analysis relevant to the study of crime and social change elsewhere.

Understanding legitimacy in a changing global economy

In a knowledge economy where technologically mediated information plays an important role, greater understanding is required of its impact on organisational sustainability. This paper examines the link between mediated information within a global economy and its relationship to a key to long-term organisational success– legitimacy. Aligning organisational legitimacy and the demands of a range of internal and external stakeholders is a central concern for managers when challenges to legitimacy continue to arise. Particularly during times of internally or environmentally driven change, challenges are created for managers seeking to ensure their organisation avoids questioning about its legitimacy. This paper presents the proposition that the perceptions of collective opinion derived from mass media provide a lens to a global world upon which managers base decisions to protect and repair organisational legitimacy. Legitimacy is determined from a broad social arena that can cross national and international boundaries (Lomi, 2000). Experience of legitimacy concerns, therefore, are often outside the traditional realms of managerial knowledge, and experience and of local business association networks (Aldrich, 1999). While the organisational landscape has been changing, at the same time, mass media have increased the focus on bringing news about events, and interpretations of events, from a broad and even global social area (Mutz, 1998). In addition, electronically facilitated media have exposed both organisational stakeholders and managers to views and interpretations of the world more quickly and more explicitly than in previous times. This paper proposes a relationship between perceptions of collective opinion derived from mass media and organisational legitimacy in such an environment.

Practising public relations in the global community of the 21st century : a comparison of business practices and culture in three world regions

Non-Western practitioners across the globe instinctively attempt to implement Western-based public relations models and theories, often unsuccessfully, regardless of their surrounding environment. This paper reviews business practices and reveals that in Europe, company interests are a main priority, while in Asia, the line between business and personal relationships is extremely blurred. Cultural dimensions and topois were even more varied between the three regions. Implications for the adoption of Western models of public relations practice are discussed.

A global vision system for a robot soccer team

This paper describes the real time global vision system for the robot soccer team the RoboRoos. It has a highly optimised pipeline that includes thresholding, segmenting, colour normalising, object recognition and perspective and lens correction. It has a fast ‘paint’ colour calibration system that can calibrate in any face of the YUV or HSI cube. It also autonomously selects both an appropriate camera gain and colour gains robot regions across the field to achieve colour uniformity. Camera geometry calibration is performed automatically from selection of keypoints on the field. The system achieves a position accuracy of better than 15mm over a 4m × 5.5m field, and orientation accuracy to within 1°. It processes 614 × 480 pixels at 60Hz on a 2.0GHz Pentium 4 microprocessor.

Global knowledge cultures

Knowledge is about cultural power. Considering that it is both resource and product within the brave new world of fast capitalism, this collection argues for knowledge cultures that are mutually engaged and hence more culturally inclusive and socially productive. Globalized intellectual property regimes, the privatization of information, and their counterpoint, the information and creative commons movements, constitute productive sites for the exploration of epistemologies that talk with each other rather than at and past each other. Global Knowledge Cultures provides a collection of accessible essays by some of the world’s leading legal scholars, new media analysts, techno activists, library professionals, educators and philosophers. Issues canvassed by the authors include the ownership of knowledge, open content licensing, knowledge policy, the common-wealth of learning, transnational cultural governance, and information futures. Together, they call for sustained intercultural dialogue for more ethical knowledge cultures within contexts of fast knowledge capitalism.

Traveller’s Tales : The Expatriate English Language Teacher in the New Global Culture

Most of the research into ELT has focused on its linguistic and methodological aspects, which are based on Western scientific traditions. The contributions and experiences of English language teachers themselves, especially their work in overseas contexts, have frequently been overlooked. This volume aims to document the complexity of ELT as ‘work’ in new global economic and cultural conditions, and to explore how this complexity is realised in the everyday experiences of ELT teachers. The development of ELT from the colonial experience to its current status as a global commodity is explored; ELT is then situated in the discourses of globalisation, specifically within Appadurai’s theorisation of global flows of people, images, ideas, technology and money, or scapes. Within this framework, narratives are constructed from the experiences of Native-speaking English teachers. These reveal much about the personal, pedagogical and cultural dimensions of ELT work in non-Centre countries, and will contribute to a greater understanding of the intercultural dimensions of ELT for all those who work in it, and in related educational fields.

Improved correlation-based modal strain energy method for global damage detection of truss bridge structures

The previous investigations have shown that the modal strain energy correlation method, MSEC, could successfully identify the damage of truss bridge structures. However, it has to incorporate the sensitivity matrix to estimate damage and is not reliable in certain damage detection cases. This paper presents an improved MSEC method where the prediction of modal strain energy change vector is differently obtained by running the eigensolutions on-line in optimisation iterations. The particular trail damage treatment group maximising the fitness function close to unity is identified as the detected damage location. This improvement is then compared with the original MSEC method along with other typical correlation-based methods on the finite element model of a simple truss bridge. The contributions to damage detection accuracy of each considered mode is also weighed and discussed. The iterative searching process is operated by using genetic algorithm. The results demonstrate that the improved MSEC method suffices the demand in detecting the damage of truss bridge structures, even when noised measurement is considered.