Corporate governance and corporate finance practices in a Kuwait Stock Exchange market listed firm: a survey to confront theory with practice

Purpose– This paper aims to explore the issue of corporate governance mechanisms by including the importance of stakeholders, primary objectives of the firm and the ownership of top financial managers of listed firms in Kuwait in the survey tool. It attempts to investigate whether theory aligns with the behaviour of financial managers in practice in an emerging market case.Design/methodology/approach– A survey was developed to focus primarily on the current corporate finance practices implemented by CFOs in listed companies in Kuwait. The target respondents are listed firms in the Kuwaiti Stock Exchange (KSE). The survey includes questions on topics that are closely related to capital budgeting, capital structure, cost of capital and dividend policy. For example, the survey asks the managers how they estimate their cost of equity (CAPM or other methods) and whether the impact of the weighted average cost of equity is taken into consideration in their capital structure choices.Findings– A surprising number of firms are now widely using IRR for decision making. CAPM is also in use, whereas WACC remains the most popular method used. There is some support for the “bird‐in‐hand” dividend theory in the tax‐free environment. Firms in Kuwait do not have any particular source of capital structure choices when it comes to how best to finance their projects as is the case in the US market. Firms in Kuwait are consciously striving for maximizing profits and those managers are regarded as their most important stakeholders. This may indicate the existence of agency problems.Research limitations/implications– The limitation of this study lies in the absence of empirical investigation on how corporate finance decisions may affect firms' performance in Kuwait. Hence, empirical validation will be performed by the authors in the next stage of this research, which will form the basis for further research. Empirical validation for the impact of corporate governance on performance is needed.Practical implications– This research may benefit managers and decision makers in many aspects, including having an understanding of applying popular and the most suitable corporate finance and corporate governance techniques in the management of their companies. In this research, the authors have identified the gap between practice and academia.Originality/value– To the best of the authors' knowledge, this is the first study to examine comprehensively major areas of financial policies and practices and corporate governance in an emerging market case, especially in the Middle East. Kuwait provides a unique institutional setting in its taxation system. Therefore, this study will make a contribution to the general literature in this field.

Police legitimacy, ideology and qualitative methods: a critique of procedural justice theory

I argue that there are unconsidered complexities to police legitimacy and use examples from my study of police–public consultation forums in Edinburgh, Scotland to illustrate. I make a number of conceptual and methodological critiques by drawing upon Steven Lukes’ social theory on power to show how legitimacy can be a product of authority relations as much as it is a cause of authority relations. This view finds support from systems-justification theory. I also tackle Beetham’s conception of legitimacy and argue that there is evidence from police studies that the police breach his key antecedents to legitimacy without incurring the expected consequences. Furthermore, I take an original methodological approach to studying police legitimacy which reveals additional insights. For instance, Bottoms and Tankebe suggest legitimacy addresses multiple ‘audiences’; I would also add that it addresses multiple recipients as legitimacy is shown to vary among officers and positions of rank.

Impact assessment: from theory to practice

Foreign aid is intended to be a major contributor to poverty reduction. However, significant questions arise as to the capacity for development funding to contribute to human development, through service provision, through advocacy, through actions and interventions that change power relations, change the social and institutional arrangements that reinforce inequality, threaten or reproduce well-being, and prevent the fulfillment of human rights. In conjunction with questions about what aid “does,” there is equal focus on how it does it. Questions of efficiency, effectiveness, transparency, accountability, social license to operate, relevance, and many others are all embedded in contemporary aid discourse and practice. The aim of this volume was to contribute to a critical understanding of Impact Assessment (IA) clearly informed by contemporary development theory and practice. There is a significantly increasing push for impact assessment, across the whole aid architecture. This is exacerbated by a much stronger focus on value for money, and accountability – to taxpayers specifically in the context of public funds, and donors in an increasingly competitive NGO environment. As was noted by many authors, since the GFC, a significant number of donor governments have reduced or are considering funding reduction for bilateral aid agencies and their contributions to multilateral aid agencies. At the same time they imposed a more stringent and rigorous requirement focusing on “aid-for-trade” and “value-for-money” strategies. There is a drive to ensure the positive impacts of the grant or loan in a sustainable manner.

A new method to rank fuzzy numbers using Dempster-Shafer theory with fuzzy targets

In this paper, an extended ranking method for fuzzy numbers, which is a synthesis of fuzzy targets and the Dempster-Shafer Theory (DST) of evidence, is devised. The use of fuzzy targets to reflect human viewpoints in fuzzy ranking is not new. However, different fuzzy targets can lead to contradictory fuzzy ranking results; making it difficult to reach a final decision. In this paper, the results from different viewpoints are treated as different sources of evidence, and Murphy's combination rule is used to aggregate the fuzzy ranking results. DST allows fuzzy numbers to be compared and ranked while preserving their uncertain and imprecise characteristics. In addition, a hybrid method consisting of fuzzy targets and DST with the Transferable Belief Model is formulated, which fulfils a number of important ordering properties. A series of empirical experiments with benchmark examples has been conducted and the experimental results clearly indicate the usefulness of the proposed method.

Measuring nursing competencies in the operating theatre: instrument development and psychometric analysis using Item Response Theory

BACKGROUND: Concern about the process of identifying underlying competencies that contribute to effective nursing performance has been debated with a lack of consensus surrounding an approved measurement instrument for assessing clinical performance. Although a number of methodologies are noted in the development of competency-based assessment measures, these studies are not without criticism. RESEARCH AIM: The primary aim of the study was to develop and validate a Performance Based Scoring Rubric, which included both analytical and holistic scales. The aim included examining the validity and reliability of the rubric, which was designed to measure clinical competencies in the operating theatre. RESEARCH METHOD: The fieldwork observations of 32 nurse educators and preceptors assessing the performance of 95 instrument nurses in the operating theatre were used in the calibration of the rubric. The Rasch model, a particular model among Item Response Models, was used in the calibration of each item in the rubric in an attempt at improving the measurement properties of the scale. This is done by establishing the 'fit' of the data to the conditions demanded by the Rasch model. RESULTS: Acceptable reliability estimates, specifically a high Cronbach's alpha reliability coefficient (0.940), as well as empirical support for construct and criterion validity for the rubric were achieved. Calibration of the Performance Based Scoring Rubric using Rasch model revealed that the fit statistics for most items were acceptable. CONCLUSION: The use of the Rasch model offers a number of features in developing and refining healthcare competency-based assessments, improving confidence in measuring clinical performance. The Rasch model was shown to be useful in developing and validating a competency-based assessment for measuring the competence of the instrument nurse in the operating theatre with implications for use in other areas of nursing practice.

A comparison of the yaw constraining performance of SCARA-tau parallel manipulator variants via screw theory

The SCARA-Tau parallel manipulator was derived with the objective to overcome the limited workspace-to-footprint ratio of the DELTA parallel manipulator while maintaining its many benefits. The SCARA-Tau family has later been extended and a large number of variants have been proposed. In this paper, we analyse four of these variants, which together encompass the main differences between all the proposed SCARA-Tau manipulators. The analysed manipulator variants utilise an identical arrangement of five of the six linkages connecting the actuated arms and the manipulated platform and exhibit the same input-output Jacobian. The normalised reciprocal product between the wrench of the sixth linkage and the twist of the platform occurring without this linkage provides a measure on how effectively the sixth linkage constrains the manipulated platform. A comparison of the manipulator variants with respect to this measure demonstrates each variants suitability for specific applications.