The effect of board capital and CEO power on corporate social responsibility disclosures

This study examines the effect of directors’ human and social capital (i.e. board capital) on the level of corporate social responsibility (CSR) disclosures by drawing on insights from a resource-based view. It also investigates the effect of chief executive officer (CEO) power on this relationship. Data were obtained from annual reports of companies listed on the Dhaka Stock Exchange in Bangladesh from 2005 to 2013. We employ outside directors’ experiences and expertise as a proxy for board capital and measure CEO power using a ‘power index’ that comprises CEO duality, ownership, tenure and family CEO status. Results show that board capital is positively associated with CSR disclosure levels; however, CEO power is negatively associated with CSR disclosures and reduces the effect of board capital on CSR disclosures. Thus, we conclude that although board capital can improve CSR practices, CEO power can also inhibit these practices.

Material properties under drawing and extrusion with cyclic torsion

A copper bar was drawn while a lead bar was extruded through a cyclically twisting die in a specifically designed experimental rig. The drawing/extrusion load fluctuated at the same frequency as that of die twisting. The load tended to be at a level of monotonic deformation when the die was changing direction. The degree of the reduction in load for both the drawing and extrusion processes depended on the deformation conditions and requires optimisation for industrial application.

Investment opportunities and leverage: some Australian evidence on the role of board monitoring and director equity ownership

This paper tests the hypothesis that the negative relationship between investment opportunity set (IOS) and debt is moderated by board monitoring and director equity ownership. According to contracting theory, firms with high growth opportunities (high IOS) are associated with lower levels of debt as a result of the asset substitution and the under-investment problem. However, our hypotheses test the conjecture that the negative debt / IOS relationship will be moderated by the proportion of non-executive directors (NEDs) on the board and director equity ownership. NEDs provide higher monitoring which reduces management discretion while director equity ownership provides incentives for managers to maximize the value of the firm. More specifically, we expect that high growth firms with a higher proportion of non-executive directors and director equity ownership are less likely to be associated with asset substitution and under investment. Thus, the negative investment opportunity set / debt relationship will be weaker for firms with higher levels of non-executive directors and high director equity ownership. Data collected from Australian companies support both these two hypotheses. Results have significant implications for corporate finance theory.

The political economy of maritime industry non-reform in interwar Australia: the establishment of the Maritime Services Board of New South Wales

From the First World War Australian port administration came under criticism from exporters, shipping companies and the Commonwealth government, all of whom argued that port authorities charges imposed an excessive burden on exporters. They sought the replacement of public port authorities by trusts representative of business interests. The campaign for port administration reform also diverted farmers from criticism of shipping freights and to secure their acquiescence in anti-competitive practices in the shipping industry. The formation of the Australian Overseas Transport Association in 1929 was the culmination of this campaign. Elite conservative political support for such anti-competitive practices reflected a belief that competitive capitalism was inherently unstable. The Scullin Labor of 1929-31 government abandoned Labor's earlier hostility to shipping companies to support cartelisation. Conservative state governments, in a more competitive electoral position than their federal counterparts and under greater financial pressure, deflected business calls for port administration reform. Business groups expected the NSW conservative government elected in 1932 to reform port administration towards a representative model, but the Maritime Services Board established in 1935 merely rationalised existing administrative structures. In the 1980s international economic instability legitimated the project of microeconomic reform, particularly in the maritime sector, but in the interwar period a different balance of capital, labour and the state meant that economic isolationism rather than integration was the policy outcome.

An analysis of the association between firms' investment opportunities, board composition and firm performance

The purpose of this paper is to identify the variables that influence the board structure adopted by firms and the subsequent relationship to the firm's performance. The results of this study of 229 Australian firms show that firms' investment opportunities are strongly associated with a higher proportion of executive directors ("EDs") on the board. The results also show that the negative relationship between a firm's investment opportunity set ("IDS") and firm performance is weakened at higher levels of non-executive director board domination. These results have implications for policy setters and managers of firms with investment opportunities

The German two-tier board and the German corporate governance code

This paper deals with some interesting recent corporate governance developments in Germany. The focus is in particular on the German Corporate Governance Code, its parts, layout and how it deals with the various organs of German public corporations. The German Code is quite unique since it applies a Code of Good Practice to a two-tier board system, thus making it necessary to deal with the role and functions and the relationship between the management and the supervisory board. This paper concludes that several changes to the German law relating to public corporations since the middle of the 1990s and the introduction of the German Code will ensure that the two-tier board system will remain the favoured board structure for public corporations in Germany. It is, however, submitted that employee participation at supervisory board level will provide particular political challenges for Germany in the near future.

Interaction between the coating characteristics of galvanneal steel and forming parameters during flat die drawing

Galvanneal steel is considered to be better for automotive applications than its counterpart, galvanized steel, mainly because of its superior coating and surface properties. Galvanneal steel is produced by hot dipping sheet steel in a bath of molten zinc with small, controlled, levels of aluminium, followed by annealing which creates a Fe-Zn intermetallic layer. This intermetallic layer of the coating improves spot weldability and improves subsequent paint appearance. However, if the microstructure of the coating is not properly controlled and forming parameters are not properly selected, wear of the coating could occur during stamping. Frictional sliding of the sheet between the tool surfaces results in considerable amount of coating loss. An Interstitial Free steel with a Galvanneal coating of nominally 60g/m2 was used for the laboratory experiments. Flat Face Friction (FFF) tests were performed with different forming conditions and lubricants to simulate the frictional sliding in stamping. Glow-Discharge Optical Emission Spectrometry (DG-OES) was used to measure the change in the coating thickness during sliding. Optical microscopy was considered for imaging the surfaces as well as an optical method to compare the changes in the coating thickness during the forming. The change to the Galvanneal coating thickness was found to be a function of forming parameters.

The role of the board in building strategic capability: towards an integrated model of sport governance research

Governance is a critical issue confronting sport organisations. Its importance in the management of sport organisations has been heightened due to the transition of many sports from predominantly volunteer administered organisations anchored in an amateur ethos, to professionally managed entities catering to a more sophisticated sport marketplace. This paper identifies four elements from the sport governance literature as the key research foci to date: shared leadership, board motivation, board roles, and board structure. Four generic themes (performance, conformance, policy and operations) are also examined and expressed as governance capabilities. The strategic role and performance of the board, while central to the practice of governance, is shown to be a weakness in many sport organisations. Further, the strategic role of the board is underdeveloped in the sport management and governance research literature. Finally, it is noted that the governance literature is shaped by a normative and prescriptive approach that may not fully encompass the diversity that exists within the sport setting. The paper concludes by identifying and affirming the critical gaps in our knowledge of sport governance. Future work should seek to understand sector-specific considerations, such as non-profit and commercial differences in sport; governance designs in response to changing environmental conditions; the impact of the CEO on the board's strategic contributions; and strategic activity by the board. More use of qualitative research methods to probe such issues is recommended

Impact of board size and board diversity on firm value: Australian evidence

The aim of this paper is to provide a preliminary analysis of the relationship between firm market value and the size and gender diversity of a board of directors for a sample of publicly listed Australian firms. Our results show that smaller boards appear to be more effective in representing the shareholders as smaller boards are associated with higher firm value. As board size increases firm value declines, however at a decreasing rate suggesting that the relationship between board size and firm value is not strictly linear. Our findings further indicate that gender diversity promotes shareholders' value as the presence of women directors is associated with higher firm value.

Using on-line delivery to support students during practicum placements.

Finding ways to effectively support students while on placement remains a continuing endeavour for those who teach in professional education programmes. In The present paper, the multiple challenges and learning opportunities that social work students encounter during practicum learning will be discussed. Next, drawing from constructivist pedagogy and using authentic examples from an online discussion board, ways to supplement the support and educational input provided to students on placement will be demonstrated. Finally, some of the risks and limitations in engaging with on-line delivery are examined with the view to understanding how e-learning can be facilitated most effectively for students during the practicum.

Crafting organization

The recent shift in attention away from organization studies as science has allowed for consideration of new ways of thinking about both organization and organizing and has led to several recent attempts to 'bring down' organizational theorizing. In this paper, we extend calls for organization to be represented as a creative process by considering organization as craft. Organizational craft, we argue, is attractive, accessible, malleable, reproducible, and marketable. It is also a tangible way of considering organization studies with irreverence. We draw on the hierarchy of distinctions among fine art, decorative art, and craft to suggest that understanding the organization of craft assists in complicating our understanding of marginality. We illustrate our argument by drawing on the case of a contemporary Australian craftworks and marketplace known initially as the Meat Market Craft Centre ('MMCC') and then, until its recent closure, as Metro! ‡ Stella Minahan was a board member and then the Chief Executive Officer of the Metro! Craft Centre.

A general rooted tree drawing algorithm

A general rooted tree drawing algorithm is designed in this paper. It satisfies the basic aesthetic criteria and can be well applied to binary trees. Given an area, any complex tree can be drawn within the area in users' favorite styles. The algorithm is efficient with O(LxNxlogN) time complexity and self-adaptive as well.