The effect of ownership structure on leverage decision: new evidence from Chinese listed firms

This paper examines the effect of state control and ownership structure on the leverage decision of firms listed in the Chinese stock market. Our results show that state-owned enterprises (SOEs) have higher leverage ratios than non-SOEs, and SOEs in regions with a poorer institutional environment have higher leverage ratios than SOEs in better regions. We also show that the largest shareholding (the percentage of shares held by the largest shareholder) in the SOEs has a negative relationship with the leverage ratio, while the largest shareholding in non-SOEs has a non-linear relationship with the short-term and long-term debt ratios. Finally, this study also shows that the share split reform and the improvement of institutional environment both weaken the negative relationship and strengthen the positive relationship between largest shareholding and leverage of SOEs and non-SOEs to some extent. This paper documents how the financing behaviour of SOEs is more influenced by government intervention, while the financing behaviour of non-SOEs is more market oriented.

Ownership concentration, foreign shareholding, audit quality, and stock price synchronicity : evidence from China

This paper investigates the effects of largest-shareholder ownership concentration, foreign ownership, and audit quality on the amount of firm-specific information incorporated into share prices, as measured by stock price synchronicity, of Chinese-listed firms over the 1996–2003 period. We show that synchronicity is a concave function of ownership by the largest shareholder with its maximum at an approximate 50% level. Further, we find that synchronicity is higher when the largest shareholder is government related. We also find that foreign ownership and auditor quality are inversely associated with synchronicity. Finally, we show that the amount of earnings information reflected in stock returns is lower for firms with high synchronicity.

Investigating codes of ethics within the largest private sector organizations in Sweden and Turkey

The aim of the study was to examine the ways that private sector organizations in Sweden and Turkey communicated the intent of their codes of ethics to their employees. Primary data was obtained via a self-administered mail questionnaire distributed to a census of the top 500 private sector organizations in each country based on revenue. The study identified some interesting results that showed that the small group of companies in Turkey that have a code may be more advanced in ethics artefacts usage than Sweden. Such a conclusion is counterintuitive as one would have expected a developed nation like Sweden to be more advanced in these measures than a developing nation such as Turkey. The culture of one's country may playa large role in the implementation of ethics artefacts in corporations and could be a major reason for this difference.

Codes of ethics in Sweden's largest public sector organizations : communicating the intent of the code within the organization

The aim of the study was to examine the ways that public sector organizations in Sweden communicated the intent of their codes of ethics to their employees. Primary data was obtained via a self-administered mail questionnaire distributed to a census of the top 100 organizations.

The study identified a range of methods used by organizations to integrate the ethos of codes into corporate culture. These methods included communication of the code, company induction of new staff, consequences for a breach of the code, ethical performance, an ethics ombudsman, the support of whistleblowers, a standing ethics committee, ethics education, and an ethics education committee.

Whilst many organizations have instituted ethical behaviour initiatives, activities specifically targeted at exposure, education and support for staff to perform ethically were found to be underdeveloped.

Communicating the ethos of codes of ethics within the organization : a comparison of the largest private sector organizations in Sweden and Turkey

Purpose – The purpose of the paper is to examine the ways that the largest private sector organizations in Sweden and Turkey communicate the intent of their codes of ethics to their employees.

Design/methodology/approach – Primary data were obtained via a self-administered mail questionnaire distributed to a census of the top 500 private sector organizations based on revenue in each country.

Findings – The research identified some interesting findings that showed that the small group of companies in Turkey that have a code may appear to be more “advanced” in ethics artifacts usage than Sweden. Such a conclusion is counter-intuitive as one would have expected a developed nation like Sweden to be more advanced in these measures than a developing nation such as Turkey. Culture may play a large role in the implementation of ethics artifacts in corporations and could be a major reason for this difference.

Research limitations/implications – As this is such a new area of investigation in Turkey, the responses amount to only 32 companies that have a code. The small sample is indicative of the formative evolution toward having codes of ethics within companies operating within Turkey.

Practical implications – This study enables those organizations that comprise corporate Turkey to view the current state of codes of ethics in Turkish companies and to compare these with the responses of a developed country of the European Union. Originality and value – A review of the literature indicates that this is the first time that such an international study specifically focused upon codes of ethics and the artifacts to inculcate the ethos of the code into every day corporate affairs has included Turkey as one of the participating countries.

A preliminary evaluation of the world's largest skills enhancement program for entrepreneurs

Start and Improve Your Business (SIYB) is an entrepreneurial training program created, sponsored and disseminated by the International Labour Organization. SIYB is, arguably, the world’s largest skills enhancement program for entrepreneurs. SIYB has been in operation since the early 1970s and currently operates in almost 80 countries. During the last decade, more than 100,000 entrepreneurs, thousands of trainers and hundreds of small enterprise development organizations around the world have participated in it (Samuelsen 2003). Surprisingly for an education program of this magnitude and potential global importance, there has been relatively little program evaluation performed. What evaluation has been conducted has been unsystematic, qualitative and unsatisfactory (Harper 1985).

Meanwhile, in the nation of Botswana, since the mid seventies, there has been a huge growth in programs devoted to the training of small and medium entrepreneurs. The SIYB program has formed a significant component of this entrepreneurial training effort in Botswana (ILO 1996). SIYB training was initially supported by the United Nations and later by the Botswana government. Since its introduction into Botswana in1983, the SIYB program has been evaluated only once, in 1993 (Samuelsen 2003). The methods used (subjective questionnaire administered to an unsystematic sample of past participants) fails to provide a satisfactory evaluation of the program. So, in Botswana and worldwide, the world’s largest entrepreneurial training program continues to run in the absence of any knowledge concerning its efficacy. This paper describes the various elements of the SIYB program and places it in the context of the data-rich Botswanan environment. The descriptive work is a necessary predicate to creation of a research design capable of providing the detailed, critical program evaluation that has been so conspicuously lacking throughout the history of the SIYB initiative.

Video indexing and similarity retrieval by largest common subgraph detection using decision trees

While the largest common subgraph (LCSG) between a query and a database of models can provide an elegant and intuitive measure of similarity for many applications, it is computationally expensive to compute. Recently developed algorithms for subgraph isomorphism detection take advantage of prior knowledge of a database of models to improve the speed of on-line matching. This paper presents a new algorithm based on similar principles to solve the largest common subgraph problem. The new algorithm significantly reduces the computational complexity of detection of the LCSG between a known database of models, and a query given on-line.

Scenarios involving future climate and water extraction: ecosystem states in the estuary of Australia's largest river

 

Conservation hotspots : implications of intense spatial area use by breeding male and female loggerheads at the Mediterranean’s largest rookery

The implementation of appropriate protection measures for endangered species in protected areas requires knowledge of their fine-scale habitat use. In May and June of 2006 and 2007, we used GPS loggers (some linked to the Argos system) and a conventional Argos transmitter to track male and female loggerhead turtles Caretta caretta in the vicinity of the breeding area of Laganas Bay within the National Marine Park of Zakynthos, Greece. We obtained (1) 9681 useable locations (mean: 1383 locations ind.–1; range: 519 to 2198 locations) from Tracktag GPS loggers attached to 7 females for a mean duration of 34 d (range: 17 to 52 d); (2) 1245 useable locations (mean: 311 locations ind.–1; range: 38 to 1110 locations) from 4 males fitted with Fastloc Argos tags for a mean duration of 29 d (range: 3 to 51 d) and (3) 100 locations from 1 male fitted with a conventional Argos satellite tag tracked for 128 d. GPS data indicated that before the onset of nesting, both males and females primarily used an area within 500 m of the shore along a core 9 km stretch of coastline, where existing protective legislation requires strengthening. Our observations suggest that a 76.7% female-biased operational sex ratio, measured previously from in-water surveys, may represent a realistic sex ratio estimate in the period before nesting starts. In the first month following the onset of nesting, female spatial distribution remained similar, whereas most males departed for distant areas presumably to forage. Our study provides quantitative evidence of the need to improve the management planning and conservation measures to protect sea turtles in a coastal breeding area, and new insights on male turtle migration.