UK and US board director perceptions of the significance of gender and racial diversity on board governance

This mixed-methods study examines the perceptions and opinions of United Kingdom FTSE 350, and US Fortune 500 board of director members regarding the significance of gender and racial diversity on board governance. Perceptions were gathered from eighty-two directors using self-reported surveys and semi-structured interviews. This thesis provides: (1) an opportunity to investigate the perceptions (opinions) of directors regarding the effects of board gender and racial diversity on new board appointments and on the dynamics of board decision making (2) an opportunity to investigate the perception (opinions) of directors regarding the effects of social capital, new board appointments and the dynamics of board decision making, and (3) an opportunity to investigate comparatively the differences between UK and US director perceptions regarding the effects of board gender and racial diversity on new board appointments and board decision making. My findings indicate that directors believe that expertise and experience are by far the most important attributes when decisions on the selection of new directors are being considered. While US directors report observing tangible benefits to gender and racial diversity, for their firms, as well as a willingness to consider diversity as an attribute in the selection process; most UK directors were strongly opposed to positive discrimination measures.1 A majority of directors do not believe that their own demographic characteristics, such as race or gender were attributes to their being selected to a board position; however white males perceive that these attributes were considered attributes to the appointment of diverse directors. Moreover, in the United Kingdom, male directors reported that they may be at a disadvantage for board selection when compared to their female counterparts, hence advocating for a selection process with minimal considerations of the demographic characteristics of new directors. Directors do not seem to consider diverse social capital of directors when making board appointments. Instead, US directors were more likely to be assisted in board appointments by their having similar social capital, and UK directors indicated that they only consider director expertise, and that expertise is considered to ensure a broad mix of skills and professional experience on the board.

Issues in EU and US Foreign Policy, edited by M. Cebeci (Plymouth: Lexington Books, 2011, ISBN 9780739147177); vii+394pp., £51.95 hb.

Book review

Pharmaceutical quality of ceftriaxone generic drug products compared with Rocephin (R)

The pharmaceutical qualities of 34 ceftriaxone generic products were compared with Rocephin as the reference standard. Quality standards specified in the European and US Pharmacopoeias were violated on 18 occasions, including those for sterility (4 products) and impurities (5 products). All 34 generics tested failed to meet Roche specifications for Rocephin, with 100 contraventions of the Roche Pharmaceutical standards. The most common failures amongst generic drug products were clarity of solution (30 products) and presence of thiotriazinone (33 products).

A study of performance and regulation in telecommunications in the European Union

This thesis looks at two issues. Firstly, statistical work was undertaken examining profit margins, labour productivity and total factor productivity in telecommunications in ten member states of the EU over a 21-year period (not all member states of the EU could be included due to data inadequacy). Also, three non-members, namely Switzerland, Japan and US, were included for comparison. This research was to provide an understanding of how telecoms in the European Union (EU) have developed. There are two propositions in this part of the thesis: (i) privatisation and market liberalisation improve performance; (ii) countries that liberalised their telecoms sectors first show a better productivity growth than countries that liberalised later. In sum, a mixed picture is revealed. Some countries performed better than others over time, but there is no apparent relationship between productivity performance and the two propositions. Some of the results from this part of the thesis were published in Dabler et al. (2002). Secondly, the remainder of the tests the proposition that the telecoms directives of the European Commission created harmonised regulatory systems in the member states of the EU. By undertaking explanatory research, this thesis not only seeks to establish whether harmonisation has been achieved, but also tries to find an explanation as to why this is so. To accomplish this, as a first stage to questionnaire survey was administered to the fifteen telecoms regulators in the EU. The purpose of the survey was to provide knowledge of methods, rationales and approaches adopted by the regulatory offices across the EU. This allowed for the decision as to whether harmonisation in telecoms regulation has been achieved. Stemming from the results of the questionnaire analysis, follow-up case studies with four telecoms regulators were undertaken, in a second stage of this research. The objective of these case studies was to take into account the country-specific circumstances of telecoms regulation in the EU. To undertake the case studies, several sources of evidence were combined. More specifically, the annual Implementation Reports of the European Commission were reviewed, alongside the findings from the questionnaire. Then, interviews with senior members of staff in the four regulatory authorities were conducted. Finally, the evidence from the questionnaire survey and from the case studies was corroborated to provide an explanation as to why telecoms regulation in the EU has reached or has not reached a state of harmonisation. In addition to testing whether harmonisation has been achieved and why, this research has found evidence of different approaches to control over telecoms regulators and to market intervention administered by telecoms regulators within the EU. Regarding regulatory control, it was found that some member states have adopted mainly a proceduralist model, some have implemented more of a substantive model, and others have adopted a mix between both. Some findings from the second stage of the research were published in Dabler and Parker (2004). Similarly, regarding market intervention by regulatory authorities, different member states treat market intervention differently, namely according to market-driven or non-market-driven models, or a mix between both approaches.

Exchange rate exposure : do size and foreign operations matter?

Purpose – The purpose of this paper is to examine the effect of firm size and foreign operations on the exchange rate exposure of UK non-financial companies from January 1981 to December 2001. Design/methodology/approach – The impact of the unexpected changes in exchange rates on firms’ stock returns is examined. In addition, the movements in bilateral, equally weighted (EQW) and trade-weighted and exchange rate indices are considered. The sample is classified according to firm size and the extent of firms’ foreign operations. In addition, structural changes on the relationship between exchange rate changes and individual firms’ stock returns are examined over three sub-periods: before joining the exchange rate mechanism (pre-ERM), during joining the ERM (in-ERM), and after departure from the ERM (post-ERM). Findings – The findings indicate that a higher percentage of UK firms are exposed to contemporaneous exchange rate changes than those reported in previous studies. UK firms’ stock returns are more affected by changes in the EQW, and US$ European currency unit exchange rate, and respond less significantly to the basket of 20 countries’ currencies relative to the UK pound exchange rate. It is found that exchange rate exposure has a more significant impact on stock returns of the large firms compared with the small and medium-sized companies. The evidence is consistent across all specifications using different exchange rate. The results provide evidence that the proportion of significant foreign exchange rate exposure is higher for firms which generate a higher percentage of revenues from abroad. The sensitivities of firms’ stock returns to exchange rate fluctuations are most evident in the pre-ERM and post-ERM periods. Practical implications – This study provides important implications for public policymakers, financial managers and investors on how common stock returns of various sectors react to exchange rate fluctuations. Originality/value – The empirical evidence supports the view that UK firms’ stock returns are affected by foreign exchange rate exposure.

Exchange rate exposure:do size and foreign operations matter?

Purpose – The purpose of this paper is to examine the effect of firm size and foreign operations on the exchange rate exposure of UK non-financial companies from January 1981 to December 2001. Design/methodology/approach – The impact of the unexpected changes in exchange rates on firms’ stock returns is examined. In addition, the movements in bilateral, equally weighted (EQW) and trade-weighted and exchange rate indices are considered. The sample is classified according to firm size and the extent of firms’ foreign operations. In addition, structural changes on the relationship between exchange rate changes and individual firms’ stock returns are examined over three sub-periods: before joining the exchange rate mechanism (pre-ERM), during joining the ERM (in-ERM), and after departure from the ERM (post-ERM). Findings – The findings indicate that a higher percentage of UK firms are exposed to contemporaneous exchange rate changes than those reported in previous studies. UK firms’ stock returns are more affected by changes in the EQW, and US$ European currency unit exchange rate, and respond less significantly to the basket of 20 countries’ currencies relative to the UK pound exchange rate. It is found that exchange rate exposure has a more significant impact on stock returns of the large firms compared with the small and medium-sized companies. The evidence is consistent across all specifications using different exchange rate. The results provide evidence that the proportion of significant foreign exchange rate exposure is higher for firms which generate a higher percentage of revenues from abroad. The sensitivities of firms’ stock returns to exchange rate fluctuations are most evident in the pre-ERM and post-ERM periods. Practical implications – This study provides important implications for public policymakers, financial managers and investors on how common stock returns of various sectors react to exchange rate fluctuations. Originality/value – The empirical evidence supports the view that UK firms’ stock returns are affected by foreign exchange rate exposure.

University to business technology transfer — UK and USA comparisons

University to business technology transfer offers specific challenges, beyond those encountered in industry more widely. This paper examines the issues in university to business technology transfer in the UK and USA and presents the results of a survey of UK and US university technology transfer officers. Findings indicate significant differences in the motivations of universities in each country to transfer technology, the consistency of university technology transfer policies and the accessibility of university technologies to business. The study also looks at perceived barriers to university to business technology transfer and offers suggestions for possible improvements to the process. © 2006 Elsevier Ltd. All rights reserved.

Assessing service satisfaction between a 3PL provider and a vehicle manufacturer using the SERVQUAL technique

This paper reports on a new study conducted within a leading UK based (and US owned) car manufacturing company looking at the satisfaction between parties within a newly formed third party logistics (3PL) relationship. The study contains a two-way assessment of the relationship (i.e. the vehicle manufacturer’s Parts Supply and Logistics Operation’s assessment of the 3PL’s service and the 3PL’s assessment of the vehicle manufacturer’s relationship management ability). The study principally used an online SERVQUAL survey, (backed up with an on-line questionnaire, and face to face interviews) for data collection. The paper discusses the background and problems that have arisen in the relationship, the analysis of how each of the parties sees one other in terms of the service provided. Also, the findings and recommendations presented to management are outlined: these include factors such as the need for information sharing, reliability, flexibility, role specificity, trust and effective requirements management.

Biomass fuelled combined heat and power:situation in the UK and the Netherlands

Combined Heat and Power (CHP) is the simultaneous generation of usable heat and power in a single process. Despite its obvious advantages in terms of increased efficiency when compared to a single heat or power generation unit, there are a number of technical and economic reasons that have limited their selection. Biomass resources can be, and actually are used as fuel in CHP installations; however several hurdles have to be sorted beforehand, among the most important is the fact that biomass energy sources are not as energy intense as conventional CHP fuels. The ultimate outcome is a limited number of CHP units making use of biomass as fuel. Even fewer CHP units use bioliquids (e.g.: fast pyrolysis biomass liquids, biodiesel and vegetable oil). The Bioliquid-CHP project is carried out by a consortium of seven European and Russian complementary partners, funded by the EU and by the Federal Agency for Science and Innovation of the Russian Federation. The project aim is to develop microturbine and internal combustion engine adaptations in order to adjust these prime movers to bioliquids for CHP applications. This paper will show a summary of the current biomass CHP installations in the UK and the Netherlands, making reference to number of units, capacity, fuel used, the conversion technology involved and the preferred prime movers. The information will give an insight of the current market, with probable future trends and areas where growth could be expected. A similar paper describing the biomass CHP situation in Italy and Russia will be prepared in the near future.

Regionalism, globalisation and international order:Europe and Southeast Asia

New regionalism and globalization have been prominent themes in academic and political debates since the beginning of the 1990s. Despite the considerable amount of scholarly attention that the new regionalism has received in recent years, its full empirical and theoretical potential has yet to be fully investigated. This illuminating study provides an overview of new avenues in theorizing regionalism and proposes a consolidated framework for analysis and comparison. Offering a comparative historical perspective of European and Southeast Asian regionalism, it presents new and imaginative insights into the theory and practice of regionalism and the links between regional developments, globalization and international order. Contents: Introduction; Regionalism and integration theory the first wave: traditional approaches; New regionalism the second wave: towards a framework for comparative regionalism; Regionalism in the EU and ASEAN during the Cold War: the first wave; Second-wave regionalism: the post-Cold War period; Identifying regions: emerging regional identities in Europe and East Asia; Conclusion; Appendix; Bibliography; Index.

Stanley Hoffmann: a political life:a political life

Stanley Hoffmann is one of the most eminent political scholars of our age—a renowned authority in the study of French, European, and world politics over half a century, an influential theorist of international relations, a critical analyst of US foreign policy, and a voice of moral conscience in many public debates of his time. Hoffmann has always asked big questions—and to those questions he brings an encyclopedic mind that crosses boundaries between politics, history, sociology, law, philosophy, ethics, and literature. This brief article highlights some aspects of his life and work, and introduces a symposium in his honor bringing together five leading scholars on France, Europe, international relations, and international law—each with an enduring debt to the teaching, writings and example of Stanley Hoffmann.

Gender comparisons of fat talk in the United Kingdom and the United States

This study compared different forms of body talk, including "fat talk," among 231 university men and women in central England (UK; n = 93) and the southeastern United States (US; n = 138). A 2 (gender) by 2 (country) repeated measures ANOVA across types of body talk (negative, self-accepting, positive) and additional Chi-square analyses revealed that there were differences across gender and between the UK and US cultures. Specifically, UK and US women were more likely to report frequently hearing or perceiving pressure to engage in fat talk than men. US women and men were also more likely to report pressure to join in self-accepting body talk than UK women and men. © 2010 Springer Science+Business Media, LLC.

Corneal pachymetry in normal and keratoconic eyes:Orbscan II versus ultrasound

Purpose: To compare corneal thickness measurements using Orbscan II (OII) and ultrasonic (US) pachymetry in normal and in keratoconic eyes. Setting: Eye Department, Heartlands and Solihull NHS Trust, Birmingham, United Kingdom. Methods: Central corneal thickness (CCT) was measured by means of OII and US pachymetry in 1 eye of 72 normal subjects and 36 keratoconus patients. The apical corneal thickness (ACT) in keratoconus patients was also evaluated using each method. The mean of the difference, standard deviation (SD), and 95% limits of agreement (LoA = mean ± 2 SD), with and without applying the default linear correction factor (LCF), were determined for each sample. The Student t test was used to identify significant differences between methods, and the correlation between methods was determined using the Pearson bivariate correlation. Bland-Altman analysis was performed to confirm that the results of the 2 instruments were clinically comparable. Results: In normal eyes, the mean difference (± 95% LoA) in CCT was 1.04 μm ± 68.52 (SD) (P>.05; r = 0.71) when the LCF was used and 46.73 ± 75.40 μm (P = .0001; r = 0.71) without the LCF. In keratoconus patients, the mean difference (± 95% LoA) in CCT between methods was 42.46 ± 66.56 μm (P<.0001: r = 0.85) with the LCF, and 2.51 ± 73.00 μm (P>.05: r = 0.85) without the LCF. The mean difference (± 95% LoA) in ACT for this group was 49.24 ± 60.88 μm (P<.0001: r = 0.89) with the LCF and 12.71 ± 68.14 μm (P = .0077; r = 0.89) when the LCF was not used. Conclusions: This study suggests that OII and US pachymetry provide similar readings for CCT in normal subjects when an LCF is used. In keratoconus patients, OII provides a valid clinical tool for the noninvasive assessment of CCT when the LCF is not applied. © 2004 ASCRS and ESCRS.