The impact of board independence and ownership structure on the timeliness of corporate internet reporting of Irish-listed companies

Purpose – This study seeks to provide valuable new insight into the timeliness of corporate internet reporting (TCIR) by a sample of Irish-listed companies. Design/methodology/approach – The authors apply an updated version of Abdelsalam et al. TCIR index to assess the timeliness of corporate internet reporting. The index encompasses 13 criteria that are used to measure the TCIR for a sample of Irish-listed companies. In addition, the authors assess the timeliness of posting companies’ annual and interim reports to their web sites. Furthermore, the study examines the influence of board independence and ownership structure on the TCIR behaviour. Board composition is measured by the percentage of independent directors, chairman’s dual role and average tenure of directors. Ownership structure is represented by managerial ownership and blockholder ownership. Findings – It is found that Irish-listed companies, on average, satisfy only 46 per cent of the timeliness criteria assessed by the timeliness index. After controlling for size, audit fees and firm performance, evidence that TCIR is positively associated with board of director’s independence and chief executive officer (CEO) ownership is provided. Furthermore, it is found that large companies are faster in posting their annual reports to their web sites. The findings suggest that board composition and ownership structure influence a firm’s TCIR behaviour, presumably in response to the information asymmetry between management and investors and the resulting agency costs. Practical implications – The findings highlight the need for improvement in TCIR by Irish-listed companies in many areas, especially in regard to the regular updates of information provided on their web sites. Originality/value – This study represents one of the first comprehensive examinations of the important dimension of the TCIR in Irish-listed companies.

The microstructure of the Irish stock market

This is the first paper to examine the microstructure of the Irish Stock Market empirically and is motivated by the adoption, on June 7th of Xetra the modern pan European auction trading system. Prior to this the exchange utilized an antiquated floor based system. This change was an important event for the market as a rich literature exists to suggest that the trading system exerts a strong influence over the behavior of security returns. We apply the ICSS algorithm of Inclan and Tiao (1994) to discover whether the change to the trading system caused a shift in unconditional volatility at the time Xetra was introduced. Because the trading mechanism can influence volatility in a number of ways we also estimate the partial adjustment coefficients of the Amihud and Mendelson (1987) model prior and subsequent to the introduction of Xetra. Although we find no evidence of volatility changes associated with the introduction of Xetra we do find evidence of an increase in the speed of adjustment (JEL: G15).

The use of counterfactual scenarios as a means to assess policy deadweight:an Irish case study

The evaluation of industrial policy interventions has attracted increasing policy and academic attention in recent years. Despite the widespread consensus regarding the need for evaluation, the issue of how to evaluate, and the associated methodological considerations, continue to be issues of considerable debate. The authors develop an approach to estimate the net additionality of financial assistance from Enterprise Ireland to indigenously owned firms in Ireland for the period 2000 to 2002. With a sample of Enterprise Ireland assisted firms, an innovative, self-assessment, in-depth, face-to-face, interview methodology was adopted. The authors also explore a way of incorporating the indirect benefits of assistance into derived deadweight estimate issue which is seldom discussed in the context of deadweight estimates. They conclude by reflecting on the key methodological lessons learned from the evaluation process, and highlight some pertinent evaluation issues which should form the focus of much future discussion in this field of research.

Evaluating the additionality of public sector assistance to Irish firms: a question of ownership?

This article presents an innovative approach to estimating the additionality of financial assistance awarded to firms by an Irish regional development agency. The 'self assessment approach' is used to derive estimates of deadweight and displacement for firms in the Shannon region of Ireland. Irish studies have derived high estimates of deadweight by international standards. In light of this, and the fact that successive Irish governments have placed emphasis on Foreign Direct Investment as an engine for growth, the primary objective here is to address the question of whether the type of firm ownership matters with respect to resulting deadweight and/or displacement estimates. The latter question is addressed using logistic regression analysis to test whether, ceteris paribus, firm ownership is a key-determining factor for estimates of deadweight and/or displacement. The results show that ownership does not matter in the case of deadweight, but regarding displacement there are differences between indigenous and foreign-owned firms albeit at very low levels. More precisely, as expected, indigenously owned firms are more likely to lead to higher estimates of displacement.

Location and network effects on innovation success:evidence for UK, German and Irish manufacturing plants

Recent developments in the new economic geography and the literature on regional innovation systems have emphasised the potentially important role of networking and the characteristics of firms' local operating environment in shaping their innovative activity. Modeling UK, German and Irish plants' investments in R&D, technology transfer and networking, and their effect on the extent and success of plants' innovation activities, casts some doubt on the importance of both of these relationships. In particular, our analysis provides no support for the contention that firms or plants in the UK, Ireland or Germany with more strongly developed external links (collaborative networks or technology transfer) develop greater innovation intensity. However, although inter-firm links also have no effect on the commercial success of plants' innovation activity, intra-group links are important in terms of achieving commercial success. We also find evidence that R&D, technology transfer and networking inputs are substitutes rather than complements in the innovation process, and that there are systematic sectoral and regional influences in the efficiency with which such inputs are translated into innovation outputs. © 2001 Elsevier Science B.V.

‘Wir stehen fest zusammen/Zu Kaiser und zu Reich!’: Nationalism Among Germans in Britain, 1871–1918

German unification in 1871 triggered a wave of enthusiasm for the fatherland amongst German migrants worldwide. Britain was no exception. National confidence and coherence received a boost through the new symbols of ‘Kaiser’ and ‘Reich’. From the 1880s onwards, more and more militaristic and chauvinistic undertones could be heard. Local branches of German patriotic and militaristic pressure groups were founded in Britain. Support for Germany’s ‘new course’ of colonialist expansion and its ambitious naval programme was, however, not confined to right–wing groups but permeated ethnic life in general. Religion and nationalism stood in a symbiotic relationship; some German academics lecturing at British universities displayed chauvinistic attitudes; social clubs were increasingly dominated by an atmosphere of ‘Reich’–nationalism. After the outbreak of war, public expressions of pro–German attitudes did not disappear and were one of numerous factors contributing to Germanophobia within the host society.

A critical evaluation of theories of nationalism

This thesis considers the main theoretical positions within the contemporary sociology of nationalism. These can be grouped into two basic types, primordialist theories which assert that nationalism is an inevitable aspect of all human societies, and modernist theories which assert that nationalism and the nation-state first developed within western Europe in recent centuries. With respect to primordialist approaches to nationalism, it is argued that the main common explanation offered is human biological propensity. Consideration is concentrated on the most recent and plausible of such theories, sociobiology. Sociobiological accounts root nationalism and racism in genetic programming which favours close kin, or rather to the redirection of this programming in complex societies, where the social group is not a kin group. It is argued that the stated assumptions of the sociobiologists do not entail the conclusions they draw as to the roots of nationalism, and that in order to arrive at such conclusions further and implausible assumptions have to be made. With respect to modernists, the first group of writers who are considered are those, represented by Carlton Hayes, Hans Kohn and Elie Kedourie, whose main thesis is that the nation-state and nationalism are recent phenomena. Next, the two major attempts to relate nationalism and the nation-state to imperatives specific either to capitalist societies (in the `orthodox' marxist theory elaborated about the turn of the twentieth century) or to the processes of modernisation and industrialisation (the `Weberian' account of Ernest Gellner) are discussed. It is argued that modernist accounts can only be sustained by starting from a definition of nationalism and the nation-state which conflates such phenomena with others which are specific to the modern world. The marxist and Gellner accounts form the necessary starting point for any explanation as to why the nation-state is apparently the sole viable form of polity in the modern world, but their assumption that no pre-modern society was national leaves them without an adequate account of the earliest origins of the nation-state and of nationalism. Finally, a case study from the history of England argues both the achievement of a national state form and the elucidation of crucial components of a nationalist ideology were attained at a period not consistent with any of the versions of the modernist thesis.

German-Irish corporate relationships:the cultural dimension

The thesis raises the question of whether or not in an age of internationalisation and globalisation, the cultural differences which exist between Germany and Ireland are still relevant to German-Irish corporate relationships or have internationally accepted best practices removed culture from the equation? The first three chapters establish the theoretical framework of the thesis by outlining the broadly culturalist/institutionalist approach, based on the work of Hofstede and Maurice et al, to be pursued, profiling the business cultures of both countries by analysing the components of their respective national institutional frameworks, and the examining existing approaches to the study of mother company-foreign subsidiary relationships. Chapters four to seven constitute the empirical section of the thesis. Using the interviews carried out with two sample groups (Sample Group A: 15 German mother companies and 14 of their Irish operations and Sample Group B: 7 Irish mother companies and 9 of their German operations), the mother companies in both groups are examined to see whether or not they demonstrate characteristics which are in keeping with their national business cultures. Their foreign operations are then analysed as is the mother company-foreign subsidiary relationship to determine whether or not any mother company influences are visible. The general approaches adopted by the two groups of mother companies to their foreign operations are compared and contrasted. Finally, differences in national attitudes and values are identified and their impact assessed. The analysis reveals that despite existing pressures towards convergence, the cultural differences between both countries are still relevant to the relationship particularly at the level of attitudes and values and although similarities in the mother company approaches to their subsidiaries are present, national specificities may nevertheless be detected.

Nationalism gone global:the Hauptverband Deutscher Flottenvereine im Auslande 1898-1918

The Wilhelmine battle fleet was a powerful symbol of national strength and unity not only within the Reich but also in German ethnic communities abroad. A global network of 179 navy clubs with 9,500 members (1913) was coordinated by the Berlin-based Central League for German Navy Clubs Abroad (Hauptverband Deutscher Flottenvereine im Auslande). Its aims were the collection of migrants’ money for concrete navy projects and the promotion of allegiance to the Reich and of ethnic cohesion abroad. The article analyses German navy campaigning within a transnational framework and supports the view that migrants were discursively drawn into Imperial Germany’s global aspirations as outposts of ‘Germanness’ abroad. Existing scholarship, however, tends to look at them as passive objects of a discourse conducted within Germany, as a canvas onto which (semi-)colonial fantasies could be projected. This article argues, rather, that ‘Germans abroad’ could also be active participants within a transnationally conducted and multi-directional discourse. They did not necessarily defy nationalist assumptions but could, in fact, be deeply embedded in the construction of these assumptions.