Corporate governance and compliance with International Financial Reporting Standards (IFRSs):evidence from two MENA stock exchanges

This study examines the influence of corporate governance structures on the levels of compliance with IFRSs disclosure requirements by companies listed on the stock exchanges of two leading MENA (Middle East and North Africa) countries, Egypt and Jordan. This study employs a cross-sectional analysis of a sample of non-financial companies listed on the two stock exchanges for the fiscal year 2007. Using an unweighted disclosure index, the study measures the levels of compliance by companies listed on the two stock exchanges investigated.Univariate and multivariate regression analyses are used to estimate the relationships proposed in the hypotheses. In addition, the study uses semi-structured interviews in order to supplement the interpretation of the findings of the quantitative analyses. An innovative theoretical foundation is deployed, in which compliance is interpretable through three lenses - institutional isomorphism theory, secrecy versus transparency (one of Gray’s accounting sub-cultural values), and financial economics theories. The study extends the financial reporting literature, cross-national comparative financial disclosure literature, and the emerging markets disclosure literature by carrying out one of the first comparative studies of the above mentioned stock exchanges. Results provide evidence of a lack of de facto compliance (i.e., actual compliance) with IFRSs disclosure requirements in the scrutinised MENA countries. The impact of corporate governance mechanisms for best practice on enhancing the extent of compliance with mandatory IFRSs is absent in the stock exchanges in question. The limited impact of corporate governance best practice is mainly attributed to the novelty of corporate governance in the region, a finding which lends support to the applicability of the proposed theoretical foundation to the MENA context. Finally, the study provides recommendations for improving de facto compliance with IFRSs disclosure requirements and corporate governance best practice in the MENA region and suggests areas for future research.

Adjusting to institutional realities: the 2006 NGO law and its effects on civil society in Russia

Key findings: The paper investigates the impact that the legislative changes of 2006 had on civil society in Russia. This legislation has change the regulatory environment in which civil society actors such as Third Sector Organisations operate. Using the past development of civil society organisations as well as insights about how the institutional environment influences this article illustrates: - the undemocratic nature and motivation of the law and how it exploits the structural weaknesses of civil society - how Third Sector Organisations rationalise and translate the legislative changes into their organisational realities and how this changed or did not change their behaviour - the shift in state-civil society relations away from liberal co-existence into more hierarchical arrangements were Third Sector Organisations are subordinated to the state. These trends have far reaching implications for civil society. The empirical evidence shows that state now manages civil society to meet its own political ends. It also shows that organisations in the field welcome the more engage and directive nature of the Russian state. Why is this important? What does it mean for business or other users? Are there policy implications? The research is important as it shows how Third Sector Organisations have reacted to the legislative changes. Further it provides a basis for interpretation of the potential future development of civil society. Additional it highlights how the continuous process of democratisation in transition economies sometimes might come unstuck. In particular donor agencies will need to consider these trends when disturbing funding to Third Sector Organisations.

The law and finance of share repurchases in Europe

This article analyses the impact of the EU market abuse law on share repurchases. We find that the Member States' previous rules differed considerably, and therefore it can be said that the Regulation on share repurchases has provided uniformity as to the availability of a safe harbour for share repurchases. The picture, however, gets more difficult to assess if we consider our findings on the actual effect of the law. Our results do not confirm a “simple law and finance story“ according to which market participants would have just reacted as expected by the new legal rules. Rather, it seems to be the case that the value of legal certainty and the positive signal of common legal rules have also had an impact on the propensity to repurchase own stock.

Auctions law and practice

This is the new edition of the leading work on the law and practice of auctions. The book looks at every aspect of auction practice from the economics of auction sales and restrictions on trading to criminal and other liabilities of the auctioneer. There is also a chapter on VAT. There have been important recent developments in the field of consumer protection and the book has been substantially revised to reflect these. In addition to general updating the new edition considers the practice of online auctions for the first time. There is also a section on looted art . The book continues to draw on case law from other common law jurisdictions.

Stock price distributions and news:evidence from index options

We estimate the shape of the distribution of stock prices using data from options on the underlying asset, and test whether this distribution is distorted in a systematic manner each time a particular news event occurs. In particular we look at the response of the FTSE100 index to market wide announcements of key macroeconomic indicators and policy variables. We show that the whole distribution of stock prices can be distorted on an event day. The shift in distributional shape happens whether the event is characterized as an announcement occurrence or as a measured surprise. We find that larger surprises have proportionately greater impact, and that higher moments are more sensitive to events however characterised.

Transformational-transactional leadership and upward influence:the role of Relative Leader-Member Exchanges (RLMX) and Perceived Organizational Support (POS)

By utilizing the resource theory of social exchange (Foa & Foa, 1974), we attempted to cast light on the dynamics of the relationship between transformational-transactional leadership and employees' upward influence tactics. Using data collected in two time points (N=200, 1. year apart), we found perceptions of transformational leadership (Time 1) to be positively related to the use of soft and rational upward influence tactics (Time 2) whereas transactional leadership (Time 1) was positively related to the use of soft and hard upward influence tactics (Time 2). We also found support for a 3-way interaction between transformational-transactional leadership, relative Leader Member Exchanges (RLMX) and Perceived Organizational Support (POS) on employees' upward influence tactics. Specifically, in resource-constrained conditions (low RLMX and low POS), employees were likely to use soft tactics to influence a manager they perceived as transformational to a greater extent than in resource-munificent conditions. They were also likely to employ higher levels of soft and hard tactics to influence a transactional manager in resource-constrained rather than in resource-munificent conditions. © 2012 Elsevier Inc.

Justice and morality:human suffering, natural law and international politics

Bridging the contending theories of natural law and international relations, this book proposes a 'relational ontology' as the basis for rethinking our approach to international politics. The book contains a number of challenging and controversial ideas on the study of international political thought which should provoke constructive debate within international relations theory, political theory, and philosophical ethics. © Amanda Russell Beattie 2010. All rights reserved.

'Only in the leap from the lion's head will he prove his worth':natural law and international relations

This article argues the benefits of including a theological interpretation of natural law morality within the normative discourses of international politics. It challenges the assumption of a Grotian secular natural law arguing that practical reason, in a Thomist interpretation, is better suited to the demands of international political theory. It engages with themes of agency, practical reason, and community in order to enhance the content of the post-territorial community evidenced in ethical cosmopolitan debates. Likewise, it envisions a simultaneously enhancing a rapprochement among cosmopolitan and communitarian discourses of international politics facilitated through an institutional design guided by the morality of natural law.

Trademark law and theory:a handbook of contemporary research

Publication Review: Trademark Law and Theory: A Handbook of Contemporary Research, Edited by Graeme B. Dinwoodie and Mark D. Janis