Board composition, ownership structure and dividend policies in an emerging market: further evidence from CASE 50

Purpose – The purpose of this study is to examine dividend policies in an emerging capital market, in a country undergoing a transitional period. Design/methodology/approach – Using pooled cross-sectional observations from the top 50 listed Egyptian firms between 2003 and 2005, this study examines the effect of board of directors’ composition and ownership structure on dividend policies in Egypt. Findings – It is found that there is a significant positive association between institutional ownership and firm performance, and both dividend decision and payout ratio. The results confirm that firms with a higher return on equity and a higher institutional ownership distribute higher levels of dividend. No significant association was found between board composition and dividend decisions or ratios. Originality/value – This study provides additional evidence of the applicability of the signalling model in the emerging market of Egypt. It was found that despite the high institutional ownership and the closely held nature of the firms, which imply lower agency costs, the payment of higher dividend was considered necessary to attract capital during this transitional period.

Measuring accounting disclosure in a period of complex changes : the case of Egypt

Significant changes in accounting disclosure are observed in periods of economic change such as those relating to emerging capital markets and programs of privatization. Measurement of the level of accounting disclosure should ideally be designed to capture the complexity of change in order to give insight and explanation to match the causes and consequences of change. This paper shows the added interpretive value in subdividing the disclosure checklist to reflect the requirements of national accounting regulations, the location of disclosure items in the annual report, and limitations on the availability of regulations in official translation to the local language. Defining targeted disclosure categories leads to significance testing of specific aspects of changes in accounting disclosure in the Egyptian capital market in the 1990s. Strong correlation of disclosure with the presence of majority government ownership of the company and the relative activity of share trading supports the applicability of political costs and capital need theories, respectively. The relation between International Accounting Standards (IASs) disclosure and the type of audit firm points to additional theoretical explanations, including relative familiarity with the legislation and compliance features identifiable with the emerging capital market. The approach described in this paper has the potential for enhancing understanding of the complexity of accounting change in other emerging capital markets and developing economies.

Environmental reporting in developing countries:empirical evidence from Bangladesh

Most environmental reporting studies have focused on developed countries. Only a handful number of studies are available on the developing countries, concentrating on the newly industrialized countries and African countries. No studies are available from South Asia except the widely quoted one of Singh and Ahuja (1983). Against this background, it is argued that an empirical study on environmental reporting practices in Bangladesh would make a significant contribution to the environmental reporting literature from the context of developing countries in general, and South Asian countries in particular. The study covers 30 recent annual reports of Bangladeshi companies relating to the year 1996. It shows that very limited environmental disclosure has been made. Although we have noted that 90% of companies made some environmental disclosures, the percentage of companies disclosing environmental information comes down to only 20 if we exclude disclosure related to expenditure on energy usage. In general, the quantity and the quality of disclosures seem to be inadequate and poor as compared to the environmental disclosures in the developed countries. The study concludes with an urge for further research in this regard.

Some further empirical evidence on the impact of oil price changes on petrol prices

This paper analyses the asymmetries in the response of petrol prices to oil price shocks. We show that previous work, based on the determination of asymmetric responses, can be improved upon by allowing for asymmetries in short term dynamics. The paper shows that a significant determinant of the response of petrol prices to oil price changes, is the extent to which petrol price can be seen to have departed from its long run equilibrium level.

CEO compensation, option incentives and information disclosure

This paper examines the impact of information disclosure on the valuation of CEO options and the incentives created by those options. Prior executive compensation research in the US has made assumptions about key input variables that can affect the calculation of option values and financial incentives. Accordingly, biases may have ensued due to incomplete information disclosure about noncurrent option grants. Using new data on a sample of UK CEOs, we value executive option holdings and incentives for the first time and estimate the levels of distortion created by the less than complete US-style disclosure requirements. We also investigate the levels of distortion in the UK for the minority of companies that choose to reveal only partial information. Our results suggest that there have to date been few economic biases arising from less than complete information disclosure. Furthermore, we demonstrate that researchers using US data, who made reasonable assumptions about the inputs of noncurrent option grants, are unlikely to have made significant errors when calculating CEO financial incentives or option wealth. However, the recent downturn in the US stock market could result in the same assumptions, producing exaggerated incentive estimates in the future.

The disclosure of directors' share option information in UK companies

This paper considers the empirical determinants of the quality of information disclosed about directors’ share options in a sample of large companies in 1994 and 1995. Policy recommendations, consolidated in the recommendations of the Greenbury report, argue for full and complete disclosure of director option information. In this paper two modest contributions to the UK empirical literature are made. First, the current degree of option information disclosure in the FTSE 350 companies is documented. Second, option information disclosure as a function of variables that are thought to in¯uence corporate costs of disclosure is modelled. The results have implications for corporate governance. Speci®cally, support is oVered for the monitoring function of nonexecutive directors. In addition, nondisclosure is found to be related to variables which proxy proprietary costs of revealing information (such as company size).

Further studies on flow distribution on distillation sieve trays

The thesis describes experimental work on the possibility of using deflection baffles in conventional distillation trays as flow straightening devices, with the view of enhancing tray efficiency. The mode of operation is based on deflecting part of the liquid momentum from the centre of the tray to the segment regions in order to drive stagnating liquid at the edges forward. The first part of the work was a detailed investigation into the two-phase flow patterns produced on a conventional sieve tray having 1 mm hole size perforations. The data provide a check on some earlier work and extend the range of the existing databank, particularly to conditions more typical of industrial operation. A critical survey of data collected on trays with different hole sizes (Hine, 1990; Chambers, 1993; Fenwick, 1996; this work) showed that the hole diameter has a significant influence on the flow regime, the size of the stagnant regions and the hydraulic and mass transfer performance. Five modified tray topologies were created with different configurations of baffles and tested extensively in the 2.44 m diameter air-water pilot distillation simulator for their efficacy in achieving uniform flow across the tray and for their impact on tray loading capacity and mass transfer efficiency. Special attention was given to the calibration of the over 100 temperature probes used in measuring the water temperature across the tray on which the heat and mass transfer analogy is based. In addition to normal tray capacity experiments, higher weir load experiments were conducted using a 'half-tray' mode in order to extend the range of data to conditions more typical of industrial operation. The modified trays show superior flow characteristics compared to the conventional tray in terms of the ability to replenish the zones of exceptionally low temperatures and high residence times at the edges of the tray, to lower the bulk liquid gradient and to achieve a more uniform flow across the tray. These superior flow abilities, however, tend to diminish with increasing weir load because of the increasing tendency for the liquid to jump over the barriers instead of flowing over them. The modified tray topologies showed no tendency to cause undue limitation to tray loading capacity. Although the improvement in the efficiency of a single tray over that of the conventional tray was moderate and in some cases marginal, the multiplier effect in a multiple tray column situation would be significant (Porter et al., 1972). These results are in good agreement with an associated CFD studies (Fischer, 1999) carried out by partners in the Advanced Studies in Distillation consortium. It is concluded that deflection baffles can be used in a conventional distillation sieve tray to achieve better liquid flow distribution and obtain enhanced mass transfer efficiency, without undermining the tray loading capacity. Unlike any other controlled-flow tray whose mechanical complexity impose stringent manufacturing and installation tolerances, the baffled-tray models are simple to design, manufacture and install and thus provide an economic method of retrofitting badly performing sieve trays both in terms of downtime and fabrication. NOTE APPENDICES 2-5 ARE ON A SEPARATE FLOPPY DISK ONLY AVAILABLE FOR CONSULTATION AT ASTON UNIVERSITY LIBRARY WITH PRIOR ARRANGEMENT

Supporting English language teachers doing further degrees at a distance:a web based strategy researched

This thesis explores how the world-wide-web can be used to support English language teachers doing further studies at a distance. The future of education worldwide is moving towards a requirement that we, as teacher educators, use the latest web technology not as a gambit, but as a viable tool to improve learning. By examining the literature on knowledge, teacher education and web training, a model of teacher knowledge development, along with statements of advice for web developers based upon the model are developed. Next, the applicability and viability of both the model and statements of advice are examined by developing a teacher support site (bttp://www. philseflsupport. com) according to these principles. The data collected from one focus group of users from sixteen different countries, all studying on the same distance Masters programme, is then analysed in depth. The outcomes from the research are threefold: A functioning website that is averaging around 15, 000 hits a month provides a professional contribution. An expanded model of teacher knowledge development that is based upon five theoretical principles that reflect the ever-expanding cyclical nature of teacher learning provides an academic contribution. A series of six statements of advice for developers of teacher support sites. These statements are grounded in the theoretical principles behind the model of teacher knowledge development and incorporate nine keys to effective web facilitation. Taken together, they provide a forward-looking contribution to the praxis of web supported teacher education, and thus to the potential dissemination of the research presented here. The research has succeeded in reducing the proliferation of terminology in teacher knowledge into a succinct model of teacher knowledge development. The model may now be used to further our understanding of how teachers learn and develop as other research builds upon the individual study here. NB: Appendix 4 is only available only available for consultation at Aston University Library with prior arrangement.

Further studies of the visually evoked subcortical potential in man

The Visually Evoked Subcortical Potential, a far-field signal, was originally defined to flash stimulation as a triphasic positive-negative-positive complex with mean latencies of P21 N26.2 P33.6 (Harding and Rubinstein 1980). Inconsistent with its subcortical source however, the signal was found to be tightly localised to the mastoid. This thesis re-examines the earlier protocols using flash stimulation and with auditory masking establishes by topographic studies that the VESP has a widespread scalp distribution, consistent with a far-field source of the signal, and is not a volume-conducted electroretinogram (ERG). Furthermore, mastoid localisation indicates auditory contamination from the click, on discharge of the photostimulator. The use of flash stimulation could not precisely identify the origin of the response. Possible sources of the VESP are the lateral geniculate body (LGB) and the superior colliculus. The LGB received 80% of the nerve fibres from the retina, and responds to high contrast achromatic stimulation in the form of drifting gratings of high spatial frequencies. At low spatial frequencies, it is more sensitive to colour. The superior colliculus is insensitive to colour and suppressed by contrast and responds to transitory rapid movements, and receives about 20% of the optic nerve fibres. A pattern VESP was obtained to black and white checks as a P23.5 N29.2 P34 complex in 93% of normal subjects at an optimal check size of 12'. It was also present as a P23.0 N28.29 P32.23 complex to red and green luminance balanced checks at 2o check size in 73% of subjects. These results were not volume-conducted pattern electroretinogram responses. These findings are consistent with the spatial frequency properties of the lateral geniculate body which is the considered source of the signal. With further work, the VESP may supplement electrodiagnosis of post-chiasmal lesions.

Expatriate managers adjustment and its impact on subordinates reactions: a cross cultural leadership study of Kenya and Ethiopia

Research on culture, leadership and adjustment shows that societal culture influences leadership in such a way that it can impact on expatriate managers' effectiveness and adjustment in a new culture. In previous research, cultural background, personality, motives or behaviour of expatriate managers and their followers' reactions to them have been investigated in Europe, America and Asia. However, little attention has been paid on research on expatriate managers in African cultures especially in Eastern Africa. The present study represents an attempt to address the gap by examining how societal culture, leadership and adjustment success are interrelated for expatriate managers in Kenya and Ethiopia. Questionnaire data were obtained from a) local middle managers (N=160) for studying societal culture and leadership in Kenya and Ethiopia, b) expatriate managers in non-governmental organizations - NGOs (N=28) for studying expatriate managers' personality, motives and adjustment success and c) their immediate subordinates (N=125) for studying the expatriate managers' behaviours and their subordinates' reactions to them. Additionally, expatriate managers were interviewed and responses were coded for implicit motives, experiences and adjustment. SPSS was used to analyse data from questionnaires to obtain cultural and leadership dimensions, leader behaviour and subordinate reactions. The NVIVO computer based disclosure analysis package was used to analyse interview data. Findings indicate that societal culture influences leadership behaviours and leadership perceptions while the expatriate managers' motives, behaviours, personality and the cross cultural training they received prior to their assignment impact on the expatriates' adjustment success and on subordinates' reactions to them. The cultural fit between expatriate managers' home country (19 countries) and the target country (Kenya or Ethiopia) had no significant association with adjustment success but was positively related to expatriate behaviour and negatively associated with subordinates reactions. However, some particular societal practices - obviously adopted by expatriates and transferred to their target country - did predict subordinates' commitment, motivation and job satisfaction. Furthermore, expatriates' responsibility motivation was positively related to their adjustment success. Regarding leadership behaviours and effectiveness, expatriate' supportive behaviours predicted subordinates' job satisfaction most strongly. Expatriate managers expressing their management philosophies and experience shed light on the various aspects of adjustment and management of NGOs. In addition, review of Kenyan and Ethiopian cultures and the NGO context in these countries offers valuable information for expatriate managers. This study's general imphcation for Cross Cultural Management and lnternational Human Resources Management is that the combination of culture general and culture specific knowledge and reflections on Eastern Africa countries can inform senior management and international HR staff about the critical issue of what to include in training, coaching, and actual experience in a particular host country in order to ensure effective leadership. Furthennore, this knowledge is expected to influence expatriate managers' behaviour modification to enhance positive subordinate reactions. Questions about how to prepare expatriate managers and subordinates to work more competently and sensitively across cultures are addressed. Further theoretical implications, limitations of the study and directions for future research are also addressed.