Impacts of flood hazards on small and medium companies:strategies for property level protection and business continuity

Worldwide floods have become one of the costliest weather-related hazards, causing large-scale human, economic, and environmental damage during the recent past. Recent years have seen a large number of such flood events around the globe, with Europe and the United Kingdom being no exception. Currently, about one in six properties in England is at risk of flooding (EA, 2009), and the risk is expected to further increase in the future (Evans et al., 2004). Although public spending on community-level flood protection has increased and some properties are protected by such protection schemes, many properties at risk of flooding may still be left without adequate protection. As far as businesses are concerned, this has led to an increased need for implementing strategies for property-level flood protection and business continuity, in order to improve their capacity to survive a flood hazard. Small and medium-sized enterprises (SMEs) constitute a significant portion of the UK business community. In the United Kingdom, more than 99% of private sector enterprises fall within the category of SMEs (BERR, 2008). They account for more than half of employment creation (59%) and turnover generation (52%) (BERR, 2008), and are thus considered the backbone of the UK economy. However, they are often affected disproportionately by natural hazards when compared with their larger counterparts (Tierney and Dahlhamer, 1996; Webb, Tierney, and Dahlhamer, 2000; Alesch et al., 2001) due to their increased vulnerability. Previous research reveals that small businesses are not adequately prepared to cope with the risk of natural hazards and to recover following such events (Tierney and Dahlhamer, 1996; Alesch et al., 2001; Yoshida and Deyle, 2005; Crichton, 2006; Dlugolecki, 2008). For instance, 90% of small businesses do not have adequate insurance coverage for their property (AXA Insurance UK, 2008) and only about 30% have a business continuity plan (Woodman, 2008). Not being adequately protected by community-level flood protection measures as well as property- and business-level protection measures threatens the survival of SMEs, especially those located in flood risk areas. This chapter discusses the potential effects of flood hazards on SMEs and the coping strategies that the SMEs can undertake to ensure the continuity of their business activities amid flood events. It contextualizes this discussion within a survey conducted under the Engineering and Physical Sciences Research Council (EPSRC) funded research project entitled “Community Resilience to Extreme Weather — CREW”.

Effectiveness of Olympic sponsorship by foreign and domestic companies: the influential role of consumer ethnocentrism

This study investigates Chinese consumers' responses to foreign and domestic sponsors engaged in the Beijing Olympic Games. It identifies direct causal relationships between consumer ethnocentrism, attitudes towards the sponsor and product judgement. Findings reveal that event involvement mediates the positive relationship between consumer ethnocentrism and attitudes towards the domestic sponsor. Attitudes towards foreign sponsors are found to be a significant mediator in the relationship between consumer ethnocentrism and judgements of the sponsors' products. Theoretical and managerial implications are discussed.

Szolgáltatásmenedzsment Magyarországon a termelő- és a szolgáltatóvállalatoknál (Service management at the manufacturing and service companies in Hungary)

A szolgáltatási tevékenységek ma már döntő szerepet játszanak a gazdaságok működésében, nemcsak az egyre nagyobb arányt képviselő szolgáltatószektorban, hanem a termelővállalatoknál is. Ez a tanulmány – a szolgáltatásmenedzsment néhány elfogadott tételének felhasználásával – azt vizsgálja, hogy a Budapesti Corvinus Egyetem Versenyképesség Kutató Központja által szervezett versenyképesség-kutatás 3. fordulójának adatai alapján mit tudunk mondani ma Magyarországon a szolgáltatásokról. Fő megállapításai szerint hazánkban a termelővállalatok ma felkészültebbek a szolgáltatások nyújtása terén, mint maguk a szolgáltatók. Erőfeszítéseiket nemcsak a szolgáltatásminőség javítására, hanem a szolgáltatásnyújtási folyamat fejlesztésére is fordítják. A nagyobb erőfeszítés pedig erőteljesebb hatást gyakorol a vállalatok jövedelmezőségére és a vevői érték növekedésére egyaránt. ______ Service activities nowadays play a crucial role in developed economies. This statement is true not only in the ever increasing service sector, but also at manufacturing companies. This study gives a picture about services in the Hungarian economy on the basis of the 3rd round competitiveness survey organized by the Competitiveness Research Centre of Corvinus University of Budapest. Some hypotheses based on classical service management issues are tested. According to the most important conclusions, manufacturing companies in Hungary are more prepared today to provide services than the service sector itself. Manufacturing companies put efforts both into improving service quality and processes. And these efforts appear in increasing profitability and customer value.

Sugar and coffee: A history of settler agriculture in nineteenth-century Liberia

This dissertation is about commercial agriculture in nineteenth-century Liberia. Based primarily on the archives of the American Colonization Society (founder of Liberia), it examines the impact of environmental and demographic constraints on an agrarian settler society from 1822 to the 1890s. Contrary to the standard interpretation, which linked the poor state of commercial agriculture to the settlers' disdain for cultivation, this dissertation argues that the scarcity of labor and capital impeded the growth of commercial agriculture. The causes of the scarcity were high mortality, low immigration and the poverty of the American “Negroes” who began to settle Liberia in 1822. ^ Emigration to Liberia meant almost certain death and affliction for many immigrants because they encountered a new set of diseases. Mortality was particularly high during the early decades of colonization. From 1822 to 1843, about 48 percent of all immigrants died of various causes, usually within their first year. The bulk of the deaths is attributed to malaria. There was no natural increase in the population for this early period and because American “Negroes” were unenthusiastic about relocation to Liberia, immigration remained sparse throughout the century. Low immigration, combined with the high death rate, deprived the fledgling colony of its potential human resource, especially for the cultivation of labor-intensive crops, like sugar cane and coffee. Moreover, even though females constituted approximately half of the settlers, they seldom performed agricultural labor. ^ The problem of labor was compounded by the scarcity of draft animals. Liberia is in the region where trypanosomiasis occurs. The disease is fatal to large livestock. Therefore, animal-drawn plows, common in the United States, were never successfully transplanted in Liberia. Besides, the dearth of livestock obstructed the development of the sugar industry since many planters depended on oxen-powered mills because they could not afford to buy the more expensive steam engine mills. ^ Finally, nearly half of the immigrants were newly emancipated slaves. Usually these former bondsmen arrived in Liberia penniless. Consequently, they lacked the capital to invest in large-scale plantations. The other categories of immigrants (e.g., those who purchased their freedom), were hardly better off than the emancipated slaves. ^

Sugar and Revolution ( A Requiem) , Lecture by Duanel Díaz Infante

This flyer promotes the event "Sugar and Revolution ( A Requiem) : Lecture by Duanel Díaz Infante", cosponsored by FlU's Cuban Research Institute, Latin American and Caribbean Center, and the FlU Libraries.

The corporate regimen of labour companies in the New Act 44/2015, on 14th October, of labour and investee companies

Act 44/2015, on 14th October, of labour and investee companies, aims to accommodate the different instruments, limits and requirements with which the legal regime of the labour companies is set, to the current economic and legal context where they must develop their economic activity. The purpose of the law is to preserve their special status, while it seeks to modernize its legal structure to ensure the economic solvency of the business plan, without weakening the social profile that is required. The new law includes two organisational figures, ‘labour companies’ and the calling ‘investee companies’, of the last one, only leaving evidence of what is to be understood by them referring its regulation to a subsequent regulatory development. Until the publication of the regulation, our work has focused on the corporate aspect of the labour companies by analysing the modifications made on the typological elements and legal regime of these organisational figures to determine whether the law is the necessary and sufficient instrument to achieve the challenge proposed.

Effects of IFRS adoption on the financial statements of Nigerian listed entities: the case of oil and gas companies

On 28 July 2010, the Nigerian Federal Executive Council approved January 1, 2012 as the effective date for the convergence of Nigerian Statement of Accounting Standards (SAS) or Nigerian GAAP (NG-GAAP) with International Financial Reporting Standards (IFRS). By this pronouncement, all publicly listed companies and significant public interest entities in Nigeria were statutorily required to issue IFRS based financial statements for the year ended December, 2012. This study investigates the impact of the adoption of IFRS on the financial statements of Nigerian listed Oil and Gas entities using six years of data which covers three years before and three years after IFRS adoption in Nigeria and other African countries. First, the study evaluates the impact of IFRS adoption on the Exploration and Evaluation (E&E) expenditures of listed Oil and Gas companies. Second, it examines the impact of IFRS adoption on the provision for decommissioning of Oil and Gas installations and environmental rehabilitation expenditures. Third, the study analyses the impact of the adoption of IFRS on the average daily Crude Oil production cost per Barrel. Fourth, it examines the extent to which the adoption and implementation of IFRS affects the Key Performance Indicators (KPIs) of listed Oil and Gas companies. The study further explores the impact of IFRS adoption on the contractual relationships between Nigerian Government and Oil and Gas companies in terms of Joint Ventures (JVs) and Production Sharing Contracts (PSCs) as it relates to taxes, royalties, bonuses and Profit Oil Split. A Paired Samples t-test, Wilcoxon Signed Rank test and Gray’s (Gray, 1980) Index of Conservatism analyses were conducted simultaneously where the accounting numbers, financial ratios and industry specific performance measures of GAAP and IFRS were computed and analysed and the significance of the differences of the mean, median and Conservatism Index values were compared before and after IFRS adoption. Questionnaires were then administered to the key stakeholders in the adoption and implementation of IFRS and the responses collated and analysed. The results of the analyses reveal that most of the accounting numbers, financial ratios and industry specific performance measures examined changed significantly as a result of the transition from GAAP to IFRS. The E&E expenditures and the mean cost of Crude Oil production per barrel of Oil and Gas companies increased significantly. The GAAP values of inventories, GPM, ROA, Equity and TA were also significantly different from the IFRS values. However, the differences in the provision for decommissioning expenditures were not statistically significant. Gray’s (Gray, 1980) Conservatism Index shows that Oil and Gas companies were more conservative under GAAP when compared to the IFRS regime. The Questionnaire analyses reveal that IFRS based financial statements are of higher quality, easier to prepare and present to management and easier to compare among competitors across the Oil and Gas sector but slightly more difficult to audit compared to GAAP based financial statements. To my knowledge, this is the first empirical research to investigate the impact of IFRS adoption on the financial statements of listed Oil and Gas companies. The study will therefore make an enormous contribution to academic literature and body of knowledge and void the existing knowledge gap regarding the impact and implications of IFRS adoption on the financial statements of Oil and Gas companies.

The Effect of Non-Audit Services on Auditor Independence : A study on 11 food retail- and wholesale companies in the United Kingdom

Purpose – The purpose of this study is to investigate the effect of non-audit services on auditor independence, and the importance of non-audit services as a source of income for audit firms in the United Kingdom. Design/method/approach – This study will examine 11 companies in the food retail- and wholesale industry during 2007 - 2014. Five indicators have been used; (1) Appointed auditor and provision of non-audit services to audit clients; (2) Auditor tenure; (3) Non-audit services in relation to total services; (4) Tax-services in relation to non-audit services, (5) Big Four’s revenue. Information has been collected using the quantitative approach through annual- and transparency reports. The threshold used to measure possible independence threats (self-review-, self-interest- and familiarity threat) has been set at 18,5 %. Findings – This study concludes that the jointly provision of audit- and nonaudit services possibly causes impairment of auditor independence, and that non-audit services is an important source of income for audit firms. The findings showed that in 99 %, companies purchased non-audit services from their statutory auditor. Non-audit services in relation to total services surpassed the threshold in 78 % of all financial years. Likewise, tax-services in comparison to non-audit services exceeded the threshold in 65 % of all financial years. The Big Four’s revenue from non-audit services to audit clients in relation to total revenue is almost constantly below the threshold. However, in all financial years except from one, total revenue from non-audit services surpassed revenue from audit services by far. Contribution – The study contributes to the ongoing discussion about nonaudit services effect on auditor independence. Originality/value – This study is one of few that provide detailed information about non-audit services in the food retail- and wholesale industry. It highlights social and ethical issues with regard to agency relationships.  

Intangible resources, competencies and business results: Evidences for Basque and Spanish companies

307 p. El contenido de los capítulos 4º y 5º está sujeto a confidencialidad.

Effects of sugar and fat consumption on sweet and fat taste

Excessive consumption of fat and sugar is associated with development of diet related diseases. While there are multiple factors involved with overconsumption of sweet and fatty foods, the taste system is responsible for identifying sugars and fats in foods, and in this way inform consumption of potential foods. Published research linking sweet taste and sugar consumption is limited and conflicting with one recent dietary intervention supporting a link between sweet taste and sugar consumption. Fat taste is an emerging area of interest, and recent research illustrates a direct link with high-fat diet increasing fat taste thresholds while low-fat diets decrease fat taste thresholds.

Male sexual behaviour and ethanol consumption from an evolutionary perspective: a comment on "Sexual deprivation increases ethanol intake in Drosophila"

Shohat-Ophir et al. (1) demonstrate a connection between sexual behaviour and ethanol consumption in male Drosophila flies, and how the neuropeptide F system regulates ethanol preference. Their results are rightly discussed only in a physiological context, but this has facilitated erroneous anthropomorphic interpretations by the media. Here we discuss the link between male sexual behaviour and ethanol consumption from an evolutionary perspective, providing a broader context to interpret their results.

Private security beyond private military and security companies:exploring diversity within private-public collaborations and its consequences for security governance

The aim of this special issue is to widen the existing debates on security privatization by looking at how and why an increasing number of private actors beyond private military and/or security companies (PMSCs) have come to perform various security related functions. While PMSCs produce security for profit, most other private sector actors make profit by selling goods and services that were originally not connected with security in the traditional understanding of the term. However, due to the continuous introduction of new legal and technical regulations by public authorities, many non- security related private businesses nowadays have to perform at least some security functions. Little research, however, has been done thus far, both in terms of security practices of non- security related private businesses and their impact on security governance. This introduction explains how this special issue contributes to closing this glaring gap by 1) extending the conceptual and theoretical arguments in the existing body of literature; and 2) offering a range of original case studies on the specific roles of non- security related private companies of all sizes, areas of businesses, and geographic origin.