The impact of culture and corporate governance in dividend policy: evidence from emerging and developed countries

The present research aims to analyse the impact of corporate governance and cultural dimensions in dividend policy. The corporate governance and dividend policy have a close relationship, in that both are evidenced in literature to mitigate agency problems. Cultural factors are also related to agency problems. The existence of agency problems and their solutions differs across countries and it is related to the implementation of the mechanisms of governance. So, cultural factors may have influence on corporate governance and dividend policy. Our sample consists in 1 232 companies belonging to the main indices of 38 countries classified as emerging or developed. To measure the quality of firm level corporate governance, we use the ASSET4 Corporate Governance Performance Index, developed by Thomson Reuters, and as proxy of culture we use three cultural dimensions developed by Geert Hofstede, namely uncertainty avoidance, masculinity and indulgence. We obtained significant empirical evidence that firms with high quality of corporate governance pay higher dividends. With regard to cultural factors, we confirm that in countries with high levels of masculinity and uncertainty avoidance, the dividend payout ratio is lower. On the other hand, countries with high level of indulgence have higher dividend payout ratio. However, we verify that the impact of cultural effects is minimized when the firms have a high quality level of corporate governance. Additionally, we found that the impact of corporate governance and cultural factors in dividend policy differs when dealing with emerging or developed countries.

The role of space as both a conflict trigger and a conflict control mechanism in culturally heterogeneous workgroups

The diversity literature is replete with examples of poor outcomes in Culturally Heterogeneous Workgroups (CHWs) caused by relational difficulties. Although it is widely recognised that culture shapes people's interpretation of behavior and their style of interaction with others in the workplace, what is ill understood is what the specific conflict triggers of these conflicts are. In this paper, we argue that differences in cultural norms and views of physical and psychological space are major triggers of conflict in CHWs. Findings from a field study support the proposition that different viewpoints regarding the use of space, the inability to retreat from exposure to others, decreased interpersonal space, and privacy invasion moderate the relationship between cultural diversity in the workgroup and the type, frequency, and duration of conflict events in CHWs. The paper represents a first step in elucidating the role of space in cross-cultural interactions in the workplace and how space may be a potentially important conflict control mechanism for managers of culturally diverse workgroups.

Harmonization of training and assessment of medical specialists in physical and rehabilitation medicine across Europe - The contribution of the UEMS Board of Physical and Rehabilitation Medicine

Background.- The main goals of the European Board of Physical and Rehabili-tation Medicine (EBPRM), founded in 1991 as the third speciality board of theUnion of European Medical Specialists (UEMS), are to harmonize pre-graduate,post-graduate and continuous medical education in physical and rehabilitationmedicine (PRM) all over Europe. The harmonization of curricula of the medi-cal specialities and the assessment of medical specialists has become one of thepriorities of the UEMS and its working groups to which the EBPRM contributes.Action.- The EBPRM will continue to promote a specific minimal undergraduatecurriculum on PRM including issues like disability, participation and handicapto be taught all over Europe as a basis for general medical practice. The EBPRMwill also expand the existing EBPRM postgraduate curriculum into a detailedcatalogue of learning objectives. This catalogue will serve as a tool to boostharmonization of the national curricula across Europe as well as to structurethe content of the MCQ examination. It would be a big step forward towardsharmonization of European PRM specialist training if an important number ofcountries would use the certifying MCQ examination of the Board as a part ofthe national assessments for PRM specialists.

Harmonization of policies and training systems in Europe for urban development – The Experience of LUDA Project

The work developed in LUDA’s project has clearly showed that, in a European economic and cultural diversified frame, crossed by recent and not so recent historical challenging processes, the issues of the urban affairs certainly have different layouts, but, as a matter of fact, we can assume that in their essence they are common to all regions. Identifying a set of common problems is not difficult: the Luda’s; the disadjustment between people and goods mobility, the difficult articulation between space and development sustainability the fragile features of the urban space in its complexity, the responsible social management of current migrations etc.

Effects of a probiotic soy product and physical exercise on formation of pre-neoplastic lesions in rat colons in a short-term model of carcinogenic

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Habitat heterogeneity and use of physical acoustic space in anuran communities in southeastern Brazil.

We intended to verify if structural and physiognomical characteristics of water bodies influence on the degree of overlap among calling sites of 23 anurans species, if anuran species use different calling sites in different water bodies, and if there is some relationship between the degree of advertisement call (based on seven call features) and calling site differentiation. Then, we determined calling sites (based in four variables) and recorded the advertisement call for anuran species that occurred in 10 water bodies of northwestern São Paulo State. We also determined the environmental heterogeneity (based in four environmental descriptors) for each water body. Males of most species used similar calling sites in each water body, probably because of the high uniformity of the environment, as a consequence of agricultural impacts on edge vegetation of the studied ponds. Most species (18 out of 19 species) called from different sites in the ponds where they occurred, which can be associated with differences in horizontal and vertical distribution of vegetation in the studied ponds. From the 19 species analyzed, only males of Pseudopaludicola aff. saltica called in sites with the same characteristics in different ponds. Advertisement call of Hylidae species was more similar to each other than were Leiuperidae and Leptodactylidae among themselves. The aquatic/terrestrial anurans (Bufonidae, Leiuperidae, Leptodactylidae and Microhylidae) occupied similar calling sites but presented quite distinct advertisement calls, while Hylidae species presented an inverse pattern: a high similarity on advertisement call features but used different calling sites, which indicates a niche complementarity between physical (calling site use) and acoustic (advertisement call) space use.

Changes in the intermediate water mass formation rates in the global ocean for the Last Glacial Maximum, mid-Holocene and pre-industrial climates

The paleoclimate version of the National Center for Atmospheric Research Community Climate System Model version 3 (NCAR-CCSM3) is used to analyze changes in the water formation rates in the Atlantic, Pacific, and Indian Oceans for the Last Glacial Maximum (LGM), mid-Holocene (MH) and pre-industrial (PI) control climate. During the MH, CCSM3 exhibits a north-south asymmetric response of intermediate water subduction changes in the Atlantic Ocean, with a reduction of 2 Sv in the North Atlantic and an increase of 2 Sv in the South Atlantic relative to PI. During the LGM, there is increased formation of intermediate water and a more stagnant deep ocean in the North Pacific. The production of North Atlantic Deep Water (NADW) is significantly weakened. The NADW is replaced in large extent by enhanced Antarctic Intermediate Water (AAIW), Glacial North Atlantic Intermediate Water (GNAIW), and also by an intensified of Antarctic Bottom Water (AABW), with the latter being a response to the enhanced salinity and ice formation around Antarctica. Most of the LGM intermediate/mode water is formed at 27.4 < sigma(theta) < 29.0 kg/m(3), while for the MH and PI most of the subduction transport occurs at 26.5 < sigma(theta) < 27.4 kg/m(3). The simulated LGM Southern Hemisphere winds are more intense by 0.2-0.4 dyne/cm(2). Consequently, increased Ekman transport drives the production of intermediate water (low salinity) at a larger rate and at higher densities when compared to the other climatic periods.

Physical and mineralogical changes of Hungarian monumental stones exposed to different conditions: stone-testing in-situ and under laboratory conditions

The Székesfehérvár Ruin Garden is a unique assemblage of monuments belonging to the cultural heritage of Hungary due to its important role in the Middle Ages as the coronation and burial church of the Kings of the Hungarian Christian Kingdom. It has been nominated for “National Monument” and as a consequence, its protection in the present and future is required. Moreover, it was reconstructed and expanded several times throughout Hungarian history. By a quick overview of the current state of the monument, the presence of several lithotypes can be found among the remained building and decorative stones. Therefore, the research related to the materials is crucial not only for the conservation of that specific monument but also for other historic structures in Central Europe. The current research is divided in three main parts: i) description of lithologies and their provenance, ii) physical properties testing of historic material and iii) durability tests of analogous stones obtained from active quarries. The survey of the National Monument of Székesfehérvár, focuses on the historical importance and the architecture of the monument, the different construction periods, the identification of the different building stones and their distribution in the remaining parts of the monument and it also included provenance analyses. The second one was the in situ and laboratory testing of physical properties of historic material. As a final phase samples were taken from local quarries with similar physical and mineralogical characteristics to the ones used in the monument. The three studied lithologies are: fine oolitic limestone, a coarse oolitic limestone and a red compact limestone. These stones were used for rock mechanical and durability tests under laboratory conditions. The following techniques were used: a) in-situ: Schmidt Hammer Values, moisture content measurements, DRMS, mapping (construction ages, lithotypes, weathering forms) b) laboratory: petrographic analysis, XRD, determination of real density by means of helium pycnometer and bulk density by means of mercury pycnometer, pore size distribution by mercury intrusion porosimetry and by nitrogen adsorption, water absorption, determination of open porosity, DRMS, frost resistance, ultrasonic pulse velocity test, uniaxial compressive strength test and dynamic modulus of elasticity. The results show that initial uniaxial compressive strength is not necessarily a clear indicator of the stone durability. Bedding and other lithological heterogeneities can influence the strength and durability of individual specimens. In addition, long-term behaviour is influenced by exposure conditions, fabric and, especially, the pore size distribution of each sample. Therefore, a statistic evaluation of the results is highly recommended and they should be evaluated in combination with other investigations on internal structure and micro-scale heterogeneities of the material, such as petrographic observation, ultrasound pulse velocity and porosimetry. Laboratory tests used to estimate the durability of natural stone may give a good guidance to its short-term performance but they should not be taken as an ultimate indication of the long-term behaviour of the stone. The interdisciplinary study of the results confirms that stones in the monument show deterioration in terms of mineralogy, fabric and physical properties in comparison with quarried stones. Moreover stone-testing proves compatibility between quarried and historical stones. Good correlation is observed between the non-destructive-techniques and laboratory tests results which allow us to minimize sampling and assessing the condition of the materials. Concluding, this research can contribute to the diagnostic knowledge for further studies that are needed in order to evaluate the effect of recent and future protective measures.

Yoruba nationalist movements, ethnic politics and violence : a creation from historical consciousness and socio-political space in South-western Nigeria /// Arbeitspapiere / Institut für Ethnologie und Afrikastudien ; 105

Since 1900, the Yoruba people of South-western Nigeria have put its ethnic history at work in the construction of its identity in Nigeria. The exercise resulted in the creation of ethno-nationalist movements and the practice of ethnic politics, often expressed through violent attacks on the Nigerian State and some ethnic groups in Nigeria. Relying on mythological attachment to its traditions and subjective creation of cultural pride, the people created a sense of history that established a common interest among different Yoruba sub-groups in form of pan-Yoruba interest which forms the basis for the people’s imagination of nation. Through this, historical consciousness and socio-political space in which Yoruba people are located acted as instrumental forces employed by Yoruba political elites, both at colonial and post-colonial periods to demand for increasing access to political and economic resources in Nigeria. In form of nationalism, nationalist movements and ethnic politics continued in South-western Nigeria since 1900, yet without resulting to actual creation of an independent Yoruba State up to 2009. Through ethnographic data, the part played by history, tradition and modernity is examined in this paper. While it is concluded that ethno-nationalist movement and ethnic politics in Yoruba society are constructive agenda dated back to pre-colonial period, it continues to transform both in structure and function. Thus, Yoruba ethno-nationalist movement and ethnic politics is ambiguous, dynamic and complex, to the extent that it remains a challenge to State actions in Nigeria.