Dividends and family ownership: evidence from Indonesia

The thesis finds a significant negative association between family ownership and dividend payout in the Indonesian market. . It is revealed that the market does not disregard the existence of family ownership in reacting to dividend announcements. It documents dividend-paying family firms are associated with lower abnormal accruals as as a proxy of earnings management.

Uses of management control and performance measurement systems by Deans and Heads in Australian universities: their effects on research, teaching and networking capabilities

Invoking a resource-based view (RBV), this study investigates relationships between management control systems (MCSs) use, including information use from performance measurement systems (PMSs), and organisational capabilities in the context of academic units of Australian universities. Increased competition and attention to distinctive capabilities amongst universities, particularly at their strategic operating unit level of a Faculty1 or School2, provides the setting for application of this theoretic perspective. Based on a questionnaire survey of all Faculty Deans and Heads of Schools in all 39 universities in Australia, evidence is provided on relationships between diagnostic and interactive use of MCSs, attention given to imposed and discretionary types of PMS information, the strength of capabilities of the academic unit and, in turn, overall performance of the academic unit. Highlights of findings are that Heads/Deans conceived capabilities of their unit in functional dimensions, not in generic dimensions as found in prior literature; interactive MCS use and imposed performance measures, respectively, direct relate to several types of capabilities and indirectly to performance of the academic unit, but diagnostic MCS use does not. The findings have practical implications for styles of control systems use and performance information use by management in universities.

Cross-sectional study of 24-hour urinary electrolyte excretion and associated health outcomes in a convenience sample of Australian primary schoolchildren: the salt and other nutrients in children (SONIC) study protocol

BACKGROUND: Dietary sodium and potassium are involved in the pathogenesis of cardiovascular disease. Data exploring the cardiovascular outcomes associated with these electrolytes within Australian children is sparse. Furthermore, an objective measure of sodium and potassium intake within this group is lacking. OBJECTIVE: The primary aim of the Salt and Other Nutrient Intakes in Children ("SONIC") study was to measure sodium and potassium intakes in a sample of primary schoolchildren located in Victoria, Australia, using 24-hour urine collections. Secondary aims were to identify the dietary sources of sodium and potassium, examine the association between these electrolytes and cardiovascular risk factors, and assess children's taste preferences and saltiness perception of manufactured foods. METHODS: A cross-sectional study was conducted in a convenience sample of schoolchildren attending primary schools in Victoria, Australia. Participants completed one 24-hour urine collection, which was analyzed for sodium, potassium, and creatinine. Completeness of collections was assessed using collection time, total volume, and urinary creatinine. One 24-hour dietary recall was completed to assess dietary intake. Other data collected included blood pressure, body weight, height, waist and hip circumference. Children were also presented with high and low sodium variants of food products and asked to discriminate salt level and choose their preferred variant. Parents provided demographic information and information on use of discretionary salt. Descriptive statistics will be used to describe sodium and potassium intakes. Linear and logistic regression models with clustered robust standard errors will be used to assess the association between electrolyte intake and health outcomes (blood pressure and body mass index/BMI z-score and waist circumference) and to assess differences in taste preference and discrimination between high and low sodium foods, and correlations between preference, sodium intake, and covariates. RESULTS: A total of 780 children across 43 schools participated. The results from this study are expected at the end of 2015. CONCLUSIONS: This study will provide the first objective measure of sodium and potassium intake in Australian schoolchildren and improve our understanding of the relationship of these electrolytes to cardiovascular risk factors. Furthermore, this study will provide insight into child taste preferences and explore related factors. Given the cardiovascular implications of consuming too much sodium and too little potassium, monitoring of these nutrients during childhood is an important public health initiative.

A dietary guideline adherence score is positively associated with dietary biomarkers but not lipid profile in healthy children

BACKGROUND: Whether dietary indexes are associated with biomarkers of children's dietary intake is unclear. OBJECTIVE: The study aim was to examine the relations between diet quality and selected plasma biomarkers of dietary intake and serum lipid profile. METHODS: The study sample consisted of 130 children aged 4-13 y (mean ± SD: 8.6 ± 2.9 y) derived by using baseline data from an intervention study. The Dietary Guideline Index for Children and Adolescents (DGI-CA) comprises the following 11 components with age-specific criteria: 5 core food groups, whole-grain bread, reduced-fat dairy foods, discretionary foods (nutrient poor; high in saturated fat, salt, and added sugar), healthy fats/oils, water, and diet variety (possible score of 100). A higher score reflects greater compliance with dietary guidelines. Venous blood was collected for measurements of serum lipids, fatty acid composition, plasma carotenoids, lutein, lycopene, and α-tocopherol. Linear regression was used to examine the relation between DGI-CA score (independent variable) and concentrations of biomarkers by using the log-transformed variable (outcome), controlling for confounders. RESULTS: DGI-CA score was positively associated (P < 0.05) with plasma concentrations of lutein (standardized β = 0.17), α-carotene (standardized β = 0.28), β-carotene (standardized β = 0.26), and n-3 (ω-3) fatty acids (standardized β = 0.51) and inversely associated with plasma concentrations of lycopene (standardized β = -0.23) and stearic acid (18:0) (standardized β = -0.22). No association was observed between diet quality and α-tocopherol, n-6 fatty acids, or serum lipid profile (all P > 0.05). CONCLUSION: Diet quality, conceptualized as adherence to national dietary guidelines, is cross-sectionally associated with plasma biomarkers of dietary exposure but not serum lipid profile. This trial was registered with the Australia New Zealand Clinical Trial Registry (www.anztr.org.au) as ACTRN12609000453280.

How servant leadership influences organizational citizenship behavior: the roles of LMX, empowerment, and proactive personality

© 2015 Springer Science+Business Media Dordrecht While the link between servant leadership and organizational citizenship behavior (OCB) has been established, the individual-level mechanisms underlying this relationship and its boundary conditions remain poorly understood. In this study, we investigate the salience of the mediating mechanisms of leader–member exchange (LMX) and psychological empowerment in explaining the process by which servant leaders elicit discretionary OCB among followers. We also examine the role of followers’ proactive personality in moderating the indirect effects of servant leadership on OCB through LMX and psychological empowerment. Analysis of survey data collected from 446 supervisor–subordinate dyads in a large Chinese state-owned enterprise suggests that while servant leadership is positively related to subordinate OCB through LMX, psychological empowerment does not explain any additional variance in OCB above that accounted for by LMX. Moderated mediation tests confirm the moderating effect of proactive personality through LMX. By providing a nuanced understanding of how and when servant leadership leads followers to go above and beyond their job role, our study assists organizations in deciding how to develop and utilize servant leaders in their organizations.

Does board gender diversity improve the informativeness of stock prices?

We show that stock prices of firms with gender-diverse boards reflect more firm-specific information after controlling for corporate governance, earnings quality, institutional ownership and acquisition activity. Further, we show that the relationship is stronger for firms with weak corporate governance suggesting that gender-diverse boards could act as a substitute mechanism for corporate governance that would be otherwise weak. The results are robust to alternative specifications of informativeness and gender diversity and to sensitivity tests controlling for time-invariant firm characteristics and alternative measures of stock price informativeness. We also find that gender diversity improves stock price informativeness through the mechanism of increased public disclosure in large firms and by encouraging private information collection in small firms. © 2011 Elsevier B.V.

Examining the cognitive and affective trust-based mechanisms underlying the relationship between ethical leadership and organisational citizenship: A case of the head leading the heart?

In this paper, we investigate the trust-based mechanisms underlying the relationship between ethical leadership and followers' organisational citizenship behaviours (OCBs). Based on three-wave survey data obtained from 184 employees and their supervisors, we find that ethical leadership leads to higher levels of both affective and cognitive trust. In addition, we find support for a three-path mediational model, where cognitive trust and affective trust, in turn, mediate the relationship between ethical leadership and follower OCBs. That is to say, we found that ethical leadership leads to the development of cognitive trust, which subsequently influences the development of affective trust. Affective trust, in turn, induces followers to exhibit OCBs as a means of reciprocating the leader's favourable behaviour. Our findings suggest that both affective and cognitive trust plays an important role in the social exchange processes that underlie the relationship between ethical leadership and the discretionary behaviour of followers. © 2013 Springer Science+Business Media Dordrecht.

How social work can contribute in the shift to personalised, recovery-oriented psycho-social disability support services

This paper presents the findings from an Australian study in which forty-one people, who self-identified as having a psycho-social disability as a result of mental health problems, spoke about their priorities for treatment, care and support within a personalised funding context. The research enabled an improved understanding of the choices about support that people with psycho-social disabilities would make if offered individualised funding packages. Participants prioritised specific supports to improve their health, financial situation, social connection, housing and personal relationships. A relationship with a support worker with a range of skills was identified as a key facilitator of these life goals, but people with psycho-social disabilities also valued opportunities to have discretionary funds to directly address the major problems they face, including stigma, discrimination and poverty. The paper argues that social workers can potentially fill a range of roles and are well placed to work in partnership with people with psycho-social disabilities. Particularly, they have skills in co-production of services, negotiation and advocacy that are required if individual funding is to be maximised for user control, social justice and personal recovery outcomes.

A random coefficient approach to the predictability of stock returns in panels

© The Author, 2014. Most studies of the predictability of returns are based on time series data, and whenever panel data are used, the testing is almost always conducted in an unrestricted unit-by-unit fashion, which makes for a very heavy parametrization of the model. On the other hand, the few panel tests that exist are too restrictive in the sense that they are based on homogeneity assumptions that might not be true. As a response to this, the current study proposes new predictability tests in the context of a random coefficient panel data model, in which the null of no predictability corresponds to the joint restriction that the predictive slope has zero mean and variance. The tests are applied to a large panel of stocks listed at the New York Stock Exchange. The results suggest that while the predictive slopes tend to average to zero, in case of book-to-market and cash flow-to-price the variance of the slopes is positive, which we take as evidence of predictability.

Dietary sources and sodium intake in a sample of Australian preschool children

OBJECTIVES: To assess dietary sodium intake and the food sources of sodium in a sample of Australian preschool children. DESIGN: Cross-sectional. SETTING: Mothers were followed up when children were approximately 3.5 years of age after participating in a cluster randomised controlled trial: the Melbourne Infant Feeding Activity and Nutrition Trial Program. PARTICIPANTS: 251 Australian children aged 3.5±0.19 (SD) years. PRIMARY AND SECONDARY OUTCOME MEASURES: The average daily sodium intake was determined using three unscheduled 24 h dietary recalls. The contributions of food groups, core, discretionary and processed foods to daily sodium intake were assessed. RESULTS: The average sodium intake was 1508±495 (SD) mg/day, (salt equivalent 3.9±1.3 (SD) g/day) and 87% of children exceeded the Australian Upper Level of Intake (UL) for sodium of 1000 mg/day (salt equivalent 2.6 g/day). Main food sources of sodium were cereal/cereal products (25%), milk products (19%), meat, poultry/game (17%) and cereal-based products (15%). Core foods contributed 65%, and discretionary foods 35% of total daily sodium intake, and within the total diet, minimally processed, processed, processed culinary ingredient and ultraprocessed foods contributed 16%, 35%, 1% and 48% of sodium, respectively. CONCLUSIONS: Within this sample, most children exceeded the recommended UL for sodium. Core and ultraprocessed foods were key sources of sodium which suggests that reductions in the sodium content of these foods are required to reduce sodium intake in young children. These data also provide further support for public health campaigns that seek to reduce consumption of energy-dense, nutrient-poor foods.

Intensity and authenticity: the duty to give real and genuine consideration in the context of superannuation trusts

 This article critically examines the suitability of the duty of a trustee to give real and genuine consideration when exercising discretionary powers in superannuation or pension trusts. The article reviews the rearticulation by the Australian High Court in Finch v Telstra of a ‘more intense’ real and consideration duty for superannuation trustees. It argues that this revised duty should be regarded as a temporary solution because longer term, the unique legal structure and social context of the superannuation trust demands judicial implementation of a substantively new, multilayered obligation that promotes reasonable, fair, and informed decision-making.

O regime fiscal e investimento público no Brasil

O presente estudo analisa a sustentabilidade intertemporal do atual regime fiscal sob o prisma do investimento público na economia brasileira. A idéia básica é que, devido às condições macroeconômicas prevalecentes, o superávit primário do setor público consolidado representa a variável central de sustentação do equilíbrio fiscal. Sendo a capacidade de geração e manutenção de superávits primários limitada pelas despesas incomprimíveis, o governo federal pratica uma política fiscal que, apesar de seus resultados fiscais bastante positivos, penaliza excessivamente o investimento público. O presente estudo tem como objetivo comparar a natureza do ajuste fiscal realizado no segundo mandato de FHC e nos dois primeiros anos do governo Lula, (i) destacando a trajetória e a composição do gasto e receitas pública nesses dois períodos e (ii) evidenciando a possibilidade 'perdida' por ambos os governos em promover um firme aumento do investimento público, sem aumentar a carga tributária.

Qualidade do ensino e o modelo de gestão da escola pública municipal da cidade do Rio de Janeiro

A descentralização da Secretaria Municipal de Educação é um marco no Sistema Municipal de Educação da Cidade do Rio de Janeiro. Aproveitando sua experiência como participante do processo de descentralização, o autor disserta sobre as mudanças que foram implementadas, analisando se houve avanços em relação a participação do diretor de escola no processo decisório e também se houve aumento do seu poder discricionário. Foram realizadas entrevistas com professores e diretores de escola do Sistema Municipal de Ensino da cidade do Rio de Janeiro, para que, através de abordagem crítica, fosse possível estabelecer se existiram alterações significativas que proporcionassem a melhoria da qualidade de ensino.

Discricionariedade vs. comprometimento: a análise de regras ótimas num contexto de regime de metas de inflação

O objetivo desta dissertação é analisar as regras de condução da política monetária em modelos em que os agentes formam suas expectativas de forma racional (forward looking models), no contexto do regime de metas de inflação. As soluções ótimas de pré - comprometimento e discricionária são derivadas e aplicadas a um modelo macroeconômico para a economia brasileira e os resultados são também comparados com os obtidos pela adoção da regra de Taylor. A análise do comportamento do modelo sob diferentes regras é feita através da construção da fronteira do trede-oit da variância do hiato do produto e da inflação e da análise dinâmica frente a ocorrência de choques. A discussão referente à análise dinâmica do modelo é estendida para o caso onde a persistência dos choques é variada.

Ciclos políticos nos municipios brasileiros: interação entre o governo municipal e as demais esferas de governo através das transferências voluntárias

Este trabalho analisa a interação entre o prefeito e as outras esferas do executivo nacional através das transferências voluntárias e as implicações nas contas públicas. É notória a utilização das transferências voluntárias como canal político; há aumento destas receitas tanto nos anos de eleição para prefeito quanto governador e presidente. O impacto das transferências voluntárias é significativo para diferenciar as despesas, investimento e gastos sociais, entre os municípios. Assim, como contrapartida, o governo municipal aumenta os gastos tanto nos anos do fim do mandato quanto no período do meio de mandato. As estimações sugerem que os gastos são estatisticamente maiores nas eleições para presidente e governador do que para o ciclo eleitoral do prefeito. Entretanto, o resultado para as receitas municipais apresenta um comportamento diferente dos gastos. As transferências voluntárias normalmente não explicam as diferenças de arrecadação municipal. Nos anos eleitorais para presidente e governador não há redução da arrecadação dos tributos municipais, o que já ocorre no final do mandato dos prefeitos. As estatísticas mostram que para as despesas há ciclo tanto no meio quanto no final do mandato, no entanto para as receitas há prioridade para as eleições municipais. Utilizamos um painel não balanceado para todos os municípios brasileiros, que havia informação, no período de 1996-2004.