Examining corporate governance disclosures of listed companies in Fiji

In 2009, the Capital Markets Development Authority (CMDA) - Fiji’s capital market regulator - introduced the Code of Corporate Governance (the Code). The Code is ‘principle-based’ and requires companies listed on the South Pacific Stock Exchange (SPSE) and the financial intermediaries to disclose their compliance with the Code’s principles. While compliance with the Code is mandatory, the nature and extent of disclosure is at the discretion of the complying entities. Agency theory and signalling theory suggest that firms with higher expected levels of agency costs will provide greater levels of voluntary disclosures as signals of strong corporate governance. Thus, the study seeks to test these theories by examining the heterogeneity of corporate governance disclosures by firms listed on SPSE, and determining the characteristics of firms that provide similar levels of disclosures. We conducted a content analysis of corporate governance disclosures on the annual reports of firms from 2008-2012. The study finds that large, non-family owned firms with high levels of shareholder dispersion provide greater quantity and higher quality corporate governance disclosures. For firms that are relatively smaller, family owned and have low levels of shareholder dispersion, the quantity and quality of corporate governance disclosures are much lower. Some of these firms provide boilerplate disclosures with minimal changes in the following years. These findings support the propositions of agency and signalling theory, which suggest that firms with higher separation between agents and principals will provide more voluntary disclosures to reduce expected agency costs transfers. Semi-structured interviews conducted with key stakeholders further reinforce the findings. The interviews also reveal that complying entities positively perceive the introduction of the Code. Furthermore, while compliance with Code brought about additional costs, they believed that most of these costs were minimal and one-off, and the benefits of greater corporate disclosure to improve user decision making outweighed the costs. The study contributes to the literature as it provides insight into the experience of a small capital market with introducing a ‘principle-based’ Code that attempts to encourage corporate governance practices through enhanced disclosure. The study also assists policy makers better understand complying entities’ motivations for compliance and the extent of compliance.

Understanding the effects of complex seasonality on suburban daily transit ridership

Fluctuations in transit ridership pattern over the year have always concerned transport planners, operators and researchers. Predominantly, metrological elements have been specified to explain variability in ridership volume. However, the outcome of this research points to new direction to explain ridership fluctuation in Brisbane. It explored the relationship between daily bus ridership, seasonality and weather variables for a one-year period, 2012. Rather than segregating the entire year’s ridership into the four calendar seasons (summer, autumn, spring, and winter), this analysis distributed the yearly ridership into nine complex seasonality blocks. These represent calendar season, school/university (academic) period and their corresponding holidays, as well as other observant holidays such as Christmas. The dominance of complex seasonality over typical calendar season was established through analysis and using Multiple Linear Regression (MLR). This research identified a very strong association between complex seasonality and bus ridership. Furthermore, an expectation that Brisbane’s subtropical summer is unfavourable to transit usage was not supported by the findings of this study. A nil association of precipitation and temperature was observed in this region. Finally, this research developed a ridership estimation model, capable of predicting daily ridership within very limited error range. Following the application of this developed model, the estimated annual time series data of each suburb was analysed using Fourier Transformation to appreciate whether any cyclical effects remained, compared with the original data.

Caribbean connectivity: implications for Marine Protected Area Management. Proceedings of a Special Symposium, 9-11 November 2006, 59th Annual Meeting of the Gulf and Caribbean Fisheries Institute, Belize City, Belize

Executive Summary: Tropical marine ecosystems in the Caribbean region are inextricably linked through the movement of pollutants, nutrients, diseases, and other stressors, which threaten to further degrade coral reef communities. The magnitude of change that is occurring within the region is considerable, and solutions will require investigating pros and cons of networks of marine protected areas (MPAs), cooperation of neighboring countries, improved understanding of how external stressors degrade local marine resources, and ameliorating those stressors. Connectivity can be broadly defined as the exchange of materials (e.g., nutrients and pollutants), organisms, and genes and can be divided into: 1) genetic or evolutionary connectivity that concerns the exchange of organisms and genes, 2) demographic connectivity, which is the exchange of individuals among local groups, and 3) oceanographic connectivity, which includes flow of materials and circulation patterns and variability that underpin much of all these exchanges. Presently, we understand little about connectivity at specific locations beyond model outputs, and yet we must manage MPAs with connectivity in mind. A key to successful MPA management is how to most effectively work with scientists to acquire the information managers need. Oceanography connectivity is poorly understood, and even less is known about the shape of the dispersal curve for most species. Dispersal kernels differ for various systems, species, and life histories and are likely highly variable in space and time. Furthermore, the implications of different dispersal kernels on population dynamics and management of species is unknown. However, small dispersal kernels are the norm - not the exception. Linking patterns of dispersal to management options is difficult given the present state of knowledge. The behavioral component of larval dispersal has a major impact on where larvae settle. Individual larval behavior and life history details are required to produce meaningful simulations of population connectivity. Biological inputs are critical determinants of dispersal outcomes beyond what can be gleaned from models of passive dispersal. There is considerable temporal and spatial variation to connectivity patterns. New models are increasingly being developed, but these must be validated to understand upstream-downstream neighborhoods, dispersal corridors, stepping stones, and source/sink dynamics. At present, models are mainly useful for providing generalities and generating hypotheses. Low-technology approaches such as drifter vials and oceanographic drogues are useful, affordable options for understanding local connectivity. The “silver bullet” approach to MPA design may not be possible for several reasons. Genetic connectivity studies reveal divergent population genetic structures despite similar larval life histories. Historical stochasticity in reproduction and/or recruitment likely has important, longlasting consequences on present day genetic structure. (PDF has 200 pages.)

Nutrient enhanced coastal ocean productivity in the north Gulf of Mexico: understanding the effects of nutrients on a coastal ecosystem

The continental shelf adjacent to the Mississippi River is a highly productive system, often referred to as the fertile fisheries crescent. This productivity is attributed to the effects of the river, especially nutrient delivery. In the later decades of the 2oth century, though, changes in the system were becoming evident. Nutrient loads were seen to be increasing and reports of hypoxia were becoming more frequent. During most recent summers, a broad area (up to 20,000 krn2) of near bottom, inner shelf waters immediately west of the Mississippi River delta becomes hypoxic (dissolved oxygen concentrations less than 2 mgll). In 1990, the Coastal Ocean Program of the National Oceanic and Atmospheric Administration initiated the Nutrient Enhanced Coastal Ocean Productivity (NECOP) study of this area to test the hypothesis that anthropogenic nutrient addition to the coastal ocean has contributed to coastal eutrophication with a significant impact on water quality. Three major goals of the study were to determine the degree to which coastal productivity in the region is enhanced by terrestrial nutrient input, to determine the impact of enhanced productivity on water quality, and to determine the fate of fixed carbon and its impact on living marine resources. The study involved 49 federal and academic scientists from 14 institutions and cost $9.7 million. Field work proceeded from 1990 through 1993 and analysis through 1996, although some analyses continue to this day. The Mississippi River system delivers, on average, 19,000 m3/s of water to the northern Gulf of Mexico. The major flood of the river system occurs in spring following snow melt in the upper drainage basin. This water reaches the Gulf of Mexico through the Mississippi River birdfoot delta and through the delta of the Atchafalaya River. Much of this water flows westward along the coast as a highly stratified coastal current, the Louisiana Coastal Current, isolated from the bottom by a strong halocline and from mid-shelf waters by a strong salinity front. This stratification maintains dissolved and particulate matter from the rivers, as well as recycled material, in a well-defined flow over the inner shelf. It also inhibits the downward mixing of oxygenated surface waters from the surface layer to the near bottom waters. This highly stratified flow is readily identifiable by its surface turbidity, as it carries much of the fine material delivered with the river discharge and resuspended by nearshore wave activity. A second significant contribution to the turbidity of the surface waters is due to phytoplankton in these waters. This turbidity reduces the solar radiation penetrating to depth through the water column. These two aspects of the coastal current, isolation of the inner shelf surface waters and maintenance of a turbid surface layer, precondition the waters for the development of near bottom summer hypoxia.

Annual Report of the Game and Fisheries Department for the year ended 31st December, 1953

Summary of fish production on main lakes of Uganda 1953, consumption of fish in Uganda 1953, imports and exports of fish, including reports from the different regions Fisheries by Regions (1) Lake Victoria (2) Lake Albert (3) Lake Kyoga and Waters of Eastern Uganda Lakes George, Edward, Fish Farming, Dams and miscellaneous minor waters. It includes information on: Angling which includes Trouting, Nile Perch fishing and Tiger Fishing, Ripon Falls Barbel and Tailpiece.

Annual Report of the East African Agricultural and Fisheries Research Council 1958

The annual report present activities carried out by the different organizations that make up the East African Agricultural & Fisheries Research Council which covers reports from the following Organisations: I. Report of the East African Agriculture and Forestry Research Organization 2. Report of the East African Fishery Research Organization 3. Report of the East African Marine Fisheries Research Organization 4. Report of the East African Trypanosomiasis Research Organization 5. Report of the East African Veterinary Research Organization The activities reported are for the period 1958

Annual Report of the East African Agricultural and Fisheries Research Council 1956-57

The annual report present activities carried out by the different organizations that make up the East African Agricultural & Fisheries Research Council which covers reports from the following Organisations: I. Report of the East African Agriculture and Forestry Research Organization 2. Report of the East African Fishery Research Organization 3. Report of the East African Marine Fisheries Research Organization 4. Report of the East African Trypanosomiasis Research Organization and 5. Report of the East African Veterinary Research Organization The activities reported are for the period 1956-57

Recent reports of fishery authorities

reports summarized are: Thirteenth Annual Report of the Fishery Board for Scotland 1894. Annual Report of the Newfoundland Department of Fisheries, 1894. Report of the United States Commissioner of Fish & Fisheries, year ending June 30th, 1895 The fourth report of the Danish Biological Station.

Recent reports of fishery authorities

The following reports are reviewed: Fourteenth Annual Report of the Fishery Board for Scotland 1895 Report of the Danish Biological Station to the Home Department. V, 1894 Wissenschaftliches Meeresuntersuchungen herausgegben von der Kommission zur wissenschaftlichen Untersuchung der deutschen Meere in Kiel und der Biologischen Anstalt auf Helgoland. Neue Folge, Zweiter Band. Heft 1, Abteilung 1. 1896

Understanding Everyday Homes of Urban Communities: The Case of Local Streets (Hawari) of Old Cairo

This paper aims at investigating architectural and urban heritage from the socio-cultural point of view, which stands on the human asset of traditional sites such as the hawari of old Cairo. It analyzes the social practice of everyday life in one of the oldest Cairene hawari, Haret al-Darb al-Asfar. The focus is on architectural and spatial organization of outdoor and indoor spaces that coordinate the spatial practices of local community. A daily monitoring of people’s activities and interviews was conducted in an investigation of how local people perceive their built environment between the house’s interior and the outdoor shared space. It emerges that people construct their own field of private spheres according to complex patterns of daily activities that are not in line with the classical segregation between private and public in Islamic cities. This paper reports that the harah is basically a construct of social spheres that are organized spatially by the flexible development of individual buildings over time and in response to changes in individuals’ needs and capabilities. In order to achieve sustainability in old urban quarters, the paper concludes, the focus should be directed towards the local organization of activities and a comprehensive upgrading of deteriorating buildings to match the changing needs of current population.

Predicting the past: Understanding the causes of bank distress in the Netherlands in the 1920s

Why do some banks fail in financial crises while others survive? This article answers this question by analysing the effect of the Dutch financial crisis of the 1920s on 142 banks, of which 33 failed. We find that choices of balance sheet composition and product market strategy made in the lead-up to the crisis had a significant impact on banks’ subsequent chances of experiencing distress. We document that high-risk banks – those operating highly-leveraged portfolios and attracting large quantities of deposits – were more likely to fail. Branching and international activities also increased banks’ default probabilities. We measure the effects of board interlocks, which have been characterized in the extant literature as contributing to the Dutch crisis. We find that boards mattered: failing banks had smaller boards, shared directors with smaller and very profitable banks and had a lower concentration of interlocking directorates in non-financial firms.

Understanding the 'production' of the schooling identities of young working class boys: time to move beyond the sociological/psychological divide?

In recent times the sociology of childhood has played an important role in challenging the dominance of Piagetian models of child development in shaping the way we think about children and childhood. What such work has successfully achieved is to increase our understanding of the socially constructed nature of childhood; the social competence and agency of children; and the diverse nature of children’s lives, reflecting the very different social contexts within which they are located. One of the problems that has tended to be associated with this work, however, is that in its critique of developmentalism it has tended simply to replace one orthodoxy (psychology) with another (sociology) rather than providing the opportunity to transcend this divide. The purpose of this paper is to demonstrate some of the potential ways in which the sociological/psychological divide might be transcended and the benefits of this for understanding, more fully, the ‘production’ of children’s schooling identities. In particular it shows how some of the key sociological insights to be found in the work of Bourdieu may be usefully extended by the work inspired by the developmental psychologist, Vygotsky. The key arguments are illustrated by reference to ethnographic data relating to the schooling experiences and identities of a group of 5-6 year old working class boys.

ANNUAL REPORT OF THE State Board of Health OF SOUTH CAROLINA FOR THE PERIOD BEGINNING JULY I, 1943, AND ENDING JUNE 30, 1944

This annual report from the South Carolina State Board of Health includes reports from its various divisions, statistical data concerning health issues and a list of board members.

Graph usage in annual reports, evidence from Norwegian listed companies

As investors and other users of annual reports often focus their attention on graphs, it is important that they portray accurate and reliable information. However, previous studies show that graphs often distort information and mislead users. This study analyses graph usage in annual reports from the 52 most traded Norwegian companies. The findings suggest that Norwegian companies commonly use graphs, and that the graph distortions, presentational enhancement and measurement distortion, are present. No evidence of selectivity was found. This study recommends development of guidelines for graphical disclosure, and advises preparers and users of annual reports to be aware of misleading graphs.

Drivers of Local Firms’ Focus on Internal R&D in Emerging Economies and Their International Performance

Grounded on the resource-based view of the firm, the study of this thesis investigates the effect of four internal and external factors – engineer intensity, location, affiliation with the government, government funding – on Chinese firms’ decision to either invest in internal R&D activities or external R&D and the effect of this decision on the firms’ international market success. In addition, the moderating role of the presence of foreign firms in China is examined. To understand these relationships, the thesis’ theorization focuses on the issue of how firms can combine optimally the two options – “internal R&D” and “external R&D”. In this regard I juxtapose internal R&D and external R&D and compare their advantages and disadvantages. To test my model, I apply panel data from the Annual Industrial Survey Database provided by the Chinese National Bureau of Statistics. My results show that three of the four investigated factors affect Chinese firms’ resource allocation decisions; and effective resource allocation decisions lead effectively to international market success, strengthened by the presence of foreign firms in China. Moreover the findings bear several theoretical and managerial contributions. First I propose the last dimension of the “VRIO framework” – “organization” – as an endogenous component of the VRIO framework, as my study investigated how firms can effectively combine resources to generate a competitive advantage in terms of international market success. Previous academic literature so far focused on examining whether internal and external R&D are complements or substitutes. My study fills a gap in the literature by investigating the determinants of the efficient combination of the two strategies and the outcome of the combination. One of the managerial implications is that Chinese firms can learn from foreign companies that are present in China.