Outsider board activity, ownership structure and firm value : evidence from Korea

Using a sample of publicly listed firm in Korea from 2002 to 2006, this article examines the impact of board monitoring on firm value and productivity. We use outsider's attendance of board meetings as a proxy for board monitoring. Consistent with the commitment hypothesis, we find that outsider's attendance rate increases firm value, suggesting that attending board meeting itself is a strong signal that reflects outsider's intention to monitor insiders. While ownership of controlling shareholders negatively affects firm value, this relationship is not moderated by increased monitoring by outsiders. Our findings provide further evidence that the outside director system is less effective in chaebol-affiliated firms. Results also indicate that the effect of outsider's board monitoring activity on investor's valuation of the firm is greater than on productivity improvement of the firm. Our conclusions are robust for possible endogeneity in the relationship between firm value and board attendance by outside directors.

Cost and environmental efficiency of rice farms in South Korea

We examine cost and nutrient use efficiency of farms and determine the cost to move farms to nutrient-efficient operation using Data Envelopment Analysis (DEA) with a dataset of 96 rice farms in Gangwon province of South Korea from 2003 to 2007. Our findings show that improvements in technical efficiency would result in both lower production costs and better environmental performance. It is, however, not costless for farms to move from their current operation to the environmentally efficient operation. On average, this movement would increase production costs by 119% but benefit the water system through an approximately 69% reduction in eutrofying power (EP). The average estimated cost of each EP kg of aggregate nutrient reduction is approximately one thousand two hundred won. For technically efficient farms, there is a trade-off between cost and environmental efficiency. We also find that the environmental performance of farms varies across farms and regions. We suggest that agri-environmental policies should be (re)designed to improve both cost and environmental performance of rice farms.

How technological change affects power relations in global markets : remote developers in the console and mobile games industry

This paper focuses on Australian development firms in the console and mobile games industry in order to understand how small firms in a geographically remote and marginal position in the global industry are able to relate to global firms and capture revenue share. This paper shows that, while technological change in the games industry has resulted in the emergence of new industry segments based on transactional rather than relational forms of economic coordination, in which we might therefore expect less asymmetrical power relations, lead firms retain a position of power in the global games entertainment industry relative to remote developers. This has been possible because lead firms in the emerging mobile devices market have developed and sustained bottlenecks in their segment of the industry through platform competition and the development of an intensely competitive ecosystem of developers. Our research shows the critical role of platform competition and bottlenecks in influencing power asymmetries within global markets.

Ruptured relations : guerrilla theatre, time & Pranksterish disability performance practice

Guerrilla theatre tends, by its very definition, to pop up unpredictably – it interrupts what people might see as the proper or typical flow of time, place and space. The subversive tenor of such work means that questions about ‘what has happened’ tend to the decidedly less polite form of ‘WTF’ as passersby struggle to make sense of, and move on from, moments in which accustomed narratives of action and interaction no longer apply. In this paper I examine examples of guerrilla theatre by performers with disabilities in terms of these ruptures in time, and the way they prompt reflection, reconfigure relations, or recede into traditional relations again - focusing particularly on comedian Laurence Clark. Many performers with disabilities – Bill Shannon, Katherine Araniello, Aaron Williamson, Ju Gosling, and others – find guerrilla-style interventions in public places apposite to their aesthetic and political agendas. They prompt passersby to reflect on their relationship to people with disabilities. They can be recorded for later dissection and display, teaching people something about the way social performers, social spectators and society as a whole deal with disability. In this paper, as I unpack Clark's work, I note that the embarrassment that characterises these encounters can be a flag of an ethical process taking place for passersby. Caught between two moments in which time, roles and relationships suddenly fail to flow along the smooth routes of socially determined habits, passersbys’ frowns, gasps and giggles flag difficulties dealing with questions about their attitude to disabled people they do not now know how to answer. I consider the productivity, politics and performerly ethics of drawing passersby into such a process – a chaotic, challenging interstitial time in which a passersbys choices become fodder for public consumption – in such a wholly public way.

Food security in Australia in an era of neoliberalism, productivism and climate change

For over 150 years Australia has exported bulk, undifferentiated, commodities such as wool, wheat, meat and sugar to the UK and more recently to Japan, Korea, and the Middle East. It is estimated that, each year, Australia's farming system feeds a domestic population of some 22 million people, while exporting enough food to feed another 40 million. With the Australian population expected to double in the next 40 years, and with the anticipated growth in the world's population to reach a level of some 9 billion (from its present level of 7 billion) in the same period, there are strong incentives for an expansion of food production in Australia. Neoliberal settings are encouraging this expansion at the same time as they are facilitating importation of foods, higher levels of foreign direct investment and the commoditisation of resources (such as water). Yet, expansion in food production – and in an era of climate change – will continue to compromise the environment. After discussing Australia's neoliberal framework and its relation to farming, this paper outlines how Australia is attempting to address the issue of food security. It argues that productivist farming approaches that are favoured by both industry and government are proving incapable of bringing about long-term production outcomes that will guarantee national food security.

Comparing professional identities, attitudes, and views in public communication : a study of Chilean journalists and public relations practitioners

Public relations (PR) practitioners’ and journalists’ professional views and attitudes toward each other have been a subject of academic inquiry during the past decades; however, much of this research has focused on Europe and North America. In other regions of the world, for example in Latin America, historical developments and social understandings have led to slightly different conceptualizations of PR and journalism. Using Chile as a case study, this paper reports the results of an examination of Chilean journalists’ and PR practitioners’ professional conceptions. While both groups tend to have somewhat similar views of media relations and see themselves as part of the same profession, there are also important differences which are most likely based on professional socialization processes rather than educational backgrounds or sociodemographic and work related variables. Implications for contextually grounded approaches to the study of PR and journalism are highlighted.

Travel journalists’ attitudes toward public relations : findings from a representative survey

The impact of public relations on emerging fields such as travel journalism has not gained much attention, despite the broader growth of lifestyle journalism, and its particular dependence on PR. This study reports the findings of a representative survey of Australian travel journalists, focusing on their views of PR. Results show that travel journalists are wary of PR, although they believe they can be relatively immune from its influence and see some PR activities as quite useful. Cluster analysis identifies three distinct groups based on their views of PR, which range from a positive attitude to strong criticism. Their backgrounds and differences are explored, pointing to gender, job status, and background in mainstream journalism as main determinants for differences.

New security notions and relations for public-key encryption

Since their introduction, the notions of indistinguishability and non-malleability have been changed and extended by different authors to support different goals. In this paper, we propose new flavors of these notions, investigate their relative strengths with respect to previous notions, and provide the full picture of relationships (i.e., implications and separations) among the security notions for public-key encryption schemes. We take into account the two general security goals of indistinguishability and non-malleability, each in the message space, key space, and hybrid message-key space to find six specific goals, a couple of them, namely complete indistinguishability and key non-malleability, are new. Then for each pair of goals, coming from the indistinguishability or non-malleability classes, we prove either an implication or a separation, completing the full picture of relationships among all these security notions. The implications and separations are respectively supported by formal proofs (i.e., reductions) in the concrete-security framework and by counterexamples.

Friends or followers? The relations between German soccer clubs and their fans on Twitter

This paper shows how soccer clubs from Germany’s first division have started to use Twitter. Analysis is based on tweets from and to club accounts as well as on follower numbers, and specific clubs are selected for case studies. This approach reveals that Twitter mirrors the conflicts between professional sports and traditional fandom.

Modelling NPO-government relations : Australian case studies

Non-profit organizations (NPOs) are major providers of services in many fields of endeavour, and often receive financial support from government. This article investigates different forms of government/nonprofit funding relationships, with the viewpoint being mainly, though not exclusively, from the perspective of the non-profit agencies. While there are a number of existing typologies of government/NPO relations, these are dated and in need of further empirical analysis and testing. The article advances an empirically derived extension to current models of government/NPO relations. A future research agenda is outlined based on the constructs that underpin typologies, rather than discrete categorization of relationships.

On the relations and differences between Popper dimension, exclusion dimension and VC-Dimension

A high-level relationPopper dimension—( Exclusion dimension—( VC dimension—( between Karl Popper’s ideas on “falsifiability of scientific theories” and the notion of “overfitting”Overfitting in statistical learning theory can be easily traced. However, it was pointed out that at the level of technical details the two concepts are significantly different. One possible explanation that we suggest is that the process of falsification is an active process, whereas statistical learning theory is mainly concerned with supervised learningSupervised learning, which is a passive process of learning from examples arriving from a stationary distribution. We show that concepts that are closer (although still distant) to Karl Popper’s definitions of falsifiability can be found in the domain of learning using membership queries, and derive relations between Popper’s dimension, exclusion dimension, and the VC-dimensionVC dimension.

Leader-follower interactions : relations with OCB and sales productivity

Purpose Based on substitutes for leadership theory, the aim of this study is to examine followers' learning goal orientation as a moderator of relationships among transformational leadership, organizational citizenship behavior (OCB) and sales productivity. Design/methodology/approach Data came from 61 food and beverage attendants of a casino, and were analyzed using regression analyses. Findings Transformational leadership was positively related to both OCB and sales productivity. Learning goal orientation moderated the relationship between transformational leadership and OCB, such that transformational leadership was more strongly related to OCB among followers with a low learning goal orientation than among followers with a high learning goal orientation. Research limitations/implications Limitations of the study include the small sample size and cross-sectional research design. Practical implications Organizations could train supervisors to practice a transformational leadership style and to take followers' learning goal orientation into account. Originality/value The findings of this study suggest that, with regard to OCB, a high learning goal orientation of followers may act as a “substitute” for low levels of leaders' transformational leadership.