Whose peace? Local ownership and UN peacebuilding

In recent years, there has been an increasing emphasis on the participation of national actors in United Nations peace operations, reflecting what has become a near orthodox commitment to ‘local ownership.’ Advocates of local ownership assert that it: (1) increases the legitimacy of UN peacebuilding efforts; (2) increases the sustainability of peacebuilding activities after the departure of the UN; and (3) increases democratic governance in post-conflict states. While such thinking about local ownership has informed UN peacebuilding policy to a large extent, the UN has, to date, assumed these positive benefits without critically examining the causal mechanisms that allegedly produce them, specifying the conditions under which this correlation holds, or providing convincing evidence for these assertions. Moreover, exactly what local ownership is, what is being owned, and who local ‘owners’ are remain unclear. Indeed a closer examination of ownership’s relation with legitimacy, sustainability, and democratization reveal a plethora of contradictions that imply that local ownership may in fact decrease the UN’s ability to deliver peacekeeping results. Crucially, however, the UN persists in adopting a local ownership approach to peacebuilding, suggesting that it does so because it is normatively appropriate rather than operationally effective.

State ownership, bank loans, and corporate investment

We study the effect of bank loans on Chinese publicly listed firms' investment decisions based on the underinvestment and overinvestment theories of leverage. Evidence from China is of particular importance because China is the world's largest emerging and transitional economy. At first we show that there is a negative relationship between bank loan ratios and investment for Chinese publicly listed firms. And this negative relationship is much stronger for firms with low growth than firms with high growth. Secondly, we find that both short-term and long-term loan ratios are negatively correlated with investment. However, the higher the long-term loan ratios are, the weaker the negative relationship between long-term loan ratios and investment is. Thirdly, firm ownership only matters to the effect of short-term bank loans on investment in our sample. That is, the negative relationship between short-term loan ratios and investment is weaker for SOEs than for non-SOEs. Lastly, we show that the reform of China's banking system in 2003 has not strengthened the negative relationship between bank loans and investment. Our findings suggest that although Chinese state-owned banks are severely intervened by government policies, they still have a disciplining role on firms' investment, especially in firms with low growth.

Investment opportunities and leverage: some Australian evidence on the role of board monitoring and director equity ownership

This paper tests the hypothesis that the negative relationship between investment opportunity set (IOS) and debt is moderated by board monitoring and director equity ownership. According to contracting theory, firms with high growth opportunities (high IOS) are associated with lower levels of debt as a result of the asset substitution and the under-investment problem. However, our hypotheses test the conjecture that the negative debt / IOS relationship will be moderated by the proportion of non-executive directors (NEDs) on the board and director equity ownership. NEDs provide higher monitoring which reduces management discretion while director equity ownership provides incentives for managers to maximize the value of the firm. More specifically, we expect that high growth firms with a higher proportion of non-executive directors and director equity ownership are less likely to be associated with asset substitution and under investment. Thus, the negative investment opportunity set / debt relationship will be weaker for firms with higher levels of non-executive directors and high director equity ownership. Data collected from Australian companies support both these two hypotheses. Results have significant implications for corporate finance theory.

Policy implications of the transfer of ownership of Scotia Sanctuary for the National Reserve System in Australia

The recent purchase of Scotia Sanctuary, in western New South Wales, by the Australian Wildlife Conservancy (AWC), with significant funding from the Commonwealth government raises questions about the National Reserve System in Australia. The property had been placed on the market by the financially strapped Earth Sanctuaries Ltd (ESL). The Commonwealth's involvement represents an important landmark in private land conservation. This commentary investigates some of the possible policy implications this intervention may have for the National Reserve System as a whole and, in particular, about the role of private land within this System.

Environmental undertakings: Ownership and obligations

Enforceable undertakings have proven to be a useful mechanism for achieving regulatory compliance in the trade practices context. This paper argues that enforceable environmental undertakings could prove equally useful. An administrative measure of this kind has the potential, if used appropriately, to encourage organisations to take greater ownership of their problems and responsibility for finding solutions.

The separation of ownership and control under a happiness-based theory of the corporation

Explores the happiness-based theory of the corporation, suggesting that there is no conflict between the pursuance of economic and social objectives on the basis that their interplay is required to facilitate shareholder happiness. Considers: (1) the Berle-Means hypothesis and the separation of ownership and control, the dominant governance structure for large companies; (2) a happiness-based perspective on the separation; and (3) law reform applicable to a happiness-based theory. Argues that the separation of ownership and control is not in shareholders' best interests because the structure is not conducive to the happiness of individual shareholders and should be reformed.

Measuring consumer involvement : a test of the automobile involvement scale

This study empirically investigated consumer involvement with a product class. Data was collected from 178 vehicle buyers. Reliability and factor analyses investigated the structure of the Bloch (1981) instrument and the dimensions underlying involvement. In terms of replication, the results suggest the reduced-item version of the instrument previously proposed by Shimp and Sharma (1983) is reliable and is a less excessive measurement instrument. Similar dimensions underlying involvement with the product class are reported here. The study extends previous work by obtaining similar results in a different cultural setting, producing findings from a more relevant sample, applying an additional method of data collection, and suggesting that the underlying dimensions may be temporally stable.

The employee share ownership plan: what value has it for Australia?

The Australian government is currently committed to the goal of increasing organisational participation in employee share ownership plans (ESOP) from 4% of all companies to 11% by 2009. The Nelson Report into ESOPs commissioned by the Honourable Brendan Nelson highlighted the lack of comprehensive information on the nature and extent of ESO plans in Australia. ” (Nelson 2000). This paper places the program in context by reviewing overseas experiences and considers the viewpoints of both employers and employees. The preliminary investigation concludes by highlighting the need for further thorough research before success for all types of businesses can be confidently predicted. ”

Institutional ownership and firm performance: evidence from Finland

This paper investigates the relationship between different classes of institutional investors and firm performance. Using industry level data from Finland, which is characterized by various institutional investors who own multiple ownership stakes in different firms across a broad spectrum of industries, the paper exhibits two novelties. First, unlike previous studies which treated institutional investors as a monolithic group, we segment them in classes. Second, we recognize the joint determination of firm performance and institutional ownership. We account for this issue in the context of a system of equations, using three stage least squares methodology. The empirical results suggest a significant two-way feedback between firm performance and institutional equity ownership. However, this effect is not symmetric. We find that institutional investors with likely investment and business ties with firms have adverse (negative) effect on firm performance and the impact is very significant in comparison to the negative effect of firm performance on institutional ownership.

David v. Goliath: the gay games, the Olympics, and the ownership of language

The Gay Games is firmly established on the contemporary global sports calendar, but is seldom canvassed in mainstream sports media, or considered a model for sports administrators. This is regrettable, as the Games’ ethos offers many clues into the relationships between individual and communal empowerment for homosexual and heterosexual participants alike, while providing a site of resistance against entrenched norms of elitism, nationalism, victory and record-breaking indicative of the modern Olympic movement. Credit for this inclusive ethos rests with the vision of inaugural Gay Games organiser Dr. Tom Waddell. Drawing on Games archives, this paper outlines Waddell’s vision, then discusses the impact of a protracted legal dispute instigated by the United States Olympic Committee in 1982 over the use of the term ‘Olympics’ in association with Gay Games I and II. Four United States Federal court rulings are examined, with particular reference to the contrasting hierarchy of private intellectual property and public civil rights considered under United States law of the time. Domestic and international legacies of the dispute are also briefly examined, focusing on the inherent tensions between the state-sanctioned protection of Olympic terminology, the ideals of free speech, the ownership of common sporting terms, and the potential discriminatory effects of selective trademark enforcement. The paper concludes with a brief discussion of how Waddell’s vision superseded each of these legal technicalities to ensure the Games continues to provide a viable model for inclusive and engaged participation for all people.

Woodlot Ownership in Maine

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Woodlot Ownership and Forest Cover in Maine

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