On the comparative performance of socially responsible and Islamic mutual funds

This is the first study to provide comprehensive analyses of the relative performance of both socially responsible investment (SRI) and Islamic mutual funds. The analysis proceeds in two stages. In the first, the performance of the two categories of funds is measured using partial frontier methods. In the second stage, we use quantile regression techniques.By combining two variants of the Free Disposal Hull (FDH) methods (order-m and order-?) in the first stage of analysis and quantile regression in the second stage, we provide detailed analyses of the impact of different covariates across methods and across different quantiles. In spite of the differences in the screening criteria and portfolio management of both types of funds, variation in the performance is only found for some of the quantiles of the conditional distribution of mutual fund performance. We established that for the most inefficient funds the superior performance of SRI funds is significant. In contrast, for the best mutual funds this evidence vanished and even Islamic funds perform better than SRI.These results show the benefits of performing the analysis using quantile regression.

Performance-based vs socially supportive culture:a cross-national study of descriptive norms and entrepreneurship

This paper is a cross-national study testing a framework relating cultural descriptive norms to entrepreneurship in a sample of 40 nations. Based on data from the Global Leadership and Organizational Behavior Effectiveness project, we identify two higher-order dimensions of culture – socially supportive culture (SSC) and performance-based culture (PBC) – and relate them to entrepreneurship rates and associated supply-side and demand-side variables available from the Global Entrepreneurship Monitor. Findings provide strong support for a social capital/SSC and supply-side variable explanation of entrepreneurship rate. PBC predicts demand-side variables, such as opportunity existence and the quality of formal institutions to support entrepreneurship.

On the comparative performance of socially responsible and Islamic mutual funds

This is the first study to provide comprehensive analyses of the relative performance of both socially responsible investment (SRI) and Islamic mutual funds. The analysis proceeds in two stages. In the first, the performance of the two categories of funds is measured using partial frontier methods. In the second stage, we use quantile regression techniques. By combining two variants of the Free Disposal Hull (FDH) methods (order- m and order- α) in the first stage of analysis and quantile regression in the second stage, we provide detailed analyses of the impact of different covariates across methods and across different quantiles. In spite of the differences in the screening criteria and portfolio management of both types of funds, variation in the performance is only found for some of the quantiles of the conditional distribution of mutual fund performance. We established that for the most inefficient funds the superior performance of SRI funds is significant. In contrast, for the best mutual funds this evidence vanished and even Islamic funds perform better than SRI. These results show the benefits of performing the analysis using quantile regression. © 2013 Elsevier B.V.

The effect of the business cycle on the performance of socially responsible equity mutual funds

The current study applies a two-state switching regression model to examine the behavior of a hypothetical portfolio of ten socially responsible (SRI) equity mutual funds during the expansion and contraction phases of US business cycles between April 1991 and June 2009, based on the Carhart four-factor model, using monthly data. The model identified a business cycle effect on the performance of SRI equity mutual funds. Fund returns were less volatile during expansion/peaks than during contraction/troughs, as indicated by the standard deviation of returns. During contraction/troughs, fund excess returns were explained by the differential in returns between small and large companies, the difference between the returns on stocks trading at high and low Book-to-Market Value, the market excess return over the risk-free rate, and fund objective. During contraction/troughs, smaller companies offered higher returns than larger companies (ci = 0.26, p = 0.01), undervalued stocks out-performed high growth stocks (h i = 0.39, p <0.0001), and funds with growth objectives out-performed funds with other objectives (oi = 0.01, p = 0.02). The hypothetical SRI portfolio was less risky than the market (bi = 0.74, p <0.0001). During expansion/peaks, fund excess returns were explained by the market excess return over the risk-free rate, and fund objective. Funds with other objectives, such as balanced funds and income funds out-performed funds with growth objectives (oi = −0.01, p = 0.03). The hypothetical SRI portfolio exhibited similar risk as the market (bi = 0.93, p <0.0001). The SRI investor adds a third criterion to the risk and return trade-off of traditional portfolio theory. This constraint is social performance. The research suggests that managers of SRI equity mutual funds may diminish value by using social and ethical criteria to select stocks, but add value by superior stock selection. The result is that the performance of SRI mutual funds is very similar to that of the market. There was no difference in the value added among secular SRI, religious SRI, and vice screens.

Measuring the economic performance of socially responsible companies

This paper presents a one-dimensional exploratory study which compares the socially responsible companies included in the Spanish sustainability index, FTSE4Good Ibex, with the rest of the indices in the IBEX family. The aim is to use different economic variables to establish whether there are differences in economic performance. Parametric testing was used to study whether there are differences between the two types of companies. The results demonstrate that there are no statistically significant differences in economic performance between the two groups. The study confirms that companies with good practices are as profitable as the rest, but it also demonstrates that the economic-financial behaviour is not better as a result of being in the sustainability index.

Measuring quality : how does this improve construction performance?

The paper charts the history and development of the Hong Kong Housing Department (HKHD) Performance Assessment Scoring System (PASS) from 1990 to the present day and examines its effect on facilitating change to the quality of construction work of building contractors engaged in the production of public sector housing projects Hong Kong. The paper builds partly on empirical research carried out by the author as part of a doctoral thesis from 2000 to 2005, on experiential knowledge and also on some relevant case studies. The outcomes from this earlier research and validation of PASS based on results derived from the system since the research was originally undertaken are of benefit to practitioners and academics working and studying in the areas of performance assessment and organisational culture and change. The conclusions presented in the paper further underpin the connection established in previous research between strong organisational culture and project and corporate success. Organisational culture was measured using a survey instrument originally developed by Denison and Neale (1994), adapted for the environment of the study, and corporate success was measured by the PASS system mentioned above. The major results of the original study indicate that there is significant linkage between strong organisational cultures and business success and the detailed findings were that, (1) strong organisational culture was positively associated a high level of company effectiveness, (2) a high level of company effectiveness was positively associated with the cultural traits of ‘consistency’, ‘adaptability’ and ‘mission’, and (3) a high level of company effectiveness was positively associated with the combined cultural traits represented by the dimensions of ‘external focus’ and ‘stable culture’. Several opportunities to take forward this research have been identified, including extending the study to other countries and also longitudinally re-evaluating some of the original case studies to ascertain how organisational cultures have changed or further developed in relation to the changing construction climate in Hong Kong.

Sustainability performance of construction : conceptual models of satisfaction levels in construction projects

In general, the performance of construction projects, including their sustainability performance, does not meet optimal expectations. One aspect of this is the performance of the participants who are independent and make a significance impact on overall project outcomes. Of these participants, the client is traditionally the owner of the project, the architect or engineer is engaged as the lead designer and a contractor is selected to construct the facilities. Generally, the performance of the participants is gauged by considering three main factors, namely, time, cost and quality. As the level of satisfaction is a subjective issue, it is rarely used in the performance evaluation of construction work. Recently, various approaches to the measurement of satisfaction have been made in an attempt to determine the performance of construction project outcomes - for instance, client satisfaction, customer satisfaction, contractor satisfaction, occupant satisfaction and home buyer satisfaction. These not only identify the performance of the construction project but are also used to improve and maintain relationships. In addition, these assessments are necessary for the continuous improvement and enhanced cooperation of participants. The measurement of satisfaction levels primarily involves expectations and perceptions. An expectation can be regarded as a comparative standard of different needs, motives and beliefs, while a perception is a subjective interpretation that is influenced by moods, experiences and values. This suggests that the disparity between perceptions and expectations may possibly be used to represent different levels of satisfaction. However, this concept is rather new and in need of further investigation. This chapter examines the methods commonly practised in measuring satisfaction levels today and the advantages of promoting these methods. The results provide a preliminary review of the advantages of satisfaction measurement in the construction industry and recommendations are made concerning the most appropriate methods to use in identifying the performance of project outcomes.

Continuous innovation in SMEs : how design innovation shapes business performance through doing more with less

Firms face the challenge to survive and thrive in an increasingly competitive global market, developing strategies to continuously innovate, often having to do more with less. Increasing awareness of the benefits of stimulating continuous innovation in small and medium enterprises has led to the development and implementation of design innovation programs, with many western countries investing in design innovation programs for better firm performance. This paper investigates how firms respond to a design innovation program and engage in continuous innovation, doing more business with a focused less diverse strategy. Early findings from a study of companies engaged in a design innovation program indicate that applying design principles to all aspects of their business has delivered better business performance and better positioning in global markets.

Performance recordivity : studio music in a live context

A broad range of positions is articulated in the academic literature around the relationship between recordings and live performance. Auslander (2008) argues that “live performance ceased long ago to be the primary experience of popular music, with the result that most live performances of popular music now seek to replicate the music on the recording”. Elliott (1995) suggests that “hit songs are often conceived and produced as unambiguous and meticulously recorded performances that their originators often duplicate exactly in live performances”. Wurtzler (1992) argues that “as socially and historically produced, the categories of the live and the recorded are defined in a mutually exclusive relationship, in that the notion of the live is premised on the absence of recording and the defining fact of the recorded is the absence of the live”. Yet many artists perform in ways that fundamentally challenge such positions. Whilst it is common practice for musicians across many musical genres to compose and construct their musical works in the studio such that the recording is, in Auslander’s words, the ‘original performance’, the live version is not simply an attempt to replicate the recorded version. Indeed in some cases, such replication is impossible. There are well known historical examples. Queen, for example, never performed the a cappella sections of Bohemian Rhapsody because it they were too complex to perform live. A 1966 recording of the Beach Boys studio creation Good Vibrations shows them struggling through the song prior to its release. This paper argues that as technology develops, the lines between the recording studio and live performance change and become more blurred. New models for performance emerge. In a 2010 live performance given by Grammy Award winning artist Imogen Heap in New York, the artist undertakes a live, improvised construction of a piece as a performative act. She invites the audience to choose the key for the track and proceeds to layer up the various parts in front of the audience as a live performance act. Her recording process is thus revealed on stage in real time and she performs a process that what would have once been confined to the recording studio. So how do artists bring studio production processes into the live context? What aspects of studio production are now performable and what consistent models can be identified amongst the various approaches now seen? This paper will present an overview of approaches to performative realisations of studio produced tracks and will illuminate some emerging relationships between recorded music and performance across a range of contexts.

The Yonder project : literacy and social competency development in primary school students through co-creation of live performance

Since 2007 Kite Arts Education Program (KITE), based at Queensland Performing Arts Centre (QPAC), has been engaged in delivering a series of theatre-based experiences for children in low socio-economic primary schools in Queensland. The artist in residence (AIR) project titled Yonder includes performances developed by the children with the support and leadership of teacher artists from KITE for their community and parents/carers,supported by a peak community cultural institution. In 2009,Queensland Performing Arts Centre partnered with Queensland University of Technology (QUT) Creative Industries Faculty (Drama) to conduct a three-year evaluation of the Yonder project to understand the operational dynamics, artistic outputs and the educational benefits of the project. This paper outlines the research findings for children engaged in the Yonder project in the interrelated areas of literacy development and social competencies. Findings are drawn from six iterations of the project in suburban locations on the edge of Brisbane city and in regional Queensland.

A waste management system for small and medium enterprises engaged in office building retrofit projects

Waste management and minimisation is considered to be an important issue for achieving sustainability in the construction industry. Retrofit projects generate less waste than demolitions and new builds, but they possess unique features and require waste management approaches that are different to traditional new builds. With the increasing demand for more energy efficient and environmentally sustainable office spaces, the office building retrofit market is growing in capital cities around Australia with a high level of refurbishment needed for existing aging properties. Restricted site space and uncertain delivery process in these projects make it a major challenge to manage waste effectively. The labour-intensive nature of retrofit projects creates the need for the involvement of small and medium enterprises (SMEs) as subcontractors in on-site works. SMEs are familiar with on-site waste generation but are not as actively motivated and engaged in waste management activities as the stakeholders in other construction projects in the industry. SMEs’ responsibilities for waste management in office building retrofit projects need to be identified and adapted to the work delivery processes and the waste management system supported by project stakeholders. The existing literature provides an understanding of how to manage construction waste that is already generated and how to increase the waste recovery rate for office building retrofit projects. However, previous research has not developed theories or practical solutions that can guide project stakeholders to understand the specific waste generation process and effectively plan for and manage waste in ongoing project works. No appropriate method has been established for the potential role and capability of SMEs to manage and minimise waste from their subcontracting works. This research probes into the characteristics of office building retrofit project delivery with the aim to develop specific tools to manage waste and incorporate SMEs in this process in an appropriate and effective way. Based on an extensive literature review, the research firstly developed a questionnaire survey to identify the critical factors of on-site waste generation in office building retrofit projects. Semi-structured interviews were then utilised to validate the critical waste factors and establish the interrelationships between the factors. The interviews served another important function of identifying the current problems of waste management in the industry and the performance of SMEs in this area. Interviewees’ opinions on remedies to the problems were also collected. On the foundation of the findings from the questionnaire survey and semi-structured interviews, two waste planning and management strategies were identified for the dismantling phase and fit-out phase of office building retrofit projects, respectively. Two models were then established to organize SMEs’ waste management activities, including a work process-based integrated waste planning model for the dismantling phase and a system dynamics model for the fit-out phase. In order to apply the models in real practice, procedures were developed to guide SMEs’ work flow in on-site waste planning and management. In addition, a collaboration framework was established for SMEs and other project stakeholders for effective waste planning and management. Furthermore, an organisational engagement strategy was developed to improve SME waste management practices. Three case studies were conducted to validate and finalise the research deliverables. This research extends the current literature that mostly covers waste management plans in new build projects, by presenting the knowledge and understanding of addressing waste problems in retrofit projects. It provides practical tools and guidance for industry practitioners to effectively manage the waste generation processes in office building retrofit projects. It can also promote industry-level recognition of the role of SMEs and their performance in on-site waste management.

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.

Exploring emotions on #auspol : polarity, conservativism and public performance in the Twitter debate on Australian politics

The affective communication patterns of conversations on Twitter can provide insights into the culture of online communities. In this paper we apply a combined quantitative and qualitative approach to investigate the structural make-up and emotional content of tweeting activity around the hashtag #auspol (for Australian politics) in order to highlight the polarity and conservativism that characterise this highly active community of politically engaged individuals. We document the centralised structure of this particular community, which is based around a deeply committed core of contributors. Through in-depth content analysis of the tweets of participants to the online debate we explore the communicative tone, patterns of engagement and thematic drivers that shape the affective character of the community and their effect on its cohesiveness. In this way we provide a comprehensive account of the complex techno-social, linguistic and cultural factors involved in conversations that are shaped in the Twittersphere.

Evaluation of public hospital performance in Khanh Hoa Province : Vietnam in connection with patient and staff satisfaction surveys

This research aimed to develop a framework for performance evaluation of public hospitals in Vietnam that is culturally, socially, and politically appropriate. The research included both qualitative and quantitative methods and identified and validated novel instruments to measure patient satisfaction and job satisfaction of hospital staff and to determine a set of hospital indicators that reflect the quality of hospital performance. New models for understanding the determinants of patient and staff satisfaction were developed along with a new performance indicator framework for hospital performance. These instruments will now be applied to the evaluation of hospital services in Khanh Hoa Province, permitting longer term evaluation of their effectiveness in changing system wide performance and satisfaction.

Impact of child labor on academic performance : evidence from the program "Edúcame Primero Colombia"

In this study, the effects of different variables of child labor on academic performance are investigated. To this end, 3302 children participating in the child labor eradication program “Edúcame Primero Colombia” were interviewed. The interview format used for the children's enrollment into the program was a template from which socioeconomic conditions, academic performance, and child labor variables were evaluated. The academic performance factor was determined using the Analytic Hierarchy Process (AHP). The data were analyzed through a logistic regression model that took into account children who engaged in a type of labor (n = 921). The results showed that labor conditions, the number of weekly hours dedicated to work, and the presence of work scheduled in the morning negatively affected the academic performance of child laborers. These results show that the relationship between child labor and academic performance is based on the conflict between these two activities. These results do not indicate a linear and simple relationship associated with the recognition of the presence or absence of child labor. This study has implications for the formulation of policies, programs, and interventions for preventing, eradicating, and attenuating the negative effects of child labor on the social and educational development of children.