Shari'ah supervision, corporate governance and performance: Conventional vs. Islamic banks

The performance and accountability of boards of directors and effectiveness of governance mechanisms continue to be a matter of concern. Focusing on differences between conventional banks and Islamic banks, we examine the effect of (i) Shari-ah supervision boards, (ii) board structure and (iii) CEO-power on performance during the period 2005-2011. We find Shari'ah supervision boards positively impact on Islamic banks' performance when they perform a supervisory role, but the impact is negligible when they have only an advisory role. The effect of board structure (Board size and board independence) and CEO power (CEO-chair duality and internally recruited CEO) on the performance of Islamic banks is overall negative. Our findings provide support for the positive contribution of Shari'ah supervision boards overall negative. Our findings provide support for the positive contribution of Shari'ah supervision boards overall negative. Our findings provide support for the positive contribution of Shari'ah supervision boards but also emphasize the need for enforcement and regulatory mechanism for them to be more effective.

Essays on corporate governance, stakeholders, and restructuring

This dissertation consists of an introductory section and three theoretical essays analyzing the interaction of corporate governance and restructuring. The essays adopt an incomplete contracts approach and analyze the role of different institutional designs to facilitate the alignment of the objectives of shareholders and management (or employees) over the magnitude of corporate restructuring. The first essay analyzes how a firm's choice of production technology affects the employees' human capital investment. In the essay, the owners of the firm can choose between a specific and a general technology that both require a costly human capital investment by the employees. The specific technology is initially superior in using the human capital of employees but, in contrast to the general technology, it is not compatible with future innovations. As a result, anticipated changes in the specific technology diminish the ex ante incentives of the employees to invest in human capital unless the shareholders grant the employees specific governance mechanisms (a right of veto, severance pay) so as to protect their investments. The results of the first essay indicate that the level of protection that the shareholders are willing to offer falls short of the socially desirable one. Furthermore, when restructuring opportunities become more abundant, it becomes more attractive both socially and from the viewpoint of the shareholders to initially adopt the general technology. The second essay analyzes how the allocation of authority within the firm interacts with the owners' choice of business strategy when the ability of the owners to monitor the project proposals of the management is biased in favor of the status quo strategy. The essay shows that a bias in the monitoring ability will affect not only the allocation of authority within the firm but also the choice of business strategy. Especially, when delegation has positive managerial incentive effects, delegation turns out to be more attractive under the new business strategy because the improved managerial incentives are a way for the owners to compensate their own reduced information gathering ability. This effect, however, simultaneously makes the owners hesitant to switch the strategy since it would involve a more frequent loss of control over the project choice. Consequently, the owners' lack of knowledge of the new business strategy may lead to a suboptimal choice of strategy. The third essay analyzes the implications of CEO succession process for the ideal board structure. In this essay, the presence of the departing CEO on the board facilitates the ability of the board to find a matching successor and to counsel him. However, the ex-CEO's presence may simultaneously also weaken the ability of the board to restructure since the predecessor may use the opportunity to distort the successor's project choice. The results of the essay suggest that the extent of restructuring gains, the firm's ability to hire good outside directors and the importance of board's advisory role affect at which point and for how long the shareholders may want to nominate the predecessor to the board.

Arguing the archive: Reconceptualising the NFSA in a time of austerity

This paper examines key issues emerging from the July 2014 Where We Are Heading sessions conducted between The National Film and Sound Archive (NFSA) CEO Michael Loebenstein, industry stakeholders and members of the public seeking to engage with the future direction of the NFSA. Analysis of transcripts from these public meetings reveal significant conceptual and programmatic gaps exist between what the NFSA has done in the past, how it “self-actualises” in terms of a national collection and what it can practically and effectively achieve in the near future. These significant challenges to the historical function of the Archive occur at a time of pronounced economic austerity for public cultural institutions and expanding, digitally driven curatorial responsibilities. Tensions exist between the need for the NFSA to increase revenue while preserving the function of an open and accessible Archive. Three key areas of challenge are addressed - digitisation, funding and the need for the NFSA to connect more broadly and more deeply with Australian society. The latter area is identified as crucial as the NFSA continues to articulate and actively promote the public value of the Archive through renewed program and outreach efforts.

Corporate board and corporate social responsibility assurance: Evidence from China

This paper investigates the association between board characteristics and the company’s corporate social responsibility (CSR) assurance decision in China. By examining 2054 firm-years of Chinese listed companies with CSR reports from 2008 to 2012, we find that firms with a large board size, more female directors, and separation of CEO and chairman positions are more likely to engage in CSR assurance. Gender diversity also influences the CSR assurance provider choice. However, board independence and overseas background of the CEO do not affect the CSR assurance decision. Inconsistent with our prediction, firms with foreign directors are less likely to engage in voluntary CSR assurance. In summary, this research provides in-depth insights into the determinants of Chinese firms’ voluntary CSR assurance.

Factors Driving Stock Option Grants - Empirical Evidence from Finland

This study contributes to the executive stock option literature by looking at factors driving the introduction of such a compensation form on a firm level. Using a discrete decision model I test the explanatory power of several agency theory based variables and find strong support for predictability of the form of executive compensation. Ownership concentration and liquidity are found to have a significant negative effect on the probability of stock option adoption. Furtermore, I find evidence of CEO ownership, institutional ownership, investment intensity, and historical market return having a significant and a positive relationship to the likelihood of adopting a executive stock option program.

Board Effectiveness in Small Firms

Purpose: This study investigates boards of directors in small firms and explores the link between board effectiveness and the composition, roles and working styles of the boards. Design/methodology/approach: The study analyses data from a telephone survey of boards in 45 small firms. The survey included both the CEO and the chairperson of the board. Findings: The study identifies three groups of small firms: ‘paperboards’, ‘professional boards’, and ‘management lead’ boards. Results show that board composition, board roles and board working style influence board effectiveness in small firms. Research limitations/implications: Although the present study has found a link between board effectiveness and the role, composition and working style of boards of small firms, other potentially influential factors are also worthy of investigation; for example, the personal characteristics of the individuals involved, generational factors in family firms, and the situational circumstances of various firms. Practical implications: The study reveals that, in practice, the management team and the board are substantially intertwined in small firms. Originality/value: The main contributions are that the study explores how boards in small firms actually function and gives a detailed account of their composition and roles.More insight into this issue is important given the overemphasis within the governance literature on input-output studies using samples of large publiclylisted firms.

Ce0.78Sn0.2Pt0.02O2-delta: A new non-deactivating catalyst for hydrogen production via water-gas shift reaction

We demonstrate the activity of Ce0.78Sn0.2Pt0.02O2-delta, a new catalyst, towards water-gas shift (WGS) reaction. Over 99.5% CO conversion to H-2 is observed at 300 +/- 25 degrees C. Based on different characterization techniques we found that the present catalyst is resistant to deactivation due to carbonate formation and sintering of Pt on the surface when subjected to longer duration of reaction conditions. The catalyst does not require any pre-treatment or activation between start-up/shut-down reaction operations. Formation of side products such as methane, methanol, formaldehyde, coke etc. was not observed under the WGS reaction conditions indicating the high selectivity of the catalyst for H-2. Temperature programmed reduction of the catalyst in hydrogen (H-2-TPR) shows reversible reduction of Ce4+ to Ce3+, Sn4+ to Sn2+ and Pt4+ to Pt-0 oxidation state with oxygen storage capacity (OSC) of 3500 mu mol g(-1) at 80 degrees C. Such high value of OSC indicates the presence of highly activated lattice oxygen. CO oxidation in presence of stoichiometric O-2 shows 100% conversion to CO2 at room temperature. The catalyst also exhibits 100% selectivity for CO2 at room temperature towards preferential oxidation (PROX) of residual CO in presence of excess hydrogen in the feed. (C) 2010 Elsevier B.V. All rights reserved.

NO Reduction Over Noble Metal Ionic Catalysts

In last 40 years, catalysis for NO (x) removal from exhaust gas has received much attention to achieve pollution free environment. CeO(2) has been found to play a major role in the area of exhaust catalysis due to its unique redox properties. In last several years, we have been exploring an entirely new approach of dispersing noble metal ions in CeO(2) and TiO(2) for redox catalysis. We have extensively studied Ce(1-x) M (x) O(2-delta) (M = Pd, Pt, Rh), Ce(1-x-y) A (x) M (y) O(2-delta) (A = Ti, Zr, Sn, Fe; M = Pd, Pt) and Ti(1-x) M (x) O(2-delta) (M = Pd, Pt, Rh, Ru) catalysts for exhaust catalysis especially NO reduction and CO oxidation, structure-property relation and mechanism of catalytic reactions. In these catalysts, lower valent noble metal ion substitution in CeO(2) and TiO(2) creates noble metal ionic sites and oxide ion vacancy. NO gets molecularly adsorbed on noble metal ion site and dissociatively adsorbed on oxide ion vacancy site. Dissociative chemisorption of NO on oxide ion vacancy leads to preferential conversion of NO to N(2) instead of N(2)O over these catalysts. It has been demonstrated that these new generation noble metal ionic catalysts (NMIC) are much more catalytically active than conventional nano crystalline noble metal catalysts especially for NO reduction.

CO adsorption on ionic Pt, Pd and Cu sites in Ce(1-x)M(x)O(2-delta) (M = Pt(2+), Pd(2+), Cu(2+))

Noble metal ion substituted CeO(2) in the form of Ce(0.98)M(0.02)O(2-delta) solid solution (where M = Pt, Pd, Cu) are the new generation catalysts with applications in three-way exhaust catalysis. While adsorption of CO on noble metals ions is well-known, adsorption of CO on noble metal ions has not been studied because creating exclusive ionic sites has been difficult. Using first-principles density functional theory (DFT) we have shown that CO gets adsorbed on the noble metal Pt(2+), Pd(2+), Cu(2+) ionic sites in the respective compounds, and the net energy of the overall system decreases. Adsorption of CO on metal ions is also confirmed by Fourier transform infrared spectroscopy (FTIR).

Ce(0.67)Fe(0.33)O(2-delta) and Ce(0.65)Fe(0.33)Pt(0.02)O(2-delta): New water gas shift (WGS) catalysts

Ce(0.65)Fe(0.33)Pt(0.02)O(2-delta) and Ce(0.67)Fe(0.33)O(2-delta) have been synthesized by a new low temperature sonochemical method using diethylenetriamine as a complexing agent. Due to the substitution of Fe and Pt ions in CeO(2), lattice oxygen is activated in Ce(0.67)Fe(0.33)O(2-delta) and Ce(0.65)Fe(0.33)Pt(0.02)O(2-delta). Hydrogen uptake studies show strong reduction peaks at 125 C in Ce(0.65)Fe(0.33)Pt(0.02)O(2-delta) against a hydrogen uptake peak at 420 degrees C in Ce(0.67)Fe(0.33)O(2-delta). Fe substituted ceria, Ce(0.67)Fe(0.33)O(2-delta) itself acts as a catalyst for CO oxidation and water gas shift (WGS) reactions at moderate temperatures. The rate of CO conversion in WGS with Pt free Ce(0.65)Fe(0.33)O(2-delta) is 2.8 mu mol g(-1) s(-1) at 450 C and with Pt substituted Ce(0.65)Fe(0.33)Pt(0.02)O(2-delta) is 4.05 mu mol g(-1) s(-1) at 275 degrees C. Due to the synergistic interaction of the Pt ion with Ce and Fe ions in Ce(0.65)Fe(0.33)Pt(0.02)O(2-delta), the catalyst showed much higher activity for CO oxidation and WGS reactions compared to Ce(0.67)Fe(0.33)O(2-delta). A reverse WGS reaction does not occur over Ce(0.65)Fe(0.33)Pt(0.02)O(2-delta). The catalyst also does not deactivate even when operated for a long time. Nearly 100% conversion of CO to CO(2) with 100% H(2) selectivity is observed in WGS reactions even up to 550 degrees C. (C) 2011 Elsevier B.V. All rights reserved.

New Insights into Selective Heterogeneous Nucleation of Metal Nanoparticles on Oxides by Microwave-Assisted Reduction: Rapid Synthesis of High-Activity Supported Catalysts

Microwave-based methods are widely employed to synthesize metal nanoparticles on various substrates. However, the detailed mechanism of formation of such hybrids has not been addressed. In this paper, we describe the thermodynamic and kinetic aspects of reduction of metal salts by ethylene glycol under microwave heating conditions. On the basis of this analysis, we identify the temperatures above which the reduction of the metal salt is thermodynamically favorable and temperatures above which the rates of homogeneous nucleation of the metal and the heterogeneous nucleation of the metal on supports are favored. We delineate different conditions which favor the heterogeneous nucleation of the metal on the supports over homogeneous nucleation in the solvent medium based on the dielectric loss parameters of the solvent and the support and the metal/solvent and metal/support interfacial energies. Contrary to current understanding, we show that metal particles can be selectively formed on the substrate even under situations where the temperature of the substrate Is lower than that of the surrounding medium. The catalytic activity of the Pt/CeO(2) and Pt/TiO(2) hybrids synthesized by this method for H(2) combustion reaction shows that complete conversion is achieved at temperatures as low as 100 degrees C with Pt-CeO(2) catalyst and at 50 degrees C with Pt-TiO(2) catalyst. Our method thus opens up possibilities for rational synthesis of high-activity supported catalysts using a fast microwave-based reduction method.

Direct evidence of redox interaction between metal ion and support oxide in Ce(0.98)Pd(0.02)O(2-delta) by a combined electrochemical and XPS study

A combined electrochemical method and X-ray photo electron spectroscopy (XPS) has been utilized to understand the Pd(2+)/CeO(2) interaction in Ce(1-x)Pd(x)O(2-delta) (x = 0.02). A constant positive potential (chronoamperometry) is applied to Ce(0.98)Pd(0.02)O(2-delta) working electrode which causes Ce(4+) to reduce to Ce(3+) to the extent of similar to 35%, while Pd remains in the +2 oxidation state. Electrochemically cycling this electrode between 0.0-1.2 V reverts back to the original state of the catalyst. This reversibility is attributed to the reversible reduction of Ce(4+) to Ce(3+) state. CeO(2) electrode with no metal component reduces to CeO(2-y) (y similar to 0.4) after applying 1.2 V which is not reversible and the original composition of CeO(2) cannot be brought back in any electrochemical condition. During the electro-catalytic oxygen evolution reaction at a constant 1.2 V for 1000 s, Ce(0.98)Pd(0.02)O(2-delta) reaches a steady state composition with Pd in the +2 states and Ce(4+) : Ce(3+) in the ratio of 0.65 : 0.35. This composition can be denoted as Ce(0.63)(4+)Ce(0.35)(4+)Pd(0.02)O(2-delta-y) (y similar to 0.17). When pure CeO(2) is put under similar electrochemical condition, it never reaches the steady state composition and reduces almost to 85%. Thus, Ce(0.98)Pd(0.02)O(2-delta) forms a stable electrode for the electro-oxidation of H(2)O to O(2) unlike CeO(2) due to the metal support interaction.

Evaluación agronómica y uso eficiente de nitrógeno en veinticuatro lineas de sorgo (Sorghum bicolor L. Moench) en el municipio de Posoltega, departamento de Chinandega, 2003

La producción de alimentos básicos es una prioridad que está siendo fuertemente investigada en la actualidad, entre éstos se encuentra el sorgo con endosperma blanco que constituye una alternativa viable para el consumo en zonas de escasas precipitaciones. Con el fin de evaluar el comportamiento agronómico y productivo de líneas, se condujo este estudio en el Centro Experimental de Occidente (CEO), ubicado en el municipio de Posoltega, departamento de Chinandega con coordenadas de 12º33’ de latitud norte y 85º59’ de longitud oeste a una elevación de 80 msnm, en suelos de textura franco-arenosa en la época de postrera comprendida de septiembre a diciembre de 2003. Se utilizó un diseño bifactorial en Bloques Completos al Azar (BCA) con cuatro repeticiones. Los factores evaluados fueron 24 líneas de sorgo y un testigo local (Pinolero 1) con aplicación de fondo de 193.64 kg de completo 12-30-10 ha-1, y dos niveles de fertilización nitrogenada 0 y 112 kg de N ha-1 con UREA 46%, fraccionada en dos aplicaciones. Los resultados reflejan que la mayoría de las variables evaluadas presentan diferencias significativas para ambos factores (A y B) a excepción de la variable altura de planta que no presenta significancia para el factor B, la interacción no tuvo significancia para ninguna variable. El rendimiento de grano mostró diferencias altamente significativas para ambos factores y para la interacción, sobresaliendo la línea SOBERANO con 3271.44 kg ha-1 para el factor A. En la interacción, los mayores rendimientos de grano se presentaron cuando se aplicó 112 kg de N ha-1 al suelo, sobresaliendo las líneas ICSVLM_ 89513, 89524, 93081, 90510, 93074 y SOBERANO con rendimientos de grano entre 4844.08 y 4016.22 kg ha-1 en orden descendiente. Sin embargo la línea ICSVLM_90538 con rendimiento de 2847 kg ha-1 con el nivel cero aplicación de nitrógeno (UREA 46%) logró superar el rendimiento promedio nacional. Las líneas que expresaron un mejor Uso Eficiente de Nitrógeno (UEN) fueron ICSVLM_89544 con 93.5% de relación de eficiencia, ICSVLM_93065 con 90% de eficiencia fisiológica e ICSVLM_89524 con 80.3% de eficiencia de recuperación.

Evaluación de dieciocho genotipos de yuca (Manihot esculenta Crantz) en el municipio de Posoltega, Chinandega

Con el objetivo de aportar información agronómica sobre germoplasma de yuca (Manihot esculenta Crantz) en el ciclo octubre 2004-octubre 2005, se evaluaron en el Centro Experimental de Occidente (CEO-INTA), Posoltega, Chinandega, 17 genotipos de yuca provenientes de Colombia, y el testigo local, la variedad mejorada ALGODÓN. El diseño experimental utilizado fue un Bloque Completamente al Azar (BCA) con cuatro réplicas y se consideraron las variables propuestas por el CIAT. Se utilizó análisis de varianza (ANDEVA), así como separación de medias de rangos múltiples de Tukey ( 8=0.05), en variables cuantitativas. Se conformaron análisis de correlación, de componentes principales (ACP) y análisis de agrupamiento (AA). En base a los resultados se concluye que las variables cuantitativas presentaron efecto significativo en los genotipos evaluados. El rendimiento de raíces presentó un rango entre 8.14 y 62.9 tn ha-1, con un promedio general de 40.03 tn ha-1. El testigo local, ALGODÓN, destinado para el consumo fresco presento un rendimiento total de 38.64 tn ha-1 con 45.45, 16.3 y 17.8 tn ha-1 en las calidades A, B y C, respectivamente. Se encontraron correlaciones fenotípicas significativas de interés. El ACP aisló el 71.2 % de la varianza total con los primeros cinco componentes. Se seleccionaron 9 descriptores cualitativos (forma de la planta, caracteres de hoja y raíz, entre otros) que ayudaron a diferenciar las plantas de yuca. De igual manera, los descriptores cuantitativos de raíz, materia seca y número de yemas, entre otros, fueron de interés secundario. El AA (Ward y R2) agruparon a la variedad testigo ALGODÓN y PER 183, los cuales presentaron características cualitativas y cuantitativas muy diferentes al resto de materiales.

Evaluación agronómica y uso eficiente del nitrógeno por dieciseis lineas de sorgo (Sorghum bicolor L Moench) en el municipio de Posoltega, Chinandega

El presente trabajo se realizó en el Centro Experimental de Occidente (CEO) localizado en el municipio de Posoltega, departamento de Chinandega, ubicado en las coordenadas 12º 33’ de latitud Norte y 85º 59’ de longitud Oeste, a una elevación de 80 metros sobre el nivel del mar (m.s.n.m), en la época de postrera, periodo comprendido entre Agosto y Diciembre del 2003. Se evaluaron 15 líneas de sorgo mas un testigo local (Pinolero 1) con una aplicación general en el área de 193.6 kg de completo 12–30–10, y se estudiaron dos niveles de Nitrógeno 0 y 112 kg de N ka ha-1 fraccionado en dos aplicaciones, un 50 % a los 30 dds y el restante (50 %) a los 45 dds. El diseño experimental utilizado fue un bifactorial en arreglos de bloques completamente al azar (BCA), con cuatro repeticiones. Los resultados reflejan que la mayoría de las variables evaluadas presentaron diferencias altamente significativas, para ambos factores en estudio (A y B); a excepción de la variable longitud de panoja que no presento diferencia significativa entre líneas de sorgo, igualmente ocurrió para la interacción la que no presento significancia en la mayoría de las variables evaluadas. Los mejores rendimientos de grano y biomasa seca se presentaron cuando se aplico el nivel 112 kg de N. ha-1 al suelo, sobresaliendo la línea ICSVLM-93079 con 4,612 kg de grano ha-1 lo equivalente a 71 qq/mz, y la ICSVLM-89524 con 7,232.37 kg ha-1 de materia seca (7.68 tn ha-1). Cabe destacar que 13 de los 16 materiales evaluados presentaron rendimientos entre 2,000 y 3,000 kg de grano ha-1 los que están por encima del promedio nacional, estos rendimientos se obtuvieron sin la aplicación de urea. Las evaluaciones de Relación de Eficiencia y Eficiencia Fisiológica de N, estuvieron por encima del 60 %, sin embargo la Eficiencia de Recuperación del fertilizante aplicado fue baja principalmente por el alto nivel de N aplicado.