Corporate governance and related party transactions research:an assessment of theories and methodologies

This paper critically evaluates the paradigm, theory, and methodology that dominate research on related party transactions (RPTs). RPTs have been debated in the literature whether they are a facet of conflict of interest between major and minor shareholders or they are normal efficient transactions that help the firms to achieve asset utilization. Literature has been widely interested in studying the association between corporate governance and RPTs especially that according to the agency theory it is assumed that corporate governance as a monitoring tool should impede the negative consequences of RPTs and ensure they are conducted to achieve better asset utilization.

Nonlinear Spectral Theories and Solvability of Nonlinear Hammerstein Equations

AMS Subj. Classification: 47J10, 47H30, 47H10

Placebo expectancy effect of consuming psychoactive beverages on cognition and mood

Energy drinks have become very popular over the past few years with over half the student population in colleges and universities consuming them at least once a month (Malinauskas et al., 2007). It has been reported that the most common reasons why students consume energy drinks are to maintain alertness, reduce symptoms of hangover, increase energy, to help with driving and to prevent sleepiness (Attila and Cakir, 2011; Malinauskas et al., 2007). Previous research has suggested that energy drinks enhance sensorimotor speed, behaviour, and reduce levels of fatigue (Alford et al., 2001; Horne and Reyner, 2001; Howard and Marczinski, 2010; Kennedy and Scholey, 2004; Smit et al., 2004). The two key ingredients found in energy drinks are caffeine and glucose which have been examined together and alone, which have indicated enhanced reaction times, improvement in both verbal memory and sustained attention and more recently there is evidence to show that expectancy may play a key role in predicting intentions of future consumption (Adan and serra-Grabulosa, 2010). According to Kirsch (1997) people have specific expectations when they consume psychoactive substances that trigger physiological and psychological reactions, which tend to be independent of the psychoactive substance ingested. The concept of expectancy effects can be unambiguous especially when the information provided to the participants prior to the experimental study is specific to a possible outcome response. This thesis investigated the extent of expectancy effect on cognition and mood when psychoactive drinks containing caffeine and glucose were consumed in comparison to non-psychoactive drinks. The investigation commenced with examining the independent effects of caffeine and glucose, followed by the combination of caffeine and glucose as an energy drink on mood and cognition. The investigation advanced by comparing drink presentation effects (i.e., consuming the experimental drink from a branded bottle versus from a glass) irrespective of drink content on mood and cognition. Finally, the investigation lead to exploring what factors may predict expectancy effects when participants’ consumed psychoactive drinks among healthy adults. This was done by applying the Theory of Planned Behaviour model (TPB) (Azjen, 1991) to explore the contribution of specific attitudes, subjective norms and perceived behavioural control to the extent of expectancy effects as well as to behavioural intention, with additional variables including; beliefs, habits, past-behaviour, selfidentity. Self-identity representing someone who drinks energy drinks regularly. The level of internal consistency for Cronbach’s alpha was conducted for each variable within the TPB model and for the additional variables included for test reliability. This thesis consisted of four studies, which found that consumption of caffeine and glucose independently and also in combination resulted in psychoactive effects on mood and cognition. Experiment 2 was the only study, which indicated an expectancy effect for immediate verbal recall task and the mood subscale tension. Conversely, for experiment 4 there was a reverse effect found for the immediate verbal recall task. However, there were significant expectancy and psychoactive effects found for mood subscales throughout the four studies. It was also found that the TPB model had two significant variables past-behaviour and self-identity predicted intentions suggesting that participants who regularly consume psychoactive beverages have salient beliefs about consuming psychoactive drinks and the TPB model can be utilised to predict their intentions. Furthermore, the Theory of planned behaviour model found that habit and self-identity significantly predicted participants’ expectancy effects on the vigour. Indicating consumers of energy drinks are familiar with expected outcome response. This model was unsuccessful in predicting expectancy response for cognitive performance. Thus, overall the findings from the four studies indicated that caffeine and glucose have cognitive enhancing properties, which also positively improve mood. However, expectancy effects have been identified for mood only, whereas the overall findings within this thesis were unable to identify significant predictors of expectancy effect and response.

Pre-existent expectancy effects in the relationship between caffeine and performance

The present study investigated the impact of pre-existent expectancy regarding the effects of the caffeine load of a drink and the perception of the caffeine content on subjective mood and vigilance performance. Caffeine deprived participants (N=25) were tested in four conditions (within subjects design), using a 2 × 2 design, with caffeine load and information regarding the caffeine content of the drink. In two sessions, they were given caffeinated coffee and in two were given decaffeinated coffee. Within these two conditions, on one occasion they were given accurate information about the drink and on the other they were given inaccurate information about the drink. Mood and vigilance performance were assessed post ingestion. Caffeine was found to enhance performance, but only when participants were accurately told they were receiving it. When decaffeinated coffee was given, performance was poorer, irrespective of expectancy. However, when caffeine was given, but participants were told it was decaffeinated coffee, performance was as poor as when no caffeine had been administered. There were no easily interpretable effects on mood. The pharmacological effects of caffeine appear to act synergistically with expectancy. © 2010.

Exploring the enterprise value of wikis through media choice theories

Wikis are quickly emerging as a new corporate medium for communication and collaboration. They allow dispersed groups of collaborators to asynchronously engage in persistent conversations, the result of which is stored on a common server as a single, shared truth. To gauge the enterprise value of wikis, the authors draw on Media Choice Theories (MCTs) as an evaluation framework. MCTs reveal core capabilities of communication media and their fit with the communication task. Based on the evaluation, the authors argue that wikis are equivalent or superior to existing asynchronous communication media in key characteristics. Additionally argued is the notion that wiki technology challenges some of the held beliefs of existing media choice theories, as wikis introduce media characteristics not previously envisioned. The authors thus predict a promising future for wiki use in enterprises.

A számviteli érdekhordozói elméletek evolúciója és a szabályozás – klasszikus tézisek és új irányok a pénzügyi beszámolásban (Evolution of the financial accounting stakeholder theories and the regulation – classic theses and new ways in the financial report)

A modernkori számvitel egyik alapvető kérdése, hogy a pénzügyi beszámolás címzettjét – az érdekhordozókat – miként lehet azonosítani. Ez a törekvés már a klasszikus, azóta meghaladottá vált elméletekben is központi szerepet töltött be és modern, posztmodern elméletekben kulcsfontosságúvá vált. A tapasztalatok alapján az azonosított érdekhordozók köre módosult, bővült. Ennek a fejlődésnek a vizsgálata során a számvitel számos olyan ismérvét sikerült azonosítani, amely segítségével a vonatkozó szabályok tökéletesíthetők. Emellett az evolúció vizsgálata segítségével közvetlenül is megfigyelhetővé vált az, hogy a számvitelt extern módon szabályozó hatalom szükségessége milyen feltételek teljesítése mellett igazolható. A vizsgálat során azonosíthatóvá váltak olyan helyzetek, amikor a számviteli szabályozó és „kívülről irányított” pénzügyi beszámolás szuboptimális helyzethez vezet. A cikk az érdekhordozói elméletek fejlődését a klasszikus felfogásoktól indulva mutatja be. Feltárja, hogy a modern – jelenleg elfogadott – koalíciós vállalatfelfogás miben hozott újat, elsősorban miként hívta életre az extern szabályozót. _____ One of the key problems of the modern financial accounting is how to define the stakeholders. This problem was already a key issue in the already outdated classical stakeholder theories. Research and experience noted that the group of stakeholders has widened and has been modified. Through this evolution researchers identified many characteristics of financial reporting through which the regulation could have been improved. This advance pointed out which are the situations when the existence of an extern accounting regulator may be justified, since under given circumstances this existence led to suboptimal scenario. This paper deals with the stakeholder theories, starting with the classical ones. The article points out how did the currently accepted theory changed the assertions of the previous one and how was the external regulator created as an inevitable consequence. The paper also highlights the main issues raised by the post-modern theories; those, which try to fit the current questions into the current stakeholder models. The article also produces a Hungarian evidence for the previously mentioned suboptimal scenario, where the not tax-driven regulation proves to be suboptimal.

Közjó és demokrácia. Két közgazdaságtani elmélet a demokráciáról (Common good and democracy. Two economic theories of democracy)

A tanulmány a demokrácia két közgazdaságtani elméletét mutatja be. A demokrácia klasszikus elmélete a közjó fogalmára épült: a klasszikus politikai filozófia érvelése szerint a demokrácia intézménye a közjó megvalósulásának eszköze. Schumpeter bírálta a klasszikus elméletet: a közgazdasági szemléletet alkalmazva a közjó értelmezésére leválasztotta a demokráciáról a közjó fogalmát. Schumpeter szerint a demokrácia szubsztantív felfogása nem tartható, ezért ehelyett a demokrácia procedurális értelmezését kínálta fel. Az alkotmányos közgazdaságtan nem fogadja el sem a közjó és demokrácia fogalmainak elválasztását, sem a közjó szubsztantív értelmezését, ehelyett a közjónak és a demokráciának egyaránt procedurális értelmezését javasolja. _____ This essay deals with two economic theories of democracy. The classical doctrine of democracy was built on the concept of the common good, classical political philosophy arguing that the institution of democracy was the instrument for realizing the common good. This theory was criticized by Schumpeter, who applied the method of modern economics to analysis of the concept, which he separated from democracy, arguing that the substantive concept of democracy was untenable, and proposing to replace it with the procedural concept of democracy. Constitutional economics does not accept such separation of the concepts of democracy and the common good, but it does not accept the substantive interpretation of the common good either. Rather, it proposes a procedural concept of both the common good and of democracy.

Hatékony leadership magatartások szlovák szervezeti környezetben (Effective leadership behaviors in Slovak organizational environment – Introduction to the Slovak implict leadership theories –Results of the GLOBE research)

Az itt bemutatott kutatás célja az volt, hogy azonosítsa és feltárja a szlovák vállalati környezetben követett és kívánatosnak tartott leadership dimenziókat és bemutassa azokat az implicit leadership elmélet alapján meghatározott magatartásokat, amelyek a sikeres leadershipet támogató magatartásokként jelennek meg (az implicit leadership elmélet szerint az egyének magatartásokhoz kapcsolódó hiedelmeik, meggyőződéseik és értékítéleteik alapján határozzák meg, kit tekintenek vezetőnek, illetve hogyan különböztetik meg a hatékony vezetést a nem hatékonytól). Ehhez a GLOBE (Global Leadership and Organization Behavior Effectiveness) kutatását használta fel a szerző empirikus alapként. A faktorelemzéssel előállított kutatási eredmények azt bizonyítják, hogy definiálhatók a nemzetközi mintán elkülöníthető implicit leadership elméletektől jól megkülönböztethető szlovák implicit leadership elméletek. Statisztikai próbáinak eredményei azt mutatják, hogy léteznek olyan leadership faktorok, melyek a szlovák és a magyar vállalati környezetben is megjelennek, illetve feltárhatók olyan implicit leadership elméletek, melyek megítélése ebben a régióban egységesnek tekinthető. _____ The aim of this research is to identify and explore the committed and desirable leadership dimensions in the Slovak organizational environment. This article presents those on the basis of implicit leadership theories identified behaviors which appear as successful leadership supported behaviors. To it the GLOBE (Global Leadership and Organization Behavior Effectiveness) research is used as the empirical basis by the author. Research results which were produced by factor analysis demonstrate that the Slovak implicit leadership theories can be identified because those can be clearly distinguished from implicit leadership theories available in the international sample.

Úton egy fenntartható gazdasági paradigma felé – A komplexitás befogadása a hálózati elméleteken keresztül (Towards a sustainable economic paradigm – Acceptance of the complexity through network theories)

Mára elkerülhetetlennek tűnik a gondolati váltás a gazdaságtudományok területén annak érdekében, hogy közelebb kerüljünk a hármas (gazdasági, társadalmi, környezeti) válságot előidéző problémák megoldásaihoz. A szerzők cikkükben amellett érvelnek, hogy a komplexitás befogadása kezdeti törekvésként értelmezhető azon az úton, amely a mindennapokban érzékelhető társadalmi és ökológiai problémák megoldásához vezet. Már léteznek olyan gazdaság- és vállalatelméletek, amelyek kezdik megkérdőjelezni az eddigi főáramú koncepciókat, és készek arra, hogy elveiket, elméleteiket a működési környezet bonyolultságát elfogadva alakítsák ki, és így találjanak mindennapos megoldásokat a gazdasági működésben. Ilyen például – a cikkben szereplő – IMP (Industrial Marketing and Purchasing) csoport hálózatelmélete. A szerzők azt kívánják bemutatni, hogy az ilyen hálózatelméletek alkalmasak arra, hogy a vállalatközi szférán túl is befolyásolják azt, ahogyan a vállalatok döntéseiket meghozzák és kapcsolataikat kezelik. ______ Today, it seems inevitable change of thought in the field of economics in order to get closer to solutions of problems which induced the triple (economic, social, environmental) crisis. In their article, the authors argue that the reception of complexity can be interpreted as an initial effort on the path that leads to the solutions of the everyday perceived social and ecological problems. The authors aim to present that the IMP (Industrial Marketing and Purchasing) group network theory is able to influence beyond the sphere of inter-company, that companies take their decisions and their relationships are treated.

A posztmodern marketing elvei és gyakorlata a turizmus piacán - Mátrix és turizmus (Theories and practice of the post-modern marketing on tourism market – Matrix and tourism)

Jelen tanulmány a posztmodern kor fogyasztási tendenciáit és a posztmodern marketing sajátos fejlődését elemzi, elsősorban a turizmus példáján. A szerzők a hazai és a nemzetközi szakirodalom, illetve saját kutatásaik és megfigyeléseik alapján ütköztetik az ismert és elfogadott elveket, elméleteket a gyakorlattal, és felhívják a figyelmet a marketingtevékenység alkalmazkodásának hazai problémáira. A Vezetéstudomány című folyóirat 2008/9. számában rendkívül érdekes tanulmány jelent meg Mitev Ariel Zoltán és Horváth Dóra tollából „A posztmodern marketing rózsaszirmai” címmel. A tanulmány előremutató, érdekfeszítő és minden tekintetben konstruktív, újszerű. Jelen tanulmány szerzőire is nagy hatást gyakorolt a cikk, nagyrészt felsorolt erényei miatt, de egyes esetekben kiegészítést kívánva. Mindenképpen inspirálta a továbblépést, az újabb adalékok megfogalmazását, amire ezúton e tanulmány szerzői kísérletet tettek. A cikk egyben szerves gondolati folytatása a szerzőpáros korábbi közös publikációinak, elsősorban a Marketing & Menedzsment folyóiratban megjelent cikknek. _______ In this article the author will analyze consumption tendencies of post-modern age, mainly using tourism marketing examples. Their analysis has been based on results of their own researches and researches published in Hungarian and international marketing literature. In this article they try to confront different theories of post-modern marketing and they will analyze problems of applicability of these theories in Hungarian marketing problem solving. An extremely interesting article was published in Vezetéstudomány (2008/9), written by Zoltán Mitev Ariel and Dóra Horváth, and this article, by its interesting, innovative and constructive aspect has largely influenced authors of present article to continue the path proposed in the abovementioned article. The article, in the same time, is an organic continuation of the earlier common publications of the authors, e.g. the recent article in Marketing & Menedzsment journal.

Az olajár gyengülő makrogazdasági hatásai. Két versengő elmélet szintézise = Weakening macroeconomic effects of the oil price. A synthesis of two competing theories

Az 1970-es évek olajválságait követő stagflációs periódusok óta gyakorlatilag minden nagyobb áremelkedés alkalmával felerősödnek a kedvezőtlen makrogazdasági hatásokkal kapcsolatos félelmek, miközben a tapasztalat azt mutatja, hogy az importőröket egyre kevésbé érinti az olaj reálárának alakulása. A gyengülő hatások okaként Blanchard-Galí [2007] a gazdaságok hatékonyabb és rugalmasabb működését jelölte meg, míg Kilian [2010] szerint a 2000 utáni áremelkedést a kedvező világgazdasági környezet fűtötte, ami ellensúlyozta a magasabb ár okozta negatív folyamatokat. A tanulmány Kilian [2009] modelljének kiterjesztésével, időben változó paraméterű ökonometriai eljárással vizsgálja a két megközelítés összeegyeztethetőségét. Az eredmények a hipotézisek egymást kiegészítő kapcsolatára engednek következtetni, azaz a makrogazdasági következmények szempontjából nem maga az ár, hanem annak kiváltó okai lényegesek, ugyanakkor e mögöttes tényezők hatása az elmúlt évtizedekben folyamatosan változott. _____ Many economists argue that the stagflation periods of the 1970s were related to the two main oil crises. However, experience shows that these effects were eliminated over the decades, e. g. oil-importing economies enjoyed solid growth and low inflation when oil prices surged in the 2000s. Blanchard and Galí (2007) found that economies became more effective and elastic in handling high energy prices, while Kilian (2010) took as the main reason for the weakening macroeconomic effects of oil-price shocks the structural differences behind the price changes. The article sets out to test the compatibility of the two rival theories, using time-varying parameter models. The results show that both hypotheses can be correct concurrently: the structure of the change in price matters, but the impulse responses varied over time.

The use of treatment theories and procedures for postural control in adult with hemiplegia: A national survey

This study investigated the use of treatment theories and procedures for postural control training used by Occupational Therapists (OTs) when working with hemiplegic adults who have had cerebrovascular accident (CVA) or traumatic brain injury (TBI). The method of data collection was a national survey of 400 randomly selected physical disability OTs with 127 usable surveys returned. Results showed that the most common used treatment theory was neurodevelopmental treatment (NDT), followed by motor relearning program (MRP), proprioceptive neuromuscular facilitation (PNF), Brunnstrom's approach, and the approach of Rood. The most common treatment posture used was sitting, followed by standing, mat activity, equilibrium reaction training, and walking. The factors affecting the use of various treatment theories procedures were years certified, years of clinical experience, work situation and work status. Pearson correlation coefficient analyses found significant positive relationships between treatment theories and postures. There were significant high correlations between usage of all pairs of treatment procedures. ^

Assessing the influence of organizational personality, applicants' need motivation, expectancy beliefs, and person-organization fit on applicant attraction

This research explored the thesis that organizational personality is related to applicants’ attraction to an organization through a process which involves need motivation, expectancy beliefs, and applicants’ perceptions of person-organization fit. Organizational personality may be defined as a collection of trait-like characteristics that individuals use to describe organizational practices, policies, values, and culture. Specifically, this research investigated the hypothesis that organizational personality information is useful to applicants because it helps individuals to determine their perceptions of fit. A sample of students (N = 198) and working adults (N = 198) participated in an online experiment. Findings indicated that individuals’ beliefs about the instrumentality of desirable work related outcomes are essential to determining their perceptions of fit and organizational attraction. Additionally, organizational personality perceptions interacted with need motivation to affect perceptions of fit and organizational attraction. For instance, perceptions of fit mediated the influence of the interaction between need for achievement and perceptions of innovativeness on organizational attraction. The interaction of need motivation and perceptions of organizational personality helped individuals to better determine their perceptions of fit and subsequent attraction toward organizations.^