Board composition, ownership structure and dividend policies in an emerging market: further evidence from CASE 50

Purpose – The purpose of this study is to examine dividend policies in an emerging capital market, in a country undergoing a transitional period. Design/methodology/approach – Using pooled cross-sectional observations from the top 50 listed Egyptian firms between 2003 and 2005, this study examines the effect of board of directors’ composition and ownership structure on dividend policies in Egypt. Findings – It is found that there is a significant positive association between institutional ownership and firm performance, and both dividend decision and payout ratio. The results confirm that firms with a higher return on equity and a higher institutional ownership distribute higher levels of dividend. No significant association was found between board composition and dividend decisions or ratios. Originality/value – This study provides additional evidence of the applicability of the signalling model in the emerging market of Egypt. It was found that despite the high institutional ownership and the closely held nature of the firms, which imply lower agency costs, the payment of higher dividend was considered necessary to attract capital during this transitional period.

Modelling trade offs between public and private conservation policies

To reduce global biodiversity loss, there is an urgent need to determine the most efficient allocation of conservation resources. Recently, there has been a growing trend for many governments to supplement public ownership and management of reserves with incentive programs for conservation on private land. This raises important questions, such as the extent to which private land conservation can improve conservation outcomes, and how it should be mixed with more traditional public land conservation. We address these questions, using a general framework for modelling environmental policies and a case study examining the conservation of endangered native grasslands to the west of Melbourne, Australia. Specifically, we examine three policies that involve i) spending all resources on creating public conservation areas; ii) spending all resources on an ongoing incentive program where private landholders are paid to manage vegetation on their property with 5-year contracts; and iii) splitting resources between these two approaches. The performance of each strategy is quantified with a vegetation condition change model that predicts future changes in grassland quality. Of the policies tested, no one policy was always best and policy performance depended on the objectives of those enacting the policy. Although policies to promote conservation on private land are proposed and implemented in many areas, they are rarely evaluated in terms of their ecological consequences. This work demonstrates a general method for evaluating environmental policies and highlights the utility of a model which combines ecological and socioeconomic processes.

Board composition, ownership structure and dividend policies in an emerging market: further evidence from CASE 50

Purpose – The purpose of this study is to examine dividend policies in an emerging capital market, in a country undergoing a transitional period. Design/methodology/approach – Using pooled cross-sectional observations from the top 50 listed Egyptian firms between 2003 and 2005, this study examines the effect of board of directors’ composition and ownership structure on dividend policies in Egypt. Findings – It is found that there is a significant positive association between institutional ownership and firm performance, and both dividend decision and payout ratio. The results confirm that firms with a higher return on equity and a higher institutional ownership distribute higher levels of dividend. No significant association was found between board composition and dividend decisions or ratios. Originality/value – This study provides additional evidence of the applicability of the signalling model in the emerging market of Egypt. It was found that despite the high institutional ownership and the closely held nature of the firms, which imply lower agency costs, the payment of higher dividend was considered necessary to attract capital during this transitional period.

CEO power, government monitoring, and bank dividends

We investigate the role of CEO power and government monitoring on bank dividend policy for a sample of 109 European listed banks for the period 2005-2013. We employ three main proxies for CEO power: CEO ownership, CEO tenure, and unforced CEO turnover. We show that CEO power has a negative impact on dividend payout ratios and on performance, suggesting that entrenched CEOs do not have the incentive to increase payout ratios to discourage monitoring from minority shareholders. Stronger internal monitoring by board of directors, as proxied by larger ownership stakes of the board members, increases performance but decreases payout ratios. These findings are contrary to those from the entrenchment literature for non-financial firms. Government ownership and the presence of a government official on the board of directors of the bank, also reduces payout ratios, in line with the view that government is incentivized to favor the interest of bank creditors before the interest of minority shareholders. These results show that government regulators are mainly concerned about bank safety and this allows powerful CEOs to distribute low payouts at the expense of minority shareholders.

Selection and passage of county land preservation voter referendum: The role of government

County jurisdictions in America are increasingly exercising self-government in the provision of public community services through the context of second order federalism. In states exercising this form of contemporary governance, county governments with "reformed" policy-making structures and professional management practices, have begun to rival or surpass municipalities in the delivery of local services with regional implications such as environmental protection (Benton 2002, 2003; Marando and Reeves, 1993). ^ The voter referendum, a form of direct democracy, is an important component of county land preservation and environmental protection governmental policies. The recent growth and success of land preservation voter referendums nationwide reflects an increase in citizen participation in government and their desire to protect vacant land and its natural environment from threats of over-development, urbanization and sprawl, loss of open space and farmland, deterioration of ecosystems, and inadequate park and recreational amenities. ^ The study's design employs a sequential, mixed method. First, a quantitative approach employs the Heckman two-step model. It is fitted with variables for the non-random sample of 227 voter referendum counties and all non-voter referendum counties in the U.S. from 1988 to 2009. Second, the qualitative data collected from the in-depth investigation of three South Florida county case studies with twelve public administrator interviews is transformed for integration with the quantitative findings. The purpose of the qualitative method is to complement, explain and enrich the statistical analysis of county demographic, socio-economic, terrain, regional, governance and government, political preference, environmentalism, and referendum-specific factors. ^ The research finds that government factors are significant in terms of the success of land preservation voter referendums; more specifically, the presence of self-government authority (home rule charter), a reformed structure (county administrator/manager or elected executive), and environmental interest groups. In addition, this study concludes that successful counties are often located coastal, exhibit population and housing growth, and have older and more educated citizens who vote democratic in presidential elections. The analysis of case study documents and public administrator interviews finds that pragmatic considerations of timing, local politics and networking of regional stakeholders are also important features of success. Further research is suggested utilizing additional public participation, local government and public administration factors.^

Downhole logging of the AND-2A borehole, Victoria Land Basin, McMurdo Sound, Antarctica

Under the framework of the ANDRILL Southern McMurdo Sound (SMS) Project successful downhole experiments were conducted in the 1138.54 metre (m)-deep AND-2A borehole. Wireline logs successfully recorded were: magnetic susceptibility, spectral gamma ray, sonic velocity, borehole televiewer, neutron porosity, density, calliper, geochemistry, temperature and dipmeter. A resistivity tool and its backup both failed to operate, thus resistivity data were not collected. Due to hole conditions, logs were collected in several passes from the total depth at ~1138 metres below sea floor (mbsf) to ~230 mbsf, except for some intervals that were either inaccessible due to bridging or were shielded by the drill string. Furthermore, a Vertical Seismic Profile (VSP) was created from ~1000 mbsf up to the sea floor. The first hydraulic fracturing stress measurements in Antarctica were conducted in the interval 1000-1138 mbsf. This extensive data set will allow the SMS Science Team to reach some of the ambitious objectives of the SMS Project. Valuable contributions can be expected for the following topics: cyclicity and climate change, heat flux and fluid flow, seismic stratigraphy in the Victoria Land Basin, and structure and state of the modern crustal stress field.

Tierra y revolución : La campaña salteña en las primeras décadas del siglo XIX

La formación de la Junta de Gobierno en Buenos Aires en 1810 dio inicio a un proceso político que adquirió derroteros diversos en el interior del extenso territorio perteneciente al Virreinato del Río de la Plata. Al igual que en las provincias del Alto Perú, la jurisdicción de Salta fue escenario de una guerra de recursos de la cual participó la población rural integrando las milicias provinciales o "Escuadrones Gauchos". Interesa entonces observar en qué medida el conflicto bélico agudizó y puso en evidencia las tensiones existentes por los derechos de propiedad y usufructo de la tierra ya manifestadas a fines del siglo XVIII, particularmente en el valle de Lerma, y su incidencia en las disputas en torno a la tierra que tuvieron lugar luego de concluida la guerra en la provincia de Salta.

Tierra y revolución : La campaña salteña en las primeras décadas del siglo XIX

La formación de la Junta de Gobierno en Buenos Aires en 1810 dio inicio a un proceso político que adquirió derroteros diversos en el interior del extenso territorio perteneciente al Virreinato del Río de la Plata. Al igual que en las provincias del Alto Perú, la jurisdicción de Salta fue escenario de una guerra de recursos de la cual participó la población rural integrando las milicias provinciales o "Escuadrones Gauchos". Interesa entonces observar en qué medida el conflicto bélico agudizó y puso en evidencia las tensiones existentes por los derechos de propiedad y usufructo de la tierra ya manifestadas a fines del siglo XVIII, particularmente en el valle de Lerma, y su incidencia en las disputas en torno a la tierra que tuvieron lugar luego de concluida la guerra en la provincia de Salta.

Tierra y revolución : La campaña salteña en las primeras décadas del siglo XIX

La formación de la Junta de Gobierno en Buenos Aires en 1810 dio inicio a un proceso político que adquirió derroteros diversos en el interior del extenso territorio perteneciente al Virreinato del Río de la Plata. Al igual que en las provincias del Alto Perú, la jurisdicción de Salta fue escenario de una guerra de recursos de la cual participó la población rural integrando las milicias provinciales o "Escuadrones Gauchos". Interesa entonces observar en qué medida el conflicto bélico agudizó y puso en evidencia las tensiones existentes por los derechos de propiedad y usufructo de la tierra ya manifestadas a fines del siglo XVIII, particularmente en el valle de Lerma, y su incidencia en las disputas en torno a la tierra que tuvieron lugar luego de concluida la guerra en la provincia de Salta.

Land cover classification of Samoylov Island and Landsat subpixel water cover of Lena River Delta, Siberia, with links to ESRI grid files

Ignoring small-scale heterogeneities in Arctic land cover may bias estimates of water, heat and carbon fluxes in large-scale climate and ecosystem models. We investigated subpixel-scale heterogeneity in CHRIS/PROBA and Landsat-7 ETM+ satellite imagery over ice-wedge polygonal tundra in the Lena Delta of Siberia, and the associated implications for evapotranspiration (ET) estimation. Field measurements were combined with aerial and satellite data to link fine-scale (0.3 m resolution) with coarse-scale (upto 30 m resolution) land cover data. A large portion of the total wet tundra (80%) and water body area (30%) appeared in the form of patches less than 0.1 ha in size, which could not be resolved with satellite data. Wet tundra and small water bodies represented about half of the total ET in summer. Their contribution was reduced to 20% in fall, during which ET rates from dry tundra were highest instead. Inclusion of subpixel-scale water bodies increased the total water surface area of the Lena Delta from 13% to 20%. The actual land/water proportions within each composite satellite pixel was best captured with Landsat data using a statistical downscaling approach, which is recommended for reliable large-scale modelling of water, heat and carbon exchange from permafrost landscapes.

Soil organic carbon storage and soil properties for 50 soil profiles in the Lena River Delta including land form description and map

To project the future development of the soil organic carbon (SOC) storage in permafrost environments, the spatial and vertical distribution of key soil properties and their landscape controls needs to be understood. This article reports findings from the Arctic Lena River Delta where we sampled 50 soil pedons. These were classified according to the U.S.D.A. Soil Taxonomy and fall mostly into the Gelisol soil order used for permafrost-affected soils. Soil profiles have been sampled for the active layer (mean depth 58±10 cm) and the upper permafrost to one meter depth. We analyze SOC stocks and key soil properties, i.e. C%, N%, C/N, bulk density, visible ice and water content. These are compared for different landscape groupings of pedons according to geomorphology, soil and land cover and for different vertical depth increments. High vertical resolution plots are used to understand soil development. These show that SOC storage can be highly variable with depth. We recommend the treatment of permafrost-affected soils according to subdivisions into: the surface organic layer, mineral subsoil in the active layer, organic enriched cryoturbated or buried horizons and the mineral subsoil in the permafrost. The major geomorphological units of a subregion of the Lena River Delta were mapped with a land form classification using a data-fusion approach of optical satellite imagery and digital elevation data to upscale SOC storage. Landscape mean SOC storage is estimated to 19.2±2.0 kg C/m**2. Our results show that the geomorphological setting explains more soil variability than soil taxonomy classes or vegetation cover. The soils from the oldest, Pleistocene aged, unit of the delta store the highest amount of SOC per m**2 followed by the Holocene river terrace. The Pleistocene terrace affected by thermal-degradation, the recent floodplain and bare alluvial sediments store considerably less SOC in descending order.

Major ion chemistry and selected snow accumulation rates of snow cores along two transects in central Dronning Maud Land and Princess Elizabeth Land

This dataset includes basic information (location and depth) and major ion chemistry (Sodium, Chloride, Calcium, Nitrate) of snow cores from East Antarctic ice sheet. The snow cores were collected from two different regions - central Dronning Maud Land (cDML) and Princess Elizabeth Land (PEL) during the austral summer of 2008-09.

Linking the ecosystem service approach to social preferences and needs in integrated coastal land use management - a planning approach

Coastal zones with their natural and societal subsystems are exposed to rapid changes and pressures on resources. Scarcity of space and impacts of climate change are prominent drivers of land use and adaptation management today. Necessary modifications to present land use management strategies and schemes influence both the structures of coastal communities and the ecosystems involved. Approaches to identify the impacts and account for (i) the linkages between social references and needs and (ii) ecosystem services in coastal zones have been largely absent. The presented method focuses on improving the inclusion of ecosystem services in planning processes and clarifies the linkages with social impacts. In this study, fourteen stakeholders in decisionmaking on land use planning in the region of Krummhörn (northwestern Germany, southern North Sea coastal region) conducted a regional participative and informal process for local planning capable to adapt to climate driven changes. It is argued that scientific and practical implications of this integrated assessment focus on multifunctional options and contribute to more sustainable practices in future land use planning. The method operationalizes the ecosystem service approach and social impact analysis and demonstrates that social demands and provision of ecosystem services are inherently connected.