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.

Reviewing organisational structure and governance : the Australian touch association

This article presents a case study for college sports management classes. The case discusses the Australian Touch (football) Association, (ATA) and their governance review. The ATA moved to an independently elected board of directors in 2002, and the case describes how these board members are elected within this new organizational system. The reasoning and rationale for the review are also presented. Evidence is provided detailing the ATA's financial and structure prior to the 2002 organizational review.

Process analysis of the solution strategies used for problems contained in the Minnesota Paper Board Form Board test

This thesis reviews progress toward an understanding of the processes involved in the solution of spatial problems. Previous work employing factor analysis and information processing analysis is reviewed and the emphasis on variations in speed and accuracy as the major contributers to individual differences is noted. It is argued that the strategy used by individuals is a preferable explanatory concept for identifying the cognitive substratum necessary for problem solving. Using the protocols obtained from subjects solving The Minnesota Paper Form Board (Revised), a test commonly regarded as measuring skill in spatial visualization, a number of different strategies are isolated. Assumptions as to the task variants which undergird these strategies are made and tested experimentally. The results suggest that task variants such as the size of the stimulus and the shape of the pieces interact with subject variables to produce the operating strategy. Skill in problem solving is revealed in the ability to structure the array, to hold a structured image and to reduce the number of answers requiring intensive processing. The interaction between task and subject variables results in appropriate or inappropriate strategies which in turn affect speed and accuracy. Results suggest that strategy formation and usage are the keys to explaining individual differences and an heuristic model is presented to explain the performance of individual subjects on the problems involved in the Minnesota Paper Form Board. The model can be used to predict performance on other tests; and as an aid to teaching subjects experiencing difficulties. The model presented incorporates strategy variation and is consequently mores complex than previously suggested models. It is argued that such complexity is necessary to explain the nature of a subject's performance and is also necessary to perform diagnostic evaluation. Certain structural -features of the Minnesota Paper Form Board are questioned and suggestions for improvement included. The essential explanatory function of the strategy in use makes the prevalent group administration approach suspect in the prediction of future performance in spatial or vocational activity.

Ownership structure, corporate governance and bank performance: Evidence from gcc countries

The paper examines the effect of ownership structure and board characteristics on bank performance of GCC counties. Evidence indicates that the extent of the foreign ownership level has a significant positive association with the bank performance. However, concentrated ownership does appear to have a significant negative impact on performance and institutional ownership does not have any significant effect on performance. Other governance variables such as CEO duality and board size appear insignificant impact on performance. These results suggest a need to strengthen the internal control mechanisms within banks of GCC countries.

Board of directors and top management team: a study on CEO relative power and financial return

Best corporate governance practices published in the primers of Brazilian Securities and Exchange Commission and the Brazilian Corporate Governance Institute promote board independence as much as possible, as a way to increase the effectiveness of governance mechanism (Sanzovo, 2010). Therefore, this paper aims at understanding if what the managerial literature portraits as being self-evident - stricter governance, better performance - can be observed in actual evidence. The question answered is: do companies with a stricter control and monitoring system perform better than others? The method applied in this paper consists on comparing 116 companies in respect to the their independence level between top management team and board directors– being that measured by four parameters, namely, the percentage of independent outsiders in the board, the separation of CEO and chairman, the adoption of contingent compensation and the percentage of institutional investors in the ownership structure – and their financial return measured in terms return on assets (ROA) from the latest Quarterly Earnings release of 2012. From the 534 companies listed in the Stock Exchange of Sao Paulo – Bovespa – 116 were selected due to their level of corporate governance. The title “Novo Mercado” refers to the superior level of governance level within companies listed in Bovespa, as they have to follow specific criteria to assure shareholders ´protection (BM&F, 2011). Regression analyses were conducted in order to reveal the correlation level between two selected variables. The results from the regression analysis were the following: the correlation between each parameter and ROA was 10.26%; the second regression analysis conducted measured the correlation between the independence level of top management team vis-à-vis board directors – namely, CEO relative power - and ROA, leading to a multiple R of 5.45%. Understanding that the scale is a simplification of the reality, the second part of the analysis transforms all the four parameters into dummy variables, excluding what could be called as an arbitrary scale. The ultimate result from this paper led to a multiple R of 28.44%, which implies that the combination of the variables are still not enough to translate the complex reality of organizations. Nonetheless, an important finding can be taken from this paper: two variables (percentage of outside directors and percentage of institutional investor ownership) are significant in the regression, with p-value lower than 10% and with negative coefficients. In other words, counter affirming what the literature very often portraits as being self-evident – stricter governance leads to higher performance – this paper has provided evidences to believe that the increase in the formal governance structure trough outside directors in the board and ownership by institutional investor might actually lead to worse performance. The section limitations and suggestions for future researches presents some reasons explaining why, although supported by strong theoretical background, this paper faced some challenging methodological assumptions, precluding categorical statements about the level of governance – measured by four selected parameters – and the financial return in terms of financial on assets.

The relationship between board of director's nationality diversity and financial performance

Companies are moving to a more international structure; going into new markets and having an increased competition in all fronts. Therefore, the practices that lead companies to a more efficient and competitive position are praised. The management of the workforce comes as one of the main concerns of companies, aiming at performance enhancing and at creating better environments that both attract and maintain the professional talents. In an increasingly international environment, companies tend to look for the specialists and best professionals, regardless of their nationality. This new structure with several different nationalities working together poses new challenges for companies. Understanding if and how a more diverse has a relationship with financial performance is the starting point for better managing this new corporate structure.

Seawater carbonate chemistry and proportion of different dissolution levels in live juvenile Limacina helicina antarctica from the natural environment and ship-board incubations

The carbonate chemistry of the surface ocean is rapidly changing with ocean acidification, a result of human activities. In the upper layers of the Southern Ocean, aragonite-a metastable form of calcium carbonate with rapid dissolution kinetics-may become undersaturated by 2050. Aragonite undersaturation is likely to affect aragonite-shelled organisms, which can dominate surface water communities in polar regions. Here we present analyses of specimens of the pteropod Limacina helicina antarctica that were extracted live from the Southern Ocean early in 2008. We sampled from the top 200 m of the water column, where aragonite saturation levels were around 1, as upwelled deep water is mixed with surface water containing anthropogenic CO2. Comparing the shell structure with samples from aragonite-supersaturated regions elsewhere under a scanning electron microscope, we found severe levels of shell dissolution in the undersaturated region alone. According to laboratory incubations of intact samples with a range of aragonite saturation levels, eight days of incubation in aragonite saturation levels of 0.94-1.12 produces equivalent levels of dissolution. As deep-water upwelling and CO2 absorption by surface waters is likely to increase as a result of human activities, we conclude that upper ocean regions where aragonite-shelled organisms are affected by dissolution are likely to expand.

Integrated phased array transducer for on-board structural health monitoring

Permanently bonded onto a structure, an integrated Phased Array (PhA II) transducer that can provide reliable electromechanical connection with corresponding sophisticated miniaturized ?all in one? SHM electronic device installed directly above it, without need for any interface cabling, during all aerospace structure lifecycle phases and for a huge variety of real harsh service environments of structures to be monitored is presented. This integrated PhA II transducer [1], as a key component of the PAMELA SHM? (Phased Array Monitoring for Enhanced Life Assessment) system, has two principal tasks at the same time, reliably transceive elastic waves in real aerospace service environments and serves as a reliable sole carrier or support for associated integrated on-board SHM electronic device attached above. The PhA II transducer successfully accomplished both required task throughout extensive test campaigns which included low to high temperature tests, temperature cycling, mechanical loading, combined thermo- mechanical loading and vibration resistance, etc. both with and without SHM device attached above due to RTCA DO-160F.

The Williamsburg Bridge. An account of the ceremonies attending the formal opening of the structure, December the nineteenth, MDCCCIII, together with an illustrated historical and descriptive sketch of the enterprise,

Mode of access: Internet.

Background research on the top structure of the government of the city of New York.

v.1. Top structure. The mayor.--v.2. The Board of Estimate. The borough presidents.--v.3. The City Council. Finance management.--v.4. Independent studies.

The role of the board in firm strategy: Integrating agency and organisational control perspectives

The role of the board of directors in firm strategy has long been the subject of debate. However, research efforts have suffered from several deficiencies: the lack of an overarching theoretical perspective, reliance on proxies for the strategy role rather than a direct measure of it and the lack of quantitative data linking this role to firm financial performance. We propose a new theoretical perspective to explain the board's role in strategy, integrating organisational control and agency theories. We categorise a board's approach to strategy according to two constructs: strategic control and financial control. The extent to which either construct is favoured depends on contextual factors such as board power, environmental uncertainty and information asymmetry.

Selection of power market structure using the analytic hierarchy process

Selection of a power market structure from the available alternatives is an important activity within an overall power sector reform programme. The evaluation criteria for selection are both subjective as well as objective in nature and the selection of alternatives is characterised by their conflicting nature. This study demonstrates a methodology for power market structure selection using the analytic hierarchy process (AHP), a multiple attribute decision-making technique, to model the selection methodology with the active participation of relevant stakeholders in a workshop environment. The methodology is applied to a hypothetical case of a State Electricity Board reform in India.

The development of a multi-function computer-assisted instruction system using a hierarchical database structure as the lesson compendium.

Computer-Based Learning systems of one sort or another have been in existence for almost 20 years, but they have yet to achieve real credibility within Commerce, Industry or Education. A variety of reasons could be postulated for this, typically: - cost - complexity - inefficiency - inflexibility - tedium Obviously different systems deserve different levels and types of criticism, but it still remains true that Computer-Based Learning (CBL) is falling significantly short of its potential. Experience of a small, but highly successful CBL system within a large, geographically distributed industry (the National Coal Board) prompted an investigation into currently available packages, the original intention being to purchase the most suitable software and run it on existing computer hardware, alongside existing software systems. It became apparent that none of the available CBL packages were suitable, and a decision was taken to develop an in-house Computer-Assisted Instruction system according to the following criteria: - cheap to run; - easy to author course material; - easy to use; - requires no computing knowledge to use (as either an author or student) ; - efficient in the use of computer resources; - has a comprehensive range of facilities at all levels. This thesis describes the initial investigation, resultant observations and the design, development and implementation of the SCHOOL system. One of the principal characteristics c£ SCHOOL is that it uses a hierarchical database structure for the storage of course material - thereby providing inherently a great deal of the power, flexibility and efficiency originally required. Trials using the SCHOOL system on IBM 303X series equipment are also detailed, along with proposed and current development work on what is essentially an operational CBL system within a large-scale Industrial environment.

Vibration analysis of a printed circuit board

The reliability of the printed circuit board assembly under dynamic environments, such as those found onboard airplanes, ships and land vehicles is receiving more attention. This research analyses the dynamic characteristics of the printed circuit board (PCB) supported by edge retainers and plug-in connectors. By modelling the wedge retainer and connector as providing simply supported boundary condition with appropriate rotational spring stiffnesses along their respective edges with the aid of finite element codes, accurate natural frequencies for the board against experimental natural frequencies are obtained. For a PCB supported by two opposite wedge retainers and a plug-in connector and with its remaining edge free of any restraint, it is found that these real supports behave somewhere between the simply supported and clamped boundary conditions and provide a percentage fixity of 39.5% more than the classical simply supported case. By using an eigensensitivity method, the rotational stiffnesses representing the boundary supports of the PCB can be updated effectively and is capable of representing the dynamics of the PCB accurately. The result shows that the percentage error in the fundamental frequency of the PCB finite element model is substantially reduced from 22.3% to 1.3%. The procedure demonstrated the effectiveness of using only the vibration test frequencies as reference data when the mode shapes of the original untuned model are almost identical to the referenced modes/experimental data. When using only modal frequencies in model improvement, the analysis is very much simplified. Furthermore, the time taken to obtain the experimental data will be substantially reduced as the experimental mode shapes are not required.In addition, this thesis advocates a relatively simple method in determining the support locations for maximising the fundamental frequency of vibrating structures. The technique is simple and does not require any optimisation or sequential search algorithm in the analysis. The key to the procedure is to position the necessary supports at positions so as to eliminate the lower modes from the original configuration. This is accomplished by introducing point supports along the nodal lines of the highest possible mode from the original configuration, so that all the other lower modes are eliminated by the introduction of the new or extra supports to the structure. It also proposes inspecting the average driving point residues along the nodal lines of vibrating plates to find the optimal locations of the supports. Numerical examples are provided to demonstrate its validity. By applying to the PCB supported on its three sides by two wedge retainers and a connector, it is found that a single point constraint that would yield maximum fundamental frequency is located at the mid-point of the nodal line, namely, node 39. This point support has the effect of increasing the structure's fundamental frequency from 68.4 Hz to 146.9 Hz, or 115% higher.

The On-board Operative Advisory Expert Systems for Anthropocentric Object

A class of intelligent systems located on anthropocentric objects that provide a crew with recommendations on the anthropocentric object's rational behavior in typical situations of operation is considered. We refer to this class of intelligent systems as onboard real-time advisory expert systems. Here, we present a formal model of the object domain, procedures for obtaining knowledge about the object domain, and a semantic structure of basic functional units of the onboard real-time advisory expert systems of typical situations. The stages of the development and improvement of knowledge bases for onboard real-time advisory expert systems of typical situations that are important in practice are considered.