External monitoring, managerial ownership and form performance in Malaysian capital market: a GMM based panel data approach

This study re-examines whether the structure of share ownership by both directors and institutional ownership provides explanation for firm performances. These relationships are modelled and estimated using GMM based dynamic panel data over a period from 1997 to 2001 with a sample of 100 CI components companies listed on Main Board of Malaysia. The findings provide strong evidence of simultaneity between firm performance and managerial ownership. Although an insignificant relationship between firm performance and institutional ownership is~ observed, the institutional holdings provide strong substitute for managerial ownership with a strong negative relationship between managerial ownership and institutional ownership. This is in line with the managerial incentive hypothesis, which suggests that manager's share in the firm's ownership leads to better performance and the monitoring substitute hypothesis, which suggests that managerial ownership could be effectively replaced by institutional ownership.

The struggle for the body, mind and soul of AFL footballers

"The book discusses the profound, often troubling, always complex struggles for the body, mind and soul of elite performers in contemporary sports entertainment environments. This struggle is shaped by two powerful processes. On the one hand we witness the translation and application of a range of rationalities and knowledges from fields such as psychology, sport science and medicine, dietetics, education and management. All of which have the consequence of subjecting elite performers to often intrusive regimes of measurement, testing, medical intervention, surveillance, education and regulation in the pursuit of performance and success. At the same time we can identify ways in which the commodification of sports/games, the drive to develop and grow as a sports entertainment business and the pursuit and maintenance of a media presence and profile on which brand relationships can be established and grown has the consequence of transforming elite performers into highly paid sports celebrities whose image, persona and brand is positioned in a crowded, highly competitive marketplace to be scrutinised, judged and consumed.
[The] struggle that takes on new dimensions in the evolution of sports/games into global sports entertainment industries and businesses....The book reveals new insights into the tensions that emerge between different levels of the AFL sports entertainment industry about what it means to be a professional footballer at the start of the 21st century. The book analyses aspects of this struggle for the body, mind and soul at different stages in a playing career."--Media release.

The curious case of the Occidental and Regal : the evolution of solvency and disclosure standards in the Australian life insurance industry

In 1990, the Australian life insurance industry was rocked by a scandal that threatened to destabilize consumer confidence in the ability of insurance providers to meet policyholder liabilities. The incident highlighted the nature of the agency problems that arise when conditions of asymmetric information exist. It revealed systemic weaknesses in accounting, solvency and disclosure standards as they applied to life insurers. This article uses an evolutionary concept of agency to analyse government and industry responses to this event. It is argued that initial adaptive responses stabilized the industry and averted a more serious crisis. Longer term innovative responses led to the introduction of a new and more rigorous approach to reporting and solvency standards, which has improved information flows and agency outcomes.

Investigations of the I Ching : II. Reliability and validity studies

In six studies on the I Ching - an ancient Chinese system of divination - successful predictions of first- and second-hexagrams (i.e., hexagram hitting) based on pre-selections of corresponding descriptor-pairs have ranged from chance, to significantly above chance. No significant effect below chance has ever been found. Hexagram hitting has been predicted by measures such as paranormal belief, time perspective, and meaningfulness. Storm (2008a) found a near-significant aggregate hexagram hit rate of 27%. Though these results are encouraging, there has been no assessment of the reliability and validity of the main test instrument used in the I Ching studies, the Hexagram Descriptor Form (HDF). To test the validity of the HDF, three control methods were tested against the experimental method. Taking first- and second-hexagram hit rates together, three out of 22 tests on the experimental method (14%) were significant or near-significant. Three significant or near-significant outcomes out of 66 control tests (4.5%) were attributed to chance. Inter-rater reliability was tested using two I Ching experts who judged the 64 descriptor-pairs of the HDF for suitability against their corresponding hexagram readings. The correlation between judges' ratings was not significant (the mean rating ranged between 60% and 82%). Using the pooled data of six studies, the HDF was tested for possible selection and outcome biases. A selection bias was found, but no outcome biases were found. The I Ching and the HDF were considered suitable for parapsychological research.

Internal auditor perceptions on audit committee interactions : a qualitative study in Malaysian public corporations

Audit committees (AC) and the internal audit function (IAF) are two key corporate governance mechanisms. The primary objective of this study is to provide insights into internal auditors' perceptions of their interactions with AC members in Malaysia. The paper thus contributes to the extant literature by providing additional evidence from a South-east Asian country which is recognised as being characterised with a high power distance culture and a developing capital market. The findings are based on in-depth interviews of the heads of the internal audit function (HIAFs) from 11 publicly listed companies. The results indicate infrequent informal communications and limited private meetings between the HIAFs and ACs, and a need for clear reporting lines. Further, ACs are seen to be held in high esteem for their authority and are expected to take on greater leadership in the inquiry of management's decision-making. These findings highlight the importance of the leadership role of ACs in supporting the IAF.

Internal auditors' assessment of their contribution to financial statement audits : the relation with audit committee and internal audit function characteristics

This paper examines the relation between audit committee characteristics, internal audit function characteristics and internal auditors' assessment of their contribution to financial statement audits. Using survey data from chief internal auditors of 76 Malaysian publicly-listed firms, we provide evidence of a positive relationship between internal auditors' assessment of their contribution to financial statement audits and three audit committee characteristics: the proportion of independent audit committee members, their knowledge and experience of accounting and auditing, and the extent of audit committee review of internal audit programmes, budget and coordination proposals. Further, a positive relationship is found between internal auditors' evaluation of their contribution to the financial statement audit and internal audit function characteristics including size, prior experience of staff in auditing, time availability and the closeness of the function's relationship with the external auditor. The results indicate that more effective audit committees and well-resourced internal audit units tend to be positively associated with the internal auditors' assessment of their contribution to the external audit.

Congratulations, you're pre-approved! : an analysis of credit limit upselling letters

Consumer Action commissioned Dr Paul Harrison, Deakin Business School, Deakin University and Marta Massi, School of Marketing and Communication, Lumsa University (Rome), to study the psychological aspects of one form of credit marketing – unsolicited credit card limit-increase offers (UCCLIOs). The researchers studied 21 UCCLIO letters – 17 provided by consumers and four provided by banks – and applied theories developed from previous research in the fields of marketing, consumer behavior, behavioural economics and cognitive psychology, to describe likely ways in which UCCLIO’s influenced consumer behavior and decision making. The researchers make some recommendations from a behavioural perspective based on their findings, and Consumer Action proposes how these findings might be applied to consumer policy.

An anthology of codes of ethics

Purpose – Corporate codes of conduct originated around 1900 in the USA gaining further momentum in the 1950s in relation to anti-trust legislation. Subsequently, the adoption of codes of ethics has spread throughout the world and they now feature extensively in many organisations. The literature relating to codes of ethics, therefore, spans many decades and is undoubtedly comprehensive. The purpose of the paper is to provide an appropriate anthology of codes of ethics.
Design/methodology/approach – A descriptive, historical, anthological approach has been taken.
Findings – This paper examines the motivations for the adoption of codes of ethics, which naturally also includes international codes, their frequency of use and content. Codes are also not without critique and it is appropriate to highlight the criticisms of codes, to provide an assessment of their potential effectiveness, the issues surrounding implementation and enforcement and the relationship to organisational culture and leadership.
Research limitations/implications – As noted, the literature on codes of conduct is extensive and while effort has been made to capture the key themes the review is not necessarily exhaustive.
Originality/value – The literature is characterised by the means of institutionalising ethics in organisations and the paper concludes with a summative reflection on the key dimensions that appear to be paramount for improving the efficacy of codes of conduct.

Imagery in sport

Ch. 1. Introduction : the power of imagination -- Ch. 2. Definitions : what is imagery? -- Ch. 3. Theories : how does imagery work? -- Ch. 4. Imagery-ability and imagery-use assessment -- Ch. 5. Imagery research -- Ch. 6. Imagery perspectives -- Ch. 7. Psychophysiological research on imagery -- Ch. 8. Strategies for applying imagery -- Ch. 9. Uses for imagery -- Ch. 10. Technical aids to imagery -- Ch. 11. Injury rehabilitation and imagery -- Ch. 12. Exercise and imagery -- Ch. 13. Future directions in research and practice

The determinants and motives for young people to participate in surfing

This study examined factors associated with young peoples involvment with surfing. Drawing on Self-Determination Theory, the individual determinant, motivation, was examined to determine if specific motives are associated with young peoples decision to participate in surfing and if these motives vary according to age and gender.The findings suggest that the determinants and motives for young people to participate in surfing are similar for males and females.