External administration in corporate insolvency and reorganisation: The insider alternative

This article considers the merits of alternative policy approaches to management of companies in insolvency administration, in particular from an identity economics theoretical perspective. The use of this perspective provides a novel assessment of the policy alternatives for insolvency administration, which can be characterized as either following the more flexible United States Chapter 11-style debtor-in-possession arrangement, or relying on the appointment of an external administrator or trustee to manage the insolvent company who automatically displaces incumbent management. This analysis indicates that stigma and reputational damage from automatic removal of managers in voluntary administration leaders to "identity loss" and that an insider alternative to the current external administration approach could be a beneficial policy change.

Do stakeholders or social obligations drive corporate social and environmental responsibility reporting? Managerial views from a developing country

Purpose – The purpose of this study is to explore senior managers’ perception and motivations of corporate social and environmental responsibility (CSER) reporting in the context of a developing country, Bangladesh. Design/methodology/approach – In-depth semi-structured interviews were conducted with 25 senior managers of companies listed on the Dhaka Stock Exchange. Publicly available annual reports of these companies were also analysed. Findings – The results indicate that senior managers perceive CSER reporting as a social obligation. The study finds that the managers focus mostly on child labour, human resources/rights, responsible products/services, health education, sports and community engagement activities as part of the social obligations. Interviewees identify a lack of a regulatory framework along with socio-cultural and religious factors as contributing to the low level of disclosures. These findings suggest that CSER reporting is not merely stakeholder-driven, but rather country-specific social and environmental issues play an important role in relation to CSER reporting practices. Research limitations/implications – This paper contributes to engagement-based studies by focussing on CSER reporting practices in developing countries and are useful for academics, practitioners and policymakers in understanding the reasons behind CSER reporting in developing countries. Originality/value – This paper addresses a literature “gap” in the empirical study of CSER reporting in a developing country, such as Bangladesh. This study fills a gap in the existing literature to understand managers’ motivations for CSER reporting in a developing country context. Managerial perceptions on CSER issues are largely unexplored in developing countries.

Corporate America And The New Luminous Environment: Kelly’s work with Johnson, Mies, and Noyes

[book] The potential of electric light as a new building “material” was recognized in the 1920s and became a useful design tool by the mid-century. Skillful lighting allowed for theatricality, narrative, and a new emphasis on structure and space. The Structure of Light tells the story of the career of Richard Kelly, the field’s most influential figure. Six historians, architects, and practitioners explore Kelly’s unparalleled influence on modern architecture and his lighting designs for some of the 20th century’s most iconic buildings: Philip Johnson’s Glass House; Louis Kahn’s Kimbell Art Museum; Eero Saarinen’s GM Technical Center; and Mies van der Rohe’s Seagram Building, among many others. This beautifully illustrated history demonstrates the range of applications, building types, and artistic solutions he employed to achieve a “nocturnal modernity” that would render buildings evocatively different at night. The survival of Kelly’s rich correspondence and extensive diaries allows an in-depth look at the triumphs and uncertainties of a young profession in the making. The first book to focus on the contributions of a master in the field of architectural lighting, this fascinating volume celebrates the practice’s significance in modern design.

Communication and Political Crisis: Media, Politics and Governance in a Globalized Public Sphere

Communication and Political Crisis explores the role of the global media in a period of intensifying geopolitical conflict. Through case studies drawn from domestic and international political crises such as the conflicts in the Middle East and Ukraine, leading media scholar Brian McNair argues that the digitized, globalized public sphere now confronted by all political actors has produced new opportunities for social progress and democratic reform, as well as new channels for state propaganda and terrorist spectaculars such as those performed by the Islamic State and Al Qaeda. In this major work, McNair argues that the role of digital communication will be crucial in determining the outcome of pressing global issues such as the future of feminism and gay rights, freedom of speech and media, and democracy itself.

Corporate Funding on the European Debt Capital Market

The integrated European debt capital market has undoubtedly broadened the possibilities for companies to access funding from the public and challenged investors to cope with an ever increasing complexity of its market participants. Well into the Euro-era, it is clear that the unified market has created potential for all involved parties, where investment opportunities are able to meet a supply of funds from a broad geographical area now summoned under a single currency. Europe’s traditionally heavy dependency on bank lending as a source of debt capital has thus been easing as corporate residents are able to tap into a deep and liquid capital market to satisfy their funding needs. As national barriers eroded with the inauguration of the Euro and interest rates for the EMU-members converged towards over-all lower yields, a new source of debt capital emerged to the vast majority of corporate residents under the new currency and gave an alternative to the traditionally more maturity-restricted bank debt. With increased sophistication came also an improved knowledge and understanding of the market and its participants. Further, investors became more willing to bear credit risk, which opened the market for firms of ever lower creditworthiness. In the process, the market as a whole saw a change in the profile of issuers, as non-financial firms increasingly sought their funding directly from the bond market. This thesis consists of three separate empirical studies on how corporates fund themselves on the European debt capital markets. The analysis focuses on a firm’s access to and behaviour on the capital market, subsequent the decision to raise capital through the issuance of arm’s length debt on the bond market. The specific areas considered are contributing to our knowledge in the fields of corporate finance and financial markets by considering explicitly firms’ primary market activities within the new market area. The first essay explores how reputation of an issuer affects its debt issuance. Essay two examines the choice of interest rate exposure on newly issued debt and the third and final essay explores pricing anomalies on corporate debt issues.

Influence of planning and governance on the level of urban services

A theoretical framework to analyse the interaction of planning and governance on the extent of outgrowth and level of services is proposed. An indicator framework for quantifying sprawl is also proposed and the same is operationalised for Bangalore. The indicators comprise spatial metrics (derived from temporal satellite remote sensing data) and other metrics obtained from a house-hold survey. The interaction of different indicators with respect to the core city and the outgrowth is determined by multi-dimensional scaling. The analysis reveals the underlying similarities (and dissimilarities) that relate with the different governance structures that prevail here. The paper concludes outlining the challenges in addressing urban sprawl while ensuring adequate level of services that planning and governance have to ensure towards achieving sustainable urbanisation.

International Climate Finance and its Influence on Fairness and Policy

27 p.

Operational scales, sources of finance, and firms’ performance: evidence from Vietnamese longitudinal data

This study investigates a longitudinal dataset consisting of financial and operational data from 37 listed companies listed on Vietnamese stock market, covering the period 2004-13. By performing three main types of regression analysis - pooled OLS, fixed-effect and random-effect regressions - the investigation finds mixed results on the relationships between operational scales, sources of finance and firms' performance, depending on the choice of analytical model and use of independent/dependent variables. In most situation, fixed-effect models appear to be preferable, providing for reasonably consistent results. Toward the end, the paper offers some further explanation about the obtained insights, which reflect the nature of a business environment of a transition economy and an emerging market.

‘Martial races’ and ‘imperial subjects’: violence and governance in colonial India, 1857–1914

This essay explores the specificity of colonial violence in India. Although imperial and military historians are familiar with several instances of such violence—notably the rebellion in 1857 and the 1919 massacre at the Jallianwalla Bagh in Amritsar—there is a broader, and arguably more significant, history that has largely escaped attention. In contrast to metropolitan European states, where sovereignty derived, at least in principle, from a covenant between subjects and government, the sovereign power of the colonial state was always predicated on the violent subjugation of ‘the natives’. However, while violence was integral to colonialism, such violence was never a purely metropolitan agency: most of those recruited to serve in the colonial military were, themselves, Indian. Exploring the history of the imperial military in South Asia after 1857, the paper outlines the complex and rather ambiguous relationship between the colonial state and its ‘native armies’. RESUME Cet article se penche sur la spe´cificite´ de la violence coloniale. Malgre´ des exemples familiers—comme la grande re´volte de 1857 en Inde ou le massacre de Jallianwalla Bagh a` Amritsar en 1919—il y a une histoire plus large et plus importante qui a e´chappe´e a` l’attention des historiens. Contrairement aux e´tats europe´ens ou la souverainete´ de´rivait en principe du moins d’un contrat social entre les acteurs sociaux, le pouvoir souverain de l’e´tat colonial restait fonde´ sur la subjugation violente des indige`nes.

Quantitative pathways for Northeast Atlantic fisheries based on climate, ecological–economic and governance modelling scenarios

Here we present quantitative projections of potential futures for ecosystems in the North Atlantic basin generated from coupling a climate change-driven biophysical model (representing ecosystem and fish populations under climate change) and a scenario-driven ecological–economic model (representing fleets and industries under economic globalization). Four contrasting scenarios (Baseline, Fortress, Global Commons, Free Trade) were defined from the perspective of alternative regional management and governance of the oceanic basin, providing pathways for the future of ecosystems in the Northeast Atlantic basin by 2040. Results indicate that in the time frame considered: (1) the effects of governance and trade decisions are more significant in determining outcomes than the effects of climate change alone, (2) climate change is likely to result in a poleward latitudinal shift of species ranges and thus resources, with implications for exploitation patterns, (3) the level of fisheries regulation is the most important factor in determining the long term evolution of the fisheries system, (4) coupling climate change and governance impacts demonstrates the complex interaction between different components of this social–ecological system, (5) an important driver of change for the future of the North Atlantic and the European fishing fleets appears to be the interplay between wild fisheries and aquaculture development, and finally (6) scenarios demonstrate that the viability and profit of fisheries industries is highly volatile. This study highlights the need to explore basin-scale policy that combines medium to long-term environmental and socio-economic considerations, and the importance of defining alternative sustainable pathways.