Agency cost of government ownership: a study of voluntary audit comitte formation in China

In this paper, we investigate the agency costs of government ownership and their impact on corporate governance and firm value. China is used as a laboratory because of the prevalent state shareholdings in exchange-listed firms. In this context, we specifically consider the trade-offs involved in the voluntary formation of an audit committee when the controlling shareholder is the state. The decision to improve corporate governance (in this case, introduce an audit committee) is shown to be value relevant and a function of existing agency relationships and non-trivial implementation costs. Our findings are robust to the level of pyramid groups, the ownership-control wedge, and financial leverage. The research adds to the debate regarding the effect of government shareholdings on corporate culture and performance - a topic that hastaken on renewed importance in recent times.

Revision i små aktiebolag : En kvalitativ studie om varför små aktiebolag väljer att revidera sina räkenskaper trots att de inte omfattas av revisionsplikten

Bakgrund Revisionsplikten avskaffades 1 november 2010 i Sverige. Detta innebar att cirka 250,000 små aktiebolag inte längre var tvingade till revision. Idag har det gått drygt fem år sedan beslutet togs om att avskaffa revisionsplikten och trots detta väljer en del små aktiebolag att revidera sina räkenskaper. Syfte Syftet med studien var att få en djupare förståelse för varför små aktiebolag, som inte omfattas av revisionsplikten, väljer att revidera sina räkenskaper. Metod Vi har använt oss av en kvalitativ metod och genomfört semistrukturerade intervjuer med företagsrepresentanter för små aktiebolag. Det empiriska materialet har analyserats genom en innehållsanalys. Slutsats Vår studie visar att små aktiebolag efterfrågar frivillig revision främst av fyra anledningar. Dessa är:  Spritt delägarskap  Försäkran om att den interna bokföringen är korrekt  Rutinmässigt av företagsledning med erfarenhet från revisionspliktade företag  Önskan om att uppfattas som legitima

Avskaffandet av revisionsplikten : Ränteeffekter på företag inom fastighetsbranschen efter avskaffandet av revisionsplikten

Bakgrund: År 2010 avskaffades revisionsplikten för mindre aktiebolag i Sverige. Anledningen till avskaffandet var att minska kostnaderna för mindre företag. Tidigare forskning har kommit fram till att företag som valt bort revisor får en högre kreditkostnad när de till exempel tar lån. Den tidigare forskningen menar att detta kan bero på att banker och andra kreditinstitut anser att oreviderade finansiella rapporter har en sämre kvalitet än reviderade rapporter vilket leder till en högre risk för kreditgivarna. Denna uppsats kommer att undersöka om det finns någon skillnad på låneräntan mellan företag som valt att ha kvar revisor och företag som valt bort revisor. Syfte: Syftet med denna uppsats är att undersöka, jämföra samt analysera låneräntan hos mindre aktiebolag inom fastighetsbranschen som inte är revisionspliktiga. Metod: Kvantitativ metod, multipel regressionsanalys. Resultat: Resultaten i denna studie visar på att företag med revisor har en lägre ränta i genomsnitt jämfört med företag utan revisor. Vi har även fått fram att revision har en negativ påverkan på företags ränta, men detta resultat är inte signifikant. Därför kan vi inte uttala oss om att revision har en negativ påverkan på företags ränta, trots att tidigare forskning har visat det. Slutsats: Företags val av revisor eller ej är inte det viktigaste för kreditgivare när det kommer till vilken ränta företagen skall få på sina lån. Det finns andra faktorer som har en större påverkan på räntan. I denna studie är det företags storlek samt andelen materiella tillgångar i förhållande till totala tillgångar som har den största negativa påverkan på företags ränta. Detta indikerar att banker och andra kreditinstitut ser dessa företag som en lägre risk.

Clarifying approaches to: health needs assessment, health impact assessment, integrated impact assessment, health equity audit, and race equality impact assessment

Planners, policy makers and practitioners across all sectors in England use a range of approaches to assess health needs, inform decisions and assess impact. Use of these approaches can lead to improved health outcomes and reduced inequalities through auditing provision, access and outcomes. Five main approaches are used by local, regional and national government, voluntary agencies and the NHS: ۢ Health needs assessment (HNA) ۢ Health impact assessment (HIA) ۢ Integrated impact assessment (IIA) ۢ Health equity audit (HEA) ۢ Race equality impact assessment (REIA)

Auditing technology uses within a global voluntary organisation

WAGGGS, the World Association of Girl Guides and Girl Scouts, is the umbrella organization for Member Organizations from 145 countries around the world. As such one of its remits is to provide programmes that promote leadership development and opportunities for girls and young women to advocate on issues they care about. One of the ways WAGGGS is exploring to do this more widely and efficiently is through the use of digital technologies. This paper presents the results of an audit undertaken of the technologies already used by potential participants in online communities and courses and investigates the challenges faced in using technology to facilitate learning, within this context.

The use of internal audit by Australian companies

Purpose – The purpose of this study is to explore the voluntary use of internal audit by Australian publicly listed companies and to identify factors that lead listed companies to have an internal audit function. Design/methodology/approach – Drawing on the Institute of Internal Auditors' definition of internal auditing, the paper predicts that internal audit use is associated with factors related to risk management, strong internal controls and strong corporate governance. To test the predictions, the study combines data from a survey of listed companies with information from corporate annual reports. The paper also provides descriptive information on the use of internal audit. Findings – The results indicate that only one-third of the sample companies use internal audit. While size appears to be the dominant driver, there is also a strong association between internal audit and the level of commitment to risk management. However, the study finds only weak support for an association between the use of internal audit and strong corporate governance. Research limitations/implications – A limitation of our study is that some of the variables in the model may not be good proxies for the factors being measured. Refinement of the model and the variables used provides an opportunity for future research. Practical implications – The limited use of internal audit by Australian companies has important implications for sound corporate governance. Originality/value – This is the first study that identifies factors associated with the use of internal audit by Australian listed companies.

Lateral asymmetry of voluntary attention orienting

We recently demonstrated that automatic attention favors the right side of space and, in the present study, we investigated whether voluntary attention also favors this side. Six reaction time experiments were conducted. In each experiment, 12 new 18-25-year-old male right-handed individuals were tested. In Experiments 1, 2, 3 (a, b) and 4 (a, b), tasks with increasing attentional demands were used. In Experiments 1, 2, 3a, and 4a, attention was oriented to one or both sides by means of a central spatially informative visual cue. A left or right side visual target appeared 100, 300, or 500 ms later. Attentional effects were observed in the four experiments. In Experiments 2, 3a and 4a, these effects were greater when the cue indicated the right side than when it indicated the left side (respectively: 16 ± 10 and 44 ± 6 ms, P = 0.015, for stimulus onset asynchrony of 500 ms in Experiment 2; 38 ± 10 and 70 ± 7 ms, P = 0.011, for Experiment 3a, and 23 ± 11 and 61 ± 10 ms, P = 0.009, for Experiment 4a). In Experiments 3b and 4b, the central cue pointed to both sides and was said to be non-relevant for task performance. In these experiments right and left reaction times did not differ. The most conservative interpretation of the present findings is that voluntary attention orienting favors the right side of space, particularly when a difficult task has to be performed.

Differential regulation of PGC-1 alpha expression in rat liver and skeletal muscle in response to voluntary running

Background: The beneficial actions of exercise training on lipid, glucose and energy metabolism and insulin sensitivity appear to be in part mediated by PGC-1 alpha. Previous studies have shown that spontaneously exercised rats show at rest enhanced responsiveness to exogenous insulin, lower plasma insulin levels and increased skeletal muscle insulin sensitivity. This study was initiated to examine the functional interaction between exercise-induced modulation of skeletal muscle and liver PGC-1 alpha protein expression, whole body insulin sensitivity, and circulating FFA levels as a measure of whole body fatty acid (lipid) metabolism. Methods: Two groups of male Wistar rats (2 Mo of age, 188.82 +/- 2.77 g BW) were used in this study. One group consisted of control rats placed in standard laboratory cages. Exercising rats were housed individually in cages equipped with running wheels and allowed to run at their own pace for 5 weeks. At the end of exercise training, insulin sensitivity was evaluated by comparing steady-state plasma glucose (SSPG) concentrations at constant plasma insulin levels attained during the continuous infusion of glucose and insulin to each experimental group. Subsequently, soleus and plantaris muscle and liver samples were collected and quantified for PGC-1 alpha protein expression by Western blotting. Collected blood samples were analyzed for glucose, insulin and FFA concentrations. Results: Rats housed in the exercise wheel cages demonstrated almost linear increases in running activity with advancing time reaching to maximum value around 4 weeks. On an average, the rats ran a mean (Mean +/- SE) of 4.102 +/- 0.747 km/day and consumed significantly more food as compared to sedentary controls (P < 0.001) in order to meet their increased caloric requirement. Mean plasma insulin (P < 0.001) and FFA (P < 0.006) concentrations were lower in the exercise-trained rats as compared to sedentary controls. Mean steady state plasma insulin (SSPI) and glucose (SSPG) concentrations were not significantly different in sedentary control rats as compared to exercise-trained animals. Plantaris PGC-1 alpha protein expression increased significantly from a 1.11 +/- 0.12 in the sedentary rats to 1.74 +/- 0.09 in exercising rats (P < 0.001). However, exercise had no effect on PGC-1 alpha protein content in either soleus muscle or liver tissue. These results indicate that exercise training selectively up regulates the PGC-1 alpha protein expression in high-oxidative fast skeletal muscle type such as plantaris muscle. Conclusion: These data suggest that PGC-1 alpha most likely plays a restricted role in exercise-mediated improvements in insulin resistance (sensitivity) and lowering of circulating FFA levels.

THE SUMMATION OF VOLUNTARY AND ELECTRICAL ELICITED STIMULUS INCREASES JOINT TORQUE?

The aim of this study is to analyze the effect of neuromuscular electrical stimulation (NMES) on myoelectrical activity and on joint torque during isometric plantar flexion contraction. Ten healthy young adult subjects participate in this study. The electrodes for NMES are placed along posterior thigh along ciatic nerve trajectory. It is measured the myoelectrical activity and the isometric torque generated by ankle plantar flexion with an isokinetic dynamometer. The conditions of isometric contractions are maximum isometric voluntary contraction (MIVC), NMES, and association of both (MIVC+NMES). The results show lower torque during NMES and larger SOL activity compare to the others. Besides, in order to keep the same objective task (to produce the same level of torque), neuromuscular adaptations are necessary on the common drive.

Excitability changes in human forearm corticospinal projections and spinal reflex pathways during rhythmic voluntary movement of the opposite limb

Rhythmic movements brought about by the contraction of muscles on one side of the body give rise to phase-locked changes in the excitability of the homologous motor pathways of the opposite limb. Such crossed facilitation should favour patterns of bimanual coordination in which homologous muscles are engaged simultaneously, and disrupt those in which the muscles are activated in an alternating fashion. In order to examine these issues, we obtained responses to transcranial magnetic stimulation (TMS), to stimulation of the cervicomedullary junction (cervicomedullary-evoked potentials, CMEPs), to peripheral nerve stimulation (H-reflexes and f-waves), and elicited stretch reflexes in the relaxed right flexor carpi radialis (FCR) muscle during rhythmic (2 Hz) flexion and extension movements of the opposite (left) wrist. The potentials evoked by TMS in right FCR were potentiated during the phases of movement in which the left FCR was most strongly engaged. In contrast, CMEPs were unaffected by the movements of the opposite limb. These results suggest that there was systematic variation of the excitability of the motor cortex ipsilateral to the moving limb. H-reflexes and stretch reflexes recorded in right FCR were modulated in phase with the activation of left FCR. As the f-waves did not vary in corresponding fashion, it appears that the phasic modulation of the H-reflex was mediated by presynaptic inhibition of Ia afferents. The observation that both H-reflexes and f-waves were depressed markedly during movements of the opposite indicates that there may also have been postsynaptic inhibition or disfacilitation of the largest motor units. Our findings indicate that the patterned modulation of excitability in motor pathways that occurs during rhythmic movements of the opposite limb is mediated primarily by interhemispheric interactions between cortical motor areas.