One of Her Britannic Majesty's Ministers hanging about outside the Council Chamber while it is deliberated within whether or not Britain is to be admitted to the not so Common…
Abstract
One of Her Britannic Majesty's Ministers hanging about outside the Council Chamber while it is deliberated within whether or not Britain is to be admitted to the not so Common Market must present a picture never‐to‐be‐forgotten. Public officers, of course, are accus‐tomed to this when attending selection interviews for appointments, but such experiences invariably make us feel a little like “poor relations.” The controversy of whether we are “in” or “out” then is settled—and we must be under no delusions—for a very long time. As we see it, the French want the densely populated area of Western Europe as an agricultural market for themselves alone. They appeared to be willing to let Denmark in, but they have no intention of letting Britain in to bring the vast Commonwealth agricultural exports with them, via the back door, so to speak. That is the position now and even when “all the kings depart”, it will not change.
The complex nature of soil bacteria makes it imperative that they be considered in any problem related to soil. This paper gives data obtained by Kansas State University from a…
Abstract
The complex nature of soil bacteria makes it imperative that they be considered in any problem related to soil. This paper gives data obtained by Kansas State University from a research project credited in the U.S. as a new approach to corrosion. Most conclusions hitherto have been drawn from soil samples taken in undisturbed soil such as might be found along a pipeline right‐of‐way; this paper considers largely soil found in the pipeline ditch.
Smiljana Pivčević and Klara Trošt Lesić
This chapter aims to conceptualise the role of gastronomy and events in destination strategic development and explore the possibility for destination management organisations…
Abstract
This chapter aims to conceptualise the role of gastronomy and events in destination strategic development and explore the possibility for destination management organisations (DMOs) to capitalise their potential. Thus, it firstly explores the role of gastronomy and events in contemporary tourism and their impact on destination appeal, authenticity and development. Secondly, it delves into the possible ways by which DMOs can utilise events to achieve destination goals and competitiveness. As gastro events are a common denominator of gastro-tourism and events, they are given special attention. In the empirical part, two prominent destinations in the most developed tourism country of the Western Balkans, Croatia, are analysed. Also, in the empirical part, archival analysis is used to analyse relevant documentation and sources covering the 2016–2018 period. In the analysis, the strategic role of gastronomy, events and DMOs' activities and budgets are explored to unveil the existing interlinkages and patterns among them. The contribution of the study is the systematisation and critical review of existing literature on the role of gastronomy and events in the destination offer and of DMOs' usage of events for achieving destination goals and competitiveness. The chapter provides valuable implications for destination strategic management and marketing as well as for future academic studies on the subject.
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Zagdbazar Davaadorj, Bolortuya Enkhtaivan, Wei Ning and Albi Alikaj
This paper examines whether there is a presence of behavioral consistency in CEOs' earnings management decisions. Based on insights from the career imprint theory, we propose that…
Abstract
This paper examines whether there is a presence of behavioral consistency in CEOs' earnings management decisions. Based on insights from the career imprint theory, we propose that firms are more likely to engage in earnings management when their newly appointed CEOs come from firms that were also involved in such practices. Empirical support was found by analyzing a dataset that tracks 855 CEO transitions. Additionally, we find that the strength of this effect is influenced by factors such as the age of the CEO when they joined their previous firm, the length of their tenure at the previous firm, the size of the former firm, and the strength of corporate governance in their current firm. Furthermore, additional tests support the idea of “moral cleansing” behavior in CEOs, but not the “slippery slope” mechanism.
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Justin G. Davis and Miguel Garcia-Cestona
Motivated by rapidly increasing CEO age in the USA, the purpose of this study is to analyze the effect of CEO age on financial reporting quality and consider the moderating role…
Abstract
Purpose
Motivated by rapidly increasing CEO age in the USA, the purpose of this study is to analyze the effect of CEO age on financial reporting quality and consider the moderating role of clawback provisions.
Design/methodology/approach
This study uses a data set of 18,492 US firm-year observations from 2003 to 2019. Financial reporting quality is proxied with accruals-based and real activities earnings management measures, and with financial statement irregularities, measured by applying Benford’s law to financial statement line items. A number of sensitivity tests are conducted including the use of an instrumental variable.
Findings
The results provide evidence that financial statement irregularities are more prevalent when CEOs are older, and they suggest a complex relation between CEO age and real activities earnings management. The results also suggest that the effect of CEO age on financial reporting quality is moderated by the presence of clawback provisions which became mandatory for US-listed firms in October 2022.
Originality/value
This study is the first, to the best of the authors’ knowledge, to consider the effect of CEO age on financial statement irregularities and earnings management. This study has important implications for stakeholders evaluating the determinants of financial reporting quality, for boards of directors considering CEO age limitations and for policymakers considering mandating clawback provisions, which recently occurred in the USA.
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Rami Ibrahim A. Salem, Ernest Ezeani, Ali M. Gerged, Muhammad Usman and Rateb Mohammmad Alqatamin
This study aims to examine the influence of the quality of voluntary disclosure (QVD) on earnings management (EM) amongst a sample of commercial banks in the Middle East and North…
Abstract
Purpose
This study aims to examine the influence of the quality of voluntary disclosure (QVD) on earnings management (EM) amongst a sample of commercial banks in the Middle East and North Africa (MENA) region.
Design/methodology/approach
Using a sample of 1,060 bank-year observations for the period 2006–2015, this paper developed a three-dimensional framework to measure the QVD, which considers the quantity, spread and usefulness of the information. Furthermore, this study examines the QVD-EM nexus using an ordinary least squares regression model. This technique is supplemented with conducting an instrumental variable regression model and a two-stage least squares model to overcome the potential occurrence of endogeneity problems.
Findings
The findings suggest that QVD is negatively attributed to EM in the context of MENA banks. The findings also confirm that the quality of financial reporting is enhanced by QVD dimensions that were considered in the framework, leading banks to less engagement in EM practices. In contrast, the influence of the quantity dimension (level) of the disclosed information has an insignificant impact on EM, while the spread and usefulness dimensions of VD are negatively and significantly associated with EM in the region.
Research limitations/implications
Although the results are robust to various measurements and to the possible occurrence of endogeneity problems, there are a few limitations should be acknowledged, which provides opportunities for future research. For example, the sample size is relatively small due to data accessibility issues. Likewise, the findings of the research might not be appropriate for non-financial sectors. These limitations provide a good opportunity for future studies to expand on the research by covering other developing economies and, thereby, enriching the understanding offered by this study.
Practical implications
This study offers several implications for bank managers, academics and policymakers. Firstly, it may help managers to appreciate the function and the importance of QVD in mitigating EM. Secondly, for academics, the study provides suggestive evidence on the impact of QVD on EM; however, future research may need to consider the role of morality and ethical behaviour across different environments in reducing excessive risk-taking and constraining earnings manipulation. Finally, it provides insights for policymakers and regulators to develop a framework or guidance that can help banks in providing high-QVD in the context of developing economies.
Originality/value
The study distinctively develops an innovative measurement for QVD using a new multi-dimensional model. This paper also bring new evidence on QVD complexity and its impact on EM practice from an under-researched developing context, namely, the MENA region.
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Oneil Harris, Jeff Madura and Charmaine Glegg
Agency theory suggests that if managers are not monitored, takeover negotiations may be contaminated by agency conflicts, which may weaken a firm's bargaining position. This paper…
Abstract
Purpose
Agency theory suggests that if managers are not monitored, takeover negotiations may be contaminated by agency conflicts, which may weaken a firm's bargaining position. This paper argues that some blockholders are more effective monitors than others, and tests whether the negotiating power of a target or bidder is influenced by their respective blockholder composition. The paper aims to discuss these issues.
Design/methodology/approach
This paper classifies target and bidder outside blockholders as either aggressive monitors or moderate monitors, and tests whether the degrees of monitoring effectiveness influence a firm's share of the total wealth created by the takeover (a proxy for bargaining power).
Findings
This paper finds that firms that have the types of outside blockholders with a greater tendency to monitor managers elicit higher takeover gains. This suggests that negotiating power in takeovers is conditioned on the types of blockholders that monitor the target and bidder. The results support the premise that better monitoring leads to higher gains for shareholders in a takeover. In particular, the findings suggest that the greater the tendency of outside blockholders to monitor managers, the lower the level of takeover-related agency conflicts and the stronger a firm's relative bargaining power.
Originality/value
These findings imply that agency conflicts on either side of a takeover bid may be reduced by better monitoring, but especially among bidders.
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Since the publication of Harbison and Myers' study, many management scholars have devoted their attention to managerial systems in different cultures around the world. However…
Abstract
Since the publication of Harbison and Myers' study, many management scholars have devoted their attention to managerial systems in different cultures around the world. However, the various studies in cross‐cultural management have been criticised for not having enough specificity and relatedness. This study is concerned with a very specific aspect of managerial lives, namely, pay. Within a broad theoretical framework, three propositions are related to the data collected from 545 middle managers in Britain and the US. The propositions are; that the degree of understanding of job objectives and the perceived importance of the individual's role are directly related to pay differentials (Proposition I); that this relationship has impact upon the perception of what are and what should be the criteria used for pay determination (Proposition II); and, that if the gaps between “are” and “should be” are large, then the responses on behavioural option indices will be largely negative (Proposition III). The propositions are generally supported by these data. Implications of the findings are also discussed.