Abstract: The paper represents a reflection on how to select proper indicators to assess the progress of regional contexts towards a knowledge-based society. Taking the first research methodologies elaborated at an international level (World Bank, OECD, etc.) as a reference point, this work intends to identify a set of indicators of the knowledge economy suitable to adequately understand in which manner and to which extent the territorial development dynamics are correlated with the knowledge-base of the considered local society. After a critical survey of the variables utilized within other approaches adopted by international or national organizations, this paper seeks to elaborate a framework of variables, named Regional Knowledge Economy Indicators (ReKEI), necessary to describe the knowledge-based relations of subnational socio-economic contexts. The realization of this framework has a double purpose: an analytical one consisting in highlighting the regional differences in the governance of knowledge based processes, and an operative one consisting in providing some reference parameters for contributing to increasing the effectiveness of those economic policies aiming at enlarging the knowledge bases of local societies.
Abstract: Many IT projects come to failure because of having
technical approach, focusing on the final product and lack of proper
attention to strategic alignment. Project management models quite
often have technical management view [4], [8], [13], [14]. These
models focus greatly on the finalization of the project product and the
delivery of the product to the customer. However, many project
problems are due to lack of attention to the needs and capabilities of
the organizations or disregarding how to deploy and use the product
in the organization. In this regard, in the current research we are
trying to present a solution with the purpose of raising the value of
the project in an organization. This way, the project outputs will be
properly deployed in the organization. Therefore, a comprehensive
model is presented which takes into account the whole processes
from initial step of project definition to the deployment of the final
outputs in the organization and then the definition of all roles and
responsibilities to put the model into practice. Taking into account
the opinions of experts and project managers, to prove the
performance of the model, the project problems were recognized and
based on the model, categorized and analyzed. And at the end it is
made clear that ignoring the proper definition of the project and not
having a proper understanding of the expected value on the one hand
and not supervising the emerged value in the process of production
and installment are among the most important factors that bring a
project to failure.
Abstract: The inability to implement the principles of good
corporate governance (GCG) as demonstrated in the surveys is due to
a number of constraints which can be classified into three; namely internal constraints, external constraints, and constraints coming
from the structure of ownership. The issues in the internal constraints
mentioned are related to the function of several elements of the company. As a business organization, corporation is unable to
achieve its goal to successfully implement GCG principles since it is
not support by its internal elements- functions. Two of several numbers of internal elements of a company are ethical work climate
and leadership style of the top management.
To prove the correlation between internal function of organization
(in this case ethical work climate and transformational leadership)
and the successful implementation of GCG principles, this study
proposes two hypotheses to be empirically tested on thirty surveyed organizations; eleven of which are state-owned companies and
nineteen are private companies. These thirty corporations are listed in
the Jakarta Stock Exchange. All state-owned companies in the
samples are those which have been privatized.
The research showed that internal function of organization give
support to the successful implementation of GCG principle. In this
research we can prove that : (i) ethical work climate has positive
significance of correlation with the successful implementation of
social awareness principle (one of principles on GCG) and, (ii) only
at the state-owned companies, transformational leadership have
positive significance effect to forming the ethical work climate.
Abstract: There are many studies in the literature on
institutional investors- efforts to improve corporate governance,
generally focused on the role of pension funds and private equity
firms. There are only a few studies that analyze the influence of
development banks in the governance of investee companies. The
objective of this research is to examine the role of the Brazilian
Development Bank (BNDES) in the governance of listed companies.
Our analysis provides evidence that companies in which BNDES is a
shareholder have better governance.
Abstract: Basel III (or the Third Basel Accord) is a global
regulatory standard on bank capital adequacy, stress testing and
market liquidity risk agreed upon by the members of the Basel
Committee on Banking Supervision in 2010-2011, and scheduled to
be introduced from 2013 until 2018. Basel III is a comprehensive set
of reform measures. These measures aim to; (1) improve the banking
sector-s ability to absorb shocks arising from financial and economic
stress, whatever the source, (2) improve risk management and
governance, (3) strengthen banks- transparency and disclosures.
Similarly the reform target; (1) bank level or micro-prudential,
regulation, which will help raise the resilience of individual banking
institutions to periods of stress. (2) Macro-prudential regulations,
system wide risk that can build up across the banking sector as well
as the pro-cyclical implication of these risks over time. These two
approaches to supervision are complementary as greater resilience at
the individual bank level reduces the risk system wide shocks.
Macroeconomic impact of Basel III; OECD estimates that the
medium-term impact of Basel III implementation on GDP growth is
in the range -0,05 percent to -0,15 percent per year. On the other hand
economic output is mainly affected by an increase in bank lending
spreads as banks pass a rise in banking funding costs, due to higher
capital requirements, to their customers. Consequently the estimated
effects on GDP growth assume no active response from monetary
policy. Basel III impact on economic output could be offset by a
reduction (or delayed increase) in monetary policy rates by about 30
to 80 basis points. The aim of this paper is to create a framework
based on the recent regulations in order to prevent financial crises.
Thus the need to overcome the global financial crisis will contribute
to financial crises that may occur in the future periods. In the first
part of the paper, the effects of the global crisis on the banking
system examine the concept of financial regulations. In the second
part; especially in the financial regulations and Basel III are analyzed.
The last section in this paper explored the possible consequences of
the macroeconomic impacts of Basel III.
Abstract: To fight against the economic crisis, French
Government, like many others in Europe, has decided to give a boost
to high-speed line projects. This paper explores the implementation
and decision-making process in TGV projects, their evolutions,
especially since the Mediterranean TGV-line. This project was
probably the most controversial, but paradoxically represents today a
huge success for all the actors involved.
What kind of lessons we can learn from this experience? How to
evaluate the impact of this project on TGV-line planning? How can
we characterize this implementation and decision-making process
regards to the sustainability challenges?
The construction of Mediterranean TGV-line was the occasion to
make several innovations: to introduce more dialog into the decisionmaking
process, to take into account the environment, to introduce a
new project management and technological innovations. That-s why
this project appears today as an example in terms of integration of
sustainable development.
In this paper we examine the different kinds of innovations
developed in this project, by using concepts from sociology of
innovation to understand how these solutions emerged in a
controversial situation. Then we analyze the lessons which were
drawn from this decision-making process (in the immediacy and a
posteriori) and the way in which procedures evolved: creation of new
tools and devices (public consultation, project management...).
Finally we try to highlight the impact of this evolution on TGV
projects governance. In particular, new methods of implementation
and financing involve a reconfiguration of the system of actors. The
aim of this paper is to define the impact of this reconfiguration on
negotiations between stakeholders.
Abstract: According to the theory of capital structure, this paper uses principal component analysis and linear regression analysis to study the relationship between the debt characteristics of the private listed companies in Jiangsu Province and their business performance. The results show that the average debt ratio of the 29 private listed companies selected from the sample is lower. And it is found that for the sample whose debt ratio is lower than 80%, its debt ratio is negatively related to corporate performance, while for the sample whose debt ratio is beyond 80%, the relationship of debt financing and enterprise performance shows the different trends. The conclusions reflect the drawbacks may exist that the debt ratio is relatively low and having not take full advantage of debt governance effect of the private listed companies in Jiangsu Province.
Abstract: This paper discusses the theory behind the existence of an idealistic model for business network governance and uses a clarifying case-study, containing governance structures and processes within a business network framework. The case study from a German pharmaceutical industry company complements existing literature by providing a comprehensive explanation of the relations between supply chains and business networks, and also between supply chain management and business network governance. Supply chains and supply chain management are only one side of the interorganizational relationships and ensure short-term performance, while real-world governance structures are needed for ensuring the long-term existence of a supply chain. Within this context, a comprehensive model for business governance is presented. An interesting finding from the case study is that multiple business network governance systems co-exist within the evaluated supply chain.
Abstract: This paper presents an exploration into the structure of the corporate governance network and interlocking directorates in the Czech Republic. First a literature overview and a basic terminology of the network theory is presented. Further in the text, statistics and other calculations relevant to corporate governance networks are presented. For this purpose an empirical data set consisting of 2 906 joint stock companies in the Czech Republic was examined. Industries with the highest average number of interlocks per company were healthcare, and energy and utilities. There is no observable link between the financial performance of the company and the number of its interlocks. Also interlocks with financial companies are very rare.
Abstract: Agriculture is one of the single largest sectors of Bangladesh economy. Bangladesh is an agro based country and predominantly is an agrarian economy. It is the backbone of the economy of Bangladesh. Around 75% of the total population directly or indirectly depends on agriculture and near about 84% of the total population lives in rural areas almost depend on agriculture for livelihood. Agriculture includes the sub-sectors of crop, livestock, forestry and fisheries. The contribution of all sub sectors is around 22.83 percent to national GDP in 2003-2004. The crops sub sector alone contributes 12.94 percent of GDP.
Abstract: In policy discourse of 1990s, more inclusive spaces
have been constructed for realizing full and meaningful participation
of common people in education. These participatory spaces provide
an alternative possibility for universalizing elementary education
against the backdrop of a history of entrenched forms of social and
economical exclusion; inequitable education provisions; and
shrinking role of the state in today-s neo-liberal times. Drawing on
case-studies of bottom-up approaches to school governance, the study
examines an array of innovative ways through which poor people
gained a sense of identity and agency by evolving indigenous
solutions to issues regarding schooling of their children. In the
process, state-s institutions and practices became more accountable
and responsive to educational concerns of the marginalized people.
The deliberative participation emerged as an active way of
experiencing deeper forms of empowerment and democracy than its
passive realization as mere bearers of citizen rights.
Abstract: While the form of crises may change, their essence
remains the same (such as a cycle of abundant liquidity, rapid credit
growth, and a low-inflation environment followed by an asset-price
bubble). The current market turbulence began in mid-2000s when the
US economy shifted to imbalanced both internal and external
macroeconomic positions. We see two key causes of these problems
– loose US monetary policy in early 2000s and US government
guarantees issued on the securities by government-sponsored
enterprises what was further fueled by financial innovations such as
structured credit products. We have discovered both negative and
positive lessons deriving from this crisis and divided the negative
lessons into three groups: financial products and valuation, processes
and business models, and strategic issues. Moreover, we address key
risk management lessons and exit strategies derived from the current
crisis and recommend policies that should help diminish the negative
impact of future potential crises.
Abstract: This study examines the relevance of disclosure
practices in improving the accountability and transparency of
religious nonprofit organizations (RNPOs). The assessment of
disclosure is based on the annual returns of RNPOs for the financial
year 2010. In order to quantify the information disclosed in the
annual returns, partial disclosure indexes of basic information (BI)
disclosure index, financial information (FI) disclosure index and
governance information (GI) disclosure index have been built which
takes into account the content of information items in the annual
returns. The empirical evidence obtained revealed low disclosure
practices among RNPOs in the sample. The multiple regression
results showed that the organizational attribute of the board size
appeared to be the most significant predictor for both partial index on
the extent of BI disclosure index, and FI disclosure index. On the
other hand, the extent of financial information disclosure is related to
the amount of donation received by RNPOs. On GI disclosure index,
the existence of an external audit appeared to be significant variable.
This study has contributed to the academic literature in providing
empirical evidence of the disclosure practices among RNPOs.
Abstract: After the accounting scandals and the financial crisis, regulators have stressed the need for more financial experts on boards. Several studies conducted in countries with developed capital markets report positive effects of board financial competencies. As each country offers a different context and specific institutional factors this paper addresses the subject in the context of Romania. The Romanian capital market offers an interesting research field because of the heterogeneity of listed firms. After analyzing board members education based on public information posted on listed companies websites and their annual reports we found a positive association between the proportion of board members holding a postgraduate degree in financial fields and market based performance measured by Tobin q. We found also that the proportion of Board members holding degrees in financial fields is higher in bigger firms and firms with more concentrated ownership.
Abstract: Liquidity risk management ranks to key concepts
applied in finance. Liquidity is defined as a capacity to obtain
funding when needed, while liquidity risk means as a threat to this
capacity to generate cash at fair costs. In the paper we present
challenges of liquidity risk management resulting from the 2007-
2009 global financial upheaval. We see five main regulatory
liquidity risk management issues requiring revision in coming
years: liquidity measurement, intra-day and intra-group liquidity
management, contingency planning and liquidity buffers, liquidity
systems, controls and governance, and finally models testing the
viability of business liquidity models.
Abstract: Compliance requires an effective communication
within an enterprise as well as towards a company-s external
environment. This requirement commences with the
implementation of compliance within large scale compliance
projects and still persists in the compliance reporting within
standard operations. On the one hand the understanding of
compliance necessities within the organization is promoted.
On the other hand reduction of asymmetric information with
compliance stakeholders is achieved. To reach this goal, a
central reporting must provide a consolidated view of different
compliance efforts- statuses. A concept which could be
adapted for this purpose is the balanced scorecard by Kaplan /
Norton. This concept has not been analyzed in detail
concerning its adequacy for a holistic compliance reporting
starting in compliance projects until later usage in regularly
compliance operations.
At first, this paper evaluates if a holistic compliance
reporting can be designed by using the balanced scorecard
concept. The current status of compliance reporting clearly
shows that scorecards are generally accepted as a compliance
reporting tool and are already used for corporate governance
reporting. Additional specialized compliance IT - solutions
exist in the market. After the scorecard-s adequacy is
thoroughly examined and proofed, an example strategy map as
the basis to derive a compliance balanced scorecard is defined.
This definition answers the question on proceeding in
designing a compliance reporting tool.
Abstract: Corporate Social Responsibility (CSR) has become a
new trend of business governance. Few research studies on CSR
published in Taiwanese academia, especially for medical settings, we
were interested in probing the relationship of CSR and financial
performance in medical settings in Taiwan. The results illustrate that:
(1) a time delay effect exists with a lag between CSR effort and its
performance in the hospital foundation, (2) input into the internal
domains of CSR will be helpful to improve employee productivity in
the hospital foundation, and (3) input into the external domains of CSR
will be helpful in improving financial performance in the hospital
foundation. This study overviews CSR in the medical industry in
Taiwan and the relationship of CSR and financial performance.
Discussions of possible implications from the study results are applied
to consult the CSR concept that will be transferred into a business
strategy for the organization manager.
Abstract: The Internet is the global data communications
infrastructure based on the interconnection of both public and private
networks using protocols that implement Internetworking on a global
scale. Hence the control of protocol and infrastructure development,
resource allocation and network operation are crucial and interlinked
aspects. Internet Governance is the hotly debated and contentious
subject that refers to the global control and operation of key Internet
infrastructure such as domain name servers and resources such as
domain names. It is impossible to separate technical and political
positions as they are interlinked. Furthermore the existence of a
global market, transparency and competition impact upon Internet
Governance and related topics such as network neutrality and
security. Current trends and developments regarding Internet
governance with a focus on the policy-making process, security and
control have been observed to evaluate current and future
implications on the Internet. The multi stakeholder approach to
Internet Governance discussed in this paper presents a number of
opportunities, issues and developments that will affect the future
direction of the Internet. Internet operation, maintenance and
advisory organisations such as the Internet Corporation for Assigned
Names and Numbers (ICANN) or the Internet Governance Forum
(IGF) are currently in the process of formulating policies for future
Internet Governance. Given the controversial nature of the issues at
stake and the current lack of agreement it is predicted that
institutional as well as market governance will remain present for the
network access and content.