Order Director Research Articles

Do Internally Managed Reits Manage Earnings More Than Externally Managed Reits?

Abstract The purpose of the paper was to provide an empirical examination of earnings management among internally and externally managed REITs. The empirical accounting literature claims that internal management of a firm does not constrain earnings management, while others argue in favor of internal management for firms. Using a sample of listed South African REITs for the 2013 - 2021 time period, we examine the relationship between management structures and earnings management. We do not find any aggressive practice in internally managed REITs during the study period. The study’s findings imply that good corporate governance is a critical safeguard for stakeholders in exceptional circumstances when REITs have special incentives to manage earnings; as a result, it is suggested that REITs’ corporate governance is important, despite being overlooked in some circumstances. Specific to South African REITs, policymakers as well as nominating committees of the board of directors may wish to take note that financial competence is an important quality of external directors in order to effectively curb earnings management. This is the first study to investigate financial sheet manipulation among REITs management structures in an emerging market.

Impact of Board Members’ Social Capital on the Resilience of Public Companies to Exogenous Shocks

The objective of this study is to estimate the impact of board members’ social capital on firms’ market-based metrics of resilience to exogenous shocks. The social capital of directors was measured by their professional, political, and international connections. Firms’ resilience was evaluated based on their ability to resist and recover from the impact of shocks, as determined by stock market data. The data covers the period from 2007 to 2020 for over 200 Russian companies whose shares were included in the calculation of the Moscow Exchange Broad Market Index. During this period, three exogenous shocks occurred: the global financial crisis of 2008–2009, commodity price shock and sanctions in 2014–2015, and the COVID-19 pandemic in 2020. The system generalized method of moments is used to estimate the effect of directors’ connections on theability to mitigate shocks, while OLS with robust standard errors is used to reveal the influence of directors’ connections on firms’ ability to recover from shocks. The results indicate that professional connections moderated the negative impact on firms’ resistance to shocks and improved recovery speed during the global financial crisis. However, this type of connection reduced stock recovery speed after the COVID-19 crisis. Political and international connections have different effects on market-based metrics of firm resilience. It is possible that shocks of different nature require firms to leverage various forms of social capital from their directors in order to mitigate the negative effects of such shocks.

News, business and politics: Evita in Italy – newsreels and cinema in a shared post-war agenda

Eva Perón’s trip to Italy in the summer of 1947 has prompted this research about the development of links between the Italian and the Argentine film industries in the years immediately following the Second World War. Our work takes a historical approach to this topic through the analysis of different film types (movies, newsreels and documentaries), supported by other documents derived from periodical publications, such as newspapers and specialized magazines. It concludes that while at the time of Evita’s trip there was an economic agreement between both governments that consisted of shipping grains in exchange for encouraging the migration of skilled Italian workers who could carry out the economic plans devised by Perón, in the film industry, there was an attempt to attract top class Italian actors and directors in order to secure the growth of the budding Argentine film industry.

Organisational Design and Sustainability Performance

The collapse of many organizations could be linked to the weak performance of management team members. The management team is the engine of growth implemented through designing strategies with which organization will manage its internal affairs bearing in mind the external environmental influences. Drawing on our research and the work of others, we explore the various organization design strategies and how that could bring sustainability. In doing, it was deduced that sustainability initiative, and the accompanying changes to the organizational structure, must have executive sponsorship and the CEO must be a visible proponent of the sustainability vision for the company. Executive sponsorship accelerates engagement by employees and business units, but even better results can be expected if the CEO is proactive and assume personal leadership of a highly visible sustainability program. It was however, recommended that: The leader of the sustainability initiative should have a direct reporting relationship with both the CEO and the board of directors in order to send a signal to employees and other stakeholders about the important of the initiative and provide the initiative with access to the support and resources available from high-level executives and managers in other departments.

Tragicomedia Occidentului: emigrația economică în romanele și filmele românești din anii ’90

Our article examines the narrative registers and forms adopted in the 1990s by the Romanian novelists, screenwriters and film directors in order to portray the phenomenon of economic migration to the West. Our focus is on the intriguing and paradoxical employment of tragicomic, melodramatic, burlesque-grotesque and sensational narrative techniques as the Romanian collective imaginary during the 1990s witnessed the peak idealization of emigration in Western Europe and in The United States of America. This process of idealization is also fueled by the fact that, despite the political ban has been lifted after 1989, legislative and economic constraints continued to limit the actual experience of the so-called “free world.” The corpus of our article comprises two cult films of the period, Asfalt tango (1996, Nae Caranfil) and Cristian Mungiuʼs Occident (2002), as well as two novels authored Grid Modorcea and S. Dinger, all of which share the struggle to depict the tensions between the uncritical embrace of Western story-world and the bleak, if not dramatic, reality of migration.

Development of an output management model for a branch of an engineering corporation

The model of output control in a corporation, carried out by its top manager (Chief), is considered. The head of the branch of the corporation (Head) controls the subordinate plant headed by the Director. A corporation’s branch output is affected by random external influences. The Head knows exactly the maximum possible volume of outsourcing production at the branch level. But he does not know the maximum possible volume of production (potential) in the plant. The Adviser helps the Head to eliminate this uncertainty. For his part, the Director knows exactly plant’s potential. At the same time, the Chief does not know this potential, nor the possibilities of outsourcing. Thus, the Head can manipulate branch output to influence the decisions of the Chief in order to increase his own promotion. Therefore, the Chief needs to learn how to control the Head in order to maximize branch output. Similarly, the Director can manipulate plant’s output to influence the Head’s decisions about his own denomination. Therefore, the Head needs to control the Director in order to increase plant’s output. A complex control mechanism has been found, in which total branch output is maximal. The use of such a mechanism is illustrated by the example of the modernization of freight railway platforms.

A Liderança Vai Embora, e Agora? Mudança Organizacional em um Parque Tecnológico

ABSTRACT This teaching case describes the organizational change process of the Federal University of Rio de Janeiro Science Park (PTEC-UFRJ), an organization that plays a leading role in the innovation ecosystem of both the university and its surrounding state. The change process began in 2019, rooted on the leadership’s view that the Park’s economic sustainability depends on strategic redirection and transformation of employees’ attitudes and behavior, along with the redesign of PTEC-UFRJ’s internal processes. However, PTEC-UFRJ has the peculiarity of having its leadership appointed by the University Dean’s Office. In this context, management initiatives directed to supporting the change process are fundamental to secure its achievements and ensure its continuity. The case describes the decisions and actions took by PTEC-UFRJ’s executive director in order to guide the strategic change in the Park and the challenges faced. In view of the results and objectives already achieved, the most important point is to discuss PTEC-UFRJ’s future perspectives, the role of leadership and organizational policies, and practices that guarantee the sustainability of the organizational change

Board diversity, Political Connections and Firm value: An Empirical Evidence from Financial Firms in Nigeria

This study investigates the effect of board diversity, political connections, and firm value on the listed financial services firms in Nigeria. Firm value, proxied by Tobin's q and computed as the ratio of the firm's market value of equity to its book value of total assets, is the study's explained variable, while board gender diversity, board nationality, board ethnic diversity, and political connections are the study's explanatory variables. The study’s population consists of 51 listed financial service firms on the Nigerian Stock Exchange as of December 31, 2020. Thirty-five (35) of these firms made up the sample size for a period of nine years (2012–2020). Data was gathered from the annual reports of the sampled companies and analyzed using the feasible generalized least squares regression (FGLS) approach. According to the study, board gender diversity, board nationality, and board ethnic diversity have a positive and significant effect on the firm value of listed financial service firms in Nigeria, whereas political connections have a positive but insignificant effect. According to the findings, the boards of directors of listed financial service organizations in Nigeria should ensure that females are considered for directorship seats on the boards, as suggested by the resource dependency theory.Also, the board should be made up of foreign directors in order to lure foreign investors to the firm and enhance its value. In addition, the boards of directors of listed financial services firms in Nigeria should consist of a mix of both northerners and southerners to leverage national spreads and improve firm value.

BOARD DIVERSITY, POLITICAL CONNECTIONS AND FIRM VALUE: AN EMPIRICAL EVIDENCE FROM FINANCIAL FIRMS IN NIGERIA

The effect of board diversity, political connections and firm value of listed financial service firms in Nigeria is investigated in this study. Firm value, proxied by Tobin's q and computed as the ratio of the firm's market value of equity to the book value of total assets, is the study's explained variable, while board gender diversity, board nationality, board ethnic diversity, and political connections are the study's explanatory variables. The study’s population consists of fifty-one (51) listed financial service firms on the Nigerian Stock Exchange as at 31st December 2020. Thirty-five (35) of these firms made up the sample size for a period of nine years (2012-2020). Data was gathered from the annual reports of the sampled companies and analyzed using the feasible generalized least square regression (FGLS) approach. According to the study, board gender diversity, board nationality, and board ethnic diversity have a positive significant effect on the firm value of listed financial service firms in Nigeria, whereas political connections had a positive but minor effect. According to the findings, the boards of directors of listed financial service organizations in Nigeria should ensure that females are considered for directorship seats on the boards in order to increase their value, as suggested by the resource dependency theory. Also, the board should be made up of foreign directors in order to lure foreign investors to the firm and enhance its value. In addition, the boards of directors of listed financial services firms in Nigeria should consist of a mix of both northerners and southerners to improve firm value.

A Comparison of HPSP and USU Graduates’ Preparation for Residency

ABSTRACT Introduction Military medical students enter residency through two main pathways: (1) The Uniformed Services University (USU) and (2) the Armed Services Health Professions Scholarship Program (HPSP). The purpose of this study was to compare how these two pathways prepare military medical students for residency. Methods We conducted semi-structured interviews with 18 experienced military residency program directors (PDs) in order to explore their perceptions of the preparedness of USU and HPSP graduates. We used a transcendental phenomenological qualitative research design to bracket our biases and guide our data analysis. Our research team coded each of the interview transcripts. We then organized these codes into themes, which served as the results of our study. Results Five themes emerged from our data regarding the residents’ preparedness: (1) Ability to navigate the military culture, (2) understanding of the military’s medical mission, (3) clinical preparation, (4) ability to navigate the Military Health System (MHS), and (5) teamwork. The PDs described how USU graduates better understand the military’s medical mission and are more easily able to navigate the military culture and the MHS because of their lived experiences during military medical school. They also discussed the various levels of clinical preparation of HPSP graduates, in contrast to the USU graduates’ more consistent skills and abilities. Finally, the PDs believed both groups to be strong team players. Conclusions USU students were consistently prepared for a strong start to residency because of their military medical school training. HPSP students often experienced a steep learning curve because of the newness of the military culture and MHS.

Pendidikan dan Pengalaman Kerja Dewan Direksi di Negara Maju terhadap Pengungkapan Keberlanjutan

The board of directors as a strategic decision maker can influence corporate sustainability disclosures. The purpose of this study was to determine the effect of the education and work experience of directors in developed countries on sustainability disclosure. The research sample consisted of 64 companies listed on the IDX for the 2017-2021 period. Multiple linear regression in STATA software is used to analyze the data. The results of the analysis prove that the education and work experience of boards of directors in developed countries have a positive effect on corporate sustainability disclosures in Indonesia. The Board of Directors has integrated values regarding sustainability into itself. The novelty of this study is to differentiate the samples based on their disclosure, comprehensive or core options. This research provides practical implications for companies to pay attention to the background of directors in order to realize better sustainability disclosures.
 Keywords: Director’s Education; Director’s Working Experience; Sustainability Disclosures; Upper-Echelon Theory

Moderating Role of Governance Regulatory Compliance on Board Diversity and Voluntary Disclosure of Non-Financial Firms in a Developing Country

The main aim of this paper is to investigate the moderation influence of CG regulatory compliance on the relationship between board diversity and voluntary disclosure (VD) of Nigerian listed firms since the literature on disclosure studies has concentrated principally on examining a direct relationship between internal governance mechanisms, neglecting the external regulations. Being an ex post facto design, a sample of 67 firms listed in the Nigerian stock exchange for the period 2012–2017 is used. A system GMM approach (being the best and most contemporary panel approach) is employed. The study revealed that the interaction of regulatory code compliance with board gender and ethnic diversity has a significant positive impact on the firms’ voluntary disclosure. The result also indicates that ethnic diversity shows a positive and significant association with voluntary disclosure. To the best of the researchers’ knowledge, this study is among the few attempts at explicitly examining the effect of CG regulatory compliance on board diversity and VD in CG studies, especially in a developing economy such as that of Nigeria. Additionally, it is among the few attempts that provide empirical results using superior dynamic panel models. This study provides a strong practical implication for business firms, policymakers, future research, and society. For instance, the findings have direct implications for Nigerian firms in the selection of directors in order to comprise well-educated people of different ethnic backgrounds and be inclusive of females.

Molecular spectroscopy and optical effect of Albendazole chemical compound behaves as liquid crystal: A theoretical and experimental approach

In the present work, we have investigated the Albendazole (ABZ) molecule which behaves as a liquid crystal or mesophase under the impact of temperature as well as the external effect of the electric field. Under the electric field's impact, the ABZ molecule demonstrates the mesophase phase stability in order parameter, birefringence, director angle and refractive index. At the higher temperature, the ABZ molecule shifted to the mesophase. Theoretical IR spectrosctrum of the ABZ molecule has been correlated with the experimental evidence. The XRD pattern of ABZ at 250 °C exhibits crystalline nature and at higher temperatures (300 °C and 400 °C) it reveal the amorphous nature. Tauc plots indicate optical bandgaps 4.73, 1.38, 6.02 and 5.80 eV at room temperature, 250 °C, 300 °C and 400 °C, respectively. Such variations in bandgap indicate self-organizing characteristic of the nematic liquid crystalline phase in the sample. FESEM images at higher temperatures exhibit pores with various structures in the ABZ.

Physicochemical characterization of green sodium oleate-based formulations. Part 3. Molecular and collective dynamics in rodlike and wormlike micelles by proton nuclear magnetic resonance relaxation

HypothesisSodium oleate (NaOL) self-aggregates in water forming rodlike micelles with different length depending on NaOL concentration; when KCl is added wormlike micelles form, which entangle giving rise to a viscoelastic dispersion. It is expected that aggregates with different size and shape exhibit different internal and overall molecular motions and collective dynamics. ExperimentsTwo low viscosity NaOL/water and two viscoelastic NaOL/KCl/water formulations with different NaOL concentration (0.23 and 0.43 M) were investigated by 1H fast field cycling NMR relaxometry over broad temperature and Larmor frequency ranges, after a first screening by 1H and 13C NMR spectroscopy at high frequency. FindingsThe analysis of the collected data indicated that fast conformational isomerization and rotation of NaOL about its long molecular axis and lateral diffusion of NaOL around the axis of the cylindrical aggregates are slightly affected by the aggregate shape and length. On the other hand, fluctuations of the local order director are quite different in the fluid and viscoelastic systems, reflecting the shape and size of the aggregates. Quantitative information was obtained on activation energy for fast internal and overall motions, correlation times and activation energy for lateral diffusion, and coherence length for collective order fluctuations.

The character of Iryna Molostova in the context of the ukrainian director's cultural space

The purpose of the article is to investigate the directorial legacy of Iryna Molostova and her influence on the formation of the Ukrainian cultural and artistic dimension. The specifics of the tasks determined the methodological basis of the search. Comprehensive research combined the following scientific approaches and methods: biographical (to clarify the facts of the biography and creative achievements of the director in chronological order), culturological (to study the uniqueness of the artistic space of the era), comparative (in order to examine the specifics of the embodiment of opera stage works by the director), general system science and historiography. The scientific novelty lies in the analysis of I. Molostova’s artistic method, which allows to create of harmonious temporal representations through the prism of the socio-cultural dimension of Ukraine in the XX century. Conclusions. Having embodied more than a hundred performances on world stages, Iryna Molostova’s artistic heritage plays a special role in the Ukrainian theatre space. Monumentality, the ability to reveal the underlying drama of the work, to create a psychological picture of the roles became the stage embodiment of her desire for endless understanding of the deep meaning and conceptual extra-textual dimension. The bright time of Iryna Molostova’s discoveries and theatrical innovations is vividly represented by her activity in the Kyiv State Academic Opera and Ballet Theater named after T. Shevchenko. Her uncompromising directorial method immediately attracted the attention of the public and was highly praised by the theater community. The culmination of I. Molostova’s directorial discoveries in the 1970s and 1990s, when the artist’s repertoire interests became an expression of the general cultural interests of his time. A characteristic feature of this period was the strengthening of artistic attention to the disclosure of the existential, psychological world of the individual. It is reflected in I. Molostova’s choice of the genre of lyrical and psychological drama. Iryna Molostova’s creative method becomes extremely relevant in light of the growing directorial arbitrariness in modern authorial interpretations. Key words: Iryna Molostova, director’s school, Ukrainian theatre.

The influence of female leadership on the cash holdings of listed companies in Vietnam

This study examines the relationship between female leadership factors and the cash holdings of Vietnamese companies. The random effects regression model (REM) is used with panel data from the financial statements of 174 companies listed on the Ho Chi Minh Stock Exchange in the period 2013-2020. Besides control variables, factors related to female leadership including the female CEO, the percentage of women on the board of executives, the female chairman, the percentage of women on the board of directors, and duality are included in the research model with the expectation of having a positive effect on cash holdings. The estimation results show that companies with female executives hold more cash and maintain lower levels of financial leverage than companies with male executives. Female executives will increase profitability and reduce the risk to the company. The influence level of the female on the Board of Directors on the company's cash holdings depends on the characteristics of each company. Besides, the results also show that net working capital, cash flow, ROA, and dividend payment have a positive correlation with the cash holdings of the company. Listed companies should pay attention to two factors: the proportion of women on the Board of Directors and female executives in order to diversify gender in the leadership and improve the ability to decide on financial strategies.

Electrical modification of order parameters and director fluctuations in a dielectrically negative nematic doped with a positive additive

Electric effects of nematic liquid crystals (NLCs) have enabled the revolution of the display industry. Recently, the electro-optic switching of NLCs has been accelerated by applying electric fields in such a way that the field does not change the director orientation, but modifies the optical tensors of NLCs due to three effects: induced biaxial orientational order, enhanced uniaxial orientational order, and quenching of director fluctuations. Till now, these three effects have been explored only in NLCs with negative dielectric anisotropy. Here, we experimentally study the electrical modification of order parameters and director fluctuations in a dielectrically negative/positive composite NLC. The dielectrically positive dopant causes the following changes: (a) a faster nanosecond switching for optical responses attributed to the change of order parameters, (b) an increase of the biaxial order parameter, (c) a reduction of the uniaxial order parameter, and (d) a slight reduction in the field-induced birefringence change. This work provides a basis for further studies in nanosecond electro-optics.

Firm Attributes and Tax Avoidance of Nigerian Oil and Gas Firms: Moderating Role of Managerial Ownership

The study examined the moderating effect of managerial ownership on the relationship between firm attributes and tax avoidance in Nigerian listed oil and gas firm for the period of 2011-2020. Secondary data were extracted from the financial reports and accounts of the companies. The study employed Generalized Least Square (GSL) estimator of the regression model. Study revealed that leverage has positive significant effect on tax avoidance. The study reported that board financial expertise has positive and significant impact on tax avoidance. The study documented that managerial ownership has significant positive impact on tax avoidance. Similarly, managerial ownership positively and significantly moderates the relationship between firm size and tax avoidance. The study recommends that, the board of directors in the oil and gas firms in Nigeria should ensure that shareholding of the insider managers is increase in such a way that the proportion of their shareholding should be minimal which should not be less than 20% of the total shareholding in the company as it was found being among the factors that increase tax avoidance. Doing this will encourage managers to put more effort to work toward improving firm performance. The study also recommends that as leverage improve tax avoidance, firms should obtain more debt than equity to advantage of interest on loan which is tax deductible. Since board financial expertise increase tax avoidance, firm should encourage for inclusion of financial expertise as member of board of director in order to take decision on tax issues which will benefit the company.

The Impact of Characteristics of the Board of Directors on the Timelines of Corporate Internet Reporting Index of Companies in Indonesia

The development of information technology supports companies in conveying information to all stakeholders in a timely way. This study examined corporate internet reporting that was influenced by the characteristics of the directors (Size, Indep, Aboard, Fboard, Tenur, Famboard, Gender and Founder) of Indonesian companies. Furthermore, this study used the ordinary least square analysis technique which presented five control variables: firm size, profitability, leverage, liquidity and firm age. The research sample is 513 companies of the 716 companies listed on the Indonesia Stock Exchange. The results show that board of directors’ size, independent board of directors, tenure, family relations and gender have a significant effect on timeliness of corporate internet reporting (TCIR), while age of president director, foreign director and founder do not have a significant effect. Therefore, firm size, profitability and liquidity are able to be control variables on the use of TCIR through the company’s web, while leverage and firm age are not able to do this. Therefore, it is advisable for companies in Indonesia to pay attention to the composition of the characteristics directors in order to improve the quality of company financial information via the internet. This needs to be done because it can give a positive signal to all stakeholders, which will ultimately increase stakeholder trust in the company.

The Current State of Journal Clubs in Psychiatry Residency Programs: Results from a National Survey of Program Directors.

ObjectiveThis study aimed to investigate journal club prevalence, implementation, and perceived effectiveness among psychiatry residency program directors in order to highlight best practices.MethodsThe authors distributed a 44-item thoughtfully designed and peer-reviewed questionnaire electronically via Qualtrics to 235 accredited U.S. psychiatry residency program directors identified using the American Medical Association database.ResultsEighty-nine programs (38%) responded. Of these, 83 (93%) had a journal club. Journal clubs were mandatory in 80 programs (96%), met biweekly or monthly in 62 programs (75%), and lasted 46–60 min in 66 programs (80%). Twenty-three programs (28%) offered a list of articles to choose from, and 22 programs (27%) provided a critical appraisal tool. Only 7 programs (8%) measured learner outcomes from journal clubs. Respondents believed that promoting lifelong learning and practicing evidence-based psychiatry were the most relevant educational goals of journal club (2.57 and 2.51 on a Likert scale of 0 to 3). Journal club’s effectiveness in achieving those goals was believed to be lower (2.16 and 2.09).ConclusionsJournal clubs are common in U.S. psychiatry residency programs and tend to follow a traditional format. In order to boost journal club’s effectiveness in achieving the desired educational goals, more programs might elect to infuse elements known to augment learning.