Control Rights Research Articles

Konflik Agraria: Sebuah Refleksi Hak Menguasai Negara Atas Tanah

The state's right to control land as a principle is often problematic in practice. The problem generally lies with the state which tends to use land only for economic and oligarchic interests. As a result, the right to control the state whose function is to prosper the people cannot be realized. This research will reveal and analyze the background of the causes of the agrarian conflict in the village of Tegalrejo, Malang Regency, and provide an overview in a reflection of the state's right to control land. This research uses normative juridical research with statutory, historical and case study approaches which in this case are agrarian conflicts. The results of the research show that the state's right to control over land sometimes becomes a tool for state legitimacy to carry out land grabs. The right to control the state, which essentially serves as a legal framework to protect the public, has not been able to fully function ideally and properly. There is no significant difference between the New Order regime and the Reform Government regime in the management of state control rights, because both have a mode of appropriation by granting status of land rights and compensation. This is similar to what happened in the agararia conflict in Tegalrejo Village, Malang Regency, where legal appropriation was formulated in the form of Cultivation Rights. Compensation that has not been resolved to date has also led to the creation of structural agrarian conflicts that have disrupted the socio-economic life of the surrounding community. In the future, it is necessary to think about the rejuvenation of the concept of the state's right to control so that state control over land is no longer hegemonic and can be on a par with the protection of citizens' rights to land.

Attracting institutional investments to emerging markets: The case of Turkiye

AbstractUnderstanding institutional investors' investment criteria in emerging markets is essential because they typically make large investments without control rights or protection of the rule of law. This study undertakes an investment criteria investigation of institutional investors in Turkiye. The sample covers real and financial sector companies to investigate sectoral differences in Borsa Istanbul‐listed firms for 2010–2021. Using a panel data approach, we show that the presence of growth options, generous payout policy, attractive firm valuation, and quality of the external governance mechanisms are important factors in attracting institutional investors by real sector firms. Only a large firm size and the quality of the external governance mechanisms arise as important factors for financial sector firms. Moreover, institutional holdings positively impact the percentage shares of institutional investors during crisis periods among real sector firms, whereas they do not affect financial sector firms. Real‐sector and financial‐sector firms can use our findings to increase institutional ownership. Our results have important implications for institutional investors, individual investors, and market regulators to demand critical corporate governance practices.

Prinsip Kesamaan Hak Dalam Penguasaan Dan Pemanfaatan Hak Atas Tanah (Studi Kasus Penguasaan Hak Atas Tanah Perkebunan Di Propinsi Jambi)

The principles of equality of control rights and utilization of land rights, to become plantations which are a source of prosperity for all Indonesian people. to obtain a right to land which gives a mandate to the state to maintain a balance with the authority given to the state in the administration, regulation, management and supervision for the purpose of maximizing the prosperity of the people, thereby ensuring the certainty of fair business opportunities for large business actors, medium and small as well as community use of land for plantations by preventing monopolistic practices.This research has a normative legal nature in the form of written positive legal provisions that are applied to legal events in concreto in society, so that in the research there is always a combination of two stages of study. The first stage, the normative approach (library research) is an approach carried out based on primary legal materials or using secondary data including principles, rules, norms and legal rules contained in laws and other regulations. The second stage is the application of in concreto events in order to achieve the predetermined goals. Obtaining data through secondary data in the form of legal and primary materials through interview techniques is carried out directly by conducting structured in-depth interviews.

A hidden channel of “blood transfusion”: Internal capital market subsidies and zombie firms

From the perspective of internal capital markets, we investigate the causes of zombie firms and propose possible governance measures. Based on Chinese A-share listed firms, we find that internal capital market subsidies promote the zombification of firms. This impact is stronger when the liquidity of the external capital market is higher or when there is a finance firm in the internal capital market. Additionally, there is a “pecking order” of the subsidies that contribute to the zombification of firms: government subsidies take the lead, followed by internal capital market subsidies, and then bank loans. The motivations for internal capital markets to subsidize zombie firms include avoiding risk contagion, avoiding losing control rights, being socially responsible, and maintaining rent-seeking opportunities for managers. The sources of internal capital market subsidies are mainly parent firms and brother firms. Constraining agency problems and engaging in related major asset restructuring play important role in the governance of zombie firms. Overall, our study reveals internal capital markets to be a “blood transfusion” channel and it provides guidance for tackling the problem of zombie firms.

R&D Investment, Executive Incentive, and Financial Performance in GEM: Based on Three-Stage Least Squares Method

China’s GEM (Growth Enterprise Market, also named as ChiNext stock market) enterprises are mainly small and medium-sized enterprises in the start-up stage, which have high-speed growth. This work uses three-stage least squares (3SLS) based on combines system equation to study the impact of technological innovation investment, executive incentive, and enterprise financial performance. The results show that in China’s GEM enterprises, R&D in the current period positively affects financial performance in 1% significance level. R&D of the lag period has a significant negative impact on the financial performance of the current period. Conversely, the financial performance of the current period has a significant negative impact on R&D. While both salary incentive and equity incentive will improve financial performance, executives seem to value short-term interests MORE. Executive equity incentive has a significant negative moderating effect ownership due to ownership structure in GEM is needed to strengthen the control right. This work proposes a new research horizon in GEM in China, and can help the GEM design an effective management mechanism to improve the financial performance of the enterprise.

Stock Pledge by Controlling Shareholder and Corporate Social Responsibility*

AbstractWe examine the influence of stock pledge by controlling shareholders on corporate social responsibility (CSR). Results show that firms exhibit poorer CSR performance when the controlling shareholders have more shares under pledge to financial institutions. Further analyses suggest that the negative relation between stock pledge and CSR only exists in financially constrained firms and non‐state‐owned firms, in which the pledging controlling shareholders have greater incentive to increase stock price and maintain their control rights. Our findings support a margin call hypothesis that firms tend to cut off CSR spending to improve short‐term financial performance and reduce the risk of losing control rights.

How to backdoor split learning

Split learning, a distributed learning framework, has garnered significant attention from academic and industrial communities. In contrast to federated learning, split learning offers a more flexible architecture for participants with limited computing resources. However, the security of split learning has been questioned due to the separation of data and model control rights from usage rights. Currently, most research work focuses on inference attacks in split learning. In this paper, we first reveal the vulnerability of split learning to backdoor attacks and present two backdoor attack frameworks from both the server and client perspectives. Regarding the client-side attacker, we insert backdoor samples into the training data by utilizing the client’s direct control over local data, and propose two methods for labeling backdoor samples that can be adapted to various application scenarios. Due to the server’s lack of control over the client in split learning, it is infeasible for server-side attackers to inject backdoor samples into training data. Our strategy involves leveraging the server’s control over the training process to shape the optimization direction of the client model, thereby enabling it to encode backdoor samples. Moreover, we introduce an auxiliary model into the attack framework to enhance the effectiveness of the backdoor attack. The auxiliary model can increase the distinction between backdoor samples and clean samples in the feature space to improve the sensitivity of the client model to backdoor samples. Extensive evaluations demonstrate the high attack accuracy of both proposed attack frameworks without causing any compromise to the performance of the main task. Our research uncovers the potential security risks and rings the alarm for the application of split learning.

Public governance and the demand for corporate governance: The role of political institutions

Our study explores the association between political institutions and the demand for corporate governance. Stulz (2005) suggests that government expropriation reduces the value of corporate governance realized by investors. Accordingly, we argue that strong political institutions induce higher demand for corporate governance because they constrain government expropriation. Exploring an international sample, we find that firms in countries with stronger political institutions implement more governance provisions. Mediation analysis demonstrates that political institutions work through the channel of constraining government expropriation. Moreover, government expropriation makes shareholder direct control over firms more prevalent, where political institutions influence the allocation of control rights between managers and investors, which affects the demand for corporate governance. We contribute to the corporate governance literature and the agency problem literature.

Evolutionary Game Analysis on Operation Mode Selection of Big-Science Infrastructures

As big-science infrastructures (BSIs) become the new infrastructure to support the construction of strong science and technology in China, how to choose an operation mode that is more conducive to achieving the construction goals of BSIs has become a current focus issue. The existing literature focuses more on the governance relationship between BSIs and universities or research institutes, while the important role of government has not yet been thoroughly analyzed. This study argues that government plays a fundamental role in the selection of operation modes for BSIs. Therefore, this study builds an evolutionary game model between the government and the contractor based on the perspective of asset specificity by analyzing the practical basis for the strategic choices of the government and the contractor for the operation of BSIs. The model is numerically simulated and analyzed. The research results indicate that the government’s decisions on operation strategies, outsourcing strategies, and the combination of the two significantly affect the strategic choices of the contractor, thereby affecting whether the government can obtain the value of asset specificity of BSIs. The government’s choice of the “independent operation” strategy or the combination “dependent operation + controlled outsourcing” strategy is more conducive to encouraging the contractor to choose the “cooperation” strategy for producing specific value for BSIs. The main contribution of this study is to clarify that the allocation of the government control right is the key factor in obtaining the value of asset specificity of BSIs.

The Parliamentary Committee of Inquiry in the Austrian National Council – Influence and Impact from the Perspective of the Austrian National Council Members

Abstract Committees of inquiry in the Austrian National Council gained a significant upgrade through a reform in 2015: for the first time, a parliamentary minority can now demand the establishment of a committee of inquiry. This reform meant not only a strengthening of control rights, but also an increase in parliamentary investigations in Austria. The aim of this article is to shed light on the parliamentary perspective and to deepen the understanding of investigative committees. In this way, it is to be shown which potentials, but also weaknesses, can be found in the investigative instrument from the MPs’ point of view. A first-time survey of members of committees of inquiry showed that the perceptions of the reform and the democratic benefits differed greatly between the governing party ÖVP and the opposition party SPÖ. The increasing polarisation of the political debate also led to a further divergence in the approval or rejection of the investigative instrument. These developments may not only result in a weakening of the investigative instrument, but also directly challenge parliamentary democracy.

Determinants of RPTs in the Brazilian stock market: analysis of control-ownership wedge, firm value, performance and corporate governance

Abstract This study aims to analyze the influence of the control-ownership wedge, firm value, performance, and corporate governance in the value of Related Party Transactions (RPTs) of companies with pyramidal structures. The research is conducted in Brazil over an eight-year period from 2010 to 2017 and uses an unbalanced sample of 153 firms or 929 firm-year observations. The paper uses an OLS panel and a quantile regression as robustness. Our findings show that control-ownership wedge, performance, and corporate governance are determinants of the total value of RPTs. The deviation has a positive influence, showing that the excess of control rights increases the total value of RPTs. On the other hand, performance has a negative effect, showing that less profitable companies have incentives to participate in RPTs. In corporate governance, the relationship is positive, contrary to the expected in the literature. It signals that the corporate governance environment in Brazil has not reduced the total value of RPTs in pyramidal companies. The research contributes to the literature by presenting evidence of an emerging market and relating relevant themes in corporate finance, characterizing the use of RPTs by companies with pyramidal structures.

Aspek Hukum terkait Penerbangan Lintas Batas berdasarkan Konvensi Chicago

At the time, air transport world have mounted at full speed and seen from to the number of plane type and form which have been yielded. Pursuant to Section 1 Convention of Chicago year 1944 about Civil Air Navigation that every state have exclusive and full of sovereignty of air room residing in above its region of him. This convention also recognize and give rights to state to do interception related to straightening of sovereignty state above its air room. In practice, some time the foreign aeroplane thrust into other state air region without permit beforehand. Therefore enabled a state to do interception in the form of commemoration to the foreign plane to go out from regional room of its air. At certain level, even can be shot if remain to fight against. One side, this action is confessed as part of straightening of state sovereignty. But on the other side, usage of tight interception abusively can generate the fall of victim. Therefore, usage of rights of interception need clear arrangement and strong control.

Blockchain‐based data deduplication using novel content‐defined chunking algorithm in cloud environment

AbstractThe cloud environment is inherently dynamic as users are added immensely in a short duration. It is indeed difficult to manage such user profiles and associated data. Meanwhile, the cloud data expand at a twofold‐to‐threefold rate on average, making storage space management and data integrity maintenance a mandatory task but also risky. The main approaches for addressing these data maintenance challenges in a cloud context are deduplication and data protection. In order to manage storage space, finding and removing identical copies of the same data from the cloud are possible, resulting in a reduction in the amount of storage space needed. Furthermore, duplicate copies are considerably reduced in cloud storage owing to data deduplication. Here, a decentralized ledger public blockchain network is introduced to protect the Integrity of data stored in cloud storage. This research proposes data deduplication using speedy content‐defined Chunking (SpeedyCDC) algorithm in the public blockchain. Many people and businesses outsource sensitive data to remote cloud servers because it considerably eliminates the hassle of managing software and infrastructure. However, the ownership and control rights of users data are nonetheless divided because it is outsourced to cloud storage providers (CSPs) and kept on a distant cloud. As a result, users have a great deal of difficulty in verifying the Integrity of sensitive data. Analysis using datasets from Geospatial Information Systems (GIS) revealed that the throughput increased by 5%–6% over that of the fastCDC technique, which offered Integrity since a blockchain network secured it.

Competing investor response to direct and indirect expropriation: evidence from the extractive sector

Some research shows that foreign investors generally respond negatively to expropriation by host governments, and other research reveals that investors cope with expropriation. Why are there varied responses to expropriation? The nature of the obsolescing bargain—expropriation—is under-explored and measured unclearly in the political risk literature. I argue that investors respond more negatively to direct than indirect expropriation because the former is a more perceptible policy with clearer consequences for investors’ control rights, which sets up expectations for comparatively worse predatory behavior by the government in the future. Additionally, investors could have a better chance to recover and profit from all of their investments after indirect expropriation compared to direct expropriation, therefore, investors would react more negatively to the latter. I conduct first-pass testing of this prediction using an original survey experiment focusing on the oil industry and using mass public subjects. Results show that the direct expropriation treatment group was less likely to want to reinvest, and the likelihood of wanting to exit to an outside option was higher for subjects who faced direct expropriation. I supplement the experimental findings with a quantitative analysis that is inconclusive and qualitative interviews of practitioners from the oil industry that support the experimental findings.

A participatory approach to designing and implementing an occupational health intervention for the nail salon community in the Greater Philadelphia region.

The nail salon industry in the US comprises mostly immigrant-owned, small mom-and-pop salons that employ primarily first-generation immigrant workers from Asia. Because of the cultural and language barriers, both owners and workers may not avail themselves of the occupational safety resources. We formed an academic-community partnership to co-design a feasibility study and multi-level occupational health intervention for Vietnamese-speaking salon owners, workers, and community-based organization. The intervention for each salon included (i) 2-h in-person training covering chemical safety, infection control, musculoskeletal prevention, and workers' rights for both the owners and their employees, (ii) a tailored recommendation report for the owner, and (iii) check-ins with the owner during the 3-month follow-up. Community partner was trained to deliver the in-language training with technical assistance from the research team. Baseline and post-intervention individual data about health symptoms and behaviors, as well as personal chemical exposures were collected and analyzed. A total of 44 participants from 12 consented salons enrolled in the study. One salon dropped out at follow-up due to change of ownership. Analysis of the differences between post-and pre-intervention showed a tendency toward reduction in some self-reported symptoms in the respiratory system, skin, and eyes, neurotoxicity score, as well as chemical exposures. We could not rule out seasonality as an explanation for these trends. Increase in self-efficacy in some areas was observed post-intervention. Our study demonstrated a successful academic-community partnership to engage community members in the intervention study. While the intervention effects from this feasibility study should be interpreted with caution, our preliminary results indicated that our community-based intervention is a promising approach to reduce work-related exposures among Asian American nail salon workers.

Factors affecting patient and public perceptions of the adoption of electronic health record sharing: A Hong Kong study

Background and ObjectivesThe disclosure of personal health information in electronic health records (eHR) highlights privacy and security concerns that are complicated by the digitization and interoperability of health records. Hong Kong’s Electronic Health Record Sharing System (eHRSS), introduced in March 2016, enables eHR sharing among public and private health services upon the consent of patients. Based on a September 2021 survey, this study examined the specific context of Hong Kong, patient and public perceptions on the security and privacy of eHR sharing, correlation of trust with personal privacy and security concerns, and how perceptions affect health care-related decisions. MethodsUsing a random sample of householders aged 45–70 years, the study conducted a questionnaire survey on respondents’ awareness, perceived benefits, and obstacles to participating in the eHRSS, and the impact of their perceptions on health care-related decisions. A focus group discussion with 13 participants further explored views on the security of Hong Kong’s eHRSS and their readiness to support the system. ResultsThe study analyzed data from 400 responses. The findings showed a low degree of awareness of the eHRSS. Privacy and security concerns were impeding factors in the sharing of information; half of the respondents reported being concerned over their personal health information being part of the eHRSS. The majority (86.9%) expressed conditional support for the sharing of information. Despite their concerns on security and privacy, 66.5% and 77.9%, respectively, would not withhold information nor postpone the seeking of medical care based on those concerns. Participants in the focus group expressed concerns regarding eHRSS registration, data leaks, information accuracy, and the potential prejudice that may result in discrimination and inequality in health care provision. ConclusionsSatisfaction with the health care services played a role in the trust reposed in the Hospital Authority and health care providers and institutions. Security and privacy were decisive factors in respodents’ refusal to seek care from physicians who had violated their privacy. Respondents expressed greater interest in sharing their information if measures were in place for anonymization and punishing data misuse. Ensuring rights of control toward information sharing would inspire greater confidence among patients.

Funding Contagion through Common Owners

Abstract Funding contagion is the impaired ability of a firm to raise external funds when negative shocks hit other firms under the same owner. We study this possibility with pairs of private firms in unrelated industries that share a large common shareholder. We find that a firm’s debt growth and financial leverage go down when the partner firm experiences negative shocks. Our results are consistent with creditors contracting the credit supply because of cash flow cross-pledging between related firms. Funding contagion increases when control rights are strong, and the credit market is less developed. (JEL G30, G32) Received: February 17, 2021; Editorial decision: July 18, 2023 by Editor: Andrew Ellul. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.

Internalisasi Nilai-Nilai Pancasila terhadap Pengaturan Hak Pengelolaan Atas Tanah

Management rights on Land (HPL) is right outside in Act. No. 5 of 1960 on Basic Regulation on Agrarian Principles (UUPA). Management rights on Land (HPL) are state control rights whose implementation authority is partly delegated to management rights on land (HPL) holders. UUPA does not regulate about Management Rights on Land (HPL) which causes problems both in the realm of regulation and practice which creates confusion, chaos and does not reflect justice as the value of the fifth principal of Pancasila. The writing of this law uses a normative-juridical method, using primary legal materials, and secondary legal materials. In practice, initially there was a tendency for Management right on Land (HPL) to only be intended for the "strong economy" or investors and negated the "weak economy" group such as customary law communities. Government Regulation No. 18 of 2021 on Right to Manage, Land Rights, Multi Story Housing Units and Land Registration which is the latest legal basis for management rights on land (HPL) emphasizes the basic principles of management rights on Land (HPL) which are expected to provide justice, especially for the "weak economy" group in the context of improving their standard of living and management rights on land (HPL) will not in fact become a source of agrarian conflicts in the future.

Contracting Costs, Covenant-Lite Lending, and Reputational Capital

Abstract Using a large sample of leveraged loans, we provide evidence that, despite having fewer creditor control rights, covenant-lite (Cov-Lite) loans have similar recovery rates and significantly lower spreads than loans with maintenance covenants. We find that the propensity to borrow Cov-Lite is related to various proxies for the reputational capital of a borrowing firm’s private equity sponsor. We construct a simple model to illustrate the relationship between reputational capital, covenants, and loan spreads in the leveraged loan market. Our model illustrates how reputational capital can substitute for covenants in mitigating agency costs of debt, leading to lower loan spreads for Cov-Lite loans.

Accounting conservatism and managerial information acquisition

We study the interaction between optimal financial reporting rules and managers' incentives to gather additional information about firm performance. Accounting-based covenants transfer control rights to lenders, allowing them to take corrective actions. After the accounting report is released, the manager can exert effort to uncover whether the report is a false alarm or unduly optimistic. The manager's incentive to gather information stems from optimal incentive contracts and private benefits of control that she loses when the project is liquidated. We derive conditions under which managerial information acquisition renders conservative reporting optimal for shareholders and show that these conditions relax when the manager derives greater private benefits from the project or the cost of information acquisition declines. Our model provides novel explanations for existing empirical findings and offers new predictions with respect to covenant waivers, debt contract renegotiations, and the frequency of corrective actions.