The Association between Board Composition and Different Types of Voluntary Disclosure

Abstract

This study examines the association between board composition and voluntary disclosure in annual reports. In particular, it addresses the incentives within the agency theory framework for both inside and independent directors to disclosure additional information voluntarily. Further, it provides evidence on the relation between the overall total voluntary disclosure and the components of voluntary disclosure, such as forward looking, strategic, non-financial and historical financial disclosures and board composition. Our sample is based on 181 Australian companies. We have developed and hand-collected 67 items from annual reports to develop the total voluntary disclosure index and the sub-indices of voluntary disclosure. Using two-stage multivariate analyses, our results provide some important insights. First, we find that there is a positive association between board composition and the voluntary disclosure of information in annual reports. Second, we also find that independent boards provide more voluntary disclosure of forward looking information and strategic information. However, board structure has no bearing on the voluntary disclosure of non-financial and historical financial information. Our findings are enhanced by different empirical specifications and sensitivity tests.     

Organizational socialization and career success of Asian managers

This study proposed a new framework to conceptualize organizational socialization. It examined two broad socialization strategies: perceived organizational support and developmental experience and their relationships with career success. Data were obtained from interviews with 374 line managers and human resource managers in four industrial sectors in five Asia countries/societies, namely, Singapore, Hong Kong, Taiwan, Japan and Thailand. There is partial support for the predicted relationships. The results from the present study add to our understanding of how organizational socialization affects career success. Implications for research and managerial practices, as well as future research directions, are provided.     

Accreditation of engineering programs: an evaluation of current practices in Malaysia

The curriculum for undergraduate engineering courses in Malaysia is becoming increasingly structured, following the global trend for quality assurance in engineering education, through accreditation schemes. Generally, the accreditation criteria call for the graduates from engineering programs to demonstrate a range of skills, from technical problem solving to soft skills and an aptitude for lifelong learning. In order to comply with these criteria, accreditation schemes are adopted as a quality assurance measure. This paper shall introduce the characteristics of the engineering accreditation scheme in Malaysia. The impact of the accreditation scheme on the quality of these engineering programs shall be evaluated. Data collection is in the form of benchmarking and questionnaires. The evaluation criteria shall be in terms of benefits to the institution, academic faculty, students, and the challenges encountered. A discussion on the evaluation shall include the supposed dichotomies which arise from this accreditation process, namely the compromise between research versus teaching; and the value of engineering knowledge whether as an academic pursuit or catering to industry’s needs. Ultimately, this paper shall address a fundamental question related to undergraduate teaching in engineering: whether accreditation is a necessary prerequisite in maintaining high standards in engineering programs in Malaysia.     

Ambulatory care registered nurse performance measurement

On March 1-2, 2010, a state-of-the-science invitational conference titled "Ambulatory Care Registered Nurse Performance Measurement" was held to focus on measuring quality at the RN provider level in ambulatory care. The conference was devoted to ambulatory care RN performance measurement and quality of health care. The specific emphasis was on formulating a research agenda and developing a strategy to study the testable components of the RN role related to care coordination and care transitions, improving patient outcomes, decreasing health care costs, and promoting sustainable system change. The objectives were achieved through presentations and discussion among expert inter-professional participants from nursing, public health, managed care, research, practice, and policy. Conference speakers identified priority areas for a unified practice, policy, and research agenda. Crucial elements of the strategic dialogue focused on issues and implications for nursing and inter-professional practice, quality, and pay-for-performance.     

Analysis of shopping preference and satisfaction with airport retailing products

This paper studies passengers' responses to retail products at Taiwan Taoyuan International Airport. Incorporating the passengers' demand factors, modified grey relational analysis is applied to establish the priority relations of product categories for shopping purposes and satisfaction. The results indicated that travelers valued the utility and souvenir characteristics of products. The youngest respondents tended to shop in souvenir and café stores. Satisfaction analysis showed higher rankings for brand-name, utility, and low-cost products, and low satisfaction levels on quality and price of café products.     

International portfolio selection and efficiency analysis

In the risk-return tradeoff, the traditional mean-variance analysis has been widely used for studies of international portfolio efficiency and diversification. Without prior knowledge about either the parametric structure of assets' return distributions or the form of investors' preference functions, the variance may no longer serve as a suitable risk proxy. This article examines international portfolio efficiency and diversification effects through mean-variance and various distribution-free (or less restrictive) risk-return measures. We show empirically that the mean-variance model is appropriate for large or well-diversified portfolios, but may provide biased results for single assets and less diversified portfolios. While stochastic dominance stands as theoretically the most appropriate method of international portfolio selection and efficiency analysis, the lack of optimal search algorithms reduces its practical usefulness. Very little gain is obtained by using the Gini-mean-difference risk measure as compared to the semivariance measure. The semivariance measure is a powerful and convenient discriminator of risky prospects, while stochastic dominance can serve as a benchmark to justify portfolio efficiency.     

Residential Mortgage Lending and Borrower Risk: The Relationship Between Mortgage Spreads and Individual Characteristics

The mortgage banking environment in Hong Kong is quite different from that in the United States. For example, the secondary mortgage market and mortgage insurance only started after 1997. Using a large data set on mortgages, we examine empirically how mortgage rates in this market vary with various individual borrower, property, and loan characteristics. We find that mortgage rates in Hong Kong do vary with individual characteristics, which suggests credit sorting according to both prepayment risk and default risk, as a higher mortgage rate is found to be related to either higher collateral (a lower loan-to-value ratio) or slower prepayment. The empirical results suggest that lenders in Hong Kong can observe the risk type of individual borrowers to a certain extent and charge a corresponding mortgage spread. Overall, the evidence is consistent with the sorting-by-observed-risk paradigm as in Berger and Udell (1990).     

Did Tax Reform Reduce Actual US Progressivity? Evidence from the Taxpayer Compliance Measurement Program

Micro data from audited tax returns are used to evaluatechanges in the actual progressitivity of U.S. federal incometaxes in 1979 and 1988, which is distinct from apparent progressivity.Statistical inference methods are applied to global measuresof both actual and apparent residual and liability progression.The analysis reveals an absence of change in the overall levelof actual residual progressivity, but statistically significantdeclines in actual liability progression. The results indicatethat in assessing overall tax progression it is important totake sampling errors into account and that measures of actualtax progressivity can deviate significantly from apparent progressivity.     

Trading mechanisms and trading preferences on a 24-hour futures market: A case study of the Floor/GLOBEX switch on MATIF

MATIF is the only major exchange offering a 24-hour non-interrupted trading cycle accommodating two distinct non-overlapping trading mechanisms. We find that trading volume on the floor is significantly higher than that on GLOBEX around the switch of trading mechanism. GLOBEX is mainly used by institutions to hedge their cash positions. The higher trading volume on the floor may be attributed to several factors: trade immediacy vs. transaction cost, liquidity trading by locals, inertia to trade under a new mechanism, and transparency vs. anonymity. In addition, the floor's open is unique with large interday return volatility.     

BOOK REVIEW

This research uses Camp Blaze, a firefighting camp for young women, to explore ways that the body and processes of embodiment are integral to learning about firefighting. We also address the role that the leisure space of the camp plays in simultaneously constraining and enabling young women's use and understanding of their bodies. Analysis of observational, interview, and photo data revealed that learning about firefighting involved several interconnected processes of embodiment. Results include how the processes of embodiment operated and the importance of learning and social context.