On average, firms’ going public severely underperform compared to the market, a phenomenon which is widely known in the literature as IPO underperformance. Though there is no generally accepted theory on the reasons, information asymmetries and the scarcity of information on the issuers is generally considered to contribute to the phenomenon. Accounting data provided by issuers in the offering prospectuses is mostly backward-looking information that is of limited use in forming expectations of future performance. This problem becomes even more pressing, given the increasing fraction of loss firms among IPOs. Net deferred tax assets (NDTA), however, are a balance sheet item that can be expected to include forward-looking information on future earnings. Reporting under IFRS, firms may recognize NDTA only to the extent, that positive income will be available in future periods. We, therefore, expect NDTA to be positively associated with the long-run performance of IPOs. Investigating a sample of firms going public in Germany between 2005 and 2015, we find that NDTA are positively associated with long-run stock price performance. The association is particularly strong among loss firms. Our findings are relevant especially to investors, who regularly have difficulties valuing loss firms. We show that firms which recognized NDTA perform much better in the aftermarket than those that do not have NDTA on the balance sheet. The most important lesson to be learned is that IPO firms that did not recognize NDTA will likely be very poor investments.
{"title":"Net deferred tax assets and the long-run performance of Initial Public Offerings","authors":"J. Kovermann, Patrick Velte","doi":"10.22495/COCV16I4ART10","DOIUrl":"https://doi.org/10.22495/COCV16I4ART10","url":null,"abstract":"On average, firms’ going public severely underperform compared to the market, a phenomenon which is widely known in the literature as IPO underperformance. Though there is no generally accepted theory on the reasons, information asymmetries and the scarcity of information on the issuers is generally considered to contribute to the phenomenon. Accounting data provided by issuers in the offering prospectuses is mostly backward-looking information that is of limited use in forming expectations of future performance. This problem becomes even more pressing, given the increasing fraction of loss firms among IPOs.\u0000Net deferred tax assets (NDTA), however, are a balance sheet item that can be expected to include forward-looking information on future earnings. Reporting under IFRS, firms may recognize NDTA only to the extent, that positive income will be available in future periods. We, therefore, expect NDTA to be positively associated with the long-run performance of IPOs. Investigating a sample of firms going public in Germany between 2005 and 2015, we find that NDTA are positively associated with long-run stock price performance. The association is particularly strong among loss firms.\u0000Our findings are relevant especially to investors, who regularly have difficulties valuing loss firms. We show that firms which recognized NDTA perform much better in the aftermarket than those that do not have NDTA on the balance sheet. The most important lesson to be learned is that IPO firms that did not recognize NDTA will likely be very poor investments.","PeriodicalId":438501,"journal":{"name":"Corporate Ownership and Control","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-08-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126589704","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
M. Romano, Marco Taliento, Christian Favino, A. Netti
This paper aims to examine the relationship between firm determinants and forward-looking risk disclosure in the Italian context. In particular, analysing a sample of non-financial Italian listed companies, we ran a regression model to investigate the influence of preminent firms’ characteristics (independent variable) on the forward-looking risk disclosure (dependent variable). Findings highlight that firm size and independent directors are positively related to forward-looking risk information; on the contrary, other firms’ features are not statistically relevant. The results obtained suggest that, in the examined context, large sized companies are inclined to disclose forward-looking estimation to reduce asymmetry information and to attract potential investors. Moreover, larger firms are more likely to disclose additional information because they can bear more easily the cost of future projections and extended disclosure than the smallest companies. This study adds empirical findings to the accounting literature and it could be helpful to regulators and policy makers, in order to enhance information quality and to increase transparency in the annual report as well.
{"title":"Firm characteristics and forward-looking risk disclosure: Evidence from the Italian context","authors":"M. Romano, Marco Taliento, Christian Favino, A. Netti","doi":"10.22495/COCV16I4ART5","DOIUrl":"https://doi.org/10.22495/COCV16I4ART5","url":null,"abstract":"This paper aims to examine the relationship between firm determinants and forward-looking risk disclosure in the Italian context. In particular, analysing a sample of non-financial Italian listed companies, we ran a regression model to investigate the influence of preminent firms’ characteristics (independent variable) on the forward-looking risk disclosure (dependent variable). Findings highlight that firm size and independent directors are positively related to forward-looking risk information; on the contrary, other firms’ features are not statistically relevant. The results obtained suggest that, in the examined context, large sized companies are inclined to disclose forward-looking estimation to reduce asymmetry information and to attract potential investors. Moreover, larger firms are more likely to disclose additional information because they can bear more easily the cost of future projections and extended disclosure than the smallest companies. This study adds empirical findings to the accounting literature and it could be helpful to regulators and policy makers, in order to enhance information quality and to increase transparency in the annual report as well.","PeriodicalId":438501,"journal":{"name":"Corporate Ownership and Control","volume":"36 1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126091871","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The purpose of this research is to investigate earnings management purposes in the banking industry via loan loss provisions using a sample of 156 banks from 19 European countries under the Single Supervisory Mechanism (SSM) over the period 2006-2016. Using regression analysis, banks are tested for income smoothing, capital management, and signaling purposes. This study contributes to the literature exploring the relationship between accounting quality and earnings management objectives by analyzing which one of the latter is the more important determinant. The hypotheses of income smoothing and signaling are strongly approved since loan loss provisions consist as a tool for smoothing the amount of net profit and to convey private information to the market; on the contrary, the capital management purpose is not supported. Additionally, the analysis finds that non-discretionary components of loan loss provisions (essentially non-performing loans) have played an important role, especially during the financial crisis. Furthermore, the research is aimed at investigating the peculiar regulatory and supervisory environment in the banking industry on the basis of a set of indexes included in the “Bank Regulation and Supervision Survey”, carried out by the World Bank. Unlike previous literature, this study takes into account the latest release of the survey, emphasizes the role of an on-site inspection as the main supervisory tool and extends the analysis of the interaction between bank regulation and supervision and earnings management. The results demonstrate that such controls can influence the behaviour of bank managers in terms of income smoothing and signaling practices. Therefore they can be considered as effective instruments for reducing banks’ management accounting discretion, making financial statements more reliable.
{"title":"Does banking oversight make financial statements more reliable? An analysis through countries which are part of the Single Supervisory Mechanism (SSM)","authors":"Giacomo Ceccobelli, A. Giosi","doi":"10.22495/COCV16I3ART4","DOIUrl":"https://doi.org/10.22495/COCV16I3ART4","url":null,"abstract":"The purpose of this research is to investigate earnings management purposes in the banking industry via loan loss provisions using a sample of 156 banks from 19 European countries under the Single Supervisory Mechanism (SSM) over the period 2006-2016. Using regression analysis, banks are tested for income smoothing, capital management, and signaling purposes.\u0000This study contributes to the literature exploring the relationship between accounting quality and earnings management objectives by analyzing which one of the latter is the more important determinant. The hypotheses of income smoothing and signaling are strongly approved since loan loss provisions consist as a tool for smoothing the amount of net profit and to convey private information to the market; on the contrary, the capital management purpose is not supported. Additionally, the analysis finds that non-discretionary components of loan loss provisions (essentially non-performing loans) have played an important role, especially during the financial crisis.\u0000Furthermore, the research is aimed at investigating the peculiar regulatory and supervisory environment in the banking industry on the basis of a set of indexes included in the “Bank Regulation and Supervision Survey”, carried out by the World Bank.\u0000Unlike previous literature, this study takes into account the latest release of the survey, emphasizes the role of an on-site inspection as the main supervisory tool and extends the analysis of the interaction between bank regulation and supervision and earnings management. The results demonstrate that such controls can influence the behaviour of bank managers in terms of income smoothing and signaling practices. Therefore they can be considered as effective instruments for reducing banks’ management accounting discretion, making financial statements more reliable.","PeriodicalId":438501,"journal":{"name":"Corporate Ownership and Control","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-04-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129928483","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This research is aimed to explore the determinants of corporate governance disclosures with emphasis on board structure and external audit. Theoretical and empirical literature shows conflicting evidence on how aspects of corporate governance are related to disclosures. This study carried out an extensive synthesis of the existing literature, taking into account the aims of analysis and the underlying situation of past studies, to come up with tentative answers to the research questions before the analysis. The paper adopts a balanced analysis in which disclosures are assumed to be as a result of both board and non-board factors but still within the corporate governance realm. In order to achieve the overall aim, the study sample was drawn from the existing list of UK’s Top 100 FTSE non-regulated firms. A combination of quantitative statistical and business analytics methods was used to carry out the analysis. Using the Corporate Governance Disclosure Quality (CGDQ) index as the dependent variable and selected board and non-board factors as independent variables, pooled OLS regressions were run. The diagnostic tests were carried out to establish the relative contribution of each independent variable to the model. It was established that the age of board members, the proportion of female directors, the frequency of audit committee meetings, external audit expense, firm growth opportunities, and firm size were important determinants of CGDQ. It was suggested that future studies should investigate whether board structure is still an important determinant of corporate disclosures in the age of advanced information technology.
{"title":"Corporate governance mechanisms and disclosure quality: Evidence from UK top 100 public companies","authors":"S. Alagla","doi":"10.22495/COCV16I2ART10","DOIUrl":"https://doi.org/10.22495/COCV16I2ART10","url":null,"abstract":"This research is aimed to explore the determinants of corporate governance disclosures with emphasis on board structure and external audit. Theoretical and empirical literature shows conflicting evidence on how aspects of corporate governance are related to disclosures. This study carried out an extensive synthesis of the existing literature, taking into account the aims of analysis and the underlying situation of past studies, to come up with tentative answers to the research questions before the analysis. The paper adopts a balanced analysis in which disclosures are assumed to be as a result of both board and non-board factors but still within the corporate governance realm. In order to achieve the overall aim, the study sample was drawn from the existing list of UK’s Top 100 FTSE non-regulated firms.\u0000A combination of quantitative statistical and business analytics methods was used to carry out the analysis. Using the Corporate Governance Disclosure Quality (CGDQ) index as the dependent variable and selected board and non-board factors as independent variables, pooled OLS regressions were run. The diagnostic tests were carried out to establish the relative contribution of each independent variable to the model. It was established that the age of board members, the proportion of female directors, the frequency of audit committee meetings, external audit expense, firm growth opportunities, and firm size were important determinants of CGDQ. It was suggested that future studies should investigate whether board structure is still an important determinant of corporate disclosures in the age of advanced information technology.","PeriodicalId":438501,"journal":{"name":"Corporate Ownership and Control","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-03-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122339153","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Evangelos Chytis, Stergios Tasios, Ioannis Georgopoulos, Zois Hortis
The purpose of this paper is to research a possible relationship between corporate tax avoidance with corporate governance characteristics such as board independence, the type of auditing company and the concentration of ownership, and a range of selected financial indicators such as return on capital employed, liquidity, leverage, and company size. For this reason, the analysis was based on quantitative and qualitative data derived from the annual financial reports from a sample of 56 companies listed on the Athens Stock Exchange covering the period 2011 to 2015. As a measure of tax avoidance, the cash effective tax rate was used, while a linear regression model using the random effect method was estimated in order to examine the factors that affect it. The results of the study show that the cash effective tax rate has a statistically significant positive relationship with company size and a significant negative relationship with return on capital employed. All in all, the research shows that Greek large-sized companies show less tax avoidance, whereas in companies with a high return on capital employed the extent of tax avoidance is higher. There was no statistically significant impact of corporate governance variables on tax avoidance.
{"title":"The relationship between tax avoidance, company characteristics and corporate governance: Evidence from Greece","authors":"Evangelos Chytis, Stergios Tasios, Ioannis Georgopoulos, Zois Hortis","doi":"10.22495/COCV16I4ART7","DOIUrl":"https://doi.org/10.22495/COCV16I4ART7","url":null,"abstract":"The purpose of this paper is to research a possible relationship between corporate tax avoidance with corporate governance characteristics such as board independence, the type of auditing company and the concentration of ownership, and a range of selected financial indicators such as return on capital employed, liquidity, leverage, and company size. For this reason, the analysis was based on quantitative and qualitative data derived from the annual financial reports from a sample of 56 companies listed on the Athens Stock Exchange covering the period 2011 to 2015. As a measure of tax avoidance, the cash effective tax rate was used, while a linear regression model using the random effect method was estimated in order to examine the factors that affect it. The results of the study show that the cash effective tax rate has a statistically significant positive relationship with company size and a significant negative relationship with return on capital employed. All in all, the research shows that Greek large-sized companies show less tax avoidance, whereas in companies with a high return on capital employed the extent of tax avoidance is higher. There was no statistically significant impact of corporate governance variables on tax avoidance.","PeriodicalId":438501,"journal":{"name":"Corporate Ownership and Control","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-01-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130271505","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Matter of interest is the financing policies adopted by Italian SMEs to sustain their business cycles and competitive strategies; more specifically, the paper attempts to verify the role played by the “mini-bond”, a financing instrument introduced in 2012 by the Italian government. So, this paper can be framed in the part of the wide financial literature that examines the financing decisions of SMEs. In this field, it provides a contribution in this field by analyzing the impacts on the financing policy and choices, generated by the introduction of new and alternative financial instruments. Therefore, focusing on the Italian context, the research analyses whether the mini-bonds have actually triggered variations in capital structure, solvency and profitability of Italian SMEs that have issued mini-bond. After having considered trends and statistics about the mini-bond market, the paper examines the effects of financial policies adopted by Italian companies that tapped the bond market in the last 7 years. The analysis is based on a dataset extracted from database AIDA; this dataset includes accounting data and financial ratios taken from financial statements of Italian SMEs that issued mini-bond between 2012-2016. The research covers a sample of 246 Italian companies and focuses on their accounting ratios related to financial leverage, solvency, and profitability. Considering the variation between the years before and after the issues for each of 12 considered ratios, we measured average, median and standard deviation of variations to analyze the financial behaviour of SMEs in the sample. This research framework is slightly different from previous researches because, to correctly interpret the average variations, we carried out a preliminary significance check using the Student distribution, and we observed the coherence between average and median, also considering if positive variations were less or more than negative ones. The main results we obtain are that mini-bonds have: an impact on the issuer’s capital structure, with clear impacts on the level and maturity of indebtness; a positive influence on the short-term solvency level of the issuers.
{"title":"Financial policy of Italian SMEs: The impact of mini-bond","authors":"Maria Serena Angelini, A. Gennaro, R. Giovannini","doi":"10.22495/COCV16I3ART10","DOIUrl":"https://doi.org/10.22495/COCV16I3ART10","url":null,"abstract":"Matter of interest is the financing policies adopted by Italian SMEs to sustain their business cycles and competitive strategies; more specifically, the paper attempts to verify the role played by the “mini-bond”, a financing instrument introduced in 2012 by the Italian government. So, this paper can be framed in the part of the wide financial literature that examines the financing decisions of SMEs. In this field, it provides a contribution in this field by analyzing the impacts on the financing policy and choices, generated by the introduction of new and alternative financial instruments. Therefore, focusing on the Italian context, the research analyses whether the mini-bonds have actually triggered variations in capital structure, solvency and profitability of Italian SMEs that have issued mini-bond. After having considered trends and statistics about the mini-bond market, the paper examines the effects of financial policies adopted by Italian companies that tapped the bond market in the last 7 years. The analysis is based on a dataset extracted from database AIDA; this dataset includes accounting data and financial ratios taken from financial statements of Italian SMEs that issued mini-bond between 2012-2016. The research covers a sample of 246 Italian companies and focuses on their accounting ratios related to financial leverage, solvency, and profitability. Considering the variation between the years before and after the issues for each of 12 considered ratios, we measured average, median and standard deviation of variations to analyze the financial behaviour of SMEs in the sample. This research framework is slightly different from previous researches because, to correctly interpret the average variations, we carried out a preliminary significance check using the Student distribution, and we observed the coherence between average and median, also considering if positive variations were less or more than negative ones. The main results we obtain are that mini-bonds have: an impact on the issuer’s capital structure, with clear impacts on the level and maturity of indebtness; a positive influence on the short-term solvency level of the issuers.","PeriodicalId":438501,"journal":{"name":"Corporate Ownership and Control","volume":"126 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124637098","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The purpose of this paper is to integrate quality management system, corporate social responsibility guidelines, United Nations Sustainable Development Goals, blockchain related documents and qualitative interview results from Hong Kong and Slovakia to design a set of social inclusive quality indicators within the context of the higher education sector. Three levels for social inclusive quality indicators in relation to blockchain content distribution technology in HE have been identified: governance with transparency, trust building with the sustainable community in needs fulfilment; industry innovations with risk and security audit mechanism. The contribution of this paper is to raise awareness of educators, industry practitioners and policy makers about the importance of social inclusion in blockchain technology. This study fills the gap through integrating system thinking, humanistic thinking and proactive thinking in the higher education context.
{"title":"Corporate social responsibility and quality management system in the context of blockchain technology","authors":"S. Yeung","doi":"10.22495/COCV15I4C1P10","DOIUrl":"https://doi.org/10.22495/COCV15I4C1P10","url":null,"abstract":"The purpose of this paper is to integrate quality management system, corporate social responsibility guidelines, United Nations Sustainable Development Goals, blockchain related documents and qualitative interview results from Hong Kong and Slovakia to design a set of social inclusive quality indicators within the context of the higher education sector. Three levels for social inclusive quality indicators in relation to blockchain content distribution technology in HE have been identified: governance with transparency, trust building with the sustainable community in needs fulfilment; industry innovations with risk and security audit mechanism. The contribution of this paper is to raise awareness of educators, industry practitioners and policy makers about the importance of social inclusion in blockchain technology. This study fills the gap through integrating system thinking, humanistic thinking and proactive thinking in the higher education context.","PeriodicalId":438501,"journal":{"name":"Corporate Ownership and Control","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121404537","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The literature has highlighted the increased pressure on the auditing profession to achieve global harmony in auditing practice (i.e. Humphrey et al., 2009; Michas, 2011; Holm & Zaman, 2012), thereby requiring auditing regulators and standards-setters to revise and improve auditing standards in their own local contexts. This study seeks to determine the contemporary conduct and determinants of local auditing practice and offers an analysis of how Libyan audit stakeholders perceive the prospect of adopting harmonised auditing standards or developing such a set of standards for local use. A survey was completed by 196 respondents, representing five stakeholder groups in the Libyan auditing arena. Statistical analysis, via the SPSS, was performed. The outcomes are deemed to be generalizable given the size of the sample. This study has found that the Libyan Accounting and Auditing practice have varied according to variable concerning the personnel involved. And that the result is an overall poor quality of audit work in the country. This needs to be raised, and the harmonisation of audit standards is one way to achieve not only this but a greater degree of credibility in the country’s financial reporting. The study contributes to the body of literature in respect of the Libyan accountancy environment by specifically exploring the perception of stakeholders towards the adoption of harmonised audit standards. By implication, it makes a contribution to the wider body of knowledge about auditing in the Arab countries, where similar cultural conventions and attitudes exist.
{"title":"The Harmonising of Auditing Standards in Emerging Economies from The Stakeholders’ Perspectives","authors":"Ahmed Eltweri, Nedal Sawan, Abdulaziz R. Tahar","doi":"10.22495/COCV15I4C1P7","DOIUrl":"https://doi.org/10.22495/COCV15I4C1P7","url":null,"abstract":"The literature has highlighted the increased pressure on the auditing profession to achieve global harmony in auditing practice (i.e. Humphrey et al., 2009; Michas, 2011; Holm & Zaman, 2012), thereby requiring auditing regulators and standards-setters to revise and improve auditing standards in their own local contexts. This study seeks to determine the contemporary conduct and determinants of local auditing practice and offers an analysis of how Libyan audit stakeholders perceive the prospect of adopting harmonised auditing standards or developing such a set of standards for local use. A survey was completed by 196 respondents, representing five stakeholder groups in the Libyan auditing arena. Statistical analysis, via the SPSS, was performed. The outcomes are deemed to be generalizable given the size of the sample. This study has found that the Libyan Accounting and Auditing practice have varied according to variable concerning the personnel involved. And that the result is an overall poor quality of audit work in the country. This needs to be raised, and the harmonisation of audit standards is one way to achieve not only this but a greater degree of credibility in the country’s financial reporting. The study contributes to the body of literature in respect of the Libyan accountancy environment by specifically exploring the perception of stakeholders towards the adoption of harmonised audit standards. By implication, it makes a contribution to the wider body of knowledge about auditing in the Arab countries, where similar cultural conventions and attitudes exist.","PeriodicalId":438501,"journal":{"name":"Corporate Ownership and Control","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121733901","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"MARKET POWER AND PERFORMANCE: AN ISLAMIC BANKING PERSPECTIVE","authors":"B. Awwad","doi":"10.22495/COCV15I3C1P2","DOIUrl":"https://doi.org/10.22495/COCV15I3C1P2","url":null,"abstract":"","PeriodicalId":438501,"journal":{"name":"Corporate Ownership and Control","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114139473","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study analyses the relationship between the state’s political ideologies and the implementation of cost management strategies during the re-privatisation of a public sector organisation. Drawing on the Dillard et al.’s (2004) conceptual framework, we conducted a case study in a public sector organisation operating in the electricity market of Egypt. Data was gathered through document analysis, interviews, meetings observations and continuous interactions with key informants from 2013 to 2014. The findings show that the implementation of cost management strategies had a political basis, grounded in the state’s reformative ideologies concerning re-privatisation of the public sector organisation. The re-privatisation failed because the state failed to convince a potential international investor. A theoretical contribution is to show the relevance of cost management strategies when used as a political tool to achieve a business goal, such as improving a public sector organisation’s performance management in a developing country. This is the first empirical case study to analyse management accounting change based on the state’s political ideologies in the Maghreb region of Africa. The key difference between this global trend elsewhere and in the Egyptian State, as in some other Islamic countries, is that Egypt was both nationalistic and militarised.
{"title":"Political and Business Leaderships in Managing Public Service Organisation","authors":"L. Alsaid, J. Mutiganda","doi":"10.22495/COCV15I4ART2","DOIUrl":"https://doi.org/10.22495/COCV15I4ART2","url":null,"abstract":"This study analyses the relationship between the state’s political ideologies and the implementation of cost management strategies during the re-privatisation of a public sector organisation. Drawing on the Dillard et al.’s (2004) conceptual framework, we conducted a case study in a public sector organisation operating in the electricity market of Egypt. Data was gathered through document analysis, interviews, meetings observations and continuous interactions with key informants from 2013 to 2014. The findings show that the implementation of cost management strategies had a political basis, grounded in the state’s reformative ideologies concerning re-privatisation of the public sector organisation. The re-privatisation failed because the state failed to convince a potential international investor. A theoretical contribution is to show the relevance of cost management strategies when used as a political tool to achieve a business goal, such as improving a public sector organisation’s performance management in a developing country. This is the first empirical case study to analyse management accounting change based on the state’s political ideologies in the Maghreb region of Africa. The key difference between this global trend elsewhere and in the Egyptian State, as in some other Islamic countries, is that Egypt was both nationalistic and militarised.","PeriodicalId":438501,"journal":{"name":"Corporate Ownership and Control","volume":"24 11","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133205183","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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