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  • 1
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd.
    Corporate governance 13 (2005), S. 0 
    ISSN: 1467-8683
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Political Science , Economics
    Notes: There are good reasons for national differences in corporate governance, differences in the distributional outcomes desired and differences in motivational resources; material sticks and carrots are not the only ways of keeping top managers efficient, honest and dynamic. Yet, too often discussions of corporate governance assume the Anglo-Saxon model to be normal and others “deviant”– a notion to be challenged, but nevertheless the dominant assumption among the “reformers” of corporate governance in Japan and Germany. Most of the reforms in those two countries over the past decade have purported to be about making top managers more honest and efficient. In fact their purport has more often been to change distributional outcomes, favouring shareholders at the expense of employees.
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  • 2
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd.
    Corporate governance 13 (2005), S. 0 
    ISSN: 1467-8683
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Political Science , Economics
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  • 3
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd.
    Corporate governance 13 (2005), S. 0 
    ISSN: 1467-8683
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Political Science , Economics
    Notes: We analyse the relationship between firm value, as measured by Tobin's q, and newly released indices of effective corporate governance for a sample of 263 Canadian firms. The results indicate that corporate governance does matter in Canada. However, not all elements of measured governance are important, and the effects of governance do differ by ownership category. For the entire sample of firms we find no evidence that a total governance index affects firm performance. This is mainly because we find no evidence that board independence, the most heavily-weighted sub-index, has any positive effect on firm performance. Indeed, for family-owned firms we find that the effect is negative. In general, sub-indices measuring effective compensation, disclosure and shareholder rights practices enhance performance and this is true for most ownership types. We also find no evidence that governance practices are endogenous.
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  • 4
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd.
    Corporate governance 13 (2005), S. 0 
    ISSN: 1467-8683
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Political Science , Economics
    Notes: Agency theorists have put forth a number of internal control mechanisms that can reduce agency problems. These different mechanisms are substitutive and thus it is thought that both the board of directors and large external shareholders can influence CEO compensation. Stewardship theory challenges the presumption of self-interest of agency theory, holding that managers view themselves as stewards of their organisation. The first objective of this paper is to study the influence of the control of the board of directors and large external shareholders on CEO compensation. The second objective is to utilise both stewardship and agency theory to analyse the relationship between control mechanisms and compensation, and to see which theory is more applicable. This paper uses the LISREL model to study the influence that the control of the board of directors and external large shareholders has upon CEO compensation, with data drawn from samples of listed manufacturing companies between the years 1997 and 1999 in Taiwan. The following conclusions are reached: (1) the paper supports the viewpoint of stewardship theory whereby the CEO acts as a steward of his/her company when he/she also holds the position of chairman of the company. (2) The findings show that CEO compensation will be high when the board's control is relatively ineffective. (3) The shareholdings of the board of directors can reinforce the degree of control from the board.
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  • 5
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd.
    Corporate governance 13 (2005), S. 0 
    ISSN: 1467-8683
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Political Science , Economics
    Notes: Books reviewed: Ferdinand A. Gul and Judy S. L. Tsui, eds, The Governance of East Asian Corporations: Post Asian Financial Crisis, New York: Palgrave Macmillan, 2004, ISBN 1403944105 
Reviewed by Professor Christina L. Ahmadjian 
Hitotsubashi University
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  • 6
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd.
    Corporate governance 13 (2005), S. 0 
    ISSN: 1467-8683
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Political Science , Economics
    Notes: This paper presents a new, holistic approach to corporate governance, adding simultaneous value to shareholders, customers, employees and society. This new approach to directing and controlling companies integrates components of corporate governance that have historically been treated in isolation of each other in research, teaching and practice.
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  • 7
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd.
    Corporate governance 13 (2005), S. 0 
    ISSN: 1467-8683
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Political Science , Economics
    Notes: Based on British legislation, the duties of directors are stated in the New Zealand Companies Act 1993. However, “good” governance is not defined within the Act. Considering the relative importance attached by boards to a variety of governance tasks, this paper evaluates directors’ perceptions of the current contribution of fellow board members to different aspects of governance practice. This evaluation is discussed in relation to the influence of board tasks and functions on actions that may be regarded as being in the interests of the company as defined by the Act. The evaluation illustrates the strategic orientation of the board, highlighting the extent to which individual directors and the board as a whole can actually influence key outcomes and, thereby, their governance contribution. The paper reports responses to findings based on a study involving 3000 directors and presents suggestions for enhancing board processes as well as possible changes in expectations that could be encapsulated in legislation.
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  • 8
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd.
    Corporate governance 13 (2005), S. 0 
    ISSN: 1467-8683
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Political Science , Economics
    Notes: After the emergence of the Cadbury Report in 1992, several countries in the EU, including Denmark, issued their own guidelines of corporate governance. However, whether such recommendations benefit shareholders is a controversial question. This article presents an empirical analysis of financial performance and the composition of semi-two-tier boards using a unique sample of Danish listed firms. It is shown that board size, proportion of insiders and positions held by board members in other firms do not significantly impact performance. Only the average age of the board has a significantly negative impact on performance. Thus, it is argued that board structure only plays crucial role when a firm is in financial trouble or faces a major threat – not under normal circumstances.
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  • 9
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd.
    Corporate governance 13 (2005), S. 0 
    ISSN: 1467-8683
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Political Science , Economics
    Notes: In recent years there has been some debate and uncertainty about the legality of private briefings of some market participants with the management of listed companies in the UK. The Myners (2001) and Higgs (2003) Reports have suggested an increasingly active role for institutional shareholders. However, the message from the Financial Services Authority in its role as the United Kingdom Listing Authority has been that private briefings may be unlawful. This article explores the meaning and scope of the legal rules on insider dealing and market abuse under the Financial Services and Markets Act 2000, the Criminal Justice Act 1993 and those parts of the Listing Rules that govern such briefings. The extent to which such rules apply to various types of meeting between corporate managers and other market participants, such as institutional investors, and the information provided in those meetings, will also be examined. The paper concludes that the mismatch between the apparent legal position and the policy objective of the Government of increasing institutional shareholders’ activism requires a resolution.
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  • 10
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd.
    Corporate governance 13 (2005), S. 0 
    ISSN: 1467-8683
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Political Science , Economics
    Notes: We analyse the corporate governance of professional football clubs operating in England's Premier and Football Leagues. Good corporate governance is essential if clubs are to be managed effectively and to survive in the difficult economic circumstances surrounding the football industry. The past couple of years have been especially testing, as Football League clubs have had to deal with the aftermath of the collapse of the ITV digital contract. Our analysis reveals that while there are some noticeable improvements in governance standards, many clubs would benefit from following best practice guidelines on information disclosure, the appointment of directors, board composition, induction and training of directors, risk management and consultation with stakeholders. Despite improvement in some areas over the past three years, standards of corporate governance in football clubs are significantly below those of listed companies as a whole and there is thus considerable need for improvement.Corporate governance in the UK is regulated by Company Law and by codes of corporate governance such as The Combined Code (CC) and The OECD Principles. Whereas compliance with company law is obligatory, compliance with best practice codes of corporate governance, such as the CC, is voluntary in the sense that companies listed on the London Stock Exchange must either comply with the code or else explain any instance of non-compliance in their Annual Report. The rationale for this self-regulatory process is that good corporate governance brings benefits to companies in terms of engendering the trust of investors and improving corporate performance. Firms will therefore find it in their own best interests to comply with the code unless there is a good reason not to do so which can be explained to shareholders in the company's statement of compliance. Since the CC was first introduced, the degree of compliance, as measured by the proportion of companies adopting best practice, has increased considerably, representing a welcome improvement in governance standards.In this paper we present results from our annual survey of FA Premier and Football League clubs, and our analysis of corporate governance statements published by listed clubs, to provide an assessment of the state of corporate governance of professional football clubs. On the basis of this analysis we make a number of recommendations for how the corporate governance of professional football clubs might be improved in the future.
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  • 11
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd.
    Corporate governance 13 (2005), S. 0 
    ISSN: 1467-8683
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Political Science , Economics
    Notes: In 2002, the German Corporate Governance Code was adopted. This paper examines the overall acceptance of the Code recommendations and identifies its critical standards that receive comparably less agreement among German listed companies. The study is based on the compliance declarations of 408 firms listed at the Frankfurt Stock Exchange. The findings indicate a significantly high level of Code conformity which can be expected to increase in the future. Comparative analyses reveal that company size is positively associated with the extent of Code compliance. Neuralgic norms concern the personal liability and compensation of the board members, the staffing of the boards, the structure of the supervisory board and accounting requirements.
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  • 12
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd.
    Corporate governance 13 (2005), S. 0 
    ISSN: 1467-8683
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Political Science , Economics
    Notes: This study aims at investigating the impact of the roles, structure and process of boards on performance of Turkish companies. Drawing on the data obtained from a sample of 386 mostly small and non-listed stock ownership companies, it was found that the separation of chairman and general manager positions has significant positive impact on firm performance. From the board roles of control, service and resource acquisition, firm performance was found to be positively related only to the level of adoption of resource acquisition role. It was also found that the effectiveness, information access and performance evaluation attributes of boards are positively and significantly associated with firm performance.
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  • 13
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd.
    Corporate governance 13 (2005), S. 0 
    ISSN: 1467-8683
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Political Science , Economics
    Notes: In this study we contribute to the literature by re-examining the effect of control and ownership of controlling shareholder on corporate valuation, and determining which particular mechanism for enhancing voting rights would achieve the negative entrenchment effect. We take Taiwan listed companies, where the ownership concentration structure is similar to that in East Asian countries, as our sample. We find the corporate value is higher when the largest shareholder owns more cash flow rights (ownership), supporting the positive incentive effect. The negative entrenchment effect becomes evident when the largest shareholder's cash flow rights are less than the median. Therefore, if the cash flow rights owned by the largest shareholder are greater than the median, the positive incentive effect will restrain the negative entrenchment effect. In family-controlled companies, the corporate value will conspicuously decrease if the largest shareholder enhances their voting rights through cross-shareholding, deeply participates in management or controls most board of directors.
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  • 14
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd.
    Corporate governance 13 (2005), S. 0 
    ISSN: 1467-8683
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Political Science , Economics
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  • 15
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd.
    Corporate governance 13 (2005), S. 0 
    ISSN: 1467-8683
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Political Science , Economics
    Notes: In this paper we analyse the evolution of the direct and ultimate ownership structure of a large sample of UK non-financial listed firms over the last decade. Our data show that while outsider ownership is relatively stable over time, managerial ownership shows a sharp decreasing trend and it is significantly lower in the presence of a large outside controller. Nonetheless, while average shareholding by executives confirms the decreasing trend, the opposite holds for non-executive directors. In addition, while average board size is rather constant in time, the proportion of non-executives is steadily increasing in time. As far as ultimate ownership is concerned, our data show that the existence of complex ownership structures in the UK is far from being negligible. We document that more than 10 per cent of the firms are owned via a complex structure and the degree of divergence between cash flow and control rights for these firms is around 11 per cent at the 10 per cent cut-off. Our data also suggest that the presence of complex structures is decreasing in time at any cut-off level. In addition, we report a decreasing trend over time of “widely held” firms. Finally, we show preliminary evidence of a negative impact of the divergence between cash flow and control rights on firm value.
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  • 16
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd.
    Corporate governance 13 (2005), S. 0 
    ISSN: 1467-8683
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Political Science , Economics
    Notes: This paper argues that the deeply rooted cause of poor corporate governance practices in China's state-owned banks is the discretion enjoyed by policy makers to re-optimise their policy choices when they deem necessary and the consequent moral hazard leading to opportunistic behaviours of bank managers. By examining the case of Bank of China Hong Kong (BoCHK), the paper suggests that international listing can provide an effective mechanism to mitigate the consequence of discretionary policies and managerial opportunism at home because the company is now disciplined and regulated by a more developed capital market outside the home jurisdiction. It shows that BoCHK's IPO preparation and first two years of listing on Hong Kong Stock Exchange (HKSE) have induced in-depth corporate restructuring and noticeable improvement in governance practices.
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  • 17
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd.
    Corporate governance 13 (2005), S. 0 
    ISSN: 1467-8683
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Political Science , Economics
    Notes: In recent years, the debate about the efficiency of corporate governance mechanisms has focused on the activity of the corporate boards of directors. This paper analyses the effect of the size of the board, its composition and internal functioning on firm value in a sample of 450 non-financial companies from ten countries in Western Europe and North America. The econometric method combines uniequational regression analysis with simultaneous equations in order to control for the possibility of board size and composition endogeneity. The results show a negative relationship between firm value and the size of the board of directors. This relation holds when we control for alternative definitions of firm size and for board composition, the board's internal functioning, country effect and industry effect. We find no significant relationship between the composition of the board and the value of the firm. These results are consistent with previous relevant papers and show that companies with oversized boards of directors have poorer performance both in countries where internal mechanisms of governance dominate and in countries where external mechanisms are predominant.
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  • 18
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd.
    Corporate governance 13 (2005), S. 0 
    ISSN: 1467-8683
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Political Science , Economics
    Notes: Books reviewed: J.A. McCahery, T. Raaijmakers and E.P.M. Vermeulen, The Governance of Close Corporations and Partnerships, Oxford: Oxford University Press, 2004, ISBN 0 19 926435 X 
Reviewed by Dr Stephen Copp 
Bournemouth Law School Laixiang Sun, ed., Ownership and Governance of Enterprises. Recent Innovative Developments, New York: Palgrave Macmillan, 2003, ISBN 1-4039-1633-0 
Reviewed by Dr Silvia Gómez 
University of Oviedo, Spain Claire Marston, A Survey of European Investor Relations, Edinburgh: The Institute of Chartered Accountants of Scotland, 2004, ISBN 1 904574 08 4 
Reviewed by John Holland 
Glasgow University
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  • 19
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd.
    Corporate governance 13 (2005), S. 0 
    ISSN: 1467-8683
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Political Science , Economics
    Notes: In the context of agency theory (Jensen and Meckling, 1976. Journal of Financial Economics, 3, 305–360), how insider stock ownership relates to firm performance is explored in this paper. The relevant performance measure used is total factor productivity. Insiders are classified into executives, board members and blockholders so as to facilitate a detailed study. Five-year (1996–2000) panel data of 333 Taiwanese listed electronics firms are examined. It is observed that total insider ownership remains steady while the executive-to-insider holding ratio increases significantly. In terms of the effect on total factor productivity, neither the total insider ownership nor the board-to-insider holding ratio shows any influence on productivity. However, productivity first decreases then increases with the executive-to-insider holding ratio, forming a U-shaped relationship. The results indicate that stock ownership of top officers in high-tech firms should be encouraged to enhance productivity.
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  • 20
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd.
    Corporate governance 13 (2005), S. 0 
    ISSN: 1467-8683
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Political Science , Economics
    Notes: In Australia, as in many Western industrialised countries, women accessing corporate board positions are still the exception to the rule. This paper reports research exploring men's and women's views on the factors crucial in attaining a board position. While both groups identified the importance of a strong track record, a good understanding of business principles and business contacts in gaining board positions, we found that women also highlighted the importance of high visibility and family contacts to account for their nomination to boards. It seems that women's competence has to be widely acknowledged in the public domain or through family connections before boards, or their nominating committees, will be prepared to “risk” having a woman on the board.
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  • 21
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd.
    Corporate governance 13 (2005), S. 0 
    ISSN: 1467-8683
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Political Science , Economics
    Notes: Empirical literature on corporate governance often assumes independence among different control mechanisms. However, different studies in the Anglo-Saxon context find that control mechanisms are interrelated. The Spanish corporate governance system, unlike the Anglo-Saxon one, is characterised by the dominance of internal controls, mainly the stock ownership concentration and the board of directors. In this internal control context, we specifically analyse the possible substitution of the supervisory potential of the board outsiders by the incentive effects derived from managerial stock ownership and the supervisory role of large shareholders. Our main results show a negative relationship between the proportion of outside directors and managerial and large blockholders’ ownership stake. These findings support the substitution among internal controls and suggest that Spanish firms form an efficient conglomerate of managerial controls, in which deficiencies in a single mechanism can be compensated by the action of an alternative one.
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  • 22
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd.
    Corporate governance 13 (2005), S. 0 
    ISSN: 1467-8683
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Political Science , Economics
    Notes: The catastrophe caused by the failure of Enron could not compare with the damage this company would have caused if it had succeeded. The relentless emphasis on the importance of shareholder value in recent times has created the conditions for the disconnection of corporations such as Enron from their essential moral underpinnings, encouraging them to concentrate exclusively on financial performance, and to neglect not just the wider stakeholder interests of customers and employees, but the essential interests of the economies and communities in which they operate. The problem with established economic theories of corporate governance is that they misconceive the irreducible core of corporate governance, at the same time as underestimating the complexity of the phenomenon.
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  • 23
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd.
    Corporate governance 13 (2005), S. 0 
    ISSN: 1467-8683
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Political Science , Economics
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  • 24
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    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd.
    Corporate governance 13 (2005), S. 0 
    ISSN: 1467-8683
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Political Science , Economics
    Notes: The paper discusses to what extent Parmalat's failure can be considered a particularly Italian case. The main characteristics of Parmalat's corporate governance structure are compared and contrasted with those prevailing among Italian listed companies as well as with the highest corporate governance standards in Italy. Empirical evidence seems to confirm the lack of a monitoring structure in making corporate insiders accountable in the presence of a corporate governance system characterised by a controlling shareholder. The role of the ownership and control structure (with special regard to the controlling shareholder's role) and of the board of statutory auditors have Italian traits and might suggest that the Parmalat case is a particularly Italian scandal. However, Italian corporate governance standards were not completely at fault in the Parmalat case. Parmalat's corporate governance structure failed to comply with some of the key existing Italian corporate governance standards of best practice, such as the presence of independent directors and the composition of the internal control committee. Besides, the role of the external auditor as well as the internal control committee as non-effective monitors seem to put Parmalat into the global argument case, not very different, mutatis mutandis, from other corporate scandals.
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  • 25
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    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd.
    Corporate governance 13 (2005), S. 0 
    ISSN: 1467-8683
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Political Science , Economics
    Notes: Post 1992 Cadbury Committee report developments in UK corporate governance provisions are reviewed. The role of institutional investors, and the financial sector as a whole, in corporate governance is considered. Practices in “Continental Europe”, the UK and the US are contrasted, along with the roles of banks, strategic investors (“insiders”), institutional investors (“outsiders”) and capital markets. To be effective, capital markets must be efficient and competitive and auditing must be reliable. Current EU and US reform proposals are compared and prospects for convergence in corporate governance procedures assessed.
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  • 26
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    Oxford, UK : Blackwell Publishing Ltd.
    Corporate governance 13 (2005), S. 0 
    ISSN: 1467-8683
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Political Science , Economics
    Notes: Books reviewed:Pat Sucher and Katarzyna Kosmala MacLullich, A Comparative Analysis of Auditor Independence in Economies in Transition, ICAS Research Report, Edinburgh: The Institute of Chartered Accountants of Scotland, 2004, ISBN 1 904574 07 6 
Reviewed by Professor David Citron 
Cass Business SchoolMartin Hilb, New Corporate Governance: Successful Board Management Tools, Berlin: Springer, 2005, ISBN 3-540-21399-6 
Reviewed by Bob Garratt 
Board Performance Ltd, London 
Visiting Professor, Cass Business SchoolHoward Gospel and Andrew Pendleton, Corporate Governance and Labour Management: an international comparison, Oxford: Oxford University Press, 2005, ISBN 0199263671 
Reviewed by Charles B. Shrader 
Iowa State UniversityThomas Clarke, Theories of Corporate Governance – the philosophical foundations of corporate governance, New York: Routledge, 2004, ISBN 0-415-32308-8 (hb), 0-415-32307-X (pb) 
Reviewed by Dr Bob TrickerRichard Calland and Guy Dehn, eds, Whistleblowing Around the World. Law, Culture and Practice, London: ODAC/PCaW 2004, ISBN 1919798560 
Reviewed by Gerald Vinten 
Paris Graduate Management SchoolAnna Grandori, ed, Corporate Governance and Firm Organization: Microfoundations and Firm Organization, Oxford: Oxford University Press, 2004, ISBN 0-19-926976-9 
Reviewed by Dr Andy Zelleke 
The Wharton School, University of Pennsylvania
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  • 27
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    Corporate governance 13 (2005), S. 0 
    ISSN: 1467-8683
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Political Science , Economics
    Notes: Corporate Governance has become a widely discussed topic in Japan among academics and practitioners. But companies, protected under a tight system of cross-shareholding, seem slow to adopt new models accepted outside Japan. This article discusses the changes in the composition of shareholding, which together with legal changes are leading to greater awareness among Japanese companies of corporate governance as well as greater shareholder activism.
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    Corporate governance 13 (2005), S. 0 
    ISSN: 1467-8683
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Political Science , Economics
    Notes: A small but significant stream of research has emerged on how changes in corporate governance impact labour management, particularly in countries with stakeholder-oriented corporate governance. This paper briefly reviews existing empirical and theoretical literature on the links between corporate governance and labour management. Then it compares recent trends in Germany and Japan in terms of how changes in corporate governance affect the distribution of value-added, employment adjustment, pay systems and employee participation. Germany and Japan have proven able to adapt and modify their stakeholder model of employment and employee participation to changing circumstances. However, the size of the core model is getting smaller.
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  • 29
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    Corporate governance 13 (2005), S. 0 
    ISSN: 1467-8683
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Political Science , Economics
    Notes: In this exploratory comparative study of Toyota/GM and Canon/Xerox, the author purports to explain why the 10-year performance of Toyota and Canon, despite their traditional Japanese primacy on job security, large board size and absence of non-executive directors, is superior to that of their US rivals. The author compares the key stakeholder and the board structure as well as corporate values, culture and strategy of the sample firms and concludes that higher performance is possible without resorting to US-style corporate governance, and proposes that corporate values, culture and strategy are equally vital ingredients of corporate success.
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    Oxford, UK : Blackwell Publishing Ltd.
    Corporate governance 13 (2005), S. 0 
    ISSN: 1467-8683
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Political Science , Economics
    Notes: A continuing obstacle to the success of most corporate governance initiatives is the unwillingness of the majority of institutional portfolio managers to co-operate with governance activists even to the extent of merely voting in cases where clear benefits would flow to all shareholders from a positive result. Portfolio managers have given many excuses for their lack of participation in such efforts, but upon examination, most turn out to be facile rationalisations. Institutional investors’ negative attitudes towards governance may be attributed to scepticism on the part of some individuals, but there also seem to be structural factors at work. Some are integral to corporate governance itself: the difficulty of quantifying governance information, and the longer time horizon necessary for the realisation of most governance initiatives. Others are, however, a function of the structure of the investment industry: the different backgrounds and aptitudes of most corporate governance specialists from most investment managers, reliance upon third-party consultants, a different orientation towards investment, short-termism, differing career paths and perceptions, fear of bureaucratic intervention and competition for performance compensation. It is proposed that some internal readjustment of investment management companies, coupled with a clearer commitment by senior executives at those companies to exploit governance initiatives, would be beneficial both to the cause of better corporate governance and to portfolio returns.
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    ISSN: 1467-8683
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Political Science , Economics
    Notes: This study examines the relationship between the voluntary disclosure of information about corporate governance practices and the intention to raise external finance. This relationship is examined by using corporate governance disclosures in the annual reports of Australian companies in 1994. Data from this year are used because in subsequent years Australian Stock Exchange regulations influenced listed companies to make disclosures about their corporate governance practices. Regression analysis indicates that the voluntary disclosure of corporate governance information is positively associated with the intention to raise equity capital, but not with the intention to raise debt capital.
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    Topics: Political Science , Economics
    Notes: We examine the impact of ownership concentration on firm performance using panel data for firms listed on the Budapest Stock Exchange, where ownership tends to be highly concentrated and frequently involves multiple blocks. Fixed-effects estimates imply that the size of the largest block increases profitability and efficiency strongly and monotonically, but the effects of total blockholdings are much smaller and statistically insignificant. Controlling for the size of the largest block, point estimates of the marginal effects of additional blocks are negative. The results suggest that the marginal costs of concentration may outweigh the benefits when the increased concentration involves “too many cooks”.
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    Topics: Political Science , Economics
    Notes: The board of directors plays an important role in solving the agency problem between shareholders and management. This paper investigates the relationships between ownership and board structure with the diversification strategy of large Japanese firms. The results show that corporate nominee directors are associated with lower levels of product diversification of their investee firms. This suggests that nominee directors in large Japanese corporations see themselves representing specific interests and therefore investors should pay attention to board composition in order to assess the level of protection they can expect to receive. Even without any apparent agency problem with management, there remains a potential “principal-principal” problem.
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    Topics: Political Science , Economics
    Notes: Transition economies face a fundamental dilemma. They need to develop financial markets, and yet they lack the ingredients it takes to do so. Recipes for legal governance mechanisms that have worked elsewhere, including reactive law enforcement by courts and proactive law enforcement by regulators, may not help in the short to medium term. Using evidence from stock market development in China and Russia, this paper suggests that at least in the short term, administrative governance may be a viable alternative to legal governance in emerging stock markets.
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    Topics: Political Science , Economics
    Notes: Does the class of shareholdings matter for corporate performance? To answer the question, the paper starts by classifying shareholdings of Chinese publicly listed companies on the basis of the principle of ultimate ownership. A state-dominant shareholding structure is found, in that 81.6 per cent of companies are identified as ultimately controlled by the state. In contrast to our identified shareholdings, the Chinese official shareholding classification is ambiguous for the identification of ultimate controllers of public corporations, which in turn has misled many previous studies in assessing the impact of shareholding classes on performance. Based on our newly established shareholding classes, we undertake a nested performance comparison between these different classes and find significant evidence from the Chinese data that the class of shareholdings does matter for company performance. The least inefficient shareholding class is the holding companies that are wholly listed and have focused industrial business through the state indirect control of the downstream public corporations. This finding provides ground for us to think more about how the corporate control mechanism could be further improved in China's current corporate governance reform.
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    Notes: The aim of this paper is to distinguish between different roles of boards of directors in companies and to fit the theoretical debate into a framework for better understanding. A simple framework, constructed from the literature, is used to distinguish between the archetypes of roles from a two-dimensional perspective. The paper includes a preliminary qualitative study of Icelandic companies with the aim of testing the framework and exploring the roles of boards in Iceland. The study shows that boards have various roles or patterns of roles and that the roles can change with change of circumstances.
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    Notes: The term “corporate governance”, and all that it implies, is now in everyday use in Germany. This is due to the enormous changes Germany has experienced in recent years, in international business, international finance and in German industrial structures. This contribution deals with recent changes in the German system of corporate governance. After a short historical review, the major elements of the international context that form the background for changes in Germany are discussed. This is followed by an explanation of the German Corporate Governance Code and its role, concluding with a prospectus for further possible developments and a summary of key points.
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    Notes: The purpose of this paper is to test hypotheses regarding the mix of bank borrowing and bonds that occur under relationship banking, thereby constructing a detailed data set on the debt structure of large Japanese firms from the late 1980s to the 1990s. We show that debt choice is affected by main bank relationships, in the sense that successful firms with strong bank ties are much more likely to issue public bonds than resort to bank borrowing.
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    Notes: The Cadbury Committee drew attention to the need for improved assurance regarding the going concern status of companies. This paper presents evidence drawn from the comments on two exposure drafts of the auditing standard SAS 130 to show that those arguing for a limitation on the “foreseeable future” were able to limit the impact of the Cadbury recommendations for both auditors and directors without attracting any significant volume of protest on behalf of users or the general interest. A model of a cooperative game between directors and auditors is used to show that this was a predictable outcome.
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    Notes: Corporate governance reforms have been motivated to a considerable degree by concerns about the possible malfunctioning of the executive remuneration determination process in large firms. It is not clear, however, how effective these reforms have been in altering pay-setting procedures in the direction of aligning executive and shareholder interests. This paper reviews some initial evidence and suggests that a mixed picture emerges. It appears that reforms have been more successful in reducing executive tenure – and hence pay-offs in the event of failure – than they have been in linking rewards to performance for continuing executives. It is clear, however, that reforms have facilitated the role for institutional shareholders in approving remuneration packages.
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    Notes: This paper studies the relationship between corporate leverage and the ultimate corporate ownership structure, particularly the separation of cash flow rights and control rights. We empirically disentangle the three potential effects of the divergence of control rights from cash flow rights on corporate leverage, i.e. the non-dilution entrenchment effect, the signalling effect of debt and the reduce-debt-for-tunnelling effect. Our evidence from the East Asian corporations mainly supports the notion that controlling shareholders with relatively small ownership share tend to increase leverage out of the motive of raising external finance without diluting their shareholding dominance. The separation of cash flow rights and control rights contributes to the risk-taking tendency of the large controlling shareholders in capital structure choice. We argue that the risky capital structure choice serves as one potential channel through which weak corporate governance contributes to the severity of corporate value losses during the Asian financial crisis.
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    Notes: This paper uses an in-depth case study in southern Jiangsu to document the last wave of privatisation of Chinese rural enterprises, showing that throughout the economic reforms, particularly at the village level, local cadres and corporate leaders dominated the publicly owned enterprises, from which they benefited disproportionately. It was these same local institutions based on village cadres’ social networks that controlled the entire process of privatisation, leaving nothing to the free market or open competition. Those who positioned themselves in the village administration and enterprises are the same group of specific families and individuals who run the private corporations today. It goes without saying that workers and ordinary villagers have been disenfranchised in this property rights transformation.
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    Notes: The market, not the regulator, attempts to enforce upon listed companies the “principles” of the UK Combined Code. Even though audit committees feature in the UK Code only at the level of discretionary “provisions”, almost all listed companies have audit committees. The responsibilities of audit committees in the UK and China are broadly similar, though UK guidance gives their audit committees a bigger role with respect to risk management and operational control. In China the market and the regulator are more closely aligned with the State, which is thus more influential in determining compliance with their corporate governance Code.
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    Notes: Newly privatised firms can often fall between the cracks, being at the same time more risky than SOEs and less profitable/competitive than private firms. A well-designed corporate governance regime is an important tool to make the transition period shorter and less painful. After reviewing the partially or wholly privatised European telecom sector, the paper proposes eight lessons for policy makers in charge of designing privatisation. First, where the State remains an important owner after partial privatisation, it should organise its shareholding function to pursue exclusively shareholder value objectives. Second, any privatisation-related asymmetries between control and cash-flow rights among shareholders should be limited in time and scope. Third, while some minority shareholder power, such as direct shareholder nomination and cumulative voting are welcome, the board needs to develop its own cohesiveness and culture. Fourth, the board should be actively and effectively involved in the development and validation of the company's strategy and the control of major transactions. Fifth, the privatised firms should strive to list in a market with high and credible disclosure requirements. Sixth, privatised firms should focus on developing a disclosure culture, especially as regards non-financial disclosure. Seventh, the board should conduct a regular, thorough and independent evaluation of the CEO, based on a set of criteria and yearly objectives agreed at the beginning of each exercise.
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    Topics: Political Science , Economics
    Notes: Past literature in board research has centred on board structure and company performance. Over the years, empirical studies do not reveal a conclusive relationship between these two variables (Dalton and Daily, 1999. Across the Board, March, 28–32). Until recently, the literature on board processes has been sparse. The reason for insufficient empirical work on board processes possibly is due to the difficulty of gaining access to boards. In this paper, we propose a conceptual model and tested the model on publicly listed companies in Singapore. Based on a sample of 212 company responses and 299 directors, we conclude that board structure does not affect board process while board process is related to board performance. In terms of individual parameters, effort norms, cognitive conflict and the presence and usage of skills are positively related to board roles and board transparency. Also, affective and process conflicts are negatively related to board roles and board transparency. Finally, board process does not mediate the relationship between board structure and board performance.
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    International journal of public sector management 18 (2005), S. 4-24 
    ISSN: 0951-3558
    Source: Emerald Fulltext Archive Database 1994-2005
    Topics: Political Science , Economics
    Notes: Purpose - This paper examines the actual and desired use of performance measures for management and external reporting purposes, as well as perceived impediments to their effective use. Design/methodology/approach - A total of 334 senior administrators in Canadian municipalities participated in this survey study. Findings - Somewhat more efficiency measures than effectiveness measures have been used for various purposes. However, greater use was perceived desirable than actually occurred, particularly for effectiveness measures. A significant increase in the use was expected in the near future especially for effectiveness measures. Internal and external verification of measures was considered important by both internal and external auditors. Although the study also identified impediments to the development and meaningful use of performance measures, performance measurement appears to have been accepted as a useful managerial tool and have significant future potential. Research limitations/implications - The results are limited by the survey method. Practical implications - The results can provide guidance to public-sector administrators and professionals for planning and decision making purposes and to professional bodies and regulatory agencies for developing comparative performance reporting standards. Originality/value - Using the descriptive and normative perspectives, this study provides new evidence in the Canadian context. It concludes that, although the mandatory performance measurement and reporting requirements for municipalities in Canada lag those in the UK, the USA, and Australia, a significant degree of usage occurred voluntary in Canadian municipalities.
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    International journal of public sector management 18 (2005), S. 37-53 
    ISSN: 0951-3558
    Source: Emerald Fulltext Archive Database 1994-2005
    Topics: Political Science , Economics
    Notes: Purpose - Local authorities use events and festivals within their region to help achieve a diverse range of economic and social objectives. However, the success of these events, which can take up a substantial amount of the tourism, leisure or arts and cultural budget is rarely assessed in a systematic and objective manner. This article describes the importance of measuring the impacts of such events Design/methodology/approach - The methods for assessing the success of local authority events are trialled through the use of a case study involving two events organised by Blackburn with Darwen Borough Council. Findings - An evaluation of the methods, after conducting the case study, indicates that the techniques produced robust data that was valuable in planning future events and in securing funding. The relative simplicity of the methods used will help to ensure that similar evaluations can be carried out in-house for little cost for future public events. Originality/value - This article sets out practical guidelines for undertaking the measurement and evaluation of some of the major impacts of local authority events. Similar methods can be used by other public sector organisations involved in hosting public events.
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    International journal of public sector management 18 (2005), S. 563-578 
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    Source: Emerald Fulltext Archive Database 1994-2005
    Topics: Political Science , Economics
    Notes: Purpose - Since the early 1990s there has been a growth in local authorities of risk management. However, despite a range of different strategies, initiatives and practices the issue of financing the risks to which authorities are exposed has remained problematic. The traditional dependence on the commercial insurance market has proved to be a flawed strategy. This paper aims to analyse an alternative risk financing strategy which has been successful in local authorities in other countries, that of risk pooling. Design/methodology/approach - The paper analyses the rationale behind risk pools, investigates the legislative environment that appears to make these acceptable to central government and evaluates the likely benefits to local authorities of their adoption. Findings - The paper finds that the perceived main legislative barrier to risk pools may no longer exist. Given that, there is a strategic, financial and operational case to be made for at least exploring the possibility of risk pooling. The experience from the USA would suggest that pools can have an important role to play in risk financing, and evidence now exists that a number of UK local authorities are actively pursuing pool formation. Practical implications - The development of risk pools is likely to result in a significant reduction in the use of conventional insurance by local authorities. The evidence would suggest that this will be beneficial, but this is subject to the proviso that actuarial, financial and managerial practice within pools is rigorous. Originality/value - This is an under-researched area, with almost no extant UK-relevant academic, or indeed practitioner, literature. The paper adds to the understanding of public sector risk management and financing for both academic and practitioner audiences.
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    International journal of public sector management 18 (2005), S. 641-647 
    ISSN: 0951-3558
    Source: Emerald Fulltext Archive Database 1994-2005
    Topics: Political Science , Economics
    Notes: Purpose - This paper aims to explore the topic of leadership as perceived and described by public library leaders. In particular, the paper seeks to investigate the reported impact of public library leaders on their followers. The study aims to develop an understanding of the perceptions of current leaders in the field of public librarianship. Design/methodology/approach - A total of 30 top-level public librarians from Ireland, the UK, and the east coast of the USA were selected for inclusion in this study. A review of the relevant literature was used to design an interview guide which was used to conduct structured in-depth face-to-face interviews. Findings - The findings illustrate that the leaders believe that followers are motivated by example from their leaders. The interviewed librarians highlight the role played by followers, whom they see as the foundation of public library service. The librarians argue that a partnership approach between leaders and followers is necessary to formulate and to put into effect strategies and courses of action to fulfil organizational purpose and goals. Originality/value - The current study is the most in-depth study to date on this topic, drawing on face-to-face interviews with 30 public library leaders. Prior to this study, no in-depth study on the topic of leadership in librarianship has been researched and published outside of North America. As this study was undertaken in three national jurisdictions - Ireland, UK, and the USA, it is also the first transnational study on the topic.
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    International journal of public sector management 18 (2005), S. 318-329 
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    Source: Emerald Fulltext Archive Database 1994-2005
    Topics: Political Science , Economics
    Notes: Purpose - Decision making in networks is multilateral and interaction-based and is often contrasted with unilateral decision making in a hierarchy. The purpose of this paper is to examine whether unilateral interventions can nevertheless be functional in networks. Design/methodology/approach - A large number of empirical studies into decision making in networks were consulted to examine whether they featured unilateral interventions and, if so, what the roles of these interventions were. Prior to this, the author outlines theories on decision making in networks and the dysfunctions of unilateral interventions. Findings - Six strategies were found in which unilateral interventions proved effective in network-like decision making. Unilateral action may be used to influence other actors' perceptions of the win-win game, to change the pattern of interdependencies, as a follow-up to failed interaction, if room is offered simultaneously, if there is a critical mass of winners and to de-hierarchize decision making. These unilateral strategies were found to be embedded in interaction-based, network-like decision making. In some cases, they stimulated a process of interaction; in other cases, they resulted from a process of interaction. Practical implications - The strategies show that decision making in networks benefits from the intelligent use of unilateral action. Originality/value - The paper goes beyond the dichotomy between network and hierarchy and demonstrates that, on the interface of networks and hierarchies, there are many possibilities of developing strategies that - although unilateral - are network-contingent.
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    International journal of public sector management 18 (2005), S. 350-366 
    ISSN: 0951-3558
    Source: Emerald Fulltext Archive Database 1994-2005
    Topics: Political Science , Economics
    Notes: Purpose - To provide a critique of the strategies that the UK Government employed at that time of the closure of the countryside during the foot and mouth disease (FMD) and their subsequent effects upon leisure and tourism providers. The work evaluates the sector's responses to the FMD crisis and considers their significance and influence in relation to the strategies deployed. Possible alternative strategies are presented which both government and industries can consider. Design/methodology/approach - The complete sector of tourism and leisure providers within the market town of Keswick was surveyed twice over a two-year period. The initial survey was undertaken in 2002 and the second survey occurred in 2004. Keswick is situated in the northern sector of the English Lake District National Park, which is situated within the county of Cumbria. This area was seen to be the most affected by the foot and mouth crisis both in terms of severity and duration of infection. In addition to the survey conducted, key personnel from government agencies and voluntary organisations were also interviewed using a semi-structured approach. Additional information was accessed from a FMD discussion web site. Findings - The impact of the foot and mouth crisis devastated the rural tourism and leisure industries. The governmental policy utilized was myopic in its outlook and ineffectual in that it concentrated mainly upon the consequences to, and the needs of, the farming industry. The current proposals acknowledge to some degree that the town's tourism and leisure industry are a valued part of the rural economy, but the authors question if these are effective enough. Originality/value - The originality of the study has enabled the evaluation of the strategies put in place immediately after the FMD crisis. It not only critically appraises proposed policies (i.e. limited closure of the countryside in future) but uniquely proposes a number of alternatives.
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    International journal of public sector management 18 (2005), S. 367-382 
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    Source: Emerald Fulltext Archive Database 1994-2005
    Topics: Political Science , Economics
    Notes: Purpose - The purpose of this paper is to consider the impact of a major initiative (the National Competition Policy) and pieces of legislation (the Local Government Act and the Local Government Finance Standards) on the internal practices of a large Australian local authority. Design/methodology/approach - A theoretical framework is developed using new public management (NPM) and neo-institutional theory literatures to explain the findings. A case study approach was applied to collect the data for the research. Findings - The findings reveal that the National Competition Policy 1993, the Local Government Act 1993 and the Local Government Finance Standards 1994 mainly have brought about significant changes to the organisation's internal management control processes, such as financial reporting, budgeting and performance appraisal. The changes brought in appeared to be coincidentally similar to NPM ideals. Furthermore, senior managers (such as the chief executive and divisional heads) played a major role in implementing new accounting technologies (activity-based costing and the balanced scorecard type performance measurement system). Research limitations/implications - Future research on public sector financial management from the outset of organisational contexts could considerably further the stock of knowledge in this area, especially given the rapid changes occurring within the public sector throughout the world. Future research may wish to extend this study by assessing how external legitimating functions become internal reality, the perceptions of reality of the organisational members, and how these perceptions change over time. Practical implications - The findings reported provide evidence to further our understanding of how the introduction of private sector styles of organisational practices into large areas of the public sector brought about significant changes in the demand for "new" financial management practices. Originality/value - The findings reported on in this paper will open a new path of research that may increase our understanding about the factors that play a role in the design of management and accounting systems in a public sector context. Further, they will help policy makers and public sector managers in their day-to-day decision-making.
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    International journal of public sector management 18 (2005), S. 447-462 
    ISSN: 0951-3558
    Source: Emerald Fulltext Archive Database 1994-2005
    Topics: Political Science , Economics
    Notes: Purpose - To review the voluntary operations of Counseling Services for the Elderly, which has operated since 1972 under the National Insurance Institute of the State of Israel. Design/methodology/approach - The paper considers the elderly population and its characteristics and the gradual development of the volunteering counseling services. The characteristics of the volunteers and their motivation in this work are also discussed. The training that volunteers undergo is constantly being updated and upgraded, and details are provided that cover home visits, consultations and special projects. Findings - Currently, Counseling Services for the Elderly operates 4,278 volunteers in 21 branches across the country, supporting thousands of the elderly on a relatively low budget of less than $3 million for 2003. Originality/value - The paper presents a unique voluntary service that is fully integrated into national welfare for the elderly. The service meets the objectives of assistance to the elderly while helping to maintain and develop the quality of life of the volunteer.
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    International journal of public sector management 18 (2005), S. 498-513 
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    Source: Emerald Fulltext Archive Database 1994-2005
    Topics: Political Science , Economics
    Notes: Purpose - E-governance initiatives are common in most countries as they promise a more citizen-centric government and reduce operational cost. Unfortunately most of these initiatives have not been able to achieve the benefits claimed. Often the reason for this failure is a techno-centric focus rather than a governance-centric focus. The aim of this paper is to explore the necessary attributes of a governance-centric initiative under the banner "excellent e-governance" (e2-governance), and describe a methodology for ensuring such excellence in e-governance implementations. Design/methodology/approach - The paper follows a case study approach for developing the concept of excellent e-governance. It first conceptually differentiates between e-government and e-governance and describes the status of e-governance in developing countries. It then differentiates between the two approaches to e-governance: techno-centric and governance-centric. Next, the attributes of excellent e-governance are explored in detail, and illustrated by two case studies. Then, the major issues for bringing excellence to e-governance initiatives are identified. Last, a methodology under development, called "e-governance engineering", is described, which when applied to an e-governance initiative, will ensure excellence. Findings - Excellence (or governance-centricism) in e-governance requires the initiative to be effectiveness-driven and not merely efficiency-driven. This will require the initiative to be led by a "good governance" driven goal/purpose: additionally, the initiative must be outcome-focused. Practical implications - There has been a dearth of methodologies for implementing e-governance initiatives, and an increase in the number of failed e-governance projects. This paper proposes a methodology, "e-governance engineering", which aims to fill this gap and at the same time bring excellence to the e-governance initiatives implemented. Originality/value - The paper introduces the notion of "excellence" in e-governance (e2-governance), which is supposed to be the goal of all e-governance initiatives. It also introduces a methodology to accomplish this goal. It is hoped that the methodology will help public administrators and public organisations in successfully designing and implementing e-governance projects, thereby contributing to enhanced governance at optimal cost.
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    Bingley : Emerald
    International journal of public sector management 18 (2005), S. 546-562 
    ISSN: 0951-3558
    Source: Emerald Fulltext Archive Database 1994-2005
    Topics: Political Science , Economics
    Notes: Purpose - The aim of this paper is to report on development and use of a survey instrument that captures qualitative, process-related data from local authority officers in New Zealand, from which is derived a rigorous and parsimonious set of critical performance measures. Design/methodology/approach - An instrument was developed utilising performance exemplars promoted by industry-respected consulting experts. New Zealand local authorities were surveyed and exploratory factor analysis used to identify what the factors represent conceptually. Profile Similarity Indices (PSIs) describe the alignment between expected and actual consultant performances. Findings - A rigorous set of five critical process-related dimensions of performance and their associated (18) scales were derived, which demonstrate the desired properties of reliability and validity. Interpretation of the Profile Similarity Indices values is provided. Research limitations/implications - Subjective data on excellent consulting practice sourced from industry-respected consultants was used rather than justifying reasons for their choice from a theoretical basis. Generalisability of results to other business and industry sectors remains to be tested. Practical implications - The derived performance measures may be used by practitioners to objectively assess management consultant performance and local authority performance (in specifying the contract). Where performance discrepancies exist, reasons and remedial actions may be determined via consideration of the individual scale items. Originality/value - There continues to be a lack of research into the practices employed by local authorities when they retain and manage their management consultants; such purchasers often experience difficulty judging what is being offered and what kinds and levels of performance are relevant and achievable. Underperformance may be due to a lack of objective and well-developed consulting performance standards. The present study examines these gaps.
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    Cambridge : Cambridge University Press
    The @China quarterly 90 (1982), S. 302-304 
    ISSN: 0305-7410
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    Topics: Linguistics and Literary Studies , History , Political Science , Sociology , Economics
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    The @China quarterly 90 (1982), S. 317-318 
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    Cambridge : Cambridge University Press
    The @China quarterly 90 (1982), S. 328-329 
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    The @China quarterly 97 (1984), S. 1-23 
    ISSN: 0305-7410
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    Topics: Linguistics and Literary Studies , History , Political Science , Sociology , Economics
    Notes: The intimate, though as yet imperfectly understood, causal relation-ship between scientific and technological development and the economic growth in industrially advanced countries over the past 30 years has been investigated and refined over a number of years, and attempts have been made to quantify the relationship. Although a strong scientific and technological (S & T) base does not by itself guarantee rapid economic growth, most observers consider it to be a necessary prerequisite, after a certain level of development has been reached. One of the main ways that S & T act on the economic system is by the generation of new knowledge through research activities and the application of this in production. Such application often results in new products and processes which are grouped under the term “technological innovations.” The innovation process is usually defined as “the technical, industrial and commercial steps which lead to the successful marketing of new manufactured products and/or to the commercial use of technically new processes or equipment.”
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    The @China quarterly 97 (1984), S. 24-52 
    ISSN: 0305-7410
    Source: Cambridge Journals Digital Archives
    Topics: Linguistics and Literary Studies , History , Political Science , Sociology , Economics
    Notes: The legacies of the Cultural Revolution have been nowhere more enduring than in the Chinese Communist Party organization. Since late 1967, when the process of rebuilding the shattered Party began, strengthening Party leadership has been a principal theme of Chinese politics; that theme has become even more pronounced in recent years. It is now claimed that earlier efforts achieved nothing, and that during the whole “decade of turmoil” until 1976, disarray in the Party persisted and political authority declined still further. Recent programmes of Party reform, therefore, still seek to overcome the malign effects of the Cultural Revolution in order to achieve the complementary objectives of reviving abandoned Party “traditions” and refashioning the Party according to the new political direction demanded by its present leaders.
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    The @China quarterly 89 (1982), S. 97-104 
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    The @China quarterly 89 (1982), S. 110-112 
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    The @China quarterly 89 (1982), S. 112-113 
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    The @China quarterly 97 (1984), S. 91-93 
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    The @China quarterly 97 (1984), S. 84-90 
    ISSN: 0305-7410
    Source: Cambridge Journals Digital Archives
    Topics: Linguistics and Literary Studies , History , Political Science , Sociology , Economics
    Notes: Hu Yaobang in his report to the 12th Congress of the Communist Party of China (CCP) during September 1982 announced that the Party would implement a three-year programme of rectification starting in the second half of 1983. Meeting in Beijing on 11–12 October 1983 (and after a two-day preparatory meeting) the CCP Central Committee duly adopted at its second plenary session a “Decision on Party consolidation.” Under nine separate headings that resolution provided a relatively detailed prescription for the programme, which it announced would start during the winter of 1983.
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    The @China quarterly 97 (1984), S. 95-125 
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    The @China quarterly 97 (1984), S. 126-134 
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    The @China quarterly 97 (1984), S. 135-137 
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    The @China quarterly 88 (1981), S. 669-685 
    ISSN: 0305-7410
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    Topics: Linguistics and Literary Studies , History , Political Science , Sociology , Economics
    Notes: One of the major tasks facing the post- ”gang of four“ leadership of China is that of developing and consolidating a legal system. Success in this endeavour depends in great part upon the establishment of the people's faith in legality. The popular press often refers to the Cultural Revolution years as a time of absolute lawlessness1 in which arbitrary arrests and imprisonment, procedural violations, and baseless slander were the order of the day. Personal accounts of those years tend to confirm this view. They tend also to indicate that many people have little faith in the law and are cynical about the prospects for the success of legality in China. Undoubtedly, this cynicism stems from fresh memories of the types of abuse referred to in the press. And, because it overlays the traditional Chinese distrust of law as a method of resolving social disputes, it is a peculiarly intractable cynicism.
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    The @China quarterly 88 (1981), S. 701-703 
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    The @China quarterly 88 (1981), S. 1-10 
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    The @China quarterly 87 (1981), S. 407-439 
    ISSN: 0305-7410
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    Topics: Linguistics and Literary Studies , History , Political Science , Sociology , Economics
    Notes: On 1 July 1981 the Chinese Communist Party celebrated the sixtieth anniversary of its foundation. To mark this occasion, the Party itself issued a statement summing up the experience of recent decades. It seems an appropriate time for outsiders as well to look back over the history of the past 60 years, in the hope of grasping long-term tendencies which may continue to influence events in the future.
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    Cambridge : Cambridge University Press
    The @China quarterly 88 (1981), S. 705-706 
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    The @China quarterly 88 (1981), S. 708-709 
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    The @China quarterly 97 (1984), S. 143-144 
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    Cambridge : Cambridge University Press
    The @China quarterly 87 (1981), S. 1-6 
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    The @China quarterly 87 (1981), S. 1-1 
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    The @China quarterly 88 (1981), S. 704-705 
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    Cambridge : Cambridge University Press
    The @China quarterly 86 (1981), S. 350-352 
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    The @China quarterly 86 (1981), S. 354-355 
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    Cambridge : Cambridge University Press
    The @China quarterly 88 (1981), S. 749-750 
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    The @China quarterly 86 (1981), S. 363-365 
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    The @China quarterly 86 (1981), S. 368-369 
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    The @China quarterly 86 (1981), S. 405-406 
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    The @China quarterly 96 (1983), S. 1-6 
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    The @China quarterly 96 (1983), S. 641-664 
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    Topics: Linguistics and Literary Studies , History , Political Science , Sociology , Economics
    Notes: Since the death of Mao Zedong in the autumn of 1976, Beijing's economic advisers have been trying to explain what went wrong with the Chinese economy during the past 25 years and, in particular, why the growth of productivity has been so slow. Their findings are pieced together in the series shown in Tables 1 and 2. These Figures demonstrate the impact of the Leap Forward (1958–60), the Cultural Revolution (1966–69), and the final struggle against the “gang of four“ (1976).
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    The @China quarterly 87 (1981), S. 533-535 
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    The @China quarterly 87 (1981), S. 540-540 
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    The @China quarterly 96 (1983), S. 689-702 
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    Topics: Linguistics and Literary Studies , History , Political Science , Sociology , Economics
    Notes: The Chinese distribution system is markedly different from its American equivalent. The bulk of the nation's products, especially producers' goods, are allocated according to the state plan and distributed through state-controlled channels and facilities. As most of the products are purchased by the state there would appear to be no need for sales marketing; the primary function of the distribution system is merely to handle the physical flow of goods. However, goods are often in short supply. Therefore, to ensure an adequate supply of inputs to fulfil the production quotas, numerous purchasing agents are used to locate the necessary inputs for enterprises. Basically, the commodity flow is pulled by the buyers rather than pushed by the sellers. This supply insufficiency leads to many problems, including commodity hoarding by users and producers alike. Consequently, the level of idle inventory is unnecessarily high and the size and speed of the commodity flow reduced.
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    The @China quarterly 96 (1983), S. 720-730 
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