scholarly journals The Kostyuk report: Executive compensation practices in Ukraine

2005 ◽  
Vol 1 (2) ◽  
pp. 31-38
Author(s):  
Alexander Kostyuk
Keyword(s):  
Stock Market ◽  
Executive Compensation ◽  
Ownership Structure ◽  
Research Question ◽  
Supervisory Board ◽  
Main Research ◽  
Major Form ◽  
Lack Of Control ◽  
Supervisory Boards ◽  
Lack Of Knowledge

The main research question of this research is: "Does an ownership structure influence performance of executive compensation in Ukraine?". A very detailed investigation of the most active Ukrainian joint stock companies has been undertaken. Total number of the companies under research is 50. Period of investigation is from 1998 to 2003. Fixed-based compensation is still the major form to reward executives at Ukrainian companies. From this perspective, Ukrainian practices for rewarding executives belongs to Continental model, developed in Germany. It can be explained by lack of: appropriate legislation, allowing stock based compensation; liquid stock market; lack of knowledge of directors (members of supervisory boards) on incentive based compensation; lack of control and executive monitoring functions by supervisory board

scholarly journals Duties and Liability of the Members of the Supervisory Board of Limited Companies in Estonia: The First Cases from the Supreme Court of Estonia

2017 ◽  
Vol 26 ◽  
pp. 66
Author(s):  
Andres Vutt ◽  
Margit Vutt
Keyword(s):  
Supreme Court ◽  
Research Question ◽  
Supervisory Board ◽  
Legal Regulation ◽  
Company Law ◽  
Main Task ◽  
Main Research ◽  
Management Board ◽  
The Supreme Court ◽  
The Difference

Similarly to German law, Estonian company law provides two-tier management for all public limited companies. Legal regulation of the liability of members of the management board and supervisory board is the same, and therefore the question arises of whether there is any difference in liability between members of different boards. The Estonian Supreme Court recently made two decisions regarding the liability of members of the supervisory board. The main research question of the article is ‘what is the scope of the duties of the supervisory board in comparison to the duties of the management board, and how does the difference in duties affect the liability?’ As the main task of the supervisory board is to exercise supervision, the question is what the actual standard of supervision is. The main conclusions in the article are that the Supreme Court of Estonia has not given an answer to the question about the standard for the liability of members of the supervisory board and leaves open many other important questions about boundaries of their duties. 

scholarly journals Related-party disclosures in the two-tier board system in China: Influences of ownership structure and board composition

2008 ◽  
Vol 4 (1) ◽  
pp. 37-49 ◽  
Author(s):  
Yuan George Shan ◽  
Dennis W. Taylor
Keyword(s):  
Ownership Structure ◽  
Supervisory Board ◽  
Listed Companies ◽  
Annual Reports ◽  
Board Members ◽  
Corporate Board ◽  
High Concentration ◽  
Corporate Context ◽  
Supervisory Boards ◽  
Board System

This study concerns related-party disclosures by listed companies in China, in a corporate context of a high concentration of government-linked ownership, a two-tier board system, and the engagement of directors, key managers and major shareholders in direct and indirect transactions and business relationships with their company. Using content analysis of annual reports of listed companies in China over 5-years from 2001 to 2005, results show that the comprehensiveness of related-party disclosures is positively affected by companies’ domestic ownership concentration and the proportion of independent directors on the corporate board. But the proportion of supervisory board members with professional knowledge and experience is, unexpectedly, found to have a significant inverse relationship with the extent of related-party disclosure. Reasons peculiar to the context in China are proffered, particularly the likelihood of internal censorship of the more professionally qualified members of supervisory boards.

How Do Politicians Capture a State? Evidence from State-Owned Enterprises

2020 ◽  
pp. 088832542095348
Author(s):  
Katarzyna Szarzec ◽  
Bartosz Totleben ◽  
Dawid Piątek
Keyword(s):  
Corporate Governance ◽  
Interest Group ◽  
Ownership Structure ◽  
Supervisory Board ◽  
Board Members ◽  
Private Companies ◽  
Government Administration ◽  
State Capture ◽  
Supervisory Boards ◽  
The Government

This article discusses political state capture in the context of party patronage. Evidence of this is delivered from state-owned enterprises (SOEs) and the rotations of members of their management and supervisory boards. In this case, it is deemed that an interest group, which consists of politicians and representatives in the government administration, decides about the appointment and dismissal of board members through the corporate governance of SOEs and ownership policy of the state. We analyzed the scale and intensity of rotations in Poland of about twelve thousand joint-stock companies in the years 2001–2017 according to their ownership structure. We show that changes of managers and supervisory board members in state-owned enterprises are higher than in private companies and are related to political elections. We estimated that on average three months after a new government is formed, a peak of changes in the composition of boards is observed, though they are earlier in the case of a supervisory board. We conclude that this can be regarded as an example of state capture by politicians.

scholarly journals Towards Responsible Rebellion: How Founders Deal with Challenges in Establishing and Governing Innovative Living Arrangements for Older People

2020 ◽  
Vol 17 (17) ◽  
pp. 6235
Author(s):  
Katja M. Rusinovic ◽  
Marianne E. van Bochove ◽  
Suzanna Koops-Boelaars ◽  
Zsuzsu K.C.T. Tavy ◽  
Joost van Hoof
Keyword(s):  
The Netherlands ◽  
Older People ◽  
Living Arrangements ◽  
Social Engagement ◽  
Independent Living ◽  
Research Question ◽  
Supervisory Board ◽  
Social Entrepreneurs ◽  
Main Research ◽  
Depth Interviews

In the Netherlands, there is an increasing need for collective forms of housing for older people. Such housing bridges the gap between the extremes of living in an institutionalised setting and remaining in their own house. The demand is related to the closure of many residential care homes and the need for social engagement with other residents. This study focuses on housing initiatives that offer innovative and alternative forms of independent living, which deviate from mainstream housing arrangements. It draws on recent literature on healthcare ‘rebels’ and further develops the concept of ‘rebellion’ in the context of housing. The main research question is how founders dealt with challenges of establishing and governing ‘rebellious’ innovative living arrangements for older people in the highly regulated context of housing and care in the Netherlands. Qualitative in-depth interviews with 17 founders (social entrepreneurs, directors and supervisory board members) were conducted. Founders encountered various obstacles that are often related to governmental and sectoral rules and regulations. Their stories demonstrate the opportunities and constraints of innovative entrepreneurship at the intersection of housing and care. The study concludes with the notion of ‘responsible rebellion’ and practical lessons about dealing with rules and regulations and creating supportive contexts.

COVID-19 and Two different Stock Markets: An Event Study Analysis

2021 ◽  
Vol 15 (2) ◽  
Author(s):  
Fakhrul Hasan ◽  
Ahmed Shahbaz
Keyword(s):  
Developing Countries ◽  
Stock Market ◽  
Event Study ◽  
Stock Markets ◽  
Research Question ◽  
Developed Countries ◽  
Stock Market Returns ◽  
Main Research ◽  
Study Methodology ◽  
The Developed Countries

In this study, we examine two different stock markets’ response to the COVID-19 pandemic using event study methodology and a novel linear regression model. We use LSE (UK) as a proxy for the developed countries stock market and DSE (Bangladesh) as a proxy for the developing countries stock market. Using the daily COVID-19 confirmed cases and deaths and stock market returns data from these two countries (UK and Bangladesh) over the period November 01, 2020 to August 07, 2020. Our main research question was, which stock market suffered more during the COVID-19 pandemic, whether developed countries stock market or developing countries stock market. We find that developed countries stock markets (LSE as proxy) responded negatively to the growth in COVID-19 confirmed cases and deaths in COVID-19. We further find that developing countries stock markets (DSE as proxy) did not responded to the growth in COVID-19 confirmed cases and deaths in COVID-19.

The “dividend puzzle” and the Russian stock market. Part 1

2020 ◽  
pp. 66-92 ◽  
Author(s):  
A. E. Abramov ◽  
A. D. Radygin ◽  
M. I. Chernova ◽  
R. M. Entov
Keyword(s):  
Stock Market ◽  
Financial Stability ◽  
Dividend Policy ◽  
General Context ◽  
Steady Increase ◽  
Main Research ◽  
For Profit ◽  
Dividend Payments ◽  
Stock Market Performance ◽  
Dividend Irrelevance

This article analyzes the key patterns of the dividend policy and the problem of the “dividend puzzle” in the general context of the development of the stock market in Russia. The article consists of two parts.In the first part we summarize main research trends of dividend policy in modern economic theory (the classical Modigliani—Miller theory of dividend irrelevance, agent and signal hypotheses, the smoothing model, the catering theory, etc.). We emphasize the theoretical analysis of motivation of the largest Russian companies for profit allocation and dividend payout, based on a sample of 236 joint stock companies. Since 2012, a steady increase in dividend payments has been revealed in both private and state-owned enterprises (SOEs). The bulk of dividend payments from SOEs accounts for only 12 major companies. Along with an increase in the market value, dividends have become an important factor in the total return on shares. Under current conditions, the probability of paying dividends depends not only on the size of the company and indicators of its’ financial stability, but also on the presence of the state in the capital of companies. However, the relationship between the probability of paying dividends and state participation in the ownership structure is not universal and can be explained by specific factors that go beyond the classical dividend theories.In the second part we will analyze the patterns of stock market performance and dividend policy of the largest Russian companies, motivation for dividend payouts and special aspects of SOEs policy.

INITIAL STEP OF SPECIALIZED CORPORA BUILDING: CLEANING PROCEDURES

2020 ◽  
Author(s):  
Vera Yakubson ◽  
Victor Zakharov
Keyword(s):  
Text Processing ◽  
Research Question ◽  
Initial Step ◽  
Main Research ◽  
Academic Texts ◽  
Linguistic Annotation ◽  
Significant Difference ◽  
Cleaning Procedures ◽  
Unique Source ◽  
Future Work

This paper deals with the specialized corpora building, specifically academic language corpus in the biotechnology field. Being a part of larger research devoted to creation and usage of specialized parallel corpus, this piece aims to analyze the initial step of corpus building. Our main research question was what procedures we need to implement to the texts before using them to develop the corpus. Analysis of previous research showed the significant quantity of papers devoted to corpora creation, including academic specialized corpora. Different sides of the process were analyzed in these researches, including the types of texts used, the principles of crawling, the recommended length of texts etc. As to the text processing for the needs of corpora creation, only the linguistic annotation issues were examined earlier. At the same time, the preliminary cleaning of texts before their usage in corpora may have significant influence on the corpus quality and its utility for the linguistic research. In this paper, we considered three small corpora derived from the same set of academic texts in the biotechnology field: “raw” corpus without any preliminary cleaning and two corpora with different level of cleaning. Using different Sketch Engine tools, we analyzed these corpora from the position of their future users, predominantly as sources for academic wordlists and specialized multi-word units. The conducted research showed very little difference between two cleaned corpora, meaning that only basic cleaning procedures such as removal of reference lists are can be useful in corpora design. At the same time, we found a significant difference between raw and cleaned corpora and argue that this difference can affect the quality of wordlists and multi-word terms extraction, therefore these cleaning procedures are meaningful. The main limitation of the study is that all texts were taken from the unique source, so the conclusions could be affected by this specific journal’s peculiarities. Therefore, the future work should be the verification of results on different text collections

THE TRUMP ADMINISTRATION’S APPROACH TO ENERGY SECURITY IN POLAND AND THE BALTIC STATES

2020 ◽  
Vol 18 (1/2020) ◽  
pp. 33-67
Author(s):  
Olga Stevanovic
Keyword(s):  
Energy Security ◽  
Research Question ◽  
Energy Resources ◽  
Baltic States ◽  
Realist Theory ◽  
Main Research ◽  
Security Challenges ◽  
The Us ◽  
The Subject ◽  
The Baltic

The subject of this paper encompasses US policy towards Poland and the Baltic States regarding energy security during Donald Trump’s presidency. It is discernible that vast domestic energy resources have created an opportunity for the US to project more power to these countries, and the surrounding region. We argue that Trump and his administration’s perceptions have served as an intervening variable in that opportunity assessment, in accordance with the neoclassical realist theory. The main research question addressed in this paper is whether US has used that opportunity to contribute to energy security in countries it has traditionally deemed as allies. Two aspects of US approach to energy security of the designated countries are taken into consideration: liquified natural gas exports and support for the Three Seas Initiative. The way Trump presented his policy and its results in his public statements has also been considered in this paper. The article will proceed as follows. The first subsection of the paper represents a summary of energy security challenges in Poland and the Baltic States. The second subsection is dedicated to the opportunity for the US to project energy power and to Trump’s perceptions relevant for the opportunity assessment. The third subsection deals with American LNG exports to these countries as a possible way for contributing to energy security in Poland and the Baltic States. The last part of the paper addresses the Three Seas Initiative and US approach to this platform.

scholarly journals Effects of exposure to immersive videos and photo slideshows of forest and urban environments

2021 ◽  
Vol 11 (1) ◽  
Author(s):  
Fariba Mostajeran ◽  
Jessica Krzikawski ◽  
Frank Steinicke ◽  
Simone Kühn
Keyword(s):  
Research Question ◽  
Well Being ◽  
Urban Environments ◽  
Natural Environments ◽  
Jail Inmates ◽  
Forest Environment ◽  
Main Research ◽  
Head Mounted Display ◽  
Sense Of Presence ◽  
Hospital Patients

AbstractA large number of studies have demonstrated the benefits of natural environments on people’s health and well-being. For people who have limited access to nature (e.g., elderly in nursing homes, hospital patients, or jail inmates), virtual representations may provide an alternative to benefit from the illusion of a natural environment. For this purpose and in most previous studies, conventional photos of nature have been used. Immersive virtual reality (VR) environments, however, can induce a higher sense of presence compared to conventional photos. Whether this higher sense of presence leads to increased positive impacts of virtual nature exposure is the main research question of this study. Therefore, we compared exposure to a forest and an urban virtual environment in terms of their respective impact on mood, stress, physiological reactions, and cognition. The environments were presented via a head-mounted display as (1) conventional photo slideshows or (2) 360$$^{\circ }$$ ∘ videos. The results show that the forest environment had a positive effect on cognition and the urban environment disturbed mood regardless of the mode of presentation. In addition, photos of either urban or forest environment were both more effective in reducing physiological arousal compared to immersive 360$$^{\circ }$$ ∘ videos.

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