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New issue of the Corporate Ownership and Control journal

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The recent issue of the journal Corporate Ownership and Control pays attention to issues of IPO; CEO turnover; Institutional Theory, Sustainability Index, Earnings management, Islamic Financial System etc. More detailed issues are given below:

Steffen Hundt, Björn Sprungk and Andreas Horsch argue that wealth transfer effects between company owners and lenders based on changes in a firm’s credit rating have primarily been examined a) for one type of security; b) on U.S. capital markets; and c) by applying standard event study methods. In contrast to these studies, we compared the price effects of stocks and corporate bonds of the same issuer using robust event study methods. The findings indicated that downgrades cause negative price effects for owners and lenders of European firms, whereas upgrades only induced positive price effects for lenders.

Donatella Depperu, Marco Minciullo and Daniele Cerrato aim at investigating the factors that can foster CEO turnover, being acknowledged as one of the most crucial events in a firm’s life. The study examines CEO turnover before and after the IPO process, looking at firms going or recently gone public, with a specific focus on the effect of performance and the institutional context. The empirical analysis is based on a sample of non-financial companies listed on the Italian Stock Exchange and the London Stock Exchange in the period 2000-2009.

Grigoris Giannarakis, Alexandros Garefalakis, Christos Lemonakis and George Konteos investigate the main drivers of socially responsible stock index returns. For this reason, Dow Jones Sustainability Index World (DJSIW) is employed to identify companies that incorporate socially responsible initiatives in their business operations. As far as explanatory drivers of DJSIW returns are concerned, four variables are considered namely, gold prices, dollar US value to major currencies, interest rate and air pollution, while oil prices is examined in relation to volatility of DJSIW returns.

Anas Najeeb Mosa Ghazalat, Md.Aminul Islam and Idris Bin Mohd Noor argue the monitoring role of the external ownership factors can minimize the managerial opportunistic behaviours through examining the relationship between external ownership factors and earnings management. Earnings management proxies using the performance-adjusted discretionary accruals model (Kothari et al. 2005 model) by applying the cross-sectional method to determine model parameters for each industry in each year. In order to achieve objectives of this research a sample of 798 firm-observation of the Jordanian non-financial firms listed in ASE during the period 2009-2015 were collected. The results show that the institutional ownership in Jordan plays a vital role in mitigating the opportunistic behaviours of managers.

Sri Hartono and Agus Sobari try to practice the measurement of financial performance based sharia maqashid and use it to make comparisons between the performance of the national largest-scale of Islamic commercial banks and regional small-scale of Islamic rural banks (BPR Syariah). This study presented using data from the financial statements of the three Islamic commercial banks and three Islamic rural banks (BPR Syariah). The results showed that the performance of the national largest-scale of Islamic commercial banks and regional small-scale of Islamic rural banks (BPR Syariah), all of them, has no a sharia maqashid index whose high value.

Giuseppina Iacoviello and Arianna Lazzini aims to test the role that fashion companies assign to information systems analyzing whether enterprises use them basically to reduce the costs of the main company’s processes, reducing management time, or whether they are also seen as a lever for innovation in the business model and in the kind and strength of relationship with their clients. From a methodological point of view this study will perform a quantitative strategy of research through a cross-sectional and longitudinal study using questionnaires for data collection.

Majed Alharthi empirically estimates financial stability and its determinants in 40 Islamic banks, 168 conventional banks, and 8 socially responsible banks (SRBs) in MENA region during the period 2005-2012. The dependent variables in this study are capital ratio (equity to total assets) and z-score. The statistical approaches to find the relationship between financial stability indicators and their determinants are ordinary least square (OLS) and fixed effects model FEM). The results suggest that the SRBs are the most stable banks while, Islamic banks are highly risky. Moreover, conventional banks score the minimum capitalisation.

Renitha Rampersad investigates the South African business sectors involvement in stakeholder engagement and describes two cases of major South African companies and their increased value for a stakeholder governance model. There is a strong ethical case to redress poverty and inequality in South Africa. The South African corporate sector has been called upon to take responsibility for the ways their operations impact societies. There has been considerable change in the way the corporate sector concerns themselves with applying sustainability principles to the ways in which they conduct their business specifically in their social interactions with stakeholders.

Salma Zaiane and Atef Ben Allita examine the impact of political, economic, social and terrorism events on market volatility over the period of the Tunisian revolution from December 1, 2010 to May 29, 2015. Study is based on daily data of three variables: Tunindex the composite index of the Tunisian stock market, the financial companies’ index, and the exchange rate Eur/Tnd, in order to detect the influence of each type of event on these three selected variables. Using an EGARCH model, the empirical evidence highlights that the fourth types of events affect the Tunindex market volatility.

Selena Aureli aims to analyse management accountant or controller in small and medium-sized companies’ role in Italian small and medium-sized companies through a quantitative study. A questionnaire was distributed in order to understand if controllers are more similar to the traditional bean counter profile or the business partner role. The considered variables are: 1.) activities or management accounting practices performed, 2.) main recipients of the produced information, 3.) the controllers’ organizational position, 4.) personal characteristics, 5) professional skills and 6) educational qualification. Moreover, the study analyzes the influence of situational variables, such as company size, tension for growth and the presence of structured advanced control systems.

Elisa Truant focuses on a sample of medium-sized Italian firms and is based on multiple sources of evidence: the in-depth study of internal documents and interviews with corporate managers holding key positions within the organization. The research aims at investigating if managers identified, measured and monitored intellectual capital variables within advanced management accounting systems, over a period of 5 years. Because the strategy and the organizational structure are highly interdependent, this study also focuses on evaluation and incentive systems implemented within selected companies.

Rasha Mahboub, Nehale Mostapha and Wagdy Hegazy aim to investigate whether the discretionary narrative disclosure strategies (DNDS) of impression management (IM) adopted by different banks in the narrative section of 200 annual reports of a sample of 50 banks in five different countries of Middle East and North Africa (MENA) region (Egypt, Jordan, Lebanon, Saudi Arabia, and United Arab of Emirates) vary according to their profitability for 2011-2014. Seven variables were employed to identify the association between profitability and the extent of existence of DNDS of IM in the chairmen’s letters of the bank’s annual reports. These variables are reading ease manipulation (REM), rhetorical manipulation (RM), thematic manipulation (TM), visual and structural implementation (VSM), performance comparisons (PC), choice of earnings number (CEN), and performance attribution (PA). By employing an independent sample t -test, it was found that three out of the seven strategies have differed significantly between banks in terms of profitability.

Kunofiwa Tsaurai examined the relationship between banking sector development and personal remittances in Zambia using the vector error correction model (VECM) approach with annual time series secondary data ranging from 1980 to 2014. The study found out that there existed a long run causality relationship running from either banking sector development towards personal remittances or from personal remittances towards banking sector development in Zambia during the period under study. The short run causality from either side to another could not be confirmed in this study.

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