...Corporate Governance and Accounting Conservatism in China* Donglin Xiaa and Song Zhub,** b School of Economics and Management, Tsinghua University, China School of Economics and Business Administration, Beijing Normal University, China a Abstract A principal-agent relationship exists among creditors, shareholders and management, and information asymmetry among them leads to asymmetric loss functions, which induces conservative accounting. This paper investigates the determinants of accounting conservatism using accrual-based measures and data from 2001 to 2006 in China. We find that a higher degree of leverage, lower level of control of ultimate shareholders and lower level of management ownership lead to more conservative financial reporting. We also find that political concerns and pressures among state-owned enterprises are greater than those among non-state owned enterprises, which leads to more conservative financial reporting among the former. However, a decrease in such concerns leads to a decrease in accounting conservatism. Overall, we find that among the determinants of conservatism in China, debt is the most important, followed by ownership, and that board has little influence. JEL classification: G30; M41 Keywords: Information asymmetry; Agency problem; Accounting conservatism; Political concerns; Corporate governance * We thank George Yang from Chinese University of Hong Kong and participants at CJAR Summer Research Workshop for helpful comments....
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...Student ID: ID6067 Course Title: International Business Trade Course ID: 5205/C Professor Name: Manfred Brauchle Submission Date: 29.12.2011 Albanian Business Environment & International Market Integration Constrains Research Paper TABLE OF CONTENT Abstract Introduction 1. Albanian Business Environment Data 2. Albanian Business Law and its Consequences on Domestic /Foreign Business Environment 3. Key Risks Threatening Business in Albania 1. Domestic Political Situation 2. Inflation /Taxes & Price Effects 3. Population and Business Distribution Geography 4. The Immigration and its Impact on the Economy and Business Demand 5. Global crisis – Greek & Italian Crisis 4. Conclusions 5. Literature Abstract This paper provides an overall picture of the business environment difficulties of East European Countries, through the concrete case of Albania, towards new political & economic changes in parallel with global changes. It will consider the type of businesses operating within the country, the market environment fragility & volatility, several types of risks present, the impact of Euro versus domestic businesses and joint ventures within Albanian market and the most evident barriers that domestic business has in order to act internationally. Introduction Change in Eastern...
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...Cambridge University Press 0521817404 - Ancient Cahokia and the Mississippians - Timothy R. Pauketat Excerpt More information 1 Civilization in North America This wasn’t a chiefdom; it was a kingdom! Robert Carneiro1 “Civilization” is not a word typically associated with ancient North America. The cities, stone pyramids, and writing systems of the Old World, Mexico, or Peru are not generally thought to have existed in the pre-Columbian Mississippi valley. However, if we define a civilization as a kind of political culture or as a great tradition associated with popu- lated administrative centers and spread across some portion of a conti- nent, then it is clear that there was a pre-Columbian civilization in the Mississippi valley, or at least the early stages of one. Archaeologists often call it “Mississippian culture” and refer to the many peoples of the time simply as “Mississippians.” There were political and religious centers associated with the Mississip- pian civilization, the largest of which was Cahokia, along the middle por- tion of the Mississippi...
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...“WHAT IS THE RELATIONSHIP BETWEEN DIVERSIFICATION AND PERFORMANCE, PARTICULARLY IN EMERGING ECONOMIES? WHAT ARE THE FACTORS WHICH ARE RELEVANT FOR SETTING THE CONTENTS OF THAT RELATIONSHIP?” By João de Almeida Frazão Caro de Sousa Master Thesis Submitted to ESADE Business School in fulfilment of the requirements for the Degree of Master of Science in International Management ESADE Business School May 2012 Master of Science in International Management – ESADE Business School i Master of Science in International Management – ESADE Business School Table of Contents Introduction ..................................................................................................................................... 1 Theoretical Background 1. Diversification ......................................................................................................................... 5 1.1 General Observations ........................................................................................................ 6 1.2 Different types of diversification strategies....................................................................... 7 1.3 The costs and benefits of diversification ........................................................................... 8 1.4 Diversification Trends ....................................................................................................... 9 A. The Lack of Significant Relationship ................................
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...Art in the dark: the ritual context of Buddhist caves in western China Robert Sharf Preamble One can imagine a simpler time, when art was ‘art’ because it engendered an ‘aesthetic experience’, a time when art was understood with reference to beauty, and beauty was something that could not be reduced to utility or function alone. Just as the New Critics approached a work of literature through ‘close reading’, the meaning of a work of art could be deduced, it was presumed, from a close critical analysis of the autonomous object. This approach is not without appeal: in giving prominence to beauty and aesthetic experience, one assumes some degree of congruence between the aesthetic intent of the artist and the affective response of the intended viewer, both of which are vested in the work itself. In other words, situating the import of an aesthetic work within the object itself, rather than, let’s say, in its cultural context, enables one to circumvent the complex issues of production and reception, not to mention the apparent gap that separates the two. The art-historical counterpart of New Criticism, perhaps best exemplified in the formalism of Heinrich Wölfflin, Roger Fry and Clement Greenberg, found itself on the defensive during the last quarter of the twentieth century.1 Following the historicist and postmodernist currents of the day, art historians were increasingly critical of approaches predicated on the presumed autonomy of the object. Moving...
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...Module Code: 56214 Student No. 201112880 Managing in Organizations The University of Hull Business School Module Name: Managing in Organizations Assignment: A Critical Analysis on the Importance of Organizational Culture and its relation with Motivation in XYZ Technologies Co. Ltd. Page 1 of 27 Module Code: 56214 Student No. 201112880 Managing in Organizations The University of Hull Business School Assignment Question “Choose one or two areas covered in the Managing in Organizations module. Critically analyze these areas with the context of an organization in which you have worked or with which you are familiar.” Page 2 of 27 Module Code: 56214 Student No. 201112880 Managing in Organizations The University of Hull Business School Contents S.I. 1 2 3 4 5 6 7 8 9 Introduction XYZ Technologies – Background Theories of Organizational Culture Role Culture Factors of the Culture Theories of Motivation Expectation and Motivation Motivational Factors Conclusion Description Page Nos. 4 5 7 9 12 18 21 24 25 Page 3 of 27 Module Code: 56214 Student No. 201112880 Managing in Organizations The University of Hull Business School Introduction Telecommunication industry is one of the largest industries of 20th century. Competition among the companies is getting tighter day by day. Although more detail or composite investigation is required to prove but there is at least some strong reference that variations in cultural values...
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...Topic 1. Question 1: Summarize the chief tenets of the scientific management and social person movements. Be sure to identify key players in both movements. (5 page maximum, single spaced.) The scientific management and the social person movement differ noticeably. In its very initial stages, engineers had become vital to the development and installing advances in both technology and power. They were to become a prime source of information about management practices. One strong example would be Henry Towne as it was he whom called for engineers to look beyond the technical side of manufacturing and become involved in the economizing of efforts within the factory itself. The greatest player in the scientific management era being Frederick W. Taylor whom was a central figure in the development of management thought. Taylor gave a push and provided credibility to the idea of management. Taylor and others promoted systematic management with its popularized label of scientific management. It was characterized by advancing technology, market growth, labor unrest, and a lack of knowledge about management, industry in the United States was ripe for methods, systems, and better ways to produce and market products. To meet this need, Taylor provided a voice. Taylor's book 'Shop Management' provided the text for the teaching of industrial management to a growing body of college students who sought positions in industry. Frederick Taylor’s theory focuses...
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...widely across nations, industries, and firms. The elements that form the ingredients of international strategies are numerous and their importance is tightly interwoven to contexts. With a view to enrich the existing body of international marketing theory, the authors investigate the international marketing strategies adopted in 12 different business sectors in India in an attempt to explore and explain the similarities and differences found in this varied set of industries. The examples span the old economy industries such as the assembly and manufacturing enterprises that are both skill-and capital-intensive and also the new economy sectors that are information-intensive. This study is exploratory in nature and offers a classification scheme using case research methodology, grounded theory approach, and modeling techniques. The five-cluster classification (visual map) may prove to be useful in many strategic and tactical...
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...The Diamond of Sustainable Growth A Historical Framework for the study of political economy and economic development George David Smith, Richard Sylla, Robert E. Wright( NYU Stern School of Business For most of its existence, humanity neither enjoyed nor understood economic growth, or society’s capacity for creating wealth. Prior to the 18th century, the aggregate incomes of particular societies may have increased a little for short periods in a few places, but most of the time incomes hovered not far above the subsistence level. Powerful leaders and ruling classes could accumulate vast wealth, but this was normally achieved through the redistribution of incomes from the weak to the powerful, and certainly not through the creation of wealth as we know it today. Going back centuries, to paraphrase the 17th-century English philosopher Thomas Hobbes, human life was solitary, poor, nasty, brutish and short. Peace and good weather were more likely to summon forth children more than prosperity. Whenever war, pestilence, and drought returned -- and they always did -- people died in droves. To many observers, humanity appeared doomed to spend eternity wet, cold, hungry, and grief-stricken. In the late 18th century, the English proto-economist Thomas Robert Malthus warned that the mass of humanity, quite aside from the foregoing perils, was doomed to a life at the margins of starvation, as surges of population growth would inevitably outstrip the finite sources...
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...Impact of Organized Retailing on the Unorganized Sector Mathew Joseph Nirupama Soundararajan Manisha Gupta Sanghamitra Sahu May 2008 INDIAN COUNCIL FOR RESEARCH ON INTERNATIONAL ECONOMIC RELATIONS Foreword The retail sector is expanding and modernizing rapidly in line with India’s economic growth. It offers significant employment opportunities in all urban areas. This study, the second undertaken by ICRIER on the retail industry, attempts to rigorously analyse the impact of organized retailing on different segments of the economy. No distinction has been made between foreign and domestic players, in analyzing the impact of the increasing trend of large corporates entering the retail trade in the country. The findings of this study are based on the largest ever survey of unorganized retailers (the so-called “mom and pop stores”), consumers, farmers, intermediaries, manufacturers, and organized retailers. In addition, an extensive review of international experience, particularly of emerging countries of relevance to India, has also been carried out as part of the study. The study estimates that the total retail business in India will grow at 13 per cent annually from US$ 322 billion in 2006-07 to US$ 590 billion in 2011-12. The unorganized retail sector is expected to grow at approximately 10 per cent per annum with sales rising from US$ 309 billion in 2006-07 to US$ 496 billion. Organized retail, which constituted a low four per cent of total retail in 2006-07, is estimated...
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...Architecture Comprehensive Examination Reviewer HISTORY AND THEORY OF ARCHITECTURE 1. The ornamental blocks fixed vertically at regular intervals along the lower edge of a roof to cover end tiles. a. ancones c. acroteria b. Antifixae 2. A continuous base or structure in which a colonnade is placed. a. stereobate c. stylobate b. Torus 3. The market in Greek architecture. a. Megaron c. agora b. Pylon 4. The smallest among the famous pyramids at Gizeh. a. Pyramid of Cheops c. Pyramid of Chephren b. Pyramid of Mykerinos 5. The largest outer court, open to the sky, in Egyptian temple. a. Sanctuary c. Irypaetral b. Irypostyle 6. The inner secret chamber in the mastaba which contains the statue of the deceased family member. a. Pilaster c. serdab b. Sarcophagus 7. The grandest of all Egyptian temples. a. Palace of Sargon c. Great temple of Ammon, Karnak b. Great temple of Abu-Simbel 8. The principal interior decoration of early Christian churches. a. stained glass c. painting b. mosaic 9. In early Christian churches, it is the covered space between the atrium and the church which was assigned to penitents. a. baldachino c. narthex b. apse 10. A dome placed on the drum. a. simple c. compound b. superpositioned 11. The architect of a church of Santa Sophia Constantinople, the most important church in Constantinople. a. Ictinus and Callicrates b. Apollodorous of Damascus and Isidorous on Miletus c. Anthemius of Tralles and Isidorous of Miletus 12. The second largest medieval cathedral...
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...International Business- Dr. R. Chandran 1. International Business: Meaning And Scope Interdependency is a natural phenomenon; nations, living beings and companies cannot totally depend on themselves. It is the major driving force for international business. Learning value: This chapter covers the essential aspects, 1. 2. 3. 4. 5. Definition of international business Emergence of developing nations in international business Motives of international business from companies and nations Fundamental differences between Domestic and International business Few successful organizations in Domestic & International business International business: Meaning and Scope In the post independence era, more than half-century Indian entrepreneurs concentrated on domestic operations and a surplus production was exported. The physical movement of goods, called EXPORT cannot represent International business. International business is defined as “any commercial transaction-taking place across the boundary lines of a sovereign entity”. It may take place either between countries or companies or both. Private companies involve themselves in such transactions for revenue, profit and prosperity. If governments are involved, they need to maintain their image, dependency and economic growth. Sometimes economic ties are strengthened through such transactions. These transactions include investments, physical movements of goods and services, transfer of technology and manufacturing. Today every company...
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...5 2.1 Consumer Individual Factor 2.2 Motivation and Goals 2.3 Brand Personality 2.4 Consumer Imaginery PART C 3.0 MESSAGE APPEALS ...........................................................................................17 PART D : SUGGESTIONS ……………………………………………………………………20 PART E : CONCLUSION …………………………………………………………………….21 1 1 CONSUMER BEHAVOR BPMM3013 1.0 INTRODUCTION 5 Gums is a brand of sugar-free chewing gum that is manufactured by the Wrigley Company. The name "5" hints at the five human senses with the ad slogan "Stimulate Your Senses" and "Everybody Experiences it Differently”. 5 gum was introduced to United States markets in March 2007, in Canada in January 2008, in Russia, Europe and Australia in 2009, in China, India, Italy, Israel, Thailand, and Malaysia in 2010 . As what had been mentioned earlier, 5 Gums is a chewing gum brand which was established in Malaysia since 2010. The sophisticated element carried by the company had made many Malaysian really eager on what is exactly 5 Gums is all about plus the pro and con. 1.1 What is the company? Wrigley Company is the one which is responsible in creating this 5 Gums all over the world and was established by William Wrigley Jr. Wrigley is a recognized leader in confections with a wide range of product offerings including gum, mints, hard and chewy candies, and lollipops. With operations in approximately 50 countries and distribution in more than 180 countries, Wrigley's brands bring smiles...
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...Products and Brands 1.3 Targeted Consumers 1.4 Reasons of Choosing The Product PART B 2.0 CONSUMER PSYCHOLOGY FACTOR5 2.1 Consumer Individual Factor 2.2 Motivation and Goals 2.3 Brand Personality 2.4 Consumer Imaginery PART C 3.0 MESSAGE APPEALS17 PART D : SUGGESTIONS ……………………………………………………………………20 PART E : CONCLUSION …………………………………………………………………….21 1.0 INTRODUCTION 5 Gums is a brand of sugar-free chewing gum that is manufactured by the Wrigley Company. The name "5" hints at the five human senses with the ad slogan "Stimulate Your Senses" and "Everybody Experiences it Differently”. 5 gum was introduced to United States markets in March 2007, in Canada in January 2008, in Russia, Europe and Australia in 2009, in China, India, Italy, Israel, Thailand, and Malaysia in 2010 . As what had been mentioned earlier, 5 Gums is a chewing gum brand which was established in Malaysia since 2010. The sophisticated element carried by the company had made many Malaysian really eager on what is exactly 5 Gums is all about plus the pro and con. 1.1 What is the company? Wrigley Company is the one which is responsible in creating this 5 Gums all over the world and was established by William Wrigley Jr. Wrigley is a recognized leader in confections with a wide range of product offerings including gum, mints, hard and chewy candies, and lollipops. With operations in approximately 50 countries and distribution in more than 180 countries, Wrigley's brands bring smiles to...
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...History, as we currently "know" it, is a revised edition, revisionist reconfiguring of linear events to a pre-determined destination and thus is a pre-determined mind set for the largely unthinking mass consciousness as we observe it today. Upon closer scrutiny, when real thinking and inquiry is applied to this revisionist text, we must first discard all the usual signposts that we have been "taught" to view history through and within. One of these signposts that we take as "normal," but is really just another revisionist trick of the magicians and spin-doctors, is the linear nature of history and of time itself. Time is not linear, it is spherical and holographic. History, therefore, is not linear, and the revised editions are not only written forward towards a pre-determined destination, it is also written backwards, revised from the back end, starting from the pre-determined conclusion and being filled in accordingly all the way to the beginning. The real question we must then ask is why and how did the spin-doctors know the destination in the first place from which to spin their tale both forwards and backwards? The answer is quite simple, and when considered objectively and without the mind-set of the spin, is painfully obvious. The answer is simply that the destination was inherent in the inception. There was a known and specified constant that guided the so-called "great work of the ages" towards its goal from the beginning. The question then to be asked is what...
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