Self-regulation of corporate governance in Russian firms: translating the national standard into internal policies

We consider how firms develop internal corporate governance policies based on external nation-wide standards. Flexibility in interpreting external standards allows firms to develop internal regulations focused on governance procedures that are only loosely coupled with expected governance outcomes. Our results demonstrate that firms tend to adopt less restrictive policies than what is recommended by the national standard and are more willing to adopt policies regulating governance procedures than policies regulating governance decisions. We also argue that the process of translating external standards into internal guidelines is affected by firm-specific characteristics and explore factors that determine to what extent firms switch the focus of internal policies from regulating governance decisions to regulating governance procedures.     

Clinical guidelines: a defense in medical malpractice suits

Clinical pathways, or practice guidelines, have been gaining wider acceptance from physicians and hospitals seeking to constrain increasing operating costs for inpatient care. The authors believe that properly developed and agreed upon guidelines can also be used in certain cases as appropriate standards of care in determining if medical malpractice has occurred. Adherence to the guidelines could then be asserted by defendants as an affirmative defense in a medical malpractice suit.     

Health-Based Screening Levels to Evaluate U.S. Geological Survey Ground water Quality Data

Federal and state drinking-water standards and guidelines do not exist for many contaminants analyzed by the U.S. Geological Survey's National Water-Quality Assessment Program, limiting the ability to evaluate the potential human-health relevance of water-quality findings. Health-based screening levels (HBSLs) were developed collaboratively to supplement existing drinking-water standards and guidelines as part of a six-year, multi-agency pilot study. The pilot study focused on ground water samples collected prior to treatment or blending in areas of New Jersey where groundwater is the principal source of drinking water. This article describes how HBSLs were developed and demonstrates the use of HBSLs as a tool for evaluating water-quality data in a human-health context. HBSLs were calculated using standard U.S. Environmental Protection Agency (USEPA) methodologies and toxicity information. New HBSLs were calculated for 12 of 32 contaminants without existing USEPA drinking-water standards or guidelines, increasing the number of unregulated contaminants (those without maximum contaminant levels (MCLs)) with human-health benchmarks. Concentrations of 70 of the 78 detected contaminants with human-health benchmarks were less than MCLs or HBSLs, including all 12 contaminants with new HBSLs, suggesting that most contaminant concentrations were not of potential human-health concern. HBSLs were applied to a state-scale groundwater data set in this study, but HBSLs also may be applied to regional and national evaluations of water-quality data. HBSLs fulfill a critical need for federal, state, and local agencies, water utilities, and others who seek tools for evaluating the occurrence of contaminants without drinking-water standards or guidelines.     

Challenges in Development and Implementation of Health‐Risk‐Based Soil Quality Guidelines: Turkey's Experience

Management of contaminated sites is a critical environmental issue around the world due to the human health risk involved for many sites and scarcity of funding. Moreover, clean‐up costs of all contaminated sites to their background levels with existing engineering technologies may be financially infeasible and demand extended periods of operation time. Given these constraints, to achieve optimal utilization of available funds and prioritization of contaminated sites that need immediate attention, health‐risk‐based soil quality guidelines should be preferred over the traditional soil quality standards. For these reasons, traditional soil quality standards are being replaced by health‐risk‐based ones in many countries and in Turkey as well. The need for health‐risk‐based guidelines is clear, but developing these guidelines and implementation of them in contaminated site management is not a straightforward process. The goal of this study is to highlight the problems that are encountered at various stages of the development process of risk‐based soil quality guidelines for Turkey and how they are dealt with. Utilization of different definitions and methodologies at different countries, existence of inconsistent risk assessment tools, difficulties in accessing relevant documents and reports, and lack of specific data required for Turkey are among these problems. We believe that Turkey's experience may help other countries that are planning to develop health‐risk‐based guidelines achieve their goals in a more efficient manner.     

Compliance Strategies and Regulatory Effectiveness of Performance-Based Regulation of Chemical Accident Risks

This paper investigates the role that performance-based regulations can play in linking a firm's environmental, health, and safety concerns with their corporate strategy. The specific focus is on the performance standards required by the Clean Air Act Amendments (CAAA) which require firms that store or use certain chemicals to develop a Risk Management Plan (RMP) for reducing the likelihood and impact of accidents at their plants. Data from a series of case studies and interviews of executives in chemical firms reveal that proactive companies integrated many of the requirements of the CAAA into their management systems prior to the regulatory requirements. Most of these firms tend to be large ones. Small firms often lack the resources to implement these regulations and hence have tended to have a more difficult time with compliance.     

The effect of accounting standards on Big Bath behavior

This paper investigates the influence of accounting standards on systematic earnings understatement. To isolate the effect of reporting regulations from those of other institutional drivers of earnings management, Holthausen (2003) proposes analyzing reporting practices in a country undergoing a transition in accounting standards. We respond to this call by analyzing earnings management practices of large German-listed companies before and after their transitions from German GAAP to IFRS. Specifically, we focus on Big Bath behavior following Chief Financial Officer turnovers between 1999 and 2006. Our findings provide evidence of the effect of accounting standards on the existence of this particular earnings understatement pattern. However, while we detect Big Bath behavior for our sample of German GAAP firms, we find no such indication for those firms reporting under IFRS. Controlling for alternative explanations such as self-selection bias does not change our findings. We conclude that accounting standards seem to have a considerable influence on earnings management behavior, independent of managers’ and auditors’ incentives.     

Practice standards use with internal partners

U.S. Department of Defense experience with internal partnership programs has indicated that a lack of close supervision by medical treatment facilities can result in cost increases. The use of medical practice guidelines or standards is the subject of active investigation. The global guidelines tend to be too rigid or too vague to affect the provision of care. Their general acceptance can often be low. The use of clinical guidelines, with supervision by a clinic peer, has been determined to be a provider-friendly method of delivering cost-effective, high-quality care. Comparisons were made between the supervised partners against the total expenditures for ENT outpatient CHAMPUS care. The results indicated not only a savings but a reduction in the rate of cost increases by more than 250 percent. It is our feeling that specialty provider, peer-directed medical standards can be applied in a cost-effective manner. Their adoption as an organization-wide standard for referral can be an important tool in maintaining quality while containing costs.     

Medical privacy: from the 4th Amendment to HIPAA. Right to privacy vs. public health: showdown looms over patient genetic information

Newly adopted federal privacy regulations set a high standard for control of medical information that all medical offices and clinics must meet. Yet, the federal government can't even secure its own database of medical information. We have less than two years to come into full compliance with regulations that may well change over the coming months, making compliance a moving target. Learn the history of our privacy rights and regulations. And preview the privacy debates and dilemmas that await our digital society.     

Advisers and the Fiduciary Duty Debate

This work concerns itself with the debate taking place in the United States about the duty of care financial advisers owe investors. On one side it is argued that advisers need only concern themselves with recommendations which meet certain suitability standards. On the other side, there are those who argue the suitability standard is not strong enough to adequately protect investor interests. Instead of ensuring investment recommendations are merely suitable, financial advisers owe their investors a fiduciary duty to “act in the best interest of the customer without regard to the financial or other interests … of the investment adviser providing the advice.” (SEC, 2011). In applying a properly understood conception of what fiduciary means I argue that regulations should not be harmonized but that fiduciary duty should apply to all who provide personalized investment advice to retail customers. I will further argue that even if the regulations are harmonized as proposed, because of exemptions for broker‐dealers as envisioned in the proposal, and which currently apply to Registered Investment Advisers, the efficacy of fiduciary duty is diluted to the point of rendering its current application, much less its potential uniform imposition, irrelevant.     

Compliance to HACCP and competitiveness of Oman fish processing

Exports of fish products are very important for the Sultanate of Oman to diversify sources of income and achieve higher standards of living to fishermen. In the past government regulations and support were sufficient to reach markets such as the European Union and the United States. During the last decade, however, there has been more focus on the application of more stringent quality regulations according to international norms namely Hazard Analysis Critical Control Point (HACCP). This paper investigates the perception and compliance of Oman fish companies to HACCP and consequences for corporate success and competitiveness. The paper provides and overview of international and national fish market regulations and the development of seafood regulations in Oman. It also develops an empirical framework to investigate empirically the relation between the adoption of international quality control procedures and success in export markets using an export penetration index. The paper findings show that up to 1998, Oman fish quality regulations differ in scope and objectives from HACCP. For instance, there is no requirement of plant-level quality management system equivalent to HACCP. Also, Oman regulations were based on regular inspections by government agents whereas HACCP is a system-based approach aiming at reducing repeated inspections. Empirical results support the hypothesis put forward; variables reflecting on the quality of fish products, that is, HACCP and sanitation were found to be positively correlated to the export index.     

环境规制强度与经济增长——基于生产性资本和健康人力资本视角

近年来,环境保护与经济增长之间的"两难悖论"引起了广泛的关注,环境规制强度如何影响经济增长的问题亟待解决。本文基于代际交替模型（OLG）,将环境规制、健康人力资本及生产性资本纳入分析框架,指出环境规制通过影响健康人力资本和生产性资本投资的方式对经济增长产生正负两方面影响。当环境规制强度较低时,环境规制强度与经济增长率正相关;当环境规制强度过高时,则与经济增长率负相关,存在一个最优环境规制强度。在此基础上,利用我国1997-2015年30个省级的面板数据,通过广义矩估计进行实证研究,验证了在我国存在这种显著的"倒U型"的非线性关系。     

Ein Optimierungsmodell für die wöchentliche Tourenplanung unter Einbeziehung der EU-Sozialvorschriften

The Regulation (EC) No 561/2006 and the Directive 2002/15/EC concern the driving and working hours as well as breaks and rest periods of drivers in road transportation. Although the regulations have an enormous effect on vehicle routing and scheduling, only parts of them have been integrated in few solution approaches and some vehicle routing models so far. This paper starts with the presentation of the restrictions of the relevant European Community regulations. Then, a mixed integer linear programming model for the vehicle routing problem with time windows including all rules of the regulations for a planning horizon of an entire week is presented. The model is solved with CPLEX and the impact of the regulations on the resulting vehicle schedules is analyzed by means of computational experiments.     

The implications of practice guidelines for physician medical malpractice liability

Medical practice guidelines are increasingly coming into use, and as more and more physicians are presented with guidelines to follow in the delivery of health care, the question arises of whether these guidelines will become instruments for imposing greater medical malpractice liability on physicians. This column will briefly describe what guidelines are, how they are developed, and how they have been and may be used in litigation against physicians, hospitals, and other health care institutions. As hospitals and managed care organizations continue to implement guidelines, the role these guidelines play in malpractice cases can be expected to increase. It appears, however, that, although guidelines will contribute to the establishment of the standard of care by which a physician's actions will be measured, they are not likely to become the standard that all physician treatment decisions must meet.     

Standardizing medical data

Congress passed The Health Insurance Portability and Accountability Act of 1996 in the doldrums of last Summer, and promptly charged the National Committee on Vital and Health Statistics to begin working on the regulations that will help providers, payers, and all members of the public adhere to the spirit of the law. What does this legislation portend for the health care industry? Standardization of information systems will play a large role in assuring the portability of health care insurance from one employer and payer to another in this legislation. Accountability, too, will depend on those same data standards to allow comparisons of processes and outcomes of care across health plans, providers, communities, states, and regions. In fact, without standardized data describing patients and their treatments, there can be no comparisons of their outcomes of care, or the processes used to treat them.     

Effective health care corporate compliance

The pace and intensity of oversight and investigation of health care organizations has greatly increased at all levels. Well run organizations with ethical management committed to following all laws and regulations are still at risk for compliance violations and punitive penalties. Under the Federal Sentencing Guidelines, organizations with an "effective" corporate compliance program may receive reduced penalties. The seven components of an effective program as defined in the guidelines are: (1) Standards and procedures; (2) oversight responsibilities; (3) employee training; (4) monitoring and auditing; (5) reporting systems; (6) enforcement and discipline; and (7) response and prevention. Lack of a compliance program needlessly exposes the organization to an avoidable risk of damage from non-compliance--whether intentional or not. Moreover, an effective program can contribute to the efficient operation of the organization and be a key piece of its corporate culture.     

上市公司高层管理人员监控的有效性研究

政府作为国有企业的出资人和国有产权的代理人,将政府机构控股转移到国有企业控股,并通过法规和准则来加强公司治理,以此来提高对上市公司监控的有效性。由此,使用公司业绩作为上述2项措施发挥监控作用的替代变量,实证分析其对上市公司监控的有效性。研究结果表明,国有企业控股公司比政府机构控股公司更能监控高层管理人员;同时,高层管理人员的变更对公司业绩有较高的敏感性,但公司治理机制并没有对公司高层管理人员变更与公司业绩的敏感性产生重大影响。在我国,上市公司由于业绩欠佳而更换高层管管理人员时,对控股股东的激励比公司治理机制更重要。     

Carcinogenic Polycyclic Aromatic Hydrocarbons: An Analysis of Screening Values,Guidelines, and Standards in the Northeast

Risk‐based, background, and laboratory quantitation limit‐derived standards for carcinogenic polycyclic aromatic hydrocarbons (cPAHs) in residential and nonresidential soils vary across the northeast region of the United States. The magnitude and extent of this variation, however, have not been systematically studied. This article examines the technical basis and methodology used by eight northeastern states in the development of risk‐based screening values, guidelines, and standards for cPAHs in soils. Exposure pathways, human receptors, algorithms, and input variables used by each state in the calculation of acceptable human health risks are identified and reviewed within the context of environmental policy and regulatory impacts. Emphasis is placed on a comparative analysis of multipathway exposures (incidental ingestion, dermal contact, and particulate inhalation) and key science‐policy decisions that have led to the promulgation and adoption of different exposure criteria for cPAHs in the Northeast. More than 425 data points and 20 distinct exposure factors across eight state programs, 18 age subgroups, six activity scenarios, and three exposure pathways were systematically evaluated. Risk‐based values for one state varied either above or below risk‐based, background or laboratory quantitation limit‐derived standards of another state for the same cPAH and receptor. Standards for cPAHs in soils were found to differ significantly across the northeast region—in some cases, by one or two orders of magnitude. While interstate differences can be expected to persist, future changes in federal guidance could mean a shift in risk drivers, compliance status, or calculated cumulative risks for individual properties impacted by PAH releases.     

A Valuation Based Analysis of the Spanish Accounting Reforms

This paper contrasts the association between security prices and accounting information before and after the Spanish accounting reforms. Spanish regulations were changed during 1989 and 1990 so as to conform with EU requirements, bringing them broadly into line with international standards, although the new system still focuses on compliance with rules rather than reflecting the substance of economic transactions. We model security price as a function of two fundamental accounting variables -- book value of equity per share and earnings per share. The model is estimated using a sample drawn from non-financial companies listed on the Madrid Stock Exchange during the period 1986--1995. Whilst the results demonstrate only a modest improvement in value relevance of accounting information following the reform, they show that the influence of the earnings variable becomes somewhat smaller whilst that on equity is increased. This is consistent with earnings containing a larger proportion of transitory elements following the reform, whilst the equity value appears to have more economic relevance than previously.     

Clinical practice guidelines: promise or illusion?

The uncertainties about appropriateness and rates of use are unfolding against the backdrop of rising costs and an explosion in new biomedical and technological information. Achieving consensus in this environment is increasingly difficult as payers demand proof of effectiveness, consumers want access to the newest technology, and physicians struggle to assimilate new information. The net result is a drive toward practice standards or guidelines.     

The past,present and future of health care quality. Urgent need for innovative,external review processes to protect patients

There are three paths to quality health care standards: the regulatory route, the "learning science" route, and the futuristic "management science" route. The regulatory path leads to punishment and blame. The learning science path splits, with one road leading back to harsh regulations and the other to the halls of academic medicine. And the management science path, while short, will be the road to success as American health care struggles to improve quality and overcome well-publicized and deadly medical errors.