Does strategic corporate performance depend on corporate financial architecture? Empirical study of European,Russian and other emerging market’s firms

Performance of the firm depends on its structural dimensions: capital structure, ownership structure and corporate governance. Their interactions are known as corporate financial architecture according to S. Myers. In this paper we analyze financial architecture which is a mix of ownership structure, capital structure, control and board’s composition, and therefore, provides the given framework for improving corporate performance. We contribute to the literature by different attributes of our study. In contrast to most empirical papers on performance, we develop integrated rather than segmented approach combining the intrinsic components of corporate financial design in one research model. We introduce new variable to capture the structure of ownership for the purpose of performance analysis. Our third contribution is based on comparative analysis of the influence of financial architecture over corporate performance in rather different capital market environment: developed European and emerging (developing) capital market’s countries. We start with a classic empirical model of the impact of ownership structure, capital structure and other components of financial architecture on the corporate performance. Further we verify the validity of exogenous nature of key variables of the classic model when applying it to companies in developed and emerging market environment. Our results could have some important policy implications for the firms in normal economic environment as well as in the period of global economic crisis. We found that the higher proportion of related ownership which indicates investors with significant voting power and the board’s composition affect firm performance positively. The related shareholders and independent directors seem to add more value to firms while the impact of government ownership differs depending on the country. The emerging market’s sample versus the one from developed countries proves the stronger influence of corporate financial architecture over performance.     

Evaluation of a Financial Literacy Test Using Classical Test Theory and Item Response Theory

The purpose of this study was to evaluate the quality (item difficulty and discriminability, construct validity, and reliability) of a financial literacy test that has been used to measure financial literacy in multiple countries. The test was analyzed based on Classical Test Theory and Item Response Theory, specifically the Rasch model, with the goal of identifying areas of improvement. The findings from the two measurement frameworks were quite comparable and identified similar measurement problems. Steps to improve the financial literacy measure were recommended.     

Organizational Culture in Civic Associations in Russia

The organizational culture of nonprofit organizations is affected by the context in which they are embedded. Based on a qualitative study of local civic associations in Novosibirsk, Russia, this article illustrates how nonprofit organizational culture has been shaped by historical and contemporary social and cultural conditions. The fluid situation for civil society in Russia has generated varied organizational culture across nonprofits. Interview data reveal different value orientations, distinct group identities, and different images of the ideal civic association: as a social establishment, as an outlet for self-expression, as a network of experts, or as a social startup. This resulting diversity of organizational culture has implications for the potential for partnerships among nonprofits, between nonprofits and government, between nonprofits and businesses, and also for the organizational survival of nonprofits in this setting.     

Cognitive functions and health-related quality of life in men with benign prostatic hyperplasia and symptoms of overactive bladder when treated with a combination of tamsulosin and solifenacin in a higher dosage

Aim: To study the cognitive functions and health-related quality of life (HRQoL) in individuals taking a combination of tamsulosin and solifenacin in a higher dosage.

Methods: All patients (n?=?262) were assigned to group A (N?=?93, tamsulosin 0.4?mg?+?solifenacin 10?mg per day), group B (N?=?83, tamsulosin 0.4?mg?+?solifenacin 20?mg), and control group C (N?=?86; tamsulosin 0.4?mg?+?placebo). The lower urinary tract (LUT) condition was assessed on the scales International Prostate Symptom Score, Over Active Bladder Awareness Tool and uroflowmetry. The state of cognitive status was assessed on the scales Mini-mental State Examination, Controlled Oral Word Association Test, Wechsler Adult Intelligence Scale-Revised, Wechsler III, Color Trails Test, California Verbal Learning Test.

Results: The values of cognitive function indicators in the individuals from all groups after treatment did not significantly differ from the respective values at the baseline (p?>?.05). The values of most HRQoL parameters of the functional state of the LUT significantly improved in groups A and B. A significant correlation between the state of cognitive status and HRQoL, as well as LUT was absent (r?<0.3).

Conclusion: The combination of solifenacin in a double dosage along with tamsulosin can be recommended for elderly benign prostatic hyperplasia patients with overactive bladder symptoms.     

Ethnic Origins and Religious Transformations in the Afro-Colombian Muslim Community of Buenaventura

The aim of this article is to analyse the origins and transformations of a Muslim community in western Colombia. The history of this small religious group of Afro-Colombians is presented over a period divided into four phases. This division is based on four dominant interpretations of Islamic doctrines adopted by the majority of the group over a period of time. These changes were not only due to religious motivations but also due to changes in the social milieu and the need for taking advantage of emerging opportunities. The religious conversion of Afro-Colombians to Islam took place within the complex socio-political context of the Colombian conflict which began in mid-1960s and is still ongoing. The adoption of this new religious perspective did not evolve in an isolated manner, rather, it transformed the identity of the community by strengthening the value of ethnic differences in a place of segregation. In this context, this paper analyses the role of religion as an important element in the construction of ethnic identity. It is also important to recognize that this cultural negotiation happens at the margins of the dominant society, which views Afro-Colombian minorities negatively or simply ignores their presence.     

The effective tool for self-assessment of adherence to treatment in patients with benign prostatic obstruction and overactive bladder symptoms

Purpose: Study of validity of the Medication Adherence Self-Report Inventory (MASRI) for use in clinical practice to treat patients with benign prostatic obstruction (BPO) accompanied with overactive bladder (OAB) symptoms.

Methods: During 12 weeks of the randomized study, 452 patients with BPO and OAB symptoms (mean age of 61.3 (12.7)) were studied for adherence to the treatment with Tamsulosin, Solifenacin and Trospium using the MASRI. External monitoring instruments included the Brief Medication Questionnaire (BMQ) and the visual remaining pill count. The state of the prostate gland and the lower urinary tract was monitored using questionnaires I-PSS, OAB Awareness Tool, uroflowmetry and voiding diaries.

Result: Correlation between the percentage of men non-adherent to treatment (MASRI) and the percentage of patients having a belief barrier on the screen of the BMQ was r?=?0.89, p?≤0.05, r?=?0.92, p?≤0.01, r?=?0.85, p?≤0.05, a number of missed doses on the Regimen Screen of the BMQ was r?=?0.79; p?≤0.05; r?=?0.81; p?≤0.05; r?=?0.75, p?≤0.05, a number of non-adherent patients according to the BMQ was r?=?0.83 (p?≤0.05), r?=?0.88 (p?≤0.05), r?=?0.79, p?≤0.05, the results of the pill count were r?=?0.65–0.76; p?≤0.05-0.01. These data confirm high validity of the MASRI.

Conclusion: The MASRI is a valid tool for rapid assessment of adherence to treatment of patients with BPO and OAB receiving Tamsulosin and antimuscarinic drugs and may be recommended for use in clinical practice.     

Double it up: Vocabulary size comparisons between UK bilingual and monolingual toddlers

We compared vocabulary sizes in comprehension and production between bilingual toddlers growing up in the United Kingdom (UK) and age-matched UK English monolinguals (12–36 months old) using parent-report vocabulary questionnaires. We found that bilingual toddlers' vocabulary sizes in English were smaller than the vocabulary sizes of their monolingual peers. Notably, this vocabulary gap was not found when groups were compared on conceptual vocabulary in comprehension. Conceptual scoring also reduced the vocabulary gap in production but group differences were still significant. Bilingual toddlers knew more words than monolinguals when words across their two languages were added together, for both comprehension and production. This large total vocabulary size could be attributed to a high proportion of doublets (cross-linguistic word pairs with the same meaning) in bilinguals' vocabularies. These findings are discussed in relation to language exposure, facilitation from cross-linguistic overlap and maturation constraints on vocabulary size.     

The edge of reason: A thematic analysis of how professional financial traders understand analytical decision making

This study uses thematic analysis to investigate accounts of Type 2 (analytical, rational and reflective) decision-making processes in professional financial traders working in the City of London. Previous studies have focused on using qualitative methods to examine trader understanding of Type 1 decision-making (intuition and ‘gut feeling’). No published study has investigated how traders view Type 2 decisions. Findings from semi-structured interviews with 14 traders revealed two overarching themes derived from four subthemes. The first overarching theme (‘Knowledge gap’) demonstrated that traders do not find their analytical decision-making processes as accessible as dual-process theory predicts. In particular, traders failed to label processes such as reading research or evaluating data as analytical. In contrast, they viewed Type 2 decisions in a ‘saviour’ role where these processes offered traders psychological or emotional support during loss making periods. The implications of these findings are discussed with respect to the decision-training of traders, their management, and practice.