Is a loosely specified regulatory intervention effective in disciplining management commentary? The case of performance indicator disclosure

This paper offers a contribution to the call for research on the effectiveness of regulatory interventions governing management commentary disclosure. Specifically, we focus on the mandatory requirement concerning performance indicator disclosure introduced by the Modernisation Directive (2003/51/EC). In keeping with other regulators, the European legislator opted to implement a regulatory approach based on a rule with loose specifications. To understand the effects of this Directive, we have investigated the Italian context, in which neither the national legislator nor the standard setter have supported companies with detailed specifications or guidelines aimed at integrating the European provision. We have compared companies’ disclosure practices before and after the adoption of the Directive, investigating the number of disclosed indicators and also their modalities of presentation, as they are considered essential to guaranteeing the quality of this disclosure. Our results document that a mandatory intervention, even if based on loose specifications, is associated with an increase in disclosure practices. Nevertheless, such regulation does not seem able to guarantee high quality disclosure practices. In fact, before and after the regulation, companies primarily disclose common financial measures. Moreover, the usefulness of such disclosure is undermined by a limited compliance with the international guidelines concerning the modalities of presentation. These results reveal some weaknesses in the European approach to performance indicator regulation. In general, the EU legislator fails to explain the purpose and the objective of performance indicator disclosure and does not take into account the differences between financial and non-financial indicators. Furthermore, it does not provide firms with clear guidelines concerning the presentation modalities.     

PREFERENCES FOR REDISTRIBUTION AND PERCEPTION OF FAIRNESS: AN EXPERIMENTAL STUDY

We conduct a laboratory experiment to study how demand for redistribution of income depends on self‐interest, insurance motives, and social concerns relating to inequality and efficiency. Our choice environments feature large groups of subjects and real‐world framing, and differ with respect to the source of inequality (earned or arbitrary), the cost of taxation to the decision maker, the dead‐weight loss of taxation, uncertainty about own pretax income, and whether the decision maker is affected by redistribution. We estimate utility weights for the different sources of demand for redistribution, with the potential to inform modeling in macroeconomics and political economy     

A new approach in vocational rehabilitation in Iceland: preliminary report

The lack of vocational rehabilitation in Iceland inspired the Janus Rehabilitation initiative in the year 2000. The team currently consists of two occupational therapists, a social worker, a physiotherapist, a psychologist, and a physician. Janus uses resources from local education establishments and is located at the Reykjavík Technical School. A client-centred approach is used, enabling a flexible rehabilitation timeframe. The aim is to help the client back to employment/education. Advantage is taken of the facilities of the school where integration between education and rehabilitation takes place. Forty individuals have been admitted, with a mean time from work of 2.9 years, (range: 0-11 years). Seventeen (43%) have returned to employment/education. Twenty-three of those entering the programme are still on invalidity pension. The Canadian Occupational Performance Measurement (COPM) shows improvement in occupational performance and satisfaction. The Icelandic Quality of Life measurement also shows improvement. The results have been promising. However, a larger group is needed in order to draw clear unequivocal conclusions.     

An ant colony optimization approach for the proportionate multiprocessor open shop

Multiprocessor open shop makes a generalization to classical open shop by allowing parallel machines for the same task. Scheduling of this shop environment to minimize the makespan is a strongly NP-Hard problem. Despite its wide application areas in industry, the research in the field is still limited. In this paper, the proportionate case is considered where a task requires a fixed processing time independent of the job identity. A novel highly efficient solution representation is developed for the problem. An ant colony optimization model based on this representation is proposed with makespan minimization objective. It carries out a random exploration of the solution space and allows to search for good solution characteristics in a less time-consuming way. The algorithm performs full exploitation of search knowledge, and it successfully incorporates problem knowledge. To increase solution quality, a local exploration approach analogous to a local search, is further employed on the solution constructed. The proposed algorithm is tested over 100 benchmark instances from the literature. It outperforms the current state-of-the-art algorithm both in terms of solution quality and computational time.

     

Evaluation of the green supply chain management practices: a fuzzy ANP approach

Environmentally responsible manufacturing, green supply chain management (GSCM), and related principles have become important strategies for companies to achieve profit and gain market share by lowering their environmental impacts and increasing their efficiency. As environment has become a key strategic consideration in supply chains, this study examines the components and elements of GSCM and suggests a novel GSCM evaluation framework. It also provides a real-case study of Ford Otosan, one of the pioneering companies about environmental subjects in Turkey, to illustrate the industrial application of our theoretical assessment model. The identified components are integrated into a strategic assessment and evaluation tool using analytical network process (ANP). The dynamic characteristics and complexity of the GSCM analysis environment make the ANP technique a suitable tool for this study. Moreover, to cope with ambiguity and vagueness of the decision maker's evaluations, the fuzzy extension of the ANP method is preferred.     

A Parallel between Regret Theory and Outranking Methods for Multicriteria Decision Making Under Imprecise Information

Incorporation of the behavioral issues of the decision maker (DM) is among the aspects that each Multicriteria Decision Making (MCDM) method implicitly or explicitly takes into account. As postulated by regret theory, the feelings of regret and rejoice are among the behavioral issues associated with the entire decision making process. Within the context of MCDM, the DM may feel regret, when the chosen alternative is compared with another one having at least one better criterion value. PROMETHEE II is a widely known MCDM method that makes no explicit incorporation of regret attitude of the DM. In this paper, we elaborate on the applicability of regret theory to MCDM context. In particular, we investigate the findings of regret theory and explore the parallel between regret theory and PROMETHEE II method. Relying on the concepts of regret theory, we demonstrate how a decision that is made using a PROMETHEE II based outranking method conforms to the regret attitude of the DM.     

Perception of Multisensory Gender Coherence in 6‐ and 9‐Month‐Old Infants

One of the most salient social categories conveyed by human faces and voices is gender. We investigated the developmental emergence of the ability to perceive the coherence of auditory and visual attributes of gender in 6‐ and 9‐month‐old infants. Infants viewed two side‐by‐side video clips of a man and a woman singing a nursery rhyme and heard a synchronous male or female sound track. Results showed that 6‐month‐old infants did not match the audible and visible attributes of gender, and 9‐month‐old infants matched only female faces and voices. These findings indicate that the ability to perceive the multisensory coherence of gender emerges relatively late in infancy and that it reflects the greater experience that most infants have with female faces and voices.     

Exploring Cultural Issues for Constellation Work in South Africa

Constellation work is a therapeutic and counselling intervention recognised in Germany and other European countries since the 1970s. Various scientists and practitioners have contributed to its theoretical and practical development, and research on the subject has increased over the past few years. However culture in constellation work has received little research attention and has not been empirically studied in African contexts. The aim of this article is to reflect on culture and its influence on constellation work in multicultural, post‐apartheid South Africa. An empirical qualitative research approach within the phenomenological paradigm was adopted. Six constellation facilitators were interviewed with in‐depth and field notes taken during participative observations of constellation workshops. The findings provide insight into culture in constellation work in the South African context. Theoretical and practical recommendations for scientists and therapy practitioners working with systemic interventions like constellation work are provided.