Effects of joint orientation in tunneling

This research is focused on the effects of joint orientation with respect to the direction of tunnel axis. It is expected that the stability of surrounding rock is affected by the strike and dip of the joints and the direction of the tunnel axis, whether it is with the dip or against dip etc. similarly the spacing of joints will also affect the stability. The orientation of joints in different directions can form blocks liable to fall. The objective of this research project is to determine the degree of influence of joints' strike and dip orientation in tunneling. Field works related to this project was carried out at the Bogala Graphite Lanka Ltd. Tunnel mapping and other observations related to the project were made at 489.6m level in Bogata mine. Models were made with joint spacing of 15mm with two joint sets (joint sets parallel to tunnel axis and joint sets perpendicular to tunnel axis). Tunnels were created with 90mm diameter with dip angles of joints are 00,300,600,and 900. The tunnels models are loaded using UCS machine and observed the behavior of rock mass around the tunnels during loading. From the results the most preferable dip angle for the joint strike perpendicular to the tunnel axis would be the 900 and for the joint strike parallel to the tunnel axis would be 00

Corporate investments and the dual-role of working capital : evidence from Thailand

A firm can undertake corporate investments arising from growth opportunities only if it has the required level of liquidity. A clear understanding of the complex relationship between corporate investments and liquidity could help firms to gain benefits from growth opportunities. While the study supports several previous studies on the sensitivity of investments to liquidity, it more importantly contributes to the literature on working capital by showing the dual-role of working capital in relation to corporate investments. Drawing upon Shulman and Cox’s (1985) Net Liquidity Balance (NLB) and Working Capital Requirement (WCR) as proxy for net working capital, the study develops a model to test the two hypotheses. Using the data collected from listed service firms in the Thailand Stock Exchange, the study found that while NLB has a significant positive relationship with corporate investments, WCR has a significant negative relationship with corporate investments. The study also finds that firms manage WCR efficiently during growth opportunities in order to enhance NLB.10 page(s

Towards a framework to analyze the use of management control systems in public-private relationships

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Examining the influence of corporate governance on intellectual capital efficiency evidence from top service firms in Australia

The purpose of this paper is to examine the influence of corporate governance on intellectual capital (IC) in top service firms in Australia. Design/methodology/approach – Drawing on the agency theory, the paper develops hypotheses about relationships between corporate governance mechanisms (chief executive officer [CEO] duality, board size, board composition and subcommittee composition) and IC. The study uses a multiple regression analysis on data collected from corporate annual reports of 300 firm-year observations. Findings – The findings of the regression analysis indicate that CEO duality, board composition and remuneration committee composition are significantly associated with IC. In contrast, there is no evidence that board size and audit committee composition have an effect on IC. The study contributes to agency theory in general and the literature on IC and corporate governance more specifically. Practical implications – The findings of the study might be of interest to regulators, investment analysts, shareholders, company directors and managers in Australia, as well as academics, in designing corporate governance mechanisms to develop IC. Originality/value – Corporate governance is country-specific and, hence, its impact on managerial decisions leading to IC is different from country to country. This study provides empirical evidence on the relationship between corporate governance and IC in top service firms in Australia

The Impact of intellectual capital on investors’ capital gains on shares : an empirical investigation of Thai banking, finance & insurance sector

The purpose of this article is to investigate the impact of the value creation efficiency on investors’ capital gains on shares. To investigate the impact of corporate value creation efficiency on investors’ capital gains, the author used the data collected from listed companies in Thailand’s stock market and Pulic’s (1998) Value Added Intellectual Coefficient (VAIC TM) as the measure of intellectual capital and a developed multiple regression model. The empirical research found that firms’ intellectual capital has a significant positive relationship with its investors’ capital gains on shares. The findings enhance the knowledge base of intellectual capital and develop a concept of intellectual capital in achieving competitive advantages in emerging economies such as Thailand’s.12 page(s

The Impact of firms’ capital expenditure on working capital management : an empirical study across industries in Thailand

The purpose of this research is to investigate the impact of firms’ capital expenditure on their working capital management. The author used the data colleted from listed companies in the Thailand Stock Exchange. The study used Shulman and Cox’s (1985) Net Liquidity Balance and Working Capital Requirement as a proxy for working capital measurement and developed multiple regression models. The empirical research found that firms’ capital expenditure has a significant impact on working capital management. The study also found that the firms’ operating cash flow, which was recognized as a control variable, has a significant relationship with working capital management, which is consistent with findings of previous similar researches. The findings enhance the knowledge base of working capital management and will help companies manage working capital efficiently in growing situations associated with capital expenditure.14 page(s

Management controls for minimising risk in public-private partnerships in a developing country : evidence from Sri Lanka

Purpose - The purpose of the study is to examine the use of management controls by a public partner to minimise risks associated with a public-private partnership (PPP) in a developing country. Design/methodology/approach - Using case study method, management controls used in a power project formed as a PPP are examined based on data gathered from semi-structured interviews and documentary analysis. Findings - The study reveals that the public partner of the PPP used multiple controls depending on the nature of risks in different phases of the project. While bureaucratic control was the predominantly used control pattern throughout the three phases (namely, selecting, building and operating) of the PPP, trust-based controls also played an important role. Market controls on the other hand played, somewhat, a nominal role, particularly in the selecting phase of the project. The study also highlights the problematic nature of forming PPPs in developing countries despite the various benefits associated with such organisational arrangements. Additionally, the study provides insights into how certain contextual features of developing countries affect the way in which controls are applied. Practical implications - The insights provided in this paper would be beneficial to policy makers, in developing countries in particular, when making decisions in relation to implementation, management and risk control of PPPs. Originality/value - This study makes an original contribution to the existing literature on PPPs by examining the way in which management controls are used to minimise risk in a PPP in a developing country.24 page(s

The impact of audit committee characteristics on CSR disclosure : an analysis of Australian firms

This study examines the influence of audit committee (AC) characteristics on voluntary corporate social responsibility (CSR) disclosure in the corporate annual reports of Australian listed firms. It develops hypotheses about the relationship between voluntary CSR disclosure and AC characteristics such as size, frequency of meetings, independence, independent chair, financial expertise and gender diversity. Using multiple regression analysis on data collected from the corporate annual reports of 300 listed firms, the study finds that AC characteristics such as size, frequency of meetings, committee independence and gender diversity have a significant positive influence on the level of CSR disclosure. However, there is no evidence that AC characteristics such as independent chair and members’ financial expertise affect CSR disclosure in Australian firms. Based on an additional analysis, the study also sheds some light on the effect of AC characteristics on environmental disclosure. The findings of this study may be of particular interest to regulators, shareholders, investment analysts and managers in assessing CSR disclosure in annual reports, and in strengthening the monitoring and oversight role of ACs