Mayfly production in a New Zealand glacial stream and the potential effect of climate change

Abstract In contrast to the northern hemisphere where species of Chironomidae are usually the dominant benthic invertebrates in the coldest upper reaches of glacial streams, mayflies (Deleatidium spp.: Leptophlebiidae) predominate in equivalent conditions in New Zealand. We examined the life histories and annual production of Deleatidium spp. at two sites on the Matukituki River (South Island, New Zealand) and at three sites in its glacier-fed tributary, Rob Roy Stream. Mean annual water temperature at the five sites ranged from 2.1 to 7.0°C. Monthly sampling showed that mayfly populations were poorly synchronised at all sites but were probably univoltine. The large Deleatidium cornutum was the dominant mayfly species found at the upper sites (Sites 1 and 2) on Rob Roy Stream, whereas above the confluence with Matukituki River (Site 3) it co-existed with a complex of smaller species we refer to as D. ''angustum''. Deleatidium ''angustum'' also dominated at the Matukituki sites. Deleatidium production calculated for the five sites, assuming an 11-month nymphal life, ranged from 0.48 g dry weight/m 2 /year (Site 1) to 3.07 g dry weight/m 2 /year (Site 3). The values for D. cornutum at Sites 2 and 3 are high for a species of Deleatidium and reflect its large size. This species appears to be strongly adapted for growth at low temperatures. Climate change scenarios for New Zealand predict the gradual and ultimate loss of small South Island glaciers and a consequent warming of streams as runoff from rainfall and snow melt becomes more dominant in spring. As a result, suitable habitats will be lost for cold-water specialists such as D. cornutum, and they are likely to suffer reductions in their distributional range and local extinction. In contrast, species such as those in the D. ''angustum'' complex may extend their ranges into streams formerly dominated by glacial meltwater

Governance disclosure quality and market valuation of firms

This study develops a ‘comply or explain’ index which captures compliance and quality of explanations given for non-compliance with the corporate governance codes in UK and Germany. In particular, we explain, how compliance and quality of explanations provided in non-compliance disclosures, and various other internal corporate governance mechanisms, affect the market valuation of firms in the two countries. A dynamic generalised method of moments (GMM) estimator is employed as the research technique for our analysis, which enabled us to control for the potential effects of endogeneity in our models. The findings of our content analysis suggest that firms exhibit significant differences in compliance, board independence and ownership structure in both countries. The ‘comply or explain’ index is positively associated with the market valuation of UK firms suggesting that compliance and quality governance disclosure is value relevant in the UK. Institutional blockholders’ ownership is however, negatively associated with the market value of firms, which raises questions about the monitoring role of institutional shareholders in both countries. We argue that both compliance and explanations given for non-compliance are equally important, as long as valid reasons and justifications for non-compliance are provided by the reporting companies. These findings thus imply that the ‘comply or explain’ principle is working well and that UK and German companies could benefit from the flexibility offered by this principle. With respect to the role of board size, board independence, ownership structure, and institutional ownership of firms, this study offers policy implications

Beyond shareholder primacy? Reflections on the trajectory of UK corporate governance.

Core institutions of UK corporate governance, in particular the City Code on Takeovers and Mergers, the Combined Code on Corporate Governance and the law on directors’ duties, are strongly orientated towards the norm of shareholder primacy. Beyond the core, however, stakeholder interests are better represented, in particular at the intersection of insolvency and employment law. This reflects the influence of European Community laws on information and consultation of employees. In addition, there are signs that some institutional shareholders are redirecting their investment strategies, under government encouragement, away from a focus on short-term returns, in such a way as to favour stakeholder-inclusive practices by firms. On this basis we suggest that the UK system is currently in a state of flux and that the debate over shareholder primacy has not been concluded

Governance tools for board members : adapting strategy maps and balanced scorecards for directorial action

The accountability of members of the board of directors of publicly traded companies has increased over years. Corresponding to these developments, there has been an inadequate advancement of tools and frameworks to help directorial functioning. This paper provides an argument for design of the Balanced Scorecard and Strategy Maps made available to the directors as a means of influencing, monitoring, controlling and assisting managerial action. This paper examines how the Balanced Scorecard and Strategy Maps could be modified and used for this purpose. The paper suggests incorporating Balanced Scorecards in the Internal Process perspective, ‘internal’ implying here not just ‘internal to the firm’, but also ‘internal to the inter-organizational system’. We recommend that other such factors be introduced separately under a new ‘perspective’ depending upon what the board wants to emphasize without creating any unwieldy proliferation of measures. Tracking the Strategy Map over time by the board of directors is a way for the board to take responsibility for the firm’s performance. The paper makes a distinction between action variables and monitoring variables. Monitoring variables are further divided on the basis of two considerations: a) whether results have been met or not and b) whether causative factors have met the expected levels of performance or not. Based on directorial responsibilities and accountability, we take another look at how the variables could be specified more completely and accurately with directorial recommendations for executives

Communitarian perspectives on social enterprise

Concepts of social enterprise have been debated repeatedly, and continue to cause confusion. In this paper, a meta-theoretical framework is developed through discussion of individualist and communitarian philosophy. Philosophers from both traditions build social theories that emphasise either consensus (a unitarist outlook) or diversity (a pluralist outlook). The various discourses in corporate governance reflect these assumptions and create four distinct approaches that impact on the relationship between capital and labour. In rejecting the traditional discourse of private enterprise, social enterprises have adopted other approaches to tackle social exclusion, each derived from different underlying beliefs about the purpose of enterprise and the nature of governance. The theoretical framework offers a way to understand the diversity found within the sector, including the newly constituted Community Interest Company (CIC).</p

ERP systems introduction and internal auditing legitimacy: An institutional analysis

In this paper, the authors examine how the internal audit function (IAF) maintains its legitimacy when enterprise resource planning (ERP) systems are introduced. This work centers on an in-depth case study of a multinational bank and finds that ERP systems impose an institutional logic of control based on interlinked assumptions. These assumptions motivate changes in the practice and structure of the IAF to become an integrated and comprehensive function to maintain its legitimacy

Examining the Link Between Religion and Corporate Governance: Insights From Nigeria

This article examines whether the degree of religiosity in an institutional environment can stimulate the emergence of a robust corporate governance system. This study utilizes the Nigerian business environment as its context and embraces a qualitative interpretivist research approach. This approach permitted the engagement of a qualitative content analysis (QCA) methodology to generate insights from interviewees. Findings from the study indicate that despite the high religiosity among Nigerians, religion has not stimulated the desired corporate governance system in Nigeria. The primary explanation for this outcome is the presence of rational ordering over religious preferences thus highlighting the fact that religion, as presently understood and practiced by stakeholders, is inconsistent with the principles underpinning good corporate governance

Liberal conservatism, ‘boardization’ and the government of civil servants

Drawing inspiration from the loosely coupled genre of studies of governmentality, this article explores the emergence in Britain during the early years of the millennium of a distinctive liberal conservative scheme for the government of civil servants. The term ‘boardization’ has been used to characterize the trend to reproduce the technology of the board of directors in central government. Conservatives currently assign a distinctive role to the work of departmental ‘boards’ in the effective management of the Civil Service. Intimating the costs and risks of the Conservatives’ programme, we explore the role of diverse governmental forces in the emergence of the boards of the Civil Service as an object for action and intervention during the early years of the new millennium. We explore a mutation in the application of practices and techniques drawn from the domain of the business enterprise to the organization of the Civil Service. </jats:p