Determinants of voluntary audit and voluntary full accounts in micro- and non-micro small companies in the UK

This is an Author's Accepted Manuscript of an article published in Accounting and Business Research, 42(4), 441 - 468, 2012, copyright Taylor & Francis, available online at: http://www.tandfonline.com/10.1080/00014788.2012.667969.This study investigates the link between the auditing and filing choices made by a sample of 592 small private companies, which includes 419 micro-companies. It examines decisions made in connection with the 2006 accounts following UK's adoption of the maximum EU size thresholds in 2004, and the impact of the proposed Directive on the annual accounts of micro-companies. The research extends the model of cost, management and agency factors associated with voluntary audit, and develops a complementary model for voluntary full accounts. The results show the benefits of placing full audited accounts on public record that outweigh the costs for a significant proportion of companies. In non-micro small companies, voluntary audit is determined by cost and agency factors, whereas in micro-companies it is driven by cost, management and agency factors. In both groups, the predictors of voluntary full accounts include management and agency factors, and choosing voluntary audit is one of the key factors. The study provides models that can be tested in other jurisdictions to provide evidence of the needs of micro-companies, and the discussion of the methodological challenges for small company researchers in the UK makes further contribution to the literature

CEO pay, shareholder returns, and accounting profits

We assess the impact on CEO pay (including salary, cash bonus, and benefits in kind) of changes in both accounting and shareholder returns in 99 British companies in the years 1972-89. After correcting for heterogeneity biases inherent in the standard specifications of the problem, we find a strong positive relationship between CEO pay and within-company changes in shareholder returns, and no statistically significant relationship between CEO pay and within-company changes in accounting returns. Differences between firms in long-term average profitability do appear to have a substantial effect on CEO pay, while differences between firms in shareholder returns add nothing to the within-firm pay dynamics.These findings call into question the rationale for explicitly share-based incentive schemes

Development of SMAP Mission Cal/Val Activities

The Soil Moisture Active Passive (SMAP) mission is a NASA directed mission to map global land surface soil moisture and freeze-thaw state. Instrument and mission details are shown. The key SMAP soil moisture product is provided at 10 km resolution with 0.04cubic cm/cubic cm accuracy. The freeze/thaw product is provided at 3 km resolution and 80% frozen-thawed classification accuracy. The full list of SMAP data products is shown

A panel analysis of UK industrial company failure

We examine the failure determinants for large quoted UK industrials using a panel data set comprising 539 firms observed over the period 1988-93. The empirical design employs data from company accounts and is based on Chamberlain’s conditional binomial logit model, which allows for unobservable, firm-specific, time-invariant factors associated with failure risk. We find a noticeable degree of heterogeneity across the sample companies. Our panel results show that, after controlling for unobservables, lower liquidity measured by the quick assets ratio, slower turnover proxied by the ratio of debtors turnover, and profitability were linked to the higher risk of insolvency in the analysis period. The findings appear to support the proposition that the current cash-flow considerations, rather than the future prospects of the firm, determined company failures over the 1990s recession

Soil Moisture Active Passive (SMAP) Calibration and Validation Plan and Current Activities

The primary objective of the SMAP calibration and validation (Cal/Val) program is demonstrating that the science requirements (product accuracy and bias) have been met over the mission life. This begins during pre-launch with activities that contribute to high quality products and establishing post-launch validation infrastructure and continues through the mission life. However, the major focus is on a relatively short Cal/Val period following launch. The general approach and elements of the SMAP Cal/Val plan will be described and along with details on several ongoing or recent field experiments designed to address both near- and long-term Cal/Val

Small and medium-sized enterprise policy: Designed to fail?

Significant doubts persist over the effectiveness of government policy to increase the numbers or performance of small and medium-sized enterprises in the UK economy. We analyse UK political manifestoes from 1964-2015 to examine the development of SME policy in political discourse. We do this by analysing how the broadly-defined category of ‘SME’ has been characterised in the manifestoes and assess these characterisations in relation to the empirical evidence base. We highlight three consistent themes in UK political manifestoes during 1964-2015 where SMEs have been characterised as having the potential for growth, struggling to access finance and being over-burdened by regulation. We argue that homogenising the broad range of businesses represented by the SME category and characterising them in these terms misrepresents them, undermining policies developed in relation to this mischaracterisation

Soil Moisture Retrieval with Airborne PALS Instrument over Agricultural Areas in SMAPVEX16

NASA's SMAP (Soil Moisture Active Passive) calibration and validation program revealed that the soil moisture products are experiencing difficulties in meeting the mission requirements in certain agricultural areas. Therefore, the mission organized airborne field experiments at two core validation sites to investigate these anomalies. The SMAP Validation Experiment 2016 included airborne observations with the PALS (Passive Active L-band Sensor) instrument and intensive ground sampling. The goal of the PALS measurements are to investigate the soil moisture retrieval algorithm formulation and parameterization under the varying (spatially and temporally) conditions of the agricultural domains and to obtain high resolution soil moisture maps within the SMAP pixels. In this paper the soil moisture retrieval using the PALS brightness temperature observations in SMAPVEX16 is presented

AMSR2 Soil Moisture Product Validation

The Advanced Microwave Scanning Radiometer 2 (AMSR2) is part of the Global Change Observation Mission-Water (GCOM-W) mission. AMSR2 fills the void left by the loss of the Advanced Microwave Scanning Radiometer Earth Observing System (AMSR-E) after almost 10 years. Both missions provide brightness temperature observations that are used to retrieve soil moisture. Merging AMSR-E and AMSR2 will help build a consistent long-term dataset. Before tackling the integration of AMSR-E and AMSR2 it is necessary to conduct a thorough validation and assessment of the AMSR2 soil moisture products. This study focuses on validation of the AMSR2 soil moisture products by comparison with in situ reference data from a set of core validation sites. Three products that rely on different algorithms were evaluated; the JAXA Soil Moisture Algorithm (JAXA), the Land Parameter Retrieval Model (LPRM), and the Single Channel Algorithm (SCA). Results indicate that overall the SCA has the best performance based upon the metrics considered

Development and Validation of The SMAP Enhanced Passive Soil Moisture Product

Since the beginning of its routine science operation in March 2015, the NASA SMAP observatory has been returning interference-mitigated brightness temperature observations at L-band (1.41 GHz) frequency from space. The resulting data enable frequent global mapping of soil moisture with a retrieval uncertainty below 0.040 cu m/cu m at a 36 km spatial scale. This paper describes the development and validation of an enhanced version of the current standard soil moisture product. Compared with the standard product that is posted on a 36 km grid, the new enhanced product is posted on a 9 km grid. Derived from the same time-ordered brightness temperature observations that feed the current standard passive soil moisture product, the enhanced passive soil moisture product leverages on the Backus-Gilbert optimal interpolation technique that more fully utilizes the additional information from the original radiometer observations to achieve global mapping of soil moisture with enhanced clarity. The resulting enhanced soil moisture product was assessed using long-term in situ soil moisture observations from core validation sites located in diverse biomes and was found to exhibit an average retrieval uncertainty below 0.040 cu m/cu m. As of December 2016, the enhanced soil moisture product has been made available to the public from the NASA Distributed Active Archive Center at the National Snow and Ice Data Center

Seasonal Dependence of SMAP Radiometer-Based Soil Moisture Performance as Observed over Core Validation Sites

The NASA SMAP (Soil Moisture Active Passive) mission provides a global coverage of soil moisture measurements based on its L-band microwave radiometer every 2-3 days at about 40 km resolution. The soil moisture retrieval algorithms model the brightness temperature as a function of soil moisture, surface conditions and vegetation. External data sources inform the algorithms about the surface conditions and vegetation, which enable the retrieval of soil moisture. The inversion process contains uncertainties related to radiometer measurements, forward model assumptions and ancillary data sources. This study focuses on the uncertainties that depend on the seasonal evolution of the surface conditions and vegetation. This study compares the SMAP and core validation site (CVS) soil moisture values over a period of three years to extract the evolution of performance metrics over time. The analysis showed that most CVS that include managed agriculture exhibit significant time-dependent seasonal bias. This bias was linked to seasonal temperature cycle, which is a proxy to several features that can cause seasonally dependent errors in the SMAP product