A contingency framework of enterprise governance in the UK : a value-based management approach

Corporate governance (CG) has recently received much attention because of the wave of financial scandals in the early 2000s and the more recent global financial crisis. CG reforms, including laws, codes and listing rules have been established to protect shareholders’ rights and restore investors’ confidence in the capital market. These reforms have largely contributed to the evolution of internal and external governance mechanisms that are aimed at mitigating agency conflicts between managers and shareholders. However, overemphasis has been placed on the monitoring and control dimensions of governance, which may hinder entrepreneurial activities, obscure business prosperity and contribute to a narrow perspective on CG. It has been argued that there is a need to broaden CG beyond compliance (conformance) to a set of rules and laws, to include the performance aspects of governance that focus on strategy and value creation. In other words, governance should not only focus on monitoring managerial performance to ensure accountability to shareholders, but also on mechanisms that motivate management to optimise shareholders’ wealth. Enterprise governance (EG) framework has been introduced to keep the balance between the conformance and performance dimensions of governance. However, few studies address the possible tension between conformance and performance. Moreover, there is no agreement among these studies on the relationship between conformance and performance in the governance context. Arguably, Value-based Management (VBM) is an appropriate approach to address the issue of EG. VBM adopts value creation as an overall objective, develops a strategy that contributes to value creation and integrates it into decision-making. In this way, VBM can act as an effective mechanism for motivating management to maximise shareholder wealth, which works in parallel with other CG mechanisms, to mitigate agency conflicts resulting from the separation between ownership and management. This study aims to develop a contingency framework of EG through operationalising the conformance using CG and performance using corporate entrepreneurship (CE). This framework examines the inter-relationships between VBM, compliance with the Combined Code on Corporate Governance (CCCG), CE and the ultimate effect on organisational performance. More specifically, the study empirically examines the effect of compliance with the CCCG on CE, and whether VBM can achieve a balance between compliance with the CCCG and CE, should a conflict exist. The study also examines whether a fit between contingency variables (company size, agency conflicts, uncertainty, strategy and decentralisation), VBM, compliance with the CCCG codes and CE is associated with organisational performance. To achieve the aim of this study a cross-sectional survey, based on a questionnaire, is conducted to identify the level of VBM implementation, contextual and organisational factors in the large and medium quoted companies in the UK. The questionnaire targets the Chief Financial Officers (CFOs) in these companies as key informants. In addition, a content analysis of the annual reports of the sampled companies is undertaken to measure the level of compliance with the CCCG. Financial data (e.g. organisational performance) have been obtained from the DataStream, Fame and Thomson One Banker databases. Partial Least Squares Structural Equation Modelling (PLS-SEM) is adopted for data analysis and hypotheses testing. The results suggest that VBM implementation is positively associated with agency conflicts, low cost strategies and decentralisation. Compliance with the CCCG is positively associated with agency conflicts and company size. CE is positively associated with company size, uncertainty and differentiation strategies. In addition, the fit between compliance with the CCCG and contingency factors significantly predicts the marketbased performance. The fit between CE and the contingency factors significantly predict the perceived performance. However, the results regarding the effect of VBM on organisational performance are mixed. While VBM has no significant direct effect on the market-based performance, VBM has indirect positive effect on the market-based performance acting through compliance with the CCCG as an intervening variable. VBM is significantly associated with compliance with the CCCG but not with CE. No evidence is found for negative association between compliance with the CCCG and CE. The results support a large number of the proposed relationships between the contingency factors, VBM, compliance with the CCCG and CE. The results also suggest that using both compliance with the CCCG and CE as intervening variables in the relationship between VBM and organisational performance contributes to explaining the mixed results in the VBM literature. In terms of the EG framework, VBM does not keep a balance between conformance and performance. VBM emphasises the compliance with the CCCG (conformance) at the expense of CE (performance). The results did not provide significant evidence of a conflict between compliance with the CCCG and CE, the area which lacks empirical evidence. This study contributes to the literature at different levels. At the theoretical level, this study develops a theoretical model that links a performance management system (PMS), i.e. VBM, to CG practices and CE. This model attempts to bridge the gap between different disciplines, including management accounting, CG and entrepreneurship. Furthermore, combining both the contingency theory and the agency theory lenses contributes to the development of a comprehensive model of EG. At the methodological level, unlike previous studies, this study measures VBM practices on a continuum, rather than categories. Multiple data collection methods are used, and a powerful statistical technique (PLS-SEM) is adopted for data analysis. At the empirical level, the study is conducted in the UK. Though it is different from the US in many aspects, very few studies have been conducted in this context in many research areas such as VBM, CG and CE.EThOS - Electronic Theses Online ServiceEgyptian Ministry of Higher Education : Egyptian Cultural Bureau in LondonGBUnited Kingdo

Modifying the design of pond production systems can improve the health and welfare of farmed Nile tilapia, Oreochromis niloticus

Infected fish have been known to recover from mild illness when they are able to locate to warmer water. This study aimed to replicate this 'behavioural fever' effect in an aquaculture setting by artificially heating a section of a fish pond (thereby introducing a thermal gradient) and effectively modifying pond design. This was achieved through the construction of a 'greenhouse' type structure above a section of the pond. Over the length of the production cycle at three typical Nile tilapia (Oreochromis niloticus) farms, the study collected data on water quality and fish growth and at the end of the cycle, blood samples were taken and total production was recorded. At each farm, fish were divided into two identical ponds, one with a greenhouse covering 3% of the pond surface area and one without. Results showed that greenhouse was effective in warming the surface of the water immediately below it. Oxygen levels were also higher under the greenhouse than outside of it and higher than in the control pond. Fish reared in the greenhouse ponds tended to be larger than the control ponds and had improved physiological and immune status (i.e., better liver and kidney function, higher antioxidant activity and lysozyme count; p < 0.05). The results of this study suggest that low-cost interventions that introduce thermal gradients in aquaculture systems may hold promise for improving health and welfare status of farmed fish in developing countries.Article Information Received 26 September 2022 Revised 05 November 2022 Accepted 28 November 2022; O n l i n e F i r s t A r t i c l

Modifying the design of pond production systems can improve the health and welfare of farmed Nile tilapia, Oreochromis niloticus

Infected fish have been known to recover from mild illness when they are able to locate to warmer water. This study aimed to replicate this 'behavioural fever' effect in an aquaculture setting by artificially heating a section of a fish pond (thereby introducing a thermal gradient) and effectively modifying pond design. This was achieved through the construction of a 'greenhouse' type structure above a section of the pond. Over the length of the production cycle at three typical Nile tilapia (Oreochromis niloticus) farms, the study collected data on water quality and fish growth and at the end of the cycle, blood samples were taken and total production was recorded. At each farm, fish were divided into two identical ponds, one with a greenhouse covering 3% of the pond surface area and one without. Results showed that greenhouse was effective in warming the surface of the water immediately below it. Oxygen levels were also higher under the greenhouse than outside of it and higher than in the control pond. Fish reared in the greenhouse ponds tended to be larger than the control ponds and had improved physiological and immune status (i.e., better liver and kidney function, higher antioxidant activity and lysozyme count; p < 0.05). The results of this study suggest that low-cost interventions that introduce thermal gradients in aquaculture systems may hold promise for improving health and welfare status of farmed fish in developing countries

Primary care physicians' perceptions of barriers and facilitators to management of chronic kidney disease: A mixed methods study.

BackgroundGiven the high prevalence of chronic kidney disease (CKD), primary care physicians (PCPs) frequently manage early stage CKD. Nonetheless, there are challenges in providing optimal CKD care in the primary care setting. This study sought to understand PCPs' perceptions of barriers and facilitators to the optimal management of CKD.Study designMixed methods study.Settings and participantsCommunity-based PCPs in four US cities: Baltimore, MD; St. Louis, MO; Raleigh, NC and San Francisco, CA.MethodologyWe used a self-administered questionnaire and conducted 4 focus groups of PCPs (n = 8 PCPs/focus group) in each city to identify key barriers and facilitators to management of patients with CKD in primary care.Analytic approachWe conducted descriptive analyses of the survey data. Major themes were identified from audio-recorded interviews that were transcribed and coded by the research team.ResultsOf 32 participating PCPs, 31 (97%) had been in practice for &gt;10 years, and 29 (91%) practiced in a non-academic setting. PCPs identified multiple barriers to managing CKD in primary care including at the level of the patient (e.g., low awareness of CKD, poor adherence to treatment recommendations), the provider (e.g., staying current with CKD guidelines), and the health care system (e.g., inflexible electronic medical record, limited time and resources). PCPs desired electronic prompts and lab decision support, concise guidelines, and healthcare financing reform to improve CKD care.ConclusionsPCPs face substantial but modifiable barriers in providing care to patients with CKD. Interventions that address these barriers and promote facilitative tools may improve PCPs' effectiveness and capacity to care for patients with CKD

Changes in capital allocation practices – ERM and organisational change

This paper aims to study changes in capital allocation routines following the introduction of a new risk management system, enterprise risk management (ERM). Based on an institutional framework and empirical evidence from multiple sources in a large UK insurance company, we evaluated the extent and nature of organisational change. ERM was seen as an external driver to the change in the existing routines, which in turn led to internal changes in new capital allocation routines. The change was extreme, which signifies that existing capital allocation routines were not strong enough to deal with ERM as a key driver of change

Pycnogenol® and Ginkgo biloba extract: effect on peroxynitrite-oxidized sarcoplasmic reticulum Ca2+-ATPase

The effect of two natural standardized plant extracts, Pycnogenol® and EGb 761, on sarcoplasmic reticulum Ca2+-ATPase (SERCA) activity and posttranslational modifications induced by peroxynitrite was investigated to assess their possible protective role. EGb 761 was found to have a protective effect on SERCA activity in the concentration range of 5–40 µg/ml. On the other hand, Pycnogenol® caused a decrease of SERCA activity at concentrations of 25 µg/ml. EGb 761 did not prevent protein carbonyl formation upon oxidation with peroxynitrite. On the contrary, Pycnogenol® at the concentrations of 5 and 10 µg/ml significantly decreased the level of protein carbonyls by 44% and 54%, respectively. Neither Pycnogenol® nor EGb 761 exerted a protective effect against thiol group oxidation.The plant extracts studied modulated peroxynitrite-injured SERCA activity by different ways and failed to correlate with posttranslational modifications. Their effect seems to be associated with their ability to change SERCA conformation rather than by their antioxidant capacity

Antimicrobial resistance among migrants in Europe: a systematic review and meta-analysis

BACKGROUND: Rates of antimicrobial resistance (AMR) are rising globally and there is concern that increased migration is contributing to the burden of antibiotic resistance in Europe. However, the effect of migration on the burden of AMR in Europe has not yet been comprehensively examined. Therefore, we did a systematic review and meta-analysis to identify and synthesise data for AMR carriage or infection in migrants to Europe to examine differences in patterns of AMR across migrant groups and in different settings. METHODS: For this systematic review and meta-analysis, we searched MEDLINE, Embase, PubMed, and Scopus with no language restrictions from Jan 1, 2000, to Jan 18, 2017, for primary data from observational studies reporting antibacterial resistance in common bacterial pathogens among migrants to 21 European Union-15 and European Economic Area countries. To be eligible for inclusion, studies had to report data on carriage or infection with laboratory-confirmed antibiotic-resistant organisms in migrant populations. We extracted data from eligible studies and assessed quality using piloted, standardised forms. We did not examine drug resistance in tuberculosis and excluded articles solely reporting on this parameter. We also excluded articles in which migrant status was determined by ethnicity, country of birth of participants' parents, or was not defined, and articles in which data were not disaggregated by migrant status. Outcomes were carriage of or infection with antibiotic-resistant organisms. We used random-effects models to calculate the pooled prevalence of each outcome. The study protocol is registered with PROSPERO, number CRD42016043681. FINDINGS: We identified 2274 articles, of which 23 observational studies reporting on antibiotic resistance in 2319 migrants were included. The pooled prevalence of any AMR carriage or AMR infection in migrants was 25·4% (95% CI 19·1-31·8; I2 =98%), including meticillin-resistant Staphylococcus aureus (7·8%, 4·8-10·7; I2 =92%) and antibiotic-resistant Gram-negative bacteria (27·2%, 17·6-36·8; I2 =94%). The pooled prevalence of any AMR carriage or infection was higher in refugees and asylum seekers (33·0%, 18·3-47·6; I2 =98%) than in other migrant groups (6·6%, 1·8-11·3; I2 =92%). The pooled prevalence of antibiotic-resistant organisms was slightly higher in high-migrant community settings (33·1%, 11·1-55·1; I2 =96%) than in migrants in hospitals (24·3%, 16·1-32·6; I2 =98%). We did not find evidence of high rates of transmission of AMR from migrant to host populations. INTERPRETATION: Migrants are exposed to conditions favouring the emergence of drug resistance during transit and in host countries in Europe. Increased antibiotic resistance among refugees and asylum seekers and in high-migrant community settings (such as refugee camps and detention facilities) highlights the need for improved living conditions, access to health care, and initiatives to facilitate detection of and appropriate high-quality treatment for antibiotic-resistant infections during transit and in host countries. Protocols for the prevention and control of infection and for antibiotic surveillance need to be integrated in all aspects of health care, which should be accessible for all migrant groups, and should target determinants of AMR before, during, and after migration. FUNDING: UK National Institute for Health Research Imperial Biomedical Research Centre, Imperial College Healthcare Charity, the Wellcome Trust, and UK National Institute for Health Research Health Protection Research Unit in Healthcare-associated Infections and Antimictobial Resistance at Imperial College London