International education is an area of education that, over the last forty years, has grown in size and significance. International schools are one of many vehicles for the delivery of international education and are growing in number and variety. In addition, the value placed by society on an international education and those curricular programs that promote international education continue to develop. International schools are, therefore, becoming an important and growing area of education. In general terms the amount of research on such schools is limited when compared to national education systems and national schools. The growth in the number of international schools has been accompanied by a growth in the variety of such schools and the diversity of foundations, governance models and missions that support them. This diversity and my experience in international school leadership, allied to my interest in school improvement and school effectiveness as it pertains to the field of international schools, led to an interest in how models of governance impact on international school leadership and – through the leadership – on school improvement and development. This research enquiry is a case study, based on evidence produced through three different research methods; individual school studies, a questionnaire and expert interviews. The use of three methods of data gathering allowed for a complex area to be examined and the results to be triangulated. The results of the case study serve to illuminate the area and to suggest future avenues of research. One area of particular interest that was identified through the study was the interaction within the leadership structures of the schools and the relationships between the head of school, governors and model of governance. It would appear from the results of the study that those models of governance that relied on high numbers of elected parents of students currently attending the school produced a much higher turnover of heads and chairs of boards than did others. The interaction between head, chair of the school board and overall board members also appeared to affect the length of time people served in these posts. Following discussion of such issues, the implications of governance model and rate of turnover for the leadership, development and improvement of international schools are further examined and discussed. The process of conducting this enquiry, while time consuming and demanding, has been of huge benefit to me both personally and professionally. I have enjoyed the challenge and particularly gained from the greater professional insight developed during the study.

IS Security (ISS) has become a key element of business risk management and can itself create competitive advantage. Thus, organisations seek practical approaches to protect the operation of the business. Protecting the functionality of an organisation is a difficult task but it is the responsibility of both senior management and ISS functions to do so. An analysis of the ISS literature reveals a paucity of research of ISS management, and a need for research to develop a holistic model for managing ISS knowledge to overcome the ever-increasing number of negative security incidents. The ISS research community is restrained by small-scale technical questions as the social aspects of ISS are ignored resulting in fragmented research across the IS field. While several possible methods are scattered throughout the literature – they focus on the development of information systems. ISS professionals require a range of skills encompassing business knowledge, legal awareness, and organisational processes as well as technical security knowledge. Research to date has failed to provide an integrated approach to managing ISS knowledge. This study investigates how ISS could leverage the concept of knowledge management. It proposes a theoretical model derived from the ISS and KM literatures. Thus to address this gap in research, this study adopts an exploratory interpretive holistic case study approach using interviews and document analysis as data gathering methods. The study will focus on the relationship between ISS and KM and the proposed benefits that an ISS KM initiative would produce. An analysis of the approaches used by these specialised structures in managing knowledge within and across the two case studies facilitated the development of an integrated model. The interplay between the functions provided rich description of the approaches used to manage knowledge. This research builds on previous studies documented in the ISS literature, by providing a much needed model against which practitioners may diagnose problems, plan action and implement solutions. ISS models and standards today do not exhibit much flexibility, therefore managers make ISS decisions in a vacuum. ISS problems can be managed or reduced when the ISS functions and management are aware of the full range of controls available and implement the most effective. Unfortunately, they often lack this knowledge and their subsequent actions to cope with threats are less effective. The focus of ISS research to date has been technical and grounded in positivism and few, if any, studies utilise a qualitative approach, therefore eliminating holistic, in-depth rich descriptions of core issues within the field. Comparatively little work has taken a managerial point of view, covering broad organisational and social issues. This study acknowledges these issues and provides a solid conceptual foundation for future studies on ISS by answering calls for a theoretical model to guide research in the area. The study also identifies the positive and negative impacts of compliance and describes how organisations can apply the model to overcome these negative effects.

The purpose of the research investigation is to consider the potential opportunities through which corporate governance may be developed to better suit the developing commercial culture within Poland. In order to do this, I formulate the following research questions: ‘What are the weaknesses of the Polish corporate governance system?’, ‘What changes should be made to corporate governance in Poland?’, and ‘Is a hybrid corporate governance model a choice for Poland?’ The concept of hybridisation is fairly new, and involves combining different approaches to corporate governance, eg it embraces combining elements of the board management and monitoring models. I examine several changes to corporate governance that can be called hybrid. They were implemented in South Africa, Japan, Malaysia, the UK and the US. The main focus, however, is put on Polish corporate governance, which I investigate from the angle of those changes. Doctrinal research is combined with a set of interviews conducted with business practitioners in Poland. Interviewees are asked to express their opinion about corporate governance in Poland. Questions are asked in the context of changes that were made to corporate governance in countries mentioned above. The interviews produce results that overlap with the doctrinal research. Polish companies have a highly consolidated share ownership structure, which has a negative influence on the allocation of power between corporate organs. The supervisory board is an organ through which the controlling shareholders extend their power. Under the Company Code 2000, the supervisory board usually appoints and removes members of the management board, and instructs them in the decision making process. The statutes might give a broader scope of powers to the supervisory board. All this results in various forms of expropriation in companies, such as, for example, stealing of profits by governing bodies, overpaying executives, or installing unqualified family members in managerial positions. In general, interviewees are pleased with the currently binding corporate governance in Poland. The majority of them are pessimistic about implementing such large changes in Poland as, for example, a one-tier board system. A significant number of interviewees propose minor changes to the Polish system of corporate governance. It should be highlighted that several non-managerial interviewees turn out to have more liberal approaches to potential changes to corporate governance in Poland. The research fills a gap in knowledge on hybrid corporate governance, as this issue has hardly been touched by the Polish legal doctrine. It also systematises and develops knowledge on hybrid corporate governance worldwide, and develops knowledge on legal transplant.

This thesis consists of three essays on the performance implications of senior decision-makers in the banking industry. While the first chapter looks at one aspect of bank performance from a regulatory perspective, the next two chapters study performance from an investor perspective. The first chapter uses regulatory enforcement actions issued against US banks to show that both board monitoring and advising are effective in preventing misconduct by banks. While better monitoring by boards prevents all categories of misconduct, better advising prevents misconduct of a technical nature. Board monitoring increases the likelihood that misconduct is detected, increases the penalties imposed on the CEO, and alleviates shareholder wealth losses following the detection of misconduct by regulators. This chapter offers novel insights on how to structure bank boards to prevent bank misconduct. The second chapter seeks to understand how the characteristics of bank executives affect the market performance of US banks. To explore the expected performance effects linked to executive characteristics, the changes in the market valuation of banks linked to announcements of executive appointments are estimated. The chapter shows that age, education and the prior work experience of executives create shareholder wealth while gender is not linked to measureable value effects. Furthermore, these wealth effects are moderated by the level of influence of incoming executives, with their magnitude diminished under independent boards and higher if the incoming executive is also appointed as CEO. The results are robust to the treatment of selection bias. This chapter contributes to the current debate on whether and how individual executives matter for firm performance. The findings also shed light on the value of human capital in the banking industry. The third chapter explores how the cultural heritage of senior decision-makers affects bank outcomes. To study cultural heritage, this chapter focuses on US-born CEOs who are the children or grandchildren of immigrants. Using a hand-collected dataset that tracks the family tree of US bank CEOs, it is shown that the cultural characteristics prevailing in the country of a CEO’s ancestors influence firm performance under pressure. How CEOs respond to competitive pressure is driven by specific cultural dimensions and is causally related to corporate policy choices. To establish causality, I use variation in industry competition generated by a quasi-natural experiment, the staggered adoption of barriers to US interstate branching in the 1990s. I also use an out-of-sample test using a non-banking competitive shock, the Canada-United States Free Trade Agreement, and find robust results.

There has been talk of countries facing water "crises" and even predictions of a "global water crisis", for some years now. The effects of climate change, population growth, and ever higher levels of development are being felt around the world. Even in the United Kingdom, generally considered to have plentiful rainfall, there have been restrictions on water use. How much more serious a problem, then, is this issue for those countries with less bountiful water resources and fewer financial resources to cope with increasing water stress. One common response has been to consider the water crisis as a "crisis of governance", in recognition that it is less about the lack of water and more about the need to address poverty and power imbalances within society. However, this neither clarifies the measures to be taken nor the responsibilities that governments have towards their people when facing such a crisis. This thesis explores the meaning and implications of "good water governance" as a means of addressing the water crisis and concludes that for the meas to be successful a clear end goal is required. This thesis proposes that the normative content of the Human Right to Water is a useful starting point in defining the goals for national water policy able to meet the challenge of a potential water crisis. By combining positive contributions both good water governance and the Human Right to Water, the thesis develops a framework to assist governments in planning, implementing and monitoring the measures necessary to fulfil their responsibilities. In order to verify the framework that has been developed, the thesis applies the framework to the case of South Africa, a country that is facing increasing water stress while still redressing the balance of past inequities. The thesis concludes that a framework using aspects from a water governance approach and aspects of the Human Right to Water can assist governments to focus their efforts on the critical issues that affect their communities' access to water.

Diese Dissertation behandelt das Thema der Finanzberichterstattung und Wirtschaftsprüfung. In einer allgemeinen Einleitung werden die gesetzlichen Grundlagen zur kapitalmarktorientierten Rechnungslegung und deren Kontrollen beschrieben. Als Folge des Bilanzkontrollgesetzes (BilKoG) wurde die Deutsche Prüfstelle für Rechnungslegung (DPR) gegründet. Diese privatrechtlich organisierte Kontrollinstanz prüft seit dem Jahr 2005 die Rechnungslegung von Unternehmen in Deutschland, die am regulierten Kapitalmarkt gelistet sind (Enforcement). Ziel ist es, eine wahrhafte und transparente Rechnungslegung im Interesse des Kapitalmarkts zu gewährleisten. Neben dem BilKoG wurde durch das am 20.01.2007 in Kraft getretene Transparenzrichtlinie-Umsetzungsgesetz (TUG) die Richtlinie 2004/109/EG in deutsches Recht transformiert. Ziel der EU-Transparenzrichtlinie war ‘die Schaffung effizienter, integrierter und transparenter Wertpapiermärkte, die Anleger und Kapitalgeber besser über die Finanzlage kapitalmarktorientierter Unternehmen informieren’ (Henkel et al. (2008), S. 36). In der vorliegenden Arbeit werden in drei Studien spezielle Fragestellungen ausgehend von der gesetzlichen Entwicklung in Deutschland analysiert. Es werden die Zusammenhänge zwischen freiwilligen Kontrollen eines Wirtschaftsprüfers, staatlichem Enforcement, Prüfungskosten und Bilanzpolitik untersucht. Die erste Studie befasst sich mit der freiwilligen Kontrolle der Zwischenberichterstattung kapitalmarktorientierter Unternehmen. Die unterjährige Veröffentlichung von Zwischenberichten bietet entscheidungsrelevante und zeitnahe Informationen für Kapitalmarktakteure. Eine prüferische Durchsicht durch einen Wirtschaftsprüfer kann zusätzliches Vertrauen in die Berichterstattung liefern. Bei der Implementierung des TUG wurde eine pflichtmäßige prüferische Durchsicht von Zwischenberichten in Deutschland diskutiert. Der Gesetzgeber entschied sich gegen eine gesetzliche Verpflichtung und übertrug die Entscheidung einer freiwilligen unterjährigen Kontrolle an Unternehmen und Wirtschaftsprüfer. Dieser Marktlösung in Deutschland steht eine gesetzlich verpflichtete prüferische Durchsicht z.B. in den USA, Frankreich oder Australien gegenüber. Es stellt sich folglich die Frage nach Kosten und Nutzen einer solchen Kontrollleistung, um die Vorteilhaftigkeit der gesetzlichen Pflicht oder der Marktlösung zu bewerten. Diese erste Studie nutzt ausgehend vom TUG einen neu entstandenen, beobachtbaren Markt für prüferische Durchsichten in Deutschland. Die Kategorisierung der Prüfungskosten in ‚Abschlussprüfungskosten‘ und ‚Prüfungsnahen Dienstleistungen‘ ermöglicht eine detaillierte Untersuchung der Kosten für das Unternehmen. Weiter wird der Nutzen in Bezug auf die Qualität der unterjährigen Berichterstattung analysiert. In der zweiten Studie wird das Angebot und die Nachfrage von prüferischen Durchsichten beleuchtet. In der Literatur werden die Agency-Kosten, die Corporate Governance Struktur und verschiedene Kostentreiber dieser Prüfungsleistung als Einflussfaktoren identifiziert. Der positive Nachfrageschock bei prüferischen Durchsichten im Jahr 2007 lässt sich durch diese Faktoren jedoch nicht erklären. Ausgehend von der neu beobachtbaren Nachfrage stellt die Studie einen Zusammenhang zwischen dem erstmaligen Enforcement von Zwischenberichten durch die DPR und dem Inkrafttretens des TUG im Jahr 2007 her. Die gesetzlichen Änderungen werden dem theoretischen Rahmen von Angebot und Nachfrage freiwilliger externer Kontrollen zugeordnet. Im nächsten Schritt wird der Einfluss von Fehlerentdeckungsrisiken durch die DPR für Management und Aufsichtsrat auf die Nachfrage von externen Kontrollen untersucht. Die dritte Studie befasst sich mit der Effektivität des deutschen Enforcement-Systems, dem Einfluss von Bilanzpolitik und dessen Antizipation in den Prüfungskosten. Die Untersuchung analysiert den zeitlichen Aspekt von Bilanzpolitik auf Fehlerveröffentlichungen in späteren Perioden. Es besteht die Möglichkeit die Verschlechterung der wirtschaftlichen Situation eines Unternehmens durch Bilanzpolitik zu verdecken. Ohne Verbesserung der wirtschaftlichen Lage des Unternehmens führt dieses Verhalten zu einem Bilanzpolitikausmaß außerhalb des gesetzlichen Rahmens und folglich zu einer hohen Wahrscheinlichkeit der Fehlerentdeckung bei DPR Untersuchungen. Die Entwicklung der Bilanzpolitik eines solchen Unternehmens müsste im zweiten Schritt mit der Risikokomponente in den Prüfungskosten des Wirtschaftsprüfers in Verbindung stehen. Der risikoorientierte Prüfungsansatz und die Antizipation von Bilanzpolitik in den Prüfungskosten sollte demnach vor Fehlerbekanntmachung zu einem Anstieg der Prüfungskosten führen. Zusätzlich ist nach offizieller Fehlerveröffentlichung und somit durch eine objektiv beobachtbare Schwäche im Rechnungslegungssystem oder einem hohen Ausmaß an Bilanzpolitik ein Risikoaufschlag zu vermuten. Der letzte Abschnitt fasst die wichtigsten Aussagen der Dissertation zusammen und erläutert die Zusammenhänge der Ergebnisse. / The interim reporting process provides decision-useful information to investors and market participants. However the legal circumstances of external interim auditor reviews differ worldwide. A mandatory review rule in the US as opposed to a contrary decision of the German legislator raises the question of the cost-benefit-relation of auditor reviews. Using a German sample of 1,023 firm-year observations from 2007 to 2010, I extract the costs and the benefits of voluntary semi-annual reviews. The unique German legal environment makes it possible to split the cost effect of a review in the price effect (included in audit-related fees) and a possible reduction of audit fees resulting from an improved year-around audit process. I observe a significant increase of audit and audit-related fees of around 14.5% (total fee effect). Additionally, the study provides evidence on declining audit fees for reviewed firms as compared to a matched sample of non-reviewed firms. The effect of an interim review on quarterly earnings quality – using discretionary accruals as an earning management proxy – shows no significant influence. This study investigates the effect of the error announcement risk on the demand for voluntary interim auditor reviews. Material changes in the German legal environment in 2007 introduced an enforcement system for semi-annual financial reports. The demand for voluntary semi-annual reviews increased significantly from 0.8% in 2006 to 14.6% in 2007 and increased further to 19.5% until 2010 for a sample of 1,278 firm-year observations. This study addresses the question whether the enforcement structure and the resulting error announcement risk exposure have an influence on voluntary external monitoring. After controlling for agency costs, the corporate governance structure, and selected review cost factors, results of a logistic regression analysis show a positive influence of error announcement risk on the likelihood of engaging an auditor to review the semi-annual interim report. The findings contribute to the literature by demonstrating that the quality of the enforcement system and the risk of error findings influence the review decision of the board of directors positively. In 2004 German legislation established the Financial Reporting Enforcement Panel. In 147 cases since then, the panel has ordered the announcement of errors in previously disclosed and audited financial statements of German firms. We use this unique dataset to evaluate the consequences of increasing earnings management over time on enforcement releases and their recognition in audit fees. Ettredge et al. (2010) provide evidence on a phenomenon called ‘balance sheet bloat’ that is due to income increasing earnings management and later influences the disclosure of misstated financial statements. Thus, the evidence of earnings management recognition in audit fees (Abbott et al. 2006) and the hypothesis of future information content in fees by Stanley (2011) leads us to hypothesize that auditors recognize increasing audit risk in audit fees before the enforcement process starts. We extend related earnings management and audit fee literature by modeling the development of earnings management within the misstatement firms and systematically link it to auditor reactions. We find significant predictive power of different commonly used accrual measures for enforcement releases in the period prior and up to the misstatement period. In this period of time, we also observe an audit fee increase, e.g. the recognition of increased audit risk. We investigate an audit fee effect after the misstatement period but find no significant relation.

Whilst extensive research has been done on the association between corporate governance and firm performance, the empirical evidence is inconclusive. This thesis argues that the failure of past studies to establish a positive association between corporate governance and performance might be caused by the use of conservative accounting in firms. If firms with stronger corporate governance adopt more conservative accounting procedures, then tests of the relationship between corporate governance characteristics and performance will be biased downwards. If market participants fail to recognise a link between conservative accounting and corporate governance, then firms with stronger corporate governance might also be systematically undervalued. Therefore, studying the relationship between selected corporate governance attributes and the extent of conservative accounting does more than just extend our understanding of the link between governance characteristics and accounting quality. It also provides useful insights for interpreting the existing literature on the association between corporate governance and performance. In this thesis, detailed investigation is undertaken of the link between several governance characteristics (as well as an aggregate index) and the extent of conservatism evident in Australian firms?? financial reporting. Overall, the results provide only weak evidence that firms with certain governance characteristics report more conservatively. Evidence of any such link is restricted to measures of board composition and leadership, and even then the results are sensitive to the method used to measure the extent of conservatism in financial reporting. There is no systematic evidence of an association for measures of audit committee composition, nor board size. Finally, there is only weak evidence that use of a Big 5 auditor affects the extent of conservatism and the results are sensitive to the period investigated. These results are all robust to explicitly recognizing possible endogeneity between the extent of conservative accounting and the governance attributes examined. Overall, the results raise important questions about the extent to which widely advocated corporate governance attributes result in accounting outcomes which accelerate the revelation of relatively poor economic news, at least for Australian firms in the years examined (1998 and 2002). However, beyond the immediate relationship examined, the results also suggest that caution is appropriate before dismissing the absence of a link between governance attributes and firm performance as being attributable to accounting conservatism.

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One of the most challenging questions that a political comparativist can grapple with in todays world is: Why do some countries and their systems of governance fail while others succeed? As a student of comparative politics, I have been grappling with a similar question for some time now: What is wrong with development initiatives in Africa? This is the major question motivating my research. In this dissertation, I apply a new institutional approach to an exploration and analysis of the fundamental institutional issues of the current local governance system in Tanzania. Specifically, this study investigates and reflects on the relationship between institutions and governance in local political settings and analyzes the impacts of institutional factors on good governance, particularly at the local level, in Tanzania. Of particular importance in this study is the precise analysis that I provide of contemporary governing practices in Tanzania since the inception of the Local Government Reform Program (LGRP) in 2000. This is used to compare current governing practices to the conceptions of how they were expected work after the end of the program in June 2008. I used documentary research to identify fundamental issues in local governance in Tanzania. From this checklist, a selected few of the problems, ones that are common to all local government authorities (LGAs), were chosen as the foci of the research. Then, in order to explore the relationship between the selected problems and the institutional framework, a case study of four LGAs in Tanzania was employed. I have argued in this dissertation that Tanzanias development outcomes (good governance and reduction of systemic poverty) are greatly influenced by the countrys institutions of governance. However, my research findings show that the role of institutions that are deemed necessary for the achievement of local development goals and good governance in Tanzania has become severely simplified if not forgotten. Drawing on the discussions and findings of each chapter in this dissertation, I came to the conclusion that when the system of governance is malfunctioning, then something must be wrong with its institutional mechanisms. This is what I have described in this study as alternative thinking on governance.

No description available.