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Topic Review
An Analysis of the Board of Directors Composition
Abstract:   Purpose: The objectives of this study were to analyse certain aspects of the Board composition of Maltese listed companies (MLCs), namely Board size, independence, expertise, gender diversity and the chairperson/CEO links, and  how these may be improved. Design/Approach/Methodology: The study was designed around a qualitative approach of data collection. Semi-structured interviews were conducted with seventeen participants, consisting of fourteen company secretaries of MLCs, a representative of the Maltese regulator, a corporate advisor and a corporate lawyer. Findings: The nomination and appointment process of directors in MLCs relies mainly on networking, with a tendency to continuously appoint the same tried network of directors. This creates a barrier towards new talent being introduced into boardrooms. A general disagreement also persists as to what constitutes a truly independent Board member. Practical Implications: Practical experience often supplants academic qualifications when nominating and appointing directors. Moreover, female representation on the Boards of MLCs is still lacking. Notwithstanding the fact that the importance of having separate chairperson/CEO roles is acknowledged, there is likely to be strong resistance to any law rendering this mandatory.   Originality/Value: Studies relating to the composition of the Board of Directors in smaller states such as the island state of Malta are infrequent. This paper provides information that is of particular value to listed companies in smaller states and their stakeholders, including regulators and sheds more light on the priniciple of proportionailty when dealing with requirements imposed by the authorities.
  • 4.6K
  • 13 Apr 2021
Topic Review
Liquid versus Solid Consumption
Sharing economy is nowadays a particularly important facet of modern society. It is driven by digitalization that allows firms to interact with their customers on a daily basis by the need of reducing the environmental impact of both companies and individual actions and by the growing consciousness for environment that consumers are developing day by day. New models of consumption, such as the liquid one, are becoming very frequent, shaping countries’ productive systems and consumers’ habits.
  • 4.6K
  • 23 Dec 2021
Topic Review
Performance Evaluation of the Board of Directors
Abstract:   Purpose: The objectives of this paper are to analyse both individual and overall performance evaluations of the Board of Directors as carried out by Maltese Listed Companies (MLCs) and to assess the importance of such board evaluations to small shareholders. Design/Approach/Methodology: The study was designed around semi-structured interviews with fifteen MLC representatives and seven stockbrokers, as well as questionnaires administered to twenty-nine small shareholders. Findings: The findings indicate that, while Boards of Director evaluations are carried out in MLCs, they lack the necessary formal structures that specify critical evaluation measures. Thus one may infer that those charged with the responsibility of conducting evaluations are not being well determined. By departing from the recommendations of the Maltese Corporate Governance Code on performance evaluations, MLCs have generally opted to resort to an inward and more restricted style of evaluation, doing away with external or independent parties in the process.   Practical Implications: Recommendations include the promotion of shareholder interest by enhancing their awareness of the benefits they will stand to gain from the process and by involving them more in the process. Originality/Value: The paper considers possible evaluation measures that may be aimed to enhance both shareholder and public confidence in the exercise and also other ways by which it may be improved. It thus contributes to the literature, as yet scarce, which relates to corporate governance in small states.   Keywords: Performance evaluation, corporate governance, board of directors, MLCs.   JEL code: G34. Paper type: Research article.
  • 4.5K
  • 28 May 2020
Topic Review
Big-Box Store
A big-box store (also supercenter, superstore, or megastore) is a physically large retail establishment, usually part of a chain of stores. The term sometimes also refers, by extension, to the company that operates the store. The store may sell general dry goods, in which case it is a department store, or may be limited to a particular specialty (such establishments are often called "category killers") or may also sell groceries, in which case some countries (mostly in Europe) use the term hypermarket. Typical architectural characteristics include the following: Commercially, big-box stores can be broken down into two categories: general merchandise (examples include Walmart, Kmart and Target), and specialty stores (such as Home Depot, Barnes & Noble, or Best Buy) which specialize in goods within a specific range, such as hardware, books, or consumer electronics respectively. In the late 20th and early 21st centuries, many traditional retailers—such as Tesco and Praktiker opened stores in the big-box-store format in an effort to compete with big-box chains, which are expanding internationally as their home markets reach maturity.
  • 4.4K
  • 26 Oct 2022
Topic Review
Euronext
Euronext is a European stock exchange seated in Amsterdam, Brussels, London, Lisbon, Dublin and Paris. In addition to cash and derivatives markets, the Euronext group provides listing market data, market solutions, custody and settlement services. Its total product offering includes equities, exchange-traded funds, warrants and certificates, bonds, derivatives, commodities and indices as well as FX platform. In 2018, Euronext is the largest in continental Europe with 1,300 issuers representing a €3.8 trillion market capitalization. Euronext merged with NYSE Group, Inc. on April 4, 2007 to form NYSE Euronext (NYX). On November 13, 2013 Intercontinental Exchange (NYSE: ICE), completed acquisition of NYSE Euronext. In June 2014 Euronext completed an initial public offering making it a standalone company again.
  • 4.2K
  • 18 Oct 2022
Topic Review
Certis CISCO
Coordinates: 1°19′16.88″N 103°53′30.67″E / 1.3213556°N 103.8918528°E / 1.3213556; 103.8918528 Certis CISCO Security Private Limited, formerly CISCO Security Private Limited, is one of the five commercial Auxiliary Police forces authorized to provide armed security officers to government organizations as well as private companies or individuals in Singapore. It has its roots as a department of the Singapore Police Force (SPF), which branched out as the Commercial and Industrial Security Corporation, a statutory board with a monopoly over most areas of the local private armed security industry. From 1 June 2005, the statutory board was dissolved and Cisco Security Pte Ltd was formed upon its corporatisation as a fully owned subsidiary of Temasek Holdings, and inaugurated on 5 July 2005. The abbreviation of the former statutory board, "CISCO", was retained due to its reputation in the local market. The company was renamed as Certis CISCO Security Pte Ltd on 13 September 2007. Cisco Annual Security Report on 20 January 2016 reveals a decline in defender confidence and the increased impact of industrialized attackers. As the oldest Auxiliary Police Force with a monopoly over most of the private armed security sector in Singapore for 33 years, CISCO maintains a visible presence in many key establishments, including the private residences of VVIPs. They were deployed in major events such as the Singapore 2006 IMF Meetings, the New Year Countdown at Marina Bay in 2007 and 2008, the Chingay Parade and the Thaipusam processions. They also continue to dominate some services such as the transportation of valuables, most visibly in the form of delivering cash to automated teller machines.
  • 4.2K
  • 08 Nov 2022
Topic Review
Online Reviews
Online reviews, also referred to as electronic word of mouth (eWOM) or user-generated content (UGC), are all similar concepts with minor differences. eWOM is all electronic communications between producers and consumers and between consumers themselves: emails, websites, consumer review sites, blogs, virtual communities, chat rooms, newsgroups, and instant messaging. UGC is data generated online by consumers, e.g., text (consumer reviews and blogs) and picture data.
  • 4.2K
  • 09 Dec 2020
Topic Review
Marketing Information System
A marketing information system (MKIS) is a management information system (MIS) designed to support marketing decision making. Jobber (2007) defines it as a "system in which marketing data is formally gathered, stored, analysed and distributed to managers in accordance with their informational needs on a regular basis." In addition, the online business dictionary defines Marketing Information System (MKIS) as "a system that analyzes and assesses marketing information, gathered continuously from sources inside and outside an organization or a store." Furthermore, "an overall Marketing Information System can be defined as a set structure of procedures and methods for the regular, planned collection, analysis and presentation of information for use in making marketing decisions." (Kotler, at al, 2006)
  • 4.1K
  • 17 Oct 2022
Topic Review
Customer-Relationship Management
Customer-relationship management (CRM) is an approach to manage a company's interaction with current and potential customers. It uses data analysis about customers' history with a company to improve business relationships with customers, specifically focusing on customer retention and ultimately driving sales growth. One important aspect of the CRM approach is the systems of CRM that compile data from a range of different communication channels, including a company's website, telephone, email, live chat, marketing materials and more recently, social media. Through the CRM approach and the systems used to facilitate it, businesses learn more about their target audiences and how to best cater to their needs.
  • 4.0K
  • 22 Nov 2022
Topic Review
Pascal's Wager
Pascal's Wager is an argument in philosophy presented by the seventeenth-century French philosopher, mathematician and physicist Blaise Pascal (1623–62). It posits that humans bet with their lives that God either exists or does not. Pascal argues that a rational person should live as though God exists and seek to believe in God. If God does not actually exist, such a person will have only a finite loss (some pleasures, luxury, etc.), whereas he stands to receive infinite gains (as represented by eternity in Heaven) and avoid infinite losses (eternity in Hell). Pascal's Wager was based on the idea of the Christian God, though similar arguments have occurred in other religious traditions. The original wager was set out in section 233 of Pascal's posthumously published Pensées ("Thoughts"). These previously unpublished notes were assembled to form an incomplete treatise on Christian apologetics. Historically, Pascal's Wager was groundbreaking because it charted new territory in probability theory, marked the first formal use of decision theory, and anticipated future philosophies such as existentialism, pragmatism and voluntarism.
  • 4.0K
  • 23 Nov 2022
Topic Review
Flybuys (Australia)
flybuys is an Australia n loyalty program owned and operated by Coles, with the main participating retail outlets being Coles Supermarkets, Coles Express, Kmart, Liquorland, First Choice Liquor and Target stores. It is one of Australia's largest loyalty programs, with over 10 million flybuys cardholders in over 5.5 million Australian households. Members earn points from household consumer purchases (and through credit card use) and subsequently exchange points for gift cards, merchandise, flights and other rewards.
  • 3.9K
  • 02 Dec 2022
Topic Review
Panama as a Tax Haven
The Republic of Panama is one of the oldest and best-known tax havens in the Caribbean, as well as one of the most established in the region. Panama has had a reputation for tax avoidance since the early 20th century, and Panama has been cited repeatedly in recent years as a jurisdiction which does not cooperate with international tax transparency initiatives. Panama's offshore sector is intimately tied to the Panama canal, which has made it a gateway and entrepôt for international trade. There are strong similarities between Panama and other leading tax havens like Hong Kong, Singapore and Dubai. On paper at least, Panama has the largest shipping fleet in the world, greater than those of the US and China combined, according to the Tax Justice Network.
  • 3.6K
  • 16 Nov 2022
Topic Review
Minitel
The Minitel was a Videotex online service accessible through telephone lines, and is considered one of the world's most successful pre-World Wide Web online services. The service was rolled out experimentally in 1978 in Brittany and throughout France in 1982 by the PTT (Postes, Télégraphes et Téléphones; divided since 1991 between France Télécom and La Poste). From its early days, users could make online purchases, make train reservations, check stock prices, search the telephone directory, have a mail box, and chat in a similar way to what is now made possible by the Internet. In February 2009, France Télécom indicated the Minitel network still had 10 million monthly connections. France Télécom retired the service on 30 June 2012.
  • 3.5K
  • 29 Nov 2022
Topic Review
Closing Milestones of the NASDAQ Composite
This article is a summary of the closing milestones of the Nasdaq Composite, a United States stock market index. Since first opening at 100.00 on February 5, 1971, the Nasdaq Composite has increased, despite several periods of decline, most recently after the financial crisis.
  • 3.5K
  • 02 Nov 2022
Topic Review
Discover Card
Discover is a credit card brand issued primarily in the United States. It was introduced by Sears in 1985. When launched, Discover did not charge an annual fee and offered a higher-than-normal credit limit, features that were disruptive to the existing credit card industry. A subsequent innovation was "Cashback Bonus" on purchases. Most cards with the Discover brand are issued by Discover Bank, formerly the Greenwood Trust Company. Discover transactions are processed through the Discover Network payment network. In 2005, Discover Financial Services acquired Pulse, an electronic funds transfer network, allowing it to market and issue debit and ATM cards. In February 2006, Discover Financial Services announced that it would begin offering Discover Debit cards to other financial institutions, made possible by the acquisition of Pulse. Discover is the fourth largest credit card brand in the U.S., behind Visa, MasterCard and American Express, with nearly 44 million cardholders.
  • 3.4K
  • 01 Nov 2022
Topic Review
Business Process Outsourcing in the Philippines
One of the most dynamic and fastest growing sectors in the Philippines is the information technology–business process outsourcing (IT-BPO) industry. The industry is composed of eight sub-sectors, namely, knowledge process outsourcing and back offices, animation, call centers, software development, game development, engineering design, and medical transcription. The IT-BPO industry plays a major role in the country's growth and development.
  • 3.3K
  • 10 Oct 2022
Topic Review
Consumer and Food Product Innovations
New lifestyles, higher incomes and better consumer awareness are increasing the demand for a year-round supply of innovative food products. In past decades, important developments have been achieved in areas related to food and the food industry. This entry shows that factors influencing performance in new product development (NPD) are dynamic and continuously guiding project development. The data obtained by direct involvement of consumers can impact positively successful product development and enhance the company’s financial performance. The study of consumer behaviour and attitudes towards new foods encompasses multiple aspects, such as preference, choice, desire to eat certain foods, buying intentions and frequency of consumption. Additionally, both the consumers’ willingness to purchase and the willingness to pay a premium are important in NPD, launching and success.
  • 3.3K
  • 27 Sep 2020
Topic Review
Minimum Wage
A minimum wage is the lowest remuneration that employers can legally pay their employees—the price floor below which employees may not sell their labor. Most countries had introduced minimum wage legislation by the end of the 20th century. Because minimum wages increase the cost of labor, companies often try to avoid minimum wage laws by using gig workers, by moving labor to locations with lower or nonexistent minimum wages, or by automating job functions. The movement for minimum wages was first motivated as a way to stop the exploitation of workers in sweatshops, by employers who were thought to have unfair bargaining power over them. Over time, minimum wages came to be seen as a way to help lower-income families. Modern national laws enforcing compulsory union membership which prescribed minimum wages for their members were first passed in New Zealand and Australia in the 1890s. Although minimum wage laws are now in effect in many jurisdictions, differences of opinion exist about the benefits and drawbacks of a minimum wage. Supply and demand models suggest that there may be employment losses from minimum wages. However, minimum wages can increase the efficiency of the labor market in monopsony scenarios, where individual employers have a degree of wage-setting power over the market as a whole. Supporters of the minimum wage say it increases the standard of living of workers, reduces poverty, reduces inequality, and boosts morale. In contrast, opponents of the minimum wage say it increases poverty and unemployment because some low-wage workers "will be unable to find work...[and] will be pushed into the ranks of the unemployed".
  • 3.3K
  • 30 Nov 2022
Topic Review
Air Travel
The first aircraft at the beginning of the 20th century had too weak engines to carry passengers. Air travel that time mainly took place in large airships. The first commercial flight took place on January 1st, 1914, across Tampa Bay, Florida, with one paying passenger. The first regular passenger air transport took place in Germany, between Berlin and Weimar, from 1919. The 1920s brought fast growth of passenger aviation. In 1932, the first serial production of aircraft for passenger air travel started. However, at that time, transatlantic passenger flights were still only performed by airships. Jet aircraft replaced propeller aircraft in the 1950s. Now there are eight million commercial flights every year (status: June 2011). The crew of an airplane consists of the captain, the first, second and third officer, the flight attendants, the flight engineer, the loadmaster, the pilot and the purser. About eight million people fly every day, yielding 3.1 billion passengers in air travel in 2013. Besides people and their luggage, cargo is transported, about 140,000 tons every day, which is equivalent to 50 million tons per year. There are nearly 60 million jobs in air travel; the global turnover of the airline industry is more than 700 billion USD, with about 2.6% net profit. International aviation reached a new record in 2010 with more than 30.5 million commercial flights. 35% of the total departures in 2010 took place in North America, 25% in Asia, 24% in Europe, 10% in Latin America and the Caribbean, 3% in Oceania and 3% in Africa. Fastest growth is in Asia Pacific, Latin America, the Caribbean, Africa and the Middle East. Until 2030, an increase of the number of commercial flights to 52 million is estimated.
  • 3.2K
  • 22 May 2024
Topic Review
Behavioral Strategy
Behavioral strategy strategy refers to the application of insights from psychology and behavioral economics to the research and practice of strategic management. In one definition of the field, “Behavioral strategy merges cognitive and social psychology with strategic management theory and practice. Behavioral strategy aims to bring realistic assumptions about human cognition, emotions, and social behavior to the strategic management of organizations and, thereby, to enrich strategy theory, empirical research, and real-world practice” (Powell, Lovallo & Fox, 2011: 1371).
  • 3.2K
  • 14 Oct 2022
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