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Purpose The purpose of this study is to examine the association between non-audit service fees provided by the auditor and auditor independence in stable and unstable economic conditions. Further, this study investigates whether client importance impairs auditor independence in two different Australian economic environments. Design/methodology/approach This study focuses on financially distressed firms listed on the Australian Stock Exchange from 2005 to 2014. The data is obtained from SIRCA and the Morning Star databases. The probit method is used as a baseline regression model, the two-stage least squares and the sensitivity of control variable tests are used to control for any endogeneity and self-selection bias concerns. Findings This study shows that in stable economic conditions, non-audit service fees provided by auditors impair auditor independence. This suggests that economic bonding between auditor and client serves as a threat to the auditor’s independence, perhaps because of the importance given to the larger clients. In contrast, the authors find no association between non-audit service fees and auditor independence in unstable (highly regulated) economic conditions largely because of higher litigation risk. The results of this study are robust to alternative model specifications and endogeneity concerns. Practical implications This study provides an important implication to regulators that macro-economic conditions influence the strength of incentives related to non-audit services for auditors. Furthermore, this study enhances the understanding of regulators (Australian Security Investment Commission) and the strategies adopted by Australian auditors in response to economic incentives and market-based incentives. Originality/value The authors contribute to the existing literature by providing evidence that there is a tradeoff between market-based incentives (i.e. lower litigation costs) and economic incentives (i.e. non-audit services fees) with economic uncertainty influencing the importance of these incentives to auditors.

Wound treatment remains a challenge to many clinicians because of the complexities of the wound healing process. With the astonishing progress of biomedical engineering during the past few decades, conventional drug delivery systems have been evolved into smart drug delivery systems with stimuli-responsive characteristics. The objective of this study was to develop and evaluate an electromechanically actuated drug dispensation device which can release active pharmaceutical compound in a controlled fashion. Additive manufacturing was employed to design and fabricate the device. Haptic technology was used to provide stimulation for drug release, and Cicatrin was used to evaluate the drug release patterns of device. Drug release study was comprised of in vitro drug release, static study, and the purpose of this study was to develop a compliance chart for different wound conditions. The effectiveness of shortlisted drug regimen from compliance chart was validated through microbial study and animal studies. The results of animal studies were compared with commercially available drug release systems. The results of drug release studies gave different dose regimens for different wound conditions. The effective dose regimen was able to create 1-cm-wide microbial zone of inhibitions. The wound healing rate of mice for commercially available release system for five consecutive days was 10%, 10%, 20%, 40% and 50% and for test device was 10%, 30%, 60%, 90% and 100%. Hence, the device proved its effectiveness and efficacy of dosage regimen for wound healing applications through in vitro, microbial and in vivo studies. In conclusion, this device proved to be an accurate and specific drug delivery system with improved medication and therapeutic outcomes for personalized medication.

We examine the impact of religious beliefs on loan repayments in 770 microfinance institutions (MFIs) across 65 countries over the period 2006–2018. We find robust evidence of a negative relationship between religiosity and loan losses in MFIs. We also find that the relationship between religiosity and loan losses is stronger for MFIs in Protestant-dominated countries than in Catholic-dominated countries. Moreover, religiosity improves the operational self-sufficiency of MFIs through a reduction in loan losses. We find that religiosity does not improve the loan repayment behaviour of women borrowers, but it reduces the loan size per borrower. Overall, our evidence suggests that although religiosity reduces loan losses through religiosity-induced lender-risk aversion, it does not improve the loan repayment behaviour of borrowers. We also use several approaches to evaluate our results to the effects of endogeneity.

We study whether boardroom gender diversity affects CEO pay. Specifically, we investigate the association between boardroom gender diversity and CEO pay deviation from the optimal level of CEO pay based on firm characteristics and market performance. Using a sample of 2,288 firm‐year observations for the period 2006–2014, we find that boardroom gender diversity is negatively associated with CEO pay deviation, suggesting that firms with gender‐diverse boards are cautious about the consequences of CEO pay deviation (under/overpayment), and thus likely to bridge the gap between CEO actual pay and expected pay. These findings provide important insights to the global discussion on executive compensation. Our findings are robust to alternative variable specifications, propensity score matching, difference‐in‐differences estimations, and generalised method of moments.

A number of previous studies use auditor propensity to issue a going concern opinion (GCO) as a proxy of audit quality when examining a sample of financially distressed firms. This study examines whether audit quality (measured by discretionary accruals) influences the probability of financially distressed firms receiving GCOs using a non‐specific sample of 2937 firm‐year observations from Australia over the period 2011–2015. The study first investigates the association between financially distressed firms and the issuance of GCOs. This association is then re‐tested after separating the total sample into low and high audit quality subsamples. The results indicate that financially distressed firms are more likely to receive GCOs, confirming the application of ASA 570 Going Concern. However, financially distressed firms that receive GCOs from their auditors are limited to firms that have higher‐quality audits.

To describe that the transvaginal approach is an excellent route for the repair of vesico vaginal fistula without compromising on success rate. Material and Method: It is a reterospective analysis of 64 cases operated in 10 years. All were operated through transvaginal approach. Study included all supratrigonal, trigonal and infratrigonal fistulas as classified on cystoscopic findings bases. Results: Sixty four patients with vesico vaginal fistula were included in the study. The age of patients was from 20 to 58 years with a mean age of 44.6 years. According to age these were divided into four groups. The cause of vesico vaginal fistula was abdominal hystrectomy in 57 (89.06%) patients while obstructive labour in 7 (10.96%) patients. The size of fistula was further categorized in three groups. The success rate was 87.5% (56 patients) in first attempt while the fistula of remaining 8 patients (12.5%) was successfully repaired in second attempt. Supra trigonal fistula was present in 54 (84.38%) patients while 10 (15.62%) patients had trigonal or infra trigonal fistula. Conclusion: By comparing different approaches, the vaginal approach had a comparable success rate with less morbidity. We suggest, for repair of vesico vaginal fistula, the transvaginal approach should be a preferred approach for a vaginally accessible fistula over tranabdominal approach.

Prior literature on firm value creation for stakeholders has oversimplified and narrowed the concept of value down to “economic returns.” Although economic returns are fundamental to a firm's core stakeholders (i.e., shareholders), other legitimate stakeholders want “value” beyond economic returns. We define stakeholder value as the financial and nonfinancial returns a firm can offer to its legitimate stakeholders, and empirically investigate whether board gender diversity (BGD) improves our multidimensional measure of value. Using Thomson Reuters' ASSET4 data for U.K.‐listed firms available from Eikon for the period 2007–2017, we report a significant positive relationship between BGD and stakeholder value creation. In particular, BGD increases social and environmental value creation in addition to economic returns. Furthermore, our results suggest that even though gender‐diverse boards are associated with stakeholder value creation in family firms, this is only conspicuous for environmental value creation. The findings suggest that although female directors cater to the interests of broader stakeholder groups, family ownership causes them to mainly focus on environmental stakeholders. The study provides important implications for regulators, stakeholders, and academic scholars.

Purpose The purpose of this paper is to analyse the relationship between female representation on corporate boards and intellectual capital (IC) efficiency – while prior studies focus on the relationship between gender diversity and firms’ financial performance. Design/methodology/approach Drawing on data from top 500 UK listed firms for 2007–2016 (3,279 firm-years), this study employs an adjusted-value-added intellectual coefficient as a measure of IC efficiency. Further, the two-step system-generalised method of moments has been applied to account for endogeneity issues. Findings The results reveal a significant positive relationship between female representation on boards and IC efficiency, including human capital, structural/innovation capital and financial capital efficiency. These results are robust to alternative proxies for the independent variable and difference-in-difference estimation. Practical implications The results posit that female representation on boards is associated with IC efficiency, which is vital for firms’ value creation and competitive advantage in the knowledge-economy era. The study also endorses current legislation to increase female representation on corporate boards. Originality/value This is among the limited studies to explore the role of female representation on boards in IC efficiency – while most prior studies relate IC efficiency to financial performance.

The risk and return implications of women on boards (WOB) are generally discussed in the arena of individuals’ risk preferences, and most previous studies conclude that women are risk-averse. If this argument is true, then firms with gender-diverse boards are likely to be less competitive in industry because they make less risky decisions. We explore another mechanism called “group dynamics”, through which WOB may moderate the firm risk and return relationship. Based on a relatively large dataset of UK listed firms for the period of 2007–2016, our results reveal a negative relationship between WOB and firm risk, but a positive impact of WOB and firm risk on profitability. Furthermore, we report a positive significant impact of WOB on observable dynamics of the board. Our findings support the group dynamics mechanism through which WOB may reduce risk but improve profitability, nullifying the stereotypical misconception of women as being risk-averse. This is further supported by a positive significant impact of WOB on firm leverage. Our results are robust to endogeneity issues, alternative gender diversity and risk measures. This study endorses recent regulatory changes, worldwide, that promote gender diversity on corporate boards. The study recognizes the group dynamics mechanism that may alter the risk-return relationship.

We show that the U.S. anti-discriminatory laws prohibiting discrimination in the workplace based on sexual orientation and gender identity (i.e. lesbian, gay, bisexual, and transgender (LGBT) identities) spur innovation, which ultimately leads to higher firm performance. We use the Human Rights Campaign’s Corporate Equality Index (CEI) of 398 (1592 firm-year observations) U.S. firms between 2011 and 2014, and find a significantly positive relationship between CEI and firm innovation. We also find that an interacting effect of CEI and firm innovation leads to higher firm performance. We use our understanding of Rawls’ Theory of Justice and stakeholder theory to show that firms with workplace diversity policies are likely to be more innovative and perform better than those without such policies. Our results are robust to endogeneity, reverse causality and simultaneity issues. Our results will trigger debate in similar markets around the globe on the economic benefits of LGBT workplace diversity policies for firms.

Purpose This paper aims to investigate the determinants of women representation on Australian corporate boards under the ASX’s “if not, why not” corporate governance framework. It further aims to improve the study of Geiger and Marlin (2012) by using a theoretically sound two-limit Tobit model to examine the determinants. Design/methodology/approach This study uses the two-limit Tobit model to examine the determinants of women representation on ASX 500 boards. This approach is used due to the censored nature of the dependent variable. Findings This study finds that the two-limit Tobit model is an appropriate methodology to accommodate the censored dependent variable. It further finds that firm size, women as chair of boards, corporate governance index, Global Reporting Initiative signatory, debt ratio, average board age, BIG4 auditors, chief executive officer tenure and shareholder concentration are major determinants of women on boards. Research limitations/implications The use of only ASX 500 companies and the sample years (2011-2014) may limit the generalisation of the findings. Originality/value This is the first extensive longitudinal Australian study to examine the drivers of women representation on corporate boards. It is also the first of its kind to use the two-limit Tobit model to consider these determinants.

Purpose The purpose of this study is to develop a sustainability reporter classification matrix (hereafter referred to as the “matrix”) to explain why some reporters publish better-quality sustainability reports than others and why some reporters experience improvements in the quality of their sustainability reports while others experience no improvement or a decline in sustainability report quality. Design/methodology/approach The study draws on the existing literature, which is analysed using a combination of legitimacy theory (i.e. commitment to sustainability reporting) and resource-based view (RBV, i.e. competencies in sustainability reporting). Findings A two-dimensional matrix is developed representing organisations’ competencies in (explained using the RBV) and commitment to (explained using legitimacy theory) sustainability reporting. Based on these two dimensions the matrix identifies four reporter classifications: incompetent uncommitted reporters (who publish low-quality reports); competent uncommitted reporters (who publish average-quality reports); incompetent committed reporters (who publish average-quality reports); and competent committed reporters (who publish high-quality reports). The matrix explains how reporters can transition from one quadrant/classification to another and how this transition can be either forward (moving from a lower quadrant to a higher quadrant), resulting in improvements in report quality, or backward (moving from a higher quadrant to a lower quadrant), leading to a deterioration in disclosure quality. Originality/value The study builds on the extant literature, combining legitimacy theory with the RBV, to provide a more complete explanation for why organisations publish sustainability reports of varying quality and why this quality varies over time. These insights can also be used to explain variations in the quality of integrated reports. The matrix may prove useful to practitioners as a tool for classifying reporters, identifying issues, assessing risk and tracking progress made.

Background Psychiatric and behavioral side effects (PBSEs) are a major cause of antiepileptic drug (AED) withdrawal. Levetiracetam (LEV) is a recognized first-line AED with good seizure outcomes but recognized with PBSEs. Eslicarbazepine (ESL) is considered to function similarly to an active metabolite of the commonly used carbamazepine (CBZ). Carbamazepine is used as psychotropic medication to assist in various psychiatric illnesses such as mood disorders, aggression, and anxiety. Aim The aim was to evaluate the psychiatric profile of ESL in people who had LEV withdrawn due to PBSEs in routine clinical practice to see if ESL can be used as a possible alternative to LEV. Methods A retrospective observational review was conducted in two UK epilepsy centers looking at all cases exposed to ESL since its licensing in 2010. The ESL group was all patients with treatment-resistant epilepsy who developed intolerable PBSEs to LEV, subsequently trialed on ESL. The ESL group was matched to a group who tolerated LEV without intolerable PBSEs. Psychiatric disorders were identified from case notes. The Hamilton Depression Scale (HAM-D) was used to outcome change in mood. Clinical diagnoses of a mental disorder were compared between groups using the Fisher's exact test. Group differences in HAM-D scores were assessed using the independent samples t-test (alpha = 0.05). Results The total number of people with active epilepsy in the two centers was 2142 of whom 46 had been exposed to ESL. Twenty-six had previous exposure to LEV and had intolerable PBSEs who were matched to a person tolerating LEV. There was no statistical differences in the two groups for mental disorders including mood as measured by HAM-D (Chi-square test: p = 0.28). Conclusion The ESL was well tolerated and did not produce significant PBSEs in those who had PBSEs with LEV leading to withdrawal of the drug. Though numbers were small, the findings suggest that ESL could be a treatment option in those who develop PBSEs with LEV and possibly other AEDs.

In this study, we investigate the relationship between gender-diverse boards and stock liquidity in Australia. We expect that the gender-diverse boards, with their efficient monitoring functions, lead to higher stock liquidity that has positive implications for market efficiency. Consistent with the notion, we find, using 944 Australian firms from 2008 to 2013, that boardroom gender diversity is significantly and positively associated with stock liquidity. Our findings are robust to a series of endogeneity checks and to alternative proxies for gender diversity and stock liquidity. Our results reject the assumption of women on the board as ‘tokens’ and also provide support to critical mass theory. We contribute to the global debate on the need for more women on corporate boards and provide comprehensive and robust evidence that suggests that having women on corporate boards is positively associated with one of the important characteristics of capital market efficiency, stock liquidity.

We investigate whether gender-diverse boards contribute to capital market efficiency through their role in corporate disclosure. Using Australia’s continuous disclosure regime, we provide evidence that female directors on the board improve the frequency and volume of all types of continuous disclosure. Further analyses show that the relationship between gender-diversity and continuous disclosure is non-linear. Moreover, it requires more than one female director to have any significant effect on continuous disclosure, which is consistent with the critical mass theory. The study uses lagged independent variables and the Two-Stage-Least Squares (2SLS) approach to minimise endogeneity concerns. The results are robust to alternative variable definitions. Moreover, the Generalised Methods of Moments (GMM) and difference-in-difference techniques are used.

We examine the association between board gender diversity and corporate dividend payout. Our results suggest that although board gender diversity impacts positively on dividend payments, this is only conspicuous in widely held firms. However, when ownership concentration is high, board gender diversity reduces dividend payments. We demonstrate that women directors have the greatest impact on dividend payments when there are three or more women on the board. Our results indicate that the financial crisis period was associated with high dividend payments; however, women directors restrained the payment of dividends during the crisis period. These results suggest that board gender diversity may be an effective CG mechanism for alleviating principal-agent conflicts but not principal-principal agency conflicts. Our results are robust to endogeneity, as well as alternative proxies and estimation techniques.

This paper examines the effect of one form of board diversity on the incidence of receiving a ‘strike’ (i.e., receiving 25 percent or more ‘no’ votes) on the remuneration report by ASX companies in Australia. More specifically, the research hypothesises that there is a negative association between women presence on corporate boards and the likelihood of receiving a ‘strike’ on remuneration reports. Using the Financial Review Business Intelligence’s remuneration report voting database, this study constructs a matched-pair sample of 314 strike firms and 314 control firms from 2011 to 2013. After controlling for other ‘strike’ related factors, the results suggest a significant association between the presence of at least one woman on the board and a lower incidence of receiving a ‘strike’. This finding contributes to the research by showing that the presence of female directors is likely to enhance the monitoring function of the board and thus lower the likelihood of receiving a ‘strike’ on the remuneration report.

Objective Patients with rheumatoid arthritis (RA) are at increased risk of developing cardiovascular disease (CVD) via mechanisms that have not yet been defined. Inflammatory pathways, in particular within the vascular adventitia, are implicated in the pathogenesis of primary CVD but could be amplified in RA at the local tissue level. The aim of this study was to examine the aortic adventitia of coronary artery disease (CAD) patients with or without RA to determine the cytokine profile contained therein. Methods Aortic adventitia and internal thoracic artery biopsy specimens obtained from 19 RA patients and 20 non‐RA patients undergoing coronary artery bypass graft surgery were examined by immunohistochemistry. Results Interleukin‐18 (IL‐18), IL‐33, and tumor necrosis factor (TNF) were expressed in aortic adventitia biopsy specimens from both groups, and expression of these cytokines was significantly higher in RA patients. In RA patients, IL‐33 expression in endothelial cells correlated positively with the number of swollen joints, suggesting a link between the systemic disease state and the local vascular tissue microlesion. Conclusion The presence of the proinflammatory cytokines IL‐18, IL‐33, and TNF may play a role in the inflammatory process within the adventitia that contributes to plaque formation and destabilization. In theory, the amplified expression of these cytokines may contribute to the known increased occurrence and severity of CAD in patients with RA.

B1 B lymphocytes are natural IgM-producing cells primarily found in peritoneum and mucosal sites. They perform vital functions during the early defence against viral and bacterial infections. Murine B1 cells express IL-33 receptor complex on activation. IL-33 is a new addition to the IL-1 family with a strong role in Th2 immunity. B1 cells have been recognized to exacerbate contact sensitivity by producing IgM and IL-5 in response to interleukin-33. However, the exact response of IL-33/ST2 signalling in B1 cells is not completely understood. In this study, we report that murine B1 cells respond directly to IL-33 in a ST2-dependent manner. This interaction instigates B1b cell proliferation in a time-dependent manner in vivo. Furthermore, it also mediates monocyte/macrophage and granulocyte recruitment via B1 cell release of chemokines (MCP-1 and MIP-1 alpha). It was noted that upon stimulation, B1b cells additionally release an angiogenic inducer vascular endothelial growth factor and granulocyte-monocyte colony-stimulating factor (GM-CSF). Our findings suggest that these IL-33-mediated B1 cells might be able to play a vital role in the recruitment and growth of monocytes and granulocytes.

A total of 127 faecal samples were collected from diarrhoeic lambs and examined for Escherichia coli. The bacterial culture involved pre-enrichment in peptone water before C incubation at 37 for 24 hours. Out of the isolates obtained, 42 (36.84%) were positive for Escherichia coli. Characterization of the isolates revealed serotypes O157 (13), O118 (9), O111 (8), O26 (7), and O103 (5) as the most frequent strains. Their prevalence rates being 31.0%, 21.4%, 19.0%, 16.7% and 11.9% respectively. Minimum Inhibitory Concentration (MICs) of the E coli strains to six antibiotics revealed tetracycline as having the lowest MIC, which ranged from 3.12ig/ml - 50ig/ml followed by chloramphenicol with an MIC ranging between 6.25ig/ml - 100ig/ml. It was concluded that there was need for further research to study the pathogenicity of the E coli strains and that resistance to antibiotics was a problem which might have resulted from indiscriminate use of these drugs.

Mortality in lambs is complex problem which may result from a variety of climatic, nutritional, management, infectious, genetic and other factors. Associated with death are other factors which could be of maternal or lamb origin that predisposes the young lamb to early death. Records of sex, breed, age, birth weight, type of birth, season of birth and age of ewe from 82 lambs that were dead and posted are recorded and analyzed as the associated risk factors contributing to mortality in these lambs. More male lambs died 49 (59.76%) compared to females 33 (40.24%) whilst mortality in lambs aged 0-7 days was 40 (48.78%). The effect of birth weight showed 47 (57.31%) mortalities in lambs less than 2kg at birth. Higher deaths were seen during the wet season 37 (45.12%) than during cool and hot seasons. Mortality was more in Uda breeds 29 (35.37%) than in other breeds. The outcome of the study showed that the knowledge of when and how mortality occurs could be helpful and to reduce mortality, the management of lambs particularly at early age is imperative.

The purpose of this study is to examine whether female directors play a role in disseminating corporation information under the existing Australian Securities Exchange’s (ASX) continuous disclosure...

Background and Aim: The undergraduate and postgraduate medical students withstand persistent pressure during their studies. This cross-sectional study is designed with the aim to find out the incidence of stress among undergraduate medical students of different academic years, and explore the effect of gender and difference in ethnicity, cultural, and social background on perceived stress and their coping strategies. Methods: We used a questionnaire to assess the level of perceived stress among Saudi and Pakistani undergraduate students in medical schools. Results: Around 46% Umm al Qura undergraduate medical students were found to be stressed with average stress score ranging between 15 and 15.43. On the other hand, Karachi Medical and Dental College students showed increased incidence of stress (63%), but their average scores are more or less similar to that of Saudi students. Academic overload is the major stressor and cognitive, emotional, and behavioral issues are common in both medical schools. Prayers and socializing with friends are the main coping strategies observed at both places. Conclusion: Difference in ethnicity, cultural, and social background affects the incidence of stress but not the severity. Measures should be taken to reduce the academic stress. Developing a supportive environment, providing student counseling, and educating them about time management may play an important role in reducing the incidence of stress as well as its severity.

Background and Aim: Upon reaching the university level, all students face a new learning environment, which may be a very stressful experience and if not dealt accordingly can lead to anxiety and depression affecting the performance of the students. Perceived stress scale (PSS-14) questionnaire was used as an attempt to determine level of stress and its association with the rising body mass index (BMI) was assessed in undergraduate students of Ummal Qura University (UQU), Makkah. Methods: A cross-sectional questionnaire based survey was conducted among the undergraduate students of the batch 2013-14. A total of 252 students who participated, 200 were categorized as non-obese while 52 were obese according to BMI. PSS-14 questionnaire, comprising of 14 questions, was used for this purpose to relate probable sources of stress during the undergraduate study period. IBM-SPSS version 20 was used as a statistical tool. Apart from the descriptive and frequency analysis, attempt was made to find a correlation between the analyzed variables. Results: No significant association was found between height and stress levels, but significant relationship was discovered between weight, BMI and PSS stress score. Levels of stress were not found significantly related in the non-obese and obese groups individually, but levels were significantly correlated when they were analyzed in total (non-obese and obese combined). Conclusion: Therefore, it is suggested that students reported a higher level of perceived stress may be due to academic and peer pressure. This emphasizes the need for measure to be taken to control obesity in young undergraduates to control the stress and anxiety.

Objective: Objective of the current study was to investigate the effect of obesity and positive family history of Cardiovascular Disease (CVD), Diabetes Mellitus (DM) on plasma C reactive protein (CRP) levels in apparently healthy young individuals.Methods: Young male Saudi students were interviewed for their personal medical and family history of Cardiovascular Disease (CVD) and Diabetes Mellitus (DM). Anthropometric parameters, height, weight, waist and hip circumference were measured. In-addition they answered perceived stress scale(PSS-14) questionnaire; Finally, Plasma C-reactive protein level was examined in all participants.Results: Results showed that the majority of our participants are overweight with mean BMI 27.113 ± 0.343 Kg/m2, but are non-stressed (24 ± 0.29). Around fifty-four per cent of participants have a positive family history of Cardiovascular Disease (CVD), Diabetes Mellitus (DM). Average Plasma CRP level was (0.267 ± 0.016 mg/dl) with 26.75% of the participants in the high-risk category. Moreover, participants that are overweight/obese and with a positive family history of Cardiovascular Disease (CVD), Diabetes Mellitus (DM) showed Significantly (P