Risk management should not be the primary concern of a firm operating in an efficient stock market (Modigliani and Miller, 1958). Shareholders can manage their individual risk by holding well-diversified portfolios (Fama, 1980). But managers sometimes operate on the basis that their future earning opportunities will be affected by the continued existence and not necessarily profitability of the firms which they manage, thereby exhibiting agency problems (Coase, 1937;Fama, 1980). In this paper, it is argued that managers operating in corrupt countries will exhibit greater agency problems by acting contrary to shareholders interest and by seeking less risk at the expense of lower returns (Habib and Zurawicki, 2001). We seek to establish the extent of the agency problem based on the level of currency hedging in which managers engage and we argue that in corrupt countries, all other things equal, more hedging will take place, acting counter to (Modigliani and Miller, 1958), as managers act to preserve their personal wealth, in the form of annual salaries, which is closely tied to firm longevity, rather than firm profitability.

Today almost everyone carries a smartphone. People use it for various purposes not just for calling, sending texts or accessing the Internet. The personal smartphone is not just used for staying in touch, but it is also used for performing office work. The varied uses of smartphones have been widely chronicled in literature and there is exhaustive literature listing the various benefits derived from its use. The advent of the smartphone has changed the workflow in the 21st century. It has not only ushered in globalization but also benefited from globalization. Smartphones now enable us to stay connected and work on the go. In this article, we have conducted as exhaustive a research as possible and reviewed different studies pertaining to use of smartphones in all different spheres of work. We have also reviewed different studies regarding the various benefits and some problems in using smartphones. Our article brings together, in one place, literature from a wide variety of professions and angles.

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Intern ation al Journ al of So cia l an d Hu m an ist ic Co m pu tin g

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