The impact of CEO compensation and CEO horizon on a firm's discretionary research and development expenditures

Agency costs are said to arise as a result of the separation of ownership from control inherent in the corporate form of ownership. One such agency problem concerns the potential variance between the time horizons of principal shareholders and agent managers. Agency theory suggests that these costs can be alleviated or controlled through performance-based Chief Executive Officer (CEO) contracting. However, components of a CEO's compensation contract can exacerbate or mitigate agency-related problems (Antle and Smith, 1985). According to the horizon hypothesis, a self-serving CEO reduces discretionary research and development (R&D) expenditures to increase earnings and earnings-based bonus compensation. Agency theorists contend that a CEO's market-based compensation component can mitigate horizon problems. This study seeks to determine whether there is a relationship between CEO earnings- and market-based compensation components and R&D expenditures in the largest United States industrial firms from 1987 to 1993.^ Consistent with the horizon hypothesis, results provide evidence of a negative and statistically significant relationship between CEO cash compensation (i.e., salary and bonus) and the firm's R&D expenditures. Consistent with the expectations of agency theory, results provide evidence of a positive and statistically significant relationship between market-based CEO compensation and R&D.^ Further results of this study provide evidence of a positive and statistically significant relationship between CEO tenure and the firm's R&D expenditures. Although there is a negative relationship between CEO age and the firm's R&D, it was not statistically significant at the 0.5 level. ^

Women and development in Senegal: Microcredit and household well being

The challenging living conditions of many Senegalese families, and the absence of a providing spouse, have led women to covet new economic opportunities, such as microcredit loans. These loans offer Senegalese women the possibility to financially support their households and become active participants in their economies by starting or sustaining their micro businesses. The study takes place in Grand-Yoff, an overpopulated peri-urban area of the Senegalese capital city Dakar, where most people face daily survival issues. This research examines the impact of microcredit activities in the household of Senegalese female loan recipients in Grand-Yoff by examining socioeconomic indicators, in particular outcomes of health, education and nutrition.^ The research total sample is constituted of 166 female participants who engage in microcredit activities. The research combines both qualitative and quantitative methods. Data for the study were gathered through interviews, surveys, participant observation, focus-groups with the study participants and some of their household members, and document analysis.^ While some women in the study make steady profits from their business activities, others struggle to make ends meet from their businesses’ meager or unreliable profits. Some study participants who are impoverished have no choice but to invest their loans directly into their households’ dire needs, hence missing their business prerogative. Many women in the study end up in a vicious cycle of debt by defaulting on their loans or making late payments because they do not have the required household and socioeconomic conditions to take advantage of these loans. Therefore, microcredit does not make a significant impact in the households of the poorest female participants. The study finds that microcredit improves the household well-being - especially nutrition, health and education - of the participants who have acquired significant social capital such as a providing spouse, formal education, training, business experience, and belonging to business or social networks.^ The study finds that microcredit’s household impact is intimately tied to the female borrowers’ household conditions and social capital. It is recommended that microcredit services and programs offer their female clients assistance and additional basic services, financial guidance, lower interest rates, and flexible repayment schedules. ^

History education and the construction of national identity in Iran

This study examined the representation of national and religious dimensions of Iranian history and identity in Iranian middle school history textbooks. Furthermore, through a qualitative case study in a school in the capital city of Tehran, teachers' use of textbooks in classrooms, students' response, their perceptions of the country's past, and their definitions of national identity is studied. The study follows a critical discourse analysis framework by focusing on the subjectivity of the text and examining how specific concepts, in this case collective identities, are constructed through historical narratives and how social actors, in this case students, interact with , and make sense of, the process. My definition of national identity is based on the ethnosymbolism paradigm (Smith, 2003) that accommodates both pre-modern cultural roots of a nation and the development and trajectory of modern political institutions. Two qualitative approaches of discourse analysis and case study were employed. The textbooks selected were those published by the Ministry of Education; universally used in all middle schools across the country in 2009. The case study was conducted in a girls' school in Tehran. The students who participated in the study were ninth grade students who were in their first year of high school and had just finished a complete course of Iranian history in middle school. Observations were done in history classes in all three grades of the middle school. The study findings show that textbooks present a generally negative discourse of Iran's long history as being dominated by foreign invasions and incompetent kings. At the same time, the role of Islam and Muslim clergy gradually elevates in salvaging the country from its despair throughout history, becomes prominent in modern times, and finally culminates in the Islamic Revolution as the ultimate point of victory for the Iranian people. Throughout this representation, Islam becomes increasingly dominant in the textbooks' narrative of Iranian identity and by the time of the Islamic Revolution morphs into its single most prominent element. On the other hand, the students have created their own image of Iran's history and Iranian identity that diverges from that of the textbooks especially in their recollection of modern times. They have internalized the generally negative narrative of textbooks, but have not accepted the positive role of Islam and Muslim clergy. Their notion of Iranian identity is dominated by feelings of defeat and failure, anecdotal elements of pride in the very ancient history, and a sense of passivity and helplessness.

The Chef In Society: Origins And Development

In his discourse - The Chef In Society: Origins And Development - Marcel R. Escoffier, Graduate Student, School of Hospitality Management at Florida International University, initially offers: “The role of the modern professional chef has its origins in ancient Greece. The author traces that history and looks at the evolution of the executive chef as a manager and administrator.” “Chefs, as tradespersons, can trace their origins to ancient Greece,” the author offers with citation. “Most were slaves…” he also informs you. Even at that low estate in life, the chef was master of the slaves and servants who were at close hand in the environment in which they worked. “In Athens, a cook was the master of all the household slaves…” says Escoffier. As Athenian influence wanes and Roman civilization picks-up the torch, chefs maintain and increase their status as important tradesmen in society. “Here the first professional societies of cooks were formed, almost a hierarchy,” Escoffier again cites the information. “It was in Rome that cooks established their first academy: Colleqium Coquorum,” he further reports. Chefs, again, increase their significance during the following Italian Renaissance as the scope of their influence widens. “…it is an historical fact that the marriage of Henry IV and Catherine de Medici introduced France to the culinary wonders of the Italian Renaissance,” Escoffier enlightens you. “Certainly the professional chef in France became more sophisticated and more highly regarded by society after the introduction of the Italian cooking concepts.” The author wants you to know that by this time cookbooks are already making important inroads and contributing to the history of cooking above and beyond their obvious informational status. Outside of the apparent European influences in cooking, Escoffier also ephemerally mentions the development of Chinese and Indian chefs. “It is interesting to note that the Chinese, held by at least one theory as the progenitors of most of the culinary heritage, never developed a high esteem for the position of chef,” Escoffier maintains the historical tack. “It was not until the middle 18th Century that the first professional chef went public. Until that time, only the great houses of the nobility could afford to maintain a chef,” Escoffier notes. This private-to-public transition, in conjunction with culinary writing are benchmarks for the profession. Chefs now establish authority and eminence. The remainder of the article devotes itself to the development of the professional chef; especially the melding of two seminal figures in the culinary arts, Cesar Ritz and August Escoffier. The works of Frederick Taylor are also highlighted.

Accreditation: Implications For Hospitality Management Education

Accreditation was previously defined as a voluntary process in which recognition is granted to educational programs which meet or exceed established standards of educational quality. One of the inherent problems in the application of the accreditation process lies in the identification of educational quality, an elusive and subjective concept which creates the fear of the accreditation process becoming equally subjective. The author discusses this fear, along with other misconceptions regarding the implementation of accreditation in hospitality management programs at the baccalaureate level, concluding a two-part series begun in the Spring 1985 issue.

In Favor of Hospitality-Management Education

Despite the almost one-hundred-year history of hospitality-management education; the hundreds of well-established two-year, four-year, and graduate programs worldwide; and the hundreds of thousands of graduates those programs have prepared for careers in the industry, hospitality-management education’s merit and place in higher education are still questioned at times, to the dismay of hospitality educators the world over. This article delineates several features of hospitality management that make these programs valuable and unique and provides compelling arguments in its favor. The arguments include: 1) courses tailored to the hospitality industry, the world’s largest industry; 2) focus on small-business management as well as corporate enterprises; 3) emphasis on services and service management, not manufacturing; 4) programs and coursework focused on people management, which it at the core of the hospitality businesses; 5) unique focus on the specific issues of food and beverage management, the largest component of the hospitality industry; and 6) transferability of graduates’ knowledge and skill sets, which are in high demand among other service industries. While business programs focus on the fundamentals of management and production, hospitality- management programs prepare graduates who are aware of general management principles and are particularly well-versed in managing the guest experience and employees in a service environment.

Health changes in Hispanic older adults in a Spanish arthritis self -management education program

Arthritis is the most common chronic condition affecting older people and is a major cause of limited activity. Arthritis education programs in English have demonstrated a positive impact on health but these programs have not reached the Hispanic communities where arthritis is the leading cause of disability. Minorities, such as Hispanics, have traditionally been reluctant to pursue self-help programs, and have been identified as an under-served population in terms of medical care. This study examined the effectiveness of one community health adult education program targeting Hispanic older adults with arthritis, the Spanish Arthritis Self Management Education Program (SASMEP), by evaluating changes in the participants' general health, pain, disability, self-efficacy, health perceptions, frequency of physician visits, and exercise. A pre and post control group experimental design and analyses of covariance were used to determine the pre and post differences in health status and health behaviors for a group participating in the SASMEP and a group who did not using gender and age as covariates. A repeated measures design was also used, and repeated measures analyses of variance and post hoc tests were done on health status and health behavior data collected pre, post and one-year post education to determine long-term differences. ^ Results indicated the participants' health status significantly improved in general health, significantly decreased in pain, and significantly decreased in arthritic disability immediately following the education. Self-efficacy and health perceptions increased for both groups but not significantly. The participants' health behaviors showed significantly fewer physician visits and significantly increased time spent performing stretching and strengthening exercise and time spent performing aerobic exercise. No group differences were found in the frequency of arthritis physician visits. ^ The improvements seen immediately after the SASMEP participation were not reflected in the post one-year scores. No significant differences were found for the participants' health status or health behaviors one year following the education. Health status and health behaviors did not return below baseline scores after one year suggesting the participants' health, although not improved, did not deteriorate. Therefore, the SASMEP education provided short-term health benefits for older Hispanic adults with arthritis, but not long-term health benefits. ^

The effectiveness of an intelligent tutoring system on the attitude and achievement of developmental mathematics students in a community college

This study examined the effectiveness of intelligent tutoring system instruction, grounded in John Anderson's ACT theory of cognition, on the achievement and attitude of developmental mathematics students in the community college setting. The quasi-experimental research used a pretest-posttest control group design. The dependent variables were problem solving achievement, overall achievement, and attitude towards mathematics. The independent variable was instructional method. Four intact classes and two instructors participated in the study for one semester. Two classes (n = 35) served as experimental groups; they received six lessons with real-world problems using intelligent tutoring system instruction. The other two classes (n = 24) served as control groups; they received six lessons with real-world problems using traditional instruction including graphing calculator support. It was hypothesized that students taught problem solving using the intelligent tutoring system would achieve more on the dependent variables than students taught without the intelligent tutoring system. Posttest mean scores for one teacher produced a significant difference in overall achievement for the experimental group. The same teacher had higher means, not significantly, for the experimental group in problem solving achievement. The study did not indicate a significant difference in attitude mean scores. It was concluded that using an intelligent tutoring system in problem solving instruction may impact student's overall mathematics achievement and problem solving achievement. Other factors must be considered, such as the teacher's classroom experience, the teacher's experience with the intelligent tutoring system, trained technical support, and trained student support; as well as student learning styles, motivation, and overall mathematics ability.

Diabetes Self-management Behaviors, Medical Care, Glycemic Control, and Self-rated Health in US Men by Race/Ethnicity

Men, particularly minorities, have higher rates of diabetes as compared with their counterparts. Ongoing diabetes self-management education and support by specialists are essential components to prevent the risk of complications such as kidney disease, cardiovascular diseases, and neurological impairments. Diabetes self-management behaviors, in particular, as diet and physical activity, have been associated with glycemic control in the literature. Recommended medical care for diabetes may differ by race/ethnicity. This study examined data from the National Health and Nutrition Examination Surveys, 2007 to 2010 for men with diabetes (N = 646) from four racial/ethnic groups: Mexican Americans, other Hispanics, non-Hispanic Blacks, and non-Hispanic Whites. Men with adequate dietary fiber intake had higher odds of glycemic control (odds ratio = 4.31, confidence interval [1.82, 10.20]), independent of race/ethnicity. There were racial/ethnic differences in reporting seeing a diabetes specialist. Non-Hispanic Blacks had the highest odds of reporting ever seeing a diabetes specialist (84.9%) followed by White non-Hispanics (74.7%), whereas Hispanics reported the lowest proportions (55.2% Mexican Americans and 62.1% other Hispanics). Men seeing a diabetes specialist had the lowest odds of glycemic control (odds ratio = 0.54, confidence interval [0.30, 0.96]). The results of this study suggest that diabetes education counseling may be selectively given to patients who are not in glycemic control. These findings indicate the need for examining referral systems and quality of diabetes care. Future studies should assess the effectiveness of patient-centered medical care provided by a diabetes specialist with consideration of sociodemographics, in particular, race/ethnicity and gender.