The firm delocalization decision

In the current paper, the determinants of firm international relocation decision in twenty-six European countries during the period 2004-2014 are analyzed. We demonstrate, at light of three different but complementary theories that neoclassical, behavioural and institutional „push‟ factors have an impact in a firm decision-making process. Findings support that firm size, access to a global network, foreign capital, and negative internal growth in the workforce induce firm relocation. On the other hand, the degree of sunk assets has a negative effect on the probability of relocation. Delocalization decisions are also sector-dependent with low-tech manufacturing firms paying high salaries relocating abroad with a greater likelihood.

The relationship between the education level of successor's and the firm performance in German publicly listed family firms- an empirical analysis

The purpose of this thesis is to investigate how far the education level of the second or third generation of publicly traded German family firms affects the post-succession firm performance. By conducting a correlational and regression design, the aim is to examine how several variables influence the performance of family firms. Performance measures, for example ROA and Tobin’s q and variables, like Education level and succession periods, examine analytically that a positive succession trend will occur. However, with the used model, only a less rigid model shows empirical evidence.

Structure of the glycosyl-phosphatidylinositol membrane anchor of the Leishmania major promastigote surface protease.

In common with many other plasma membrane glycoproteins of eukaryotic origin, the promastigote surface protease (PSP) of the protozoan parasite Leishmania contains a glycosyl-phosphatidylinositol (GPI) membrane anchor. The GPI anchor of Leishmania major PSP was purified following proteolysis of the PSP and analyzed by two-dimensional 1H-1H NMR, compositional and methylation linkage analyses, chemical and enzymatic modifications, and amino acid sequencing. From these results, the structure of the GPI-containing peptide was found to be Asp-Gly-Gly-Asn-ethanolamine-PO4-6Man alpha 1-6Man alpha 1-4GlcN alpha 1-6myo-inositol-1-PO4-(1-alkyl-2-acyl-glycerol). The glycan structure is identical to the conserved glycan core regions of the GPI anchor of Trypanosoma brucei variant surface glycoprotein and rat brain Thy-1 antigen, supporting the notion that this portion of GPIs are highly conserved. The phosphatidylinositol moiety of the PSP anchor is unusual, containing a fully saturated, unbranched 1-O-alkyl chain (mainly C24:0) and a mixture of fully saturated unbranched 2-O-acyl chains (C12:0, C14:0, C16:0, and C18:0). This lipid composition differs significantly from those of the GPIs of T. brucei variant surface glycoprotein and mammalian erythrocyte acetylcholinesterase but is similar to that of a family of glycosylated phosphoinositides found uniquely in Leishmania.

Corporate political activity and firm outcomes: A meta-analysis

Using meta-analytic methods on a sample of 74 studies, we explore the links between CPA and public policy outcomes, and between CPA and firm outcomes. We find that CPA has at best a weak effect and that it appears to be better at maintaining public policy than changing them.

Expanding to institutionally different countries. Reasons, Firm International Experience, and Entry Mode Choice

We examine entry mode choice and its consequences when a multinational enterprise (MNE) expands into an institutionally different country. We argue that discussions of entry mode should distinguish between informal (e.g., culture) and formal (e.g., laws) institutions, and should take into account not just the home country of the MNE and its distance to the focal host country, but the MNE's overall footprint and experience across the world in general, especially in countries with an institutional structure that is similar to that of the focal host country. Specifically, we argue that firms with experience in countries with different informal institutions will be more likely to enter via acquisitions than firms without such experience, that such experience will not matter as much in the case of formal institutions, and that such firms will exit more quickly when they enter via equity alliances than through full acquisitions. We also distinguish between balanced and unbalanced alliances and argue that balanced alliances will be more enduring, but only when the host country is culturally (not legally) different from the other countries where the MNE has experience. Our arguments suggest that entry mode should be conditioned on a firm's experience in other markets, and that intercountry differences in formal versus informal institutions have distinct influences on entry mode.

Terry introduces the firm

A letter written by Terry O'Malley introducing the philosophy of the agency.

Effect of executive compensation on firm performance

The paper finds evidence that the equity-based CEO pay is positively related to firm performance and risk-taking. Both stock price and operating performance as well as firm's riskiness increase in the pay-performance sensitivities (PPS) provided by CEO stock options and stock holdings. PPS can explain stock returns better as an additional factor to the Fama-French 3-factor model. When CEOs are compensated with higher PPS, firms experience higher return on asset (ROA). The higher PPS also leads to the higher risk-taking. While CEO incentive compensation has been perceived mixed on its effectiveness, this study provides support to the equity-based CEO compensation in reducing agency conflicts between CEOs and shareholders.

Financial Risk Management, Firm Structure & Valuation, an Empirical Analysis.

Rapport de recherche

A Moral Stakeholder Theory of the Firm

To be a coherent and genuinely alternative conception to the shareholder model, any moral stakeholder theory must meet the following conditions: (1) It must be an ethical theory; (2) It must identify a limited group as stakeholders; (3) The group must be identified on morally relevant grounds; (4) Stakeholder claims must be non-universal; (5) And not held against everyone. A principle for identifying the stakeholder is suggested as a person who has much to lose – financially, socially, or psychologically – by the failure of the firm. The emerging picture contrasts sharply with the conventional conception of the firm.

Caractérisation de la pharmacocinétique de formulations sensibles au pH et de formulations destinées au traitement des intoxications médicamenteuses

La préparation de formulations à libération contrôlée est le domaine des sciences pharmaceutiques qui vise à modifier l’environnement immédiat des principes actifs pour en améliorer l’efficacité et l’innocuité. Cet objectif peut être atteint en modifiant la cinétique de circulation dans le sang ou la distribution dans l’organisme. Le but de ce projet de recherche était d’étudier le profil pharmacocinétique (PK) de différentes formulations liposomales. L’analyse PK, généralement employée pour représenter et prédire les concentrations plasmatiques des médicaments et de leurs métabolites, a été utilisée ici pour caractériser in vivo des formulations sensibles au pH servant à modifier la distribution intracellulaire de principes actifs ainsi que des liposomes destinés au traitement des intoxications médicamenteuses. Dans un premier temps, la PK d’un copolymère sensible au pH, à base de N-isopropylacrylamide (NIPAM) et d’acide méthacrylique (MAA) a été étudiée. Ce dernier, le p(NIPAM-co-MAA) est utilisé dans notre laboratoire pour la fabrication de liposomes sensibles au pH. L’étude de PK conduite sur les profils de concentrations sanguines de différents polymères a défini les caractéristiques influençant la circulation des macromolécules dans l’organisme. La taille des molécules, leur point de trouble ainsi que la présence d’un segment hydrophobe à l’extrémité des chaînes se sont avérés déterminants. Le seuil de filtration glomérulaire du polymère a été évalué à 32 000 g/mol. Finalement, l’analyse PK a permis de s’assurer que les complexes formés par la fixation du polymère à la surface des liposomes restaient stables dans le sang, après injection par voie intraveineuse. Ces données ont établi qu’il était possible de synthétiser un polymère pouvant être adéquatement éliminé par filtration rénale et que les liposomes sensibles au pH préparés avec celui-ci demeuraient intacts dans l’organisme. En second lieu, l’analyse PK a été utilisée dans le développement de liposomes possédant un gradient de pH transmembranaire pour le traitement des intoxications médicamenteuses. Une formulation a été développée et optimisée in vitro pour capturer un médicament modèle, le diltiazem (DTZ). La formulation liposomale s’est avérée 40 fois plus performante que les émulsions lipidiques utilisées en clinique. L’analyse PK des liposomes a permis de confirmer la stabilité de la formulation in vivo et d’analyser l’influence des liposomes sur la circulation plasmatique du DTZ et de son principal métabolite, le desacétyldiltiazem (DAD). Il a été démontré que les liposomes étaient capables de capturer et de séquestrer le principe actif dans la circulation sanguine lorsque celui-ci était administré, par la voie intraveineuse. L’injection des liposomes 2 minutes avant l’administration du DTZ augmentait significativement l’aire sous la courbe du DTZ et du DAD tout en diminuant leur clairance plasmatique et leur volume de distribution. L’effet de ces modifications PK sur l’activité pharmacologique du médicament a ensuite été évalué. Les liposomes ont diminué l’effet hypotenseur du principe actif administré en bolus ou en perfusion sur une période d’une heure. Au cours de ces travaux, l’analyse PK a servi à établir la preuve de concept que des liposomes possédant un gradient de pH transmembranaire pouvaient modifier la PK d’un médicament cardiovasculaire et en diminuer l’activité pharmacologique. Ces résultats serviront de base pour le développement de la formulation destinée au traitement des intoxications médicamenteuses. Ce travail souligne la pertinence d’utiliser l’analyse PK dans la mise au point de vecteurs pharmaceutiques destinés à des applications variées. À ce stade de développement, l’aspect prédictif de l’analyse n’a pas été exploité, mais le côté descriptif a permis de comparer adéquatement diverses formulations et de tirer des conclusions pertinentes quant à leur devenir dans l’organisme.