Regionalization strategy and performance: the moderating role of industry dynamism and top management team diversity

Purpose– This paper contributes to the debate about the performance implications of adopting a regional as opposed to a global strategic posture. The aim of this paper is to argue that the performance effects of a regionalization strategy vary based on the characteristics of the industry in which the MNE operates and the composition of its top management team (TMT). Design/methodology/approach– This analysis is based on a cross‐sectional dataset of 211 large European MNEs headquartered in four Western European economies at the end of 2005. Findings– Results show that firms adopting a regional orientation outperform MNEs with global strategic positioning. This positive relationship is less pronounced under conditions of industry dynamism and inter‐regional TMT diversity. Originality/value– The study contributes to our understanding of whether and under what conditions MNEs benefit from adopting a regional as opposed to a global strategic posture.

Transcending borders with international top management teams: a study of European financial multinational corporations

This paper investigates how changes in firm degree of internationalization are associated with the configuration of top management teams (TMT) based on a dataset of 41 large European firms in the banking and insurance industry, including detailed career profiles of the 264 executives that were serving on the TMTs of these firms at year-end 2002. Our findings suggest firms tend to match top executive profiles to their strategies. Entry into new foreign markets and new cultural zones was found to be associated with higher levels of international capacity at TMT level, whereas changes in international posture per se are not related to TMT international capacity. We discuss the interplay between firm strategies and internal structures in the context of firm internationalization and suggest directions for future research on TMTs

Characterisation of synoptic conditions and cyclones associated with top ranking potential wind loss events over Iberia

Intense extra-tropical cyclones are often associated with strong winds, heavy precipitation and socio-economic impacts. Over southwestern Europe, such storms occur less often, but still cause high economic losses. We characterise the largescale atmospheric conditions and cyclone tracks during the top-100 potential losses over Iberia associated with wind events. Based on 65 years of reanalysis data,events are classified into four groups: (i) cyclone tracks crossing over Iberia on the event day (“Iberia”), (ii) cyclones crossing further north, typically southwest of the British Isles (“North”), (iii) cyclones crossing southwest to northeast near the northwest tip of Iberia (“West”), and (iv) so called “Hybrids”, characterised by a strong pressure gradient over Iberia due to the juxtaposition of low and high pressure centres. Generally, “Iberia” events are the most frequent (31% to 45% for top-100 vs.top-20), while “West” events are rare (10% to 12%). 70% of the events were primarily associated with a cyclone. Multi-decadal variability in the number of events is identified. While the peak in recent years is quite prominent, other comparably stormy periods occurred in the 1960s and 1980s. This study documents that damaging wind storms over Iberia are not rare events, and their frequency of occurrence undergoes strong multi-decadal variability.

Board of directors and top management team: a study on CEO relative power and financial return

Best corporate governance practices published in the primers of Brazilian Securities and Exchange Commission and the Brazilian Corporate Governance Institute promote board independence as much as possible, as a way to increase the effectiveness of governance mechanism (Sanzovo, 2010). Therefore, this paper aims at understanding if what the managerial literature portraits as being self-evident - stricter governance, better performance - can be observed in actual evidence. The question answered is: do companies with a stricter control and monitoring system perform better than others? The method applied in this paper consists on comparing 116 companies in respect to the their independence level between top management team and board directors– being that measured by four parameters, namely, the percentage of independent outsiders in the board, the separation of CEO and chairman, the adoption of contingent compensation and the percentage of institutional investors in the ownership structure – and their financial return measured in terms return on assets (ROA) from the latest Quarterly Earnings release of 2012. From the 534 companies listed in the Stock Exchange of Sao Paulo – Bovespa – 116 were selected due to their level of corporate governance. The title “Novo Mercado” refers to the superior level of governance level within companies listed in Bovespa, as they have to follow specific criteria to assure shareholders ´protection (BM&F, 2011). Regression analyses were conducted in order to reveal the correlation level between two selected variables. The results from the regression analysis were the following: the correlation between each parameter and ROA was 10.26%; the second regression analysis conducted measured the correlation between the independence level of top management team vis-à-vis board directors – namely, CEO relative power - and ROA, leading to a multiple R of 5.45%. Understanding that the scale is a simplification of the reality, the second part of the analysis transforms all the four parameters into dummy variables, excluding what could be called as an arbitrary scale. The ultimate result from this paper led to a multiple R of 28.44%, which implies that the combination of the variables are still not enough to translate the complex reality of organizations. Nonetheless, an important finding can be taken from this paper: two variables (percentage of outside directors and percentage of institutional investor ownership) are significant in the regression, with p-value lower than 10% and with negative coefficients. In other words, counter affirming what the literature very often portraits as being self-evident – stricter governance leads to higher performance – this paper has provided evidences to believe that the increase in the formal governance structure trough outside directors in the board and ownership by institutional investor might actually lead to worse performance. The section limitations and suggestions for future researches presents some reasons explaining why, although supported by strong theoretical background, this paper faced some challenging methodological assumptions, precluding categorical statements about the level of governance – measured by four selected parameters – and the financial return in terms of financial on assets.

Comparison and analysis of corporate social responsibility (CSR) reports of the top five companies ranked on the 2013 CSR RepTrak

In the 1970s, Corporate Social Responsibility (CSR) was discussed by Nobel laureate Milton Friedman in his article “The Social Responsibility of Business Is to Increase Its Profits.” (Friedman, 1970). His view on CSR was contemptuous as he referred to it as “hypocritical window-dressing” a reflection of the view of Corporate America on CSR back then. For a long time short-term maximization of shareholder value was the only maxim for top management across industries and companies. Over the last decade, CSR has become a more important and relevant factor of a company’s reputation, shifting the discussion from whether CSR is necessary to how best CSR commitments should be done (Smith, 2003). Inevitably, companies do have an environmental, social and economic impact, thereby imposing social costs on current and future generations. In 2013, 50 of the world biggest companies have been responsible for 73 percent of the total carbon dioxide (CO2) emission (Global 500 Climate Change Report 2013). Post et al. (2002) refer to these social costs as a company’s need to retain its “license to operate”. In the late 1990s, CSR reporting was nearly unknown, which drastically changed during the last decade. Allen White, co-founder of the Global Reporting Initiative (GRI), said that CSR reporting”… has evolved from the extraordinary to the exceptional to the expected” (Confino, 2013). In confirmation of this, virtually all of the world’s largest 250 companies report on CSR (93%) and reporting by now appears to be business standard (KPMG, 2013). CSR reports are a medium for transparency which may lead to an improved company reputation (Noked, 2013; Thorne et al, 2008; Wilburn and Wilburn, 2013). In addition, it may be used as part of an ongoing shareholder relations campaign, which may prevent shareholders from submitting Environmental and Social (E&S)1 proposals (Noked, 2013), based on an Ernst & Young report 1 The top five E&S proposal topic areas in 2013 were: 1. Political spending/ lobbying; 2. Environmental sustainability; 3. Corporate diversity/ EEO; 4.Labor/ human rights and 5. Animal testing/ animal welfare. Three groups of environmental sustainability proposal topics of sub-category number two (environmental sustainability) 6 2013, representing the largest category of shareholder proposals submitted. PricewaterhouseCoopers (PwC) even goes as far as to claim that CSR reports are “…becoming critical to a company’s credibility, transparency and endurance.” (PwC, 2013).

Impacts of limestone and nitrogen top dressing application on the potassium content in the soil profile and marandu-grass leaf concentration

Objetivou-se avaliar os efeitos de nitrogênio (0, 100, 200, 300 e 400 kg/ha.ano), com ou sem aplicação de calcário dolomítico em cobertura, sobre o teor de potássio (K) do solo nas profundidades de 0 a 5; 5 a 10; e 10 a 20 cm e a concentração de potássio na planta. O experimento foi realizado em Latossolo Vermelho distroférrico de relevo suavemente ondulado, disposto em esquema fatorial 5 × 2, em blocos casualizados, com quatro repetições. A adubação nitrogenada promoveu aumento linear na concentração de potássio na planta e no teor desse mineral na camada de 0 a 5 cm do solo. Ocorreu efeito de inibição competitiva entre a absorção de potássio e cálcio e entre potássio e magnésio. Embora uma fração significativa de potássio retorne à camada superficial do solo pelo resíduo de forragem, em decorrência da maior produção de massa, o aumento da concentração de potássio na planta nas mais altas doses de nitrogênio comprova a importância do suprimento de potássio para a planta, por intensificar a massa de forragem.

Growth of Al2O3 thin film by oxidation of resistively evaporated Al on top of SnO2, and electrical properties of the heterojunction SnO2/Al2O3

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Bottom-up and top-down effects in a pre-dispersal seed predation system: are non-predated seeds damaged?

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Independent and interactive effects of a top and an intermediate fish species on the food web structure of a tropical stream

Two fish species, one top predator (Imparfinis mirini) and one intermediate detritivorous species (Hisonotus depressicauda), were experimentally manipulated to evaluate their relative importance in structuring the periphytic community, as well as their effects on the other trophic levels. An enclosure experiment was conducted in the Potreirinho creek, a second order tributary of Paranapanema River, SE Brazil. Five treatments were used: enclosure of the predator species. enclosure of the detritivorous species, enclosure of both together, exclusion of all fish species (closed control cage), and cage open to all fish community, (open control). Through direct and indirect effects, I. mirini, when alone gave rise to a trophic cascade that resulted in a positive effect on algal resources. Through direct effects, H. depressicauda. when alone, reduced the amount of organic matter, resulting in a positive indirect effect on algae. In addition, when the two species were enclosed together, only the effects determined by the detritivorous species were present. The results indicate the important role of the intermediate detritivorous species in the maintenance of the composition and trophic structure of the analyzed community by reducing the effects caused by the top predator.

Search for right-handed W bosons in top quark decay

We present a measurement of the fraction f(+) of right-handed W bosons produced in top quark decays, based on a candidate sample of t (t) over bar events in the lepton+jets decay mode. These data correspond to an integrated luminosity of 230 pb(-1), collected by the D0 detector at the Fermilab Tevatron p (p) over bar Collider at root s=1.96 TeV. We use a constrained fit to reconstruct the kinematics of the t (t) over bar and decay products, which allows for the measurement of the leptonic decay angle theta(*) for each event. By comparing the cos theta(*) distribution from the data with those for the expected background and signal for various values of f(+), we find f(+)=0.00 +/- 0.13(stat)+/- 0.07(syst). This measurement is consistent with the standard model prediction of f(+)=3.6 x 10(-4).

Search for production of single top quarks via tcg and tug flavor-changing-neutral-current couplings

We search for the production of single top quarks via flavor-changing-neutral-current couplings of a gluon to the top quark and a charm (c) or up (u) quark. We analyze 230 pb(-1) of lepton+jets data from p (p) over tilde collisions at a center of mass energy of 1.96 TeV collected by the D0 detector at the Fermilab Tevatron Collider. We observe no significant deviation from standard model predictions, and hence set upper limits on the anomalous coupling parameters kappa(c)(g)/Lambda and kappa(u)(g)/Lambda, where kappa(g) define the strength of tcg and tug couplings, and Lambda defines the scale of new physics. The limits at 95% C.L. are kappa(c)(g)/Lambda < 0.15 TeV-1 and kappa(u)(g)/Lambda < 0.037 TeV-1.

A dynamical mechanism to explain the top-bottom quark mass hierarchy

We discuss the mass splitting between the the top and bottom quarks in a technicolor scenario. The model proposed here contains a left-right electroweak gauge group. An extended technicolor group and mirror fermions are introduced. The top-bottom quark mass splitting turns out to be intimately connected to the breaking of the left-right gauge symmetry. Weak isospin violation occurs within the experimental limits.

Search for single top quark production in pp collisions at root s=1.96 TeV

We present a search for electroweak production of single top quarks in the s-channel and t-channel using neural networks for signal-background separation. We have analyzed 230 pb(-1) of data collected with the DO detector at the Fermilab Tevatron Collider at a center-of-mass energy of 1.96 TeV and find no evidence for a single top quark signal. The resulting 95% confidence level upper limits on the single top quark production cross sections are 6.4 pb in the s-channel and 5.0 ph in the t-channel. (c) 2005 Elsevier B.V. All rights reserved.

Measurement of the W boson helicity in top quark decays at D0

We present a measurement of the fraction f(+) of right-handed W bosons produced in top quark decays, based on a candidate sample of tt events in the l + jets and dilepton decay channels corresponding to an integrated luminosity of 370 pb(-1) collected by the D0 detector at the Fermilab Tevatron pp Collider at root s = 1.96 TeV. We reconstruct the decay angle theta* for each lepton. By comparing the cos theta* distribution from the data with that for the expected background and signal for various values of f(+) (where we assume that the fraction of longitudinally-polarized W bosons has the standard model value of 0.70), we find f(+) = 0.056 +/- 0.080 (stat) +/- 0.057 (syst) (f(+) < 0.23 at 95% C. L.), consistent with the standard model prediction of f(+) = 3.6 X 10(-4).