生姜化感作用机理及其栽培模式研究

近年来，随着对作物重茬（连年种植）障碍原因的深入研究，植物的化感作用越来越受到国内外众多学者的重视。而作为重要调料和药用植物的生姜，其连作障碍也备受关注，系统地研究生姜化感作用将有助于理解和最终解决生姜连作障碍问题。本文通过研究生姜不同部位、不同浓度的水浸液对与其间作的两个物种（大豆和四季葱）种子的萌发及幼苗生长的影响，从而证明生姜化感作用的存在；并通过温室盆栽实验研究了生姜的自毒作用（即研究生姜不同部位、不同浓度的水浸液对其幼苗的形态、生理生化、光合作用、土壤酶、土壤微生物多样性及土壤养分的影响），从而揭示生姜退化和衰老的机制，并为生姜筛选出合适的间作物种提供科学依据，对生姜连作障碍提出科学的解决方法。主要研究结果如下： 1. 与对照相比，生姜所有部位（根茎、茎、叶）、所有浓度（10、20、40、 80 g l-1）的水浸液均抑制了大豆种子和葱籽的萌发率、幼苗生长、水分吸收和脂肪酶活性，并且其抑制程度随着水浸液浓度的增加而增强，其生姜各部位水浸液抑制效应的强弱顺序为茎＞叶＞根茎。这一结果表明生姜根茎、茎、叶含有能够抑制大豆种子和葱籽种子萌发和幼苗生长的水溶性化感物质。根茎是生姜的主要收获部位，而生姜的残株（主要是茎和叶）应该从大田中处理掉以减轻其抑制效应。生姜水浸液中主要化感成分包括：根茎水浸液中主要是丁香酸和伞花内脂；茎水浸液中主要是阿魏酸，且其含量最高为73.4 ug/g；叶水浸液中除了阿魏酸，其他六种物质均检测出来，但含量较高的主要有丁香酸、伞花内脂和香豆酸。 2. 生姜茎和叶不同浓度的水浸液均显著抑制了生姜幼苗的株高、每株叶片数和叶面积，其抑制程度随着水浸液浓度的增加而有所增强，而生姜幼苗每株分枝数差异不显著；同时生姜水浸液也极大程度地影响了生姜幼苗的生物量（包括地下生物量、地上生物量和总生物量，均为鲜重）。在同一浓度下，茎水浸液对生姜幼苗形态指标及生物量指标均显示出最强的抑制作用，叶水浸液次之，根茎水浸液最弱。与对照相比，低浓度的生姜根茎水浸液提高了生姜幼苗叶片内四种抗氧化酶（SOD、POD、CAT、APX）活性，高浓度的根茎水浸液抑制了四种抗氧化酶活性，而茎和叶水浸液均随着浓度的增加而抑制了四种抗氧化酶活性，三种水浸液均随着浓度的增加降低了生姜幼苗叶片内叶绿素的含量，而增加了生姜幼苗叶片的相对电导率和丙二醛含量。同时，三种水浸液均随着浓度的增加降低了生姜幼苗的光合参数（包括胞间CO2浓度、气孔导度、蒸腾速率及净光合速率）。 3. 三种生姜水浸液对所测六种土壤酶活性均产生了不同程度的影响，其中影响最大的是酸性磷酸酶和蔗糖酶，在10 g l-1 时就达到了显著水平，并且所有酶均有随着水浸液浓度增加而增大的趋势；相同部位的水浸液随着浓度的增加，细菌和真菌的数量呈增加趋势，而放线菌的数量呈减少趋势；三种生姜水浸液均随着浓度的增加降低了土壤中有机质的含量，加剧了土壤中硝态氮含量的积累，根茎水浸液对土壤有效磷、速效钾和铵态氮均显示出低浓度提高其含量而高浓度降低其含量的趋势，而茎和叶水浸液则随着浓度的增加均降低了其含量。 4. 与生姜单作相比，所有间作系统均在旺盛生长期和收获期不同程度地提高了土壤酶活性，同时也增加了土壤细菌数量及土壤微生物总数但不显著；所有间作系统在旺盛生长期和收获期均不同程度地影响了土壤真菌及放线菌数量（增加或减少），所有间作系统间的多样性指数差异不显著，除了旺盛生长期四种作物（生姜-大豆-四季葱-大蒜）的间作模式显著降低了多样性指数，其值仅为生姜单作的33.18%；生姜与大豆间作不仅提高了19.6%的生姜产量而且获得了较好的经济效益，并且，所有间作系统均显著抑制了生姜姜瘟病的发生。 5. 不同栽培模式不同程度地影响了收获期生姜的株高、分枝数、根茎产量及内在品质。其中处理2显著地促进了生姜的分枝（10.5%），同时处理2、3和4也促进了生姜的生长（株高分别增加了15.0%、11.4%和14.0%），并且这三个处理提高了生姜的产量；处理2和3能有效提高生姜块茎中维生素C（分别较单作生姜显著提高了3.29%和4.05%）、处理3显著提高了可溶性糖（8.2%）、姜辣素（4.6%）和蛋白质等有益物质的含量，降低硝酸盐有害物质的含量（处理2显著降低了14.0%），改善了姜块的外观和内在品质。并且，生姜与大豆间作具有最高的纯收入和产投比，分别较生姜单作提高了24.80%和8.8%。Recently, allelopathy has been more and more paid attentions by national and foreign scholars with profound research on reasons of crop replanted (continuous planted) obstacle. Ginger rhizome is valuable all over the world either as a spice or herbal medicine and ginger replanted obstacle is also paid attentions. Systematic research on ginger allelopathy will contribute to understanding and ultimate solving problem of ginger replanted obstacle. The effects of ginger aqueous extracts with different parts and concentrations on seed germination and early seedling growth of soybean and chive were studied in this article to testify that ginger existed allelopathy. Furthermore, ginger autotoxicity was also studied by pot experiment in greenhouse (namely research on effects of ginger aqueous extracts with different parts and concentrations on morphological indexes, physiological and biochemical indexes, photosynthesis, soil enzymes, soil microbial diversity and soil nutrients) to reveal mechanism of ginger degeneration and senescence, provide scientific basis for selecting appropriate intercropping species and put forward scientific resolvent for ginger replanted obstacle. The main results were as follows: 1. All aqueous extracts at all concentrations inhibited seed germination, seedling growth, water uptake and lipase activity of soybean and chive compared with the control, and the degree of inhibition increased with the incremental extracts concentration. The degree of toxicity of different ginger plant parts can be classified in order of decreasing inhibition as stem＞leaf＞rhizome. The results of this study suggested that rhizome, stem and leaf of ginger contained water soluble allelochemicals which could inhibit seed germination and seedling growth of soybean and chive. The rhizome is the main harvested part of ginger. The residue (mainly stems and leaves) of the ginger plant should be removed from the field so as to diminish its inhibitory effect. The main allelopathic components of three kind of aqueous extracts were as follows: Rhizome extract chiefly contained syringic acid and vmbelliferone and stem extract mainly contained frulic acid whose content was the highest (73.4 ug/g). The other six substances were detected except of frulic acid, but only contents of syringic acid, vmbelliferone and p-coumaric acid were higher. 2. Stem and leaf aqueous extracts of ginger with different concentrations significantly inhibited plant height, leaf numbers per plant and leaf area, and the degree of inhibition increased with the incremental extracts concentration. However, tiller number per plant of ginger seedling showed no significant difference. At the same time, ginger aqueous extracts also influenced biomass including under-ground biomass, above-ground biomass and total biomass (fresh weight) to a large extent. Under the same concentration, stem aqueous extract showed the mostly inhibitory effect on morphological indexes and biomass indexes of ginger seedling. Rhizome aqueous extract showed the leastly inhibitory effect and leaf aqueous extract was intervenient. Enhanced concentration of ginger aqueous extracts significantly reduced total chlorophyll content, accompanying with increases in memberane permeability (REL) and lipid peroxidation (MDA). Compared with the control, rhizome ginger aqueous extract of lower concentration (10 g l-1) increased the activities of major antioxidant enzymes (superoxide dismutase, SOD; peroxidase, POD; catalase, CAT; ascorbate peroxidase, APX) of ginger leaf tissue and higher concentration inhibited the activities of four antioxidant enzymes. However, stem and leaf aqueous extract inhibited the activities of four antioxidant enzymes with increase in concentration. Meanwhile, enhanced concentration of ginger aqueous extracts significantly reduced photo-parameters of ginger seedling (including CO2 concentration, stoma conductivity, net photosynthesis rate and transpiration rate). 3. Rhizome, stem and leaf ginger aqueous extract showed different effect on six soil enzyme activities, and acid phosphatase and invertase showed significant effect when aqueous extract concentration got 10 g l-1. Furthermore, six soil enzyme activities increased with increase in aqueous extract concentration. Bcterial and fungi number tended to increase while antinomyces tented to decrease with the increase in aqueous extract concentration of identical part. Ginger aqueous extracts reduced soil organic matter content with increased concentration, accompanying with NO3-—N accumulation in soil. Rhizome aqueous extract showed the same tendency for available P, available K and NH4+—N, namely lower concentration increased their contents in soil and higher concentration reduced their contents. While stem and leaf aqueous extracts reduced their contents with the increamental concentration. 4. All intercropping systems increased soil enzyme activities to different extent both at VGS and at HS compared to solo ginger. All intercropping systems increased the colony numbers of soil bacteria and total of soil microbe but not significantly either at VGS or at HS. All intercropping systems increased the colony numbers of soil fungi and actinomytes to a different extent (increase or decrease) both at VGS and at HS. For DI, difference between all cultivation patterns and S-G was not significant either at VGS or at HS except that G-S-C-G whose value was only 33.18% of S-G at VGS significantly decreased. G-S not only increased ginger yield by 19.6% but also obtained better economic benefit. Furthermore, all intercropping systems significantly inhibited occurrence of bacterial wilt of ginger. 5. Different cultivated pattern influenced plant height, tiller numbers, rhizome yields and intrinsic quality of ginger. Treatment 2 significantly facilitated tiller occurring (10.5%). Treatment 2, 3 and 4 promoted ginger growth (plant height respectively increased 15.0%、11.4% and 14.0%) and enhanced rhizome yields. Treatment 2 and 3 effectively increased vitamin C content (significantly increased 3.29% and 4.05% compared to solo ginger). Treatment 3 significantly increased contents of beneficial substances such as soluble sugar (8.2%), gingerols (4.6%) and protein. Treatment 2 significantly decreased contents of deleterious substance namely nitrate (14.0%) and improved appearance and intrinsic quality of ginger rhizome. Furthermore, treatment 2 (ginger/soybean intercropping) could obtain better economic benefit and showed the highest net income and ratio of benefit and cost whose values respectively increased by 24.80% and 8.8% compared to solo ginger.

聚丙烯酰胺防治水土流失的效果

Field plots observations indicate that applying polyacrylamide to soil can reduce surface runoff by 18 4%～46 8%,decrease soil erosion by 13%～55%,and increase soil organic matter,alkali-hydrolyzable nitrogen,available phosphate,available potassium in different degrees compared with not application.In addition,applying polyacrylamide can also increase corn yield by 540 5kg·ha -1 ,and net income by 240 5ha.

Analysis of arable land loss and its impact on rural sustainability in Southern Jiangsu Province of China

Rapid urbanization and industrialization in southern Jiangsu Province have consumed a huge amount of arable land. Through comparative analysis of land cover maps derived from TM images in 1990, 2000 and 2006, we identified the trend of arable land loss. It is found that most arable land is lost to urbanization and rural settlements development. Urban settlements, rural settlements, and industrial park-mine-transport land increased, respectively, by 87 997 ha (174.65%), 81 041 ha (104.52%), and 12 692 ha (397.99%) from 1990 to 2006. Most of the source (e.g., change from) land covers are rice paddy fields and dryland. These two covers contributed to newly urbanized areas by 37.12% and 73.52% during 1990-2000, and 46.39% and 38.86% during 2000-2006. However, the loss of arable land is weakly correlated with ecological service value, per capita net income of farmers, but positively with grain yield for some counties. Most areas in the study site have a low arable land depletion rate and a high potential for sustainable development. More attention should be directed at those counties that have a high depletion rate but a low potential for sustainable development. Rural settlements should be controlled and rationalized through legislative measures to achieve harmonious development between urban and rural areas, and sustainable development for rural areas with a minimal impact on the ecoenvironment. (C) 2009 Elsevier Ltd. All rights reserved.

Depreciações de activos fixos tangíveis: o impacto da alteração dos métodos de depreciação nos resultados das entidades

Dissertação para obtenção do Grau de Mestre em Contabilidade e Finanças Orientadora: Mestre Helena Maria Santos de Oliveira

Abordagem ao risco de crédito no âmbito do acordo de Basileia III em Portugal

Dissertação para a obtenção do Grau de Mestre em Contabilidade e Finanças Orientador: Mestre Adalmiro Álvaro Malheiro de Castro Andrade Pereira

Imparidade de ativos fixos tangíveis: aspetos contabilísticos, fiscais e de auditoria

Dissertação apresentada ao Instituto Superior de Contabilidade e Administração do Porto para a obtenção do grau de Mestre em Auditoria Orientada por: Mestre Carlos Martins

O Plano geral de contabilidade angolano e o sistema de normalização contabilística de Portugal: uma análise comparada

Dissertação de Mestrado apresentada ao Instituto de Contabilidade e Administração do Porto para a obtenção do grau de Mestre em Contabilidade e Finanças, sob orientação da Professora Doutora Ana Maria Alves Bandeira

Os diferentes tipos de resultados nas cooperativas numa perspetiva jurídica e contabilística

As cooperativas assumem um papel fundamental na economia social portuguesa, o que justifica a necessidade de um conhecimento mais aprofundado destas entidades tanto a nível jurídico como a nível contabilístico. O principal objetivo deste estudo consiste em identificar os vários tipos de resultados nas cooperativas, compreender e caraterizar o tratamento jurídico e contabilístico dos mesmos e aferir se o normativo contabilístico em vigor permite evidenciar as especificidades daqueles. Assim, utilizando uma metodologia qualitativa, com recurso à análise de conteúdo, realizou-se um estudo de caso múltiplo. Antes, porém, procedeu-se à revisão de literatura, seletiva e seminal, sobre o estado da arte dos resultados das cooperativas em Portugal. Foram identificados três tipos de resultados, os resultados cooperativos, os resultados extracooperativos e os resultados extraordinários. O estudo mostra que o tratamento jurídico e contabilístico dos resultados cooperativos não está devidamente adequado à realidade das mesmas, por duas razões: em primeiro lugar, não são claramente identificáveis na legislação em vigor os diferentes tipos de resultados; e, em segundo lugar, constata-se que os resultados nas cooperativas têm o mesmo tratamento contabilístico que os resultados das sociedades comerciais, apesar das diferenças substanciais entre as duas formas jurídicas. Concluiu-se, então que a alteração do enquadramento contabilístico aplicável às cooperativas é pertinente e necessária no sentido de impor uma contabilização separada dos resultados cooperativos e dos resultados extracooperativos e extraordinários. Esta contabilização separada é essencial, por razões fiscais mas sobretudo para que as demonstrações financeiras apresentem a imagem verdadeira e apropriada do desempenho das cooperativas. Conclui-se, de igual modo, que existe no ordenamento português um normativo contabilístico aplicável às entidades do setor não lucrativo que seria adequado para evidenciar as especificidades das cooperativas em matéria dos resultados, dado que o modelo das demonstrações dele constante permitiria o desdobramento dos resultados por atividades.

Predictability of stock market returns: Evidence from Eurozone's banking sectors

This paper analyzes the in-, and out-of sample, predictability of the stock market returns from Eurozone’s banking sectors, arising from bank-specific ratios and macroeconomic variables, using panel estimation techniques. In order to do that, I set an unbalanced panel of 116 banks returns, from April, 1991, to March, 2013, to constitute equal-weighted country-sorted portfolios representative of the Austrian, Belgian, Finish, French, German, Greek, Irish, Italian, Portuguese and Spanish banking sectors. I find that both earnings per share (EPS) and the ratio of total loans to total assets have in-sample predictive power over the portfolios’ monthly returns whereas, regarding the cross-section of annual returns, only EPS retain significant explanatory power. Nevertheless, the sign associated with the impact of EPS is contrarian to the results of past literature. When looking at inter-yearly horizon returns, I document in-sample predictive power arising from the ratios of provisions to net interest income, and non-interest income to net income. Regarding the out-of-sample performance of the proposed models, I find that these would only beat the portfolios’ historical mean on the month following the disclosure of year-end financial statements. Still, the evidence found is not statistically significant. Finally, in a last attempt to find significant evidence of predictability of monthly and annual returns, I use Fama and French 3-Factor and Carhart models to describe the cross-section of returns. Although in-sample the factors can significantly track Eurozone’s banking sectors’ stock market returns, they do not beat the portfolios’ historical mean when forecasting returns.

Les déterminants des faillites bancaires dans les pays en développement: le cas des pays de l'Union économique et monétaire Ouest-africaine (UEMOA)

L’objectif de ce papier est de déterminer les facteurs susceptibles d’expliquer les faillites bancaires au sein de l’Union économique et monétaire ouest-africaine (UEMOA) entre 1980 et 1995. Utilisant le modèle logit conditionnel sur des données en panel, nos résultats montrent que les variables qui affectent positivement la probabilité de faire faillite des banques sont : i) le niveau d’endettement auprès de la banque centrale; ii) un faible niveau de comptes disponibles et à vue; iii) les portefeuilles d’effets commerciaux par rapport au total des crédits; iv) le faible montant des dépôts à terme de plus de 2 ans à 10 ans par rapport aux actifs totaux; et v) le ratio actifs liquides sur actifs totaux. En revanche, les variables qui contribuent positivement sur la vraisemblance de survie des banques sont les suivantes : i) le ratio capital sur actifs totaux; ii) les bénéfices nets par rapport aux actifs totaux; iii) le ratio crédit total sur actifs totaux; iv) les dépôts à terme à 2 ans par rapport aux actifs totaux; et v) le niveau des engagements sous forme de cautions et avals par rapport aux actifs totaux. Les ratios portefeuilles d’effets commerciaux et actifs liquides par rapport aux actifs totaux sont les variables qui expliquent la faillite des banques commerciales, alors que ce sont les dépôts à terme de plus de 2 ans à 10 ans qui sont à l’origine des faillites des banques de développement. Ces faillites ont été considérablement réduites par la création en 1989 de la commission de réglementation bancaire régionale. Dans l’UEMOA, seule la variable affectée au Sénégal semble contribuer positivement sur la probabilité de faire faillite.

Huevos del Rancho

Es un plan de empresa que trata de la producción de huevos y muestra toda su cadena de valor.

Modelo de negocio C&C Distribuidores SAS, introducción de una nueva línea de negocio

C&C Distribuidores S.A.S con la implementación de esta nueva línea de negocio, tiene un futuro prometedor, en cuanto al funcionamiento y la estructuración financiera, esto se debe a que en el primer año la utilidad neta es de $87.440.027 y la rentabilidad bruta es del 12,93% anual. El proyecto alcanzara una TIR de 350,16% y un VPN de $ 216.408.893 millones de pesos. La inversión inicial requerida se recuperara en el primer año de operación. Para el segundo año de funcionamiento de la nueva estrategia, las ventas crecerán en un 13,49% y los costos de venta en un 11,33%. De igual forma para el tercer año las ventas aumentaran en un 10,92% y los costos de venta en un 8,95%, lo que significa que los objetivos planteados en cuento a proyección de ventas se cumplirán. El producto que representa el mayor número de unidades vendidas al año es el kit de manicure con 368.285 unidades, sin embargo el producto que mayor participación tiene en cuanto a la venta en pesos es la comercialización con $ 299.231.000 de pesos. La inversión inicial del proyecto es de $ 28.550.000 millones de pesos de los cuales $ 26.550.000 millones serán destinados a la compra de activos fijos y $ 2.000.000 millones al capital de trabajo. En el aspecto técnico el diagrama de procesos tiene en cuenta desde el momento en el que el cliente solicita el producto, hasta que se realiza una retroalimentación para verificar la calidad del servicio.

Långa toppar - metod för uttag av skogsbränsle i slutavverkningar : Slutrapport (STEM-projekt 21937-1)

SammanfattningHögskolan Dalarna har i samarbete med Skogsägarna Mellanskog, Naturbränsle i Mellan¬sverige AB och GDE-Net genomfört studier på en ny metod för uttag av skogsbränsle från slutavverkningar. Metoden går ut på att timmer tas ut som enda rundvirkessortiment. Resten av trädet, samt klenare träd som inte håller timmerdimension, tas ut som ett bränslesortiment. Metoden har jämförts med en konventionell slutavverkning med uttag av timmer, massaved och GROT-flis.Enligt genomförda försök skulle en avverkning enligt den nya metoden (långa toppar) ge ett högre drivningsnetto och drygt dubbelt så mycket bränsleflis som en konventionell avverk¬ning. En anledning till det högre drivningsnettot är att kostnaden för flisning blir lägre än vid flisning av GROT och att flisen betalas bättre än GROT-flis. Resultaten är beroende av de faktiska beståndsförutsättningarna och gällande prisrelationer mellan massaved och bränsle¬flis.Faktorer som har en positiv inverkan på drivningsnettot vid uttag av ”långa toppar” är t.ex. stora uttagsvolymer och korta terrängtransportavstånd samt bestånd med en hög andel virke av låg kvalitet eller udda sortiment som betalas dåligt på rundvirkesmarknaden.SummaryIn Sweden forest energy from final felling is traditionally harvested as logging residues after harvesting of timber (saw logs) and pulpwood, but depending on the market situation other methods with higher yield of forest energy might be of interest. Dalarna University has study a new method called “Undelimbed long tops” where only saw timber was taken out as an industrial assortment. The rest of the trees and smaller trees that don’t hold timber dimensions was left intact on the clear-felled area and been chipped later on. The study was done in different stands with some different conditions. The results have been compared with the traditional method for final felling. The surplus (forest owners net income) was higher in almost all stands when the method with “undelimbed long tops” was used, compared to the traditional method for taking out forest energy, and the volume of chips was more than doubled. A reason for the higher income from long tops is that the costs for chipping is lower and the prize of chips is higher compared to chips from logging residues. Other reason is that forest owners will not be paid for wasted pulpwood, but will be fully paid for the chips from such pulpwood. Factors that will have a positive influence on the ULT-method are for example large logging volumes and short distance between the logging area and the landing, different kinds of price reductions on pulpwood and large volumes of rotten wood or low paid industrial assortments.

Empirical evidence from the corporate collapse literature suggesting re-examination of accounting standards in relation to valuation of assets

This paper examines the recent spectacular corporate collapses of Parmalat in Europe, Enron and WorldCom in the USA and HIH in Australia and argues for a re-examination of corporate governance regulations, particularly in relation to accounting standards regarding the valuation of assets. The recommendation that is put forward in this regard is based upon empirical evidence arising from further examination of the empirical results in (Hossari and Rahman, 2004). Specifically, the recommendation is based upon the realization that, among the 48 financial ratios across the 50-plus refereed studies, five financial ratios, all of which contained assets as one of the variables, were a relatively robust indicator of corporate collapse. The five ratios are: Net Income/Total Assets, Current Assets/Current Liabilities, Total Liabilities/Total Assets, Working Capital/Total Assets, and Earnings Before Interest and Taxes/Total Assets. This paper suggests that it's not the failure of the corporate collapse prediction models, rather it's the erosion of the reliability of some key input data, namely assets and the valuation thereof, that is largely responsible for the apparent failure of these models in capturing impending collapses, such as those that we witnessed in the recent past. Such empirical findings support the argument that assets are soft targets for misrepresentation, because of the leeway granted in accounting standards with regards to their valuation.

Corporate governance structure and firm performance : empirical evidence from Brusa Malaysia, Kuala Lumper

The issue of corporate governance has been emerging as important phenomena that has been searched extensively both in developed countries due to its strategic impact on the monitoring of management activities and firms’ performance. Yet little attempt has been made in developing countries like Malaysia to ascertain what constitute corporate governance and its impact on firm's performance. Therefore, this study aims at examining the structure of the corporate governance and its impact on firm’s performance. This study is based on 100 firms, which are the component of the Composite Index (CI) serve as market barometer. This study employs cross-sectional annual multiple regression model to examine, what constitutes the corporate governance structure and its impact on performance of the firm. The analysis was based on annual regression over 5 years period from 1997 through 2001. Three different blend of surrogate for corporate governance were developed for good corporate governance structure. These are the independent non-executive (outside) directors, audit committee and remuneration committee. To isolate the size effect from the impact of corporate governance structure on firm’s performance, firm’s size was also included are variable in the model. The ratio of net income before tax to total asset is used as a surrogate for firm’s performance. Evidence from the study indicates that there is partial relation between corporate governance structure and corporate performance. The presence of both audit and remuneration committee serves as an important monitoring device to control management activities that lead to increase firm's performance. While on average, the presence of independent nonexecutive directors does not provide any significant explanation for the firm's performance. However, the firm size appears to have significant impact on corporate performance.