Stakeholder activism, managerial entrenchment, and the congruence of interests between shareholders and stakeholders

We argue that when stakeholder protection is left to the voluntary initiative of managers, concessions to social activists and pressure groups can turn into a self-entrenchment strategy for incumbent CEOs. Stakeholders other than shareholders thus benefit from corporate governance rules putting managers under a tough replacement threat. We show that a minimal amount of formal stakeholder protection, or the introduction of explicit covenants protecting stakeholder rights in the firm charter, may deprive CEOs of the alliance with powerful social activists, thus increasing managerial turnover and shareholder value. These results rationalize a recent trend whereby well-known social activists like Friends of the Earth and active shareholders like CalPERS are showing a growing support for each other's agendas.

Stakeholder Activism, Managerial Entrenchment, and the Congruence of Interests between Shareholders and Stakeholders

We argue that when stakeholder protection is left to the voluntary initiative of managers, concessions to social activists and pressure groups can turn into a self-entrenchment strategy for incumbent CEOs. Stakeholders other than shareholders thus benefit from corporate governance rules putting managers under a tough replacement threat. We show that a minimal amount of formal stakeholder protection, or the introduction of explicit covenants protecting stakeholder rights in the firm charter, may deprive CEOs of the alliance with powerful social activists, thus increasing managerial turnover and shareholder value. These results rationalize a recent trend whereby well-known social activists like Friends of the Earth and active shareholders like CalPERS are showing a growing support for each other s agendas.

Stakeholder activism, managerial entrenchment and the congruence of interests between shareholders and stakeholders

We argue that when stakeholder protection is left to the voluntaryinitiative of managers, concessions to social activists and pressuregroups can turn into a self-entrenchment strategy for incumbent CEOs.Stakeholders other than shareholders thus benefit from corporategovernance rules putting managers under a tough replacement threat. Weshow that a minimal amount of formal stakeholder protection, or the introduction of explicit covenants protecting stakeholder rights in thefirm charter, may deprive CEOs of the alliance with powerful socialactivists, thus increasing managerial turnover and shareholder value.These results rationalize a recent trend whereby well-known socialactivists like Friends of the Earth and active shareholders likeCalPERS are showing a growing support for each other s agendas.

Community college adjunct policies and practices: Incumbents' perspectives and congruence with learning organization tenets

The primary research question was: What is the nature and degree of alignment between the tenets of learning organizations and the policies and practices of a community college concerning adjunct instructors? I investigated the employment experiences of 8 adjunct instructors at a large community college in the Southeastern U.S. to (a) describe and explain the perspectives of the adjuncts, (b) describe and explain my own adjunct employment experience at the same college, (c) determine how the adjunct policies and practices collectively encountered were congruent with or at variance with the tenets of learning organizations, and (d) to use this framework to support recommendations that may help the college achieve more favorable alignment with these tenets. ^ Data on perceived adjunct policies and practices were reduced into 11 categories and, using matrices, were compared with 5 major categories of learning organization tenets. The 5 categories of tenets were: (a) inputs, (b) information flow/communication, (c) employee inclusion/value, (d) teamwork, and (e) facilitation of change. The 11 categories of the college's policies and practices were (a) becoming an adjunct, (b) full-time employment aspirations, (c) salary, (d) benefits, (e) job security and predictability, (f) job satisfaction, (g) respect, (h) support services, (i) professional development, (j) institutional inclusion, and (k) future role of adjuncts. The reflective journal component relied on a 5-year (1995–2000) personal and professional journal maintained by me during employment with the same college as the participants. ^ Findings indicate that the college's adjunct policies and practices were most incongruent with 25 of the 70 learning organization tenets. These incongruencies spanned the 5 categories, although most occurred in the Employee/Inclusion/Value category. Adjunct instructors wanted inclusion, respect, value, trust, and empowerment in decision making processes that affect adjunct policies and practices of the college, but did not perceive this to be a part of the present situation. ^

Fit in to stand out : An experience perspective on value creation

In order to grow and survive, a firm must create value with consumers in ways that both fit in with consumer demands and stand out from competitors. Focusing on and understanding consumer and firm assessments of value and creation of value has become a central scope in the contemporary strategic management and marketing literature for understanding and explaining firm survival and success. Consequently, the overall aim of this thesis is to provide a conceptually and empirically grounded understanding of consumers’ and managers’ value assessments and behavior in value creation. This thesis draws on a consumer experience perspective and theories on social construction, organizational identity, self-congruence, and the theory of attractive quality, and combines multiple qualitative and quantitative studies. The findings in this thesis shed light on the interplay between consumers, firms, and contextual structures in value creation. Contextual structural, cultural, and political forces are shown to affect and be affected by the shared and individual cognitions of value creation that firms and consumers use in their assessment and creation value. The results of the study enhance the understanding of how firms can adopt various strategic schemas or organizing logics to optimize different types of use value creation when choosing between opposing and contradictive demands in their value creation. Furthermore, the thesis provides a deeper understanding of the hierarchical nature of consumer judgments of value that can be used to enhance the effectiveness of firm prioritizations and as a foundation for future value-creating strategies.

Les plateaux de carrière : élaboration d'une grille afin d'identifier le plateau de carrière et établissement des liens avec la congruence des intérêts

Cette étude vise à établir des liens entre la situation de plafonnement de carrière et l'incongruence vocationnelle. De façon plus spécifique, il s'agit de vérifier, au moyen d'une étude, la relation entre la situation de plafonnement de carrière, largement étudiée jusqu'à présent par plusieurs auteurs et la congruence des intérêts. Ces auteurs s'interrogent sur la question des ressources humaines (tels par exemple Tremblay, Cardinal, Lamoureux, Hoyt, Charest) de laquelle, nous tenterons d'établir la congruence des intérêts professionnels en lien avec la typologie de Holland. Holland prévoit (6) six types: Réaliste (R), Investigateur (I), Artistique (A), Social (S), Entreprenant (E), et Conventionnel (C). Ces types peuvent être octroyés sur deux plans distinctifs. Il est en effet possible de définir le patron typologique sur les plans environnemental et individuel. C'est à partir de ces deux patrons typologiques, constitués de trois lettres, qu'on établira la correspondance entre les données provenant de l'individu et de l'environnement. C'est donc à partir de celles-ci que l'on peut calculer le niveau de congruence, en appliquant l'indice de lachan qui constitue une mesure de congruence. Deux instruments de mesure inclus dans une batterie d'inventaires seront donc proposés à soixante travailleurs de la Ville de Montréal. Il s'agit premièrement d'une grille d'évaluation élaborée à partir de critères spécifiques issus d'enquêtes différentes liées au plafonnement de carrière. L'instrument de mesure comporte sept échelles : le temps et l'âge, des informations relatives au travail, le positionnement par rapport aux collègues de travail, l'impact du changement sur l'individu, les rémunérations et • conditions salariales, la formation, les intérêts et loisirs reliées à la profession. Le plafonnement de carrière tel que nous le percevons, constitue un concept complexe nécessitant une vision systémique ; c'est-à-dire que le problème doit être considéré dans son ensemble, à savoir l'individu et son environnement. La deuxième étape consiste en la passation de l'inventaire des préférences professionnelles, abrégé (I.P.P.A.). Pour chacune des personnes évaluées, un patron typologique de l'environnement professionnel sera établi à partir du Codes Holland pour C. C. D. P. Les résultats obtenus par l'intermédiaire de l'I.P.P A. et transférés en types par l'intermédiaire du Guide : Codes Holland pour C.C.D.P., seront soumis à l'indice de lachan qui évalue la congruence entre deux séries de données. Le score du niveau de congruence sera par la suite confronté au score obtenu par l'intermédiaire de la grille/questionnaire par une simple corrélation. De cette façon, nous pourrons établir les liens et ainsi vérifier l'hypothèse de recherche. Cette recherche se propose donc d'identifier des plateaux de carrière à l'aide de la grille/questionnaire, pour ensuite vérifier s'il existe véritablement des liens entre la situation de plafonnement de carrière et la congruence d'intérêts. Cette démarche tend à confirmer l'hypothèse suivante : l'incongruence entre les intérêts individuels et ceux du milieu est responsable du plafonnement de carrière. En ce sens, elle entraîne entre autres une démotivation de l'individu à s'impliquer dans son travail, à mettre ses connaissances à jour. La présence du plafonnement de carrière peut décourager l'organisation et l'entourage immédiat de travail à justifier un accroissement des responsabilités ou toutes autres mobilités. Cette situation peut entraîner un malaise important tant chez l'employé que dans l'environnement de travail. La méthodologie proposée permet d'envisager la problématique sous différents angles, • étant donné que le plafonnement de carrière est à la fois la cause et l'effet d'un ensemble de facteurs difficilement mesurables.

The Value Of The 2005 International Society Of Urological Pathology (isup) Modified Gleason Grading System As A Predictor Of Biochemical Recurrence After Radical Prostatectomy.

To compare time and risk to biochemical recurrence (BR) after radical prostatectomy of two chronologically different groups of patients using the standard and the modified Gleason system (MGS). Cohort 1 comprised biopsies of 197 patients graded according to the standard Gleason system (SGS) in the period 1997/2004, and cohort 2, 176 biopsies graded according to the modified system in the period 2005/2011. Time to BR was analyzed with the Kaplan-Meier product-limit analysis and prediction of shorter time to recurrence using univariate and multivariate Cox proportional hazards model. Patients in cohort 2 reflected time-related changes: striking increase in clinical stage T1c, systematic use of extended biopsies, and lower percentage of total length of cancer in millimeter in all cores. The MGS used in cohort 2 showed fewer biopsies with Gleason score ≤ 6 and more biopsies of the intermediate Gleason score 7. Time to BR using the Kaplan-Meier curves showed statistical significance using the MGS in cohort 2, but not the SGS in cohort 1. Only the MGS predicted shorter time to BR on univariate analysis and on multivariate analysis was an independent predictor. The results favor that the 2005 International Society of Urological Pathology modified system is a refinement of the Gleason grading and valuable for contemporary clinical practice.

Prognostic Value Of Dna And Mrna E6/e7 Of Human Papillomavirus In The Evolution Of Cervical Intraepithelial Neoplasia Grade 2.

This study aimed at evaluating whether human papillomavirus (HPV) groups and E6/E7 mRNA of HPV 16, 18, 31, 33, and 45 are prognostic of cervical intraepithelial neoplasia (CIN) 2 outcome in women with a cervical smear showing a low-grade squamous intraepithelial lesion (LSIL). This cohort study included women with biopsy-confirmed CIN 2 who were followed up for 12 months, with cervical smear and colposcopy performed every three months. Women with a negative or low-risk HPV status showed 100% CIN 2 regression. The CIN 2 regression rates at the 12-month follow-up were 69.4% for women with alpha-9 HPV versus 91.7% for other HPV species or HPV-negative status (P < 0.05). For women with HPV 16, the CIN 2 regression rate at the 12-month follow-up was 61.4% versus 89.5% for other HPV types or HPV-negative status (P < 0.05). The CIN 2 regression rate was 68.3% for women who tested positive for HPV E6/E7 mRNA versus 82.0% for the negative results, but this difference was not statistically significant. The expectant management for women with biopsy-confirmed CIN 2 and previous cytological tests showing LSIL exhibited a very high rate of spontaneous regression. HPV 16 is associated with a higher CIN 2 progression rate than other HPV infections. HPV E6/E7 mRNA is not a prognostic marker of the CIN 2 clinical outcome, although this analysis cannot be considered conclusive. Given the small sample size, this study could be considered a pilot for future larger studies on the role of predictive markers of CIN 2 evolution.

Predictive Value Of Phase I Trials For Safety In Later Trials And Final Approved Dose: Analysis Of 61 Approved Cancer Drugs.

Phase I trials use a small number of patients to define a maximum tolerated dose (MTD) and the safety of new agents. We compared data from phase I and registration trials to determine whether early trials predicted later safety and final dose. We searched the U.S. Food and Drug Administration (FDA) website for drugs approved in nonpediatric cancers (January 1990-October 2012). The recommended phase II dose (R2PD) and toxicities from phase I were compared with doses and safety in later trials. In 62 of 85 (73%) matched trials, the dose from the later trial was within 20% of the RP2D. In a multivariable analysis, phase I trials of targeted agents were less predictive of the final approved dose (OR, 0.2 for adopting ± 20% of the RP2D for targeted vs. other classes; P = 0.025). Of the 530 clinically relevant toxicities in later trials, 70% (n = 374) were described in phase I. A significant relationship (P = 0.0032) between increasing the number of patients in phase I (up to 60) and the ability to describe future clinically relevant toxicities was observed. Among 28,505 patients in later trials, the death rate that was related to drug was 1.41%. In conclusion, dosing based on phase I trials was associated with a low toxicity-related death rate in later trials. The ability to predict relevant toxicities correlates with the number of patients on the initial phase I trial. The final dose approved was within 20% of the RP2D in 73% of assessed trials.

Value Of Sentinel Lymph Node Biopsy In Papillary Thyroid Cancer: Initial Results Of A Prospective Trial.

The objectives of the study were to evaluate the performance of sentinel lymph node biopsy (SLNB) in detecting occult metastases in papillary thyroid carcinoma (PTC) and to correlate their presence to tumor and patient characteristics. Twenty-three clinically node-negative PTC patients (21 females, mean age 48.4 years) were prospectively enrolled. Patients were submitted to sentinel lymph node (SLN) lymphoscintigraphy prior to total thyroidectomy. Ultrasound-guided peritumoral injections of (99m)Tc-phytate (7.4 MBq) were performed. Cervical single-photon emission computed tomography and computed tomography (SPECT/CT) images were acquired 15 min after radiotracer injection and 2 h prior to surgery. Intra-operatively, SLNs were located with a gamma probe and removed along with non-SLNs located in the same neck compartment. Papillary thyroid carcinoma, SLNs and non-SLNs were submitted to histopathology analysis. Sentinel lymph nodes were located in levels: II in 34.7 % of patients; III in 26 %; IV in 30.4 %; V in 4.3 %; VI in 82.6 % and VII in 4.3 %. Metastases in the SLN were noted in seven patients (30.4 %), in non-SLN in three patients (13.1 %), and in the lateral compartments in 20 % of patients. There were significant associations between lymph node (LN) metastases and the presence of angio-lymphatic invasion (p = 0.04), extra-thyroid extension (p = 0.03) and tumor size (p = 0.003). No correlations were noted among LN metastases and patient age, gender, stimulated thyroglobulin levels, positive surgical margins, aggressive histology and multifocal lesions. Sentinel lymph node biopsy can detect occult metastases in PTC. The risk of a metastatic SLN was associated with extra-thyroid extension, larger tumors and angio-lymphatic invasion. This may help guide future neck dissection, patient surveillance and radioiodine therapy doses.

The Value Of Audiovisual Archives.

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Taxonomic value of foliar characters in Dahlstedtia Malme: Leguminosae, Papilionoideae, Millettieae

Dahlstedtia Malme (Leguminosae) is a neotropical genus, native to the Brazilian Atlantic Forest, and comprises two species, D. pinnata (Benth.) Malme and D. pentaphylla (Taub.) Burk., although it has been considered a monotypic genus by some authors. Leaf anatomy was compared to verify the presence of anatomical characters to help delimit species. Foliar primordium, leaflet, petiolule, petiole and pulvinus were collected from cultivated plants (Campinas, SP, Brazil) and from natural populations (Picinguaba, Ubatuba and Caraguatatuba, SP, Brazil - D. pinnata; Antonina, PR, Brazil - D. pentaphylla). Studies on leaflet surface assessment (Scanning Electron Microscopy), as well as histology and venation analyses were carried out of dehydrated, fresh and fixed material from two species. Leaflet material was macerated for stomatal counts. Histological sections, obtained by free-hand cut or microtome, were stained with Toluidine Blue, Safranin/Alcian Blue, Ferric Chloride, Acid Phloroglucin. Secretory cavities are present in the lamina, petiolule, petiole, pulvinus and leaf primordium in D. pentaphylla, but not in D. pinnata, and can be considered an important character for species diagnosis. Other leaf characters were uninformative in delimiting Dahlstedtia species. There is cambial activity in the petiolule, petiole and pulvinus. This study, associated with other available data, supports the recognition of two species in Dahlstedtia.

Adding value to the meat of spent laying hens manufacturing sausages with a healthy appeal

The aim of this study was to evaluate the viability of the use of spent laying hens' meat in the manufacturing of mortadella-type sausages with healthy appeal by using vegetable oil instead of animal fat. 120 Hy-line® layer hens were distributed in a completely randomized design into two treatments of six replicates with ten birds each. The treatments were birds from light Hy-line® W36 and semi-heavy Hy-line® Brown lines. Cold carcass, wing, breast and leg fillets yields were determined. Dry matter, protein, and lipid contents were determined in breast and leg fillets. The breast and legg fillets of three replicates per treatment were used to manufacture mortadella. After processing, sausages were evaluated for proximal composition, objective color, microbiological parameters, fatty acid profile and sensory acceptance. The meat of light and semi-heavy spent hens presented good yield and composition, allowing it to be used as raw material for the manufacture of processed products. Mortadellas were safe from microbiological point of view, and those made with semi-heavy hens fillets were redder and better accepted by consumers. Values for all sensory attributes were evaluated over score 5 (neither liked nor disliked). Both products presented high polyunsaturated fatty acid contents and good polyunsaturated to saturated fatty acid ratio. The excellent potential for the use of meat from spent layer hens of both varieties in the manufacturing of healthier mortadella-type sausage was demonstrated.

Combining Legendre's Polynomials and Genetic Algorithm in the Solution of Nonlinear Initial-Value Problems

This work develops a method for solving ordinary differential equations, that is, initial-value problems, with solutions approximated by using Legendre's polynomials. An iterative procedure for the adjustment of the polynomial coefficients is developed, based on the genetic algorithm. This procedure is applied to several examples providing comparisons between its results and the best polynomial fitting when numerical solutions by the traditional Runge-Kutta or Adams methods are available. The resulting algorithm provides reliable solutions even if the numerical solutions are not available, that is, when the mass matrix is singular or the equation produces unstable running processes.