Essays on corporate governance, stakeholders, and restructuring

This dissertation consists of an introductory section and three theoretical essays analyzing the interaction of corporate governance and restructuring. The essays adopt an incomplete contracts approach and analyze the role of different institutional designs to facilitate the alignment of the objectives of shareholders and management (or employees) over the magnitude of corporate restructuring. The first essay analyzes how a firm's choice of production technology affects the employees' human capital investment. In the essay, the owners of the firm can choose between a specific and a general technology that both require a costly human capital investment by the employees. The specific technology is initially superior in using the human capital of employees but, in contrast to the general technology, it is not compatible with future innovations. As a result, anticipated changes in the specific technology diminish the ex ante incentives of the employees to invest in human capital unless the shareholders grant the employees specific governance mechanisms (a right of veto, severance pay) so as to protect their investments. The results of the first essay indicate that the level of protection that the shareholders are willing to offer falls short of the socially desirable one. Furthermore, when restructuring opportunities become more abundant, it becomes more attractive both socially and from the viewpoint of the shareholders to initially adopt the general technology. The second essay analyzes how the allocation of authority within the firm interacts with the owners' choice of business strategy when the ability of the owners to monitor the project proposals of the management is biased in favor of the status quo strategy. The essay shows that a bias in the monitoring ability will affect not only the allocation of authority within the firm but also the choice of business strategy. Especially, when delegation has positive managerial incentive effects, delegation turns out to be more attractive under the new business strategy because the improved managerial incentives are a way for the owners to compensate their own reduced information gathering ability. This effect, however, simultaneously makes the owners hesitant to switch the strategy since it would involve a more frequent loss of control over the project choice. Consequently, the owners' lack of knowledge of the new business strategy may lead to a suboptimal choice of strategy. The third essay analyzes the implications of CEO succession process for the ideal board structure. In this essay, the presence of the departing CEO on the board facilitates the ability of the board to find a matching successor and to counsel him. However, the ex-CEO's presence may simultaneously also weaken the ability of the board to restructure since the predecessor may use the opportunity to distort the successor's project choice. The results of the essay suggest that the extent of restructuring gains, the firm's ability to hire good outside directors and the importance of board's advisory role affect at which point and for how long the shareholders may want to nominate the predecessor to the board.

Suicidal behaviour in bipolar disorder

The Jorvi Bipolar Study (JoBS) is a collaborative ongoing bipolar research project between the Department of Mental Health and Alcohol Research of the National Public Health Institute, Helsinki, and the Department of Psychiatry, Jorvi Hospital, Helsinki University Central Hospital (HUCH), Espoo, Finland. The JoBS is a prospective, naturalistic cohort study of secondary level care psychiatric out-and inpatients with a new episode of Diagnostic and Statistical Manual of Mental Disorders, 4th edition (DSM-IV) bipolar disorder (BD). Altogether, 1630 patients (aged 18-59) years were screened using the Mood Disorder Questionnaire (MDQ) for a possible new episode of DSM-IV BD. 490 patients were interviewed with semi-structured interview [the Structured Clinical Interview for DSM-IV Disorders, research version with Psychotic Screen (SCID-I/P)]. 191 patients with new episode of DSM-IV BD were included in the bipolar cohort study. Psychiatric comorbidity was evaluated using semi-structured interviews. At 6- and 18-month follow-up, the interviews were repeated and life-chart methodology was used to integrate all available information about nature and duration of all different phases. Suicidal behaviour was examined both at intake and follow-up by psychometric scale [Scale for Suicidal Ideation (SSI)], interviewer s questions and medical and psychiatric records. The aim of this thesis was to evaluate prevalence of suicidal behaviour and incidence of suicide attempts, and examine the wide range of risk factors for attempted suicide both, at intake and follow-up, in representative secondary-level sample of psychiatric in- and outpatients with BD. In this study suicidal behaviour was common among psychiatric patients with BD. During the episode when patients were included into cohort study (index episode), 20% of the patients had attempted suicide and 61% had suicidal ideation. Severity of depressive episode and hopelessness were independent risk factors for suicidal ideation, whereas hopelessness, comorbid personality disorder and previous suicide attempt predicted suicide attempts during the index episode. There were no differences in prevalence of suicidal behaviour between bipolar I and II disorder; the risk factors were overlapping but not identical. During the index episode, suicide attempts took place during depressive, mixed and depressive mixed phases. Furthermore, there were marked differences regarding level of suicidal ideation during different phases, with the highest levels during the mixed phases of the illness. Hopelessness was independently associated with suicidal behaviour during the depressive phase. A subjective rating of severity of depression (Beck Depression Inventory) and younger age predicted suicide attempts during mixed phases. During the 18-month follow-up 20% of patients attempted suicide. Previous suicide attempts, hopelessness, depressive phase at index episode and younger age at intake were independent risk factors for suicide attempts during follow-up. Taken altogether, 55% patients attempted suicide before index episode, during index episode or during follow-up. The incidence of suicide attempts was 37-fold during combined mixed and depressive mixed states and 18-fold during major depressive phase as compared with other phases. Prior suicide attempt and time spent in combined mixed phases - mixed and depressive mixed - and depressive phases independently predicted the suicide attempt during follow-up. More than half of the patients have attempted suicide during their lifetime, a finding which highlights the public health importance of suicidal behaviour in bipolar disorder. Clinically, it is crucial to recognize BD and manage the mixed and depressive phases of bipolar patients fast and effectively, as time spent in depressive and mixed phases involves a remarkably high risk of suicide attempts.

Three-level inverter fed open-end winding IM drive with common mode voltage elimination and reduced power device count

A three-level space phasor generation scheme with common mode elimination and with reduced power device count is proposed for an open end winding induction motor in this paper. The open end winding induction motor is fed by the three-level inverters from both sides. Each two level inverter is formed by cascading two two-level inverters. By sharing the bottom inverter for the two three-level inverters on either side, the power device count is reduced. The switching states with zero common mode voltage variation are selected for PWM switching so that there is no alternating common mode voltage in the pole voltages as well as in phase voltages. Only two isolated DC-links, with half the voltage rating of a conventional three-level neutral point clamped inverter, are needed for the proposed scheme.

ACE Research Vignette 051: How and Why is Small Business Managers’ Age Related To Business Growth?

This series of research vignettes is aimed at sharing current and interesting research findings from our team of international entrepreneurship researchers. This vignette, written by Professor Hannes Zacher, Professor Michael M. Gielnik and Dr Antje Schmitt, reports findings on relationships between small business managers’ age, their focus on opportunities, and business growth (sales and number of employees) over five years.

The relationships between work stressors and organizational performance in long-term care for elderly residents

This study investigates the relationships between work stressors and organizational performance in terms of the quality of care provided by the long-term care facilities. Work stressors are first examined in relation to the unit's structural factors, resident characteristics, and to the unit specialization. The study is completed by an investigation into the associations of work stressors such as job demands or time pressure, role ambiguity, resident-related stress, and procedural injustice to organizational performance. Also the moderating effect of job control in the job demands organizational performance relationship is examined. The study was carried out in the National Research and Development Centre for Welfare and Health (STAKES). Survey data were drawn from 1194 nursing employees in 107 residential-home and health-center inpatient units in 1999 and from 977 employees in 91 units in 2002. Information on the unit resident characteristics and the quality of care was provided by the Resident Assessment Instrument (RAI). The results showed that large unit size or lower staffing levels were not consistently related to work stressors, whereas the impairments in residents' physical functioning in particular initiated stressful working conditions for employees. However, unit specialization into dementia and psychiatric residents was found to buffer the effects that the resident characteristics had on employee appraisals of work stressors, in that a high proportion of behavioral problems was related to less time pressure and role conflicts for employees in specialized units. Unit specialization was also related to improved team climates and the organizational commitment of employees. Work stressors associated with problems in care quality. Time pressure explained most of the differences between units in how the employees perceived the quality of physical and psychosocial care they provide for the residents. A high level of job demands in the unit was also found to be related to some increases in all clinical quality problems. High job control buffered the effects of job demands on the quality of care in terms of the use of restraints on elderly residents. Physical restraint and especially antipsychotic drug use were less prevalent in units that combined both high job demands and high control for employees. In contrast, in high strain units where heavy job demands coincided with a lack of control for employees, quality was poor in terms of the frequent use of physical restraints. In addition, procedural injustice was related to the frequent use of antianxiety of hypnotic drugs for elderly residents. The results suggest that both job control and procedural justice may have improved employees' abilities to cope when caring for the elderly residents, resulting in better organizational performance.

Workplace Bullying among Business Professionals - Prevalence, Organisational Antecedents and Gender Differences (summary section only)

Workplace bullying can be defined as repeated and persistent negative acts that involve a power imbalance and create a hostile work environment. Partly because of the many negative consequences associated with the phenomenon, bullying has recently become the focus of many studies by contemporary organisational researchers. Drawing on a survey, this thesis provides information on the prevalence and forms of bullying among business professionals, a group of employees neglected in previous bullying research. The thesis follows a tradition among Nordic researchers that emphasises the role of the psychosocial work environment in bullying. In particular, it illustrates how high internal competition and a high degree of organisational politics in business life may lead employees to use bullying as a tactic to gain benefits over their colleagues. Furthermore, it explores the significance of gender in bullying in male-dominated work environments, with women tending to be subjected to more negative acts, tending to feel less capable to defend themselves in these situations, and tending to feel less reluctant to classify these experiences as bullying. In addition to the introductory essay, this thesis consists of a book chapter and four articles. These five papers address particular aspects of workplace bullying: the prevalence and forms of bullying, the significance of gender in bullying, and organisational antecedents of bullying.

Critical Incidents in Internal Relationships

Critical incidents have had an important role in service quality and service management research. The focus of critical-incident studies has gradually shifted from separate acts and episodes towards relationships, and even switching from one relationship to another. The Critical Incident Technique has mainly been used when studying the service sector, concentrating on the customer's perception of critical incidents. Although some studies have considered the perceptions of employees important, critical incidents have not been considered a tool for studying internal relationships to any larger extent. This paper takes a process approach and shifts the focus from an external to an internal setting. It puts forward a new technique for analysing internal relationships from a critical-incident perspective. The technique captures the dynamism in relationships through considering internal critical incidents as micro-processes affecting not only internal but also external relationships.

Starting scheme for load commutated inverter-fed wound field synchronous machine using an auxiliary low-power voltage source inverter

Conventional thyristor-based load commutated inverter (LCI)-fed wound field synchronous machine operates only above a minimum speed that is necessary to develop enough back emf to ensure commutation. The drive is started and brought up to a speed of around 10-15% by a complex `dc link current pulsing' technique. During this process, the drive have problems such as pulsating torque, insufficient average starting torque, longer starting time, etc. In this regard a simple starting and low-speed operation scheme, by employing an auxiliary low-power voltage source inverter (VSI) between the LCI and the machine terminals, is presented in this study. The drive is started and brought up to a low speed of around 15% using the VSI alone with field oriented control. The complete control is then smoothly and dynamically transferred to the conventional LCI control. After the control transfer, the VSI is turned off and physically disconnected from the main circuit. The advantages of this scheme are smooth starting, complete control of torque and flux at starting and low speeds, less starting time, stable operation, etc. The voltage rating of the required VSI is very low of the order of 10-15%, whereas the current rating is dependent on the starting torque requirement of the load. The experimental results from a 15.8 hp LCI-fed wound field synchronous machine are given to demonstrate the scheme.

Variable-speed wind power generation using doubly fed wound rotor induction machine - A comparison with alternative schemes

In this paper, a wind energy conversion system (WECS) using grid-connected wound rotor induction machine controlled from the rotor side is compared with both fixed speed and variable speed systems using cage rotor induction machine. The comparison is done on the basis of (I) major hardware components required, (II) operating region, and (III) energy output due to a defined wind function using the characteristics of a practical wind turbine. Although a fixed speed system is more simple and reliable, it severely limits the energy output of a wind turbine. In case of variable speed systems, comparison shows that using a wound rotor induction machine of similar rating can significantly enhance energy capture. This comes about due to the ability to operate with rated torque even at supersynchronous speeds; power is then generated out of the rotor as well as the stator. Moreover, with rotor side control, the voltage rating of the power devices and dc bus capacitor bank is reduced. The size of the line side inductor also decreasesd. Results are presented to show the substantial advantages of the doubly fed system.

A Novel VSI- and CSI-Fed Active-Reactive Induction Motor Drive with Sinusoidal Voltages and Currents

Till date load-commutated inverter (LCI)-fed synchronous motor drive configuration is popular in high power applications (>10 MW). The leading power factor operation of synchronous motor by excitation control offers this simple and rugged drive structure. On the contrary, LCI-fed induction motor drive is absent as it always draws lagging power factor current. Therefore, complicated commutation circuit is required to switch off thyristors for a current source inverter (CSI)-driven induction motor. It poses the major hindrance to scale up the power rating of CSI-fed induction motor drive. Anew power topology for LCI-fed induction motor drive for medium-voltage drive application is proposed. A new induction machine (active-reactive induction machine) with two sets of three-phase winding is introduced as a drive motor. The proposed power configuration ensures sinusoidal voltage and current at the motor terminals. The total drive power is shared among a thyristor-based LCI, an insulated gate bipolar transistor (IGBT)-based two-level voltage source inverter (VSI), and a three-level VSI. The benefits of SCRs and IGBTs are explored in the proposed drive. Experimental results from a prototype drive verify the basic concepts of the drive.

High powerACmotor drives: Status review and work at IISc

A variety of solutions are available today from industry for high power variable speed AC motor drive applications, starting from a power rating of a few 100 kW to several 10’s of Megawatts. These drives can be classified on the basis of the electrical motor, the power converter and the control technique. The main drive types are reviewed.The salient features of each type of drive are pointed out along with their industrial applications.Following this, some research at IISc which has applications in high power drives is described briefly.

Space vector based bus clamped PWM algorithms for three level inverters: implementation, performance analysis and application considerations

This paper describes the different types of space vector based bus clamped PWM algorithms for three level inverters. A novel bus clamp PWM algorithm for low modulation indices region is also presented. The principles and switching sequences of all the types of bus clamped algorithms for high switching frequency are presented. Synchronized version of the PWM sequences for high power applications where switching frequency is low is also presented. The implementation details on DSP based digital controller and experimental results are presented. The THD of the output waveforms is studied for the entire operating region and is compared with the conventional space vector PWM technique. The bus clamped techniques can be used to reduce the switching losses or to improve the output voltage quality or both.. Different issues dominate depending on the type of application and power rating of the inverters. The results presented in this paper can be used for judicious use of the PWM techniques, which result in improved system efficiency and performance.

Senado Federal e Terceirização: Estudo da Retenção de Talentos em Empresas Terceirizadas

Avalia a percepção de colaboradores e gestores das empresas terceirizadas pelo Senado Federal quanto à retenção de talentos, ou seja, a manutenção, no quadro destas empresas, de profissionais que se destacam e que merecem permanecer atuando em uma instituição legislativa. A metodologia contemplou a pesquisa bibliográfica sobre o tema “retenção de talentos”, bem como o estudo documental da relação entre Senado Federal e as empresas terceirizadas. Além disso, foi realizado levantamento por meio de questionário junto a 84 colaboradores das 15 empresas terceirizadas prestando serviços, atualmente, no Senado, bem como entrevistas com os gestores destas organizações. Os resultados apontaram para a contradição entre a percepção de colaboradores e gestores no que tange à retenção de talentos e a verificação de que inexistem medidas efetivas para que bons colaboradores sejam mantidos nas empresas, bem como a verificação de que não há percepção, por parte dos colaboradores, de que sejam valorizados pelas organizações terceirizadas.

Condições de trabalho de ambiente cirúrgico e a saúde dos trabalhadores de enfermagem

O Centro Cirúrgico é um serviço especializado com estrutura física e organizacional complexa, normas e rotinas rigorosas, intensa atividade técnica, aparato tecnológico que requer profissionais treinados. A pesquisa teve como objeto de estudo os fatores de riscos ocupacionais e os problemas de saúde decorrentes do trabalho, identificados pelos profissionais de enfermagem de um Centro Cirúrgico de um Hospital Universitário da cidade do Rio de Janeiro. Os objetivos foram: analisar os fatores de riscos ocupacionais que possibilitam o aparecimento de problemas de saúde nos profissionais de enfermagem do Centro Cirúrgico segundo esses trabalhadores; descrever as características sociodemográficas dos profissionais lotados no Centro Cirúrgico; levantar os fatores de risco do ambiente cirúrgico identificados pelos trabalhadores de enfermagem do Centro Cirúrgico de um Hospital Universitário; e, discutir a relação entre os riscos do ambiente de trabalho e os problemas de saúde autoreferidos por trabalhadores de enfermagem do Centro Cirúrgico. A metodologia usada foi uma pesquisa não-experimental, de natureza descritiva, com abordagem quantitativa, desenvolvida em um centro cirúrgico de um hospital universitário federal da cidade do Rio de Janeiro. A população escolhida foi composta de trabalhadores da equipe de enfermagem, lotados no mínimo há seis meses neste serviço e que aceitassem participar da pesquisa. O questionário de coleta de dados utilizado foi adaptado por Mauro dos Guias e Avaliação de riscos em indústrias de Boix e Vogel. O estudo foi submetido e aprovado pelo Comitê de Ética em Pesquisa (CEP) do Hospital Universitário em estudo, através Parecer Consubstanciado no. 287/10, protocolo no. 217/09. Os dados foram analisados através do Programa Statistical Package for the Social Sciences (SPSS), versão 13.0. Os riscos biológicos foram os mais apontados pelos trabalhadores de enfermagem, seguidos dos riscos químicos, ergonômicos e de acidentes ou mecânicos. As doenças provocadas pelo trabalho mais referidas foram o estresse, a lombalgia, as varizes, a fadiga muscular e os problemas de articulação. As doenças agravadas pelo trabalho mais citadas foram as varizes, a lombalgia, os problemas de articulação, o estresse, as lesões de coluna vertebral, os problemas digestivos e os transtornos do sono. Conclui-se que o Serviço estudado possui riscos inerentes às atividades desenvolvidas que caracterizam os problemas relacionados pelos trabalhadores, e que são passíveis de controle através da intensificação de um Programa de Prevenção de Riscos Ambientais voltado para o Centro Cirúrgico. A partir da NR 17 e a 32, pode-se consultar as diretrizes para prevenção dos riscos encontrados. Uma estratégia de reposição digna de pessoal de enfermagem é imprescindível, assim como estudo e implantação de um Programa de Prevenção de Riscos laborais aos trabalhadores do Centro Cirúrgico, e utilização do questionário aos demais membros da equipe multiprofissional.

Gestión de Recursos Humanos en empresas cooperativas

En este trabajo se analizan las políticas de recursos humanos de una cooperativa y los resultados de dichas políticas en los socios cooperativistas y en los trabajadores por cuenta ajena. Al mismo tiempo, intenta analizar las relaciones de la satisfacción. La información procede de una encuesta de satisfacción y una encuesta de cultura organizativa. Los resultados evidencian las diferencias de la satisfacción laboral de los empleados de distinto tipo de contrato. En el caso de esta empresa, los trabajadores por cuenta ajena se muestran más satisfechos que los trabajadores socios en todas las palancas menos en la de seguridad en el empleo y futuro. A su vez, se concluye que la participación en la propiedad no siempre trae consigo una mayor satisfacción. Otro de los resultados del análisis, es que la participación en la toma de decisiones está positivamente relacionada con la satisfacción laboral. En cambio, no se aprecia una relación positiva entre la satisfacción y los resultados de la organización.