Board composition, ownership structure and dividend policies in an emerging market: further evidence from CASE 50

Purpose – The purpose of this study is to examine dividend policies in an emerging capital market, in a country undergoing a transitional period. Design/methodology/approach – Using pooled cross-sectional observations from the top 50 listed Egyptian firms between 2003 and 2005, this study examines the effect of board of directors’ composition and ownership structure on dividend policies in Egypt. Findings – It is found that there is a significant positive association between institutional ownership and firm performance, and both dividend decision and payout ratio. The results confirm that firms with a higher return on equity and a higher institutional ownership distribute higher levels of dividend. No significant association was found between board composition and dividend decisions or ratios. Originality/value – This study provides additional evidence of the applicability of the signalling model in the emerging market of Egypt. It was found that despite the high institutional ownership and the closely held nature of the firms, which imply lower agency costs, the payment of higher dividend was considered necessary to attract capital during this transitional period.

Board composition, ownership structure and dividend policies in an emerging market: further evidence from CASE 50

Purpose – The purpose of this study is to examine dividend policies in an emerging capital market, in a country undergoing a transitional period. Design/methodology/approach – Using pooled cross-sectional observations from the top 50 listed Egyptian firms between 2003 and 2005, this study examines the effect of board of directors’ composition and ownership structure on dividend policies in Egypt. Findings – It is found that there is a significant positive association between institutional ownership and firm performance, and both dividend decision and payout ratio. The results confirm that firms with a higher return on equity and a higher institutional ownership distribute higher levels of dividend. No significant association was found between board composition and dividend decisions or ratios. Originality/value – This study provides additional evidence of the applicability of the signalling model in the emerging market of Egypt. It was found that despite the high institutional ownership and the closely held nature of the firms, which imply lower agency costs, the payment of higher dividend was considered necessary to attract capital during this transitional period.

Effect of heat treatment on reactivity-strength of alkali-activated natural pozzolans

Natural pozzolans can be activated and condensed with sodium silicate in an alkaline environment to synthesize high performance cementitious construction materials with low environmental impact. The nature of the starting materials including mineral composition, chemical composition and crystal structure groups affects the formation of the geopolymer gel phase. In this paper, the pozzolanic activities of five natural pozzolans are studied. From XRD and XRF results, most of the raw materials contain zeolite clay minerals and have a high loss on ignition. Therefore, before use, samples were calcined at 700, 800 and 900 °C, respectively. The improvement in pozzolanic properties was studied following heat treatment including calcinations and/or elevated curing temperature by using alkali solubility and compressive strength tests. The results show that pozzolan containing sodium zeolite clinoptilolite can be used to prepare a moderate to high strength binder by heat treatment and calcinations can impart disorder hornblende as a constituent of pozzolan with no amorphous phase to prepare a moderate strength binder.

For love or for money? A study of the marriage wage premium in Colombia

Being married may raise worker productivity and increase the probability of remaining in a job and, as consequence, obtaining a wage premium -- Yet, this effect may be different for males and females -- In developing countries, such as Colombia, the premium may be larger than in developed countries due to the differing social norms and labor market structures -- Using cross-sectional data from Colombian Household Surveys, this paper examines the marriage wage premium and its evolution in Colombia both at the aggregate level and by gender -- We find a marriage wage premium for both male and female populations; this wage premium is explained by the greater human capital endowment in married people and to employer favoritism due to the “social norms” which consider being married an appropriate behavior and reward it

Decomposition of the environmental Kuznets curve : scale, technique, and composition effects

This study decomposed the determinants of environmental quality into scale, technique, and composition effects. We applied a semiparametric method of generalized additive models, which enabled us to use flexible functional forms and include several independent variables in the model. The differences in the technique effect were found to play a crucial role in reducing pollution. We found that the technique effect was sufficient to reduce sulfur dioxide emissions. On the other hand, its effect was not enough to reduce carbon dioxide (CO2) emissions and energy use, except for the case of CO2 emissions in high-income countries.

Structure and UV emission of nanocrystal ZnO films by thermal oxidation of ZnS films

ZnO films prepared by the thermal oxidation of the ZnS films through thermal evaporation are reported. The as-deposited ZnS films have transformed to ZnO films completely at 400 degrees C. The 400-700 degrees C annealed films with a preferential c-axis (002) orientation have a hexagonal wurtzite structure. The band gap of ZnO films shifts towards longer wavelength with the increase of the annealing temperature. The relationship between the band gap energy of ZnO films and the grain size is discussed. The shift of the band gap energy can be ascribed to the quantum confinement effect in nanocrystal ZnO films. The photoluminescence spectra of ZnO films show a dominant ultraviolet emission and no deep level or trap state defect emission in the green region. It confirms the absence of interstitial zinc or oxygen vacancies in ZnO films. These results indicate that ZnO film prepared by this simple thermal oxidation method is a promising candidate for optoelectronic devices and UV laser. (c) 2005 Elsevier BN. All rights reserved.

Impact of average household income and damage exposure on post-earthquake distress and functioning: A community study following the February 2011 Christchurch earthquake.

Post-traumatic stress, depression and anxiety symptoms are common outcomes following earthquakes, and may persist for months and years. This study systematically examined the impact of neighbourhood damage exposure and average household income on psychological distress and functioning in 600 residents of Christchurch, New Zealand, 4–6 months after the fatal February, 2011 earthquake. Participants were from highly affected and relatively unaffected suburbs in low, medium and high average household income areas. The assessment battery included the Acute Stress Disorder Scale, the depression module of the Patient Health Questionnaire (PHQ-9), and the Generalized Anxiety Disorder Scale (GAD-7), along with single item measures of substance use, earthquake damage and impact, and disruptions in daily life and relationship functioning. Controlling for age, gender and social isolation, participants from low income areas were more likely to meet diagnostic cut-offs for depression and anxiety, and have more severe anxiety symptoms. Higher probabilities of acute stress, depression and anxiety diagnoses were evident in affected versus unaffected areas, and those in affected areas had more severe acute stress, depression and anxiety symptoms. An interaction between income and earthquake effect was found for depression, with those from the low and medium income affected suburbs more depressed. Those from low income areas were more likely, post-earthquake, to start psychiatric medication and increase smoking. There was a uniform increase in alcohol use across participants. Those from the low income affected suburb had greater general and relationship disruption post-quake. Average household income and damage exposure made unique contributions to earthquake-related distress and dysfunction.

Diferenciales salariales por género y región en Colombia: Una aproximación con regresión por cuantiles

The evidence of gender pay gap is present in the Colombian labormarket, as in many other countries. This gap is not homogeneous in the territory,which provides the rationale for a detailed analysis of what is happening in each ofthe regions of the country. The results show differentials of positive wage gaps infavor of men, in most of the main cities. Not all this difference can be attributedto the existence of discrimination as there exist factors that explain part of thewage gap. To identify the relevance of those factors we use the Blinder-Oaxaca,BO, decomposition in the context of quantile regression. The results of the BOmethod suggest that wage gaps are not explained by the observable attributes ofindividuals. These gaps are mostly explained by the effect of pay gaps to attributessuch as education, and unobserved attributes. The analysis by cities shows patternsthat reveal a higher wage gap in the peripheral cities as opposed to Bogot´a, Cali,Medellín, Manizales and Pereira. Differences in compensation to attributes arerepresented by what is known as the coefficients effect. This effect comprises aswell the existence of discrimination by gender, thus this result deserves specialattention for the purposes of gender equalizing payment policies

Mercados laborales en entornos de conflictos armados: un análisis empírico para Colombia

Históricamente se ha reconocido que los conflictos internos afectan de manera directa variables a nivel individual como la salud de las personas, los niveles de escolaridad y el desplazamiento forzoso de los afectados. Sin embargo, solo hasta la última década las investigaciones académicas se han inclinado en documentar y cuantificar rigurosamente los efectos colaterales de la violencia sobre las condiciones de vida de los individuos. La presente investigación estudia cómo la exposición al conflicto en Colombia ha afectado las decisiones en términos de mercado laboral de las personas. La estrategia de identificación internaliza los reconocidos problemas de endogeneidad del conflicto con variables de actividad y desarrollo económico y presenta resultados robustos a fenómenos de migración interna y desplazamiento. En términos de participación laboral y desempleo, se encuentran efectos heterogéneos a nivel de género como respuestas a la violencia experimentada. En particular, la probabilidad de participación laboral de las mujeres se incremente como consecuencia de la exposición al conflicto, mientras que la de desempleo disminuye. Para los hombres, los resultados muestran una menor probabilidad de participación, efecto contrario al de las mujeres, y un efecto análogo en términos de desempleo. La investigación no encuentra efectos diferenciales en términos de informalidad laboral.

Göra illa för att hjälpa eller hjälpa till att göra illa? : Arbetslösas reservationslöner, jobbchanser och återanställningsinkomster

Hurting to help or helping to hurt? The reservation wages of unemployed, job chances and reemployment incomes in Sweden Economic incentives and their impact on the job search behaviour of the unemployed have been a central focus in the academic and political debate in Sweden. A key concept has been the reservation wages of the unemployed, the lowest income at which an unemployed person would be willing to accept a job offer. Unemployment benefit systems have been argued to raise and maintain reservation wages at high levels that lower job chances. This has been supported by a large number of international studies. From this perspective lower reservation wages would function as protection against long term unemployment and the scarring effects associated with it. High reservation wages might however, based on the same behavioural assumptions, have a human capital preserving effect. The possibility to hold out for the right job should reduce human capital losses compared to accepting the first available job offer. In this article we use Swedish longitudinal micro data combining interview and register data in order to investigate three central aspects reservation wages in a Swedish context: factors influencing the setting of reservation wages, the effect of reservation wage on job chances and the impact of reservation wages on reemployment incomes. Our findings show that benefit level and pre-unemployment position in the wage structure are central factors for setting the reservation wage. The effects of reservation wages were however not the expected. No effects were found on job chances, while a strong positive effect was found on reemployment income. This together indicates that high reservation wages have a human capital preserving effect in Sweden.

The effect of mood on opposite-sex judgments of males' commitment and females sexual intent

Gender differences in perceptions of sexual intent and commitment have been the subject of formal and informal inquiry for considerable time. One evolutionary theory, Error Management Theory (EMT), predicts that opposite-sex perceptions of female sexual intent and male commitment intent reflect intrinsic biases that minimize gender-specific evolutionary costs. The results supporting these hypotheses were obtained from subjects regardless of mood. We hypothesized that mood would influence ratings of sexual and commitment intent. Sixty participants (30 males, 30 females) were recruited and exposed to a positive and negative mood condition in counterbalanced groups using video stimuli. Preliminary analyses found an unexpected effect of order of mood induction, necessitating separate analyses of the Positive-Negative (PN) and Negative-Positive (NP) groups. Contrary to the original study, there were no gender effects. Positive moods led to increased ratings of both sexual and commitment intent across genders. Further, negative to positive mood-change was associated with significantly increased ratings. Both males and females attributed significantly higher sexual intent to same-sex rivals than themselves, but only males assessed themselves as having significantly higher commitment intent than same-sex rivals. The EMT model may require adaptation to acknowledge effects of variables such as mood on its predictions of gender-specific biases.

Effect of posture on high-intensity constant-load cycling performance in men and women

The time sustained during a graded cycle exercise is ~10% longer in an upright compared with a supine posture. However, during constant-load cycling this effect is unknown. Therefore, we tested the postural effect on the performance of high-intensity constant-load cycling. Twenty-two active subjects (11 men, 11 women) performed two graded tests (one upright, one supine), and of those 22, 10 subjects (5 men, 5 women) performed three high-intensity constant-load tests (one upright, two supine). To test the postural effect on performance at the same absolute intensity, during the upright and one of the supine constant-load tests subjects cycled at 80% of the peak power output achieved during the upright graded test. To test the postural effect on performance at the same relative intensities, during the second supine test subjects cycled at 80% of the peak power output achieved during the supine graded test. Exercise time on the graded and absolute intensity constant-load tests for all subjects was greater (P<0.05) in the upright compared with supine posture (17.9±3.5 vs. 16.1±3.1 min for graded; 13.2±8.7 vs. 5.2±1.9 min for constant-load). This postural effect at the same absolute intensity was larger in men (19.4±8.5 upright vs. 6.6±1.6 supine, P<0.001) than women (7.1±2 upright vs. 3.9±1.4 supine, P>0.05) and it was correlated (P<0.05) with both the difference in VO₂ between positions during the first minute of exercise (r=0.67) and the height of the subjects (r=0.72). In conclusion, there is a very large postural effect on performance during constant-load cycling exercise and this effect is significantly larger in men than women.

Influence of fill gap on flexural strength of parts fabricated by curved layer fused deposition modeling

Rapid Prototyping Techniques (RPT) have evolved over the last decade. Novel RP techniques are being developed to improve the overall properties of parts manufactured using RPT. One such technique is the Curved layer fused deposition modeling (CLFDM) which has been developed based on the conventional Fused Deposition Modeling (FDM) technique. The CLFDM technique has gained significant amount of attention as a result of its advantages such as increased flexural strength, reduction of the stair-stepping effect and the reduction in the number of layers, especially for thin shell-like structures. This paper studies the effects of fill gap (FG) on flexural strength and bead dimension, middle-plane cross section profiles and the fracture surface and compares the results to parts made using the traditional planar layer-by-layer approach. Also, in the end some meaningful and interesting future study areas both in hardware design and software development for the CLFDM are proposed.

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.