Company financial performance: Does board size matter? Case of the EUROSTOXX50 index

[EN] This study analyzes the relationship between board size and economic-financial performance in a sample of European firms that constitute the EUROSTOXX50 Index. Based on previous literature, resource dependency and agency theories, and considering regulation developed by the OECD and European Union on the normative of corporate governance for each country in the sample, the authors propose the hypotheses of both positive linear and quadratic relationships between the researched parameters. Using ROA as a benchmark of financial performance and the number of members of the board as measurement of the board size, two OLS estimations are performed. To confirm the robustness of the results the empirical study is tested with two other similar financial ratios, ROE and Tobin s Q. Due to the absence of significant results, an additional factor, firm size, is employed in order to check if it affects firm performance. Delving further into the nature of this relationship, it is revealed that there exists a strong and negative relation between firm size and financial performance. Consequently, it can be asseverated that the generic recommendation one size fits all cannot be applied in this case; which conforms to the Recommendations of the European Union that dissuade using generic models for all countries.

Optimization of the pyrolysis process for the production of a biomass derived reducing agent and hydrogen-rich gases

221 p.

Ionic Liquids and Cellulose: Dissolution, Chemical Modification and Preparation of New Cellulosic Materials

Due to its abundance and a wide range of beneficial physical and chemical properties, cellulose has become very popular in order to produce materials for various applications. This review summarizes the recent advances in the development of new cellulose materials and technologies using ionic liquids. Dissolution of cellulose in ionic liquids has been used to develop new processing technologies, cellulose functionalization methods and new cellulose materials including blends, composites, fibers and ion gels.

Effects of chloride substitution on the chemical and physical properties and the crystallization behavior in heavy metal fluoride glasses

Effect of the substitutions of chloride for fluoride on the chemical and physical properties and the crystallization behavior in heavy metal fluoride glasses has been investigated. The characteristic temperature of the glass does not changed obviously when the fluoride was taken place by chloride. Compared with samples of being free of ErF3, the doping samples are more inclined to be surface crystallization. Optical basicity in the glass system increases with increasing the negative charge provided by the chloride atoms and the absorption peak red shifted is observed in absorption spectra. XRD measurements show that not a single crystalline phase appears in the heated glass samples, which indicate the substitutions of chloride for fluoride with a variety of crystalline precipitation trends. (c) 2007 Elsevier B.V All rights reserved.

Effect of Al(PO3)(3) content on physical, chemical and optical properties of fluorophosphate glasses for 2 mu m application

The effect of Al(PO3)(3) content on physical, chemical and optical properties of fluorophosphate glasses for 2 mu m application, such as thermal stability, chemical durability, surface hardness, absorption spectra and emission spectra, is investigated. With the increment of Al(PO3)(3) content, the thermal stability characterized by the gap of T-g and T,, increases first and then decreases, and reaches the maximum level containing 5 mol% Al(PO3)(3) content. The density and chemical durability decrease monotonously with the introduction of Al(PO3)(3) content increasing, while the refractive index and surface hardness increase. Above properties of fluorophosphate glasses are also compared with fluoride glasses and phosphate glasses. The Judd-Ofelt parameters, absorption and emission cross sections are discussed based on the absorption spectra of Tm-doped glasses. The emission spectra are also measured and the 1.8 mu m fluorescence of the sample is obvious indicating that it is suitable to 2 mu m application. (c) 2008 Elsevier B.V. All rights reserved.

Blue-yellow ZnO homostructural light-emitting diode realized by metalorganic chemical vapor deposition technique

We report on the realization of ZnO homojunction light-emitting diodes (LEDs) fabricated by metalorganic chemical vapor deposition on (0001) ZnO bulk substrate. The p-type ZnO epilayer was formed by nitrogen incorporation using N2O gas as oxidizing and doping sources. Distinct electroluminescence (EL) emissions in the blue and yellow regions were observed at room temperature by the naked eye under forward bias. The EL peak energy coincided with the photoluminescence peak energy of the ZnO epilayer, suggesting that the EL emissions emerge from the ZnO epilayer. In addition, the current-voltage and light output-voltage characteristics of ZnO homojunction LEDs have also been studied. (c) 2006 American Institute of Physics.

Demonstration of GaN/InGaN light emitting diodes on (100) beta-Ga2O3 substrates by metalorganic chemical vapour deposition

The growth and fabrication of GaN/InGaN multiple quantum well (MQW) light emitting diodes ( LEDs) on ( 100) beta-Ga2O3 single crystal substrates by metal-organic chemical vapour deposition (MOCVD) technique are reported. x-ray diffraction (XRD) theta-2 theta. scan spectroscopy is carried out on the GaN buffer layer grown on a ( 100) beta-Ga2O3 substrate. The spectrum presents several sharp peaks corresponding to the ( 100) beta-Ga2O3 and ( 004) GaN. High-quality ( 0002) GaN material is obtained. The emission characteristics of the GaN/InGaN MQW LED are measurement. The first green LED on beta-Ga2O3 with vertical current injection is demonstrated.

Structural and optical properties of a-plane ZnO thin films synthesized on γ-LiAlO2 (302) substrates by low pressure metal-organic chemical vapor deposition

Nonpolar a-plane (1120) ZnO thin films have been fabricated on gamma-LiAlO2 (302) substrates via the low-pressure metal-organic chemical vapor deposition. An obvious intensity variation of the E-2 mode in the Raman spectra indicates that there exhibits in-plane optical anisotropy in the a-plane ZnO thin films. Highly-oriented uniform grains of rectangular shape can be seen from the atomic force microscopy images, which mean that the lateral growth rate of the thin films is also anisotropic. It is demonstrated experimentally that a buffer layer deposited at a low temperature (200 degrees C) can improve the structural and optical properties of the epilayer to a large extent. (c) 2007 Elsevier B.V. All rights reserved.

Characterization of m-plane ZnO thin film on gamma-LiAlO2 (100) substrate by metal-organic chemical vapor deposition

Non-polar (1 (1) over bar 00)m-plane ZnO thin film has been prepared on gamma-LiAlO2 (100)substrate via the low pressure metal organic chemical vapor deposition. Obvious intensity variation of the E-2 mode in the polarized Raman spectra and the absorption edge shift in the polarized optical transmission spectra indicate that the m-plane film exhibits optical anisotropy, which have applications in certain optical devices, such as the UV modulator and polarization-dependent beam switch. From the atomic force microscopy images, highly-oriented uniform-sized grains of rectangular shape were observed. (c) 2008 Elsevier B.V. All rights reserved.

A business plan development: the case of a paint company in Douala Camroon by Bomboy & Friends

This paper presents a business plan to create a new company Bomboy & Friends regarding the Exclusive Distribution of a fully Eco Friendly Water-Soluble Anti- Corrosive Prime named Life Guard Active Rust Primer Paint abbreviated as “L.G.A.R.P Paint” in Douala Cameroon and the C.E.M.A.C Region. The lack of quality paint in Cameroon has given the opportunity for a company like Bomboy & Friends to nurture its existence and be part of a fast growing economy, providing a high quality paint competition, very economical, easy to prepare, environmentally friendly, compatible with other brands and accessible to medium and small size companies.