The impact of CEO compensation and CEO horizon on a firm's discretionary research and development expenditures

Agency costs are said to arise as a result of the separation of ownership from control inherent in the corporate form of ownership. One such agency problem concerns the potential variance between the time horizons of principal shareholders and agent managers. Agency theory suggests that these costs can be alleviated or controlled through performance-based Chief Executive Officer (CEO) contracting. However, components of a CEO's compensation contract can exacerbate or mitigate agency-related problems (Antle and Smith, 1985). According to the horizon hypothesis, a self-serving CEO reduces discretionary research and development (R&D) expenditures to increase earnings and earnings-based bonus compensation. Agency theorists contend that a CEO's market-based compensation component can mitigate horizon problems. This study seeks to determine whether there is a relationship between CEO earnings- and market-based compensation components and R&D expenditures in the largest United States industrial firms from 1987 to 1993.^ Consistent with the horizon hypothesis, results provide evidence of a negative and statistically significant relationship between CEO cash compensation (i.e., salary and bonus) and the firm's R&D expenditures. Consistent with the expectations of agency theory, results provide evidence of a positive and statistically significant relationship between market-based CEO compensation and R&D.^ Further results of this study provide evidence of a positive and statistically significant relationship between CEO tenure and the firm's R&D expenditures. Although there is a negative relationship between CEO age and the firm's R&D, it was not statistically significant at the 0.5 level. ^

Multipurpose portable system for environmental, industrial, and medical applications

This dissertation is about the research carried on developing an MPS (Multipurpose Portable System) which consists of an instrument and many accessories. The instrument is portable, hand-held, and rechargeable battery operated, and it measures temperature, absorbance, and concentration of samples by using optical principles. The system also performs auxiliary functions like incubation and mixing. This system can be used in environmental, industrial, and medical applications. ^ Research emphasis is on system modularity, easy configuration, accuracy of measurements, power management schemes, reliability, low cost, computer interface, and networking. The instrument can send the data to a computer for data analysis and presentation, or to a printer. ^ This dissertation includes the presentation of a full working system. This involved integration of hardware and firmware for the micro-controller in assembly language, software in C and other application modules. ^ The instrument contains the Optics, Transimpedance Amplifiers, Voltage-to-Frequency Converters, LCD display, Lamp Driver, Battery Charger, Battery Manager, Timer, Interface Port, and Micro-controller. ^ The accessories are a Printer, Data Acquisition Adapter (to transfer the measurements to a computer via the Printer Port and expand the Analog/Digital conversion capability), Car Plug Adapter, and AC Transformer. This system has been fully evaluated for fault tolerance and the schemes will also be presented. ^

The impact of pre -training interventions on cognitive, skill, and affective learning outcomes: A meta -analytic examination of four decades of research

Technological advancements and the ever-evolving demands of a global marketplace may have changed the way in which training is designed, implemented, and even managed, but the ultimate goal of organizational training programs remains the same: to facilitate learning of a knowledge, skill, or other outcome that will yield improvement in employee performance on the job and within the organization (Colquitt, LePine, & Noe, 2000; Tannenbaum & Yukl, 1992). Studies of organizational training have suggested medium to large effect sizes for the impact of training on employee learning (e.g., Arthur, Bennett, Edens, & Bell, 2003; Burke & Day, 1986). However, learning may be differentially affected by such factors as the (1) level and type of preparation provided prior to training, (2) targeted learning outcome, (3) training methods employed, and (4) content and goals of training (e.g., Baldwin & Ford, 1988). A variety of pre-training interventions have been identified as having the potential to enhance learning from training and practice (Cannon-Bowers, Rhodenizer, Salas, & Bowers, 1998). Numerous individual studies have been conducted examining the impact of one or more of these pre-training interventions on learning. ^ I conducted a meta-analytic examination of the effect of these pre-training interventions on cognitive, skill, and affective learning. Results compiled from 359 independent studies (total N = 37,038) reveal consistent positive effects for the role of pre-training interventions in enhancing learning. In most cases, the provision of a pre-training intervention explained approximately 5–10% of the variance in learning, and in some cases, explained up to 40–50% of variance in learning. Overall attentional advice and meta-cognitive strategies (as compared with advance organizers, goal orientation, and preparatory information) seem to result in the most consistent learning gains. Discussion focuses on the most beneficial match between an intervention and the learning outcome of interest, the most effective format of these interventions, and the most appropriate circumstances under which these interventions should be utilized. Also highlighted are the implications of these results for practice, as well as propositions for important avenues for future research. ^

International tourism : can it contribute to Nigeria's economic growth as other industrial sectors?

The growth of international tourism and the attendant economic benefits to the world nations, has been phenominal since the end of the second world war. It is considered that the industry's upsurge will continue even in the phase of various constraints exemplified in high fuel cost, constant increase in fares and the threatening world-wide recessions. Developed as well as developing countries have gained substantially from the industry. A recent development shows increasing tourist traffic towards developing countries, while developed countries still hold their fort in stable growth of tourist receipts. The strategic beneficial effects of international tourist industry are often quantified in terms of foreign exchange earnings, employments offered, and the Real Estate super-structures; but in general,the industry has innumerable direct and indirect benefits to any nation engaging in the trade. The objective of this thesis is to demonstrate by comparative analysis and proven parameters that the international tourist industry which is given low priority in development in Nigeria, can equally contribute to the nation's economic growth as other industrial sectors which receive high priority and patronage in development. The data for this paper are gathered from primary sources which are i) responses by the Federal and State Governments' tourism-related offices; ii) government publications e.a. the Third National Development Plan of Federal Republic of Nigeria; and iii) Books and collections. The secondary sources include reports,periodicals and hospitality industry publications. To formally establish the international tourist industry in Nigeria, all the governments (Federal, State and Local) and the private sector in the country, should commence the development of the industry with research and feasibility studies, to be followed by proper planning at all levels and based on the result of the research and feasibility studies.

Esforços governamentais locais para o desenvolvimento: desenhos, tendências e limites dos Fundos de Desenvolvimento Industrial nos estados do Rio Grande do Norte, Maranhão e Ceará (1985-2010)

This research aimed to analyze the main government efforts to promote economic development in the Northeast, from 1985 to 2010, under the view that growth is crucial for increasing industrialization process and allows for more significant growth patterns. The analysis was the context in which state governments react to the abandonment of developmental line the federal level, in the 1980s, incorporating features of the actions called endogenous regional development and providing local players with greater responsibility in the development process. Justifies the need to analyze the following scenario: state governments in northeastern Brazil using relevant part of its resources to finance the installation and expansion of companies through tax incentives, with a view to generating income and employment, whilst waiting for an increase in output and a positive change in economic dynamism. In addition, it puts in question the fact that these policies receive such importance of state administrations for the purpose of achieving regional development. It was left to consider, therefore, the contents of the shares elected by state governments to examine the scope of these policies both in the pattern of growth, the transformation of the industrial sector and the development of the region attention to changes in state production structures. Due to limitations on the availability of data and time to carry out research, we were elected three states for the study: Rio Grande do Norte, Ceará and Maranhão. The study found that, despite the contribution of policies analyzed to economic growth, sub-national states are unable to compensate for the lack of development agencies structured at the federal level.

Assessing the legacy of the pine point mine: post-industrial land cover and land use

While mining is a major component of the northern Canadian economy, including the contemporary mixed economy of Aboriginal communities, it often leaves legacies of environmental and economic transformation that persist after closure. The legacies of historical mines in northern Canada challenge industry claims of sustainability. This thesis addresses how industrial mineral development and closure continue to affect local environments and economies after abandonment. The abandoned Pine Point mine in the Northwest Territories provides a case study for explaining the ongoing relationships among land cover, land use, and the post-industrial landscape. Drawing from landscape ecology and micropolitical ecology, I adopt an interdisciplinary approach to examine environmental and socioeconomic changes in the wake of industrial development and closure at Pine Point. The results show that passive reclamation is not sufficient for restoring ecological function in a subarctic environment. Land use, however, persists as land users adapt to the post-industrial landscape despite grave concern about its environmental condition. If mining is to be considered sustainable, decommissioning and reclamation must explicitly account for long-term environmental transformation as well as ongoing post-industrial land use, particularly in Aboriginal contexts.

Industrial fault detection and diagnosis using Bayesian belief network

Rapid development in industry have contributed to more complex systems that are prone to failure. In applications where the presence of faults may lead to premature failure, fault detection and diagnostics tools are often implemented. The goal of this research is to improve the diagnostic ability of existing FDD methods. Kernel Principal Component Analysis has good fault detection capability, however it can only detect the fault and identify few variables that have contribution on occurrence of fault and thus not precise in diagnosing. Hence, KPCA was used to detect abnormal events and the most contributed variables were taken out for more analysis in diagnosis phase. The diagnosis phase was done in both qualitative and quantitative manner. In qualitative mode, a networked-base causality analysis method was developed to show the causal effect between the most contributing variables in occurrence of the fault. In order to have more quantitative diagnosis, a Bayesian network was constructed to analyze the problem in probabilistic perspective.

Measuring the economic impact of Research Joint Ventures supported by the EU Framework Programme

The objective of this paper is to analyse the effects of international R&D cooperation on firms’ economic performance. Our approach, based on a complete data set with information about Spanish participants in research joint ventures supported by the EU Framework Programme during the period 1995-2005, establishes a recursive model structure to capture the relationship between R&D cooperation, knowledge generation and economic results, which are measured by labour productivity. In the analysis we take into account that the participation in this specific type of cooperative projects implies a selection process that includes both the self-selection by participants to join the consortia and the selection of projects by the European Commission to award the public aid. Empirical analysis has confirmed that: (1) R&D co-operation has a positive impact on the technological capacity of firms, captured through intan-gible fixed assets and (2) the technological capacity of firms is positively related to their productivity.

Industrial structural geology : principles, techniques and integration : an introduction

The authors wish to acknowledge the generous financial support provided in association with this volume to the Geological Society and the Petroleum Group by Badley Geoscience Ltd, BP, CGG Robertson, Dana Petroleum Ltd, Getech Group plc, Maersk Oil North Sea UK Ltd, Midland Valley Exploration Ltd, Rock Deformation Research (Schlumberger) and Borehole Image & Core Specialists (Wildcat Geoscience, Walker Geoscience and Prolog Geoscience). We would like to thank the fine team at the Geological Society’s Publishing House for the excellent support and encouragement that they have provided to the editors and authors of this Special Publication.

Industrial structural geology : principles, techniques and integration : an introduction

The authors wish to acknowledge the generous financial support provided in association with this volume to the Geological Society and the Petroleum Group by Badley Geoscience Ltd, BP, CGG Robertson, Dana Petroleum Ltd, Getech Group plc, Maersk Oil North Sea UK Ltd, Midland Valley Exploration Ltd, Rock Deformation Research (Schlumberger) and Borehole Image & Core Specialists (Wildcat Geoscience, Walker Geoscience and Prolog Geoscience). We would like to thank the fine team at the Geological Society’s Publishing House for the excellent support and encouragement that they have provided to the editors and authors of this Special Publication.

A pedagogia industrial da FIEMG: um estudo sobre o pensamento empresarial a partir da revista vida industrial (1961-1974)

The present research results of the studies and debates inherent in PhD in Education at the Graduate Program in Education at the Federal University of Uberlândia, belonging to the Research Line "Politics and Knowledge in Education." This thesis aims to analyze the contradictory meaning of education as training human history, specifically educational representative under the logic of the industrial business associated FIEMG (Federation of Industries of the State of Minas Gerais) in the context 1961-1974. This definition is justified by the historical fact that it was a period marked by the cyclical crises of capital and their impacts in the final phase of the industrialization process in Brazil: it starts with one of the apexes of economic growth in the country , driven by national developmental , continues with a severe political crisis in 1966 , also impacting the economic sphere, and finally, with the constant quest for economic stability even under high prices, hatch the factors that led to the Brazilian economy to the context of the "Economic Miracle". For this, it was necessary to link the debate between education and work from the perspective of historical materialism and dialectical their subsidies theoretical-methodological and epistemological. In the first chapter, we designed a "State of the art" category "human formation", conceived as a process of education and history, from the Marxist assumptions, aiming at the reconstruction of concepts and meanings of which is the formation of workers in contradictory logic, the bias of comprehensive training and the prospect of capital accumulation. Then, in the second chapter, we present a review about industrialization, the industrial business and its development perspective 1961-1974. The third chapter was established on a contextualization of the state and its peculiarities, the industrial business and its proposed development both nationally and at the state (Minas Gerais). Finally, in the fourth chapter, was organized dialogue with the sources, from a historical survey of the shares of the industrial business with an emphasis on education, which converged in a pedagogy industrial consolidation in line with the political and economic conditions specific period from 1961 to 1974. It has mailing bibliographic reference business thinking expressed in the concreteness of training workers and industry of Minas Gerais, in agreement with the demands of work and training of mining companies. The thesis of this study is the defense that the corporate actions which constituted pedagogy industrial concepts were articulated to political and economic development in Brazil, since the discipline to work imposed by such conceptions met the human worker training geared to the accumulation the general capital and industrial capital in particular. Establish, therefore, different logics, the state level, the scope of private foreign capital and domestic private capital, which came up the process of capital accumulation, loading, contradictorily, the possibilities of building the human beyond capital, or a teaching job.

Comparative performance between two photogrammetric systems and a reference laser tracker network for large-volume industrial measurement

This paper determines the capability of two photogrammetric systems in terms of their measurement uncertainty in an industrial context. The first system – V-STARS inca3 from Geodetic Systems Inc. – is a commercially available measurement solution. The second system comprises an off-the-shelf Nikon D700 digital camera fitted with a 28 mm Nikkor lens and the research-based Vision Measurement Software (VMS). The uncertainty estimate of these two systems is determined with reference to a calibrated constellation of points determined by a Leica AT401 laser tracker. The calibrated points have an average associated standard uncertainty of 12·4 μm, spanning a maximum distance of approximately 14·5 m. Subsequently, the two systems’ uncertainty was determined. V-STARS inca3 had an estimated standard uncertainty of 43·1 μm, thus outperforming its manufacturer's specification; the D700/VMS combination achieved a standard uncertainty of 187 μm.

American Manna: Religious Responses to the American Industrial Food System

“American Manna: Religious Responses to the American Industrial Food System” is an investigation of the religious complexity present in religious food reform movements. I conducted ethnographic fieldwork at four field sites. These field sites are a Jewish organic vegetable farm where the farmers begin their days with meditation, a Christian raw vegan diet center run by Messianic Jews, a Christian family that raises their cattle on pastures and sends them to a halal processing plant for slaughter, and a Jewish farm where Christian and Buddhist farm staff helped to implement shmita, the biblical agricultural sabbatical year.

The religious people of America do not exist in neatly bound silos, so in my research I move with the religious people to the spaces that are less clearly defined as “Christian” or “Jewish.” I study religious food reformers within the framework of what I have termed “free-range religion” because they organize in groups outside the traditional religious organizational structures. My argument regarding free-range religion has three parts. I show that (1) perceived injustices within the American industrial food system have motivated some religious people to take action; (2) that when they do, they direct their efforts against the American food industry, and tend to do so outside traditional religious institutions; and finally, (3) in creating alternatives to the American food industry, religious people engage in inter-religious and extra-religious activism.

Chapter 1 serves as the introduction, literature review, and methodology overview. Chapter 2 focuses on the food-centered Judaism at the Adamah Environmental Fellowship at the Isabella Freedman Jewish Retreat Center in Falls Village, CT. In Chapter 3, I discuss the Hallelujah Diet as prescriptive literature and as it is put into practice at the Hallelujah Diet Retreat Center in Lake Lure, NC. Chapter 4 follows cows as they move from the grassy hills of Baldwin Family Farms in Yanceyville, NC to the meat counter at Whole Foods Markets. In Chapter 5, I consider the shmita year, the biblical agricultural sabbatical practice that was reimagined and implemented at Pearlstone Center in Baltimore, MD during 2014-2015. Chapter 6 will conclude this dissertation with a discussion of where religious food reform has been, where it is now, and a glimpse of what the future holds.

Essays on Energy Economics and Industrial Organization

The dissertation consists of three chapters related to the low-price guarantee marketing strategy and energy efficiency analysis. The low-price guarantee is a marketing strategy in which firms promise to charge consumers the lowest price among their competitors. Chapter 1 addresses the research question "Does a Low-Price Guarantee Induce Lower Prices'' by looking into the retail gasoline industry in Quebec where there was a major branded firm which started a low-price guarantee back in 1996. Chapter 2 does a consumer welfare analysis of low-price guarantees to drive police indications and offers a new explanation of the firms' incentives to adopt a low-price guarantee. Chapter 3 develops the energy performance indicators (EPIs) to measure energy efficiency of the manufacturing plants in pulp, paper and paperboard industry.

Chapter 1 revisits the traditional view that a low-price guarantee results in higher prices by facilitating collusion. Using accurate market definitions and station-level data from the retail gasoline industry in Quebec, I conducted a descriptive analysis based on stations and price zones to compare the price and sales movement before and after the guarantee was adopted. I find that, contrary to the traditional view, the stores that offered the guarantee significantly decreased their prices and increased their sales. I also build a difference-in-difference model to quantify the decrease in posted price of the stores that offered the guarantee to be 0.7 cents per liter. While this change is significant, I do not find the response in comeptitors' prices to be significant. The sales of the stores that offered the guarantee increased significantly while the competitors' sales decreased significantly. However, the significance vanishes if I use the station clustered standard errors. Comparing my observations and the predictions of different theories of modeling low-price guarantees, I conclude the empirical evidence here supports that the low-price guarantee is a simple commitment device and induces lower prices.

Chapter 2 conducts a consumer welfare analysis of low-price guarantees to address the antitrust concerns and potential regulations from the government; explains the firms' potential incentives to adopt a low-price guarantee. Using station-level data from the retail gasoline industry in Quebec, I estimated consumers' demand of gasoline by a structural model with spatial competition incorporating the low-price guarantee as a commitment device, which allows firms to pre-commit to charge the lowest price among their competitors. The counterfactual analysis under the Bertrand competition setting shows that the stores that offered the guarantee attracted a lot more consumers and decreased their posted price by 0.6 cents per liter. Although the matching stores suffered a decrease in profits from gasoline sales, they are incentivized to adopt the low-price guarantee to attract more consumers to visit the store likely increasing profits at attached convenience stores. Firms have strong incentives to adopt a low-price guarantee on the product that their consumers are most price-sensitive about, while earning a profit from the products that are not covered in the guarantee. I estimate that consumers earn about 0.3% more surplus when the low-price guarantee is in place, which suggests that the authorities should not be concerned and regulate low-price guarantees. In Appendix B, I also propose an empirical model to look into how low-price guarantees would change consumer search behavior and whether consumer search plays an important role in estimating consumer surplus accurately.

Chapter 3, joint with Gale Boyd, describes work with the pulp, paper, and paperboard (PP&PB) industry to provide a plant-level indicator of energy efficiency for facilities that produce various types of paper products in the United States. Organizations that implement strategic energy management programs undertake a set of activities that, if carried out properly, have the potential to deliver sustained energy savings. Energy performance benchmarking is a key activity of strategic energy management and one way to enable companies to set energy efficiency targets for manufacturing facilities. The opportunity to assess plant energy performance through a comparison with similar plants in its industry is a highly desirable and strategic method of benchmarking for industrial energy managers. However, access to energy performance data for conducting industry benchmarking is usually unavailable to most industrial energy managers. The U.S. Environmental Protection Agency (EPA), through its ENERGY STAR program, seeks to overcome this barrier through the development of manufacturing sector-based plant energy performance indicators (EPIs) that encourage U.S. industries to use energy more efficiently. In the development of the energy performance indicator tools, consideration is given to the role that performance-based indicators play in motivating change; the steps necessary for indicator development, from interacting with an industry in securing adequate data for the indicator; and actual application and use of an indicator when complete. How indicators are employed in EPA’s efforts to encourage industries to voluntarily improve their use of energy is discussed as well. The chapter describes the data and statistical methods used to construct the EPI for plants within selected segments of the pulp, paper, and paperboard industry: specifically pulp mills and integrated paper & paperboard mills. The individual equations are presented, as are the instructions for using those equations as implemented in an associated Microsoft Excel-based spreadsheet tool.

Cork’s international trade during the first industrial revolution

This thesis explores the impact international trade and commercial agreements had on the economic and industrial development of Cork during the first industrial revolution. From the Act of Union onwards Cork moved from a region where trade became increasingly reliant on Britain at the expense of trade that had been cultivated over the eighteenth century with the Americas and Europe. The legislative underpinnings of Cork’s trade is the focus of this research and how this changed after the Act of Union. It begins by examining the transatlantic trade of Cork city and the issues faced in the West Indies trade due to the growth of the United States. It will also consider the impact of the Napoleonic Wars on Cork’s trade with both the Americas and continental Europe. The conclusion of the Napoleonic Wars saw the United Kingdom negotiate treaties and agreements that would have a direct impact upon Cork’s merchants. This thesis will address the degree to which the mercantile community in Cork were able to influence policy that directly impacted upon their trade networks. It will then examine the trade between Cork and the United Kingdom and assess the impact of the Union on the ability of Cork’s merchants to affect political change. The operation of the Committee of Merchants in Cork is detailed and their responses to the changing nature of international trade. The thesis finishes by examining the underdevelopment of Cork’s transportation networks. This work will place Cork’s international trade in both its national and international context and argues that Cork’s mercantile community were overly reliant on protectionist legislation to further Cork’s trade as opposed to investment in industrial development. Volumetric data on the trade of Cork city has been transcribed and made available in a relational database to support the arguments made in this thesis and to facilitate future research on this subject. This database is accessible at http://modernirishvenice.com/.