Board of directors and top management team: a study on CEO relative power and financial return

Best corporate governance practices published in the primers of Brazilian Securities and Exchange Commission and the Brazilian Corporate Governance Institute promote board independence as much as possible, as a way to increase the effectiveness of governance mechanism (Sanzovo, 2010). Therefore, this paper aims at understanding if what the managerial literature portraits as being self-evident - stricter governance, better performance - can be observed in actual evidence. The question answered is: do companies with a stricter control and monitoring system perform better than others? The method applied in this paper consists on comparing 116 companies in respect to the their independence level between top management team and board directors– being that measured by four parameters, namely, the percentage of independent outsiders in the board, the separation of CEO and chairman, the adoption of contingent compensation and the percentage of institutional investors in the ownership structure – and their financial return measured in terms return on assets (ROA) from the latest Quarterly Earnings release of 2012. From the 534 companies listed in the Stock Exchange of Sao Paulo – Bovespa – 116 were selected due to their level of corporate governance. The title “Novo Mercado” refers to the superior level of governance level within companies listed in Bovespa, as they have to follow specific criteria to assure shareholders ´protection (BM&F, 2011). Regression analyses were conducted in order to reveal the correlation level between two selected variables. The results from the regression analysis were the following: the correlation between each parameter and ROA was 10.26%; the second regression analysis conducted measured the correlation between the independence level of top management team vis-à-vis board directors – namely, CEO relative power - and ROA, leading to a multiple R of 5.45%. Understanding that the scale is a simplification of the reality, the second part of the analysis transforms all the four parameters into dummy variables, excluding what could be called as an arbitrary scale. The ultimate result from this paper led to a multiple R of 28.44%, which implies that the combination of the variables are still not enough to translate the complex reality of organizations. Nonetheless, an important finding can be taken from this paper: two variables (percentage of outside directors and percentage of institutional investor ownership) are significant in the regression, with p-value lower than 10% and with negative coefficients. In other words, counter affirming what the literature very often portraits as being self-evident – stricter governance leads to higher performance – this paper has provided evidences to believe that the increase in the formal governance structure trough outside directors in the board and ownership by institutional investor might actually lead to worse performance. The section limitations and suggestions for future researches presents some reasons explaining why, although supported by strong theoretical background, this paper faced some challenging methodological assumptions, precluding categorical statements about the level of governance – measured by four selected parameters – and the financial return in terms of financial on assets.

Monopoly power and trade protection: cross- industry evidence

This paper investigates the impact of industry concentration on trade policy. Annual panel-databases of Brazilian industries for the years 1988 through 1994 were used. The regressions reported here are robust to openness indicator. concentration index, control variables and sample size, and suggest that the higher the concentration of a given industry the higher its leveI of trade protection. In the period of study the country experienced a major trade liberalization, but the results in the paper show that the reduction in protection was smaller in more concentrated sectors. Assuming that concentration is ;1 gCl()d proX\' for mOllopoh' po\\'er as it reduces the free-rider problem in coordinating a lobby the results in this paper indicates that interest groups with control over specific markets in fact are able to obtain policy advantages that reduce (international) competition.

Firms?: heterogeneity, organizations, power and trade

This paper develops a theory which investigates the two-way relationship between the internaI organization of the firm and market competition.We introduce heterogenous firms with internal hierarchies in a Knlgman (1980) monopolistic competition model of trade. The model simultanously determines firms' organizational choices anel heterogeneity across firms in size and proeluctivity.Ve show that intenlational trade, market size and the toughness of competition in international markets incluce a power struggle in firms which eventually leads to a reorganization of firms towards more decentralized corporate hierarchies.We show further that trade triggers produetivity growth through inter-firm reallocations towards more produetive firms in whieh CEOs have power in firms. At the same time, however trade- induced organizational changes towards fiattened corporate hierarchies lead to a softening of lnternat.ional competition which may contribute a eountervailing negative effect on seetoral productivity.

Validity of the running anaerobic sprint test for assessing anaerobic power and predicting short-distance performances

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

PHYSIOLOGICAL and PERCEIVED EXERTION RESPONSES AT INTERMITTENT CRITICAL POWER and INTERMITTENT MAXIMAL LACTATE STEADY STATE

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

The force, power, and energy of the 100 meter sprint

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Indexes of power and aerobic capacity obtained in cycle ergometry and treadmill running: comparisons between sedentary, runners, cyclists and triathletes

The objectives of this study were: a) to determine, in a cross-sectional manner, the effect of aerobic training on the peak oxygen uptake, the intensity at O2peak and the anaerobic threshold (AnT) during running and cycling; and b) to verify if the transference of the training effects are dependent on the analized type of exercise or physiological index. Eleven untrained males (UN), nine endurance cyclists (EC), seven endurance runners (ER), and nine triathletes (TR) were submitted, on separate days, to incremental tests until voluntary exhaustion on a mechanical braked cycle ergometer and on a treadmill. The values of O2peak (ml.kg-1.min-1) obtained in running and cycle ergometer (ER = 68.8 ± 6.3 and 62.0 ± 5.0; EC = 60.5 ± 8.0 and 67.6 ± 7.6; TR = 64.5 ± 4.8 and 61.0 ± 4.1; UN = 43.5 ± 7.0 and 36.7 ± 5.6; respectively) were higher in the group that presented specific training in the modality. The UN group presented the lower values of O2peak, regardless of the type of exercise. This same behavior was observed for the AnT (ml.kg-1.min-1) determined in running and cycle ergometer (ER = 56.8 ± 6.9 and 44.8 ± 5.7; EC = 51.2 ± 5.2 and 57.6 ± 7.1; TR = 56.5 ± 5.1 and 49.0 ± 4.8; UN = 33.2 ± 4.2 and 22.6 ± 3.7; respectively). It can be concluded that the transference of the training effects seems to be only partial, independently of the index (O2peak, IO2peak or AnT) or exercise type (running or cycling). In relation to the indices, the specificity of training seems to be less present in the O2peak than in the IO2peak and the AnT.

Poder y autonomía: roles cambiantes de las mujeres del Caribe = Changing power and autonomy of the Caribbean women

Incluye Bibliografía

Power and development styles

Includes bibliography

Experimental results and thermodynamic analysis of a natural gas small scale cogeneration plant for power and refrigeration purposes

In this work, experimental results are reported for a small scale cogeneration plant for power and refrigeration purposes. The plant includes a natural gas microturbine and an ammonia/water absorption chiller fired by steam. The system was tested under different turbine loads, steam pressures and chiller outlet temperatures. An evaluation based on the 1st and 2nd Laws of Thermodynamics was also performed. For the ambient temperature around 24°C and microturbine at full load, the plant is able to provide 19 kW of saturated steam at 5.3 bar (161 °C), corresponding to 9.2 kW of refrigeration at -5 °C (COP = 0.44). From a 2nd law point-of-view, it was found that there is an optimal chiller outlet temperature that maximizes the chiller exergetic efficiency. As expected, the microturbine presented the highest irreversibilities, followed by the absorption chiller and the HRSG. In order to reduce the plant exergy destruction, it is recommended a new design for the HRSG and a new insulation for the exhaust pipe. © 2013 Elsevier Ltd. All rights reserved.

Acceso al poder y participación en la toma de decisiones en América Latina y el Caribe: políticas de equidad de género hacia el año 2000 = Access to power and participation in decision-making in Latin America and the Caribbean: policies for gender equity looking to the year 2000

Incluye Bibliografía

Economical use of hydro power, steam power and system interconnections

Includes bibliography

HYPERLACTEMIA INDUCTION MODES AFFECT THE LACTATE MINIMUM POWER AND PHYSIOLOGICAL RESPONSES IN CYCLING

Zagatto, AM, Padulo, J, Muller, PTG, Miyagi, WE, Malta, ES, and Papoti, M. Hyperlactemia induction modes affect the lactate minimum power and physiological responses in cycling. J Strength Cond Res 28(10): 2927-2934, 2014The aim of this study was to verify the influence of hyperlactemia and blood acidosis induction on lactate minimum intensity (LMI). Twenty recreationally trained males who were experienced in cycling (15 cyclists and 5 triathletes) participated in this study. The athletes underwent 3 lactate minimum tests on an electromagnetic cycle ergometer. The hyperlactemia induction methods used were graded exercise test (GXT), Wingate test (WAnT), and 2 consecutive Wingate tests (2 x WAnTs). The LMI at 2 x WAnTs (200.3 +/- 25.8 W) was statistically higher than the LMI at GXT (187.3 +/- 31.9 W) and WAnT (189.8 +/- 26.0 W), with similar findings for blood lactate, oxygen uptake, and pulmonary ventilation at LMI. The venous pH after 2 x WAnTs was lower (7.04 +/- 0.24) than in (p <= 0.05) the GXT (7.19 +/- 0.05) and WAnT (7.19 +/- 0.05), whereas the blood lactate response was higher. In addition, similar findings were observed for bicarbonate concentration [HCO3] (2 x WAnTs lower than WAnT; 15.3 +/- 2.6 mmol center dot L-1 and 18.2 +/- 2.7 mmol center dot L(-)1, respectively) (p <= 0.05). However, the maximal aerobic power and total time measured during the incremental phase also did not differ. Therefore, we can conclude that the induction mode significantly affects pH, blood lactate, and [HCO3] and consequently they alter the LMI and physiological parameters at LMI.