The ownership and ownership concentration? The impact on the performance of China’s firms

This paper investigates the impact if ownership and ownership concentration on the performance of China's listed firms. By recognizing the differences between ownership and ownership concentration, and between total ownership concentration and tradable ownership concentration, we find that ownership concentration is more powerful than any category of ownership in determining firm performance and that it has approximately positive linear relations with firm value. The tradable ownership concentration has a more significant and positive influence on firm performance than total ownership cocncentration. The highest level of firm performance is approached when a firm is characterized with both total ownership concentration and tradable ownership concentration. Thus, we conclude that it is a rule that ownership concentration enhances firm performance regardless of who the concentrated owners are.

Ownership and ownership concentration: which is important in determining the performance of China’s listed firms?

This article investigates the impact if ownership and ownership concentration on the performance of China's listed firms. By recognizing the differences between ownership and ownership concentration, and between total ownership concentration and tradable ownership concentration, we find that ownership concentration is more powerful than any category of ownership in determining firm performance and that it has approximately positive linear relations with firm value. The tradable ownership concentration has a more significant and positive influence on firm performance than total ownership cocncentration. The highest level of firm performance is approached when a firm is characterized with both total ownership concentration and tradable ownership concentration. Thus, we conclude that it is a rule that ownership concentration enhances firm performance regardless of who the concentrated owners are.

Managerial ownership, capital structure and firm value

This paper extends prior research to examine the managerial ownership influences on firm performance through the choices of capital structures by using a new sample of S& P 500 firm in 2005. The empirical results of OLS regressions replicate the nonlinear relationship between managerial ownership and firm value. However, we found that the turning points had moved up in our sample compared with previous papers, which implies that the managerial control for pursuing self-interst, and the alignment of interests between managers and other shareholders can only be achieved now by management holding more ownership in a firm than that found in previous studies. Managerial ownership also drives the capital structure as a nonlinear shape, but with a direction opposite to the shape of firm value. the results of simultaneous regressions suggest that managerial ownership affects capital structure, which in turn affects firm value. Capital structure is endogenously determined by bith firm value and managerial ownership; while managerial ownership is not endogenously determined by the other two variables.

Does ownership affect a firm’s performance and default risk in Jordan?

This paper seeks to examine the impact of ownership structure on firm performance and the default risk of a sample of publicly listed firms.

Ownership concentration and product innovation in Chinese private SMEs

Product innovation is extremely important to the growth, success, and ultimate survival of firms. Although its unique features in small and medium-sized enterprises (SMEs) have gained growing attention in the literature, there is limited knowledge as to how ownership concentration moderates the relationship between product innovation and its determinants. Based upon insights from agency and institutional theories, we examine the moderating effects of ownership concentration on the relationship between product innovation and its key determinants in Chinese SMEs, utilizing a large dataset of 43,728 Chinese firms over the period 2005-2006. We focus on examining the differences between single-owner SMEs, where there is dominant control of one family member, and multiple-owner SMEs, where principal-agent conflicts and principal-principal conflicts are more likely to occur. Our findings indicate that single-owned firms tend to convert research and development into product innovation more efficiently than firms with multiple owners, who are typically better at utilizing external sources of knowledge and human capital.

Biodegradable Eri silk nanoparticles as a delivery vehicle for bovine lactoferrin against MDA-MB-231 and MCF-7 breast cancer cells

This study used the Eri silk nanoparticles (NPs) for delivering apo-bovine lactoferrin (Apo-bLf) (~2% iron saturated) and Fe-bLf (100% iron saturated) in MDA-MB-231 and MCF-7 breast cancer cell lines. Apo-bLf and Fe-bLf-loaded Eri silk NPs with sizes between 200 and 300 nm (±10 nm) showed a significant internalization within 4 hours in MDA-MB-231 cells when compared to MCF-7 cells. The ex vivo loop assay with chitosan-coated Fe-bLf-loaded silk NPs was able to substantiate its future use in oral administration and showed the maximum absorption within 24 hours by ileum. Both Apo-bLf and Fe-bLf induced increase in expression of low-density lipoprotein receptor-related protein 1 and lactoferrin receptor in epidermal growth factor (EGFR)-positive MDA-MB-231 cells, while transferrin receptor (TfR) and TfR2 in MCF-7 cells facilitated the receptor-mediated endocytosis of NPs. Controlled and sustained release of both bLf from silk NPs was shown to induce more cancer-specific cytotoxicity in MDA-MB-231 and MCF-7 cells compared to normal MCF-10A cells. Due to higher degree of internalization, the extent of cytotoxicity and apoptosis was significantly higher in MDA-MB-231 (EGFR+) cells when compared to MCF-7 (EGFR-) cells. The expression of a prominent anticancer target, survivin, was found to be downregulated at both gene and protein levels. Taken together, all the observations suggest the potential use of Eri silk NPs as a delivery vehicle for an anti-cancer milk protein, and indicate bLf for the treatment of breast cancer.

Non-wage benefits, corporate ownership and firm performance in post-communist economies: evidence from Ukraine

The economic reforms in the transition economies of Central and Eastern Europe have fundamentally reshaped ownership and governance of economic production, notably through the privatization of former state-owned enterprises. These reforms were expected to transform management practices by displacing ‘cradle-to-grave’ welfare arrangements administered by state-owned enterprises. Using data drawn from two large samples of Ukrainian establishments, we investigate, in two different time points, the relationship between non-wage benefits and firm performance during the period of transition to a market economy (1994–2004). We found that non-wage benefits continued to be a critical feature of HRM practices in Ukraine during this period, and were positively associated with firm performance.

Vehicle motion simulators, a key step towards road vehicle dynamics improvement

Real road vehicle tests are time consuming, laborious, and costly, and involve several safety concerns. Road vehicle motion simulators (RVMS) could assist with vehicle testing, and eliminate or reduce the difficulties traditionally associated with conducting vehicle tests. However, such simulators must exhibit a high level of fidelity and accuracy in order to provide realistic and reliable outcomes. In this paper, we review existing RVMS and discuss each of the major RVMS subsystems related to the research and development of vehicle dynamics. The possibility of utilising motion simulators to conduct ride and handling test scenarios is also investigated.

Secure ownership transfer for multi-tag multi-owner passive RFID environment with individual-owner-privacy

In this paper we propose a secure ownership transfer protocol for a multi-tag multi-owner RFID environment that provides individual-owner-privacy. To our knowledge, the existing schemes do not provide individual-owner-privacy and most of the existing schemes do not comply with the EPC Global Class-1 Gen-2 (C1G2) standard since the protocols use expensive hash operations or sophisticated encryption schemes that cannot be implemented on low-cost passive tags that are highly resource constrained. Our work aims to fill these gaps by proposing a protocol that provides individual-owner-privacy, based on simple XOR and 128-bit pseudo-random number generators (PRNG), operations that are easily implemented on low-cost RFID tags while meeting the necessary security requirements thus making it a viable option for large scale implementations. Our protocol also provides additional protection by hiding the pseudo-random numbers during all transmissions using a blind-factor to prevent tracking attacks.

Nonlinear controller design for vehicle-to-grid systems with output LCL filters

This paper presents a nonlinear controller design for vehicle-to-grid (V2G) systems with LCL output filters. The V2G systems are modeled with LCL output filters in order to eliminate harmonics for improving power qualities and the nonlinear controller is designed based on the feedback linearization. The feasibility of using the appropriate feedback linearization approaches, either partial or exact, is also investigated through the feedback linearizability of V2G systems. In this paper, partial feedback linearization is used to design the controller with a capability of sharing both active and reactive power in V2G systems. The performance of the proposed controller controller is evaluated on a single-phase full-bridge converter-based V2G system with an LCL output filter and compared to that of without any filter. Simulation results clearly demonstrate the harmonic elimination capabilities of the proposed V2G structure with the proposed control scheme.

Estimated Number and Location of Future Moose-Vehicle Collisions (MVC) in Maine

Moose (Alces alces) are a keystone herbivore in Maine. Because of the large number of rural roads in Maine, there is a high rate of moose-vehicle collisions (MVCs), which is increasing. On-road encounters with animals resulted in 231 fatalities in the United States in 1999. Because of the fatality of MVCs, it is important to know where they are most likely to occur. I used GIS analysis to estimate where future MVCs would occur, factoring in the variables of land cover suitability for moose, distance from water bodies, locations of past MVCs, and speed limits on the roads. I ran four different analyses, each one weighting the variables equally. I also ran a regression to determine if increasing road speed was associated with the increase in the number of MVCs per length of road. There was not a strong positive relationship between the number of MVCs per length of road and the speed limit, but it was interesting to note that there were more MVCs per length of road on 35mph and 40mph roads than on 45, 50, 55 or 65mph roads. Future research on MVCs would benefit from the inclusion of include moose population density and road traffic data.

The value of local partners in Brazil: the effects of ownership clusters and business group membership on firm value in emerging markets

Este estudo analisa como a classe de acionistas afeta o valor das empresas brasileiras listadas na bolsa de valores no ponto de vista da governança corporativa. O trabalho examina a interação entre o valor das empresas e cinco tipos de concentrações acionárias comumente presente em mercados emergentes: famílias, agentes públicos, investidores estrangeiros, executivos e investidores financeiros nacionais. A análise empírica demonstra que o mix e a concentração de participação acionária afeta significativamente o valor das empresas. Utilizando uma compilação única de dados em painel de 2004 a 2008, a presente pesquisa também desenvolve hipóteses sobre o efeito da participação em grupos econômicos para o valor das empresas. A investigação encontra evidências de que, apesar de sua importância para o desenvolvimento de empresas brasileiras, o capital familiar, instituições públicas, e investidores estrangeiros estão cedendo lugar a monitores mais especializados e menos concentrados, como executivos e instituições financeiras nacionais. Estes resultados indicam que a governança corporativa no Brasil pode estar alcançando níveis de maturidade mais elevados. Adicionalmente, apesar de não haver indicação da existência de correlação entre a participação em grupos econômicos e o valor das empresas, os resultados indicam que a presença de um tipo específico de acionista em uma empresa do grupo facilita investimentos futuros desta classe de acionista em outras empresas do mesmo grupo, sinalizando que os interesses acionários são provavelmente perpetuados dentro de uma mesma rede de empresas. Finalmente, a pesquisa demonstra que enquanto o capital familiar prefere investir em empresas com ativa mobilidade do capital, investidores internacionais e instituições públicas procuram investimentos em equity com menor mobilidade de capital, o que lhes garante mais transparência com relação ao uso dos recursos e fundos das empresas.

Private or public? a taxonomy of optimal ownership and management regimes

We develop a theory of public versus private ownership based on value diversion by managers. Government is assumed to face stronger institutional constraints than has been assumed in previous literature. The model which emerges from these assumptions is fexible and has wide application. We provide amapping between the qualitative characteristics of an asset, its main use - including public goods characteristics, and spillovers toother assets values - and the optimal ownership and management regime. The model is applied to single and multiple related assets. We address questions such as; when is it optimal to have one of a pair ofr elated assets public and the other private; when is joint management desirable; and when should a public asset be managed by the owner of a related private asset? We show that while private ownership can be judged optimal in some cases solely on the basis of qualitative information, the optimality of any other ownership and management regimes relies on quantitative analysis. Our results reveal the situations in which policy makers will have difficulty in determining the opimal regime.

State ownership and corporate governance

State ownership of publicly-traded corporations remains pervasive around the world, and has been increasing in recent years. Existing literature focuses on the implications of government ownership for corporate governance and performance at the firm level. This Article, by contrast, explores the different but equally important question of whether the presence of the state as a shareholder can impose negative externalities on the corporate law regime available to the private sector. Drawing from historical experiments with government ownership in the United States, Brazil, China, and Europe, this study shows that the conflict of interest stemming from the state’s dual role as a shareholder and regulator can influence the content of corporate laws to the detriment of outside investor protection and efficiency. It thus addresses a gap in the literature on the political economy of corporate governance by incorporating the political role of the state as shareholder as another mechanism to explain the relationship between corporate ownership structures and legal investor protection. Finally, this Article explores the promise of different institutional arrangements to constrain the impact of the state’s interests as a shareholder on the corporate governance environment, and concludes by offering several policy recommendations.