Stockholder conflicts and dividends

Conflicts of interest between majority and minority stockholders affect a large proportion of firms in any economy, but has received little attention in the empirical literature. We examine the link between the potential for such conflicts and the firm's payout policy on a large sample of Norwegian private firms with controlling stockholders and detailed ownership data. Our evidence shows that the stronger the potential conflict between the stockholders, the higher the proportion of earnings paid out as dividends. This tendency to reduce stockholder conflicts by dividend payout is more pronounced when the minority is diffuse and when a family's majority block is held by a single family member. We also find evidence that a minority-friendly payout policy is associated with higher future minority investment in the firm. These results are consistent with the notion that potential agency costs of ownership are mitigated by dividend policy when the majority stockholder benefits from not exploiting the minority.

The legal and ethical framework governing Body Donation in Europe - A review of current practice and recommendations for good practice

Discussions at the inaugural meeting of a Trans-European Pedagogic Research Group for Anatomical Sciences highlighted the fact that there exist considerable variations in the legal and ethical frameworks throughout Europe concerning body bequests for anatomical examination. Such differences appear to reflect cultural and religious variations as well as different legal and constitutional frameworks. For example, there are different views concerning the "ownership" of cadavers and concerning the need (perceived by different societies and national politicians) for legislation specifically related to anatomical dissection. Furthermore, there are different views concerning the acceptability of using unclaimed bodies that have not given informed consent. Given that in Europe there have been a series of controversial anatomical exhibitions and also a public (televised) dissection/autopsy, and given that the commercial sale or transport of anatomical material across national boundaries is strongly debated, it would seem appropriate to "harmonise" the situation (at least in the European Union). This paper summarises the legal situation in a variety of European countries and suggests examples of good practice. In particular, it recommends that all countries should adopt clear legal frameworks to regulate the acceptance of donations for medical education and research. It stresses the need for informed consent, with donors being given clear information upon which to base their decision, intentions to bequest being made by the donor before death and encourages donors to discuss their wishes to bequeath with relatives prior to death. Departments are encouraged, where they feel it appropriate, to hold Services of Thanksgiving and Commemoration for those who have donated their bodies. Finally, there needs to be legislation to regulate transport of bodies or body parts across national borders and a discouragement of any moves towards commercialisation in relation to bequests.

Projecte d'instal·lacions d'un taller mecànic

Disseny de les instal•lacions per a un taller de reparacions mecàniques i deplanxa en una nau industrial a Esponellà, un poble prop de Figueres.Es tracta d’una nau de 352 m2 de planta baixa, amb un altell de 153 m2 on s’hiinstal•laran la oficina i un magatzem per recanvis. Les instal.lacions són les següents: Il•luminació, Elèctrica, Aigua freda sanitària, Aigua de sanejament, Aire comprimit, Renovació d’aire i Contra incendis

L’elecció del centre en famílies d’origen immigrat a la ciutat de Barcelona

El projecte ha assolit la majoria d’objectius, ajustats a la reducció d'una quarta part de l'import concedit: 1) caracteritzar la transformació del paisatge agro-forestal i urbà a dos municipis de la vall del Congost, La Garriga i Figaró-Montmany, reconstruint amb SIG els mapes d'ús del sòl de 1854, 1949, 1956 i 2005, obtenint per intersecció de cobertes les matrius dels canvis d'ús; i 2) avaluar amb l’índex de connectivitat ecològica l'impacte ambiental d'aquells canvis des del punt de vista de la biodiversitat i la resiliència del paisatges, amb un especial èmfasi en la reforestació induïda per l'abandonament rural i la pèrdua de paisatges en mosaic, en un àmbit més gran pel període 1956-1993-2005. Aquests resultats han permès preparar varis articles per publicar en co-autoría a revistes com Landscape History, Environment and History o Landscape and Urban Planning. Ja és a punt de poder-se lliurar el primer amb el títol de "Looking backwards into a Mediterranean edge environment: Landscape changes and ecological connectivity in El Congost Valley (province of Barcelona, Catalonia) 1850-2005", incloent dos objectius esmentats a la memòria: identificar les principals forces motores d'aquells canvis en el paisatge relacionant els usos del sòl amb les formes d'ordenació del territori, caracteritzar-ne les forces rectores econòmico-socials i el paper jugat per la protecció del Parc Natural del Montseny i els Cingles de Bertí. Els resultats també permetran abordar en el futur altres aspectes, com per exemple estimar el potencial energètic de la biomassa local tot cercant que el seu aprofitament generi sinèrgies territorials positives per a l'ecologia del paisatge amb la recuperació d’una ramaderia extensiva i una agricultura ecològica que facin possible la restauració dels paisatges en mosaic. L'estudi ha pogut incorporar un aspecte inicialment no previst, el cens d'orquídies mediterrànies a Figaró-Montmany elaborat pel naturalista Paul Wilcox.

Experiències catalanes, angleses i irlandeses en el millorament de l’accès a l’habitatge

El Grup de Recerca d´Accés a l´Habitatge de la Universitat Rovira i Virgili ha portat a terme durant l´any 2011 una sèrie d´activitats gràcies a l´ajuda concedida per la convocatòria de l´AGAUR PBR-DGR 2010, que ha donat suport al Grup tant de forma directa (per exemple, en viatges i dietes) com indirecta (gràcies a l´ajuda prestada per la Sra. Helaine Cristina Madeira Santos, becària de suport al Grup de Recerca, que ha portat a terme tasques de coordinació i investigació). Així, el Grup ha portat a terme tasques d´investigació (per exemple, la signatura d´un Conveni amb l’Agència de l’Habitatge de Catalunya amb la finalitat de portar a terme en el termini de 3 anys l’elaboració d´un marc legislatiu sobre les tinences intermitges en el Dret català); tasques de formació (gràcies a la participació en Congressos i Jornades); esta coordinant una xarxa sobre grups d´habitatge (per exemple, mitjançant un Congrés internacional sobre habitatge celebrat a Granada); ha publicat llibres i articles científics (per exemple, la publicació dels treballs presentats en les III Jornades Internacionals de Housing de 2010); i finalment cal destacar que l´activitat del Grup ha tingut un gran impacte en els mitjans de comunicació. Tot aquest treball ha permès al Grup arribar a unes conclusions sobre el status quo de l´habitatge a Espanya, per exemple les mancances del mercat d´habitatge en propietat i en lloguer i els aspectes que cal reformar quant al règim tributari i processal d´aquestes formes de tinença immobiliària. La principal conclusió, però, és la necessitat de regular noves formes d´entendre la tinença de la terra tot seguint els models ja presents en altres països europeus (principalment, Anglaterra i Irlanda), com la propietat compartida i la propietat temporal, figures en les quals està aprofundint actualment el Grup de recerca.

Improving the organisation and commercialisation of small coffee and cocoa producers in the Northern Amazon Region of Ecuador

Coffee and cocoa represent the main sources of income for small farmers in the Northern Amazon Region of Ecuador. The provinces of Orellana and Sucumbios, as border areas, have benefited from investments made by many public and private institutions. Many of the projects carried out in the area have been aimed at energising the production of coffee and cocoa, strengthening the producers’ associations and providing commercialisation infrastructure. Improving the quality of life of this population threatened by poverty and high migration flows mainly from Colombia is a significant challenge. This paper presents research highlighting the importance of associative commercialisation to raising income from coffee and cocoa. The research draws on primary information obtained during field work, and from official information from the Ministry of Agriculture. The study presents an overview of current organisational structures, initiatives of associative commercialisation, stockpiling of infrastructure and ownership regimes, as well as estimates for both ‘robusta’ coffee and national cocoa production and income. The analysis of the main constraints presents different alternatives for the implementation of public land policies. These policies are aimed at mitigating the problems associated with the organisational structure of the producers, with processes of commercialisation and with environmental aspects, among others.

Développement de l'irrigation et évolution des régimes fonciers dans la région de Gaya (Niger)

Since the mid 90's, international actors as well as governmental actors have raised their interest into the development of irrigation's potential that is still largely unexploited in Niger. It seems all the more interesting as it could answer the needs of a fast growing population (3.3% per year). However, if everyone agrees on the need to development this system, the current implementation triggers questions on the process itself and its side effects. National and international policies on this matter were build upon an historical process through colonial, post-colonial and then the late 1980's neoliberal structures, leading to a business model that reveals a discrepancy between the state logic and the farming one. This business model asks for a high capacity of mobilization of resources unachievable for many, especially when they want to address small-scale irrigation (area ownership. However, this new interest for small-scale irrigation exerted by the project and the new players triggered the commoditization of land. As a matter of fact, the demographic constraints and the fragmentation of the familial land ownership led to a more individual production system, where the customary relation to land tenure is weakened or even overcome. This makes it easier for the new players who need to settle their small-scale irrigation projects to purchase land. When there are only few areas available for selling, the. purchasing processes are undermining the farmers with insecure rights. If the withdrawal of lands is supposed to be smoothened by social measures, such as replacement of the land and primary offers to purchase the land, those measures are often not attractive. The proposed land of replacement is frequently too far away located or lesser fertile to be of any use and the economic capacity of purchasing is too little, eventually leading the farmers to leave their terroirs. Those in charge of the application of the Rural Code have succeeding in answering the need of written secured land tenure, but have difficulty to meet the challenge of doing the same to secure rights for farmers with loans or lease agreements. The small-scale irrigation could bring an answer for their financial needs to buy the land, but it would require mobilizing resources to invest or an easier access to supportive projects. The economic benefice from small-scale irrigation is now widely recognized, but we have to take also into account the risks of marginalization of part of the small farmers. For a more widely spread exploitation of small-scale irrigation, the mechanism of land regulation as well as the process to access the financial and technical support of projects must be revised in order to reach more small farmers. Développement de l'irrigation et évolution des régimes fonciers dans la région de Gaya (Niger) - Le secteur de l'irrigation a bénéficié d'un regain d'intérêt de la part des acteurs internationaux du développement et de l'Etat nigérien depuis le milieu des années 1990. Cet intérêt est à la hauteur du potentiel en terres irrigables (300Ό00 ha environ) du pays, largement sous-exploité alors que les besoins alimentaires sont grandissants, la population augmentant de 3.3% par an. Si le diagnostic est correct, les stratégies mises en oeuvre en matière d'irrigation posent question. Les interventions, aussi bien publiques qu'internationales, reposent sur un modèle entrepreneurial qui parachève une longue trajectoire historique. Initiée par l'Etat colonial, poursuivie par l'Etat post-colonial et transformé par les politiques néolibérales des années 1980, elle se caractérise par un hiatus constant entre logiques étatiques et logiques paysannes. En matière de petite irrigation privée (surfaces < 1-2 ha, technologies à faible coût), ce modèle présuppose une mobilisation de ressources (économiques, sociales, éducationnelles et foncières) inégalement réparties au sein de la population rurale. Cette recherche s'est intéressée à expliciter les liens qui existent entre le développement de la petite irrigation privée et l'évolution des régimes fonciers. Les trois questionnements qui ont guidé l'analyse empirique portent sur la sécurisation foncière, les dynamiques de marchandisation de la terre et l'accès à la terre pour tous les producteurs. Le Département de Gaya dispose d'un potentiel très important en ressources hydriques, facilement mobilisables. Les productions maraîchères et fruitières ont connu un essor très important à partir des années 1980. Initialement pratiquées par les cultivateurs, elles ont progressivement attiré l'attention d'acteurs externes au monde rural (fonctionnaires, commerçants), du fait de leur haute valeur ajoutée. La Banque mondiale a fortement soutenu cette dynamique à travers un projet à vocation entrepreneuriale, qui s'est pourtant révélé hors de portée de la majorité des petits paysans et a principalement bénéficié à ces acteurs extra-ruraux ainsi qu'à certaines élites locales. Au plan foncier, il a en particulier exclu tous les emprunteurs des terres, qui ne sont pas à même de produire des documents écrits confirmant leurs droits sur la terre. Ce projet, et plus largement l'intérêt que les acteurs extra-ruraux portent à la petite irrigation, ont contribué à alimenter la marchandisation de la terre. Sans ancrage familial dans les terroirs villageois, ces acteurs sont obligés d'acheter la terre pour faire de l'irrigation. Leur demande vient s'inscrire dans un contexte général où la pression démographique et le morcellement successif des capitaux fonciers familiaux ont progressivement individualisé la relation entre les producteurs et la terre, au point d'affaiblir ou de faire tomber les interdits coutumiers en matière de vente. Dans les espaces disposant de faibles réserves foncières, les ventes se font principalement au détriment des acteurs qui, comme les emprunteurs, disposent de droits fonciers peu stables et sécurisés. Si le retrait de la terre est socialement encadré (terre en remplacement, possibilité d'acheter la terre qui va être vendue), il pose également des contraintes agronomiques (sols de moindre qualité) et économiques (nécessité de disposer des liquidités pour racheter la terre) qui peuvent, en dernier ratio, obligent les acteurs concernés à quitter les terroirs. Les instances du Code rural, qui ont su apporter des réponses satisfaisantes à la demande de sécurisation foncière par l'établissement de documents écrits, rencontrent aujourd'hui de grandes difficultés à en faire de même pour les droits de prêt. Dans ce contexte, l'irrigation peut apporter les sommes nécessaires à l'achat des terres. Encore faut-il que ces emprunteurs disposent des ressources financières propres pour la développer ou qu'ils puissent y avoir accès grâce à l'appui d'un projet. Si l'intérêt économique de la petite irrigation privée est indiscutable, les risques de marginalisation d'une partie de producteurs ruraux qu'elle peut produire sont bien réels. Pour en faire une activité accessible au plus grand nombre, il faut revoir les mécanismes de régulation foncière, ainsi que les montages techniques et financiers qui supportent le développement de ce secteur d'activité très prometteur.

Developing Smooth, Quiet, Safe Portland Cement Concrete Pavements, March 2004

The concrete paving industry has spent large amounts of time working to provide safe, quiet, and smooth pavements for the traveling public as their needs and driving habits have changed since the advent of the automobile. During that time, the efforts of research, design, and construction were directed at one of the problems at a time. Current public surveys indicate that the traveling public wishes to have safe, quiet, and smooth pavements. This report identifies the problems remaining in the areas of developing smooth, quiet, and safe portland cement concrete pavement in each pavement we build. It develops the research framework that can be used to bring the existing information together with additional research in each area. The resulting answers can be used in each pavement design for a quiet, safe, and smooth pavement that is also long lasting.

Cooperatives and Contracting in Agriculture: The Case of West Liberty Foods, October 2005

The West Liberty Foods turkey cooperative was formed in 1996 to purchase the assets and assume operations of Louis Rich Foods (an investor-owned processing rm), which, at the time, announced the imminent shutdown of its West Liberty, Iowa, processing facility. We study the creation and performance of this �new generation� cooperative using eld interviews with grower members and company management. We describe changes, before and after the buyout, in the contractual apparatus used for procuring live turkeys, and in the communication requirements, work expectations, and nancial positions of growers. During the private ownership period, most of the inputs (except labor and facilities) were provided by the rm; there was substantial supervision of the growers' actions; growers faced little price and production risk; and growers' equity was due largely to ownership of land and other farm assets. Our interviews reveal that, after cooperative formation, growers were exposed to considerable additional risk; monitoring of growers by the rm was less intensive; grower time and effort commitments to turkey production increased substantially; and a signicant fraction of rm (cooperative) equity came from growers' willingness to leverage their farm and personal assets (and hence indirectly their existing relationships with local lenders). We argue that some of these changes are consistent with a nancial contract where asset pledging and its corollary risk generate higher work effort by growers and a reduction in agency rents. These economies likely compensate for an organizational deadweight loss traditionally associated with cooperative governance.

Planning for Wooded Acreages and Woodlands, August 2005

PM2002B: People own wooded acreages and woodlands for a variety of reasons that may include: timber production, firewood production, recreation, wildlife habitat, aesthetics, and alternative forest products. Most of Iowa’s forestland is privately held, and the majority of ownership is fragmented into an average of ten acres (Forest Reserve Survey, 2004). In fact, the average size of an individual forest or woodlot ownership has been steadily declining for several years due in part to population growth, urban sprawl, and changes in land ownership. Studies indicate that the probability of a sustainable woodlot decreases as the population increases. At the same time, most woodlot owners want to be good stewards and protect and enhance the forest that they own. To achieve this goal, careful forest planning and management is required especially when managing the land for multiple objectives.

Organizational Choice and Environmental Change

We explain the choice between franchising and vertical integration by estimating a model of relative performance in a sample of 250 Spanish car distributors, controlling for self-selection and including environmental factors. The method allows us to estimate performance counterfactuals. Organizational choice seemingly aims to contain moral hazard for both distributors and manufacturers but it is subject to start-up constraints and switching costs. While the market for franchises remained underdeveloped, information asymmetries led to the opening of integrated outlets. Their subsequent conversion into franchised outlets probably involved prohibitive transaction costs. Consequently, they performed worse than would have been expected had they been independent, as confirmed by the systematic improvement observed when they were in fact converted. The timing of such conversions suggests that switching costs were prohibitive until firms developed a substantial cushion of temporary contracts, previously forbidden by regulation.