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. ^

Development of ``HealthServe'': A measure of customer service orientation in healthcare

An assessment tool designed to measure a customer service orientation among RN's and LPN's was developed using a content-oriented approach. Critical incidents were first developed by asking two samples of healthcare managers (n = 52 and 25) to identify various customer-contact situations. The critical incidents were then used to formulate a 121-item instrument. Patient-contact workers from 3 hospitals (n = 102) completed the instrument along with the NEO-FFI, a measure of the Big Five personality factors. Concurrently, managers completed a performance evaluation scale on the employees participating in the study in order to determine the predictive validity of the instrument.^ Through a criterion-keying approach, the instrument was scaled down to 38 items. The correlation between HealthServe and the supervisory ratings of performance evaluation data supported the instrument's criterion-related validity (r =.66, p $<$.0001). Incremental validity of HealthServe over the Big Five was found with HealthServe accounting for 46% of the variance.^ The NEO-FFI was used to assess the correlation between personality traits and HealthServe. A factor analysis of HealthServe suggested 4 factors which were correlated with the NEO-FFI scores. Results indicated that HealthServe was related to Extraversion, Openness to Experience, Agreeableness, Conscientiousness and negatively related to Neuroticism.^ The benefits of the test construction procedure used here over the use of broad-based measures of personality were discussed as well as the limitations of using a concurrent validation strategy. Recommendations for future studies were provided. ^

A review of Taiwan's technological five-year junior college mechanical engineering curriculum development: 1948 to 1994

Taiwan's technological five-year junior college (TFYJC) was founded in 1948 to train technicians to meet the demand coming from national construction. Site level professionals never were trained in curriculum development as this was under strict national control. The purpose of this study is to present an accurate narrative of Taiwan's TFYJC mechanical engineering curriculum development history in order to display the focus, rationale, and influencing forces of the evolving curriculum. This study employed historical research methodology and used document analysis as the primary approach.^ This analysis revealed that the target FYJC curriculum was manufacturing-oriented. The range of government control shifted from little, to full, then to partial control of the curriculum, from autonomy to uniformity then to partial autonomy. The intention of the target curriculum development was always to advance domestic economic development. Voices from the academia and government also influenced curriculum development decisions. Currently, the government has instituted a shift in focus and content causing individual institutions to develop curriculum responses addressing the challenge of advancing Taiwan's position in a global economy.^ Considering the shift in policy and practice, individual institutions intending to design curriculum are advised to implement empirical needs assessments of students, graduates, and employers and to engage in critical studies of emerging resources in order to provide effective in service training. To accomplish this end, TFYJC faculty and administration need training in curriculum theory and practice and evaluation. ^

Development of an open architecture motion control system

A multipurpose open architecture motion control system was developed with three platforms for control and monitoring. The Visual Basic user interface communicated with the operator and gave instructions to the electronic components. The first platform had a BASIC Stamp based controller and three stepping motors. The second platform had a controller, amplifiers and two DC servomotors. The third platform had a DSP module. In this study, each platform was used on machine tools either to move the table or to evaluate the incoming signal. The study indicated that by using advanced microcontrollers, which use high-level languages, motor controllers, DSPs (Digital Signal Processor) and microcomputers, the motion control of different systems could be realized in a short time. Although, the proposed systems had some limitations, their jobs were performed effectively. ^

Development of risk based treatability and engineering measures for reducing exposure to lead contaminated media in the Miami inner city, Florida

A major consequence of contamination at the local level’s population as it relates to environmental health and environmental engineering is childhood lead poisoning. Environmental contamination is one of the pressing environmental concerns facing the world today. Current approaches often focus on large contaminated industrial size sites that are designated by regulatory agencies for site remediation. Prior to this study, there were no known published studies conducted at the local and smaller scale, such as neighborhoods, where often much of the contamination is present to remediate. An environmental health study of local lead-poisoning data in Liberty City, Little Haiti and eastern Little Havana in Miami-Dade County, Florida accounted for a disproportionately high number of the county’s reported childhood lead poisoning cases. An engineering system was developed and designed for a comprehensive risk management methodology that is distinctively applicable to the geographical and environmental conditions of Miami-Dade County, Florida. Furthermore, a scientific approach for interpreting environmental health concerns, while involving detailed environmental engineering control measures and methods for site remediation in contained media was developed for implementation. Test samples were obtained from residents and sites in those specific communities in Miami-Dade County, Florida (Gasana and Chamorro 2002). Currently lead does not have an Oral Assessment, Inhalation Assessment, and Oral Slope Factor; variables that are required to run a quantitative risk assessment. However, various institutional controls from federal agencies’ standards and regulation for contaminated lead in media yield adequate maximum concentration limits (MCLs). For this study an MCL of .0015 (mg/L) was used. A risk management approach concerning contaminated media involving lead demonstrates that the linkage of environmental health and environmental engineering can yield a feasible solution.

Understanding China's climate change mitigation policy development: Structures, processes and outcomes

Climate change is one of the most important and urgent issues of our time. Since 2006, China has overtaken the United States as the world’s largest greenhouse gas (GHG) emitter. China’s role in an international climate change solution has gained increased attention. Although much literature has addressed the functioning, performance, and implications of existing climate change mitigation policies and actions in China, there is insufficient literature that illuminates how the national climate change mitigation policies have been formulated and shaped. This research utilizes the policy network approach to explore China’s climate change mitigation policy making by examining how a variety of government, business, and civil society actors have formed networks to address environmental contexts and influence the policy outcomes and changes. The study is qualitative in nature. Three cases are selected to illustrate structural and interactive features of the specific policy network settings in shaping different policy arrangements and influencing the outcomes in the Chinese context. The three cases include the regulatory evolution of China’s climate change policy making; the country’s involvement in the Clean Development Mechanism (CDM) activity, and China’s exploration of voluntary agreement through adopting the Top-1000 Industrial Energy Conservation Program. The historical analysis of the policy process uses both primary data from interviews and fieldwork, and secondary data from relevant literature. The study finds that the Chinese central government dominates domestic climate change policy making; however, expanded action networks that involve actors at all levels have emerged in correspondence to diverse climate mitigation policy arrangements. The improved openness and accessibility of climate change policy network have contributed to its proactive engagement in promoting mitigation outcomes. In conclusion, the research suggests that the policy network approach provides a useful tool for studying China’s climate change policy making process. The involvement of various types of state and non-state actors has shaped new relations and affected the policy outcomes and changes. In addition, through the cross-case analysis, the study challenges the “fragmented authoritarianism” model and argues that this once-influential model is not appropriate in explaining new development and changes of policy making processes in contemporary China.

Sustainable rural development through alternative economic networks: Redefining relations in the commodity chain for export vegetables in western Guatemala

The current research considers the capacity of a local organic food system for producer and consumer empowerment and sustainable development outcomes in western Guatemala. Many have argued that the forging of local agricultural networks linking farmers, consumers, and supporting institutions is an effective tool for challenging the negative economic, environmental, and sociopolitical impacts associated with industrial models of global food production. But does this work in the context of agrarian development in the developing world? Despite the fact that there is extensive literature concerning local food system formation in the global north, there remains a paucity of research covering how the principles of local food systems are being integrated into agricultural development projects in developing countries. My work critically examines claims to agricultural sustainability and actor empowerment in a local organic food system built around non-traditional agricultural crops in western Guatemala. Employing a mixed methods research design involving twenty months of participant observation, in-depth interviewing, surveying, and a self-administered questionnaire, the project evaluates the sustainability of this NGO-led development initiative and local food movement along several dimensions. Focusing on the unique economic and social networks of actors and institutions at each stage of the commodity chain, this research shows how the growth of an alternative food system continues to be shaped by context specific processes, politics, and structures of conventional food systems. Further, it shows how the specifics of context also produce new relationships of cooperation and power in the development process. Results indicate that structures surrounding agrarian development in the Guatemalan context give rise to a hybrid form of development that at the same time contests and reinforces conventional models of food production and consumption. Therefore, participation entails a host of compromises and tradeoffs that result in mixed successes and setbacks, as actors attempt to refashion conventional commodity chains through local food system formation.^

Challenge to Managers: Changing Hotel Work from a Secondary Choice to career Development

In his discussion - Challenge To Managers: Changing Hotel Work from a Secondary Choice to Career Development - by Leonidas Chitiris, Lecturer in Management, Piraeus Graduate School of Industrial Studies, Athens, Greece, Chitiris marginally alludes at the outset: “Surveys and interviews with hotel employees in Greece with regard to why individuals work for hotels and to what extent their rationale to join the hotel industry affects hotel productivity revealed that the choice to work in hotels is a secondary preference and reflects the opportunity structure in the economy at any given time and the greater the number of those who work in hotels when there are no other employment opportunities, the less likely the chances for overall improved performance. Given the increase in the proportion of unskilled, unmotivated workers, the level of hotel productivity consequently decreases! The author interprets the findings in terms of the economic and employment conditions in the Greek hotel industry. To enhance the rationale of his thesis statement, Chitiris offers with citation: “Research on initial entry into the labor force has shown that new employees reflect idealized expectations and are frequently not very satisfied with their jobs and roles in the work settings.” Chitiris advances the thought even further by saying: “Research on job satisfaction, motivation, and production purports that management can initiate policies that develop job satisfaction and may improve productivity.” The author outlines components within the general category of the hotel industry to label and quantify exactly why there may be a lag between employee expectations and the delivery of a superior level of service. Please keep in mind that the information for this essay is underpinned by the hotel industry in Greece, exclusively. Demographic information is provided. One example of the many factors parsed in this hotel service discussion is the employee/guest relationship. “The quality of service in hotels is affected to a great extent by the number of guests a hotel employee has to serve,” Chitiris offers. Additionally, Chitiris’ characterization of the typical hotel employee in Greece is not flattering, but it is an informed and representative view of that lodging labor pool. The description in and of itself begs to explain at least some of why the hotel industry in Greece suffers a consequently diminished capacity of superior service. Ill equipped, under-educated, over-worked, and under-paid are how Chitiris describes most employees in the Hellenist hospitality field. Survey based studies, and formulaic indices are used to measure variables related to productivity; the results may be inconclusive industry wide, but are interesting nonetheless. Also, an appealing table gauges the reasons why hotel workers actually employ themselves in the lodging industry. Chirtiris finds that salary expectations do not rate all that high on the motivational chart and are only marginal when related to productivity. In closing, Chirtiris presents a 5-phase development plan hotels should look to in improving performance and productivity at their respective properties.

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.

The exclusive fishing zone for the artisanal fishery in Chocó Colombia: origins, development, and consequences for artisanal fisheries and food security.

Exclusive Fishing Zones (EFZs) are a type of place-based management tool often used to mitigate conflicts between fishing sectors by granting fishing rights to one of the sectors. This case study enhances our knowledge of the pre- and post-implementation processes associated with EFZs as well as its consequences for fish stocks and artisanal fishers and their families. The study draws upon interviews with artisanal fishers and key informants related to an EFZ established in 2008 in Colombia (the Chocó-EFZ). The findings of this research indicate that conflicts at sea and on land between artisanal and industrial fisheries triggered the Chocó-EFZ process. Results also show some potential benefits of the Chocó-EFZ including: a) mitigating conflicts between artisanal fishers and industrial shrimpers; b) contributing to the food security of artisanal fishing households and sustaining local fish stocks; c) supporting an existing informal community-based management as well as promoting the development of a co-management regime. Potential negative effects of the Chocó-EFZ include: a) displacement of industrial fishing effort and, b) job loss within the industrial shrimp industry. The findings of this research also indicate that there are multiple factors that jeopardize the effectiveness and continuation of the Chocó-EFZ, some of which include diversity of fisheries, power struggles among stakeholders, and disagreement about exclusive access to fish resources.

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.

Development of an instrumented customizable total knee prosthesis for experimental tests.

Total knee arthroplasty (TKA) has revolutionized the life of millions of patients and it is the most efficient treatment in cases of osteoarthritis. The increase in life expectancy has lowered the average age of the patient, which requires a more enduring and performing prosthesis. To improve the design of implants and satisfying the patient's needs, a deep understanding of the knee Biomechanics is needed. To overcome the uncertainties of numerical models, recently instrumented knee prostheses are spreading. The aim of the thesis was to design and manifacture a new prototype of instrumented implant, able to measure kinetics and kinematics (in terms of medial and lateral forces and patellofemoral forces) of different interchangeable designs of prosthesis during experiments tests within a research laboratory, on robotic knee simulator. Unlike previous prototypes it was not aimed for industrial applications, but purely focusing on research. After a careful study of the literature, and a preliminary analytic study, the device was created modifying the structure of a commercial prosthesis and transforming it in a load cell. For monitoring the kinematics of the femoral component a three-layers, piezoelettric position sensor was manifactured using a Velostat foil. This sensor has responded well to pilot test. Once completed, such device can be used to validate existing numerical models of the knee and of TKA and create new ones, more accurate.It can lead to refinement of surgical techniques, to enhancement of prosthetic designs and, once validated, and if properly modified, it can be used also intraoperatively.

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.

Development of Swept Source Optical Coherence Tomography and Adaptive Optics Scanning Laser Ophthalmoscopy: Improved Imaging Speed and Handheld Applications

Optical coherence tomography (OCT) is a noninvasive three-dimensional interferometric imaging technique capable of achieving micrometer scale resolution. It is now a standard of care in ophthalmology, where it is used to improve the accuracy of early diagnosis, to better understand the source of pathophysiology, and to monitor disease progression and response to therapy. In particular, retinal imaging has been the most prevalent clinical application of OCT, but researchers and companies alike are developing OCT systems for cardiology, dermatology, dentistry, and many other medical and industrial applications.

Adaptive optics (AO) is a technique used to reduce monochromatic aberrations in optical instruments. It is used in astronomical telescopes, laser communications, high-power lasers, retinal imaging, optical fabrication and microscopy to improve system performance. Scanning laser ophthalmoscopy (SLO) is a noninvasive confocal imaging technique that produces high contrast two-dimensional retinal images. AO is combined with SLO (AOSLO) to compensate for the wavefront distortions caused by the optics of the eye, providing the ability to visualize the living retina with cellular resolution. AOSLO has shown great promise to advance the understanding of the etiology of retinal diseases on a cellular level.

Broadly, we endeavor to enhance the vision outcome of ophthalmic patients through improved diagnostics and personalized therapy. Toward this end, the objective of the work presented herein was the development of advanced techniques for increasing the imaging speed, reducing the form factor, and broadening the versatility of OCT and AOSLO. Despite our focus on applications in ophthalmology, the techniques developed could be applied to other medical and industrial applications. In this dissertation, a technique to quadruple the imaging speed of OCT was developed. This technique was demonstrated by imaging the retinas of healthy human subjects. A handheld, dual depth OCT system was developed. This system enabled sequential imaging of the anterior segment and retina of human eyes. Finally, handheld SLO/OCT systems were developed, culminating in the design of a handheld AOSLO system. This system has the potential to provide cellular level imaging of the human retina, resolving even the most densely packed foveal cones.