Is CEO human capital related to firm performance?

The global economy experienced continuous growth from 2002 to 2007 until the U.S. subprime mortgage crisis caused instability in worldwide stock markets. Simultaneously, global CEO turnover continued to fall to 13.8 percent in 2007. In contrast, the CEO turnover rate in Australia increased to 18 percent in 2007. The purpose of this paper is to determine under what conditions a change in a CEO is associated with firm performance. Succinctly, does the firm’s decision to replace the CEO depend on the CEO’s human capital or firm performance? The empirical study of Australian listed firms (2005 – 2008) shows that firm performance is not a determinant of CEO turnover, rather a CEO with less valuable human capital is more likely to be replaced. The study also finds that merely changing the CEO is not associated firm performance. Rather, there is a positive association between firm performance and the successor’s general human capital for firms that replace the CEO. Specifically, it is the internal successor’s general human capital that is an important determinant of increasing firm performance. These results are important because they imply that CEO turnover is a result of a more active market for CEOs and contributes to explaining why firms retain CEOs despite poor firm performance.

Relationship between CEO salaries and performance of banks in Australia and Germany

Purpose: The purpose of this paper was to examine the relationship between CEO salaries and firm performance in the banking sector. Design/methodology/approach: The data relating to a six year period (2007 - 2012) was gathered from databases and the websites of the major banks in Australia and Germany. The data was subjected to Regression and Pearson Correlation Analysis to test if there was a positive correlation between total salary including incentive bonuses against the variables indicating the performance of the firm. Findings: The tests indicate a weak relationship between the CEO salary package and the key indicators of a firm's performance in Australian banks but a strong relationship in the German banks. Research limitations/implications: This study was limited in that it only covers the major banks in Australia and Germany and may therefore not be relevant to different countries with different economic climates. Practical implications: This study provides additional evidence to support the continued debate regarding the need to have greater accountability for CEO salary packages linked to actual performance measures of firms. Originality/value: This paper adds to the literature in so far as it compares two different Countries of the banking sector in a global market

Photoluminescence of Sr(2-x)Ln(x)CeO(4+x/2) (Ln = Eu, Sm or Yb) prepared by a wet chemical method

A wet chemical route is developed for the preparation of Sr2CeO4 denoted the carbonate-gel composite technique. This involves the coprecipitation of strontium as fine particles of carbonates within hydrated gels of ceria (CeO2.xH(2)O, 40CeO2.xH(2)O dehydroxylation is followed by the reaction with SrCO3 to form Sr2CeO4 with complete phase purity. Doping of other rare-earths is carried out at the co-precipitation stage. The photoluminescence (PL) observed for Sr2CeO4 originates from the Ce4+-O2- charge-transfer (CT) transition resulting from the interaction of Ce4+ ion with the neighboring oxide ions. The effect of next-nearest-neighbor (NNN) environment on the Ce4+-O2- CT emission is studied by doping with Eu3+, Sm3+ or Yb3+ which in turn, have unique charge-transfer associated energy levels in the excited states in oxides. Efficient energy transfer occurs from Ce4+-O2- CT state to trivalent lanthanide ions (Ln(3+)) if the latter has CT excited states, leading to sensitizer-activator relation, through non-resonance process involving exchange interaction. Yb3+-substituted Sr2CeO4 does not show any line emission because the energy of Yb3+-O2- CT level is higher than that of the Ce4+-O2- CT level. Sr2-xEuxCeO4+x/2 shows white emission at xless than or equal to0.02 because of the dominant intensities of D-5(2)-F-7(0-3) transitions in blue-green region whereas the intensities of D-5(0)-F-7(0-3) transitions in orange-red regions dominate at concentrations xgreater than or equal to0.03 and give red emission. The appearance of all the emissions from D-5(2), D-5(1) and D-5(0) excited states to the F-7(0-3) ground multiplets of Eu3+ is explained on the basis of the shift from the hypersensitive electric-dipole to magnetic-dipole related transitions with the variation in site symmetry with increasing concentration of Eu3+. White emission of Sr2-x SmxCeO4+x/2 at xless than or equal to0.02 is due the co-existence of Ce4+-O2- CT emission and (4)G(4)(5/2)-H-6(J) Sm3+ transitions whereas only the Sm3+ red emission prevails for xgreater than or equal to0.03. The above unique changes in PL emission features are explained in terms of the changes in NNN environments of Ce4+. Quenching of Ce4+-O2- CT emission by other Ln(3+) is due to the ground state crossover arising out of the NNN interactions.

Ru(4+) ion in CeO(2) (Ce(0.95)Ru(0.05)O(2-delta)): A non-deactivating, non-platinum catalyst for water gas shift reaction

Hydrogen is a clean energy carrier and highest energy density fuel. Water gas shift (WGS) reaction is an important reaction to generate hydrogen from steam reforming of CO. A new WGS catalyst, Ce(1-x)Ru(x)O(2-delta) (0 <= x <= 0.1) was prepared by hydrothermal method using melamine as a complexing agent. The Catalyst does not require any pre-treatment. Among the several compositions prepared and tested, Ce(0.95)Ru(0.05)O(2-delta) (5% Ru(4+) ion substituted in CeO(2)) showed very high WGS activity in terms of high conversion rate (20.5 mu mol.g(-1).s(-1) at 275 degrees C) and low activation energy (12.1 kcal/mol). Over 99% conversion of CO to CO(2) by H(2)O is observed with 100% H(2) selectivity at >= 275 degrees C. In presence of externally fed CO(2) and H(2) also, complete conversion of CO to CO(2) was observed with 100% H(2) selectivity in the temperature range of 305-385 degrees C. Catalyst does not deactivate in long duration on/off WGS reaction cycle due to absence of surface carbon and carbonate formation and sintering of Ru. Due to highly acidic nature of Ru(4+) ion, surface carbonate formation is also inhibited. Sintering of noble metal (Ru) is avoided in this catalyst because Ru remains in Ru(4+) ionic state in the Ce(1-x)Ru(x)O(2-delta) catalyst.

Electrocatalysis and redox behavior of Pt(2+) ion in CeO(2) and Ce(0.85)Ti(0.15)O(2): XPS evidence of participation of lattice oxygen for high activity

Electronic states of CeO(2), Ce(1 -aEuro parts per thousand x) Pt (x) O(2 -aEuro parts per thousand delta) , and Ce(1 -aEuro parts per thousand x -aEuro parts per thousand y) Ti (y) Pt (x) O(2 -aEuro parts per thousand delta) electrodes have been investigated by X-ray photoelectron spectroscopy as a function of applied potential for oxygen evolution and formic acid and methanol oxidation. Ionically dispersed platinum in Ce(1 -aEuro parts per thousand x) Pt (x) O(2 -aEuro parts per thousand delta) and Ce(1 -aEuro parts per thousand x -aEuro parts per thousand y) Ti (y) Pt (x) O(2 -aEuro parts per thousand delta) is active toward these reactions compared with CeO(2) alone. Higher electrocatalytic activity of Pt(2+) ions in CeO(2) and Ce(1 -aEuro parts per thousand x) Ti (x) O(2) compared with the same amount of Pt(0) in Pt/C is attributed to Pt(2+) ion interaction with CeO(2) and Ce(1 -aEuro parts per thousand x) Ti (x) O(2) to activate the lattice oxygen of the support oxide. Utilization of this activated lattice oxygen has been demonstrated in terms of high oxygen evolution in acid medium with these catalysts. Further, ionic platinum in CeO(2) and Ce(1 -aEuro parts per thousand x) Ti (x) O(2) does not suffer from CO poisoning effect unlike Pt(0) in Pt/C due to participation of activated lattice oxygen which oxidizes the intermediate CO to CO(2). Hence, higher activity is observed toward formic acid and methanol oxidation compared with same amount of Pt metal in Pt/C.

CO oxidation by CeO(2)-Al(2)O(3)-CeAlO(3) hybrid oxides

A modified solution combustion technique was successfully used to synthesize sub-10 nm crystallites of hybrid CeO(2)-Al(2)O(3)-CeAlO(3). The fuel in the solution combustion was tuned to obtain mixed oxides and solid solutions of the compound. The compounds were characterized by X-ray diffraction, transmission electron microscopy and X-ray photoelectron spectroscopy. XRD and TEM analysis showed the substitution of Al(3+) ions in the CeO(2) matrix when a combination of glycine, urea, hexamine and oxalyl dihydrazide was used as fuel for the synthesis. The compounds showed high activity for CO oxidation and the activity of the compounds was dependent upon the composition of the oxide.

Electrochemical studies on Zn/nano-CeO 2 electrodeposited composite coatings

The Zn-CeO 2 composite coatings through electrodeposition technique were successfully fabricated on mild steel substrate. As a comparison pure zinc coating was also prepared. The concentration of CeO 2 nanoparticles was varied in the electrolytic bath and the composites were electrodeposited both in the presence and absence of cetyltriammonium bromide (CTAB). The performance of the CeO 2 nanoparticles towards the deposition, crystal structure, texture, surface morphology and electrochemical corrosion behavior was studied. For characterizations of the electrodeposits, the techniques such as X-ray diffraction (XRD), scanning electron microscopy (SEM) were used. Both the additives ceria and surfactant polarize the reduction processes and thus influence the deposition process, surface nature and the electrochemical properties. The electrochemical experiments like potentiodynamic polarization and electrochemical impedance spectroscopic (EIS) studies carried out in 3.5 wt. NaCl solution explicit higher corrosion resistance by CeO 2 incorporated coating in the presence of surfactant. © 2012 Elsevier B.V. All rights reserved.