Do board contacts matter? : an analysis of the relationship between boards of directors’ ties and the performance of Australia’s largest companies.

Boards of directors are thought to provide access to a wealth of knowledge and resources for the companies they serve, and are considered important to corporate governance. Under the Resource Based View (RBV) of the firm (Wernerfelt, 1984) boards are viewed as a strategic resource available to firms. As a consequence there has been a significant research effort aimed at establishing a link between board attributes and company performance. In this thesis I explore and extend the study of interlocking directorships (Mizruchi, 1996; Scott 1991a) by examining the links between directors’ opportunity networks and firm performance. Specifically, I use resource dependence theory (Pfeffer & Salancik, 1978) and social capital theory (Burt, 1980b; Coleman, 1988) as the basis for a new measure of a board’s opportunity network. I contend that both directors’ formal company ties and their social ties determine a director’s opportunity network through which they are able to access and mobilise resources for their firms. This approach is based on recent studies that suggest the measurement of interlocks at the director level, rather than at the firm level, may be a more reliable indicator of this phenomenon. This research uses publicly available data drawn from Australia’s top-105 listed companies and their directors in 1999. I employ Social Network Analysis (SNA) (Scott, 1991b) using the UCINET software to analyse the individual director’s formal and social networks. SNA is used to measure a the number of ties a director has to other directors in the top-105 company director network at both one and two degrees of separation, that is, direct ties and indirect (or ‘friend of a friend’) ties. These individual measures of director connectedness are aggregated to produce a board-level network metric for comparison with measures of a firm’s performance using multiple regression analysis. Performance is measured with accounting-based and market-based measures. Findings indicate that better-connected boards are associated with higher market-based company performance (measured by Tobin’s q). However, weaker and mostly unreliable associations were found for accounting-based performance measure ROA. Furthermore, formal (or corporate) network ties are a stronger predictor of market performance than total network ties (comprising social and corporate ties). Similarly, strong ties (connectedness at degree-1) are better predictors of performance than weak ties (connectedness at degree-2). My research makes four contributions to the literature on director interlocks. First, it extends a new way of measuring a board’s opportunity network based on the director rather than the company as the unit of interlock. Second, it establishes evidence of a relationship between market-based measures of firm performance and the connectedness of that firm’s board. Third, it establishes that director’s formal corporate ties matter more to market-based firm performance than their social ties. Fourth, it establishes that director’s strong direct ties are more important to market-based performance than weak ties. The thesis concludes with implications for research and practice, including a more speculative interpretation of these results. In particular, I raise the possibility of reverse causality – that is networked directors seek to join high-performing companies. Thus, the relationship may be a result of symbolic action by companies seeking to increase the legitimacy of their firms rather than a reflection of the social capital available to the companies. This is an important consideration worthy of future investigation.

Platinum/graphene nanosheet/SiC contacts and their application for hydrogen gas sensing

Pt/graphene nanosheet/SiC based devices are fabricated and characterized and their performances toward hydrogen gas are investigated. The graphene nanosheets are synthesized via the reduction of spray-coated graphite oxide deposited onto SiC substrates. Raman and X-ray photoelectron spectroscopies indicate incomplete reduction of the graphite oxide, resulting in partially oxidized graphene nanosheet layers of less than 10 nm thickness. The effects of interfaces on the nonlinear behavior of the Pt/graphene and graphene/SiC junctions are investigated. Current-voltage measurements of the sensors toward 1% hydrogen in synthetic air gas mixture at various temperatures ranging up to 100. ° C are performed. From the dynamic response, a voltage shift of ∼100 mV is recorded for 1% hydrogen at a constant current bias of 1 mA at 100. °C. © 2010 American Chemical Society.

A controlled, longitudinal study of home visits compared to telephone contacts to prevent early childhood caries

Background Home visits (HV) provide excellent opportunities for health promotion. Aim This longitudinal study compared the effects of HV and telephone contacts (TC) in preventing early childhood caries (ECC) and colonisation of mutans streptococci (MS) and lactobacilli (LB) from 0 to 24 months. Design A total of 325 children were recruited from community health centres at mean age of 42 days, and randomly assigned to receive either HV or TC. A total of 188 children completed three, 6 monthly HV, and another 58 had three, 6 monthly TC. An additional 40 age-matched children from childcare facilities served as reference controls (RC). At 24 months, all groups were examined at a community dental clinic. Results At 24 months, three HV children of 188 (1.5%) had caries, compared to four TC of 58 (6.8%) and nine RC of 40 (22.5%) (P < 0.001 for HV versus RC; P = 0.05 for HV versus TC and P = 0.03 for TC versus RC). There were also more children with MS in the TC (47%) and RC (35%) compared to HV (28%) group (P = 0.01 and P = 0.02). Conclusions Home visits and telephone contacts conducted 6 monthly from birth are effective in reducing ECC prevalence by 24 months.

In situ transmission electron microscope study of single asperity sliding contacts

Direct observation of events taking place at the contacting interfaces is important to understand many tribological phenomena. Transmission electron microscope (TEM) has the ability to look through materials at very high magnifications. Most of the TEM observations are done long after the deforming loads and stresses have been relaxed and the material state is further disturbed during the specimen preparation. We have developed a specimen holder in which two electron transparent surfaces can be brought in contact and moved relative to each other in JEOL 2000FX microscope. This holder enables visualization of not only the contacting surfaces at nanoscale but also the subsurface deformation resulting from the contact interaction. Sliding experimentS have been carried out mimicking a single asperity sliding contact. A sharp tungsten probe is moved laterally against a tip mounted on a cantilever. Magnitude of the contact instability, when the contact is broken is found to be dependent on the local geometry of the contact.(C) 2009 Elsevier Ltd. All rights reserved.

Specificity for the Exchange of Phospholipids Through Polymyxin B Mediated Intermembrane Molecular Contacts

Structural specificity for the direct vesicle−vesicle exchange of phospholipids through stable molecular contacts formed by the antibiotic polymyxin B (PxB) is characterized by kinetic and spectroscopic methods. As shown elsewhere [Cajal, Y., Rogers, J., Berg, O. G., & Jain, M. K. (1996) Biochemistry 35, 299−308], intermembrane molecular contacts between anionic vesicles are formed by a small number of PxB molecules, which suggests that a stoichiometric complex may be responsible for the exchange of phospholipids. Larger clusters containing several vesicles are formed where each vesicle can make multiple contacts if sterically allowed. In this paper we show that the overall process can be dissected into three functional steps: binding of PxB to vesicles, formation of stable vesicle−vesicle contacts, and exchange of phospholipids. Polycationic PxB binds to anionic vesicles. Formation of molecular contacts and exchange of monoanionic phospholipids through PxB contacts does not depend on the chain length of the phospholipid. Only monoanionic phospholipids (with methanol, serine, glycol, butanol, or phosphatidylglycerol as the second phosphodiester substituent in the head group) exchange through these contacts, whereas dianionic phosphatidic acid does not. Selectivity for the exchange was also determined with covesicles of phosphatidylmethanol and other phospholipids. PxB does not bind to vesicles of zwitterionic phosphatidylcholine, and its exchange in covesicles is not mediated by PxB. Vesicles of dianionic phospholipids, like phosphatidic acid, bind PxB; however, this phospholipid does not exchange. The structural features of the contacts are characterized by the spectroscopic and chemical properties of PxB at the interface. PxB in intermembrane contacts is readily accessible from the aqueous phase to quenchers and reagents that modify amino groups. Results show that PxB at the interface can exist in two forms depending on the lipid/PxB ratio. Additional studies show that stable PxB-mediated vesicle−vesicle contacts may be structurally and functionally distinct from “stalks”, the putative transient intermediate for membrane fusion. The phenomenon of selective exchange of phospholipids through peptide-mediated contacts could serve as a prototype for intermembrane targeting and sorting of phospholipids during their biosynthesis and trafficking in different compartments of a cell. The protocols and results described here also extend the syllogistic foundations of interfacial equilibria and catalysis.

Electrical Contact Resistance in Thin (<= 0.5 mu m) Gold Plated Contacts: Effect of Gold Plating Thickness

This paper describes the electrical contact resistance (ECR) measurements made on thin gold plated (gold plating of <= 0.5 mu m with a Ni underlayer of similar to 2 mu m) oxygen free high conductivity (OFHC) Cu contacts in vacuum environment. ECR in gold plated OFHC Cu contacts is found to be slightly higher than that in bare OFHC Cu contacts. Even though gold is a softer material than copper, the relatively high ECR values observed in gold plated contacts are mainly due to the higher hardness and electrical resistivity of the underlying Ni layer. It is well known that ECR is directly related to plating factor, which increases with increasing coating thickness when the electrical resistivity of coating material is more than that of substrate. Surprisingly, in the present case it is found that the ECR decreases with increasing gold layer thickness on OFHC Cu substrate (gold has higher electrical resistivity than OFHC Cu). It is analytically demonstrated from the topography and microhardness measurements results that this peculiar behavior is associated with thin gold platings, where the changes in surface roughness and microhardness with increasing layer thickness overshadow the effect of plating factor on ECR.

Variations in the copper(I)-copper(I) distances in multinuclear clusters with identical coordination geometries. Short metal-metal contacts induced by oligomerization

Factors contributing to the variations in the Cu(I)-Cu(I) distances in two clusters with identical ligand and coordination geometries have been analyzed. While the hexamer, 4, exhibits metal-metal distances in the range 2.81-3.25 Angstrom, shorter contacts are found in the corresponding tetramer, 3 (2.60-2.77 Angstrom). EHT calculations reveal relatively little attractive interactions in the corresponding Cu-4(4+) and Cu-6(6+) cores. Introduction of the ligands lowers the reduced overlap populations between the metals further. MNDO calculations with model electrophiles have been carried out to determine the bite angle requirements of the ligands. These are satisfactorily met in the structures of both 3 and 4. The key geometric feature distinguishing 3 and 4 is the Cu-S-Cu angle involving the bridging S- unit. In 4, the corresponding angles are about 90 degrees, while the values in 3 are smaller (70-73 degrees). Wider angles are computed to be energetically favored and are characterized by an open three-center bond and a long Cu-Cu distance. The bridging angles are suggested to be primarily constrained by the mode of oligomerization. Implications of these results for the stability and reactivity of these clusters and for short metal-metal distances in d(10) systems in general are discussed.

Observation of asymmetry in U�I characteristics of contacts of the form metal 1�superconductor�metal 2

During experiments carried out to find out a suitable contact metal for electronic components based on high-T(c) superconductor films (Y-Ba-Cu-O), it is observed that there is an asymmetry in the U-I characteristics if the two contacts are made of different metals. The asymmetry is more pronounced if one of the contact metals is aluminium. The asymmetry is lowest if one of the contact metals is silver and the other gold.

Influence of uniformity of the axial magnetic field in a vacuum interrupter on the performance of the contacts

A vacuum interrupter utilises magnetic field for effective arc extinction. Based on the type of field, the vacuum interrupters are classified as radial or axial magnetic type of vacuum interrupters. This paper focuses on the axial magnetic field type of vacuum interrupters. The magnitude and distribution of the axial magnetic field is a function of the design of the contact system. It also depends on the orientations of the movable and fixed contact systems with respect to each other. This paper investigates the dependence of arcing and erosion performance of the contact on the magnitude and distribution of this axially oriented magnetic field. The experimental observations are well supported by electromagnetic simulations.

Pristine, adherent ultrathin gold nanowires on substrates and between pre-defined contacts via a wet chemical route

We demonstrate a simple strategy of obtaining clean, ultrathin single crystal Au nanowires on substrates and interconnecting pre-defined contacts with an insight into the growth mechanism. The pristine nature enables electron transport measurement through such ultrathin wires and opens up possibilities of exploring its properties for a wide range of applications.

Halogen bonding in fluorine: experimental charge density study on intermolecular F center dot center dot center dot F and F center dot center dot center dot S donor-acceptor contacts

The enigmatic type II C-F center dot center dot center dot F-C and C-F center dot center dot center dot S-C interactions in pentafluorophenyl 2,2'-bithiazole are shown to be realistic ``r-hole'' interactions based on high resolution X-ray charge density analysis.