This study examines the relationship between family ownership and firm performance in a family-based corporate environment in which managerial ownership is used as a proxy for family ownership. The relationship is in cubic form with a pattern of "entrenchment-alignment-entrenchment, '' which is the reverse of that found in earlier US. and U.K. studies. This con.rms that research based on US. and U.K. evidence is not applicable to East-Asian corporations due to the diferences in ownership concentration. Taking the endogeneity issue into consideration, the simultaneous equations regression analysis confirms that in a family-owned corporate structure, ownership affects performance and not vice versa. The wide range of alignment in the nonmonotonic relationship supports the classical "convergence of interest" hypothesis. However, at a very high level of ownership, the entrenchment efect becomes dominant. This indicates that i f the family form of ownership can be controlled and made use of appropriately, Jim? pe$ormance can be optimized due to convergence of interest. It also follows that a company with high ownership concentration should pay even more attention to improving corporate governance practices in order to enhance its performance.

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The Asian financial turmoil has resulted in widespread corporate difficulties and collapses in the Asia-Pacific region. There is an urgent need of corporate recovery and insolvency administration in the area. This paper aims at reviewing and analysing the insolvency law and practices in the Chinese mainland and Hong Kong of the People's Republic of China (PRC). Foreign investors should possess the above knowledge in order to better protect themselves with their investments in the PRC. It is also envisaged that with improvement in corporate recovery procedures and reforms in insolvency administration, the PRC can pursue its economic performance further in the twenty-first century with its accession to the World Trade Organisation.

This paper comprehensively evaluates the influence of location specific lane change executions on delay and queue length. The extended macroscopic Cell Transmission Model (CTM) based lane change model has been developed by adopting the formulations of diverging and merging in one-way traffic flow. The extended CTM model uses a pre-determined lane change rate and traffic parameters including free flow speed, jam density, cell length and time-step while the inflow parameters were generated form real traffic data collected in Bandar Sunway, Malaysia. The results demonstrate that the lane change maneuver approaching the exit of intersection incurs the highest delay. From real observation, drivers have high tendency to perform mandatory lane changing compared with discretionary lane change in urban arterials. The results can be further used to develop lane change assistance model to improve the traffic flows.