Purpose -The purpose of this study is to examine whether the influence of block ownership on firm performance depends on the identity of the largest investor. Design/methodology/approach -The authors analyse the data for New Zealand companies for the period from 2002 to 2007 and develop multiple regression models which test the influence of block ownership on firm performance subject to the identity of the investor. A two-stage least square approach is employed to test the effect of possible reverse causality between block ownership and firm performance on the relationship found in multiple regression models. Findings -The authors find that the concentrated ownership has a positive, albeit decreasing, association with firm performance. This relationship is conditioned on the identity of the largest investor. Those companies whose block investors were financial institutions performed better than their peers. The superior influence of financial investors on corporate performance did not disappear even when the endogeneity of this relationship was accounted for. Originality/value -The main contribution of this paper is the finding of a differential influence of various identities of block investors on firm performance. It questions the role that some domestic block investors play in the governance of New Zealand companies and the reason why the financial system has allowed corporate entities to be the main shareholders of the majority of firms when they underperform relative to their peers.
Simulating fragment penetration into steel involves complicated modeling of severe behavior of the materials through multiple phases of response. Penetration of a fragment-like projectile was simulated using finite element (FE) and meshfree particle formulations. Extreme deformation and failure of the material during the penetration event were modeled with several approaches to evaluate each as to how well it represents the actual physics of the material and structural response. A steel Fragment Simulating Projectile (FSP) – designed to simulate a fragment of metal from a weapon casing – was simulated for normal impact into a flat square plate. A range of impact velocities was used to examine levels of exit velocity ranging from relatively small to one on the same level as the impact velocity. The numerical code EPIC, used for all the simulations presented herein, contains the element and particle formulations, as well as the explicit methodology and constitutive models needed to perform these simulations. These simulations were compared against experimental data, evaluating the damage caused to the projectile and the target plates, as well as comparing the residual velocity when the projectile perforated the target.
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