The retinoid-related orphan receptors (RORs) and liver X receptors (LXRs) were postulated to have distinct functions. RORs play a role in tissue development and circadian rhythm, whereas LXRs are sterol sensors that affect lipid homeostasis. In this study, we revealed a novel function of ROR␣ (NR1F1) in regulating the oxysterol 7␣-hydroxylase (Cyp7b1), an enzyme critical for the homeostasis of cholesterol, bile acids, and oxysterols. The expression of Cyp7b1 gene was suppressed in the ROR␣ null (ROR␣ sg/sg ) mice, suggesting ROR␣ as a positive regulator of Cyp7b1. Promoter analysis established Cyp7b1 as a transcriptional target of ROR␣, and transfection of ROR␣ induced the expression of endogenous Cyp7b1 in the liver. Interestingly, Cyp7b1 regulation seemed to be ROR␣-specific, because ROR␥ had little effect. Reporter gene analysis showed that the activation of Cyp7b1 gene promoter by ROR␣ was suppressed by LXR␣ (NR1H3), whereas ROR␣ inhibited both the constitutive and ligand-dependent activities of LXR␣. The mutual suppression between ROR␣ and LXR was supported by the in vivo observation that loss of ROR␣ increased the expression of selected LXR target genes, leading to hepatic triglyceride accumulation. Likewise, mice deficient of LXR ␣ and  isoforms showed activation of selected ROR␣ target genes. Our results have revealed a novel role for ROR␣ and a functional interplay between ROR␣ and LXR in regulating endo-and xenobiotic genes, which may have broad implications in metabolic homeostasis.
This article aims to investigate the relationship between working capital management and firm performance in an emerging market. The analysis is done over a long window spanning across 2000–2014 by using ordinary least square (OLS), fixed- and random-effects model and generalized method of moments (GMM) on 2,327 firm-year observations, a panel data of 179 companies listed on the S&P BSE 500 Index of Bombay Stock Exchange (BSE). For robustness, in addition to accounting performance, market-based performance measure has also been employed to measure firm performance. This study based on India finds a negative relationship between the working capital management and firm performance, necessitating the need to efficiently manage the working capital for enhanced profitability.
The financial integration of global markets has been an important topic of research and the behaviour of emerging markets is receiving even greater interest after the recent developments in financial markets across the world. The purpose of this article is to investigate the integration of the developed market of the US and emerging Asian stock markets before and after recent global financial crisis from the international portfolio diversification perspective. The study applies the concept of cointegration and uses Morgan Stanley Composite Index (MSCI) data for analysis, and the period of investigation is January 1992 to April 2014. The global indices which are sampled in the study are large and mid cap MSCI of USA, Japan, Singapore, Hong Kong and India. The findings of this study are very interesting and suggest the presence of strong long-term integration but the absence of short-term integration of Indian stock markets with global markets.
This study examines how firm performance is impacted by family ownership and governance in an emerging market. Employing a panel data set of listed companies from National Stock Exchange (NSE) of India for the period 2011–2017, this study analyses the relationship between family ownership and firm performance while controlling for variables like impact of external environment and characteristics of firms. The performance of firms is measured by accounting measures of performance and Tobin’s Q. The findings of this study suggest that family ownership and firm performance have a nonlinear relationship and family ownership has a positive impact on firm performance till a certain point and after that it starts affecting firm performance negatively. This study also finds that family involvement in governance positively affects the firm performance.
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