Manuscript Type: EmpiricalResearch Question/Issue: This study examines whether and how controlling shareholders collude with managers with respect to tunneling. Research Findings/Insights: Using data from Chinese listed companies, we find evidence consistent with the collusion hypothesis. Specifically, we find that the separation of control and cash flow rights is negatively associated with managerial pay-performance and turnover-performance sensitivity. These results suggest that controlling shareholders with excess control rights collude with managers by weakening performance-based incentives. Further evidence suggests that the negative relation between excess control rights and performance-based incentives is more pronounced in less profitable and less promising firms. We also find preliminary evidence for rent-sharing behavior between controlling shareholders and managers. Theoretic/Academic Implications: We incorporate the influence of managers into the agency framework between controlling and minority shareholders and suggest that controlling shareholders and managers expropriate the minority shareholders. We also propose that excess control rights undermine normal, effective, performance-based incentives and induce rent-sharing behavior between controlling shareholders and managers. Practitioner/Policy Implications: We advise firms' stakeholders, especially minority shareholders, to detect tunneling by observing executive incentives. We suggest that policy makers pay particular attention to the collusion between tunneling participants rather than merely prohibiting certain tunneling tactics. We also recommend that regulators strengthen corporate governance norms and improve the corporate governance environment.
Abstract-In this paper, the higher order hierarchical basis functions are employed to solve the electric field integral equation for computing electromagnetic scattering from three-dimension bodies comprising both conducting and dielectric objects. In higher-order methods of moments (HO-MoM), the equivalent surface electric and magnetic currents are usually expanded by the same basis functions, which are not appropriate in our problem here. The pointwise orthogonal basis functions respectively for electric and magnetic currents are proposed in our improved HO-MoM. Quadrilateral patches are used in curvilinear geometry modeling since they result in the lowest number of unknowns. Numerical solution procedure is particularly analyzed, and numerical results are given for various structures and compared with other available data lastly.
Since the alkaline hydrogen evolution reaction (HER) on benchmark Pt/C is heavily limited by the sluggish water dissociation step, and pure Pt catalysts generally suffers from high cost and poor...
A sensitive and selective sensing system for chlorocatechols (3-chlorocatechol and 4-chlorocatechol) was developed based on Pseudomonas putida bacteria harboring the plasmid pSMM50R-B'. In this plasmid, the regulatory protein of the clc operon, ClcR, controls the expression of the reporter enzyme beta-galactosidase. When bacteria containing components of the clc operon are grown in the presence of chlorocatechols, ClcR activates the clcA promoter, which is located upstream from the beta-galactosidase gene. Thus, the concentration of chlorocatechols can be related to the production of beta-galactosidase in the bacteria. The concentration of beta-galactosidase expressed in the bacteria was determined by measuring the chemiluminescence signal emitted with the use of a 1,2-dioxetane substrate. ClcR has a high specificity for chlorocatechols and provides the sensing system with high selectivity. This was demonstrated by evaluating several structurally related organic compounds as potential interfering agents. Both 3-chlorocatechol and 4-chlorocatechol can be detected with this sensing system at concentrations as low as 8 x 10(-10) and 2 x 10(-9) M, respectively, using a 2-h induction period. In the case of 3-chlorocatechol, a highly selective sensing system was developed that can detect this species at concentrations as low as 6 x 10(-8) M after a 5-min induction period; the presence of 4-chlorocatechol at concentrations as high as 2 x 10(-4) M did not interfere with this system.
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