A large-area module (active area > 20 cm 2 ) with a power conversion efficiency (PCE) of 10.4% (certified at 10.1%) using a non-fullerene blend was demonstrated, which is by far the highest PCE reported to date. The same module also delivers a power of 40 mW/cm 2 (PCE 22%) under indoor lighting. Equally important, PCEs of 12%-14% were achieved for blends processed in ambient and/or without halogenated solvent.
This paper examines the relationship among managerial ownership, capital expenditures and firm performance using data of 359 firms listed on the Taiwan Stock Exchange over the period 1998-2005. The empirical results indicate a concave relationship between managerial ownership and future firm performance and a positive relationship between managerial ownership and capital expenditures. Moreover, for firms with larger capital expenditures, the interactive effect of managerial ownership and capital expenditures is significantly positively related to firm performance.
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