Dual class shares,board of directors’ effectiveness and firm’s market value: an empirical study

This study aims to identify whether a relationship exists between the controlling shareholders’ voting power and outside directors’ effectiveness in maximizing firms’ financial performance. We analyze a panel data with 3057 observations for the 2000–2012 period using a random effects model, logit and probit regressions, and the two-stage model of Heckman in the Brazilian stock market. Our findings show that firms whose controlling shareholders use dual class shares to leverage their voting power have less independence from the board and worse financial performance and market value. Further, the percentage of outside directors tends to be ineffective in increasing the firm’s value, and in changing the firm’s chief executive officer (CEO) when (1) the controlling shareholder’s voting power is leveraged, or (2) when the CEO assumes a position on the board of directors simultaneously. We interpreted that these results are in line with the arguments in favor of the existence of a new agency cost, which is related to the undue obedience of board members to authority, such as the largest controlling shareholder or the CEO in Brazilian listed firms.     

Pension reforms in EU11 countries: An evaluation of post‐socialist pension policies

This article evaluates the pension policy pathways of the 11 former state socialist nations that have joined the European Union since 2004. Focusing primarily on the post‐2004 period, the analysis discusses the most important measurable outcomes of these countries’ pension reforms, in terms of poverty alleviation, pension adequacy and fiscal sustainability. Going beyond the quantifiable concepts, we also investigate the quality of the 11 countries’ pension systems in terms of equity as well as efficiency, emphasizing the less conspicuous design errors present in these systems. Although these errors have received little attention to date, they may harm pension schemes along several dimensions, including their fiscal sustainability.     

Forced Migration and Mortality in the Very Long Term: Did Perestroika Affect Death Rates Also in Finland?

In this article, we analyze mortality rates of Finns born in areas that were ceded to the Soviet Union after World War II and from which the entire population was evacuated. These internally displaced persons are observed during the period 1971-2004 and compared with people born in the same region but on the adjacent side of the new border. We find that in the 1970s and 1980s, the forced migrants had mortality rates that were on par with those of people in the comparison group. In the late 1980s, the mortality risk of internally displaced men increased by 20% in relation to the expected time trend. This deviation, which manifests particularly in cardiovascular mortality, coincides with perestroika and the demise of the Soviet Union, which were events that resulted in an intense debate in civil society about restitution of the ceded areas. Because state actors were reluctant to engage, the debate declined after some few years, and after the mid-1990s, the death risk again approached the long-term trend. Our findings indicate that when internally displaced persons must adjust to situations for which appropriate coping behaviors are unknown, psychosocial stress might arise several decades after their evacuation.     

Contact between birth parents and children in kinship care in a sample from Spain

Within the context of kinship care, the main objectives of this work are to study the characteristics of contact between foster children and their birth parents, and their relationship with key variables of fostering, the children and their kinship caregivers. The sample included 189 children from Spain and their kinship families. A semi‐structured placement interview and two scales relating to the child–caregiver relationship and child's psychological adjustment were used with the kinship families. The results revealed a significant percentage of foster children who had no family contact. Various visit types, frequencies and durations were described. Kinship care with contact, compared with placements without contact, was frequently characterized by the absence of professional supervision, and an affectionate child–caregiver relationship; moreover, children with contact were perceived to have fewer serious behaviour and socio‐emotional problems and a greater probability of family reunification. The regression analysis showed that the main predictors for how caregivers assessed contact were the children's emotional reaction during visits and the quality of the relationship between the kinship families and the birth parents. These results suggest the need for further research about contact, which will certainly have a major impact on professional intervention with these families.     

Racial/ethnic and socio‐economic biases in child maltreatment severity assessment in Spanish child protection services caseworkers

Evidence from several countries has shown the over‐representation of racial/ethnic minority groups in child protection services (CPS). The objective of the present study was to explore whether racial/ethnic and socio‐economic biases influence Spanish CPS caseworkers' judgements of the severity of child maltreatment. Moreover, the study attempted to explore the influence on these judgements of the use of structured instruments and professional experience. Two case vignettes of child maltreatment were presented to 405 CPS caseworkers and 169 students of social work and psychology. Family ethnic origin and income were manipulated in the vignettes. The findings showed no statistical evidence of biases related to family ethnic origin or socio‐economic status (SES) in Spanish CPS caseworkers' judgements of maltreatment severity. Biases related to family SES were found for students for the vignettes of physical abuse. CPS caseworkers and students who did not use a structured instrument to assess maltreatment severity tended to underestimate the severity for the vignettes of parental incapacity to control child/adolescent behaviour and to overestimate it for the vignettes of physical abuse. CPS caseworkers who used a structured instrument showed higher percentages of accuracy and inter‐rater agreement, supporting the relevance of structured tools in reducing potential caseworkers' biases.     

Your position in society matters for how happy you are

This article shows that people's perception of their position in society is strongly correlated with their level of happiness, and thus that differences in happiness levels among countries in different welfare state clusters are influenced by people's perceptions of their relative position in society (subjective position). The study drew on data from the European Social Survey. Two important findings emerged from the analysis. First, an individual's subjective position in society is a more important predictor of happiness than objective measures such as income, education and labour market position. Second, the link between individuals’ perceived position in society and their level of happiness is moderated by the welfare state. In the Nordic countries, people's perceptions of their position in society have less influence on happiness whereas in Eastern European countries we found a strong connection between subjective position and happiness.     

“Unnatural Fornication” Cases Under State-Socialism: A Hungarian–Slovenian Comparative Social-Historical Approach

This comparative social-historical study examines different versions of state-socialist body politics manifested in Hungary and Slovenia mainly during the 1950s by using archive material of “unnatural fornication” court cases. By analyzing the available Hungarian “természet elleni fajtalanság” and Slovenian “nenaravno ob?evanje” court cases, we can shed light on how the defendants were treated by the police and the judiciary. On the basis of these archive data that have never been examined before from these angles, we can construct an at least partial picture of the practices and consequences of state surveillance of same-sex-attracted men during state-socialism. The article explores the functioning of state-socialist social control mechanisms directed at nonnormative sexualities that had long-lasting consequences on the social representation of homosexuality in both countries.     

Floristic composition and richness of urban domestic gardens in three urban socioeconomic stratifications in the city Heredia,Costa Rica

The urban domestic gardens that are part of urban green areas have become a very important element due to their ecosystematic benefits and the poor information about them. Information regarding the floristic richness of three socioeconomic stratifications from the city of Heredia, Costa Rica is presented in this study. Research was conducted from October 2011 to May 2012. Information was collected using a semi-structured questionnaire, which was provided to 61 garden owners, including the owner’s personal data, time living in the dwelling, area of the property and the garden, variation of its size in time and the garden’s location on the property. In addition, a floristic inventory was conducted in each garden as well as a taxonomic identification of all plants. Vegetative forms and substrates were also noted. Characteristics of the gardens and their owners were then analyzed to determine the relationship of species richness between the three sites studied. The number of plant species recorded was 618, corresponding to 102 families (19 % exotic). Regarding geographical origin, 64, 4 % were exotic, 35,6 % native. Orchidaceae (93 spp.) and Araceae (39 spp.) were the most dominant families. The variables of garden area and location and owner's age determined the garden’s floristic richness. In addition, the garden’s area and vegetative forms varied among the sites studied probably due to socioeconomic differences among them. Diversity of pioneer plants increased with the garden’s area. In sum, this research provides important floristic information of domestic gardens, since, being private property, data about them is scarce and municipal management guidelines are nonexistent.     

Plant-mycorrhizal fungi associations along an urbanization gradient: implications for tree seedling survival

Mycorrhizal fungi symbioses can be critical determining if established seedlings survive or not. Currently, in remnant forests, plants and their fungal symbionts are exposed to varied anthropomorphic effects related to urbanization, however, little is known about their impact on this association. We investigated the relationship between mycorrhizal fungi and tree seedling survival along an urbanization gradient. We planted three species of temperate tree seedlings (Acer rubrum, Carya ovata, and Quercus rubra) in three landscapes: urban, suburban, and rural. We measured the percent of root length colonized by mycorrhizal fungi and monitored survival during their first growing season. We analyzed mycorrhizal colonization as a function of landscape type (urban-rural) and additional variables known to contribute to mycorrhizal colonization (phosphorus, nitrogen, initial plant height). We then analyzed seedling survival as a function of the degree of mycorrhizal fungi colonization associated with the landscape gradient and of additional environmental factors (light and soil moisture). Within a species we found no changes in the levels of mycorrhizal fungi colonization across the urbanization gradient. Each species, however, had markedly different levels of colonization. Survival of A. rubrum was independent of mycorrhizal colonization, while C. ovata and Q. rubra had a significant positive response to increased mycorrhizal fungi. These findings highlight the resilience of mycorrhizal communities across the rural-urban gradient typical of this region, but they also underscore the potential sensitivity of some tree species to lower levels of mycorrhizal fungi colonization.     

Usability and Feasibility Study of a Remote Cognitive Behavioral Therapy System with Long-Term Unemployed Women

We present the results of the use of a cognitive behavioral therapeutic intervention tool to improve the mental, physical, and social health of a group of long-term unemployed women in Spain. Method: We sent automated text messages (SMS) to the mobile phones of long-term unemployed women selected at random from public social services. During a 28-day intervention period, women received four daily automated text messages on her mobile phone on a predetermined hourly schedule. We measured depression symptoms at the start and end of the intervention and we analyzed qualitative data to determine the acceptability of a remote SMS program. Results: Depression symptoms using the Personal Health Questionnaire-9 (PHQ-9), went from an average of 13.8 at baseline to 4.9 at the end of 28 days (p?=?0.89). One hundred percent of the women reported that they liked receiving the text messages and most found them helpful.