Board size and corporate performance: the missing role of board leadership structure

Different arguments have been introduced in the literature both for and against large and small board sizes. In this context, empirical evidence regarding the impact of board size on corporate performance is less conclusive, which means that further study is needed. Contrary to previous work, it is hypothesized in this study that the relationship between board size and corporate performance is more likely to be confounded by board leadership structure. Econometric analysis provided strong evidence for the applicability of this hypothesis and demonstrated that board size positively affects corporate performance in the presence of CEO non-duality (board leadership structure that is split between the roles of the CEO and the roles of the chairman). Furthermore, board size is shown to have a negative influence on corporate performance in the presence of CEO duality (board leadership structure that assigns the roles of both CEO and chairman to the same person). This conclusion is robust to the use of different measures of corporate performance, control variables and econometric models. Thus, these findings cast doubt on most of the existing evidence that posits that either large or small board size is always the best alternative to be followed in all organizations.     

Adolescent group therapy membership selection

Conclusions Social agency practitiooners can employ adolescent group therapy as an effective treatment mode, as long as a great deal of attention and planning is put into the details of group membership selection. The authors have presented suggestions and guidelines that can be used in overcoming the logistic problems inherent in forming an adolescent therapy group. We feel that proper pregroup planning is just as important in determining group results as is the ongoing group process. Group treatment does not necessarily incease a therapist's productivity or reduce the amount of time spent in therapy, but it does offer a unique experience which has certain qualitative advantages for teenagers experiencing behavioral and relationship problems within and, particularly, outside of the family system.     

Neighborhood context and racial differences in early adolescent sexual activity

Evidence suggests that African American youths initiate sexual activity at earlier ages than do European American or Latino youths. Using data from a multilevel study in Chicago, we developed and tested a neighborhood-based model of the timing of first adolescent intercourse that emphasizes the impact of neighborhood structural disadvantage and collective efficacy on early sexual activity (at ages 11 to 16). In turn, we explored the extent to which neighborhood factors account for racial differences in the timing of first intercourse. The findings indicate that demographic background, family processes, peer influences, and developmental risk factors account for about 30% of the baseline increased likelihood of early sexual onset for African American youths compared with European American youths. However, a significant residual racial difference remained even after we considered a host of micro-level factors. Neighborhood-level concentrated poverty largely explained this residual racial difference. Collective efficacy also independently contributed to the delay of sexual onset. No significant baseline difference in age of sexual initiation was found between Latino and European American youths.     

Effect of family structure on life satisfaction: australian evidence

How do family arrangements affect subjective well-being? We investigate this issue using data pooled from the IsssA and HILDA, both large, representative national samples of Australia (pooled n=38 447). Our regression analysis of cross-sectional and panel data examines how large are the differences in life satisfaction according to marital status and cohabitation. We find that women and men in formal marriages experience higher levels of life satisfaction than do people in other family arrangements. Moreover, both multiple tests in the cross-section, and tests controlling for prior happiness in the panel analysis, suggest that this is a causal relationship. Aggregating up the levels of life satisfaction generated by different marriage and cohabitation arrangements across a lifetime, suggests that a life-long marriage is the most satisfying. Early divorce followed by an enduring second marriage is little worse (because little time is spent outside the married state). But divorce without remarriage, or long lasting cohabitation without formal marriage, reduce the lifetime sum of subjective well-being by 4–12% for both women and men.     

Inequality and welfare evaluation of heterogeneous income distributions

This paper establishes the principles that should govern the welfare and inequality analysis of heterogeneous income distributions. Two basic criteria – the equity preference condition and the compensation principle – are shown to be fundamentally incompatible. The paper favours the latter, thereby vindicating the traditional method of dealing with heterogeneous samples. However, inequality and welfare comparisons will usually be well defined only if equivalent incomes are obtained using constant scale factors; and researchers will need to distinguish clearly between inequality of nominal incomes and inequality of living standards. Furthermore, household observations must always be weighted according to family size.     

Können Organisationen nicht lernen? Facetten organisationaler Lernkulturen

Recently, the concept of ‘learning culture’ has entered the discussion on learning organizations and organizational learning, especially in the German speaking countries. Most of the academics, but also practitioners seem to use the term ‘learning culture’ in a particular sense as nurturing a self-directed, on-the-job learning of all employees. An implicit, often neglected assumption of this conception is that organizations can be divided into those who have a learning culture and those who do not. Although this idea of a dichotomy is also found in the discussion on learning organizations, it can be called into question. Past research has shown that (organizational) learning is a multifaceted phenomenon. Different organizations engage in very diverse kinds of learning due to the fact that they are facing varying environmental conditions. This brings us to doubt the idea of a ?one-best-way“ learning culture. Following the basic question, who learns what, how, when and why, the article presents a set of distinguishing attributes to distinguish between different types of learning cultures. Finally, yet unanswered questions and paths for future research are discussed.     

An efficient polynomial space and polynomial delay algorithm for enumeration of maximal motifs in a sequence

In this paper, we consider the problem of enumerating all maximal motifs in an input string for the class of repeated motifs with wild cards. A maximal motif is such a representative motif that is not properly contained in any larger motifs with the same location lists. Although the enumeration problem for maximal motifs with wild cards has been studied in Parida et al. (2001), Pisanti et al. (2003) and Pelfrêne et al. (2003), its output-polynomial time computability has been still open. The main result of this paper is a polynomial space polynomial delay algorithm for the maximal motif enumeration problem for the repeated motifs with wild cards. This algorithm enumerates all maximal motifs in an input string of length n in O(n ³) time per motif with O(n) space, in particular O(n ³) delay. The key of the algorithm is depth-first search on a tree-shaped search route over all maximal motifs based on a technique called prefix-preserving closure extension. We also show an exponential lower bound and a succinctness result on the number of maximal motifs, which indicate the limit of a straightforward approach. The results of the computational experiments show that our algorithm can be applicable to huge string data such as genome data in practice, and does not take large additional computational cost compared to usual frequent motif mining algorithms. This work is done during the Hiroki Arimura’s visit in LIRIS, University Claude-Bernard Lyon 1, France.     

The heterogeneous impact of pension income on elderly living arrangements: evidence from China’s new rural pension scheme

This paper investigates the impact of pension income on living arrangements of the elderly. Taking advantage of a unique opportunity due to the recent establishment and expansion of the New Rural Pension Scheme in China, we explicitly address the endogeneity of pension status and pension income through a fixed-effect model with instrumental variable approach by exploiting exogenous time variation in the program implementation at county level. We find an overall positive effect of pension income on independent living as well as considerable heterogeneity. The positive income effects of the NRPS are concentrated among the elderly with adult children living nearby, of higher socio-economic status, and with better health at baseline; for other groups, the effects are insignificant. We also find that more generous programs exhibit larger effects. Our results highlight that living arrangement is multidimensional in rural China.