...Economica (2015) 82, 1177–1216 doi:10.1111/ecca.12156 Family Firms, Corporate Governance and Export By RAOUL MINETTI†, PIERLUIGI MURRO‡ and SUSAN CHUN ZHU† †Michigan State University ‡Lumsa University Final version received 20 June 2015. This paper investigates the effects of family ownership on export using rich data on Italian firms. We find that family ownership increases the probability that firms export. This benefit is especially pronounced when family owners retain control rights and seek the support of external managers. The results suggest that families better internalize the long-run benefits of internationalization, but that their limited competencies attenuate this benefit in high-tech industries and in remote and unfamiliar export markets. Family firms also exhibit some tendency to enter foreign markets in a progressive way (sequential exporting) and through limited collaborations with foreign firms and intermediaries. INTRODUCTION In a global economy, export markets are an important venue for firms to grow. For this reason, scholars and policymakers intensely debate the determinants of firms’ international expansion. There is a growing consensus that firms’ corporate governance influences their ability to export. In recent editorials on the costs and benefits of family firms, The Economist (2012, 2013) mentions the successful experience of German and Northern European family firms in international markets, arguing that these firms have led the export...
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...Human Sience Bechavioral Change For the purpose of the Health Science class I was recently involved in the great challenge based on the one lifestyle behavioral change. For instance, ultimate choice for me was to lose weight, since I am morbid obese there was no better call. I have started my journey to the better life with the shocking 380 pounds on my neck. Within last six weeks I have lose 36 pounds that are actually more than I really expect. I have reached my goal thanks to the great support of knowledge that class provided for me. Thanks to the chapters from the book I was able to learn much valuable information about the human body and its needs. In advance, I have learned about my own strengths and weaknesses, and the best ways how to cope with them. Thanks to learning about myself I was able to design my new healthy lifestyle habits within the new spectrum of successes on the way. One of the biggest barrier’s to overcome during my challenge was my bad habit of eating late and being lazy and not exercising at all. As the beginnings were really hard and tough, I thought that everybody are against me. I have realized that it is only temporary stage and it will be over at some point. There is always important facto of believing in to the success and the motivation from others is really useful. Thanks to my lovely wife who was my solid, granite support I had a chance of knowing that I am not alone and there is somebody else who believes in me and my future. As a very...
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...the electricity tariff in the last years small hydroelectric power plants become cost effective. Since the runner of a small hydroelectric power plant is quite small, it has to be reexamined if the hub of the runner provides enough room for a proper adaptation mechanism. For this purpose the main characteristics of the runner are determined. Then, important data such as the suction head, the occurring forces or the critical speed are established. After those data are known, a detailed stress analysis of the developed adaptation mechanism follows. The stress analysis shows that the mechanism to adjust the blades is able to withstand the occurring forces. Finally drafts of the runner and its parts are done. TAMPERE UNIVERSITY OF APPLIED SIENCES FINAL THESIS 1 (134) Environmental Engineering Timo Flaspöhler —————————————————————————————————————— TABLE OF CONTENTS ABSTRACT ....................................................................................................................................ii TABLE OF CONTENTS...
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...International Relations. In this approach there were normative values that no one can ignore or ascape from it. It is called 'traditionalism". According to traditionalism, human is a part of International Relations world and cannot be seperated. Normative values should be emphasized while studying International Relations. However, after the Secon World War a new International Relations theory came out as a contrary approach to traditionalism. This theory was 'behaviouralism". Behaviouralism was particularly supported by the United States and behaviouralism was the dominating discipline in the United States to make the national interest better off. The theorians who were supporting behaviouralism had background in political sience, economics, social and natural siences. Thus, they all had different aspects to how behaviouralism should be studied. According to behaviouralism, International Relations cannot be understood in normative terms. To understand the actions and interactions among the units of IR, we should focus on the scientific methods and observation. Only the empirical and measurable data and the observation can provide a objective information while predicting political behaviors. Also, behaviouralism is a value free methodology. Behaviouralists argued that the values are not measurable and cannot provide empirical data, thus we should focus on facts rather than values while studying International Relations. Neither behaviouralists nor traditionalists won the debate. But...
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...Joel Mokyr, Entrepreneurship and the Industrial Revolution in Britain, in: David S. Landes, Joel Mokyr, William J. Baumol, The Invention of Enterprise, Princeton, Oxford 2010, 183-210 1) Welche kulturellen Änderungen bzw. kulturellen Haltungen waren für die Entstehung und Ausbreitung von E. im England der industriellen Revolution förderlich? (184-186). Welche Rolle hatte insbesondere ‚Gentlemanship‘ (188-194) * 2) Wie lässt sich das Verhalten der E.in der industriellen Revolution in England erklären? Was waren wichtige (positive und negative) Anreize für unternehmerische Innovation? (194-197) Welche Rolle hatten hohe Gewinne als Anreize? (S. 195) 3) Welche Typen von Persönlichkeiten (bzw.Kombinationen davon) waren erfolgreiche Innovatoren im England der Industriellen Revolution (S. 187) 4) Was war die Rolle des Staates / der öffentlichen Hand ggü E.? (185, 187, FN 26/S.205) Mark Casson & Andrew Godley, Entrepreneurship in Britain, 1830-1900, in: David S. Landes, Joel Mokyr, William J. Baumol, The Invention of Enterprise, Princeton, Oxford 2010, 211-242. 1) Was war(en) die wichtigste(n) technologischen Innovationen der Viktorianischen Periode? (S. 211) * (The Factory System - Industrial Revolution) * The Introduction of Railways * The switch from sail to steam in oceangoing shipping * Very innovative in the sectors of infrastructure, transport and communication systems * (there was NO radical innovation in the manufacturing...
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...Science Made Us Stronger History is a story of what has happened in the past. It’s what makes today. During man’s 6000 years history humans accomplished a lot. We are here with all our knowledge about our surroundings and even space from being just caveman. History is really interesting I really like to read about past but my biggest interest is to see the future. We have lots of achievement about different scientific fields for example agriculture, medicine and genetics. As much as we discover about this fields we are getting closer to live longer and healthier. Science makes world a better place to leave. People used to die from hunger or from really simple disease but now science change everything. The development of agriculture improved the agricultural productivity and increased the growthof food. So by human’s population growth we are beadle to provide more food. The death caused by hunger is become less and less. In next decades we will be able to extirpated hunger in the world, even in Africa. That is one of the science’s greatest achievements. Learning from past we are working to solve human’s first problem “Food”. Medical science is another important asset of human’s improvement .by learning natural scienceand concerned with the study of life we began to understand the source of many diseases. We invent the Antibiotic which revolutionized the medical science. We learned how to fight illness which was causing death one day. For example plague which was an epidemic...
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...If you had the chance to increase your intelligence would you? In the science fiction story “Flowers for Algernon” by Daniel Keyes, Charlie Gordon had the opportunity to have an Artificial Intelligence surgery (A.I.). Charlie was better off having the surgery because he got to help out many people in the science field, he also got to experience the real world and he got to feel all his emotions that have been trapped before. One positive thing that happened after the surgery is Charlie got to experience the real world with an advanced mindset. He got to see his real friends and he was able to experience interactions with other people outside the lab. “You’re like a giant sponge now, soaking things in. Facts, figures, general knowledge.”(Keyes...
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...PHYSICAL SCIENCE WRITING ASSIGNMENT 1 – DISCUSSION QUESTIONS PHYSICAL SCIENCE WRITING ASSIGNMENT 1 Denise Gowdy Strayer University – Lithonia, GA Campus Physical Sience - Professor Freeman July 19, 2012 Discuss how energy can be converted from one form to another, giving specific examples. Today there are many different forms of energy and they all have the ability to transform produce change and to do work. How energy is converted from to another is based on the law of conservation of energy. “The law of conservation of energy is that energy cannot be created or destroyed, but it can be transferred or transformed from one form to another including transformation into or from mass, as matter.” Examples of energy are those that follow: Mechanical energy stored or moving energy also referred to as potential or kinetic energy, electrical energy the movement of electrons, thermal energy heat of an object, and radiant energy light and warmth of the sun are all energies that can be converted to another form of energy. For example, the chemical energy stored in the muscles of our legs is converted to kinetic energy or mechanical energy when we pedal, a toaster oven plugged into an electrical socket takes electrical energy and converts it to heat/thermal energy, and radiant energy converted to heat energy provided by the sun that heats earth. Define what we mean by fossil fuels and explain why there are attractive sources of energy...
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...| Introduction I discuss the paper in the following pattern: section I summarizes the main points of the paper. Section II analyzes the paper in light of literature that agrees and disagrees with different arguments Section III will provide conclusion based on the analysis and critiques to the paper while discussing the main contribution to academic knowledge. I. Study Summary The objective of this paper is to examine the relationship between corporate governance on dividends payout in Canada to better understand "why companies pay dividends". In the light of agency theory, Adjaoud and Ben-Amar tested two competing hypothesis, which are outcome and substitution hypothesis. They chose Canada to examine the relationship between corporate governance and corporate dividend payments for two reasons; first, the comparability between Canada and USA from the perspective of stock market development, and legal protection offered to minority shareholders. Secondly, the difference between Canada and many other law countries in the concentration of ownership and the frequent use of dual class share. The two variables in the relationship are the dividend policy, the dependent variable, and the corporate governance, the independent variable. Adjaoud and Ben-Amar used the dividend payout as a proxy for dividend policy and Globe & Mail annual corporate governance rating as a proxy for corporate governance quality. The sample data used in the study was comprised of 714 firm-years...
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...Minsk I have lived all my life in the small town of Orsha. But it goes without saying I know quite a lot about the capital of our republic. In my opinion we must know much about other countries and we must know all about our own country, its history, its traditions and culture. There are many cities and towns in Belarus. No doubt Minsk is the most important and the largest city in our republic. It's the heart of our small and beautiful country. Minsk is neither as big as the world's famous capitals nor can it boast having as many respects it's a remarkable city and there are a lot of things to see and do in Minsk. As for me I have always been interested in the history of our capital and I have read a lot about it. In fact I even collect books about our republic, about the historic past of Minsk. More than 2,000 years ago on the banks of the Nemiga and Svisloch rivers came into extence the city of Minsk or Mensk as it was called before. There are several hypotheses as to the origin of the name. The name of the city is believed to be associated with the river Menka that flowed into Lake Ptych not far from the city. But the legends say that the city derives its from the word 'mena' as in the ancient times there was a barter market on the bank of the Svisloch. Mensk was first mentioned in a chronicle in 1067. It is common knowledge that in its long and difficult life Belarus has seen and experienced a great deal and the city of Minsk shared its fate...
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...Parental Involvement in Education Christin Hale English 102 Sunday, July 1, 2012 Lisa Bowman Since schools formalizing, families and school have worked together. During this time families maintained the central control of schools by hiring teachers and making the curriculum. There was a separation in the twentieth century between schools and families. As of today schools and families have a partnership and share responsibility of education for the students. Parental involvement has come a long way in the past years; it has a positive outlook on schooling. Teachers think important to have parental involvement. There are many pros and cons for parental involvement. Parental involvement in their children’s education provides the majority of students with the ability to excel in a classroom setting, even though some students may excel without parental guidance. When parents are involved in their students schooling, they have a better communication between each other. An increase in involvement shows a positive result academically for a life of long success. When the student is empowered then they achieve academically. Studies show that when parents are involved in their child's schooling and extracurricular actives, they are more likely to do better and have a better attitude toward education and life. When we show are children that we care how they do in school, and then they point of...
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...JC's Casino: Improving Organization Retention Paper The retention of employees is an important issue for an organization. The cost alone of advertising for employees, interviews, hiring processes, testing potential employees, training cost, licenses, and even background checks; these are a tremendous drain on the finances of an organization. Most recruiters of many organizations are now trying to decrease the rate of employee turnovers, as large turnover rates affect the profit and that of the investors in the organization. The situation at JC’s Casino is that this organization needs to find a resolution to recruitment and retention problems that are affecting their customer base. There are two areas that are of concern for them; they are guest room attendants and dealers in the casino area. Motivational Theories Reinforcement Theory In regard to the housekeeping department, reinforcement theory could be applied to the situation. According to Spector (2012), “Reinforcement theory describes how rewards or reinforcements can affect behavior” (p. 198); an incentive program could be started to increase attendance, this in-turn would help to increase productivity. Incentives used my be productivity bonuses, prizes for the most days present, or even letting employees have a paid day off. Needs Hierarchy Theory This theory would be most beneficial in handling the situation with the dealer’s, and issues with the pit boss. According to Maslow (Spector, 2012), “A need...
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...CHAPTER I BACKGROUND OF THE STUDY Introduction Alcohol is the drug of choice among youth. Many young people are experiencing the consequences of drinking too much, at too early age as a result, at too early age as a result, underage drinking is a leading public health problem in this country. As children move from adolescent to young adulthood, they lifestyle changes, development transition, such as puberty and increasing independent, have been associated with alcohol use. So in a sense, just being an adolescent maybe a key risk factor not only for starting to drink but for drinking dangerously. Drinking at an early age has been associated with later alcoholism and drinking problems in several countries. This has led some people to believe that delaying the age at which young people first drink alcohol might reduce the later incidence of alcohol abuse and alcoholism. That might work if drinking at age actually causes subsequent alcohol problems. ¹ __________________________ ¹ Wikipedia free encyclopedia, internet ------------------------------------------------- However, there is growing evidence that early ------------------------------------------------- ------------------------------------------------- drinking, in societies not permitting it, is not the cause, but ------------------------------------------------- ------------------------------------------------- only a symptom of...
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...Professional Higher Education Bachelor's Programme “European Business Studies” Analysis of LOreal CSR report 2011 Prepared by: Krists Dilba Maksims Simhovičs Table of contents 1. Main facts from the report 3 2. Motivation for choosing LOreal 5 3. Industry Analysis 5 4. Evaluation of the report 7 5. Assesment of the Report (quality principles) 19 6. Assesment of the Report (principles of content) 20 7. Conсlusions 22 1. Main facts from the report 1. L’Oreal has been a member of the UN Global Compact since 2003 2. L’Oreal also works closely with the following major associations and institutes: Anti-Corruption Commission of the International Chamber of Commerce, Global Council on Business Conduct, The Conference Board, Ethics and Compliance Officers Association, The Ethics Resource Center, International Business Ethics Institute, Institute of Business Ethics, Cercle d'Éthique des Affaires. 3. The L’Oreal is the largest cosmetics group in the world with 20.3 billions Euros of sales (2011), operating in 130 and having almost 70000 employees 4. L’Oreal invest 40 million Euros annually in programs that bring tangible benefits to communities all over the world. 5. The company engages in human rights protection, is against child labor, and also executes their buy & care programs to ensure sustainable growth and compliance with CSR strategy throughout their supply chain. 6. L’Oreal has also developed very stringent...
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...Unit 1 Title: Flowers for Algernon Suggested Time: 5-7 days (45 minutes per day) Common Core ELA Standards: RL.8.1, RL.8.2, RL.8.3; W8.1, W8.4, W8.9; SL8.1; L.8.1, L.8.2 [Additional Tasks: RI8.8, RI8.9] Teacher Instructions Preparing for Teaching 1. Read the Big Ideas and Key Understandings and the Synopsis. Please do not read this to the students. This is a description for teachers about the big ideas and key understanding that students should take away after completing this task. Big Ideas and Key Understandings: * Students should work through the idea that different levels of intelligence, emotional and intellectual, lead to different types of interactions with people and society. * Students should evaluate moral/ethical decisions of characters. Synopsis A mentally challenged man is presented with an opportunity to have an operation that will triple his intelligence. The story chronicles the journey that he takes as his intelligence progresses and regresses. 2. Read the entire selection, keeping in mind the Big Ideas and Key Understandings. 3. Re-read the text while noting the stopping points for the Text Dependent Questions and teaching Tier II/academic vocabulary. During Teaching 1. Anticipatory Set: Discuss the following questions with students to guide deeper understanding of the main themes of the story: What is intelligence? Can a person ever be too smart? What is meant by the saying “ignorance is bliss”? 2. Students read the...
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