Do the type and number of blockholders influence R&D investments? : new evidence from Spain

Using data from 3,638 Spanish firms between 1996 and 2000, this article studies the relationship between the presence of large shareholders in the ownership structure of firms and R&D investment. Consistent with our theoretical contention, our results indicate that the impact of large shareholders on the R&D investment is (1) negative when blockholders are banks, (2) positive when blockholders are non-financial corporations and (3) null when blockholders are individuals. In addition, we find a systematic negative relationship between the number of blockholders and R&D investment. Finally, we extend our study by analysing the influence that the combined effect between blockholder type and R&D investment has on the firm’s economic performance. Results of this work provide relevant implications for policy makers and academic research.Publicad

Bank performance and executive pay: tournament or teamwork

We investigate the relationship between the dispersion of executive pay and bank performance/valuation by examining two competing theories, the tournament theory (hierarchical wage structure) and the equity fairness theory (compressed wage structure). The key variable of executive pay dispersion is measured using a hand-collected dataset composed of 63 banks from OECD countries and 29 banks from developing countries. The dataset covers the period 2004 to 2012. By combining and modifying a translog profit function and a pay-dispersion model, we are able to address the potential problems of relying on reduced-form estimation. In our subsample of developed and civil law countries, where bank performance is measured by either Tobin’s Q or by the price-to-book ratio, the overall impact of executive pay dispersion is mostly negative, and we find supporting evidence for the equity fairness theory, except for very high levels of dispersion. There is a non-linear effect, as banks perform best when there is either very low or very high executive pay dispersion. For developing country sample banks, greater executive pay dispersion has a negative impact on bank profit. In our subsample of common law countries, however, we find no evidence of a significant impact of executive pay dispersion on bank performance. We conclude that lower executive pay dispersion, a proxy for teamwork, is mostly effective in enhancing bank performance in a significant section of sample banks, i.e., civil law and developing countries

Better self-concept, better future choices?: Behavioral and neural changes after a naturalistic self-concept training program for adolescents

A large number of adolescents experience difficulty when choosing a suitable higher education program that matches their self-views. Stimulating self-concept development could help adolescents to increase their chances of finding a suitable major. We addressed this issue by examining the effects of a naturalistic self-concept training within a gap year context on behavioral and neural correlates of self-evaluations, as well as the long-term effects for future educational decision-making. In total, 38 adolescents/young adults (ages 16-24 years) participated in a 4-wave longitudinal study, with lab visits before, during, and after the training, including behavioral assessments and fMRI. During fMRI-scanning, they rated themselves on positive and negative traits in academic, (pro)social, and physical domains, and additionally filled out questionnaires related to self-esteem and self-concept clarity. Results showed that the positivity of domain-specific self-evaluations, self-esteem, and self-concept clarity increased during the training. Second, participants with lower medial PFC activity during self-evaluation before training showed larger self-esteem increases over the year. Moreover, mPFC activity increased after training for the evaluation of positive but not negative traits. Furthermore, individual differences in the rate of change (slope) in self-concept clarity and social self-evaluations positively predicted social adjustment to college and academic performance 6 months after training. Together, these findings suggest that self-concept can be modulated in late adolescents, with an important role of the medial PFC in relation to enhanced positive self-evaluations, and self-concept clarity as a predictor of future educational outcomes

Palladium nano-clusters grown on prestructured HOPG substrates

The growth of Palladium nano-clusters prepared by atomic beam deposition on prestructured highly oriented pyrolytic graphite (HOPG) surfaces has been investigated by means of scanning tunnelling microscopy (STM). Preformed nanosized pits created on the HOPG surfaces are used as localized pinning sites for Pd cluster nucleation and growth at room temperature. We succeeded in obtaining Pd clusters of nanometric size and with rather sharp size distributions. A systematic morphological study conducted by STM reveals a linear dependence between the height and the diameter of the Pd nanostructures. Finally, Pd nano-clusters stabilized on prestructured HOPG surfaces were found to be active catalysts in the Heck cross-coupling reaction