The influence of internal corporate governance mechanisms on capital structure decisions of Chinese listed firms

Purpose: This paper examines the effects of internal corporate governance mechanisms on the capital structure decisions of Chinese listed firms. Design/Methodology: Using a large and more recent dataset consisting of 2386 Chinese listed firms over the period from 1998 to 2012, we employ panel data and use different statistical methods (OLS, fixed effects, and system GMM) to analyse the effects of firm-specific and corporate governance influences on capital structure. Findings: We find that the proportion of independent directors and ownership concentration exert significant influence on the level of Chinese long-term debt ratios after controlling for firm-specific determinants and split share reforms. Further analysis separating our sample into state-owned enterprises (SOEs) and privately- owned enterprises (POEs) suggests that ownership concentration in the hands of the state leads to decrease in debt ratios. Implications: The finding implies that concentrated ownership in the hands of the state appears more efficient compared to their private counterparts in their monitoring role. Original Value: This study extends prior literature, which has concentrated disproportionately on firm-specific influences on capital structure, to the effects of within-firm governance mechanisms on capital structure decisions. The paper contributes to the agency theory-capital structure discourse in an emerging country context where corporate governance system appears weak

Role of HMGB1 in Cutaneous Melanoma: State of the Art

High-mobility Group Box 1 (HMGB1) is a nuclear protein that plays a key role in acute and chronic inflammation. It has already been studied in several diseases, among them melanoma. Indeed, HMGB1 is closely associated with cell survival and proliferation and may be directly involved in tumor cell metastasis development thanks to its ability to promote cell migration. This research aims to assess the role of this molecule in the pathogenesis of human melanoma and its potential therapeutic role. The research has been conducted on the PubMed database, and the resulting articles are sorted by year of publication, showing an increasing interest in the last five years. The results showed that HMGB1 plays a crucial role in the pathogenesis of skin cancer, prognosis, and therapeutical response to therapy. Traditional therapies target this molecule indirectly, but future perspectives could include the development of new target therapy against HMGB1, thus adding a new approach to the therapy, which has often shown primary and secondary resistance. This could add a new therapy arm which has to be prolonged and specific for each patient

Accelerated life tests as an integrated methodology for product design, qualification and production control: a case study in household appliances

Cost reduction and product quality are key factors in the present competitive market. Product reliability is strongly correlated with customer satisfaction. Accelerated life tests (ALTs) represent a methodology able to investigate product reliability performance in a short time with respect to the classical testing methods in the design. The aim of this paper is the proposal and development of an integrated procedure based on ALTs in order to evaluate the reliability performance of a new product; the use of such testing methods is useful to systematically support the design and qualification phases and to help the service demand forecasting before the product launch. The smart choice of the acceleration parameter and the knowledge developed during the upstream phase in the product lifecycle can be useful and cost effective for its utilization in the downstream lifecycle, as an acceptable substitute of specific advanced final inspection methodologies. The methodology has been tested during the development ..

The Magnetic Distortion Calibration System of the LHCb RICH1 Detector

The LHCb RICH1 detector uses hybrid photon detectors (HPDs) as its optical sensors. A calibration system has been constructed to provide corrections for distortions that are primarily due to external magnetic fields. We describe here the system design, construction, operation and performance.Comment: 9 pages, 14 figure

First results of Waterborne Geophysical surveys around the Malpasso site (Tuoro sul Trasimeno, Italy) for geological and archeological characterization

With the aims of both reconstructing the geological setting of the area around the Malpasso site and to eventually find some localized remains of the battle we carried out several waterborne geophysical surveys on the area. Adopted methodologies were: magnetic surveys, seismic reflection Chirp Sonar surveys and Continuous Vertical Electric Soundings (CVES) profiles