Relationship between executive pay and company financial performance in South African state-owned entities

ORIENTATION : Executive pay has been increasing; however, company performance has not been increasing proportionally. This could be due to an agency problem, resulting in executive pay not aligning with the shareholders’ desired company performance. RESEARCH PURPOSE : The purpose of this research was to establish if there was a relationship between the total pay of the chief executive officer and their company’s financial performance in South African Schedule 2 state-owned entities (SOEs). MOTIVATION FOR THE STUDE : A review of literature revealed conflicting views regarding the relationship between executive pay and company financial performance. There were limited studies conducted in South Africa, especially considering SOEs. RESERACH APPROACH/DESIGN AND METHOD : This research was a quantitative, archival study using 8 years of secondary data from South African Schedule 2 SOEs. Spearman’s rank-order correlation was used to evaluate the relationship. MAIN FINDINGS : One significant weak positive relationship was observed when considering the net profit or loss metric of financial performance. Hence, there was no conclusive relationship between executive pay and company financial performance, which supported the proposition that there is an agency problem in South African SOEs. PRACTICAL/MANAGERIAL IMPLICATIONS : There is a distinct need for an all-encompassing SOE legislation framework to standardise pay structure and reporting requirements. Additionally, accurate measures of performance are necessary to overcome the agency problem. CONTRIBUTION/VALUE-ADD : This research adds to the limited knowledge base regarding the relationship between executive pay and company financial performance in South African SOEs. It also identified the need to incorporate non-financial metrics to influence executive pay.http://www.sajhrm.co.zaam2021Gordon Institute of Business Science (GIBS

Generalized uncertainty principle in Bianchi type I quantum cosmology

We study a quantum Bianchi type I model in which the dynamical variables of the corresponding minisuperspace obey the generalized Heisenberg algebra. Such a generalized uncertainty principle has its origin in the existence of a minimal length suggested by quantum gravity and sting theory. We present approximate analytical solutions to the corresponding Wheeler-DeWitt equation in the limit where the scale factor of the universe is small and compare the results with the standard commutative and noncommutative quantum cosmology. Similarities and differences of these solutions are also discussed.Comment: 8 pages, 3 figures, to appear in PL

Ferromagnetism in the Two-Dimensional Periodic Anderson Model

Using the constrained-path Monte Carlo method, we studied the magnetic properties of the two-dimensional periodic Anderson model for electron fillings between 1/4 and 1/2. We also derived two effective low energy theories to assist in interpreting the numerical results. For 1/4 filling we found that the system can be a Mott or a charge transfer insulator, depending on the relative values of the Coulomb interaction and the charge transfer gap between the two non-interacting bands. The insulator may be a paramagnet or antiferromagnet. We concentrated on the effect of electron doping on these insulating phases. Upon doping we obtained a partially saturated ferromagnetic phase for low concentrations of conduction electrons. If the system were a charge transfer insulator, we would find that the ferromagnetism is induced by the well-known RKKY interaction. However, we found a novel correlated hopping mechanism inducing the ferromagnetism in the region where the non-doped system is a Mott insulator. Our regions of ferromagnetism spanned a much smaller doping range than suggested by recent slave boson and dynamical mean field theory calculations, but they were consistent with that obtained by density matrix renormalization group calculations of the one-dimensional periodic Anderson model

Testing spatial noncommutativiy via the Aharonov-Bohm effect

The possibility of detecting noncommutative space relics is analyzed using the Aharonov-Bohm effect. We show that, if space is noncommutative, the holonomy receives non-trivial kinematical corrections that will produce a diffraction pattern even when the magnetic flux is quantized. The scattering problem is also formulated, and the differential cross section is calculated. Our results can be extrapolated to high energy physics and the bound $\theta \sim [ 10 {TeV}]^{-2}$ is found. If this bound holds, then noncommutative effects could be explored in scattering experiments measuring differential cross sections for small angles. The bound state Aharonov- Bohm effect is also discussed.Comment: 16 pp, Revtex 4, 2 fig, new references added. To appear in PR

Low-mass pre--main-sequence stars in the Magellanic Clouds

[Abridged] The stellar Initial Mass Function (IMF) suggests that sub-solar stars form in very large numbers. Most attractive places for catching low-mass star formation in the act are young stellar clusters and associations, still (half-)embedded in star-forming regions. The low-mass stars in such regions are still in their pre--main-sequence (PMS) evolutionary phase. The peculiar nature of these objects and the contamination of their samples by the evolved populations of the Galactic disk impose demanding observational techniques for the detection of complete numbers of PMS stars in the Milky Way. The Magellanic Clouds, the companion galaxies to our own, demonstrate an exceptional star formation activity. The low extinction and stellar field contamination in star-forming regions of these galaxies imply a more efficient detection of low-mass PMS stars than in the Milky Way, but their distance from us make the application of special detection techniques unfeasible. Nonetheless, imaging with the Hubble Space Telescope yield the discovery of solar and sub-solar PMS stars in the Magellanic Clouds from photometry alone. Unprecedented numbers of such objects are identified as the low-mass stellar content of their star-forming regions, changing completely our picture of young stellar systems outside the Milky Way, and extending the extragalactic stellar IMF below the persisting threshold of a few solar masses. This review presents the recent developments in the investigation of PMS stars in the Magellanic Clouds, with special focus on the limitations by single-epoch photometry that can only be circumvented by the detailed study of the observable behavior of these stars in the color-magnitude diagram. The achieved characterization of the low-mass PMS stars in the Magellanic Clouds allowed thus a more comprehensive understanding of the star formation process in our neighboring galaxies.Comment: Review paper, 26 pages (in LaTeX style for Springer journals), 4 figures. Accepted for publication in Space Science Review

Effective Lagrangian Approach to the Theory of Eta Photoproduction in the N∗(1535)N^{*}(1535) Region

We investigate eta photoproduction in the $N^{*}(1535)$ resonance region within the effective Lagrangian approach (ELA), wherein leading contributions to the amplitude at the tree level are taken into account. These include the nucleon Born terms and the leading $t$-channel vector meson exchanges as the non-resonant pieces. In addition, we consider five resonance contributions in the $s$- and $u$- channel; besides the dominant $N^{*}(1535)$, these are: $N^{*}(1440),N^{*}(1520),N^{*}(1650)$ and $N^{*}(1710)$. The amplitudes for the $\pi^\circ$ and the $\eta$ photoproduction near threshold have significant differences, even as they share common contributions, such as those of the nucleon Born terms. Among these differences, the contribution to the $\eta$ photoproduction of the $s$-channel excitation of the $N^{*}(1535)$ is the most significant. We find the off-shell properties of the spin-3/2 resonances to be important in determining the background contributions. Fitting our effective amplitude to the available data base allows us to extract the quantity $\sqrt{\chi \Gamma_\eta} A_{1/2}/\Gamma_T$, characteristic of the photoexcitation of the $N^{*}(1535)$ resonance and its decay into the $\eta$-nucleon channel, of interest to precise tests of hadron models. At the photon point, we determine it to be $(2.2\pm 0.2)\times 10^{-1} GeV^{-1}$ from the old data base, and $(2.2\pm 0.1) \times 10^{-1} GeV^{-1}$ from a combination of old data base and new Bates data. We obtain the helicity amplitude for $N^{*}(1535)\rightarrow \gamma p$ to be $A_{1/2}=(97\pm 7)\times 10^{-3} GeV^{-1/2}$ from the old data base, and $A_{1/2}=(97\pm 6)\times 10^{-3} GeV^{-1/2}$ from the combination of the old data base and new Bates data, compared with the results of the analysis of pion photoproduction yielding $74\pm 11$, in the same units.Comment: 43 pages, RevTeX, 9 figures available upon request, to appear in Phys. Rev.

The HERschel inventory of the agents of galaxy evolution in the Magellanic clouds, a HERschel open time key program

We present an overview of the HERschel Inventory of The Agents of Galaxy Evolution (HERITAGE) in the Magellanic Clouds project, which is a Herschel Space Observatory open time key program. We mapped the Large Magellanic Cloud (LMC) and Small Magellanic Cloud (SMC) at 100, 160, 250, 350, and 500 μm with the Spectral and Photometric Imaging Receiver (SPIRE) and Photodetector Array Camera and Spectrometer (PACS) instruments on board Herschel using the SPIRE/PACS parallel mode. The overriding science goal of HERITAGE is to study the life cycle of matter as traced by dust in the LMC and SMC. The far-infrared and submillimeter emission is an effective tracer of the interstellar medium (ISM) dust, the most deeply embedded young stellar objects (YSOs), and the dust ejected by the most massive stars. We describe in detail the data processing, particularly for the PACS data, which required some custom steps because of the large angular extent of a single observational unit and overall the large amount of data to be processed as an ensemble. We report total global fluxes for the LMC and SMC and demonstrate their agreement with measurements by prior missions. The HERITAGE maps of the LMC and SMC are dominated by the ISM dust emission and bear most resemblance to the tracers of ISM gas rather than the stellar content of the galaxies. We describe the point source extraction processing and the criteria used to establish a catalog for each waveband for the HERITAGE program. The 250 μm band is the most sensitive and the source catalogs for this band have ∼25,000 objects for the LMC and ∼5500 objects for the SMC. These data enable studies of ISM dust properties, submillimeter excess dust emission, dust-to-gas ratio, Class 0 YSO candidates, dusty massive evolved stars, supernova remnants (including SN1987A), H II regions, and dust evolution in the LMC and SMC. All images and catalogs are delivered to the Herschel Science Center as part of the community support aspects of the project. These HERITAGE images and catalogs provide an excellent basis for future research and follow up with other facilities. © 2013. The American Astronomical Society. All rights reserved

Surveying the agents of galaxy evolution in the tidally stripped, low metallicity Small Magellanic Cloud (SAGE-SMC). I. overview

The Small Magellanic Cloud (SMC) provides a unique laboratory for the study of the lifecycle of dust given its low metallicity (1/5 solar) and relative proximity (∼60kpc). This motivated the SAGE-SMC (Surveying the Agents of Galaxy Evolution in the Tidally Stripped, Low Metallicity Small Magellanic Cloud) Spitzer Legacy program with the specific goals of studying the amount and type of dust in the present interstellar medium, the sources of dust in the winds of evolved stars, and how much dust is consumed in star formation. This program mapped the full SMC (30 deg2) including the body, wing, and tail in seven bands from 3.6 to 160 μm using IRAC and MIPS on the Spitzer Space Telescope. The data were reduced and mosaicked, and the point sources were measured using customized routines specific for large surveys. We have made the resulting mosaics and point-source catalogs available to the community. The infrared colors of the SMC are compared to those of other nearby galaxies and the 8 μm/24 μm ratio is somewhat lower than the average and the 70 μm/160 μm ratio is somewhat higher than the average. The global infrared spectral energy distribution (SED) shows that the SMC has approximately 1/3 the aromatic emission/polycyclic aromatic hydrocarbon abundance of most nearby galaxies. Infrared color-magnitude diagrams are given illustrating the distribution of different asymptotic giant branch stars and the locations of young stellar objects. Finally, the average SED of H II/star formation regions is compared to the equivalent Large Magellanic Cloud average H II/star formation region SED. These preliminary results will be expanded in detail in subsequent papers. © 2011. The American Astronomical Society. All rights reserved