Using Ownership as an Incentive: Does the Too Many Chiefs Rule Apply in Entrepreneurial Firms?

Agency theory is used to develop hypotheses regarding the effects of ownership proliferation on firm performance. We examine the effects of CEO ownership, executive team ownership, and all employee ownership, in addition to the moderating effect of risk, on firm survival and stock price. Firms with low CEO ownership outperform those with high levels of CEO ownership across all levels of risk, but the effect is most pronounced for low risk firms. Executive team ownership is negatively related to firm performance, while ownership for all employees is positively associated with firm performance particularly for higher risk firms

Agency Theory Implications for Strategic Human Resource Management: Effects of CEO Ownership, Administrative HRM, and Incentive Alignment on Firm Performance

Agency theory is used to expand the research in strategic human resource management (SHRM) by viewing the construct underlying SHRM as control over all employees. We develop hypotheses on the effects of CEO ownership, administrative HRM, and incentive stock ownership on firm performance. The results indicate that administrative HRM has a negative effect on stock price. Incentive alignment via stock ownership has a positive effect on stock price and productivity. CEO ownership has a positive effect on sales but a negative impact on productivity. Implications for theory and practice are discussed

The View from the Top: How Strategic Human Resource Management Affects the Performance of Initial Public Offering Firms

We study SHRM by taking an organizational level perspective on control over all employees. Drawing from agency theory, control theory, and the resource-based view of the firm, we develop hypotheses regarding the differential effects on firm performance of various overarching approaches to human resource management (HRM) control implemented in small, growing firms. We test our hypotheses in a longitudinal study of 342 firms that went public in 1993. Results support the negative effect of bureaucratic HRM control on market-based measures of performance, while firm-specific HRM control and incentive-based HRM control are related to internal measures of firm growth

The Human Resource Executive Effect in Initial Public Offering Firms

[Excerpt] There is much discussion about HRM becoming strategic, in part by hiring a senior HR executive. This study explores whether that recommendation can help entrepreneurial, growth-oriented companies. By applying organizational inertia concepts, we study whether having a senior HRM executive, reporting to the CEO, affects firm performance in a sample of initial public offering (IPO) firms. Results indicate that smaller and fast-growth IPOs experience the most gain from having a senior human resource executive

Turbine blade and vane heat flux sensor development, phase 2

The development of heat flux sensors for gas turbine blades and vanes and the demonstration of heat transfer measurement methods are reported. The performance of the heat flux sensors was evaluated in a cylinder in cross flow experiment and compared with two other heat flux measurement methods, the slug calorimeter and a dynamic method based on fluctuating gas and surface temperature. Two cylinders, each instrumented with an embedded thermocouple sensor, a Gardon gauge, and a slug calorimeter, were fabricated. Each sensor type was calibrated using a quartz lamp bank facility. The instrumented cylinders were then tested in an atmospheric pressure combustor rig at conditions up to gas stream temperatures of 1700K and velocities to Mach 0.74. The test data are compared to other measurements and analytical prediction

Nivat's conjecture holds for sums of two periodic configurations

Nivat's conjecture is a long-standing open combinatorial problem. It concerns two-dimensional configurations, that is, maps $\mathbb Z^2 \rightarrow \mathcal A$ where $\mathcal A$ is a finite set of symbols. Such configurations are often understood as colorings of a two-dimensional square grid. Let $P_c(m,n)$ denote the number of distinct $m \times n$ block patterns occurring in a configuration $c$. Configurations satisfying $P_c(m,n) \leq mn$ for some $m,n \in \mathbb N$ are said to have low rectangular complexity. Nivat conjectured that such configurations are necessarily periodic. Recently, Kari and the author showed that low complexity configurations can be decomposed into a sum of periodic configurations. In this paper we show that if there are at most two components, Nivat's conjecture holds. As a corollary we obtain an alternative proof of a result of Cyr and Kra: If there exist $m,n \in \mathbb N$ such that $P_c(m,n) \leq mn/2$, then $c$ is periodic. The technique used in this paper combines the algebraic approach of Kari and the author with balanced sets of Cyr and Kra.Comment: Accepted for SOFSEM 2018. This version includes an appendix with proofs. 12 pages + references + appendi

Development of advanced high-temperature heat flux sensors. Phase 2: Verification testing

A two-phase program is conducted to develop heat flux sensors capable of making heat flux measurements throughout the hot section of gas turbine engines. In Phase 1, three types of heat flux sensors are selected; embedded thermocouple, laminated, and Gardon gauge sensors. A demonstration of the ability of these sensors to operate in an actual engine environment is reported. A segmented liner of each of two combustors being used in the Broad Specification Fuels Combustor program is instrumented with the three types of heat flux sensors then tested in a high pressure combustor rig. Radiometer probes are also used to measure the radiant heat loads to more fully characterize the combustor environment. Test results show the heat flux sensors to be in good agreement with radiometer probes and the predicted data trends. In general, heat flux sensors have strong potential for use in combustor development programs

Dermal benefits of topical D-ribose

Our aging skin undergoes changes with reductions in collagenous and elastic fibers, fibroblasts, mast cells, and macrophages with free radical production, which can result in reduced skin tone and wrinkle formation. Fibroblasts are important for dermal integrity and function with a decrease in function producing less skin tone, thinning, and wrinkle formation. Dermal levels of adenosine triphosphate (ATP) decline with aging, potentially altering dermal function. Supplemental D-ribose, a natural occurring carbohydrate, enhances ATP regeneration. D-ribose-based studies demonstrated benefits in both cell culture fibroblastic activities and a subsequent clinical study in women with decreased skin tone with wrinkles. Supplemental D-ribose may offer this needed cellular benefit