The Impact of Governance Structure on Firm Performance: Evidence from Japanese Local Mixed Enterprises

In Japan, many local mixed enterprises owned and operated jointly by local governments and private sectors had been established from the late 1980’s to the early 1990’s in order to provide public services more efficiently. At present, in Japan, many local mixed enterprises are confronted with a serial fiscal crisis. In 2007, the national government enacted the Local Public Finance Reconstruction Law and started to lead local mixed enterprises and local governments to achieve fiscal soundness. In addition to local governments, mixed enterprises have to make an effort to operate more efficiently. However, we believe that local mixed enterprises lack the incentives to manage more efficiently because of the governance structure. Firstly, as local mixed enterprises are owned by local governments, they can procure government-guaranteed funds and are able to raise capital more easily. Also, if business conditions of enterprises worsen, local governments give subsidies to bail out ailing enterprises. Managers do not have to worry about going bankrupt and might continue to carry out inefficient projects. Secondly, if managers are from local governments, or if the majority of the board members are local government officials, they might supply services without putting stress on profit. Therefore, it is possible that the governance structure of local mixed enterprises is the important factor that determines their performance. In this paper, we study the link between the performance and the governance structure in local mixed enterprises.

55Mn NMR in Mn12 acetate: Hyperfine interaction and magnetic relaxation of cluster

The 55Mn NMR in oriented powder Mn12Ac has been investigated at 1.4-2.0 K in zero field and with external fields along the c-axis. Three kinds of 55Mn NMR composed of five-fold quadrupole-split lines for I=5/2 nuclei have been interpreted to arise from Mn4+ ion, and two crystallographically-inequivalent Mn3+ ions, respectively. It is found that the isotropic hyperfine field in the Mn4+ ion with 3d3 configuration indicates a large amount of reduction (26%) as compared with the theoretical evaluation. In the analysis for the hyperfine field of Mn3+ ions with 3d4 configuration, we have taken into account of the anisotropic dipolar contribution in addition to the Fermi-contact term in order to explain two kinds of 55Mn NMR frequencies in Mn3+ ions in inequivalent sites. By using the hyperfine coupling constants of twelve manganese ions in Mn12Ac, the total hyperfine interaction of the ferrimagnetic ground state of S=10 has been determined to amount to 0.3 cm-1 in magnitude at most, the magnitude of which corresponds to the nuclear hyperfine field he(0.32 kG seen by Mn12 cluster spin. The relaxation of the cluster magnetization was investigated by observing the recovery of the 55Mn spin-echo intensity in the fields of 0.20-1.90 T along the c-axis at 2.0 K. It was found that the magnetization of the cluster exhibits the (t-recovery in the short time regime. The relaxation time decreases with increasing external field following significant dips at every 0.45 T. This is interpreted to be due to the effects of thermally-assisted quantum tunneling between the spin states at magnetic level crossings.Comment: Text 25 pages, five figures and two table

Infrared Spectroscopy of CO Ro-vibrational Absorption Lines toward the Obscured AGN IRAS 08572+3915

We present high-resolution spectroscopy of gaseous CO absorption in the fundamental ro-vibrational band toward the heavily obscured active galactic nucleus (AGN) IRAS 08572+3915. We have detected absorption lines up to highly excited rotational levels (J<=17). The velocity profiles reveal three distinct components, the strongest and broadest (delta_v > 200 km s-1) of which is due to blueshifted (-160 km s-1) gas at a temperature of ~ 270 K absorbing at velocities as high as -400 km s-1. A much weaker but even warmer (~ 700 K) component, which is highly redshifted (+100 km s-1), is also detected, in addition to a cold (~ 20 K) component centered at the systemic velocity of the galaxy. On the assumption of local thermodynamic equilibrium, the column density of CO in the 270 K component is NCO ~ 4.5 x 10^18 cm-2, which in fully molecular gas corresponds to a H2 column density of NH2 ~ 2.5 x 10^22 cm-2. The thermal excitation of CO up to the observed high rotational levels requires a density greater than nc(H2) > 2 x 10^7 cm-3, implying that the thickness of the warm absorbing layer is extremely small (delta_d < 4 x 10-2 pc) even if it is highly clumped. The large column densities and high radial velocities associated with these warm components, as well as their temperatures, indicate that they originate in molecular clouds near the central engine of the AGN.Comment: 13 pages, 7 figures, accepted for publication in PASJ (Vol.65 No.1 2013/02/25

Acute inflammatory response to contrast agent aspiration and its mechanisms in the rat lung.

Objectives/hypothesisContrast agent (CA) aspiration is an established complication of upper gastrointestinal and videofluoroscopic swallow studies. The underlying molecular biological mechanisms of acute response to CA aspiration in the respiratory organs remain unclear. The aims of this study were to elucidate the histological and biological influences of three kinds of CAs on the lung and to clarify the differences in acute responses.Study designAnimal model.MethodsEight-week-old male Sprague Dawley rats were divided into five groups (n = 6 in each group). Three groups underwent tracheal instillation of one of three different CAs: barium (Ba) sulfate, nonionic contrast agents (NICAs), and ionic contrast agents (ICAs). A control group was instilled with saline and a sham group was instilled with air. All animals were euthanized on day 2 after treatment and histological and gene analysis was performed.ResultsNo animal died after CA or control/sham aspiration. Ba caused severe histopathologic changes and more prominent inflammatory cell infiltration in the lungs compared with the two other iodinated contrast agents. Increases in expressions of inflammatory cytokines (tumor necrosis factor [Tnf], interleukin-1β [Il1b], and interferon-γ [Ifng]) were observed in Ba aspiration rats, and upregulation of Il1b was seen in ICA aspiration rats. NICA did not cause obvious histologic changes or expressions of inflammatory cytokines and fibrosis-related genes in the lungs.ConclusionsBa caused significantly more acute lung inflammation in a rodent model than did ioinic and nonionic iodinated CAs. Nonionic contrast did not cause any discernible inflammatory response in the lungs, suggesting that it may be the safest contrast for videofluoroscopic swallow studies.Level of evidenceNA Laryngoscope, 129:1533-1538, 2019

Modulation by static magnetism of neuronal activity

In neurons, the signal propagation involves both the conduction mediated by local electric currents through voltage-sensitive cation channels in axons and the transmission mediated by the exocytotic release of neurotransmitters from nerve endings into synaptic clefts. A great number of desperate efforts have been dedicated to biochemical, pharmacological and molecular biological studies on the elucidation of mechanisms underlying the neurotransmission at synapses, while relatively little attention has been paid to the comprehensive evaluation of the conduction except for local anesthetics. According to a physical theorem, exposure to magnetism should lead to the generation of a certain mechanical force in neurons with concomitant electric currents in a particular situation. In particular, repetitive transcranial magnetic stimulation is beneficial for the treatment of selected patients suffering from depression, bipolar affective disorder and schizophrenia as a possible alternative to the electroconvulsive therapy for refractory depression. In this review, therefore, we will summarize our recent advances made on the neurochemical and molecular biological elucidation in cultured rat hippocampal neurons toward better understanding by the readers of different disciplines of mechanisms associated with the modulation by magnetism of the neuronal activity in the brain.Biomedical Reviews 2004; 15: 21-35