Corporate Governance and Management Succession in Family Businesses

Family businesses carry the weight of economic wealth creation in most economies. In the U.S. alone, family businesses account for 80 to 90 percent of the 18-million business enterprises in the United States, and 50 percent of the employment and GNP. In many ways, the family business is synonymous with the entrepreneurial organization as many were started as a means to provide for the financial well being of the founder's family. Founders who went on to build family empires started many of today's large corporations (e.g., Anheuser-Busch, Dupont, and Seagrams). Still, we know relatively little about the issues peculiar to a family business, such as the process and impact of succession planning. Yet, no recurring event in the life of the family firm is more critical to survival than the transfer of power from the incumbent to the successor. Organizations are especially susceptible to loss of vision and purpose during periods of CEO transition, as the leaders who helped shape the vision are replaced by others who may not share the same values and abilities. This study addresses the importance of understanding business succession planning by proposing and empirically verifying a model of succession planning and firm effectiveness in the family business. It links aspects of succession planning and successor preparation to the effectiveness of transition and from performance. The model depicts multiple interactive relationships, with emphasis placed not only on the planning and process-specific but also on successor-specific factors that lead to effectiveness.corporate governance, family businesses, management succession, firm performance, successor characteristics

The Porcine Antibody Repertoire: Variations on the Textbook Theme

The genes encoding the heavy and light chains of swine antibodies are organized in the same manner as in other eutherian mammals. There are ∼30 VH genes, two functional DH genes and one functional JH gene, 14–60 Vκ genes, 5 Jκ segments, 12–13 functional Vλ genes, and two functional Jλ genes. The heavy chain constant regions encode the same repertoire of isotypes common to other eutherian mammals. The piglet models offers advantage over rodent models since the fetal repertoire develops without maternal influences and the precocial nature of their multiple offspring allows the experimenter to control the influences of environmental and maternal factors on repertoire development postnatally. B cell lymphogenesis in swine begins in the fetal yolk sac at 20 days of gestation (DG), moves to the fetal liver at 30 DG and eventually to the bone marrow which dominates until birth (114 DG) and to at least 5 weeks postpartum. There is no evidence that the ileal Peyers patches are a site of B cell lymphogenesis or are required for B cell maintenance. Unlike rodents and humans, light chain rearrangement begins first in the lambda locus; kappa rearrangements are not seen until late gestation. Dissimilar to lab rodents and more in the direction of the rabbit, swine utilize a small number of VH genes to form >90% of their pre-immune repertoire. Diversification in response to environmental antigen does not alter this pattern and is achieved by somatic hypermutation (SHM) of the same small number of VH genes. The situation for light chains is less well studied, but certain Vκ and Jκ and Vλ and Jλ are dominant in transcripts and in contrast to rearranged heavy chains, there is little junctional diversity, less SHM, and mutations are not concentrated in CDR regions. The transcribed and secreted pre-immune antibodies of the fetus include mainly IgM, IgA, and IgG3; this last isotype may provide a type of first responder mucosal immunity. Development of functional adaptive immunity is dependent on bacterial MAMPs or MAMPs provided by viral infections, indicating the importance of innate immunity for development of adaptive immunity. The structural analysis of Ig genes of this species indicate that especially the VH and Cγ gene are the result of tandem gene duplication in the context of genomic gene conversion. Since only a few of these duplicated VH genes substantially contribute to the antibody repertoire, polygeny may be a vestige from a time before somatic processes became prominently evolved to generate the antibody repertoire. In swine we believe such duplications within the genome have very limited functional significance and their occurrence is therefore overrated

ENTREPRENEURS' ATTITUDES, STRATEGY CHOICES, AND FIRM PERFORMANCE

This paper focuses on how attitudes affect entrepreneur’s strategy selection at the organizational level. It also attempts to discover if contingencies exist in this relationship that may account for differences in firm performance. The model developed, based on the existing literature, is tested using a sample of 60 wineries, still operated by their founding entrepreneurs. The results indicate that entrepreneurs used different approaches to impart their values and beliefs to their firms. While we show that this affects the eventual strategy choice, the data indicates that firms can be equally profitable with multiple sets of attitude and strategy combinations.entrepreneurial strategy, beliefs, attitudes, firm performance, emergent strategy, deliberate strategy

Apropos the 1968 Soviet Maritime Code

This introduction provides essential background information about the Code and the reasons for its adoption, in addition to salient features of the Code of special interest to foreigners. The Code consists of 309 articles classified into nineteen chapters. This discussion follows the ordering of the code itself

Self-assembly of ATP synthase subunit c rings

AbstractSubunit c of the H+ transporting ATP synthase is an essential part of its membrane domain that participates in transmembrane proton conduction. The annular architecture of the subunit c from different species has been previously reported. However, little is known about the type of interactions that affect the formation of c-rings in the ATPase complex. Here we report that subunit c over-expressed in Escherichia coli and purified in non-ionic detergent solutions self-assembles into annular structures in the absence of other subunits of the complex. The results suggest that the ability of subunit c to form rings is determined by its primary structure

Low Mass Companions for Five Solar-Type Stars from the Magellan Planet Search Program

We report low mass companions orbiting five Solar-type stars that have emerged from the Magellan precision Doppler velocity survey, with minimum (Msini) masses ranging from 1.2 to 25 Mjup. These nearby target stars range from mildly metal-poor to metal-rich, and appear to have low chromospheric activity. The companions to the brightest two of these stars have previously been reported from the CORALIE survey. Four of these companions (HD 48265-b, HD 143361-b, HD 28185-b, HD 111232-b) are low-mass Jupiter-like planets in eccentric intermediate and long-period orbits. On the other hand, the companion to HD 43848 appears to be a long period brown dwarf in a very eccentric orbit.Comment: Accepted for publication on ApJ, 26 pages, 10 figures, 7 table

Education Reform for the Digital Era

Will the digital-learning movement repeat the mistakes of the charter-school movement? How much more successful might today's charter universe look if yesterday's proponents had focused on the policies and practices needed to ensure its quality, freedom, and resources over the long term? What mistakes might have been avoided? Damaging scandals forestalled? Missed opportunities seized

A Flexible Mixed-data Model Applied to Claims Data for Post-market Surveillance of Prescription Drug Safety Behavior

We develop a new modeling framework for jointly modeling first prescription times and the presence of risk-mitigating behavior for prescription drugs using real-world data. We are interested in active surveillance of clinical quality improvement programs, especially for drugs which enter the market under an FDA-mandated Risk Evaluation and Mitigation Strategy (REMS). Our modeling framework attempts to jointly model two important aspects of prescribing, the time between a drug\u27s initial marketing and a patient\u27s first prescription of that drug, and the presence of risk-mitigating behavior at the first prescription. First prescription times can be flexibly modeled as a mixture of component distributions to accommodate different subpopulations and allow the proportion of prescriptions that exhibit risk-mitigating behavior to change for each component. Risk-mitigating behavior is defined in the context of each drug. We develop a joint model using a mixture of positive unimodal distributions to model first prescription times, and a logistic regression model conditioned on component membership to model the presence of risk-mitigating behavior. We apply our model to two recently approved extended release/long-acting (ER/LA) opioids, which have an FDA-approved blueprint for best prescribing practices to inform our definition of risk-mitigating behavior. We also apply our methods to simulated data to evaluate their performance under various conditions such as clustering

Innovate with Complex Information Technologies: A Theoretical Model and Empirical Examination

Complex information technologies (CITs), such as ERP packages, have become the core component of modern organizations. Corporate investments in CITs have soared to a record high. Firms need to creatively apply the technologies in order to adapt to the ever-changing environments and realize the full potential of the technologies. We approach this issue from the perspective of ‘Innovate with IT’, a post-acceptance usage behavior that describes innovative use of information technologies to support individual task performances. Drawing upon the IS Continuance (ISC) model, as well as the managerial and individual factors that facilitate higher level IT use, a model is theoretically developed to understand employees’ novel use of CITs. A field study was conducted in a large manufacturing firm using ERP packages to empirically validate the model. The results suggest that the ISC model, personal propensity toward IT innovations, and management support jointly nurture employees’ creative use of complex technologies